SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) September 27, 1996
RESIDENTIAL ACCREDIT LOANS, INC. (as company under a Pooling and
Servicing Agreement dated as of September 1, 1996 providing for, inter
alia, the issuance of Mortgage Asset-Backed Pass-Through
Certificates, Series 1996-QS5)
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 September 1, 1996 among Residential
Accredit Loans, Inc., as company,
Residential Funding Corporation,
as master servicer, and First National
Bank of Chicago, 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/ Robert Conway
Name: Robert Conway
Title: Vice President
Dated: September 27, 1996
Exhibit 7(c)
Pooling and Servicing Agreement
EXECUTION COPY
- ------------------------------------------------------------------------------
- -----------------------------------------------------------------------------
RESIDENTIAL ACCREDIT LOANS, INC.,
Company,
RESIDENTIAL FUNDING CORPORATION,
Master Servicer,
and
THE FIRST NATIONAL BANK OF CHICAGO,
Trustee
POOLING AND SERVICING AGREEMENT
Dated as of September 1, 1996
Mortgage Asset-Backed Pass-Through Certificates
Series 1996-QS5
- -----------------------------------------------------------------------------
NY1-163144.4
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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 ........................................... 4
Amount Held for Future Distribution.................. 4
Appraised Value...................................... 5
Assignment........................................... 5
Assignment Agreement................................. 5
Assignment of Proprietary Lease...................... 5
Available Distribution Amount........................ 5
Bankruptcy Amount.................................... 6
Bankruptcy Code...................................... 7
Bankruptcy Loss...................................... 7
Book-Entry Certificate............................... 7
Business Day......................................... 7
Buydown Funds........................................ 7
Buydown Mortgage Loan................................ 7
Cash Liquidation..................................... 7
Certificate.......................................... 8
Certificate Account.................................. 8
Certificate Account Deposit Date..................... 8
Certificateholder or Holder.......................... 8
Certificate Owner.................................... 8
Certificate Principal Balance........................ 8
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............................... 11
Class A-P Collection Shortfall....................... 11
Class A Percentage................................... 12
Class A-I Percentage................................. 12
Class A-II Percentage................................ 12
Class A-P Principal Distribution Amount.............. 12
Class B Certificate.................................. 12
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............ 13
Class B-3 Percentage................................. 13
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Page
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.......... 14
Class M-3 Percentage............................... 14
Class M-3 Prepayment Distribution Trigger.......... 15
Class R Certificate................................ 15
Closing Date....................................... 15
Code ......................................... 15
Compensating Interest.............................. 15
Cooperative........................................ 15
Cooperative Apartment.............................. 15
Cooperative Lease.................................. 16
Cooperative Loans.................................. 16
Cooperative Stock.................................. 16
Cooperative Stock Certificate...................... 16
Corporate Trust Office............................. 16
Credit Support Depletion Date...................... 16
Curtailment........................................ 16
Custodial Account.................................. 16
Custodial Agreement................................ 17
Custodian ......................................... 17
Cut-off Date....................................... 17
Cut-off Date Principal Balance..................... 17
Debt Service Reduction............................. 17
Deficient Valuation................................ 17
Definitive Certificate............................. 17
Deleted Mortgage Loan.............................. 17
Depository......................................... 17
Depository Participant............................. 17
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..................................... 19
Event of Default................................... 20
Excess Bankruptcy Loss............................. 20
Excess Fraud Loss.................................. 20
Excess Special Hazard Loss......................... 20
Excess Spread...................................... 20
Excess Subordinate Principal Amount................ 20
Extraordinary Events............................... 20
Extraordinary Losses............................... 21
FDIC ......................................... 21
FHLMC ......................................... 21
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Page
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................................. 23
Insurer ......................................... 23
International Borrower............................. 23
Late Collections................................... 24
Liquidation Proceeds............................... 24
Loan Group......................................... 24
Loan Group I....................................... 24
Loan Group II...................................... 24
Loan-to-Value Ratio................................ 24
Lockout Certificates............................... 24
Lockout Percentage................................. 24
Maturity Date...................................... 24
MLCC ......................................... 24
Monthly Payment.................................... 25
Moody's ......................................... 25
Mortgage ......................................... 25
Mortgage 100SM Loan................................ 25
Mortgage File...................................... 25
Mortgage Loan Schedule............................. 25
Mortgage Loans..................................... 26
Mortgage Note...................................... 26
Mortgage Rate...................................... 26
Mortgaged Property................................. 26
Mortgagor ......................................... 26
Net Mortgage Rate.................................. 27
Non-Discount Mortgage Loan:........................ 27
Non-Primary Residence Loans........................ 27
Non-United States Person........................... 27
Nonrecoverable Advance............................. 27
Nonsubserviced Mortgage Loan....................... 27
Notional Amount.................................... 27
Officers' Certificate.............................. 27
Opinion of Counsel................................. 27
Outstanding Mortgage Loan.......................... 28
Owner or Holder.................................... 28
Ownership Interest................................. 28
Parent PowerSM Loan................................ 28
Paying Agent....................................... 28
Percentage Interest................................ 29
Permitted Investments.............................. 29
Permitted Transferee............................... 30
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Person ........................................ 30
Pool Stated Principal Balance..................... 31
Prepayment Assumption............................. 31
Prepayment Distribution Percentage................ 31
Prepayment Distribution Trigger................... 32
Prepayment Interest Shortfall..................... 33
Prepayment Period................................. 33
Primary Insurance Policy.......................... 33
Principal Prepayment.............................. 33
Principal Prepayment in Full...................... 33
Program Guide..................................... 33
Purchase Price.................................... 33
Qualified Substitute Mortgage Loan................ 33
Rating Agency..................................... 34
Realized Loss..................................... 34
Record Date....................................... 35
Regular Certificate............................... 35
REMIC ........................................ 35
REMIC Administrator............................... 35
REMIC Provisions.................................. 36
REO Acquisition................................... 36
REO Disposition................................... 36
REO Imputed Interest.............................. 36
REO Proceeds...................................... 36
REO Property...................................... 36
Request for Release............................... 36
Required Insurance Policy......................... 36
Required Surety Payment........................... 36
Residential Funding............................... 37
Responsible Officer............................... 37
Security Agreement................................ 37
Seller ........................................ 37
Seller's Agreement................................ 37
Senior Certificates............................... 37
Senior Principal Distribution Amount.............. 37
Servicing Accounts................................ 37
Servicing Advances................................ 37
Servicing Fee..................................... 38
Servicing Officer................................. 38
Special Hazard Amount............................. 38
Special Hazard Loss............................... 39
Spread Rate....................................... 39
Standard & Poor's................................. 39
Stated Principal Balance.......................... 39
Subordinate Percentage............................ 39
Subordinate Principal Distribution Amount......... 39
Subserviced Mortgage Loan......................... 40
Subservicer....................................... 40
Subservicer Advance............................... 40
Subservicing Account.............................. 40
Subservicing Agreement............................ 40
Subservicing Fee.................................. 41
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Page
Surety .................................................... 41
Surety Bond................................................... 41
Tax Returns................................................... 41
Transfer .................................................... 41
Transferee.................................................... 41
Transferor.................................................... 41
Trust Fund.................................................... 41
Uncertificated REMIC Regular Interests........................ 42
Uniform Single Attestation Program for Mortgage
Bankers:............................................ 42
Uninsured Cause............................................... 42
United States Person.......................................... 42
Variable Strip Certificates................................... 42
Voting Rights................................................. 42
ARTICLE II
CONVEYANCE OF MORTGAGE LOANS;
ORIGINAL ISSUANCE OF CERTIFICATES
Section 2.01. Conveyance of Mortgage Loans..................... 44
Section 2.02. Acceptance by Trustee............................ 49
Section 2.03. Representations, Warranties and
Covenants of the Master Servicer and the
Company.......................................... 51
Section 2.04. Representations and Warranties
of Sellers....................................... 56
Section 2.05. Execution and Authentication of
Certificates..................................... 59
ARTICLE III
ADMINISTRATION AND SERVICING
OF MORTGAGE LOANS
Section 3.01. Master Servicer to Act as Servicer............... 60
Section 3.02. Subservicing Agreements Between Master
Servicer and Subservicers; Enforcement
of Subservicers' and Sellers'
Obligations...................................... 61
Section 3.03. Successor Subservicers........................... 62
Section 3.04. Liability of the Master Servicer................. 63
Section 3.05. No Contractual Relationship Between
Subservicer and Trustee or
Certificateholders or the Owner of the
Excess Spread.................................... 63
Section 3.06. Assumption or Termination of
Subservicing Agreements by Trustee............... 64
Section 3.07. Collection of Certain Mortgage Loan
Payments; Deposits to
Custodial Account................................ 64
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Page
Section 3.08. Subservicing Accounts;
Servicing Accounts............................... 67
Section 3.09. Access to Certain Documentation and
Information Regarding the Mortgage
Loans............................................ 69
Section 3.10. Permitted Withdrawals from the
Custodial Account................................ 69
Section 3.11. Maintenance of the Primary Insurance
Policies; Collections Thereunder................. 71
Section 3.12. Maintenance of Fire Insurance and
Omissions and Fidelity Coverage. ............... 72
Section 3.13. Enforcement of Due-on-Sale Clauses;
Assumption and Modification Agreements;
Certain Assignments.............................. 74
Section 3.14. Realization Upon Defaulted
Mortgage Loans................................... 77
Section 3.15. Trustee to Cooperate;
Release of Mortgage Files........................ 80
Section 3.16. Servicing and Other Compensation;
Compensating Interest............................ 82
Section 3.17. Reports to the Trustee and the Company........... 83
Section 3.18. Annual Statement as to Compliance................ 83
Section 3.19. Annual Independent Public Accountants'
Servicing Report................................. 84
Section 3.20. Rights of the Company in Respect
of the Master Servicer. ......................... 85
Section 3.21. Administration of Buydown Funds.................. 85
ARTICLE IV
PAYMENTS TO CERTIFICATEHOLDERS
Section 4.01. Certificate Account.............................. 87
Section 4.02. Distributions.................................... 87
Section 4.03. Statements to Certificateholders and the
Owner of the Excess Spread.......................100
Section 4.04. Distribution of Reports to the
Trustee and the Company; Advances
by the Master Servicer...........................103
Section 4.05. Allocation of Realized Losses....................104
Section 4.06. Reports of Foreclosures and Abandonment
of Mortgaged Property............................106
Section 4.07. Optional Purchase of Defaulted Mortgage
Loans. ..........................................106
Section 4.08. Surety Bond......................................107
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Page
ARTICLE V
THE CERTIFICATES AND EXCESS SPREAD
Section 5.01. The Certificates................................108
Section 5.02. Registration of Transfer and Exchange of
Certificates and Restrictions on
Transfer of Excess Spread.......................110
Section 5.03. Mutilated, Destroyed, Lost or Stolen
Certificates....................................116
Section 5.04. Persons Deemed Owners...........................116
Section 5.05. Appointment of Paying Agent.....................117
Section 5.06. Optional Purchase of Certificates...............117
ARTICLE VI
THE COMPANY AND THE MASTER SERVICER
Section 6.01. Respective Liabilities of the Company
and the Master Servicer.........................120
Section 6.02. Merger or Consolidation of the
Company or the Master Servicer;
Assignment of Rights and Delegation
of Duties by Master Servicer....................120
Section 6.03. Limitation on Liability of the Company,
the Master Servicer and Others..................121
Section 6.04. Company and Master
Servicer Not to Resign..........................122
ARTICLE VII
DEFAULT
Section 7.01. Events of Default...............................123
Section 7.02. Trustee or Company to Act; Appointment
of Successor....................................125
Section 7.03. Notification to Certificateholders..............126
Section 7.04. Waiver of Events of Default.....................126
ARTICLE VIII
CONCERNING THE TRUSTEE
Section 8.01. Duties of Trustee...............................128
Section 8.02. Certain Matters Affecting the Trustee...........130
Section 8.03. Trustee Not Liable for Certificates or
Mortgage Loans..................................132
Section 8.04. Trustee May Own Certificates....................132
Section 8.05. Master Servicer to Pay Trustee's Fees
and Expenses; Indemnification. .................132
Section 8.06. Eligibility Requirements for Trustee............133
Section 8.07. Resignation and Removal of the Trustee..........134
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Section 8.08. Successor Trustee.............................135
Section 8.09. Merger or Consolidation of Trustee............136
Section 8.10. Appointment of Co-Trustee or Separate
Trustee.......................................136
Section 8.11. Appointment of Custodians.....................137
Section 8.12. Appointment of Office or Agency...............138
ARTICLE IX
TERMINATION
Section 9.01. Termination Upon Purchase by the Master
Servicer or the Company or
Liquidation of All Mortgage Loans.............139
Section 9.02. Additional Termination Requirements...........142
ARTICLE X
REMIC PROVISIONS
Section 10.01. REMIC Administration..........................143
Section 10.02. Master Servicer, REMIC Administrator and
Trustee Indemnification.......................147
ARTICLE XI
MISCELLANEOUS PROVISIONS
Section 11.01. Amendment.....................................149
Section 11.02. Recordation of Agreement; Counterparts........152
Section 11.03. Limitation on Rights
of Certificateholders.........................152
Section 11.04. Governing Law.................................153
Section 11.05. Notices.......................................153
Section 11.06. Notices to Rating Agency......................154
Section 11.07. Severability of Provisions....................155
Section 11.08. Supplemental Provisions for
Resecuritization..............................155
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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
NY1-163144.4
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This is a Pooling and Servicing Agreement, dated as of September 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 THE FIRST NATIONAL BANK OF CHICAGO, as
Trustee (together with its permitted successors and assigns, the "Trustee"),
PRELIMINARY STATEMENT:
The Company intends to sell mortgage pass-through certificates
(collectively, the "Certificates"), to be issued hereunder in multiple classes,
which in the aggregate will evidence the entire beneficial ownership interest in
the Mortgage Loans (as defined herein). As provided herein, the Master Servicer
will make an election to treat the entire segregated pool of assets 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 the "Trust Fund." 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
Regular Interests (as defined herein), the rights in and to which will initially
be represented by the Excess Spread (as defined herein), will be "regular
interests" in the REMIC, and the Class R Certificates will constitute the sole
class of "residual interests" therein for purposes of the REMIC Provisions (as
defined herein) under federal income tax law.
NY1-163144.4
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The following table sets forth the designation, type, Pass-Through
Rate, aggregate Initial Certificate Principal Balance, Maturity Date, initial
ratings and certain features for each Class of Certificates comprising the
interests in the Trust
Fund created hereunder.
Aggregate Initial
Certificate
Pass-Through Principal
Designation Rate Balance Features
- ----------- ------ --------- --------
Class A-I-1 9.50% $23,848,000.00 Group I/Senior
Class A-I-2 7.60% $25,000,000.00 Group I/Senior
Class A-I-3 6.65% $12,373,000.00 Group I/Senior
Class A-I-4 7.45% $7,100,000.00 Group I/Senior
Class A-I-5 7.60% $10,137,000.00 Group I/Senior
Class A-I-6 7.80% $5,558,000.00 Group I/Senior
Class A-I-7 8.00% $16,926,000.00 Group I/Senior
Class A-I-8 8.00% $6,884,000.00 Group I/Senior
Class A-I-9 8.00% $11,229,000.00 Group I/Senior
Class A-I-10 8.00% $22,501,000.00 Group I/Lockout/Senior
Class A-II-1 8.00% $11,162,000.00 Group II/Senior
Class A-II-2 8.00% $4,525,000.00 Group II/Senior
Class A-P 0.00% $1,105,878.69 Principal Only/Senior
Class R 8.00% $100.00 Group I/Residual/Senior
Class M-1 8.00% $7,918,500.00 Mezzanine
Class M-2 8.00% $3,958,800.00 Mezzanine
Class M-3 8.00% $2,815,100.00 Mezzanine
Class B-1 8.00% $1,407,600.00 Subordinate
Class B-2 8.00% $439,800.00 Subordinate
Class B-3 8.00% $1,055,748.52 Subordinate
Expected
Maturity
Designation Date S&P Fitch
- ----------- ------ ----- -----
Class A-I-1 September 25, 2026 AAA AAA
Class A-I-2 September 25, 2026 AAA AAA
Class A-I-3 September 25, 2026 AAA AAA
Class A-I-4 September 25, 2026 AAA AAA
Class A-I-5 September 25, 2026 AAA AAA
Class A-I-6 September 25, 2026 AAA AAA
Class A-I-7 September 25, 2026 AAA AAA
Class A-I-8 September 25, 2026 AAA AAA
Class A-I-9 September 25, 2026 AAA AAA
Class A-I-10 September 25, 2026 AAA AAA
Class A-II-1 September 25, 2011 AAA AAA
Class A-II-2 September 25, 2011 AAA AAA
Class A-P September 25, 2026 AAAr AAA
Class R September 25, 2026 AAA AAA
Class M-1 September 25, 2026 N/A AA
Class M-2 September 25, 2026 N/A A
Class M-3 September 25, 2026 N/A BBB
Class B-1 September 25, 2026 N/A BB
Class B-2 September 25, 2026 N/A B
Class B-3 September 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), 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 Regular Interests, each of which will have no Certificate
Principal Balance and will have varying maturity dates no later than September
25, 2026.
The Mortgage Loans have an aggregate Cut-off Date Principal Balance
equal to $175,944,527.21. 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:
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ARTICLE I
DEFINITIONS
Section 1.01. Definitions.
Whenever used in this Agreement, the following words and phrases,
unless the context otherwise requires, shall have the meanings specified in this
Article.
Accrued Certificate Interest: With respect to each Distribution Date,
as to any Class A Certificate (other than any Variable 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, 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 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 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
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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 "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
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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 September 30, 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.
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
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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)
$125,000 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 original Loan-to-Value Ratio of 80% or
greater that would result if the Net Mortgage Rate thereof was equal to
the weighted average (based on the principal balance of the Mortgage
Loans as of the Relevant Anniversary) of the Net Mortgage Rates of all
Mortgage Loans as of the Relevant Anniversary less 1.25% per annum, (y)
a number equal to the weighted average remaining term to maturity, in
months, of all Non-Primary Residence Loans remaining in the Mortgage
Pool as of the Relevant Anniversary, and (z) one plus the quotient of
the number of all Non-Primary Residence Loans remaining in the Mortgage
Pool divided by the total number of Outstanding Mortgage Loans in the
Mortgage Pool as of the Relevant Anniversary, and (ii) $50,000,
over (2) the aggregate amount of Bankruptcy Losses allocated solely to one or
more specific Classes of Certificates in accordance with Section 4.05 since the
Relevant Anniversary.
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The Bankruptcy Amount may be further reduced by the Master Servicer
(including accelerating the manner in which such coverage is reduced) provided
that prior to any such reduction, the Master Servicer shall (i) obtain written
confirmation from each Rating Agency that such reduction shall not reduce the
rating assigned to any Class of Certificates by such Rating Agency below the
lower of the then-current rating or the rating assigned to such Certificates as
of the Closing Date by such Rating Agency and (ii) provide a copy of such
written confirmation to the Trustee.
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 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
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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 "The First National
Bank of Chicago, 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, Series 1996-QS5" 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
Certificate for purposes hereof and, solely for the purpose of giving any
consent or direction pursuant to this Agreement, any Certificate, other than a
Class R Certificate, registered in the name of the Company, the Master Servicer
or any Subservicer or any Affiliate thereof shall be deemed not to be
outstanding and the Percentage Interest or Voting Rights evidenced thereby shall
not be taken into account in determining whether the requisite amount of
Percentage Interests or Voting Rights necessary to effect any such consent or
direction has been obtained. All references herein to "Holders" or
"Certificateholders" shall reflect the rights of Certificate Owners as they may
indirectly exercise such rights through the Depository and participating members
thereof, except as otherwise specified herein; provided, however, that the
Trustee shall be required to recognize as a "Holder" or "Certificateholder" only
the Person in whose name a Certificate is registered in the Certificate
Register.
Certificate Owner: With respect to a Book-Entry Certificate, the Person
who is the beneficial owner of such Certificate, as reflected on the books of an
indirect participating brokerage firm for which a Depository Participant acts as
agent, if any, and otherwise on the books of a Depository Participant, if any,
and otherwise on the books of the Depository.
Certificate Principal Balance: With respect to each Class A
Certificate (other than any Variable Strip Certificate), Class A-
P Certificate and Class R Certificate, on any date of
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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
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 will have no Certificate Principal Balance.
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Certificate Register and Certificate Registrar: The
register maintained and the registrar appointed pursuant to
Section 5.02.
Class: Collectively, all of the Certificates bearing the
same designation.
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
October 1996 through
September 2001.............. 100%
October 2001 through
September 2002.............. the related Class A
Percentage, plus 70% of the
related Subordinate Percentage
October 2002 through
September 2003.............. the related Class A
Percentage, plus 60% of the
related Subordinate Percentage
October 2003 through
September 2004.............. the related Class A
Percentage, plus 40% of the
related Subordinate Percentage
October 2004 through
September 2005.............. the related Class A
Percentage, plus 20% of the
related Subordinate Percentage
October 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)
NY1-163144.4
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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 pursuant to Section 5.01(c) such Variable Strip Certificates
evidencing the related Uncertificated REMIC Regular Interests specified by the
Company in accordance with Section 5.01(c).
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, 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 the REMIC 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 the
REMIC 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).
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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 and Class R
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 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 the REMIC for
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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 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.
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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 the REMIC 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 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 5.50%.
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
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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 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 the REMIC for purposes of the REMIC Provisions, and
representing an undivided interest in Loan Group I and certain residual amounts
pursuant to this Agreement.
Closing Date: September 30, 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
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Mortgagor has an exclusive right to occupy pursuant to the terms of a
proprietary lease or occupancy agreement.
Cooperative Lease: With respect to a Cooperative Loan, the proprietary
lease or occupancy agreement with respect to the Cooperative Apartment occupied
by the Mortgagor and relating to the related Cooperative Stock, which lease or
agreement confers an exclusive right to the holder of such Cooperative Stock to
occupy such apartment.
Cooperative Loans: Any of the Mortgage Loans made in respect of a
Cooperative Apartment, evidenced by a Mortgage Note and secured by (i) a
Security Agreement, (ii) the related Cooperative Stock Certificate, (iii) an
assignment of the Cooperative Lease, (iv) financing statements and (v) a stock
power (or other similar instrument), and ancillary thereto, a recognition
agreement between the Cooperative and the originator of the Cooperative Loan,
each of which was transferred and assigned to the Trustee pursuant to Section
2.01 and are from time to time held as part of the Trust Fund.
Cooperative Stock: With respect to a Cooperative Loan, the
single outstanding class of stock, partnership interest or other
ownership instrument in the related Cooperative.
Cooperative Stock Certificate: With respect to a
Cooperative Loan, the stock certificate or other instrument
evidencing the related Cooperative Stock.
Corporate Trust Office: The principal office of the Trustee at which at
any particular time its corporate trust business with respect to this Agreement
shall be administered, which office at the date of the execution of this
instrument is located at Corporate Trust and Agency Group, Four Albany Street,
New York, New York 10006, Attention: Residential Funding Corporation Series
1996-QS5.
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.
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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: September 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 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.
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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 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 the Trust Fund or any Person having an Ownership Interest in
any Class of Certificates (other than such Person) to incur a liability for any
federal tax imposed under the Code that would not otherwise be imposed but for
the Transfer of an Ownership Interest in a Class R Certificate to such Person.
The terms "United States", "State" and "international organization" shall have
the meanings set forth in Section 7701 of the Code or successor provisions.
NY1-163144.4
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Distribution Date: The 25th day of any month beginning in the month
immediately following the month of the initial issuance of the Certificates or,
if such 25th day is not a Business Day, the Business Day immediately following
such 25th day.
Due Date: With respect to any Distribution Date, the first
day of the month in which such Distribution Date occurs.
Due Period: With respect to any Distribution Date, the period
commencing on the second day of the month preceding the month of such
Distribution Date and ending on the related Due Date.
Eligible Account: An account that is any of the following: (i)
maintained with a depository institution the debt obligations of which have been
rated by each Rating Agency in its highest rating available, or (ii) an account
or accounts in a depository institution in which such accounts are fully insured
to the limits established by the FDIC, provided that any deposits not so insured
shall, to the extent acceptable to each Rating Agency, as evidenced in writing,
be maintained such that (as evidenced by an Opinion of Counsel delivered to the
Trustee and each Rating Agency) the registered Holders of Certificates have a
claim with respect to the funds in such account or a perfected first security
interest against any collateral (which shall be limited to Permitted
Investments) securing such funds that is superior to claims of any other
depositors or creditors of the depository institution with which such account is
maintained, or (iii) in the case of the Custodial Account, either (A) a trust
account or accounts maintained in the corporate trust department of The First
National Bank of Chicago or (B) an account or accounts maintained in the
corporate asset services department of The First National Bank of Chicago, as
long as its short term debt obligations are rated P-1 (or the equivalent) or
better by each Rating Agency and its long term debt obligations are rated A2 (or
the equivalent) or better, by each Rating Agency, or (iv) in the case of the
Certificate Account, a trust account or accounts maintained in the corporate
trust division of 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, (ii) the Class A-I Principal
Distribution Amount and Class A-II Principal Distribution Amount
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(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 Regular Interest, 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 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
NY1-163144.4
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resulting in a loss which causes the liquidation of such Mortgage
Loan:
(a) losses that are of the type that would be covered by the
fidelity bond and the errors and omissions insurance policy required to
be maintained pursuant to Section 3.12(b) but are in excess of the
coverage maintained thereunder;
(b) nuclear reaction or nuclear radiation or radioactive
contamination, all whether controlled or uncontrolled, and whether such
loss be direct or indirect, proximate or remote or be in whole or in
part caused by, contributed to or aggravated by a peril covered by the
definition of the term "Special Hazard Loss";
(c) hostile or warlike action in time of peace or
war, including action in hindering, combatting or defending
against an actual, impending or expected attack;
1. by any government or sovereign power, de
jure or de facto, or by any authority maintaining or
using military, naval or air forces; or
2. by military, naval or air forces; or
3. by an agent of any such government, power,
authority or forces;
(d) any weapon of war employing atomic fission or
radioactive force whether in time of peace or war; or
(e) insurrection, rebellion, revolution, civil war, usurped
power or action taken by governmental authority in hindering,
combatting or defending against such an occurrence, seizure or
destruction under quarantine or customs regulations, confiscation by
order of any government or public authority; or risks of contraband or
illegal transportation or trade.
Extraordinary Losses: Any loss incurred on a Mortgage Loan
caused by or resulting from an Extraordinary Event.
FASIT: A "financial asset securitization investment trust"
within the meaning of Section 860L of the Code.
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.
NY1-163144.4
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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 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
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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).
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.
International Borrower: In connection with any Mortgage Loan, a
borrower who is (a) a United States citizen employed in a foreign country, (b) a
non-permanent resident alien employed in the United States or (c) a citizen of a
country other than the United States with income derived from sources outside
the United States.
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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 October 2001, 0%. For any Distribution Date occurring on or
after the Distribution Date in October 2001 and prior to the Distribution Date
in October 2003, 50%. For any Distribution Date occurring on or after the
Distribution Date in October 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 which have no Certificate Principal Balance)
representing a regular interest in the REMIC would be reduced to zero, which is
September 25, 2026, the Distribution Date immediately following the latest
scheduled maturity date of any Mortgage Loan. The latest possible Maturity Date
for each Uncertificated REMIC Regular Interest is the Distribution Date
immediately following the latest scheduled maturity date for the related
Mortgage Loan.
MLCC: Merrill Lynch Credit Corporation, or its successor in
interest.
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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");
(vi) the Net Mortgage Rate ("NET MTG RT");
(vii) the Spread Rate ("SPREAD");
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(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.
Mortgagor: The obligor on a Mortgage Note.
NY1-163144.4
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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 Variable Strip Certificates, the aggregate Stated Principal Balance of the
Mortgage Loans corresponding to the Uncertificated REMIC Regular Interests
represented by such Class of Variable 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.
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.
NY1-163144.4
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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 at any time at which
the Excess Spread evidences ownership in any Uncertificated REMIC Regular
Interest, Residential Funding, as the owner of all right, title and interest in
and to the Excess Spread. 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 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), 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 Regular Interests 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
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. 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.
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Percentage Interest: With respect to any Certificate (other than a
Variable Strip Certificate 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 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 & 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
NY1-163144.4
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<PAGE>
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.
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.
NY1-163144.4
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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 1.090909% (precisely 12/11%) per annum
in each month thereafter until the twelfth month, and beginning in the twelfth
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
October 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 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
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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
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.
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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 (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
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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 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
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 up to the last day of the month in which the
Cash Liquidation (or
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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.
Regular Certificate: Any of the Certificates other than a
Class R Certificate.
REMIC: A "real estate mortgage investment conduit" within
the meaning of Section 860D of the Code.
REMIC Administrator: Residential Funding Corporation. If Residential
Funding Corporation is found by a court of competent jurisdiction to no longer
be able to fulfill its obligations as REMIC Administrator under this Agreement
the Master Servicer or Trustee acting as Master Servicer shall appoint a
successor REMIC Administrator, subject to assumption of the REMIC Administrator
obligations under this Agreement.
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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 of any REO Property pursuant to Section 3.14.
REO Disposition: As to any REO Property, a determination by the Master
Servicer that it has received all Insurance Proceeds, Liquidation Proceeds, REO
Proceeds and other payments and recoveries (including proceeds of a final sale)
which the Master Servicer expects to be finally recoverable from the sale or
other disposition of the REO Property.
REO Imputed Interest: As to any REO Property, for any period, an amount
equivalent to interest (at the Net Mortgage Rate that would have been applicable
to the related Mortgage Loan had it been outstanding) on the unpaid principal
balance of the Mortgage Loan as of the date of acquisition thereof for such
period.
REO Proceeds: Proceeds, net of expenses, received in respect of any REO
Property (including, without limitation, proceeds from the rental of the related
Mortgaged Property) which proceeds are required to be deposited into the
Custodial Account only upon the related REO Disposition.
REO Property: A Mortgaged Property acquired by the Master Servicer
through foreclosure or deed in lieu of foreclosure in connection with a
defaulted Mortgage Loan.
Request for Release: A request for release, the forms of
which are attached as Exhibit H hereto.
Required Insurance Policy: With respect to any Mortgage Loan, any
insurance policy which is required to be maintained from time to time under this
Agreement, the Program Guide or the related Subservicing Agreement in respect of
such Mortgage Loan.
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.
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Residential Funding: Residential Funding Corporation, a
Delaware corporation, in its capacity as seller of the Mortgage
Loans to the Company and any successor thereto.
Responsible Officer: When used with respect to the Trustee, any officer
of the Corporate Trust Department of the Trustee, including any Senior Vice
President, any Vice President, any Assistant Vice President, any Assistant
Secretary, any Trust Officer or Assistant Trust Officer, or any other officer of
the Trustee customarily performing functions similar to those performed by any
of the above designated officers to whom, with respect to a particular matter,
such matter is referred.
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, 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.
NY1-163144.4
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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
$1,900,000 minus the sum of (i) the aggregate amount of Special Hazard Losses
allocated solely to one or more specific Classes of Certificates in accordance
with Section 4.05 and (ii) the Adjustment Amount (as defined below) as most
recently calculated. For each anniversary of the Cut-off Date, the Adjustment
Amount shall be equal to the amount, if any, by which the amount calculated in
accordance with the preceding sentence (without giving effect to the deduction
of the Adjustment Amount for such anniversary) exceeds the greater of (A) the
greatest of (i) twice the outstanding principal balance of the Mortgage Loan in
the Trust Fund which has the largest outstanding principal balance on the
Distribution Date immediately preceding such anniversary, (ii) the product of
1.00% multiplied by the outstanding principal balance of all Mortgage Loans on
the Distribution Date immediately preceding such anniversary and (iii) the
aggregate outstanding principal balance (as of the immediately preceding
Distribution Date) of the Mortgage Loans in any single five-digit California zip
code area with the largest amount of Mortgage Loans by aggregate principal
balance as of such anniversary and (B) the greater of (i) the product of 0.50%
multiplied by the outstanding principal balance of all Mortgage Loans on the
Distribution Date immediately preceding such anniversary multiplied by a
fraction, the numerator of which is equal to the aggregate outstanding principal
balance (as of the immediately preceding Distribution Date) of all of the
Mortgage Loans secured by Mortgaged Properties located in the State of
California divided by the aggregate outstanding principal balance (as of the
immediately preceding Distribution Date) of all of the Mortgage Loans, expressed
as a percentage, and the denominator of which is equal to 18.73% (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
NY1-163144.4
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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 lesser of
the cost 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 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
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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.
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
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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 the Trust Fund due to its classification as a REMIC under the REMIC
Provisions, together with any and all other information, reports or returns that
may be required to be furnished to the Certificateholders or filed with the
Internal Revenue Service or any other governmental taxing authority under any
applicable provisions of federal, state or local tax laws.
Transfer: Any direct or indirect transfer, sale, pledge,
hypothecation or other form of assignment of any Ownership
Interest in a Certificate.
Transferee: Any Person who is acquiring by Transfer any
Ownership Interest in a Certificate.
Transferor: Any Person who is disposing by Transfer of any
Ownership Interest in a Certificate.
Trust Fund: The segregated pool of assets, with respect to
which a REMIC election is 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,
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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 Certificate-holders and the Owner
of the Excess Spread 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.
Uncertificated REMIC Regular Interests: The 1,646 uncertificated
partial undivided beneficial ownership interests in the Trust Fund numbered
sequentially from 1 through 1,646, each 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
for the related Mortgage Loan.
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. 98% of all of the Voting
Rights shall be allocated among Holders of Certificates, respectively, other
than the Variable Strip Certificates and Class R Certificates, in proportion to
the outstanding Certificate Principal Balances of their respective Certificates;
1% of all Voting Rights shall be allocated to the
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Owner of the Excess Spread and Holders of the Variable 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
the Holders of the Class R Certificates shall be entitled to 1% of all of the
Voting Rights and allocated among the Certificates of each Class of Certificates
in accordance with their respective Percentage Interests.
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ARTICLE II
CONVEYANCE OF MORTGAGE LOANS;
ORIGINAL ISSUANCE OF CERTIFICATES
Section 2.01. Conveyance of Mortgage Loans.
(a) The Company, concurrently with the execution and delivery hereof,
does hereby assign to the Trustee without recourse all the right, title and
interest of the Company in and to the Mortgage Loans, including all interest and
principal received on or with respect to the Mortgage Loans after the Cut-off
Date (other than payments of principal and interest due on the Mortgage Loans 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
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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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(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 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.
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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 be construed as a
sale by the Company to the Trustee of the Mortgage Loans for the benefit of the
Certificateholders and the Owner of the Excess Spread. Further, it is not
intended that any such conveyance be deemed to be a pledge of the Mortgage Loans
by the Company to the Trustee to secure a debt or other obligation
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of the Company. However, in the event that the Mortgage Loans are held to be
property of the Company or of Residential Funding, or if for any reason this
Agreement is held or deemed to create a security interest in the Mortgage Loans,
then it is intended that (a) this Agreement shall also be deemed to be a
security agreement within the meaning of Articles 8 and 9 of the New York
Uniform Commercial Code and the Uniform Commercial Code of any other applicable
jurisdiction; (b) the conveyances provided for in 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 and (C) any and all general intangibles consisting of, arising from or
relating to any of the foregoing, and all proceeds of the conversion, voluntary
or involuntary, of the foregoing into cash, instruments, securities or other
property, including without limitation all amounts from time to time held or
invested in the Certificate Account or the Custodial Account, whether in the
form of cash, instruments, securities or other property and (2) an assignment by
the Company to the Trustee of any security interest in any and all of
Residential Funding's right (including the power to convey title thereto), title
and interest, whether now owned or hereafter acquired, in and to the property
described in the foregoing clauses (1)(A), (B) and (C) granted by Residential
Funding to the Company pursuant to the Assignment Agreement; (c) the possession
by the Trustee, the Custodian or any other agent of the Trustee of Mortgage
Notes or such other items of property as constitute instruments, money,
negotiable documents or chattel paper shall be deemed to be "possession by the
secured party," or possession by a purchaser or a person designated by such
secured party, for purposes of perfecting the security interest pursuant to the
Minnesota Uniform Commercial Code and the Uniform Commercial Code of any other
applicable jurisdiction (including, without limitation, Section 9-305, 8-313 or
8-321 thereof); and (d) notifications to persons holding such property, and
acknowledgments, receipts or confirmations from persons holding such property,
shall be deemed notifications to, or acknowledgments, receipts or confirmations
from, financial 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
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Agreement, take such reasonable actions as may be necessary to ensure that, if
this Agreement were deemed to create a security interest in the Mortgage Loans
and the other property described above, such security interest would be deemed
to be a perfected security interest of first priority under applicable law and
will be maintained as such throughout the term of this Agreement. Without
limiting the generality of the foregoing, the Company shall prepare and deliver
to the Trustee not less than 15 days prior to any filing date and, the Trustee
shall forward for filing, or shall cause to be forwarded for filing, at the
expense of the Company, all filings necessary to maintain the effectiveness of
any original filings necessary under the Uniform Commercial Code as in effect in
any jurisdiction to perfect the Trustee's security interest in or lien on the
Mortgage Loans, as evidenced by an Officer's Certificate of the Company,
including without limitation (x) continuation statements, and (y) such other
statements as may be occasioned by (1) any change of name of Residential
Funding, the Company or the Trustee (such preparation and filing shall be at the
expense of the Trustee, if occasioned by a change in the Trustee's name), (2)
any change of location of the place of business or the chief executive office of
Residential Funding or the Company or (3) any transfer of any interest of
Residential Funding or the Company in any Mortgage Loan.
(g) The Master Servicer hereby acknowledges the receipt by it of cash
in an amount equal to $22,119 (the "Initial Monthly Payment Fund"), representing
scheduled principal amortization and interest at the Net Mortgage Rate for the
Due Date in October 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 October 1996. Notwithstanding anything herein to the
contrary, the Initial Monthly Payment Fund shall not be an asset of the REMIC.
To the extent that the Initial Monthly Payment Fund constitutes a reserve fund
for federal income tax purposes, (1) it shall be an outside reserve fund and not
an asset of 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.
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
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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. The Trustee or Custodian
(such Custodian being so obligated under a Custodial Agreement) agrees, for the
benefit of Certificate-holders and the Owner of the Excess Spread, to review
each Mortgage File delivered to it pursuant to Section 2.01(b) within 45 days
after the Closing Date to ascertain that all required documents (specifically as
set forth in Section 2.01(b)), have been executed and received, and that such
documents relate to the Mortgage Loans identified on the Mortgage Loan Schedule,
as supplemented, that have been conveyed to it. Upon delivery of the Mortgage
Files by the Company or the Master Servicer, the Trustee shall acknowledge
receipt (or, with respect to Mortgage Loans subject to a Custodial Agreement,
and based solely upon a receipt or certification executed by the Custodian,
receipt by the respective Custodian as the duly appointed agent of the Trustee)
of the documents referred to in Section 2.01(c) above. The Trustee or Custodian
(such Custodian being so obligated under a Custodial Agreement) agrees to review
each Mortgage File delivered to it pursuant to Section 2.01(c) within 45 days
after receipt thereof to ascertain that all documents required to be delivered
pursuant to such Section have been received, and that such documents relate to
the Mortgage Loans identified on the Mortgage Loan Schedule, as supplemented,
that have been conveyed to it.
If the Custodian, as the Trustee's agent, finds any document or
documents constituting a part of a Mortgage File to be missing or defective in
any material respect, the Trustee shall promptly so notify the Master Servicer
and the Company. Pursuant to Section 2.3 of the Custodial Agreement, the
Custodian will notify the Master Servicer, the Company and the Trustee of any
such omission or defect found by it in respect of any Mortgage File held by it.
The Master Servicer shall promptly notify the related Subservicer or Seller of
such omission or defect and request that such Subservicer or Seller correct or
cure such omission or defect within 60 days from the date the Master Servicer
was notified of such omission or defect and, if such Subservicer or Seller does
not correct or cure such omission or defect within such period, that such
Subservicer or Seller purchase such Mortgage Loan from the Trust Fund at its
Purchase Price, in either case within 90 days from the date the Master Servicer
was notified of such omission or defect; provided that if the omission or defect
would cause the Mortgage Loan to be other than a "qualified mortgage" as defined
in Section 860G(a)(3) of the Code, any such cure or repurchase must occur within
90 days from the date such breach was discovered. The
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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 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 that:
(i) The Master Servicer is a corporation duly organized,
validly existing and in good standing under the laws governing its
creation and existence and is or will be in compliance with the laws of
each state in which any Mortgaged Property is located to the extent
necessary to ensure the enforceability of each Mortgage Loan in
accordance with the terms of this Agreement;
(ii) The execution and delivery of this Agreement by the
Master Servicer and its performance and compliance with the terms of
this Agreement will not violate the Master Servicer's Certificate of
Incorporation or Bylaws or constitute a material default (or an event
which, with notice or lapse of time, or both, would constitute a
material default) under, or result in the material breach of, any
material contract, agreement or other instrument to which the Master
Servicer is a party or which may be applicable to the Master Servicer
or any of its assets;
(iii) This Agreement, assuming due authorization, execution
and delivery by the Trustee and the Company, constitutes a valid, legal
and binding obligation of the Master Servicer, enforceable against it
in accordance with the terms hereof subject to applicable bankruptcy,
insolvency, reorganization, moratorium and other laws
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affecting the enforcement of creditors' rights generally and to general
principles of equity, regardless of whether such enforcement is
considered in a proceeding in equity or at law;
(iv) The Master Servicer is not in default with respect to
any order or decree of any court or any order, regulation or demand of
any federal, state, municipal or governmental agency, which default
might have consequences that would materially and adversely affect the
condition (financial or other) or operations of the Master Servicer or
its properties or might have consequences that would materially
adversely affect its performance hereunder;
(v) No litigation is pending or, to the best of the Master
Servicer's knowledge, threatened against the Master Servicer which
would prohibit its entering into this Agreement or performing its
obligations under this Agreement;
(vi) The Master Servicer will comply in all material
respects in the performance of this Agreement with all reasonable rules
and requirements of each insurer under each Required Insurance Policy;
(vii) No information, certificate of an officer, statement
furnished in writing or report delivered to the Company, any Affiliate
of the Company or the Trustee by the Master Servicer will, to the
knowledge of the Master Servicer, contain any untrue statement of a
material fact or omit a material fact necessary to make the
information, certificate, statement or report not misleading; and
(viii) The Master Servicer has examined each existing, and
will examine each new, Subservicing Agreement and is or will be
familiar with the terms thereof. The terms of each existing
Subservicing Agreement and each designated Subservicer are acceptable
to the Master Servicer and any new Subservicing Agreements will comply
with the provisions of Section 3.02.
It is understood and agreed that the representations and warranties set forth in
this Section 2.03(a) shall survive delivery of the respective Mortgage Files to
the Trustee or any Custodian.
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 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
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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 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 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 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 44 Mortgage Loans representing approximately 4.4% of the
Mortgage Loans by aggregate Stated Principal Balance (32 of which are
Additional Collateral Loans representing approximately 3.8% 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
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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 0.8% 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 1.7%
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 4.8% 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;
(ix) Approximately 23.01% 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 20.21% 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 22.73% 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 25.76% of the
Group II Loans by aggregate Stated Principal Balance as of the Cut-off
Date were underwritten under a no-stated income program;
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(x) Approximately 34.8% 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 32.1% 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 1.1% 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 3.2% 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;
(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 2.9% of the Group I Loans and
approximately 11.5% 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
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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 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 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.
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 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
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Trustee and the Certificateholders and the Owner of the Excess Spread. 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 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 with respect to
such Qualified Substitute Mortgage Loan or Loans, the original Mortgage Note,
the Mortgage, an Assignment of the Mortgage in recordable form, and such other
documents and agreements as are required by Section 2.01, with the Mortgage Note
endorsed as required by Section 2.01. No substitution will be made in any
calendar month after the Determination Date for such month. Monthly Payments due
with respect to Qualified Substitute Mortgage Loans in the month of substitution
shall not be part of the Trust Fund and will be retained by the Master Servicer
and remitted by the Master Servicer to Residential Funding on the next
succeeding Distribution Date. For the month of substitution, distributions to
the Certificateholders and the Owner of the Excess Spread 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 to reflect the removal
of such Deleted Mortgage Loan and
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the substitution of the Qualified Substitute Mortgage Loan or Loans and the
Master Servicer shall deliver the amended Mortgage Loan Schedule, and, if the
Deleted Mortgage Loan was a Discount Loan, the amended Schedule of Discount
Fractions, to the Trustee. Upon such substitution, the Qualified Substitute
Mortgage Loan or Loans shall be subject to the terms of this Agreement and the
related Subservicing Agreement in all respects, the related Seller shall be
deemed to have made the representations and warranties with respect to the
Qualified Substitute Mortgage Loan contained in the related Seller's Agreement
as of the date of substitution, and the Company and the Master Servicer shall be
deemed to have made with respect to any Qualified Substitute Mortgage Loan or
Loans, as of the date of substitution, the covenants, representations and
warranties set forth in this Section 2.04, in Section 2.03 hereof and in Section
4 of the Assignment Agreement, and the Master Servicer shall be obligated to
repurchase or substitute for any Qualified Substitute Mortgage Loan as to which
a Repurchase Event (as defined in the Assignment Agreement) has occurred
pursuant to Section 4 of the Assignment Agreement.
In connection with the substitution of one or more Qualified Substitute
Mortgage Loans for one or more Deleted Mortgage Loans, the Master Servicer will
determine the amount (if any) by which the aggregate principal balance of all
such Qualified Substitute Mortgage Loans as of the date of substitution is less
than the aggregate Stated Principal Balance of all such Deleted Mortgage Loans
(in each case after application of the principal portion of the Monthly Payments
due in the month of substitution that are to be distributed to the
Certificateholders in the month of substitution). Residential Funding shall
deposit the amount of such shortfall into the Custodial Account on the day of
substitution, without any reimbursement therefor. Residential Funding shall give
notice in writing to the Trustee of such event, which notice shall be
accompanied by an Officers' Certificate as to the calculation of such shortfall
and (subject to Section 10.01(f)) by an Opinion of Counsel to the effect that
such substitution will not cause (a) any federal tax to be imposed on the Trust
Fund, including without limitation, any 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 or the Trustee on behalf of Certificateholders and such
Owner. If the Master Servicer is
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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. Execution and Authentication of Certificates.
The Trustee acknowledges the assignment to it of the Mortgage Loans and
the delivery of the Mortgage Files to it, or any Custodian on its behalf,
subject to any exceptions noted, together with the assignment to it of all other
assets included in the Trust Fund, receipt of which is hereby acknowledged.
Concurrently with such delivery and in exchange therefor, the Trustee, pursuant
to the written request of the Company executed by an officer of the Company has
executed and caused to be authenticated and delivered to or upon the order of
the Company the 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 Certificates in authorized denominations which, together
with the ownership interest in the Excess Spread and the Variable Strip
Certificates, evidence ownership of the entire Trust Fund.
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ARTICLE III
ADMINISTRATION AND SERVICING
OF MORTGAGE LOANS
Section 3.01. Master Servicer to Act as Servicer.
(a) The Master Servicer shall service and administer the Mortgage Loans
in accordance with the terms of this Agreement and the respective Mortgage Loans
and 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 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 the
REMIC 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 Nonsubserviced Mortgage Loan, the Master
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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, 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 the Mortgage Loans
include actions taken or to be taken by a
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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.
(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, 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.
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,
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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 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.
Any Subservicing Agreement that may be entered into and any other
transactions or services relating to the Mortgage Loans involving a Subservicer
in its capacity as such and not as an originator shall be deemed to be between
the Subservicer and the Master Servicer alone and the Trustee, the
Certificateholders and the Owner of the Excess Spread 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
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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 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
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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 (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 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
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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 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
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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 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
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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 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.
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(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
(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
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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 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 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;
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(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 not theretofore
reimbursed to the Master Servicer or the related Subservicer).
Section 3.11. Maintenance of the Primary Insurance
Policies; Collections Thereunder.
(a) The Master Servicer shall not take, or permit any Subservicer to
take, any action which would result in non-coverage under any applicable Primary
Insurance Policy of any loss which, but for the actions of the Master Servicer
or Subservicer, would have been covered thereunder. To the extent coverage is
available, the Master Servicer shall keep or cause to be kept in full force and
effect each such Primary Insurance Policy until the principal balance of the
related Mortgage Loan secured by a Mortgaged Property is reduced to 80% or less
of the Appraised Value in the case of such a Mortgage Loan having a
Loan-to-Value Ratio at origination in excess of 80%, provided that such Primary
Insurance Policy was in place as of the Cut-off Date and the Company had
knowledge of such Primary Insurance Policy. The Master Servicer shall be
entitled to cancel or permit the discontinuation of any Primary Insurance Policy
as to any Mortgage Loan, if the Stated Principal Balance of the Mortgage Loan is
reduced below an amount equal to 80% of the
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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, claims to the related insurer under any Primary Insurance Policies, in a
timely manner in accordance with such policies, and, in this regard, to take or
cause to be taken such reasonable action as shall be necessary to permit
recovery under any Primary Insurance Policies respecting defaulted Mortgage
Loans. Pursuant to Section 3.07, any Insurance Proceeds collected by or remitted
to the Master Servicer under any Primary Insurance Policies shall be deposited
in the Custodial Account, subject to withdrawal pursuant to Section 3.10.
Section 3.12. Maintenance of Fire Insurance and
Omissions and Fidelity Coverage.
(a) The Master Servicer shall cause to be maintained for each Mortgage
Loan (other than a Cooperative Loan) fire insurance with extended coverage in an
amount which is equal to the lesser of the principal balance owing on such
Mortgage Loan or 100 percent of the insurable value of the improvements;
provided, however, that such coverage may not be less than the minimum amount
required to fully compensate for any loss or damage on a replacement cost basis.
To the extent it may do so without
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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, be added to the amount owing under the Mortgage
Loan, notwithstanding that the terms of the Mortgage Loan so permit. Such costs
shall be recoverable by the Master Servicer out of related late payments by the
Mortgagor or out of Insurance Proceeds and Liquidation Proceeds to the extent
permitted by Section 3.10. It is understood and agreed that no earthquake or
other additional insurance is to be required of any Mortgagor or maintained on
property acquired in respect of a Mortgage Loan other than pursuant to such
applicable laws and regulations as shall at any time be in force and as shall
require such additional insurance. Whenever the improvements securing a Mortgage
Loan (other than a Cooperative Loan) are located at the time of origination of
such Mortgage Loan in a federally designated special flood hazard area, the
Master Servicer shall cause flood insurance (to the extent available) to be
maintained in respect thereof. Such flood insurance shall be in an amount equal
to the lesser of (i) the amount required to compensate for any loss or damage to
the Mortgaged Property on a replacement cost basis and (ii) the maximum amount
of such insurance available for the related Mortgaged Property under the
national flood insurance program (assuming that the area in which such Mortgaged
Property is located is participating in such program).
In the event that the Master Servicer shall obtain and maintain a
blanket fire insurance policy with extended coverage insuring against hazard
losses on all of the Mortgage Loans, it shall conclusively be deemed to have
satisfied its obligations as set forth in the first sentence of this Section
3.12(a), it being understood and agreed that such policy may contain a
deductible clause, in which case the Master Servicer shall, in the event that
there shall not have been maintained on the related Mortgaged Property a policy
complying with the first sentence of this Section 3.12(a) and there shall have
been a loss which would have been covered by such policy, deposit in the
Certificate
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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, claims under any such
blanket policy.
(b) The Master Servicer shall obtain and maintain at its own expense
and keep in full force and effect throughout the term of this Agreement a
blanket fidelity bond and an errors and omissions insurance policy covering the
Master Servicer's officers and employees and other persons acting on behalf of
the Master Servicer in connection with its activities under this Agreement. The
amount of coverage shall be at least equal to the coverage that would be
required by FNMA or FHLMC, whichever is greater, with respect to the Master
Servicer if the Master Servicer were servicing and administering the Mortgage
Loans for FNMA or FHLMC. In the event that any such bond or policy ceases to be
in effect, the Master Servicer shall obtain a comparable replacement bond or
policy from an issuer or insurer, as the case may be, meeting the requirements,
if any, of the Program Guide and acceptable to the Company. Coverage of the
Master Servicer under a policy or bond obtained by an Affiliate of the Master
Servicer and providing the coverage required by this Section 3.12(b) shall
satisfy the requirements of this Section 3.12(b).
Section 3.13. Enforcement of Due-on-Sale Clauses;
Assumption and Modification Agreements;
Certain Assignments.
(a) When any Mortgaged Property is conveyed by the Mortgagor, the
Master Servicer or Subservicer, to the extent it has knowledge of such
conveyance, shall enforce any due-on-sale clause contained in any Mortgage Note
or Mortgage, to the extent permitted under applicable law and governmental
regulations, but only to the extent that such enforcement will not adversely
affect or jeopardize coverage under any Required Insurance Policy.
Notwithstanding the foregoing:
(i) the Master Servicer shall not be deemed to be in default
under this Section 3.13(a) by reason of any transfer or assumption
which the Master Servicer is restricted by law from preventing; and
(ii) if the Master Servicer determines that it is reasonably
likely that any Mortgagor will bring, or if any Mortgagor does bring,
legal action to declare invalid or otherwise avoid enforcement of a
due-on-sale clause contained in any Mortgage Note or Mortgage, the
Master
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Servicer shall not be required to enforce the due-on-sale clause or to
contest such action.
(b) Subject to the Master Servicer's duty to enforce any due-on-sale
clause to the extent set forth in Section 3.13(a), in any case in which a
Mortgaged Property is to be conveyed to a Person by a Mortgagor, and such Person
is to enter into an assumption or modification agreement or supplement to the
Mortgage Note or Mortgage which requires the signature of the Trustee, or if an
instrument of release signed by the Trustee is required releasing the Mortgagor
from liability on the Mortgage Loan, the Master Servicer is authorized, subject
to the requirements of the sentence next following, to execute and deliver, on
behalf of the Trustee, the assumption agreement with the Person to whom the
Mortgaged Property is to be conveyed and such modification agreement or
supplement to the Mortgage Note or Mortgage or other instruments as are
reasonable or necessary to carry out the terms of the Mortgage Note or Mortgage
or otherwise to comply with any applicable laws regarding assumptions or the
transfer of the Mortgaged Property to such Person; provided, however, none of
such terms and requirements shall both constitute a "significant modification"
effecting an exchange or reissuance of such Mortgage Loan under the Code (or
final, temporary or proposed Treasury Regulations promulgated thereunder) and
cause the Trust Fund to fail to qualify as a REMIC under the Code or (subject to
Section 10.01(f)), result in the imposition of any tax on "prohibited
transactions" or constitute "contributions" after the start-up date under the
REMIC Provisions. The Master Servicer shall execute and deliver such documents
only if it reasonably determines that (i) its execution and delivery thereof
will not conflict with or violate any terms of this Agreement or cause the
unpaid balance and interest on the Mortgage Loan to be uncollectible in whole or
in part, (ii) any required consents of insurers under any Required Insurance
Policies have been obtained and (iii) subsequent to the closing of the
transaction involving the assumption or transfer (A) the Mortgage Loan will
continue to be secured by a first mortgage lien pursuant to the terms of the
Mortgage, (B) such transaction will not adversely affect the coverage under any
Required Insurance Policies, (C) the Mortgage Loan will fully amortize over the
remaining term thereof, (D) no material term of the Mortgage Loan (including the
interest rate on the Mortgage Loan) will be altered nor will the term of the
Mortgage Loan be changed and (E) if the seller/transferor of the Mortgaged
Property is to be released from liability on the Mortgage Loan, such release
will not (based on the Master Servicer's or Subservicer's good faith
determination) adversely affect the collectability of the Mortgage Loan. Upon
receipt of appropriate instructions from the Master Servicer in accordance with
the foregoing, the Trustee shall execute any necessary instruments for such
assumption or substitution of liability as directed in writing by the Master
Servicer. Upon the closing of the transactions contemplated by such documents,
the Master Servicer
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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 the Trust Fund would not fail to continue to qualify as a REMIC under
the Code as a result thereof and (subject to Section 10.01(f)) that no tax on
"prohibited transactions" or "contributions" after the startup day would be
imposed on the 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 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
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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 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
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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 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.
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(b) In the event that title to any Mortgaged Property is acquired by
the Trust Fund as an REO Property by foreclosure or by deed in lieu of
foreclosure, the deed or certificate of sale shall be issued to the Trustee or
to its nominee on behalf of Certificateholders and the Owner of the Excess
Spread. Notwithstanding any such acquisition of title and cancellation of the
related Mortgage Loan, such REO Property shall (except as otherwise expressly
provided herein) be considered to be an Outstanding Mortgage Loan held in the
Trust Fund until such time as the REO Property shall be sold. Consistent with
the foregoing for purposes of all calculations hereunder so long as such REO
Property shall be considered to be an Outstanding Mortgage Loan it shall be
assumed that, notwithstanding that the indebtedness evidenced by the related
Mortgage Note shall have been discharged, such Mortgage Note and the related
amortization schedule in effect at the time of any such acquisition of title
(after giving effect to any previous Curtailments and before any adjustment
thereto by reason of any bankruptcy or similar proceeding or any moratorium or
similar waiver or grace period) remain in effect.
(c) In the event that the Trust Fund acquires any REO Property as
aforesaid or otherwise in connection with a default or imminent default on a
Mortgage Loan, the Master Servicer on behalf of the Trust Fund shall either (i)
dispose of such REO Property within two years after its acquisition by the Trust
Fund for purposes of Section 860G(a)(8) of the Code or, (ii) at the expense of
the Trust Fund, 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 the Trust Fund 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 the Trust Fund to
fail to qualify as a REMIC at any time that any Certificates are outstanding, in
which case the Trust Fund may continue to hold such REO Property (subject to any
conditions contained in such Opinion of Counsel). The Master Servicer shall be
entitled to be reimbursed from the Custodial Account for any costs incurred in
obtaining such Opinion of Counsel, as provided in Section 3.10. Notwithstanding
any other provision of this Agreement, no REO Property acquired by the Trust
Fund shall be rented (or allowed to continue to be rented) or otherwise used by
or on behalf of the Trust Fund in such a manner or pursuant to any terms that
would (i) cause such REO Property to fail to qualify as "foreclosure property"
within the meaning of Section 860G(a)(8) of the Code or (ii) subject the Trust
Fund to the imposition of any federal income taxes on the income earned from
such REO Property, including any taxes imposed by reason of Section 860G(c) of
the Code, unless the Master Servicer has agreed to
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indemnify and hold harmless the Trust Fund with respect to the imposition of any
such taxes.
(d) The proceeds of any Cash Liquidation, REO Disposition or purchase
or repurchase of any Mortgage Loan pursuant to the terms of this Agreement, as
well as any recovery resulting from a collection of Liquidation Proceeds,
Insurance Proceeds or REO Proceeds, will be applied in the following order of
priority: first, to reimburse the Master Servicer or the related Subservicer in
accordance with Section 3.10(a)(ii); second, to the Certificateholders and the
Owner of the Excess Spread 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 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
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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 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
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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 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.
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(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 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
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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 Single Attestation Program for
Mortgage Bankers during the preceding calendar year are fairly stated in all
material respects, subject to such exceptions and other qualifications that, in
the opinion of such firm, such accounting standards require it to report. In
rendering such statement, such firm may rely, as to matters relating to the
direct servicing of mortgage loans by Subservicers, upon comparable statements
for examinations conducted by independent public accountants substantially in
accordance with standards established by the American Institute of Certified
Public Accountants (rendered within one year of such statement) with respect to
such Subservicers.
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Section 3.20. Rights of the Company in Respect
of the Master Servicer.
The Master Servicer shall afford the Company, upon reasonable notice,
during normal business hours access to all records maintained by the Master
Servicer in respect of its rights and obligations hereunder and access to
officers of the Master Servicer responsible for such obligations. Upon request,
the Master Servicer shall furnish the Company with its most recent financial
statements and such other information as the Master Servicer possesses regarding
its business, affairs, property and condition, financial or otherwise. The
Master Servicer shall also cooperate with all reasonable requests for
information including, but not limited to, notices, tapes and copies of files,
regarding itself, the Mortgage Loans or the Certificates from any Person or
Persons identified by the Company or Residential Funding. The Company may, but
is not obligated to, enforce the obligations of the Master Servicer hereunder
and may, but is not obligated to, perform, or cause a designee to perform, any
defaulted obligation of the Master Servicer hereunder or exercise the rights of
the Master Servicer hereunder; provided that the Master Servicer shall not be
relieved of any of its obligations hereunder by virtue of such performance by
the Company or its designee. The Company shall not have any responsibility or
liability for any action or failure to act by the Master Servicer and is not
obligated to supervise the performance of the Master Servicer under this
Agreement or otherwise.
Section 3.21. Administration of Buydown Funds.
(a) With respect to any Buydown Mortgage Loan, the Subservicer has
deposited Buydown Funds in an account that satisfies the requirements for a
Subservicing Account (the "Buydown Account"). The Master Servicer shall cause
the Subservicing Agreement to require that upon receipt from the Mortgagor of
the amount due on a Due Date for each Buydown Mortgage Loan, the Subservicer
will withdraw from the Buydown Account the predetermined amount that, when added
to the amount due on such date from the Mortgagor, equals the full Monthly
Payment and transmit that amount in accordance with the terms of the
Subservicing Agreement to the Master Servicer together with the related payment
made by the Mortgagor or advanced by the Subservicer.
(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
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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, 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, 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 Subservicer pursuant to Section
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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); and
(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) and 4.02(a)(i)(X), 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 previous Distribution Date except as provided in the last paragraph
of this Section 4.02(a);
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(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 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
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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));
(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
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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, 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 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);
(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;
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(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;
(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
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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 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
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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 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 remaining unpaid from any previous Distribution Date will be
distributable only to the extent that such unpaid Accrued Certificate Interest
or Excess Spread was attributable to interest shortfalls relating to
Nonrecoverable Advances as determined by the Master Servicer with respect to the
related Mortgage Loan where such Mortgage Loan has not yet been the subject of a
Cash Liquidation or REO Disposition.
(b) Distributions of principal on the Class A, 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
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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 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 Certificates, until the
Certificate Principal Balance thereof has been
reduced to zero;
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(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 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, 39.5211368522%, 23.5401241939%
and 36.9387389539% concurrently to the Class
A-I-1, Class A-I-2 and Class A-I-3
Certificates, until the Certificate
Principal Balance of the Class A-I-3
Certificates has been reduced to zero;
(2) second, 24.0526653821%, 37.9469064440%
and 38.0004281739% concurrently to the Class
A-I-1, Class A-I-2 and Class A-I-4
Certificates, until the Certificate
Principal Balance of the Class A-I-4
Certificates has been reduced to zero;
(3) third, 21.0496083551%, 26.0156657963%
and 52.9347258486% concurrently to the Class
A-I-1, Class A-I-2 and Class A-I-5
Certificates, until the Certificate
Principal Balance of the Class A-I-5
Certificates has been reduced to zero;
(4) fourth, 16.4354406432%, 39.7524830522%
and 43.8120763046% concurrently to the Class
A-I-1 Class A-I-2 and Class A-I-6
Certificates, until the Certificate
Principal Balances thereof have been reduced
to zero; and
(5) fifth, sequentially to the 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;
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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 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 October 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 October
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
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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 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 Class or Classes to which such
Realized Loss was allocated or to the Owner of the Excess Spread, if applicable,
(with the amounts to be distributed allocated among such Classes
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and the Excess Spread in the same proportions as such Realized Loss was
allocated), and within each such Class to the Certificateholders of record as of
the Record Date immediately preceding the date of such distribution (or if such
Class of Certificates is no longer outstanding, to the Certificateholders of
record at the time that such Realized Loss was allocated); provided that no such
distribution to any Class of Certificates of subsequent recoveries related to a
Mortgage Loan shall exceed, either individually or in the aggregate and together
with any other amounts paid in reimbursement therefor, the amount of the related
Realized Loss that was allocated to such Class of Certificates. Notwithstanding
the foregoing, no such distribution shall be made with respect to the Excess
Spread or the Certificates of any Class to the extent that either (i) such
Excess Spread 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 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 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
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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.
(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 Company a statement setting forth the
following information as to the Excess Spread, 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;
(iii) if the distribution to the Holders of such Class of
Certificates or the Owner of the Excess Spread 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;
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(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;
(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;
(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;
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(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 Holder of a Certificate,
other than a Class R Certificate, a statement containing the information set
forth in clauses (i) and (ii) of subsection (a) above aggregated for such
calendar year or applicable portion thereof during which such Person was a
Certificateholder. Such obligation of the Master Servicer shall be deemed to
have been satisfied to the extent that substantially comparable information
shall be provided by the Master Servicer pursuant to any requirements of the
Code.
(c) Within a reasonable period of time after the end of each calendar
year, the Master Servicer shall prepare, or cause to be prepared, and shall
forward, or cause to be forwarded, to each Person who at any time during the
calendar year was the Holder of a Class R Certificate, a statement containing
the applicable distribution information provided pursuant to this Section 4.03
aggregated for such calendar year or applicable portion thereof during which
such Person was the Holder of a Class R Certificate. Such obligation of the
Master Servicer shall be deemed to have been satisfied to the extent that
substantially comparable information shall be provided by the Master Servicer
pursuant to any requirements of the Code.
(d) Upon the written request of any Certificateholder, the Master
Servicer, as soon as reasonably practicable, shall provide the requesting
Certificateholder with such information as is necessary and appropriate, in the
Master Servicer's sole discretion, for purposes of satisfying applicable
reporting requirements under Rule 144A.
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Section 4.04. Distribution of Reports to the Trustee and
the Company; Advances by the Master Servicer.
(a) Prior to the close of business on the Business Day next succeeding
each Determination Date, the Master Servicer shall furnish a written statement
to the Trustee, any Paying Agent and the Company (the information in such
statement to be made available to Certificateholders and the Owner of the Excess
Spread 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), 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 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
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of any reimbursement pursuant to Section 4.02(a)(iii) in respect of outstanding
Advances on any Distribution Date shall be allocated to specific Monthly
Payments due but delinquent for previous Due Periods, which allocation shall be
made, to the extent practicable, to Monthly Payments which have been delinquent
for the longest period of time. Such allocations shall be conclusive for
purposes of reimbursement to the Master Servicer from recoveries on related
Mortgage Loans pursuant to Section 3.10.
The determination by the Master Servicer that it has made a
Nonrecoverable Advance or that any proposed Advance, if made, would constitute a
Nonrecoverable Advance, shall be evidenced by a certificate of a Servicing
Officer delivered to the Seller and the Trustee.
In the event that the Master Servicer determines as of the Business Day
preceding any Certificate Account Deposit Date that it will be unable to deposit
in the Certificate Account an amount equal to the Advance required to be made
for the immediately succeeding Distribution Date, it shall give notice to the
Trustee of its inability to advance (such notice may be given by telecopy), not
later than 3:00 P.M., New York time, on such Business Day, specifying the
portion of such amount that it will be unable to deposit. Not later than 3:00
P.M., New York time, on the Certificate Account Deposit Date the Trustee shall,
unless by 12:00 Noon, New York time, on such day the Trustee shall have been
notified in writing (by telecopy) that the Master Servicer shall have directly
or indirectly deposited in the Certificate Account such portion of the amount of
the Advance as to which the Master Servicer shall have given notice pursuant to
the preceding sentence, pursuant to Section 7.01, (a) terminate all of the
rights and obligations of the Master Servicer under this Agreement in accordance
with Section 7.01 and (b) assume the rights and obligations of the Master
Servicer hereunder, including the obligation to deposit in the Certificate
Account an amount equal to the Advance for the immediately succeeding
Distribution Date.
The Trustee shall deposit all funds it receives pursuant to this
Section 4.04 into the Certificate Account.
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
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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 Variable 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 Variable 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 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 Variable Strip
Certificates as follows: the related Class A Percentage will be allocated among
the related Class or Classes of Class A Certificates (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 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 and the Excess Spread means
an allocation on a pro rata basis, among the various Classes so specified and
the Excess Spread 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
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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 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 or the amount of Excess Spread, as applicable, and by operation of the
definition of "Accrued Certificate Interest" and by operation of the provisions
of Section 4.02(a). Allocations of the principal portion of Debt Service
Reductions shall be made by operation of the provisions of Section 4.02(a). All
Realized Losses and all other losses allocated to a Class of Certificates
hereunder will be allocated among the Certificates of such Class in proportion
to the Percentage Interests evidenced thereby.
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
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therefor. If at any time the Master Servicer makes a payment to the Certificate
Account covering the amount of the Purchase Price for such a Mortgage Loan, and
the Master Servicer provides to the Trustee a certification signed by a
Servicing Officer stating that the amount of such payment has been deposited in
the Certificate Account, then the Trustee shall execute the assignment of such
Mortgage Loan at the request of the Master Servicer without recourse to the
Master Servicer which shall succeed to all the Trustee's right, title and
interest in and to such Mortgage Loan, and all security and documents relative
thereto. Such assignment shall be an assignment outright and not for security.
The Master Servicer will thereupon own such Mortgage, and all such security and
documents, free of any further obligation to the Trustee or the
Certificateholders with respect thereto. Notwithstanding anything to the
contrary in this Section 4.07, the Master Servicer shall continue to service any
such Mortgage Loan after the date of such purchase in accordance with the terms
of this Agreement and, if any Realized Loss with respect to such Mortgage Loan
occurs, allocate such Realized Loss to the Class or Classes of Certificates that
would have borne such Realized Loss in accordance with the terms hereof as if
such Mortgage Loan had not been so purchased. For purposes of this Agreement, a
payment of the Purchase Price by the Master Servicer pursuant to this Section
4.07 will be viewed as an advance, and the amount of any Realized Loss shall be
recoverable pursuant to the provisions for the recovery of unreimbursed 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. Surety Bond. (a) If a Required Surety
Payment is payable pursuant to the Surety Bond with respect to
any Additional Collateral Loan, the Master Servicer shall so notify the Trustee
as soon as reasonably practicable and the Trustee shall promptly complete the
notice in the form of Attachment 1 to the Surety Bond and shall promptly submit
such notice to the Surety as a claim for a Required Surety. The Master Servicer
shall upon request assist the Trustee in completing such notice and shall
provide any information requested by the Trustee in connection therewith.
(b) Upon receipt of a Required Surety Payment from the Surety on behalf
of the Holders of Certificates and the Owner of the Excess Spread, 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 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
and Variable 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 $25,878.69
Class M-1 $25,500.00
Class M-2 $250,800.00
Class M-3 $250,100.00
Class B-1 $250,600.00
Class B-2 $250,800.00
Class B-3 $250,748.52
The Class R and Variable Strip Certificates shall be issuable in
minimum denominations of not less than a 20% Percentage Interest; provided,
however, that one Class R Certificate will be issuable to Residential Funding as
"tax matters person" pursuant to Section 10.01(c) and (e) in a minimum
denomination representing a Percentage Interest of not less than 0.01%.
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 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 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 advises the Trustee in
writing that it elects to terminate the
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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 Regular
Interest 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).
Section 5.02. Registration of Transfer and Exchange of
Certificates and Restrictions on Transfer of
Excess Spread.
(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.
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(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 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
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things, such transferee (A) is a "qualified institutional buyer" as defined
under Rule 144A, acting for its own account or the accounts of other "qualified
institutional buyers" as defined under Rule 144A, and (B) is aware that the
proposed transferor intends to rely on the exemption from registration
requirements under the Securities Act of 1933, as amended, provided by Rule
144A. The Holder of any such Certificate desiring to effect any such transfer,
sale, pledge or other disposition shall, and does hereby agree to, indemnify the
Trustee, the Company, the Master Servicer and the Certificate Registrar against
any liability that may result if the transfer, sale, pledge or other disposition
is not so exempt or is not made in accordance with such federal and state laws.
(e) In the case of any Class M, Class B or Class R Certificate
presented for registration in the name of any Person, either (i) the Trustee
shall require an Opinion of Counsel acceptable to and in form and substance
satisfactory to the Trustee, the Company and the Master Servicer to the effect
that the purchase or holding of such Class M, Class B or Class R Certificate is
permissible under applicable law, will not constitute or result in any
non-exempt prohibited transaction under Section 406 of the Employee Retirement
Income Security Act of 1974, as amended ("ERISA"), or Section 4975 of the Code
(or comparable provisions of any subsequent enactments), and will not subject
the Trustee, the Company or the Master Servicer to any obligation or liability
(including obligations or liabilities under ERISA or Section 4975 of the Code)
in addition to those undertaken in this Agreement, which Opinion of Counsel
shall not be an expense of the Trustee, the Company or the Master Servicer or
(ii) the prospective transferee shall be required to provide the Trustee, the
Company and the Master Servicer with a certification to the effect set forth in
paragraph six of Exhibit J (with respect to any Class M Certificate or any Class
B Certificate) or with a certification to the effect set forth in paragraph five
of Exhibit I-1 (with respect to any Class R Certificate), which the Trustee may
rely upon without further 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
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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.
(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.
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(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 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
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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:
(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 the Trust Fund to cease to qualify as a REMIC
and will not cause (x) the Trust Fund to be subject to an entity-level
tax caused by the Transfer of any Class R
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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 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 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
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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
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 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.
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 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.
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
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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
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
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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 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
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or gross negligence in the performance of duties hereunder or by reason of
reckless disregard of obligations and duties hereunder.
Neither the Company nor the Master Servicer shall be under any
obligation to appear in, prosecute or defend any legal or administrative action,
proceeding, hearing or examination that is not incidental to its respective
duties under this Agreement and which in its opinion may involve it in any
expense or liability; provided, however, that the Company or the Master Servicer
may in its discretion undertake any such action, proceeding, hearing or
examination that it may deem necessary or desirable in respect to this Agreement
and the rights and duties of the parties hereto and the interests of the
Certificateholders hereunder. In such event, the legal expenses and costs of
such action, proceeding, hearing or examination and any liability resulting
therefrom shall be expenses, costs and liabilities of the Trust Fund, and the
Company and the Master Servicer shall be entitled to be reimbursed therefor out
of amounts attributable to the Mortgage Loans on deposit in the Custodial
Account as provided by Section 3.10 and, on the Distribution Date(s) following
such reimbursement, the aggregate of such expenses and costs shall be allocated
in reduction of the Accrued Certificate Interest on each Class entitled thereto
in the same manner as if such expenses and costs constituted a Prepayment
Interest Shortfall.
Section 6.04. Company and Master Servicer Not to Resign.
Subject to the provisions of Section 6.02, neither the Company nor the
Master Servicer shall resign from its respective obligations and duties hereby
imposed on it except upon determination that its duties hereunder are no longer
permissible under applicable law. Any such determination permitting the
resignation of the Company or the Master Servicer shall be evidenced by an
Opinion of Counsel to such effect delivered to the Trustee. No such resignation
by the Master Servicer shall become effective until the Trustee or a successor
servicer shall have assumed the Master Servicer's responsibilities and
obligations in accordance with Section 7.02.
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ARTICLE VII
DEFAULT
Section 7.01. Events of Default.
Event of Default, wherever used herein, means any one of the following
events (whatever reason for such Event of Default and whether it shall be
voluntary or involuntary or be effected by operation of law or pursuant to any
judgment, decree or order of any court or any order, rule or regulation of any
administrative or governmental body):
(i) the Master Servicer shall fail to distribute or cause to
be distributed to the Owner of the Excess Spread 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
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 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
Servicer and such decree or order shall have remained in force
undischarged or unstayed for a period of 60 days; or
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(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
entitled to at least 51% of the Voting Rights, the Trustee shall, by notice in
writing to the Master Servicer (and to the Company if given by the Trustee or to
the Trustee if given by the Company), terminate all of the rights and
obligations of the Master Servicer under this Agreement and in and to the
Mortgage Loans and the proceeds thereof, other than its rights as a
Certificateholder hereunder. If an Event of Default described in clause (vi)
hereof shall occur, the Trustee shall, by notice to the Master Servicer and the
Company, immediately terminate all of the rights and obligations of the Master
Servicer under this Agreement and in and to the Mortgage Loans and the proceeds
thereof, other than its rights as a Certificateholder hereunder as provided in
Section 4.04(b). On or after the receipt by the Master Servicer of such written
notice, all authority and power of the Master Servicer under this Agreement,
whether with respect to the Certificates (other than as a Holder thereof) or the
Mortgage Loans or otherwise, shall subject to Section 7.02 pass to and be vested
in the Trustee or the Trustee's designee appointed pursuant to Section 7.02;
and, without limitation, the Trustee is hereby authorized and empowered to
execute and deliver, on behalf of the Master Servicer, as attorney-in-fact or
otherwise, any and all documents and other instruments, and to do or accomplish
all other acts or things necessary or appropriate to effect the purposes of such
notice of termination, whether to complete the transfer and endorsement or
assignment of the Mortgage Loans and related documents, or otherwise. The Master
Servicer agrees to cooperate with the Trustee in effecting the termination of
the Master Servicer's responsibilities and rights hereunder, including, without
limitation, the transfer to the
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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 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
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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 at their respective
addresses appearing in the Certificate Register.
(b) Within 60 days after the occurrence of any Event of Default, the
Trustee shall transmit by mail to all Holders of Certificates notice of each
such Event of Default hereunder known to the Trustee, unless such Event of
Default shall have been cured or waived.
Section 7.04. Waiver of Events of Default.
The Holders representing at least 66% of the Voting Rights affected by
a default or Event of Default hereunder, and the Owner of the Excess Spread 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
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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 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 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 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 the Trust Fund as a REMIC under the REMIC Provisions and (subject to Section
10.01(f)) to prevent the imposition of any federal, state or local income,
prohibited transaction, contribution or other tax on the Trust Fund to the
extent that maintaining such status and avoiding such taxes are reasonably
within the control of the Trustee and are reasonably within the scope of its
duties under this Agreement.
(c) No provision of this Agreement shall be construed to relieve the
Trustee from liability for its own negligent action, its own negligent failure
to act or its own willful misconduct; provided, however, that:
(i) Prior to the occurrence of an Event of
Default, and after the curing or waiver of all such Events
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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
(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, 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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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 the Trust Fund 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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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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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
pursuant to the terms of this Agreement.
Section 8.06. Eligibility Requirements for Trustee.
The Trustee hereunder shall at all times be a corporation or a national
banking association having its principal office in a state and city acceptable
to the Company and organized and doing business under the laws of such state or
the United States of America, authorized under such laws to exercise corporate
trust powers, having a combined capital and surplus of at least $50,000,000 and
subject to supervision or examination by federal or state authority. If such
corporation or national banking association publishes reports of condition at
least annually, pursuant to law or to the requirements of the aforesaid
supervising or examining authority, then for the purposes of this Section the
combined capital and surplus of such corporation shall be deemed to be its
combined capital and surplus as set forth in its most recent report of condition
so published. In case at any time the Trustee shall cease to be eligible in
accordance with the provisions of this Section, the Trustee shall
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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 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 and/or Excess Spread 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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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 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 of the appointment of
co-trustee(s) or separate trustee(s) shall be required under Section 8.08
hereof.
(b) In the case of any appointment of a co-trustee or separate trustee
pursuant to this Section 8.10 all rights, powers, duties and obligations
conferred or imposed upon the Trustee shall be conferred or imposed upon and
exercised or performed by the Trustee, and such separate trustee or co-trustee
jointly, except to the extent that under any law of any jurisdiction in which
any particular act or acts are to be performed (whether as Trustee hereunder or
as successor to the
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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.
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 of the appointment of any Custodian (other
than the Custodian appointed as of the Closing Date) pursuant to this Section
8.11.
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Section 8.12. Appointment of Office or Agency.
The Trustee will maintain an office or agency in the City of New York
where Certificates may be surrendered for registration of transfer or exchange.
The Trustee initially designates its offices located at 14 Wall Street, 8th
Floor, New York, New York 10005 for the purpose of keeping the Certificate
Register. The Trustee will maintain an office at the address stated in Section
11.05(c) hereof where notices and demands to or upon the Trustee in respect of
this Agreement may be served.
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ARTICLE IX
TERMINATION
Section 9.01. Termination Upon Purchase by the Master
Servicer or the Company or Liquidation of All
Mortgage Loans.
(a) Subject to Section 9.03, the respective obligations and
responsibilities of the Company, the Master Servicer and the Trustee created
hereby in respect of the Certificates, the Excess Spread (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 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 the Trust Fund as a REMIC.
The right of the Master Servicer or the Company to purchase all the
assets of the Trust Fund pursuant to clause (ii) above is conditioned upon the
Pool Stated Principal Balance as of the Final Distribution Date being less than
ten percent of the Cut-off Date Principal Balance of the Mortgage Loans. If such
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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 (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
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 and the Excess Spread 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 the Excess Spread as aforesaid, it
shall give such notice to the
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Certificate Registrar at the time such notice is given to Certificateholders and
the Owner of the Excess Spread. 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 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. The Trustee shall also
distribute to the Owner the Excess Spread.
(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 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,
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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. Additional Termination Requirements.
(a) The Trust Fund shall be terminated in accordance with the following
additional requirements, unless (subject to Section 10.01(f)) the Trustee and
the Master Servicer have received an Opinion of Counsel (which Opinion of
Counsel shall not be an expense of the Trustee) to the effect that the failure
of the Trust Fund to comply with the requirements of this Section 9.02 will not
(i) result in the imposition on the Trust of taxes on "prohibited transactions,"
as described in Section 860F of the Code, or (ii) cause the Trust Fund 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 the Trust Fund 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 the
Trust Fund under Section 860F of the Code and regulations thereunder;
(ii) The Master Servicer shall notify the Trustee at the
commencement of such 90-day liquidation period and, at or prior to the
time of making of the final payment on the Certificates, the Trustee
shall sell or otherwise dispose of all of the remaining assets of the
Trust Fund in accordance with the terms hereof; and
(iii) If the Master Servicer or the Company is exercising its
right to purchase the assets of the Trust Fund, the Master Servicer
shall, during the 90-day liquidation period and at or prior to the
Final Distribution Date, purchase all of the assets of the Trust Fund
for cash; provided, however, that in the event that a calendar quarter
ends after the commencement of the 90-day liquidation period but prior
to the Final Distribution Date, the Master Servicer or the Company
shall not purchase any of the assets of the Trust Fund prior to the
close of that calendar quarter.
(b) Each Holder of a Certificate and the Trustee hereby irrevocably
approves and appoints the Master Servicer as its attorney-in-fact to adopt a
plan of complete liquidation for the Trust Fund at the expense of the Trust Fund
in accordance with the terms and conditions of this Agreement.
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ARTICLE X
REMIC PROVISIONS
Section 10.01. REMIC Administration.
(a) The REMIC Administrator shall make an election to treat
the Trust Fund 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 election in respect
of the Trust Fund, the Class A (other than the Variable Strip Certificates),
Class A-P, Class M and Class B Certificates and the Uncertificated REMIC Regular
Interests shall be designated as the "regular interests" and the Class R
Certificates shall be designated as the sole class of "residual interest" in the
REMIC. The REMIC Administrator and the Trustee shall not permit the creation of
any "interests" (within the meaning of Section 860G of the Code) in the REMIC
other than the Certificates and the Uncertificated REMIC Regular Interests.
(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 the Class R Certificates and shall
be designated as "the tax matters person" with respect to the REMIC 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 the REMIC in relation to any tax
matter or controversy involving the Trust Fund and (ii) represent the Trust Fund
in any administrative or judicial proceeding relating to an examination or audit
by any governmental taxing authority with respect thereto. The legal expenses,
including without limitation attorneys' or accountants' fees, and costs of any
such proceeding and any liability resulting therefrom shall be expenses of the
Trust Fund and the REMIC Administrator shall be entitled to reimbursement
therefor out of amounts attributable to the Mortgage Loans on deposit in the
Custodial Account as provided by Section 3.10 unless such legal expenses and
costs are incurred by reason of the REMIC Administrator's willful misfeasance,
bad faith or gross negligence. If the REMIC Administrator is no longer the
Master Servicer hereunder, at its option the REMIC Administrator may continue
its duties as REMIC Administrator and shall be paid reasonable compensation not
to exceed $3,000 per year by any successor Master Servicer hereunder for so
acting as the REMIC Administrator.
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(d) The REMIC Administrator shall prepare or cause to be
prepared all of the Tax Returns that it determines are required with respect to
the REMIC created hereunder and deliver such Tax Returns in a timely manner to
the Trustee and the Trustee shall sign and file such Tax Returns in a timely
manner. The expenses of preparing such returns shall be borne by the REMIC
Administrator without any right of reimbursement therefor. The REMIC
Administrator agrees to indemnify and hold harmless the Trustee with respect to
any tax or liability arising from the Trustee's signing of Tax Returns that
contain errors or omissions. The Trustee and Master Servicer shall promptly
provide the REMIC Administrator with such information as the REMIC Administrator
may from time to time request for the purpose of enabling the REMIC
Administrator to prepare Tax Returns.
(e) The REMIC Administrator shall provide (i) to any
Transferor of a Class R Certificate such information as is necessary for the
application of any tax relating to the transfer of a Class R Certificate to any
Person who is not a Permitted Transferee, (ii) to the Trustee and the Trustee
shall forward to the Certificateholders such information or reports as are
required by the Code or the REMIC Provisions including reports relating to
interest, original issue discount 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 the REMIC.
(f) The Master Servicer and the REMIC Administrator shall take
such actions and shall cause the REMIC created hereunder to take such actions as
are reasonably within the Master Servicer's or the REMIC Administrator's control
and the scope of its duties more specifically set forth herein as shall be
necessary or desirable to maintain the status thereof as a REMIC under the REMIC
Provisions (and the Trustee shall assist the Master Servicer and the REMIC
Administrator, to the extent reasonably requested by the Master Servicer and the
REMIC Administrator to do so). The Master Servicer and the REMIC Administrator
shall not knowingly or intentionally take any action, cause the Trust Fund to
take any action or fail to take (or fail to cause to be taken) any action
reasonably within their respective control, that, under the REMIC Provisions, if
taken or not taken, as the case may be, could (i) endanger the status of the
REMIC as a REMIC or (ii) result in the imposition of a tax upon the REMIC
(including but not limited to the tax on prohibited transactions as defined in
Section 860F(a)(2) of the Code and the tax on contributions to a REMIC set forth
in Section 860G(d) of the Code) (either such event, in the absence of an Opinion
of Counsel or the indemnification referred to in this sentence, an "Adverse
REMIC Event") unless the Master Servicer or the REMIC Administrator, as
applicable, has received an Opinion of Counsel (at the expense of the party
seeking to take such action or, if such party fails to pay such expense, and the
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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 the REMIC created
hereunder, endanger such status or, unless the Master Servicer or the REMIC
Administrator or both, as applicable, determine in its or their sole discretion
to indemnify the Trust Fund against the imposition of such a tax, result in the
imposition of such a tax. Wherever in this Agreement a contemplated action may
not be taken because the timing of such action might result in the imposition of
a tax on the Trust Fund, or may only be taken pursuant to an Opinion of Counsel
that such action would not impose a tax on the Trust Fund, such action may
nonetheless be taken provided that the indemnity given in the preceding sentence
with respect to any taxes that might be imposed on the Trust Fund has been given
and that all other preconditions to the taking of such action have been
satisfied. The Trustee shall not take or fail to take any action (whether or not
authorized hereunder) as to which the Master Servicer or the REMIC
Administrator, as applicable, has advised it in writing that it has received an
Opinion of Counsel to the effect that an Adverse REMIC Event could occur with
respect to such action. In addition, prior to taking any action with respect to
the REMIC or its assets, or causing the REMIC to take any action, which is not
expressly permitted under the terms of this Agreement, the Trustee will consult
with the Master Servicer or the REMIC Administrator, as applicable, or its
designee, in writing, with respect to whether such action could cause an Adverse
REMIC Event to occur with respect to the REMIC, and the Trustee shall not take
any such action or cause the REMIC to take any such action as to which the
Master Servicer or the REMIC Administrator, as applicable, has advised it in
writing that an Adverse REMIC Event could occur. The Master Servicer or the
REMIC Administrator, as applicable, may consult with counsel to make such
written advice, and the cost of same shall be borne by the party seeking to take
the action not expressly permitted by this Agreement, but in no event at the
expense of the Master Servicer or the REMIC Administrator. At all times as may
be required by the Code, the Master Servicer will to the extent within its
control and the scope of its duties more specifically set forth herein, maintain
substantially all of the assets of the REMIC as "qualified mortgages" as defined
in Section 860G(a)(3) of the Code and "permitted investments" as defined in
Section 860G(a)(5) of the Code.
(g) In the event that any tax is imposed on "prohibited
transactions" of the REMIC created hereunder as defined in Section 860F(a)(2) of
the Code, on "net income from foreclosure property" of the REMIC as defined in
Section 860G(c) of the Code, on any contributions to the REMIC after the startup
day therefor pursuant to Section 860G(d) of the Code, or any
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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 the REMIC on a
calendar year and on an accrual basis or as otherwise may be required by the
REMIC Provisions.
(i) Following the startup day, neither the Master Servicer nor
the Trustee shall accept any contributions of assets to the REMIC unless
(subject to Section 10.01(f)) the Master Servicer and the Trustee shall have
received an Opinion of Counsel (at the expense of the party seeking to make such
contribution) to the effect that the inclusion of such assets in the REMIC will
not cause the Trust Fund to fail to qualify as a REMIC at any time that any
Certificates are outstanding or subject the REMIC to any tax under the REMIC
Provisions or other applicable provisions of federal, state and local law or
ordinances.
(j) Neither the Master Servicer nor the Trustee shall (subject
to Section 10.01(f)) enter into any arrangement by which the REMIC will receive
a fee or other compensation for services nor permit the REMIC to receive any
income from assets other than "qualified mortgages" as defined in Section
860G(a)(3) of the Code or "permitted investments" as defined in Section
860G(a)(5) of the Code.
(k) Solely for the purposes of Section 1.860G-1(a)(4)(iii) of
the Treasury Regulations, the "latest possible maturity date" by which the
Excess Spread, the Certificate Principal Balance of each Class of Certificates
(other than the Variable Strip Certificates) representing a regular interest in
the REMIC would be reduced to zero is September 25, 2026, which is the
Distribution Date immediately following the latest scheduled maturity of any
Mortgage Loan. The latest possible Maturity Date for each Uncertificated REMIC
Regular Interest is the Distribution Date immediately following the latest
scheduled maturity date for the related Mortgage Loan.
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(l) Within 30 days after the Closing Date, the REMIC
Administrator shall prepare and file with the Internal Revenue Service Form
8811, "Information Return for Real Estate Mortgage Investment Conduits (REMIC)
and Issuers of Collateralized Debt
Obligations" for the REMIC.
(m) Neither the Trustee nor the Master Servicer shall sell,
dispose of or substitute for any of the Mortgage Loans (except in connection
with (i) the default, imminent default or foreclosure of a Mortgage Loan,
including but not limited to, the acquisition or sale of a Mortgaged Property
acquired by deed in lieu of foreclosure, (ii) the bankruptcy of the REMIC, (iii)
the termination of the REMIC pursuant to Article IX of this Agreement or (iv) a
purchase of Mortgage Loans pursuant to Article II or III of this Agreement) nor
acquire any assets for the REMIC, nor sell or dispose of any investments in the
Custodial Account or the Certificate Account for gain nor accept any
contributions to the REMIC after the Closing Date unless it has received an
Opinion of Counsel that such sale, disposition, substitution or acquisition will
not (a) affect adversely the status of the Trust Fund as a REMIC or (b) unless
the Master Servicer has determined in its sole discretion to indemnify the Trust
Fund against such tax, cause the REMIC to be subject to a tax on "prohibited
transactions" or "contributions" pursuant to the REMIC Provisions.
Section 10.02. Master Servicer, REMIC Administrator and
Trustee Indemnification.
(a) The Trustee agrees to indemnify the Trust Fund, the
Company, the REMIC Administrator and the Master Servicer for any taxes and costs
including, without limitation, any reasonable attorneys fees imposed on or
incurred by the Trust Fund, the Company or the Master Servicer, as a result of a
breach of the Trustee's covenants set forth in Article VIII or this Article X.
(b) The REMIC Administrator agrees to indemnify the Trust
Fund, the Company, the Master Servicer and the Trustee for any taxes and costs
(including, without limitation, any reasonable attorneys' fees) imposed on or
incurred by the Trust Fund, the Company, the Master Servicer or the Trustee, as
a result of a breach of the REMIC Administrator's covenants set forth in this
Article X 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
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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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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 Certificates, by virtue of their being the "residual interests" in
the REMIC, provided that (A) such change shall not result in reduction
of the rating assigned to any such Class of Certificates below the
lower of the then-current rating or the rating assigned to such
Certificates as of the Closing Date, as evidenced by a
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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 the Trust Fund or any of the
Certificateholders (other than the transferor) to be subject to a
federal tax caused by a transfer to a Person that is not a Permitted
Transferee, or
(vi) to provide for all or any portion of the Excess
Spread 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, 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; 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 or
the Excess Spread without the consent of the Holder of such Certificate
or the Owner of the Excess Spread,
(ii) reduce the aforesaid percentage of Certificates of any
Class the Holders of which are required to consent to any such
amendment, in any such case without the consent of the Holders of all
Certificates of such Class then outstanding.
(c) Notwithstanding any contrary provision of this Agreement, the
Trustee shall not consent to any amendment to this Agreement unless it shall
have first received an Opinion of Counsel (subject to Section 10.01(f) and at
the expense of the party seeking such amendment) to the effect that such
amendment or the exercise of any power granted to the Master Servicer, the
Company or the Trustee in accordance with such amendment will not result in the
imposition of a federal tax on the Trust Fund or
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cause 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. 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" 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)
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the Trust Fund 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 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
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of the Excess Spread from time to time as partners or members of an association;
nor shall any Certificateholder or the Owner of the Excess Spread 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 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 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.
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
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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, One First National Plaza, Suite 0126,
Chicago, Illinois 60670-0126 Attention: Residential Accredit Loans, Inc. Series
1996-QS5 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,
(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 pursuant to Section 4.03,
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(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
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 Affiliates (or any designee thereof) is the registered Holder (the
"Resecuritized Certificates"), the Company may deposit such Resecuritized
Certificates into a new REMIC, grantor trust, FASIT or custodial arrangement (a
"Restructuring Vehicle") to be held by the Trustee pursuant to a Supplemental
Article. The instrument adopting such Supplemental Article shall be executed by
the Company, the Master Servicer and the Trustee; provided, that neither the
Master Servicer nor the Trustee shall withhold their consent thereto if their
respective interests would not be materially adversely affected thereby. To the
extent that the terms of the Supplemental Article do not in any way affect any
provisions of this Agreement as to any of the Certificates
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initially issued hereunder, the adoption of the Supplemental Article shall not
constitute an "amendment" of this Agreement.
Each Supplemental Article shall set forth all necessary provisions
relating to the holding of the Resecuritized Certificates by the Trustee, the
establishment of the Restructuring Vehicle, the issuing of various classes of
new certificates by the Restructuring Vehicle and the distributions to be made
thereon, and any other provisions necessary for the purposes thereof. In
connection with each Supplemental Article, the Company shall deliver to the
Trustee an Opinion of Counsel to the effect that (i) the Restructuring Vehicle
will qualify as a REMIC, grantor trust, FASIT or other entity not subject to
taxation for federal income tax purposes and (ii) the adoption of the
Supplemental Article will not endanger the status of the Trust Fund as a REMIC
or (subject to Section 10.01(f)) result in the imposition of a tax upon the
Trust Fund (including but not limited to the tax on prohibited transactions as
defined in Section 860F(a)(2) of the Code and the tax on contributions to a
REMIC as set forth in Section 860G(d) of the Code.
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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/Robert S. Conway
Name: Robert S. Conway
Title: Vice President
Attest: /s/William E. Waldusky
Name: William E. Waldusky
Title: Vice President
RESIDENTIAL FUNDING CORPORATION
[Seal]
By: /s/William E. Waldusky
Name: William E. Waldusky
Title: Director
Attest: /s/Robert S. Conway
Name: Robert S. Conway
Title: Director
THE FIRST NATIONAL BANK OF CHICAGO
as Trustee
[Seal]
By: /s/Steven M. Wagner
Name: Steven M. Wagner
Title: Vice President
Attest: Faye Wright
Name: Faye Wright
Title: Assistant Secretary
NY1-163144.4
<PAGE>
STATE OF MINNESOTA )
) ss.:
COUNTY OF HENNEPIN )
On the 30 day of September, 1996 before me, a notary public in
and for said State, personally appeared Robert S. Conway, 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]
NY1-163144.4
<PAGE>
STATE OF MINNESOTA )
) ss.:
COUNTY OF HENNEPIN )
On the 30th day of September, 1996 before me, a notary public
in and for said State, personally appeared William E. Waldusky, 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]
NY1-163144.4
<PAGE>
STATE OF )
) ss.:
COUNTY OF )
On the 30th day of September, 1996 before me, a notary public
in and for said State, personally appeared ________________, known to me to be a
______________ of The First National Bank of Chicago, the national banking
association that executed the within instrument, and also known to me to be the
person who executed it on behalf of said corporation, and acknowledged to me
that such national banking association executed the within instrument.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my
official seal the day and year in this certificate first above written.
Notary Public
[Notarial Seal]
NY1-163144.4
<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 SEPTEMBER 30,
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.]
NY1-163144.4
<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: ___%]
September 1, 1996
Aggregate Initial [Certificate
Principal Balance] [Notional
Amount] of the Class A-__
Certificates:
First Distribution Date:
October 25, 1996
Master Servicer: [Initial] [Certificate Principal
Residential Funding Balance] [Notional Amount] of this
Corporation Certificate: $_____________]
Assumed Final
Distribution Date: CUSIP 76110F-_____
[September 25, 2026]
[September 25, 2011]
MORTGAGE ASSET-BACKED PASS-THROUGH CERTIFICATE
SERIES 1996-QS5
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 Residential Accredit Loans, Inc., 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
NY1-163144.4
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 The
First National Bank of Chicago, as trustee (the "Trustee"), a summary of certain
of the pertinent provisions of which is set forth hereafter. To the extent not
defined herein, the capitalized terms used herein have the meanings assigned in
the Agreement. This Certificate is issued under and is subject to the terms,
provisions and conditions of the Agreement, to which Agreement the Holder of
this Certificate by virtue of the acceptance hereof assents and by which such
Holder is bound.
Pursuant to the terms of the Agreement, a distribution will be
made on the 25th day of each month or, if such 25th day is not a Business Day,
the Business Day immediately following (the "Distribution Date"), commencing as
described in the Agreement, to the Person in whose name this Certificate is
registered at the close of business on the last day (or if such last day is not
a Business Day, the Business Day immediately preceding such last day) of the
month immediately preceding the month of such distribution (the "Record Date"),
from the Available Distribution Amount in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount [(of interest
and principal, if any)] required to be distributed to Holders of Class A-__
Certificates on such Distribution Date. [The Notional Amount of the Class A-___
Certificates as of any date of determination is equal to [the aggregate Stated
Principal Balance of the Mortgage Loans corresponding to the related
Uncertificated REMIC Regular Interests represented by the Class A-___
Certificates immediately prior to such date] [$_________]. 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
NY1-163144.4
A-3
<PAGE>
Certificate Principal Balance of this Certificate is set forth above. The
Certificate Principal Balance hereof will be reduced to the extent of
distributions allocable to principal and any Realized Losses allocable hereto.]
This Certificate is one of a duly authorized issue of
Certificates issued in several Classes designated as Mortgage Asset-Backed
Pass-Through Certificates of the Series specified hereon (herein collectively
called the "Certificates").
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
NY1-163144.4
A-4
<PAGE>
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 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
NY1-163144.4
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.
NY1-163144.4
A-6
<PAGE>
IN WITNESS WHEREOF, the Trustee has caused this Certificate to
be duly executed.
Dated: September 30, 1996 THE FIRST NATIONAL BANK OF CHICAGO
as Trustee
By:
Authorized Signatory
CERTIFICATE OF AUTHENTICATION
This is one of the Class A-__ Certificates referred to in the
within-mentioned Agreement.
THE FIRST NATIONAL BANK OF
CHICAGO
as Certificate Registrar
By:
Authorized Signatory
NY1-163144.4
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 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 SEPTEMBER 30, 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.]
NY1-163144.4
<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:
September 1, 1996 Initial Certificate
Principal
Balance of this
Certificate:
First Distribution Date: $_______________
October 25, 1996
CUSIP: 76110F-_____
Master Servicer:
Residential Funding Corporation
Assumed Final Distribution Date:
September 25, 2026
MORTGAGE ASSET-BACKED PASS-THROUGH CERTIFICATE,
SERIES 1996-QS5
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 Residential Accredit Loans, Inc., 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
NY1-163144.4
B-2
<PAGE>
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 referred to below). The Trust
Fund was created pursuant to a Pooling and Servicing Agreement dated as
specified above (the "Agreement") among the Company, the Master Servicer and The
First National Bank of Chicago, as trustee (the "Trustee"), a summary of certain
of the pertinent provisions of which is set forth hereafter. To the extent not
defined herein, the capitalized terms used herein have the meanings assigned in
the Agreement. This Certificate is issued under and is subject to the terms,
provisions and conditions of the Agreement, to which Agreement the Holder of
this Certificate by virtue of the acceptance hereof assents and by which such
Holder is bound.
Pursuant to the terms of the Agreement, a distribution will be
made on the 25th day of each month or, if such 25th day is not a Business Day,
the Business Day immediately following (the "Distribution Date"), commencing as
described in the Agreement, to the Person in whose name this Certificate is
registered at the close of business on the last day (or if such last day is not
a Business Day, the Business Day immediately preceding such last day) of the
month immediately preceding the month of such distribution (the "Record Date"),
from the Available Distribution Amount in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount (of interest
and principal, if any) required to be distributed to Holders of Class M-__
Certificates on such Distribution Date.
Distributions on this Certificate will be made either by the
Master Servicer acting on behalf of the Trustee or by a Paying Agent appointed
by the Trustee in immediately available funds (by wire transfer or otherwise)
for the account of the Person entitled thereto if such Person shall have so
notified the Master Servicer or such Paying Agent, or by check mailed to the
address of the Person entitled thereto, as such name and address shall appear on
the Certificate Register.
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
NY1-163144.4
B-3
<PAGE>
acceptable to and in form and substance satisfactory to the Trustee, the Company
and the Master Servicer with respect to the permissibility of such transfer
under the Employee Retirement Income Security Act of 1974, as amended ("ERISA")
and Section 4975 of the Internal Revenue Code (the "Code") and stating, among
other things, that the transferee's acquisition of a Class M Certificate will
not constitute or result in a non-exempt prohibited transaction under Section
406 of ERISA or Section 4975 of the Code or (ii) a representation letter, in the
form as described by the Agreement, either stating that the transferee is not an
employee benefit or other plan subject to the prohibited transaction provisions
of ERISA or Section 4975 of the Code (a "Plan"), or any other person (including
an investment manager, a named fiduciary or a trustee of any Plan) acting,
directly or indirectly, on behalf of or purchasing any Certificate with "plan
assets" of any Plan, or stating that the transferee is an insurance company, the
source of funds to be used by it to purchase the Certificate is an "insurance
company general account" (within the meaning of Department of Labor Prohibited
Transaction Class Exemption ("PTCE") 95-60), and the purchase is being made in
reliance upon the availability of the exemptive relief afforded under Section
III of PTCE 95-60.
This Certificate is one of a duly authorized issue of
Certificates issued in several Classes designated as Mortgage 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
NY1-163144.4
B-4
<PAGE>
such consent by the Holder of this Certificate shall be conclusive and binding
on such Holder and upon all future holders of this Certificate and of any
Certificate issued upon the transfer hereof or in exchange herefor or in lieu
hereof whether or not notation of such consent is made upon the Certificate. The
Agreement also permits the amendment thereof in certain circumstances without
the consent of the Holders of any of the Certificates and, in certain additional
circumstances, without the consent of the Holders of certain Classes of
Certificates.
As provided in the Agreement and subject to certain
limitations therein set forth, the transfer of this Certificate is registrable
in the Certificate Register upon surrender of this Certificate for registration
of transfer at the offices or agencies appointed by the Trustee in the City and
State of New York, duly endorsed by, or accompanied by an assignment in the form
below or other written instrument of transfer in form satisfactory to the
Trustee and the Certificate Registrar duly executed by the Holder hereof or such
Holder's attorney duly authorized in writing, and thereupon one or more new
Certificates of authorized denominations evidencing the same Class and aggregate
Percentage Interest will be issued to the designated transferee or transferees.
The Certificates are issuable only as registered Certificates
without coupons in Classes and in denominations specified in the Agreement. As
provided in the Agreement and subject to certain limitations therein set forth,
Certificates are exchangeable for new Certificates of authorized denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.
No service charge will be made for any such registration of
transfer or exchange, but the Trustee may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith.
The Company, the Master Servicer, the Trustee and the
Certificate Registrar and any agent of the Company, the Master Servicer, the
Trustee or the Certificate Registrar may treat the Person in whose name this
Certificate is registered as the owner hereof for all purposes, and neither the
Company, the Master Servicer, the Trustee nor any such agent shall be affected
by notice to the contrary.
This Certificate shall be governed by and construed in
accordance with the laws of the State of New York.
The obligations created by the Agreement in respect of the
Certificates and the Trust Fund created thereby shall terminate upon the payment
to Certificateholders of all amounts held by or on behalf of the Trustee and
required to be paid to them pursuant to the Agreement following the earlier of
(i) the
NY1-163144.4
B-5
<PAGE>
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.
NY1-163144.4
B-6
<PAGE>
IN WITNESS WHEREOF, the Trustee has caused this Certificate to
be duly executed.
Dated: THE FIRST NATIONAL BANK OF
CHICAGO, as Trustee
By:
Authorized Signatory
CERTIFICATE OF AUTHENTICATION
This is one of the Class M-__ Certificates referred to in the
within-mentioned Agreement.
THE FIRST NATIONAL BANK OF
CHICAGO,
as Certificate Registrar
By:
Authorized Signatory
<PAGE>
ASSIGNMENT
FOR VALUE RECEIVED, the undersigned hereby sell(s),
assign(s) and transfer(s) unto
(Please print or typewrite
name and address including postal zip code of assignee) a Percentage Interest
evidenced by the within Mortgage 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 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 SEPTEMBER 30, 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.
NY1-163144.4
<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: $_______________
September 1, 1996
Initial Certificate
Principal
Balance of this
Certificate:
First Distribution Date: $_______________
October 25, 1996
Master Servicer:
Residential Funding Corporation
Assumed Final Distribution Date:
September 25, 2026
MORTGAGE ASSET-BACKED PASS-THROUGH CERTIFICATE,
SERIES 1996-QS5
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 Residential Accredit Loans, Inc., 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
NY1-163144.4
C-2
<PAGE>
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 referred to below). The Trust
Fund was created pursuant to a Pooling and Servicing Agreement dated as
specified above (the "Agreement") among the Company, the Master Servicer and The
First National Bank of Chicago, as trustee (the "Trustee"), a summary of certain
of the pertinent provisions of which is set forth hereafter. To the extent not
defined herein, the capitalized terms used herein have the meanings assigned in
the Agreement. This Certificate is issued under and is subject to the terms,
provisions and conditions of the Agreement, to which Agreement the Holder of
this Certificate by virtue of the acceptance hereof assents and by which such
Holder is bound.
Pursuant to the terms of the Agreement, a distribution will be
made on the 25th day of each month or, if such 25th day is not a Business Day,
the Business Day immediately following (the "Distribution Date"), commencing on
the first Distribution Date specified above, to the Person in whose name this
Certificate is registered at the close of business on the last day (or if such
last day is not a Business Day, the Business Day immediately preceding such last
day) of the month next preceding the month of such distribution (the "Record
Date"), from the Available Distribution Amount in an amount equal to the product
of the Percentage Interest evidenced by this Certificate and the amount (of
interest and principal, if any) required to be distributed to Holders of Class B
Certificates on such Distribution Date.
Distributions on this Certificate will be made either by the
Master Servicer acting on behalf of the Trustee or by a Paying Agent appointed
by the Trustee in immediately available funds (by wire transfer or otherwise)
for the account of the Person entitled thereto if such Person shall have so
notified the Master Servicer 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
NY1-163144.4
C-3
<PAGE>
of the Securities Act of 1933, as amended, and any applicable state securities
laws or is made in accordance with said Act and laws. In the event that such a
transfer is to be made, (i) the Trustee or the Company may require an opinion of
counsel acceptable to and in form and substance satisfactory to the Trustee and
the Company that such transfer is exempt (describing the applicable exemption
and the basis therefor) from or is being made pursuant to the registration
requirements of the Securities Act of 1933, as amended, and of any applicable
statute of any state and (ii) the transferee shall execute an investment letter
in the form described by the Agreement. The Holder hereof desiring to effect
such transfer shall, and does hereby agree to, indemnify the Trustee, the
Company, the Master Servicer and the Certificate Registrar acting on behalf of
the Trustee against any liability that may result if the transfer is not so
exempt or is not made in accordance with such Federal and state laws. In
connection with any such transfer, the Trustee will also require either (i) an
opinion of counsel acceptable to and in form and substance satisfactory to the
Trustee, the Company and the Master Servicer with respect to the permissibility
of such transfer under the Employee Retirement Income Security Act of 1974, as
amended ("ERISA") and Section 4975 of the Internal Revenue Code (the "Code") and
stating, among other things, that the transferee's acquisition of a Class B
Certificate will not constitute or result in a non-exempt prohibited transaction
under Section 406 of ERISA or Section 4975 of the Code or (ii) a representation
letter, in the form as described by the Agreement, either stating that the
transferee is not an employee benefit or other plan subject to the prohibited
transaction 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
NY1-163144.4
C-4
<PAGE>
recoveries on such Mortgage Loan or from other cash that would have been
distributable to Certificateholders.
As provided in the Agreement, withdrawals from the Custodial
Account and/or the Certificate Account created for the benefit of
Certificateholders may be made by the Master Servicer from time to time for
purposes other than distributions to Certificateholders, such purposes including
without limitation reimbursement to the Company and the Master Servicer of
advances made, or certain expenses incurred, by either of them.
The Agreement permits, with certain exceptions therein
provided, the amendment of the Agreement and the modification of the rights and
obligations of the Company, the Master Servicer and the Trustee and the rights
of the Certificateholders under the Agreement at any time by the Company, the
Master Servicer and the Trustee with the consent of the Holders of Certificates
evidencing in the aggregate not less than 66% of the Percentage Interests of
each Class of Certificates affected thereby. Any such consent by the Holder of
this Certificate shall be conclusive and binding on such Holder and upon all
future holders of this Certificate and of any Certificate issued upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such consent is made upon the Certificate. The Agreement also permits the
amendment thereof in certain circumstances without the consent of the Holders of
any of the Certificates and, in certain additional circumstances, without the
consent of the Holders of certain Classes of Certificates.
As provided in the Agreement and subject to certain
limitations therein set forth, the transfer of this Certificate is registrable
in the Certificate Register upon surrender of this Certificate for registration
of transfer at the offices or agencies appointed by the Trustee in the City and
State of New York, duly endorsed by, or accompanied by an assignment in the form
below or other written instrument of transfer in form satisfactory to the
Trustee and the Certificate Registrar duly executed by the Holder hereof or such
Holder's attorney duly authorized in writing, and thereupon one or more new
Certificates of authorized denominations evidencing the same Class and aggregate
Percentage Interest will be issued to the designated transferee or transferees.
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
NY1-163144.4
C-5
<PAGE>
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.
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.
NY1-163144.4
C-6
<PAGE>
IN WITNESS WHEREOF, the Trustee has caused this Certificate to
be duly executed.
Dated: THE FIRST NATIONAL BANK OF
CHICAGO, as Trustee
By:
Authorized Signatory
CERTIFICATE OF AUTHENTICATION
This is one of the Class M-__ Certificates referred to in the
within-mentioned Agreement.
THE FIRST NATIONAL BANK OF
CHICAGO,
as Certificate Registrar
By:
Authorized Signatory
NY1-163144.4
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.
NY1-163144.4
<PAGE>
Certificate No. ___ 8.00% Pass-Through Rate
Class R Senior Aggregate Initial Certificate
Principal Balance of the Class R
Certificates:
Date of Pooling and Servicing $100.00
Agreement and Cut-off Date:
September 1, 1996 Initial Certificate
Principal
Balance of this
Certificate:
First Distribution Date: $_______________
October 25, 1996
Percentage Interest:
Master Servicer: _______%
Residential Funding Corporation
CUSIP 76110F-_____
Assumed Final Distribution Date:
September 25, 2026
MORTGAGE ASSET-BACKED PASS-THROUGH CERTIFICATE,
SERIES 1996-QS5
evidencing a percentage interest in any distributions allocable to the
Class R 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 Residential Accredit Loans, Inc., 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 Certificates, both as specified above) in certain distributions with respect
to the Trust Fund consisting primarily of a pool of conventional one- to
NY1-163144.4
D-2
<PAGE>
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 The First National Bank of Chicago, as trustee (the
"Trustee"), a summary of certain of the pertinent provisions of which is set
forth hereafter. To the extent not defined herein, the capitalized terms used
herein have the meanings assigned in the Agreement. This Certificate is issued
under and is subject to the terms, provisions and conditions of the Agreement,
to which Agreement the Holder of this Certificate by virtue of the acceptance
hereof assents and by which such Holder is bound.
Pursuant to the terms of the Agreement, a distribution will be
made on the 25th day of each month or, if such 25th day is not a Business Day,
the Business Day immediately following (the "Distribution Date"), commencing as
described in the Agreement, to the Person in whose name this Certificate is
registered at the close of business on the last day (or if such last day is not
a Business Day, the Business Day immediately preceding such last day) of the
month immediately preceding the month of such distribution (the "Record Date"),
from the Available Distribution Amount in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount (of interest
and principal, if any) required to be distributed to Holders of Class R
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
NY1-163144.4
D-3
<PAGE>
such distribution and only upon presentation and surrender of this Certificate
at the office or agency appointed by the Trustee for that purpose in the City
and State of New York. The Initial Certificate Principal Balance of this
Certificate is set forth above. The Certificate Principal Balance hereof will be
reduced to the extent of distributions allocable to principal and any Realized
Losses allocable hereto. Notwithstanding the reduction of the Certificate
Principal Balance hereof to zero, this Certificate will remain outstanding under
the Agreement and the Holder hereof may have additional obligations with respect
to this Certificate, including tax liabilities, and may be entitled to certain
additional distributions hereon, in accordance with the terms and provisions of
the Agreement.
No transfer of this Class R Certificate will be made unless
the Trustee has received either (i) an opinion of counsel acceptable to and in
form and substance satisfactory to the Trustee, the Company and the Master
Servicer with respect to the permissibility of such transfer under the Employee
Retirement Income Security Act of 1974, as amended ("ERISA") and Section 4975 of
the Internal Revenue Code (the "Code") and stating, among other things, that the
transferee's acquisition of a Class R Certificate will not constitute or result
in a non-exempt prohibited transaction under Section 406 of ERISA or Section
4975 of the Code or (ii) a representation letter, in the form as described by
the Agreement, stating that the transferee is not an employee benefit or other
plan subject to the prohibited transaction provisions of ERISA or Section 4975
of the Code (a "Plan"), or any other person (including an investment manager, a
named fiduciary or a trustee of 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
NY1-163144.4
D-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
NY1-163144.4
D-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.
Reference is hereby made to the further provisions of this
Certificate set forth on the reverse hereof, which further provisions shall for
all purpose have the same effect as if set forth at this place.
Unless the certificate of authentication hereon has been
executed by the Certificate Registrar, by manual signature, this Certificate
shall not be entitled to any benefit under the Agreement or be valid for any
purpose.
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IN WITNESS WHEREOF, the Trustee has caused this Certificate to
be duly executed.
Dated: THE FIRST NATIONAL BANK OF
CHICAGO,
as Trustee
By:
Authorized Signatory
CERTIFICATE OF AUTHENTICATION
This is one of the Class R Certificates referred to in the
within-mentioned Agreement.
THE FIRST NATIONAL BANK OF
CHICAGO,
as Certificate Registrar
By:
Authorized Signatory
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<PAGE>
ASSIGNMENT
FOR VALUE RECEIVED, the undersigned hereby sell(s),
assign(s) and transfer(s) unto
(Please print or typewrite
name and address including postal zip code of assignee) a Percentage Interest
evidenced by the within Mortgage 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 September 1, 1996, by and among THE
FIRST NATIONAL BANK OF CHICAGO, 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 September 1,
1996, relating to the issuance of Residential Accredit Loans, Inc., Mortgage
Asset-Backed Pass-Through Certificates, Series 1996-QS5 (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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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
NY1-163144.4
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<PAGE>
subsection (c) below. The Custodian shall be under no duty or obligation to
inspect, review or examine said documents, instruments, certificates or other
papers to determine that the same are genuine, enforceable, or appropriate for
the represented purpose or that they have actually been recorded or that they
are other than what they purport to be on their face. If in performing the
review required by this Section 2.3 the Custodian finds any document or
documents constituting a part of a Mortgage File to be defective in any material
respect, the Custodian shall promptly so notify the Company, the Master Servicer
and the Trustee. Upon receipt of written notification from the Master Servicer,
signed by a Servicing Officer, that the Master Servicer or a Subservicer, as the
case may be, has made a deposit into the Certificate Account in payment for the
purchase of the related Mortgage Loan in an amount equal to the Purchase Price
for such Mortgage Loan, the Custodian shall release to the Master Servicer the
related Mortgage File.
(c) Upon receipt of all documents required to be in the
Mortgage Files the Custodian shall deliver to the Trustee a Final Certification
in the form annexed hereto as Exhibit Three evidencing the completeness of the
Mortgage Files.
Upon receipt of written request from the Trustee, the
Custodian shall as soon as practicable supply the Trustee with a list of all of
the documents relating to the Mortgage Loans then contained in the Mortgage
Files.
Section 2.4. Notification of Breaches of Representations and
Warranties. Upon discovery by the Custodian of a breach of any representation or
warranty made by the Master Servicer or the 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
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<PAGE>
Mortgage File. The Master Servicer shall deliver to the Custodian and the
Custodian agrees to accept the Mortgage Note and other documents constituting
the Mortgage File with respect to any Qualified Substitute Mortgage Loan.
From time to time as is appropriate for the servicing or
foreclosures of any Mortgage Loan, including, for this purpose, collection under
any Primary Insurance Policy or any Mortgage Pool Insurance Policy, the Master
Servicer shall deliver to the Custodian a certificate of a Servicing Officer
requesting that possession of all, or any document constituting part, of the
Mortgage File be released to the Master Servicer and certifying as to the reason
for such release and that such release will not invalidate any insurance
coverage provided in respect of the Mortgage Loan under any of the Required
Insurance Policies. With such certificate, the Master Servicer shall deliver to
the Custodian a trust receipt signed by a Servicing Officer on behalf of the
Master Servicer, and upon receipt of the foregoing, the Custodian shall deliver
the Mortgage File or such document to the Master Servicer. The Master Servicer
shall cause each Mortgage File or any document therein so released to be
returned to the Custodian when the need therefor by the Master Servicer no
longer exists, unless (i) the Mortgage Loan has been liquidated and the
Liquidation Proceeds relating to the Mortgage Loan have been 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.
NY1-163144.4
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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
NY1-163144.4
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<PAGE>
and disbursements of its counsel and of all persons not regularly in its
employ), except any such expense, disbursement or advance as may arise from its
negligence or bad faith.
Section 3.5. Custodian May Resign; Trustee May Remove
Custodian. The Custodian may resign from the obligations and duties hereby
imposed upon it as such obligations and duties relate to its acting as Custodian
of the Mortgage Loans. Upon receiving such notice of resignation, the Trustee
shall either take custody of the Mortgage Files itself and give prompt notice
thereof to the Company, the Master Servicer and the Custodian, or promptly
appoint a successor Custodian by written instrument, in duplicate, one copy of
which instrument shall be delivered to the resigning Custodian and one copy to
the successor Custodian. If the Trustee shall not have taken custody of the
Mortgage Files and no successor Custodian shall have been so appointed and have
accepted appointment within 30 days after the giving of such notice of
resignation, the resigning Custodian may petition any court of competent
jurisdiction for the appointment of a successor Custodian.
The Trustee may remove the Custodian at any time. In
such event, the Trustee shall appoint, or petition a court of
competent jurisdiction to appoint, a successor Custodian
hereunder. Any successor Custodian shall be a depository
institution subject to supervision or examination by federal or
state authority 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
NY1-163144.4
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<PAGE>
$10,000,000 and is qualified to do business in the jurisdictions
in which it will hold any Mortgage File.
ARTICLE IV
Miscellaneous Provisions
Section 4.1. Notices. All notices, requests, consents and
demands and other communications required under this Agreement or pursuant to
any other instrument or document delivered hereunder shall be in writing and,
unless otherwise specifically provided, may be delivered personally, by telegram
or telex, or by registered or certified mail, postage prepaid, return receipt
requested, at the addresses specified on the signature page hereof (unless
changed by the particular party whose address is stated herein by similar notice
in writing), in which case the notice will be deemed delivered when received.
Section 4.2. Amendments. No modification or amendment of or
supplement to this Agreement shall be valid or effective unless the same is in
writing and signed by all parties hereto, and neither the Company, the Master
Servicer nor the Trustee shall enter into any amendment hereof except as
permitted by the Pooling Agreement. The Trustee shall give prompt notice to the
Custodian of any amendment or supplement to the Pooling Agreement and furnish
the Custodian with written copies thereof.
Section 4.3. Governing Law. This Agreement shall be deemed a
contract made under the laws of the State of New York and shall be construed and
enforced in accordance with and governed by the laws of the State of New York.
Section 4.4. Recordation of Agreement. To the extent permitted
by applicable law, this Agreement is subject to recordation in all appropriate
public offices for real property records in all the counties or other comparable
jurisdictions in which any or all of the properties subject to the Mortgages are
situated, and in any other appropriate public recording office or elsewhere,
such recordation to be effected by the Master Servicer and at its expense on
direction by the Trustee (pursuant to the request of holders of Certificates
evidencing undivided interests in the aggregate of not less than 25% of the
Trust Fund), but only upon direction accompanied by an Opinion of Counsel
reasonably 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
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<PAGE>
original, and such counterparts shall constitute but one and the
same instrument.
Section 4.5. Severability of Provisions. If any one or more of
the covenants, agreements, provisions or terms of this Agreement shall be for
any reason whatsoever held invalid, then such covenants, agreements, provisions
or terms shall be deemed severable from the remaining covenants, agreements,
provisions or terms of this Agreement and shall in no way affect the validity or
enforceability of the other provisions of this Agreement or of the Certificates
or the rights of the holders thereof.
NY1-163144.4
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<PAGE>
IN WITNESS WHEREOF, this Agreement is executed as of the date
first above written.
Address: THE FIRST NATIONAL BANK OF
CHICAGO,
One First National Plaza, as Trustee
Suite 0126
Chicago, Illinois 60670-0126
Attention: Residential Funding Corporation
Series 1996-QS5
By:
Name:
Title:
Address: RESIDENTIAL ACCREDIT LOANS, INC.
8400 Normandale Lake Boulevard
Minneapolis, Minnesota 55437
By:
Name: Robert S. Conway
Title: Vice President
Address: RESIDENTIAL FUNDING
CORPORATION, as Master Servicer
8400 Normandale Lake Boulevard
Suite 700
Minneapolis, Minnesota 55437
By:
Name: William E. Waldusky
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 30th day of September, 1996, before me, a notary public
in and for said State, personally appeared _______________________, known to me
to be a Vice President of The First National Bank of Chicago, a national banking
association that executed the within instrument, and also known to me to be the
person who executed it on behalf of said corporation and acknowledged to me that
such corporation executed the within instrument.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my
official seal the day and year in this certificate first above written.
Notary Public
[SEAL]
<PAGE>
STATE OF MINNESOTA )
) ss.:
COUNTY OF HENNEPIN )
On the 30th day of September, 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 30th day of September, 1996, before me, a notary public
in and for said State, personally appeared Robert S. Conway, 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 30th day of September, 1996, before me, a notary public
in and for said State, personally appeared William E. Waldusky, 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
September 30, 1996
The First National Bank of Chicago
One First National Plaza
Suite 0126
Chicago, Illinois 60670-0126
Attention: Residential Funding Corporation Series 1996-QS5
Re: Custodial Agreement dated as of September 1, 1996,
by and among The First National Bank of Chicago,
Residential Accredit Loans, Inc., Residential
Funding Corporation and Norwest Bank Minnesota,
National Association, Mortgage Asset-Backed Pass-
Through Certificates, Series 1996-QS5
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
The First National Bank of Chicago
One First National Plaza
Suite 0126
Chicago, Illinois 60670-0126
Attention: Residential Funding Corporation Series 1996-QS5
Re: Custodial Agreement dated as of September 1, 1996,
by and among The First National Bank of Chicago,
Residential Accredit Loans, Inc., Residential
Funding Corporation and Norwest Bank Minnesota,
National Association, Mortgage Asset-Backed Pass-
Through Certificates, Series 1996-QS5
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
The First National Bank of Chicago
One First National Plaza
Suite 0126
Chicago, Illinois 60670-0126
Attention: Residential Funding Corporation Series 1996-QS5
Re: Custodial Agreement dated as of September 1, 1996,
by and among The First National Bank of Chicago,
Residential Accredit Loans, Inc., Residential
Funding Corporation and Norwest Bank Minnesota,
National Association, Mortgage Asset-Backed Pass-
Through Certificates, Series 1996-QS5
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 : 09/23/96 RFC DISCLOSURE SYSTEM RFFSD177-01
AT : 10.01.44 FIXED RATE LOAN LISTING AMORTIZED BALANCE
SERIES : MULTIPLE POOLS CUTOFF : 09/01/96
POOL : 0004221 0004222
:
:
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 #
______________________________________________________________________________
1479752 A26/728 F 75,000.00 ZZ
180 74,241.83 1
27 UNION AVENUE 9.625 788.84 62
9.375 788.84 121,000.00
STATEN ISLAND NY 10303 5 04/15/96 00
0380414418 05 06/01/96 0
6586 N 05/01/11
0
1482959 A97/728 F 27,560.00 ZZ
180 27,344.72 2
4234 6TH STREET 9.250 283.65 65
9.000 283.65 42,400.00
BALTIMORE MD 21225 2 05/03/96 00
0380442880 02 07/01/96 0
70144817 N 06/01/11
0
1483019 A97/728 F 27,560.00 ZZ
180 27,344.72 2
4232 6TH STREET 9.250 283.65 65
9.000 283.65 42,400.00
BALTIMORE MD 21225 2 05/03/96 00
0380442187 07 07/01/96 0
70144816 N 06/01/11
0
1483679 B26/728 F 89,050.00 ZZ
180 87,828.89 1
54 HARRIS AVENUE 8.750 890.01 65
8.500 890.01 137,000.00
FREEPORT NY 11520 5 03/28/96 00
0380409848 05 05/01/96 0
1
1311011348N N 04/01/11
0
1484261 911/728 F 58,800.00 ZZ
180 58,286.84 1
9413 N.W. 42 STREET 8.000 561.92 80
7.750 561.92 73,500.00
SUNRISE FL 33351 1 05/28/96 01
0380455726 01 07/01/96 12
UNKNOWN N 06/01/11
0
1484264 A52/728 F 278,000.00 ZZ
180 274,103.11 1
10290 BRIER MILL COURT 8.500 2,737.58 80
8.250 2,737.58 347,500.00
ALPHARETTA GA 30202 1 03/29/96 00
0380387879 03 05/01/96 0
1484264 O 04/01/11
0
1486679 001/728 F 106,000.00 ZZ
180 105,134.24 1
207 SKYHILL ROAD UNIT 2 8.750 1,059.41 85
8.500 1,059.41 126,000.00
ALEXANDRIA VA 22314 2 05/15/96 01
0380450883 01 07/01/96 12
1500238 N 06/01/11
0
1488221 405/405 F 67,900.00 ZZ
180 67,098.52 1
5615 WEST HEARN ROAD 7.875 644.00 70
7.625 644.00 97,000.00
GLENDALE AZ 85306 5 04/23/96 00
3903861 05 06/01/96 0
3903861 N 05/01/11
0
1488325 627/728 F 150,000.00 ZZ
180 149,186.20 1
19330 CASTILLO COURT 8.750 1,499.17 59
8.500 1,499.17 255,000.00
WALNUT CA 91789 5 05/20/96 00
0380468661 05 08/01/96 0
4800711 N 07/01/11
0
1
1490906 A78/728 F 74,900.00 ZZ
180 74,081.33 2
3410/3412 WEST 4TH STREET 8.750 748.59 70
8.500 748.59 107,000.00
GREELEY CO 80631 5 04/17/96 00
0380421165 05 06/01/96 0
01550 N 05/01/11
0
1491126 E01/728 F 80,000.00 ZZ
180 79,301.80 1
46-35 158TH STREET 8.000 764.52 37
7.750 764.52 220,000.00
FLUSHING NY 11358 5 05/16/96 00
0380440439 05 07/01/96 0
961032 O 06/01/11
0
1491461 E22/728 F 34,500.00 ZZ
180 34,026.91 1
4444 BEVERLY AVENUE 8.750 344.81 75
8.500 344.81 46,000.00
JACKSONVILLE FL 32210 5 03/29/96 00
0410074413 05 05/01/96 0
410074413 N 04/01/11
0
1493546 E22/728 F 36,000.00 ZZ
180 35,506.36 1
4511 QUAILGATE DRIVE 8.750 359.80 90
8.500 359.80 40,000.00
SPRING TX 77373 1 03/21/96 01
0410103535 03 05/01/96 25
410103535 N 04/01/11
0
1494238 705/728 F 153,000.00 ZZ
180 151,844.21 1
54 WEST CABOT LANE 9.625 1,609.22 90
9.375 1,609.22 170,000.00
WESTBURY NY 11590 1 05/16/96 04
0380446923 05 07/01/96 25
96300125 N 06/01/11
0
1494746 664/728 F 27,000.00 ZZ
180 26,711.33 1
4260 ROBERTSON DRIVE 9.000 273.86 90
8.750 273.86 30,000.00
1
DALLAS TX 75241 1 04/05/96 01
0380419623 05 06/01/96 25
2115194 N 05/01/11
0
1494778 664/728 F 17,500.00 ZZ
180 17,300.22 1
931 NORTH WINNEBAGO STREET 9.500 182.74 90
9.250 182.74 19,500.00
ROCKFORD IL 61103 1 04/11/96 04
0380418336 05 06/01/96 25
2187425 N 05/01/11
0
1495042 405/405 F 183,500.00 T
180 181,516.43 1
4634 CHARDONNAY COURT 8.875 1,847.56 65
8.625 1,847.56 283,500.00
DUNWOODY GA 30338 1 04/29/96 00
0003926771 03 06/01/96 0
0003926771 O 05/01/11
0
1495082 A69/728 F 70,000.00 ZZ
180 69,434.56 1
37 MARBETH CIRCLE 8.875 704.80 56
8.625 704.80 126,000.00
MILLER PLACE NY 11764 5 05/23/96 00
0380454497 05 07/01/96 0
96057473 O 06/01/11
0
1495231 180/728 F 27,000.00 ZZ
180 26,779.48 1
1010 SOUTH 13TH STREET 8.750 269.85 90
8.500 269.85 30,000.00
TEMPLE TX 76504 1 05/01/96 01
0380443359 05 07/01/96 25
4337895 N 06/01/11
0
1495719 526/728 F 78,400.00 ZZ
180 77,533.52 1
2103 TRUDA DRIVE 8.625 777.80 70
8.375 777.80 112,000.00
NORTHGLEN CO 80233 5 04/30/96 00
0380437757 05 06/01/96 0
00114013 N 05/01/11
0
1
1496081 E59/728 F 190,400.00 ZZ
180 188,844.86 1
1505 MAPLE HILL ROAD 8.750 1,902.95 80
8.500 1,902.95 238,000.00
DIAMOND BAR CA 91765 2 05/14/96 00
0380450941 05 07/01/96 0
1496081 O 06/01/11
0
1497088 405/405 F 33,600.00 ZZ
180 33,331.59 1
12404 FROST ROAD 9.000 340.80 81
8.750 340.80 41,500.00
KANSAS CITY MO 64138 2 05/10/96 01
3922366 05 07/01/96 12
3922366 O 06/01/11
0
1497320 560/560 F 44,000.00 ZZ
180 43,545.11 1
106 HIGH RIDGE DRIVE 9.375 456.15 90
9.125 456.15 48,900.00
FRANKLIN OH 45005 1 04/19/96 04
450405451 05 06/01/96 25
450405451 N 05/01/11
0
1497453 766/728 F 38,900.00 T
180 38,372.44 1
19201 COLLINS AVENUE #1023 8.875 391.66 75
8.625 391.66 51,900.00
NORTH MIAMI BEA FL 33130 1 03/14/96 00
0380459223 22 05/01/96 0
96HA030 O 04/01/11
0
1497572 B65/728 F 34,425.00 ZZ
180 34,159.11 2
538-540 BERKLEY ROAD 9.375 356.89 85
9.125 356.89 40,500.00
COLUMBUS OH 43205 1 05/24/96 04
0380443771 05 07/01/96 20
010396138 N 06/01/11
0
1497670 E22/728 F 427,000.00 ZZ
180 422,217.12 1
1
17686 FOXBOROUGH LANE 9.000 4,330.92 65
8.750 4,330.92 662,000.00
BOCA RATON FL 33496 5 04/03/96 00
0410073571 03 06/01/96 0
410073571 O 05/01/11
0
1498074 635/635 F 58,700.00 T
180 58,013.01 1
LOT 233 SEC 2 POCONO RANCHLAND 8.625 582.36 87
8.375 582.36 68,000.00
LEHMAN TOWNSHIP PA 18324 2 05/18/96 14
6470850 03 07/01/96 25
6470850 O 06/01/11
0
1498550 001/728 F 87,000.00 ZZ
180 86,775.23 2
846-848 CRAIGVILLE BEACH ROAD 9.250 895.39 64
9.000 895.39 138,000.00
CENTERVILLE MA 02632 2 07/30/96 00
0380504374 05 09/01/96 0
UNKNOWN N 08/01/11
0
1498761 635/635 F 60,000.00 ZZ
180 59,466.01 1
7997 WINFIELD CIR 8.875 604.11 70
8.625 604.11 86,000.00
ROME NY 13440 1 06/10/96 00
646961300 05 08/01/96 0
646961300 O 07/01/11
0
1499504 180/728 F 64,700.00 ZZ
180 64,165.63 2
713-715 ZELLA LANE 8.625 641.88 90
8.375 641.88 71,900.00
LAKELAND FL 33803 1 05/31/96 04
0380465568 05 07/01/96 25
4353330 N 06/01/11
0
1499608 171/728 F 96,000.00 ZZ
180 95,484.96 2
3733 - 3733 1/2 WEST 107TH ST 8.875 966.57 54
8.625 966.57 178,000.00
INGLEWOOD CA 90303 5 06/03/96 00
0380470519 05 08/01/96 0
1
03055153 N 07/01/11
0
1500402 B35/728 F 60,300.00 ZZ
180 60,137.02 1
1345 DUDLEY MT ROAD 8.750 602.67 50
8.500 602.67 122,000.00
CHARLOTTSVILLE VA 22903 5 07/15/96 00
0380498296 05 09/01/96 0
9682010546 O 08/01/11
0
1500408 201/728 F 191,000.00 ZZ
180 191,000.00 2
230 GRANT AVENUE 8.875 1,923.08 70
8.625 1,923.08 273,000.00
CLIFFSIDE PARK NJ 07010 5 08/08/96 00
0380506049 05 10/01/96 0
2800893600 O 09/01/11
0
1500433 664/728 F 22,700.00 ZZ
180 22,518.68 1
170 DE CHANTLE ROAD #101-A 9.000 230.24 75
8.750 230.24 30,329.00
SAN ANTONIO TX 78201 2 05/03/96 00
0380444746 05 07/01/96 0
664 N 06/01/11
0
1500616 661/661 F 187,500.00 ZZ
180 184,724.39 1
9518 SOUTHWEST 57 ROAD 7.875 1,778.35 100
7.625 1,778.35 187,500.00
GAINESVILLE FL 32608 1 03/19/96 94
2428613 03 05/01/96 30
2428613 O 04/01/11
0
1501125 098/728 F 85,000.00 ZZ
180 84,775.37 2
139 SAGE AVENUE 9.000 862.13 85
8.750 862.13 100,000.00
BRIDGEPORT CT 06610 2 07/24/96 01
0380500349 05 09/01/96 25
9607126100 N 08/01/11
0
1
1501487 232/076 F 148,000.00 ZZ
180 146,804.56 1
166 REAR MAIN STREET 8.875 1,490.13 80
8.625 1,490.13 185,000.00
KINGSTON MA 02364 1 05/15/96 10
2959965 05 07/01/96 12
2959965 N 06/01/11
0
1501672 966/728 F 68,000.00 ZZ
180 67,444.57 1
732 DORSEY DRIVE 8.750 679.63 90
8.500 679.63 75,600.00
EL PASO TX 79912 1 05/29/96 12
0380492703 05 07/01/96 30
UNKNOWN N 06/01/11
0
1502048 E22/728 F 72,950.00 T
180 72,360.77 1
2107 N WILLIAMSBURG COURT 8.875 734.49 75
8.625 734.49 97,300.00
LEAGUE CITY TX 77573 1 05/03/96 00
0410137301 03 07/01/96 0
410137301 O 06/01/11
0
1502265 635/635 F 240,000.00 ZZ
180 238,623.52 1
92 DEN ROAD 8.125 2,310.92 80
7.875 2,310.92 300,000.00
STAMFORD CT 06902 1 06/27/96 00
649691300 05 08/01/96 0
649691300 O 07/01/11
0
1502865 180/728 F 31,650.00 ZZ
180 31,487.68 2
8262-8264 STERN AVENUE 9.375 328.11 90
9.125 328.11 35,200.00
BATON ROUGE LA 70820 1 06/10/96 04
0380496076 05 08/01/96 25
4391843 N 07/01/11
0
1503119 E22/728 F 45,000.00 ZZ
180 44,667.80 2
934 11TH STREET N 9.875 480.14 53
9.625 480.14 86,000.00
1
ST PETERSBURG FL 33705 5 05/14/96 00
0410119630 05 07/01/96 0
410119630 N 06/01/11
0
1503154 E22/728 F 50,000.00 ZZ
180 49,596.14 1
2305 WATER VIEW LOOP 8.875 503.42 63
8.625 503.42 79,900.00
KISSIMMEE FL 34743 1 05/13/96 00
0410074009 09 07/01/96 0
410074009 N 06/01/11
0
1503253 286/286 F 43,400.00 ZZ
180 42,925.59 1
678 TRIPLETT BLVD 8.750 433.77 70
8.500 433.77 62,000.00
AKRON OH 44306 5 04/18/96 00
8568601 05 06/01/96 0
8568601 N 05/01/11
0
1504006 638/G02 F 199,500.00 ZZ
180 198,996.15 2
9730 & 9732 EAST NAOMI AVENUE 9.500 2,083.23 63
9.250 2,083.23 320,000.00
ARCADIA CA 91007 2 07/23/96 00
0430011239 05 09/01/96 0
8561493 O 08/01/11
0
1504188 B75/728 F 135,000.00 ZZ
180 134,323.12 1
37994 EAST 144TH AVENUE 9.625 1,419.90 47
9.375 1,419.90 290,000.00
HUDSON CO 80642 5 06/19/96 00
0380493214 05 08/01/96 0
2375798 O 07/01/11
0
1504312 664/728 F 23,400.00 ZZ
180 23,219.26 1
1726 CHESTNUT 9.375 242.59 90
9.125 242.59 26,000.00
ROCKFORD IL 61103 1 05/24/96 01
0380466087 05 07/01/96 25
2191070 N 06/01/11
0
1
1504343 664/728 F 14,850.00 ZZ
180 14,735.31 1
440 FOREST AVENUE 9.375 153.95 90
9.125 153.95 16,500.00
ROCKFORD IL 61101 1 05/24/96 04
0380466756 05 07/01/96 25
2190973 N 06/01/11
0
1504345 664/728 F 22,500.00 ZZ
180 22,326.21 1
1215 BLAISDELL 9.375 233.26 90
9.125 233.26 25,000.00
ROCKFORD IL 61101 1 05/24/96 01
0380504366 05 07/01/96 25
2190833 N 06/01/11
0
1504422 E22/728 F 46,550.00 ZZ
180 46,199.65 1
1205 FOSTER AVENUE 9.875 496.67 70
9.625 496.67 66,500.00
COLLEGE STATION TX 77840 5 05/17/96 00
0410131114 05 07/01/96 0
410131114 N 06/01/11
0
1504520 766/728 F 89,350.00 ZZ
180 88,667.66 2
1230-1232 NW 32 COURT 9.500 933.01 65
9.250 933.01 137,500.00
MIAMI FL 33125 5 05/31/96 00
0380455643 05 07/01/96 0
96SG0424 N 06/01/11
0
1504748 E22/728 F 84,500.00 ZZ
180 83,809.84 1
4207 BRENTWOOD PARK CIRCLE 8.750 844.53 80
8.500 844.53 106,000.00
TAMPA FL 33624 2 05/17/96 00
0410119739 09 07/01/96 0
410119739 O 06/01/11
0
1504766 E22/728 F 85,500.00 ZZ
180 84,801.66 1
1
5802 MARLAKE DRIVE 8.750 854.53 59
8.500 854.53 145,000.00
ORLANDO FL 32839 5 05/23/96 00
0410120745 05 07/01/96 0
410120745 O 06/01/11
0
1504891 638/728 F 42,350.00 ZZ
180 42,132.79 1
1195 STEPHENS STREET 9.375 439.04 90
9.125 439.04 47,077.00
SMYRNA GA 30080 1 06/17/96 01
0380482027 05 08/01/96 25
08579050 N 07/01/11
0
1504894 963/G02 F 255,500.00 ZZ
180 254,817.15 1
555 NORTH SHORE DRIVE 8.875 2,572.49 70
8.625 2,572.49 365,000.00
MIAMI BEACH FL 33141 2 07/23/96 00
0430008672 05 09/01/96 0
960247 O 08/01/11
0
1504981 882/728 F 27,200.00 ZZ
180 27,129.73 1
650 NE 149 STREET 9.250 279.94 80
F101 9.000 279.94 34,000.00
MIAMI FL 33161 1 07/26/96 12
0380502907 08 09/01/96 12
965140 N 08/01/11
0
1505401 E22/728 F 56,650.00 ZZ
180 56,197.51 1
2736 LINHAVEN DRIVE 9.000 574.58 85
8.750 574.58 67,000.00
MESQUITE TX 75150 2 05/21/96 04
0410131502 05 07/01/96 20
410131502 N 06/01/11
0
1505425 526/728 F 25,550.00 ZZ
180 25,221.43 1
7435 BOULEVARD EAST 8.625 253.48 70
UNIT 35 8.375 253.48 36,500.00
NORTH BERGEN NJ 07047 1 04/19/96 00
0380463878 08 06/01/96 0
1
108938 N 05/01/11
0
1505848 560/560 F 75,000.00 ZZ
180 74,785.78 1
19 AMY ROAD 9.250 771.90 44
9.000 771.90 171,000.00
FRAMINGHAM MA 01701 5 07/05/96 00
450478888 05 09/01/96 0
450478888 O 08/01/11
0
1506017 A69/G02 F 75,000.00 ZZ
180 75,000.00 1
454 NORTH CORONA AVENUE 9.250 771.90 45
9.000 771.90 170,000.00
VALLEY STREAM NY 11580 5 08/15/96 00
0430022632 05 10/01/96 0
071000013 O 09/01/11
0
1506054 E22/728 F 40,500.00 ZZ
180 40,187.21 1
8719 VALLEY SONG DRIVE 9.375 419.86 90
9.125 419.86 45,000.00
HOUSTON TX 77078 1 05/24/96 04
0410132302 03 07/01/96 25
410132302 N 06/01/11
0
1506106 B24/728 F 283,000.00 ZZ
180 281,498.65 1
59 BARTINA LANE 9.000 2,870.37 80
8.750 2,870.37 355,000.00
STAMFORD CT 06902 1 06/25/96 00
0380469735 05 08/01/96 0
1506106 O 07/01/11
0
1506244 E22/728 F 31,500.00 ZZ
180 31,256.71 1
8707 VALLEY FLAG DRIVE 9.375 326.56 90
9.125 326.56 35,000.00
HOUSTON TX 77078 1 05/24/96 04
0410132328 03 07/01/96 25
410132328 N 06/01/11
0
1
1506335 E22/728 F 160,000.00 ZZ
180 158,561.98 1
8588 EATON DRIVE 8.750 1,599.12 79
8.500 1,599.12 202,665.00
SAGAMORE HILLS OH 44067 1 05/28/96 00
0410083257 05 07/01/96 0
410083257 O 06/01/11
0
1506353 526/728 F 78,000.00 ZZ
180 77,369.96 1
2363 QUEENSWOOD CIRCLE 8.875 785.34 75
8.625 785.34 104,034.00
KISSIMMEE FL 34744 1 05/28/96 00
0380471178 03 07/01/96 0
97935 O 06/01/11
0
1506386 E22/728 F 129,600.00 ZZ
180 128,541.45 1
160 S W 167TH AVENUE 8.750 1,295.29 80
8.500 1,295.29 163,054.00
PEMBROKE PINES FL 33027 1 05/30/96 00
0410118012 03 07/01/96 0
410118012 O 06/01/11
0
1506536 526/728 F 50,050.00 ZZ
180 49,922.15 1
6948 CRITTENDEN ROAD 9.375 518.87 65
9.125 518.87 77,000.00
SUFFOLK VA 23432 2 07/18/96 00
0380501263 05 09/01/96 0
126321 N 08/01/11
0
1506538 526/728 F 41,600.00 ZZ
180 41,493.73 1
115 MARSHALL AVENUE 9.375 431.27 65
9.125 431.27 64,000.00
SUFFOLK VA 23434 2 07/18/96 00
0380501289 05 09/01/96 0
126331 N 08/01/11
0
1506542 526/728 F 49,400.00 ZZ
180 49,273.81 2
6665 EVERETTS ROAD 9.375 512.13 65
9.125 512.13 76,000.00
1
SUFFOLK VA 23434 5 07/18/96 00
0380501248 05 09/01/96 0
126324 N 08/01/11
0
1506547 526/728 F 46,000.00 ZZ
180 45,882.50 1
6952 CRITTENDEN ROAD 9.375 476.88 57
9.125 476.88 81,000.00
SUFFOLK VA 23432 2 07/18/96 00
0380501271 05 09/01/96 0
126311 N 08/01/11
0
1506966 180/728 F 40,500.00 ZZ
180 40,294.63 1
10216 NW 10TH STREET 9.500 422.91 90
9.250 422.91 45,000.00
OKLAHOMA CITY OK 73127 1 06/26/96 04
0380493883 05 08/01/96 25
9368510 N 07/01/11
0
1507229 570/728 F 44,000.00 ZZ
180 43,644.61 1
13984 S.W. 25TH TERRACE 8.875 443.01 35
8.625 443.01 127,000.00
MIAMI FL 33175 5 05/29/96 00
0380471525 05 07/01/96 0
5848544 O 06/01/11
0
1508241 816/G02 F 80,000.00 ZZ
180 80,000.00 1
224 SOUTH 800 EAST 8.750 799.56 55
8.500 799.56 148,000.00
SALT LAKE CITY UT 84102 5 07/31/96 00
0430015073 05 10/01/96 0
140182 O 09/01/11
0
1508286 766/728 F 92,050.00 T
180 91,577.88 1
14308 SW 115 TERRACE 9.375 954.28 69
9.125 954.28 135,000.00
MIAMI FL 33186 1 06/12/96 00
0380473869 05 08/01/96 0
96SG0539 O 07/01/11
0
1
1508288 736/728 F 25,000.00 ZZ
180 24,871.78 1
4102 DOUGLAS AVENUE 9.375 259.17 70
9.125 259.17 36,000.00
KLAMATH FALLS OR 97601 5 06/05/96 00
0380472416 05 08/01/96 0
459413 N 07/01/11
0
1508503 736/728 F 158,800.00 ZZ
180 157,948.04 1
641 PALO ALTO DRIVE 8.875 1,598.87 80
8.625 1,598.87 198,500.00
REDLANDS CA 92373 1 06/07/96 00
0380480302 05 08/01/96 0
476824 O 07/01/11
0
1508505 736/728 F 64,800.00 ZZ
180 64,448.44 1
823 EAST LINDA LANE 8.750 647.64 80
8.500 647.64 81,000.00
GILBERT AZ 85234 2 06/05/96 95
0380473323 03 08/01/96 0
471641 N 07/01/11
0
1508510 736/728 F 292,500.00 ZZ
180 290,137.40 1
1013 BIRD AVENUE 8.875 2,945.02 75
8.625 2,945.02 390,000.00
SAN JOSE CA 95125 5 05/28/96 00
0380476177 05 07/01/96 0
466464 O 06/01/11
0
1509044 E22/728 F 132,000.00 ZZ
180 130,945.64 1
6169 CASTLETOWN WAY 9.000 1,338.83 80
8.750 1,338.83 165,000.00
ALEXANDRIA VA 22310 1 05/31/96 00
0410188924 09 07/01/96 0
410188924 O 06/01/11
0
1509063 560/560 F 91,000.00 ZZ
180 90,538.52 3
1
34 FALCON STREET 9.500 950.25 64
9.250 950.25 143,000.00
EAST BOSTON MA 02128 5 06/11/96 00
450454996 05 08/01/96 0
450454996 N 07/01/11
0
1509099 E22/728 F 130,400.00 ZZ
180 129,599.89 1
8107 PRESTON SPRINGS COURT 9.000 1,322.60 80
8.750 1,322.60 163,000.00
HOUSTON TX 77095 1 06/05/96 00
0410133383 03 08/01/96 0
410133383 O 07/01/11
0
1509570 405/405 F 52,000.00 ZZ
180 51,730.27 1
1780 OAKLAND STREET 9.250 535.18 70
9.000 535.18 75,000.00
AURORA CO 80010 5 06/07/96 00
03952561 05 08/01/96 0
03952561 O 07/01/11
0
1509768 971/728 F 120,000.00 ZZ
180 119,333.72 1
16547 SW 95TH STREET 8.750 1,199.34 75
8.500 1,199.34 160,037.00
MIAMI FL 33196 1 06/26/96 00
0380480484 03 08/01/96 0
UNKNOWN O 07/01/11
0
1509776 E22/728 F 85,500.00 ZZ
180 84,990.92 1
9950 CAPPERTON DRIVE 8.875 860.85 65
8.625 860.85 133,000.00
OAKTON VA 22124 5 06/13/96 00
0410119101 09 08/01/96 0
410119101 O 07/01/11
0
1509958 253/728 F 256,200.00 T
180 255,545.54 1
30 ANDERSON LANE, UNIT I-624 9.375 2,656.02 32
9.125 2,656.02 825,000.00
SNOWMASS VILLAG CO 81615 2 07/26/96 00
0380503269 01 09/01/96 0
1
318648 O 08/01/11
0
1511441 E22/728 F 179,000.00 ZZ
180 178,039.67 1
3303 LAUREL CIRCLE 8.875 1,802.25 57
8.625 1,802.25 317,000.00
AUSTIN TX 78731 2 06/17/96 00
0410105753 05 08/01/96 0
410105753 O 07/01/11
0
1511621 E22/728 F 85,000.00 ZZ
180 84,108.73 4
4112 DRISCOLL STREET 9.625 894.01 55
9.375 894.01 155,000.00
HOUSTON TX 77098 5 06/14/96 00
0410133821 05 08/01/96 0
410133821 N 07/01/11
0
1511725 180/728 F 41,800.00 ZZ
180 41,693.22 1
1914 FAIRFAX 9.375 433.34 76
9.125 433.34 55,250.00
CORSICANA TX 75110 5 07/17/96 95
0380505736 05 09/01/96 0
4453452 N 08/01/11
0
1511823 560/560 F 136,500.00 ZZ
180 135,791.96 1
2031 ELINORA DRIVE 9.250 1,404.85 72
9.000 1,404.85 192,000.00
PLEASANT HILL CA 94523 5 06/25/96 00
450465851 05 08/01/96 0
450465851 N 07/01/11
0
1511983 E22/728 F 48,550.00 ZZ
180 48,286.60 1
STATE HIGHWAY 37 8.750 485.23 60
8.500 485.23 81,000.00
MINEOLA TX 75773 1 06/19/96 00
0410137152 05 08/01/96 0
410137152 O 07/01/11
0
1
1512299 E22/728 F 67,500.00 ZZ
180 67,165.38 1
2031 UMAR AVE 9.750 715.07 90
9.500 715.07 75,000.00
MCALLEN TX 78504 1 06/20/96 04
0410106124 05 08/01/96 25
410106124 N 07/01/11
0
1512373 E22/728 F 36,900.00 ZZ
180 36,712.88 1
1133 STANDISH AVENUE 9.500 385.32 90
9.250 385.32 41,000.00
INDIANAPOLIS IN 46227 1 06/14/96 04
0410142152 05 08/01/96 25
410142152 N 07/01/11
0
1512572 E45/728 F 45,000.00 ZZ
180 44,888.92 1
11 CUTLASS LANE 9.750 476.71 29
9.500 476.71 156,000.00
CUDJOE KEY FL 33042 1 07/08/96 00
0380497421 05 09/01/96 0
UNKNOWN O 08/01/11
0
1512645 E22/728 F 70,000.00 T
180 69,645.02 1
38596 HWY 6 AND 24 UNIT # D301 9.500 730.96 51
9.250 730.96 139,000.00
AVON CO 81620 5 06/20/96 00
0410069751 01 08/01/96 0
410069751 O 07/01/11
0
1512682 E22/728 F 46,000.00 T
180 45,755.97 1
2360 WATER VIEW LOOP 9.000 466.56 66
8.750 466.56 69,900.00
KISSIMMEE FL 34743 1 06/17/96 00
0410118707 09 08/01/96 0
410118707 O 07/01/11
0
1512762 E22/728 F 31,400.00 ZZ
180 31,246.11 1
1409 NORTH PERSHING STREET 9.875 335.03 90
9.625 335.03 34,900.00
1
INDIANAPOLIS IN 46222 1 06/21/96 01
0410216055 05 08/01/96 25
410216055 N 07/01/11
0
1512766 E22/728 F 24,000.00 T
180 23,882.38 1
17100 GULF BLVD UNIT #234 9.875 256.07 58
9.625 256.07 42,000.00
N REDINGTON FL 33708 2 06/26/96 00
0410191019 20 08/01/96 0
410191019 O 07/01/11
0
1513106 E22/728 F 110,000.00 ZZ
180 109,442.16 1
16910 AINSWORTH AVENUE 9.500 1,148.65 60
9.250 1,148.65 186,250.00
TORRANCE CA 90504 1 06/18/96 00
0410181523 05 08/01/96 0
410181523 O 07/01/11
0
1513207 E22/728 F 63,750.00 T
180 63,407.98 1
6000 N OCEAN BLVD UNIT #3G 8.875 641.86 75
8.625 641.86 85,000.00
FT LAUDERDALE FL 33308 1 06/13/96 00
0410121768 06 08/01/96 0
410121768 O 07/01/11
0
1513292 731/728 F 36,000.00 ZZ
180 35,904.86 1
6623 FIELDER ROAD 9.000 365.14 68
8.750 365.14 53,000.00
REX GA 30273 1 07/02/96 01
0380490913 05 09/01/96 12
3140962307 N 08/01/11
0
1513425 E26/728 F 34,200.00 ZZ
180 34,028.52 1
236 SOUTH ROBINSON STREET 9.625 359.71 90
9.375 359.71 38,000.00
BALTIMORE MD 21224 1 06/28/96 10
0380493404 07 08/01/96 25
435730 N 07/01/11
0
1
1513430 664/728 F 63,000.00 ZZ
180 62,661.99 1
222 PINEVIEW 8.875 634.32 70
8.625 634.32 90,000.00
ROUND LAKE PARK IL 60073 5 06/20/96 00
0380504390 05 08/01/96 0
2210953 N 07/01/11
0
1513433 664/728 F 100,000.00 ZZ
180 99,735.73 1
10514 WATERS DIRVE 9.000 1,014.27 69
8.750 1,014.27 146,500.00
IRVING TX 75063 1 07/01/96 00
0380490384 05 09/01/96 0
2202604 O 08/01/11
0
1513784 526/728 F 31,500.00 ZZ
180 31,422.24 1
1121 KINLEY LANE 9.750 333.70 84
9.500 333.70 37,500.00
HOUSTON TX 77018 1 07/02/96 10
0380491739 05 09/01/96 30
134620 N 08/01/11
0
1513862 526/728 F 42,500.00 ZZ
180 42,395.08 2
1222-1224 PAGE BOULEVARD 9.750 450.23 85
9.500 450.23 50,000.00
SPRINGFIELD MA 01104 1 07/03/96 12
0380490954 05 09/01/96 20
129356 N 08/01/11
0
1513925 E22/728 F 35,000.00 ZZ
180 34,826.49 1
3216 MESA AVENUE 9.750 370.78 62
9.500 370.78 57,000.00
CLIFTON CO 81520 5 06/27/96 00
0410105928 03 08/01/96 0
410105928 N 07/01/11
0
1513957 664/G02 F 39,200.00 ZZ
180 39,099.86 1
1
637 WAIKIKI DRIVE 9.375 406.39 80
9.125 406.39 49,000.00
GARLAND TX 75040 2 07/31/96 01
0430010702 05 09/01/96 12
2202497 N 08/01/11
0
1513958 664/G02 F 30,400.00 ZZ
180 30,322.34 1
1122 CHERRYWOOD DRIVE 9.375 315.16 80
9.125 315.16 38,000.00
GARLAND TX 75040 2 07/31/96 04
0430010850 05 09/01/96 12
2202489 N 08/01/11
0
1514010 480/728 F 25,000.00 ZZ
180 24,875.70 1
3617 WILLOW TREE CIRCLE 9.750 264.84 29
9.500 264.84 87,500.00
DOUGLASVILLE GA 30135 1 06/28/96 00
0380491499 05 08/01/96 0
1923507 O 07/01/11
0
1514028 725/G02 F 45,000.00 ZZ
180 44,877.00 1
2410 S REDWOOD DRIVE 8.625 446.44 26
8.375 446.44 177,000.00
ANAHEIM CA 92806 5 07/26/96 00
0430010322 05 09/01/96 0
191028308 O 08/01/11
0
1514044 526/728 F 64,800.00 ZZ
180 64,628.75 1
200 DUKE STREET 9.000 657.25 90
8.750 657.25 72,000.00
GORDONSVILLE VA 22942 1 07/03/96 12
0380499005 05 09/01/96 25
0129950 N 08/01/11
0
1514091 286/286 F 40,950.00 ZZ
180 40,845.39 1
2648 MAPLEWOOD AVE 9.375 424.53 90
9.125 424.53 45,500.00
SPRINGFIELD OH 45505 1 07/02/96 10
8364210 05 09/01/96 30
1
8364210 O 08/01/11
0
1514443 E22/G02 F 44,100.00 ZZ
180 43,993.60 3
1727 SOUTH 11TH STREET 10.000 473.90 90
9.750 473.90 49,000.00
ST LOUIS MO 63104 1 07/12/96 04
0410142319 05 09/01/96 25
410142319 N 08/01/11
0
1515003 638/G02 F 104,250.00 ZZ
180 103,974.51 2
439 SAILMASTER STREET 9.000 1,057.37 75
8.750 1,057.37 139,000.00
AUSTIN TX 78734 1 07/29/96 00
0430010934 05 09/01/96 0
8587210 N 08/01/11
0
1515071 405/405 F 50,400.00 ZZ
180 50,268.30 1
912 NW 48TH STREET 9.125 514.95 80
8.875 514.95 63,000.00
OKLAHOMA CITY OK 73118 1 07/02/96 01
3969433 05 09/01/96 12
3969433 N 08/01/11
0
1515080 526/728 F 29,450.00 ZZ
180 29,303.99 1
1122 ROOSEVELT AVENUE 9.750 311.99 90
9.500 311.99 32,750.00
JOPLIN MO 64801 1 07/01/96 04
0380497793 05 08/01/96 25
0132755 N 07/01/11
0
1515139 E22/728 F 25,200.00 ZZ
180 25,070.75 1
927 SENECA ST NE 9.375 261.25 84
9.125 261.25 30,000.00
MASSILLON OH 44646 1 06/28/96 04
0410141584 05 08/01/96 25
410141584 N 07/01/11
0
1
1515140 E22/728 F 31,500.00 ZZ
180 31,338.44 1
8272 MILMONT ST NW 9.375 326.56 45
(JACKSON TWP) 9.125 326.56 70,000.00
MASSILLON OH 44646 5 06/28/96 00
0410141592 05 08/01/96 0
410141592 N 07/01/11
0
1515142 E22/728 F 43,400.00 ZZ
180 43,184.86 2
434-438 HARMON PLACE 9.750 459.76 70
9.500 459.76 62,000.00
MASSILLON OH 44646 5 06/28/96 00
0410141600 05 08/01/96 0
410141600 N 07/01/11
0
1515155 964/G02 F 50,300.00 ZZ
180 50,300.00 1
2323 HUNTINGTON STREET, #801 9.250 517.68 60
9.000 517.68 84,000.00
HUNTINGTON BEAC CA 92649 2 08/02/96 00
0430015602 01 10/01/96 0
18636 N 09/01/11
0
1515294 964/G02 F 50,300.00 ZZ
180 50,300.00 1
215 WICHITA #506 9.250 517.68 60
9.000 517.68 84,000.00
HUNTINGTON BEAC CA 92649 2 08/02/96 00
0430016022 03 10/01/96 0
18635 N 09/01/11
0
1515387 560/560 F 62,500.00 T
180 62,332.96 1
2120 NE 31ST STREET 8.875 629.28 35
8.625 629.28 182,500.00
LIGHTHOUSE POIN FL 33064 1 07/15/96 00
450482229 05 09/01/96 0
450482229 O 08/01/11
0
1515477 E22/G02 F 210,000.00 ZZ
180 209,457.45 1
1311 WESTHILLS LANE 9.250 2,161.30 68
9.000 2,161.30 310,000.00
1
RESTON VA 22090 5 07/12/96 00
0410191340 03 09/01/96 0
410191340 O 08/01/11
0
1515486 E22/G02 F 51,300.00 ZZ
180 51,039.85 1
4418 WEST PASADENA BLVD 9.500 535.69 90
9.250 535.69 57,000.00
DEER PARK TX 77536 1 06/28/96 04
0410136824 05 08/01/96 25
410136824 N 07/01/11
0
1515492 A33/G02 F 36,000.00 ZZ
180 36,000.00 1
1718 DELAWARE AVE 9.500 375.92 90
9.250 375.92 40,000.00
FORT WAYNE IN 46805 1 08/05/96 10
0430012047 05 10/01/96 25
009031846 N 09/01/11
0
1515522 623/623 F 85,000.00 ZZ
180 84,543.98 1
1065 BARONE DRIVE 8.875 855.82 63
8.625 855.82 135,000.00
WEIRTON WV 26062 5 06/05/96 00
891204 05 08/01/96 0
891204 O 07/01/11
0
1515524 623/623 F 63,700.00 ZZ
180 63,358.25 1
635 BRUNS DRIVE 8.875 641.36 65
8.625 641.36 98,000.00
ROSSFORD OH 43460 5 06/07/96 00
891255 05 08/01/96 0
891255 O 07/01/11
0
1515526 623/623 F 100,000.00 ZZ
180 99,732.73 1
12934 BANYAN RD 8.875 1,006.85 29
8.625 1,006.85 350,000.00
NORTH MIAMI FL 33181 5 07/03/96 00
894361 05 09/01/96 0
894361 O 08/01/11
0
1
1515530 623/623 F 52,000.00 ZZ
180 51,736.30 1
151 - 153 W WEBSTER 9.500 543.00 65
9.250 543.00 80,000.00
FERNDALE MI 48220 2 06/07/96 00
888578 05 08/01/96 0
888578 N 07/01/11
0
1515542 737/728 F 40,950.00 ZZ
180 40,839.31 1
1944 W OSBORN ROAD 8.750 409.28 65
8.500 409.28 63,000.00
PHOENIX AZ 85015 5 07/16/96 00
0380497934 05 09/01/96 0
511408 N 08/01/11
0
1515543 623/623 F 45,000.00 ZZ
180 44,766.57 1
600 ALEXANDER ROAD 9.250 463.14 57
9.000 463.14 80,000.00
ALEXANDER NC 28701 1 06/10/96 00
890785 05 08/01/96 0
890785 O 07/01/11
0
1515544 623/623 F 42,000.00 ZZ
180 41,772.13 1
2537 BRAMBLEWOOD DRIVE WEST 8.750 419.77 62
8.500 419.77 68,000.00
CLEARWATER FL 34623 1 07/01/96 00
892938 05 08/01/96 0
892938 O 07/01/11
0
1515545 561/728 F 50,000.00 ZZ
180 49,740.64 1
1016 S MORGANTOWN RD 9.250 514.60 84
9.000 514.60 60,000.00
GREENWOOD IN 46143 1 06/28/96 10
0380497892 05 08/01/96 12
8827883 O 07/01/11
0
1515553 623/623 F 220,000.00 ZZ
180 218,819.69 1
1
11609 WEST 193RD STREET 8.875 2,215.06 80
8.625 2,215.06 275,000.00
MOKENA IL 60448 1 06/21/96 00
891553 05 08/01/96 0
891553 O 07/01/11
0
1515616 623/623 F 160,000.00 ZZ
180 159,121.30 1
6044 OAKMAN BLVD 8.625 1,587.33 80
8.375 1,587.33 200,000.00
DEARBORN MI 48126 1 06/11/96 00
891746 05 08/01/96 0
891746 O 07/01/11
0
1515618 623/623 F 200,000.00 ZZ
180 198,927.00 1
6416 HOFFMAN TERRACE 8.875 2,013.69 63
8.625 2,013.69 320,000.00
MORTON GROVE IL 60053 1 06/17/96 00
893898 05 08/01/96 0
893898 O 07/01/11
0
1515622 623/623 F 397,000.00 ZZ
180 394,723.06 1
6208 NORTHWEST 72ND WAY 8.125 3,822.65 67
7.875 3,822.65 600,000.00
PARKLAND FL 33067 2 06/20/96 00
892902 05 08/01/96 0
892902 O 07/01/11
0
1515704 E22/G02 F 25,000.00 ZZ
180 24,936.86 1
15201 LEEWARD STREET UNIT 3-A 9.500 261.06 57
9.250 261.06 44,500.00
CORPUS CHRISTI TX 78418 1 07/15/96 00
0410106470 20 09/01/96 0
410106470 O 08/01/11
0
1515733 E22/G02 F 60,300.00 ZZ
180 60,157.82 1
212 DEANE COURT 10.250 657.24 90
10.000 657.24 67,500.00
SUNSET HILLS MO 63127 1 07/02/96 04
0410200901 05 09/01/96 25
1
410200901 N 08/01/11
0
1515826 E22/G02 F 88,950.00 ZZ
180 88,514.04 1
2740 WEXFORD DR 9.875 949.07 75
9.625 949.07 118,600.00
SAGINAW MI 48603 5 06/28/96 00
0410105605 05 08/01/96 0
410105605 O 07/01/11
0
1515865 661/661 F 265,000.00 T
180 261,972.95 1
7604 TUCSON DRIVE 8.250 2,570.88 100
8.000 2,570.88 265,000.00
SCOTTSDALE AZ 85258 5 04/22/96 92
2483212 01 06/01/96 30
2483212 O 05/01/11
0
1515928 526/728 F 24,800.00 ZZ
180 24,734.46 2
137 SOUTH RICHMOND STREET 9.000 251.54 80
8.750 251.54 31,000.00
RIDGECREST CA 93555 1 07/09/96 10
0380505496 05 09/01/96 12
129418 N 08/01/11
0
1516239 B77/G02 F 31,200.00 ZZ
180 31,200.00 2
540 LAWRENCE STREET 8.875 314.14 60
8.625 314.14 52,000.00
LOWELL MA 01852 5 08/20/96 00
0430017673 05 10/01/96 0
95301578 N 09/01/11
0
1516272 687/728 F 18,900.00 ZZ
180 18,853.34 1
120 WALNUT AVENUE 9.750 200.22 90
9.500 200.22 21,000.00
ALTOONA PA 16601 1 07/16/96 01
0380499302 05 09/01/96 25
1553666 N 08/01/11
0
1
1516303 623/623 F 274,000.00 ZZ
180 272,462.94 1
242 KENMORE 8.375 2,678.15 75
8.125 2,678.15 370,000.00
ELMHURST IL 60126 2 06/24/96 00
885812 05 08/01/96 0
885812 O 07/01/11
0
1516475 001/728 F 55,000.00 ZZ
180 55,000.00 1
11533 S SEDGEMOORE DRIVE SOUTH 8.625 545.64 36
8.375 545.64 154,900.00
JACKSONVILLE FL 32223 1 08/09/96 00
0380505017 05 10/01/96 0
1507018 O 09/01/11
0
1516484 201/728 F 114,000.00 ZZ
180 113,708.79 1
30 PATTERSON DRIVE 9.375 1,181.84 65
COUNTY OF MORRIS 9.125 1,181.84 176,000.00
JEFFERSON NJ 07438 1 07/12/96 00
0380498767 05 09/01/96 0
2800916633 O 08/01/11
0
1516991 E22/G02 F 50,000.00 T
180 49,844.37 1
2115 LUMMI SHORE ROAD 8.875 503.42 44
8.625 503.42 115,000.00
BELLINGHAM WA 98226 5 07/11/96 00
0410199517 05 09/01/96 0
410199517 O 08/01/11
0
1517216 766/G02 F 124,000.00 ZZ
180 123,672.31 2
30 SW 52 AVENUE 9.000 1,257.69 80
8.750 1,257.69 155,000.00
MIAMI FL 33134 5 07/25/96 00
0430012310 05 09/01/96 0
960Z0393 O 08/01/11
0
1517217 927/728 F 49,000.00 ZZ
180 48,874.32 1
4523 WEST HUBBELL STREET 9.375 507.99 89
9.125 507.99 55,500.00
1
PHOENIX AZ 85035 2 07/16/96 04
0380500471 05 09/01/96 25
250407 N 08/01/11
0
1517398 966/G02 F 63,000.00 ZZ
180 63,000.00 1
733 HEMPSTEAD DRIVE 8.875 634.32 90
8.625 634.32 70,000.00
EL PASO TX 79912 1 08/12/96 04
0430014126 05 10/01/96 25
UNKNOWN N 09/01/11
0
1517472 633/728 F 50,000.00 ZZ
180 49,863.34 1
15925 EAST SIERRA PASS WAY 8.625 496.04 35
8.375 496.04 145,000.00
HACIENDA HEIGHT CA 91745 5 07/11/96 00
0380502980 09 09/01/96 0
672114 N 08/01/11
0
1517562 934/728 F 55,650.00 ZZ
180 55,650.00 1
421 N.W. 109 VE., #3 9.875 593.77 70
9.625 593.77 79,500.00
MIAMI FL 33172 5 08/21/96 00
0380505561 01 10/01/96 0
61006171 N 09/01/11
0
1517700 450/728 F 350,000.00 T
180 349,054.01 1
2010 8TH STREET SOUTH 8.750 3,498.07 71
8.500 3,498.07 499,000.00
NAPLES FL 33940 1 07/15/96 00
0380501024 05 09/01/96 0
3786001 O 08/01/11
0
1517710 B65/G02 F 29,750.00 T
180 29,750.00 1
5826 HALLRIDGE CIRCLE 9.750 315.17 85
9.500 315.17 35,000.00
COLUMBUS OH 43232 1 08/15/96 04
0430010405 01 10/01/96 12
010796328 O 09/01/11
0
1
1517714 874/G02 F 77,000.00 ZZ
180 77,000.00 1
7700 FOWLER AVENUE 8.625 763.90 70
8.375 763.90 110,000.00
RENO NV 89506 5 08/12/96 00
0430024091 05 10/01/96 0
3683245 N 09/01/11
0
1518198 B28/728 F 73,000.00 ZZ
180 72,817.72 4
806 WEST JACKSON 9.625 767.80 75
9.375 767.80 97,500.00
RIVERTON WY 82501 1 07/26/96 00
0380502477 05 09/01/96 0
05968344 N 08/01/11
0
1518272 E22/G02 F 50,400.00 ZZ
180 50,269.79 1
8415 SW 107 AVENUE UNIT #356W 9.250 518.71 80
9.000 518.71 63,000.00
MIAMI FL 33173 1 07/11/96 04
0410193288 01 09/01/96 12
410193288 N 08/01/11
0
1518435 526/728 F 43,200.00 ZZ
180 42,985.83 1
3217 ALBERT DRIVE 9.750 457.65 90
9.500 457.65 48,000.00
TALLAHASSEE FL 32308 1 07/01/96 04
0380502147 05 08/01/96 25
0124241 N 07/01/11
0
1518552 757/757 F 59,000.00 ZZ
180 58,842.31 1
3868 BEN PLACE 8.875 594.04 66
8.625 594.04 90,000.00
DULUTH GA 30136 2 07/30/96 00
2792877 05 09/01/96 0
2792877 N 08/01/11
0
1518846 E26/728 F 28,800.00 ZZ
180 28,728.90 1
1
110 NORTH CURLEY STREET 9.750 305.10 90
9.500 305.10 32,000.00
BALTIMORE MD 21224 1 07/19/96 04
0380504168 07 09/01/96 25
435747 N 08/01/11
0
1519086 766/728 F 24,700.00 ZZ
180 24,700.00 1
14195 SW 87 STREET #B314 8.875 248.69 65
8.625 248.69 38,000.00
MIAMI FL 33183 1 08/07/96 00
0380503699 01 10/01/96 0
96OZ0314 N 09/01/11
0
1519327 E22/G02 F 130,500.00 ZZ
180 130,500.00 4
6205 GRAND VISTA AVE 10.250 1,422.39 90
10.000 1,422.39 145,000.00
CINCINNATI OH 45213 1 08/07/96 04
0410215644 05 10/01/96 25
410215644 N 09/01/11
0
1519754 560/560 F 67,200.00 ZZ
180 67,022.41 1
7921 CASTLELAKE DRIVE 9.000 681.59 70
8.750 681.59 96,000.00
RALEIGH NC 27615 5 07/29/96 00
450492715 05 09/01/96 0
450492715 N 08/01/11
0
1519788 E22/G02 F 26,300.00 ZZ
180 26,234.33 1
10381 HUNTINGTON PLACE 9.625 276.62 80
9.375 276.62 32,900.00
HOUSTON TX 77099 1 07/24/96 00
0410136147 09 09/01/96 0
410136147 O 08/01/11
0
1519800 E22/G02 F 45,000.00 ZZ
180 44,881.08 1
25 MOUNTAINGATE DRIVE 9.000 456.42 48
8.750 456.42 95,000.00
FREDERICK MD 21702 2 07/25/96 00
0410193650 09 09/01/96 0
1
410193650 N 08/01/11
0
1519807 E22/G02 F 90,400.00 ZZ
180 90,161.10 1
7440 VALLEY PARK COURT 9.000 916.90 80
8.750 916.90 113,000.00
SACRAMENTO CA 95828 2 07/18/96 04
0410126007 05 09/01/96 25
410126007 N 08/01/11
0
1519848 E45/728 F 26,350.00 ZZ
180 26,350.00 1
801 RUSSELL LN #257 9.125 269.22 58
8.875 269.22 46,000.00
BRANDON FL 33510 5 08/06/96 00
0380504242 01 10/01/96 0
UNKNOWN O 09/01/11
0
1519919 E22/G02 F 32,200.00 ZZ
180 32,116.81 1
4115 ANNUNCIATION STREET 9.250 331.40 70
9.000 331.40 46,000.00
NEW ORLEANS LA 70115 1 07/26/96 00
0410215396 05 09/01/96 0
410215396 O 08/01/11
0
1520326 480/G02 F 103,900.00 ZZ
180 103,637.59 1
3360 KIMBERLY ROAD 9.500 1,084.95 80
9.250 1,084.95 129,900.00
KENNESAW GA 30144 1 07/31/96 00
0430013953 05 09/01/96 0
1924364 O 08/01/11
0
1520424 560/560 F 56,000.00 ZZ
180 56,000.00 1
48 DAYNA COURT 9.500 584.77 70
9.250 584.77 80,000.00
PERTH AMBOY NJ 08861 5 08/01/96 00
450498472 01 10/01/96 0
450498472 N 09/01/11
0
1
1520813 E22/G02 F 37,200.00 ZZ
180 37,099.46 1
6111 BEVERLY HILLS UNIT # B-14 8.750 371.79 80
8.500 371.79 46,500.00
HOUSTON TX 77057 1 07/29/96 00
0410136048 01 09/01/96 0
410136048 O 08/01/11
0
1520871 E22/G02 F 39,400.00 ZZ
180 39,293.51 1
# 5 STRATFORD HALL CIRCLE 8.750 393.78 40
8.500 393.78 100,000.00
EL PASO TX 79912 2 07/30/96 00
0410135263 03 09/01/96 0
410135263 O 08/01/11
0
1520911 E22/G02 F 33,750.00 ZZ
180 33,666.69 1
100 E AURORA #37 9.750 357.53 75
9.500 357.53 45,000.00
LAREDO TX 78041 1 07/25/96 00
0410215164 01 09/01/96 0
410215164 N 08/01/11
0
1520995 E22/G02 F 166,500.00 ZZ
180 166,500.00 1
420 OLD BRIDGE TURNPIKE 9.375 1,726.10 90
9.125 1,726.10 185,000.00
SOUTH RIVER NJ 08882 1 08/09/96 04
0410191035 05 10/01/96 25
410191035 N 09/01/11
0
1521201 E22/G02 F 34,200.00 ZZ
180 34,119.37 1
17464 S 89TH EAST AVE 10.250 372.76 90
10.000 372.76 38,000.00
BIXBY OK 74008 1 07/29/96 04
0410215040 05 09/01/96 25
410215040 N 08/01/11
0
1521227 369/G02 F 438,750.00 ZZ
180 438,750.00 1
6517 FALLWIND LANE 8.000 4,192.93 75
7.750 4,192.93 585,000.00
1
BETHESDA MD 20817 1 08/07/96 00
0430015016 03 10/01/96 0
49017015 O 09/01/11
0
1521555 661/661 F 83,000.00 ZZ
180 82,507.98 1
107 IVEY DRIVE 7.750 781.26 100
7.500 781.26 83,000.00
GRIFTON NC 28530 5 06/21/96 92
2527778 05 08/01/96 30
2527778 O 07/01/11
0
1521560 661/661 F 115,900.00 T
180 114,911.45 1
6340 NORTH WILLOW GLEN LANE 8.625 1,149.82 100
8.375 1,149.82 115,900.00
GLENDALE WI 53209 1 06/28/96 92
2572097 05 08/01/96 30
2572097 O 07/01/11
0
1521566 661/661 F 49,000.00 ZZ
180 48,712.70 1
324 EAST WASHINGTON STREET 7.875 464.74 100
7.625 464.74 49,000.00
RUSHVILLE IL 62681 1 06/12/96 92
2557981 05 08/01/96 30
2557981 O 07/01/11
0
1521567 661/661 F 85,000.00 ZZ
180 84,483.31 1
26 LEYTON AVENUE 8.625 843.27 100
8.375 843.27 85,000.00
BEDFORD OH 44146 1 06/24/96 92
2528669 05 08/01/96 30
2528669 O 07/01/11
0
1521580 661/661 F 150,000.00 ZZ
180 148,975.65 1
43 WARWICK ROAD 8.625 1,488.11 93
8.375 1,488.11 162,000.00
LAKE CARMEL NY 10512 5 06/25/96 92
2470367 05 08/01/96 30
2470367 O 07/01/11
0
1
1521587 661/661 F 267,000.00 ZZ
180 265,072.98 1
1080 UPPER DEVON LANE 8.250 2,590.27 100
8.000 2,590.27 267,000.00
LAKE OSWEGO OR 97034 5 06/19/96 92
UNKNOWN 05 08/01/96 30
UNKNOWN O 07/01/11
0
1521600 526/G02 F 40,950.00 ZZ
180 40,846.57 1
808 PERRY ROAD 9.500 427.62 90
9.250 427.62 45,600.00
GREENVILLE SC 29609 1 07/31/96 12
0430021410 05 09/01/96 25
0137559 N 08/01/11
0
1521609 526/G02 F 42,000.00 ZZ
180 41,896.31 1
721 DOLPHIN STREET 9.750 444.94 70
9.500 444.94 60,000.00
BALTIMORE MD 21217 5 07/31/96 00
0430015982 07 09/01/96 0
139189 N 08/01/11
0
1521614 661/661 F 830,000.00 ZZ
180 825,343.95 1
114 WHEATLEY ROAD 8.375 8,112.64 100
8.125 8,112.64 830,000.00
OLD WESTBURY NY 11568 5 05/31/96 92
2486637 05 08/01/96 30
2486637 O 07/01/11
0
1521617 526/G02 F 42,000.00 ZZ
180 41,896.31 1
725 DOLPHIN STREET 9.750 444.94 70
9.500 444.94 60,000.00
BALTIMORE MD 21217 5 07/31/96 00
0430016006 07 09/01/96 0
139192 N 08/01/11
0
1521872 E22/G02 F 31,150.00 ZZ
180 31,150.00 1
1
12021 WILLOW TRAIL 9.125 318.26 80
8.875 318.26 38,960.00
HOUSTON TX 77035 1 08/09/96 00
0410135651 09 10/01/96 0
410135651 O 09/01/11
0
1521875 623/623 F 290,000.00 ZZ
180 290,000.00 1
5026 GULLANE DRIVE 8.750 2,898.40 80
8.500 2,898.40 363,000.00
ANN ARBOR MI 48103 1 08/09/96 00
896537 05 10/01/96 0
896537 O 09/01/11
0
1521881 E22/G02 F 66,600.00 ZZ
180 66,424.00 3
311 SCOTT AVENUE 9.000 675.50 90
8.750 675.50 74,000.00
NASHVILLE TN 37206 1 08/02/96 04
0410195960 05 09/01/96 25
410195960 N 08/01/11
0
1521912 E22/G02 F 51,600.00 ZZ
180 51,468.20 1
616 BARKRIDGE TRAIL 9.375 534.93 80
9.125 534.93 64,500.00
BURLESON TX 76028 1 07/24/96 00
0410211809 05 09/01/96 0
410211809 O 08/01/11
0
1521918 623/623 F 124,000.00 ZZ
180 123,664.85 1
5121 MAGNOLIA RIDGE ROAD 8.750 1,239.32 80
8.500 1,239.32 155,000.00
FRUITLAND PARK FL 34731 1 07/23/96 00
895216 05 09/01/96 0
895216 O 08/01/11
0
1521924 623/623 F 31,200.00 ZZ
180 31,116.61 1
7210 NORTHBLUFF DRIVE 8.875 314.14 62
8.625 314.14 51,000.00
SAN ANTONIO TX 78227 5 07/26/96 00
893118 05 09/01/96 0
1
893118 N 08/01/11
0
1521927 623/623 F 96,000.00 ZZ
180 95,743.43 1
8840 SW 18TH ROAD 8.875 966.57 80
8.625 966.57 120,000.00
BOCA RATON FL 33433 2 07/17/96 00
895054 03 09/01/96 0
895054 O 08/01/11
0
1521928 623/623 F 47,600.00 T
180 47,600.00 1
3512 SANDPIPER CIRCLE 8.875 479.26 70
8.625 479.26 68,000.00
PORT ST LUCIE FL 34952 1 08/05/96 00
895236 05 10/01/96 0
895236 O 09/01/11
0
1524108 623/623 F 49,000.00 ZZ
180 49,000.00 1
6005 PLUM ISLE WAY 8.625 486.12 50
8.375 486.12 99,040.00
TAMARAC FL 33321 1 08/22/96 00
898018 09 10/01/96 0
898018 O 09/01/11
0
TOTAL NUMBER OF LOANS : 196
TOTAL ORIGINAL BALANCE : 17,596,295.00
TOTAL PRINCIPAL BALANCE : 17,502,082.41
TOTAL ORIGINAL P+I : 177,578.71
TOTAL CURRENT P+I : 177,578.71
***************************
* END OF REPORT *
***************************
RUN ON : 09/23/96 RFC DISCLOSURE SYSTEM RFFSDFIX-01
AT : 10.01.44 FIXED PASSTHRU REPORT AMORTIZED BALANCE
SERIES : MULTIPLE POOLS CUTOFF : 09/01/96
POOL : 0004221 0004222
:
:
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
-------------------------------------------------------------------------
1479752 .2500
74,241.83 .0800
9.6250 .0000
9.3750 .0000
9.2950 1.2950
8.0000 .0000
1482959 .2500
27,344.72 .0800
9.2500 .0000
9.0000 .0000
8.9200 .9200
8.0000 .0000
1483019 .2500
27,344.72 .0800
9.2500 .0000
9.0000 .0000
8.9200 .9200
8.0000 .0000
1483679 .2500
87,828.89 .0800
8.7500 .0000
8.5000 .0000
8.4200 .4200
8.0000 .0000
1484261 .2500
58,286.84 .0300
8.0000 .0000
7.7500 .0000
7.7200 .0000
7.7200 .0000
1484264 .2500
274,103.11 .0800
8.5000 .0000
8.2500 .0000
8.1700 .1700
8.0000 .0000
1
1486679 .2500
105,134.24 .0800
8.7500 .0000
8.5000 .0000
8.4200 .4200
8.0000 .0000
1488221 .2500
67,098.52 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5450 .0000
1488325 .2500
149,186.20 .0800
8.7500 .0000
8.5000 .0000
8.4200 .4200
8.0000 .0000
1490906 .2500
74,081.33 .0800
8.7500 .0000
8.5000 .0000
8.4200 .4200
8.0000 .0000
1491126 .2500
79,301.80 .0300
8.0000 .0000
7.7500 .0000
7.7200 .0000
7.7200 .0000
1491461 .2500
34,026.91 .0800
8.7500 .0000
8.5000 .0000
8.4200 .4200
8.0000 .0000
1493546 .2500
35,506.36 .0800
8.7500 .0000
8.5000 .0000
8.4200 .4200
8.0000 .0000
1494238 .2500
151,844.21 .0800
9.6250 .0000
9.3750 .0000
9.2950 1.2950
8.0000 .0000
1
1494746 .2500
26,711.33 .0800
9.0000 .0000
8.7500 .0000
8.6700 .6700
8.0000 .0000
1494778 .2500
17,300.22 .0800
9.5000 .0000
9.2500 .0000
9.1700 1.1700
8.0000 .0000
1495042 .2500
181,516.43 .0800
8.8750 .0000
8.6250 .0000
8.5450 .5450
8.0000 .0000
1495082 .2500
69,434.56 .0800
8.8750 .0000
8.6250 .0000
8.5450 .5450
8.0000 .0000
1495231 .2500
26,779.48 .0800
8.7500 .0000
8.5000 .0000
8.4200 .4200
8.0000 .0000
1495719 .2500
77,533.52 .0800
8.6250 .0000
8.3750 .0000
8.2950 .2950
8.0000 .0000
1496081 .2500
188,844.86 .0800
8.7500 .0000
8.5000 .0000
8.4200 .4200
8.0000 .0000
1497088 .2500
33,331.59 .0800
9.0000 .0000
8.7500 .0000
8.6700 .6700
8.0000 .0000
1
1497320 .2500
43,545.11 .0800
9.3750 .0000
9.1250 .0000
9.0450 1.0450
8.0000 .0000
1497453 .2500
38,372.44 .0800
8.8750 .0000
8.6250 .0000
8.5450 .5450
8.0000 .0000
1497572 .2500
34,159.11 .0800
9.3750 .0000
9.1250 .0000
9.0450 1.0450
8.0000 .0000
1497670 .2500
422,217.12 .0800
9.0000 .0000
8.7500 .0000
8.6700 .6700
8.0000 .0000
1498074 .2500
58,013.01 .0800
8.6250 .0000
8.3750 .0000
8.2950 .2950
8.0000 .0000
1498550 .2500
86,775.23 .0800
9.2500 .0000
9.0000 .0000
8.9200 .9200
8.0000 .0000
1498761 .2500
59,466.01 .0800
8.8750 .0000
8.6250 .0000
8.5450 .5450
8.0000 .0000
1499504 .2500
64,165.63 .0800
8.6250 .0000
8.3750 .0000
8.2950 .2950
8.0000 .0000
1
1499608 .2500
95,484.96 .0800
8.8750 .0000
8.6250 .0000
8.5450 .5450
8.0000 .0000
1500402 .2500
60,137.02 .0800
8.7500 .0000
8.5000 .0000
8.4200 .4200
8.0000 .0000
1500408 .2500
191,000.00 .0800
8.8750 .0000
8.6250 .0000
8.5450 .5450
8.0000 .0000
1500433 .2500
22,518.68 .0800
9.0000 .0000
8.7500 .0000
8.6700 .6700
8.0000 .0000
1500616 .2500
184,724.39 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5450 .0000
1501125 .2500
84,775.37 .0800
9.0000 .0000
8.7500 .0000
8.6700 .6700
8.0000 .0000
1501487 .2500
146,804.56 .0800
8.8750 .0000
8.6250 .0000
8.5450 .5450
8.0000 .0000
1501672 .2500
67,444.57 .0800
8.7500 .0000
8.5000 .0000
8.4200 .4200
8.0000 .0000
1
1502048 .2500
72,360.77 .0800
8.8750 .0000
8.6250 .0000
8.5450 .5450
8.0000 .0000
1502265 .2500
238,623.52 .0800
8.1250 .0000
7.8750 .0000
7.7950 .0000
7.7950 .0000
1502865 .2500
31,487.68 .0800
9.3750 .0000
9.1250 .0000
9.0450 1.0450
8.0000 .0000
1503119 .2500
44,667.80 .0800
9.8750 .0000
9.6250 .0000
9.5450 1.5450
8.0000 .0000
1503154 .2500
49,596.14 .0800
8.8750 .0000
8.6250 .0000
8.5450 .5450
8.0000 .0000
1503253 .2500
42,925.59 .0800
8.7500 .0000
8.5000 .0000
8.4200 .4200
8.0000 .0000
1504006 .2500
198,996.15 .0800
9.5000 .0000
9.2500 .0000
9.1700 1.1700
8.0000 .0000
1504188 .2500
134,323.12 .0800
9.6250 .0000
9.3750 .0000
9.2950 1.2950
8.0000 .0000
1
1504312 .2500
23,219.26 .0800
9.3750 .0000
9.1250 .0000
9.0450 1.0450
8.0000 .0000
1504343 .2500
14,735.31 .0800
9.3750 .0000
9.1250 .0000
9.0450 1.0450
8.0000 .0000
1504345 .2500
22,326.21 .0800
9.3750 .0000
9.1250 .0000
9.0450 1.0450
8.0000 .0000
1504422 .2500
46,199.65 .0800
9.8750 .0000
9.6250 .0000
9.5450 1.5450
8.0000 .0000
1504520 .2500
88,667.66 .0800
9.5000 .0000
9.2500 .0000
9.1700 1.1700
8.0000 .0000
1504748 .2500
83,809.84 .0800
8.7500 .0000
8.5000 .0000
8.4200 .4200
8.0000 .0000
1504766 .2500
84,801.66 .0800
8.7500 .0000
8.5000 .0000
8.4200 .4200
8.0000 .0000
1504891 .2500
42,132.79 .0800
9.3750 .0000
9.1250 .0000
9.0450 1.0450
8.0000 .0000
1
1504894 .2500
254,817.15 .0800
8.8750 .0000
8.6250 .0000
8.5450 .5450
8.0000 .0000
1504981 .2500
27,129.73 .0800
9.2500 .0000
9.0000 .0000
8.9200 .9200
8.0000 .0000
1505401 .2500
56,197.51 .0800
9.0000 .0000
8.7500 .0000
8.6700 .6700
8.0000 .0000
1505425 .2500
25,221.43 .0800
8.6250 .0000
8.3750 .0000
8.2950 .2950
8.0000 .0000
1505848 .2500
74,785.78 .0800
9.2500 .0000
9.0000 .0000
8.9200 .9200
8.0000 .0000
1506017 .2500
75,000.00 .0800
9.2500 .0000
9.0000 .0000
8.9200 .9200
8.0000 .0000
1506054 .2500
40,187.21 .0800
9.3750 .0000
9.1250 .0000
9.0450 1.0450
8.0000 .0000
1506106 .2500
281,498.65 .0800
9.0000 .0000
8.7500 .0000
8.6700 .6700
8.0000 .0000
1
1506244 .2500
31,256.71 .0800
9.3750 .0000
9.1250 .0000
9.0450 1.0450
8.0000 .0000
1506335 .2500
158,561.98 .0800
8.7500 .0000
8.5000 .0000
8.4200 .4200
8.0000 .0000
1506353 .2500
77,369.96 .0800
8.8750 .0000
8.6250 .0000
8.5450 .5450
8.0000 .0000
1506386 .2500
128,541.45 .0800
8.7500 .0000
8.5000 .0000
8.4200 .4200
8.0000 .0000
1506536 .2500
49,922.15 .0800
9.3750 .0000
9.1250 .0000
9.0450 1.0450
8.0000 .0000
1506538 .2500
41,493.73 .0800
9.3750 .0000
9.1250 .0000
9.0450 1.0450
8.0000 .0000
1506542 .2500
49,273.81 .0800
9.3750 .0000
9.1250 .0000
9.0450 1.0450
8.0000 .0000
1506547 .2500
45,882.50 .0800
9.3750 .0000
9.1250 .0000
9.0450 1.0450
8.0000 .0000
1
1506966 .2500
40,294.63 .0800
9.5000 .0000
9.2500 .0000
9.1700 1.1700
8.0000 .0000
1507229 .2500
43,644.61 .0800
8.8750 .0000
8.6250 .0000
8.5450 .5450
8.0000 .0000
1508241 .2500
80,000.00 .0800
8.7500 .0000
8.5000 .0000
8.4200 .4200
8.0000 .0000
1508286 .2500
91,577.88 .0800
9.3750 .0000
9.1250 .0000
9.0450 1.0450
8.0000 .0000
1508288 .2500
24,871.78 .0800
9.3750 .0000
9.1250 .0000
9.0450 1.0450
8.0000 .0000
1508503 .2500
157,948.04 .0800
8.8750 .0000
8.6250 .0000
8.5450 .5450
8.0000 .0000
1508505 .2500
64,448.44 .0800
8.7500 .0000
8.5000 .0000
8.4200 .4200
8.0000 .0000
1508510 .2500
290,137.40 .0800
8.8750 .0000
8.6250 .0000
8.5450 .5450
8.0000 .0000
1
1509044 .2500
130,945.64 .0800
9.0000 .0000
8.7500 .0000
8.6700 .6700
8.0000 .0000
1509063 .2500
90,538.52 .0800
9.5000 .0000
9.2500 .0000
9.1700 1.1700
8.0000 .0000
1509099 .2500
129,599.89 .0800
9.0000 .0000
8.7500 .0000
8.6700 .6700
8.0000 .0000
1509570 .2500
51,730.27 .0800
9.2500 .0000
9.0000 .0000
8.9200 .9200
8.0000 .0000
1509768 .2500
119,333.72 .0800
8.7500 .0000
8.5000 .0000
8.4200 .4200
8.0000 .0000
1509776 .2500
84,990.92 .0800
8.8750 .0000
8.6250 .0000
8.5450 .5450
8.0000 .0000
1509958 .2500
255,545.54 .0800
9.3750 .0000
9.1250 .0000
9.0450 1.0450
8.0000 .0000
1511441 .2500
178,039.67 .0800
8.8750 .0000
8.6250 .0000
8.5450 .5450
8.0000 .0000
1
1511621 .2500
84,108.73 .0800
9.6250 .0000
9.3750 .0000
9.2950 1.2950
8.0000 .0000
1511725 .2500
41,693.22 .0800
9.3750 .0000
9.1250 .0000
9.0450 1.0450
8.0000 .0000
1511823 .2500
135,791.96 .0800
9.2500 .0000
9.0000 .0000
8.9200 .9200
8.0000 .0000
1511983 .2500
48,286.60 .0800
8.7500 .0000
8.5000 .0000
8.4200 .4200
8.0000 .0000
1512299 .2500
67,165.38 .0800
9.7500 .0000
9.5000 .0000
9.4200 1.4200
8.0000 .0000
1512373 .2500
36,712.88 .0800
9.5000 .0000
9.2500 .0000
9.1700 1.1700
8.0000 .0000
1512572 .2500
44,888.92 .0800
9.7500 .0000
9.5000 .0000
9.4200 1.4200
8.0000 .0000
1512645 .2500
69,645.02 .0800
9.5000 .0000
9.2500 .0000
9.1700 1.1700
8.0000 .0000
1
1512682 .2500
45,755.97 .0800
9.0000 .0000
8.7500 .0000
8.6700 .6700
8.0000 .0000
1512762 .2500
31,246.11 .0800
9.8750 .0000
9.6250 .0000
9.5450 1.5450
8.0000 .0000
1512766 .2500
23,882.38 .0800
9.8750 .0000
9.6250 .0000
9.5450 1.5450
8.0000 .0000
1513106 .2500
109,442.16 .0800
9.5000 .0000
9.2500 .0000
9.1700 1.1700
8.0000 .0000
1513207 .2500
63,407.98 .0800
8.8750 .0000
8.6250 .0000
8.5450 .5450
8.0000 .0000
1513292 .2500
35,904.86 .0800
9.0000 .0000
8.7500 .0000
8.6700 .6700
8.0000 .0000
1513425 .2500
34,028.52 .0800
9.6250 .0000
9.3750 .0000
9.2950 1.2950
8.0000 .0000
1513430 .2500
62,661.99 .0800
8.8750 .0000
8.6250 .0000
8.5450 .5450
8.0000 .0000
1
1513433 .2500
99,735.73 .0800
9.0000 .0000
8.7500 .0000
8.6700 .6700
8.0000 .0000
1513784 .2500
31,422.24 .0800
9.7500 .0000
9.5000 .0000
9.4200 1.4200
8.0000 .0000
1513862 .2500
42,395.08 .0800
9.7500 .0000
9.5000 .0000
9.4200 1.4200
8.0000 .0000
1513925 .2500
34,826.49 .0800
9.7500 .0000
9.5000 .0000
9.4200 1.4200
8.0000 .0000
1513957 .2500
39,099.86 .0800
9.3750 .0000
9.1250 .0000
9.0450 1.0450
8.0000 .0000
1513958 .2500
30,322.34 .0800
9.3750 .0000
9.1250 .0000
9.0450 1.0450
8.0000 .0000
1514010 .2500
24,875.70 .0800
9.7500 .0000
9.5000 .0000
9.4200 1.4200
8.0000 .0000
1514028 .2500
44,877.00 .0800
8.6250 .0000
8.3750 .0000
8.2950 .2950
8.0000 .0000
1
1514044 .2500
64,628.75 .0800
9.0000 .0000
8.7500 .0000
8.6700 .6700
8.0000 .0000
1514091 .2500
40,845.39 .0800
9.3750 .0000
9.1250 .0000
9.0450 1.0450
8.0000 .0000
1514443 .2500
43,993.60 .0800
10.0000 .0000
9.7500 .0000
9.6700 1.6700
8.0000 .0000
1515003 .2500
103,974.51 .0800
9.0000 .0000
8.7500 .0000
8.6700 .6700
8.0000 .0000
1515071 .2500
50,268.30 .0800
9.1250 .0000
8.8750 .0000
8.7950 .7950
8.0000 .0000
1515080 .2500
29,303.99 .0800
9.7500 .0000
9.5000 .0000
9.4200 1.4200
8.0000 .0000
1515139 .2500
25,070.75 .0800
9.3750 .0000
9.1250 .0000
9.0450 1.0450
8.0000 .0000
1515140 .2500
31,338.44 .0800
9.3750 .0000
9.1250 .0000
9.0450 1.0450
8.0000 .0000
1
1515142 .2500
43,184.86 .0800
9.7500 .0000
9.5000 .0000
9.4200 1.4200
8.0000 .0000
1515155 .2500
50,300.00 .0800
9.2500 .0000
9.0000 .0000
8.9200 .9200
8.0000 .0000
1515294 .2500
50,300.00 .0800
9.2500 .0000
9.0000 .0000
8.9200 .9200
8.0000 .0000
1515387 .2500
62,332.96 .0800
8.8750 .0000
8.6250 .0000
8.5450 .5450
8.0000 .0000
1515477 .2500
209,457.45 .0800
9.2500 .0000
9.0000 .0000
8.9200 .9200
8.0000 .0000
1515486 .2500
51,039.85 .0800
9.5000 .0000
9.2500 .0000
9.1700 1.1700
8.0000 .0000
1515492 .2500
36,000.00 .0800
9.5000 .0000
9.2500 .0000
9.1700 1.1700
8.0000 .0000
1515522 .2500
84,543.98 .0800
8.8750 .0000
8.6250 .0000
8.5450 .5450
8.0000 .0000
1
1515524 .2500
63,358.25 .0800
8.8750 .0000
8.6250 .0000
8.5450 .5450
8.0000 .0000
1515526 .2500
99,732.73 .0800
8.8750 .0000
8.6250 .0000
8.5450 .5450
8.0000 .0000
1515530 .2500
51,736.30 .0800
9.5000 .0000
9.2500 .0000
9.1700 1.1700
8.0000 .0000
1515542 .2500
40,839.31 .0800
8.7500 .0000
8.5000 .0000
8.4200 .4200
8.0000 .0000
1515543 .2500
44,766.57 .0800
9.2500 .0000
9.0000 .0000
8.9200 .9200
8.0000 .0000
1515544 .2500
41,772.13 .0800
8.7500 .0000
8.5000 .0000
8.4200 .4200
8.0000 .0000
1515545 .2500
49,740.64 .0800
9.2500 .0000
9.0000 .0000
8.9200 .9200
8.0000 .0000
1515553 .2500
218,819.69 .0800
8.8750 .0000
8.6250 .0000
8.5450 .5450
8.0000 .0000
1
1515616 .2500
159,121.30 .0800
8.6250 .0000
8.3750 .0000
8.2950 .2950
8.0000 .0000
1515618 .2500
198,927.00 .0800
8.8750 .0000
8.6250 .0000
8.5450 .5450
8.0000 .0000
1515622 .2500
394,723.06 .0800
8.1250 .0000
7.8750 .0000
7.7950 .0000
7.7950 .0000
1515704 .2500
24,936.86 .0800
9.5000 .0000
9.2500 .0000
9.1700 1.1700
8.0000 .0000
1515733 .2500
60,157.82 .0800
10.2500 .0000
10.0000 .0000
9.9200 1.9200
8.0000 .0000
1515826 .2500
88,514.04 .0800
9.8750 .0000
9.6250 .0000
9.5450 1.5450
8.0000 .0000
1515865 .2500
261,972.95 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.9200 .0000
1515928 .2500
24,734.46 .0800
9.0000 .0000
8.7500 .0000
8.6700 .6700
8.0000 .0000
1
1516239 .2500
31,200.00 .0800
8.8750 .0000
8.6250 .0000
8.5450 .5450
8.0000 .0000
1516272 .2500
18,853.34 .0800
9.7500 .0000
9.5000 .0000
9.4200 1.4200
8.0000 .0000
1516303 .2500
272,462.94 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0450
8.0000 .0000
1516475 .2500
55,000.00 .0800
8.6250 .0000
8.3750 .0000
8.2950 .2950
8.0000 .0000
1516484 .2500
113,708.79 .0800
9.3750 .0000
9.1250 .0000
9.0450 1.0450
8.0000 .0000
1516991 .2500
49,844.37 .0800
8.8750 .0000
8.6250 .0000
8.5450 .5450
8.0000 .0000
1517216 .2500
123,672.31 .0800
9.0000 .0000
8.7500 .0000
8.6700 .6700
8.0000 .0000
1517217 .2500
48,874.32 .0800
9.3750 .0000
9.1250 .0000
9.0450 1.0450
8.0000 .0000
1
1517398 .2500
63,000.00 .0800
8.8750 .0000
8.6250 .0000
8.5450 .5450
8.0000 .0000
1517472 .2500
49,863.34 .0800
8.6250 .0000
8.3750 .0000
8.2950 .2950
8.0000 .0000
1517562 .2500
55,650.00 .0800
9.8750 .0000
9.6250 .0000
9.5450 1.5450
8.0000 .0000
1517700 .2500
349,054.01 .0800
8.7500 .0000
8.5000 .0000
8.4200 .4200
8.0000 .0000
1517710 .2500
29,750.00 .0800
9.7500 .0000
9.5000 .0000
9.4200 1.4200
8.0000 .0000
1517714 .2500
77,000.00 .0800
8.6250 .0000
8.3750 .0000
8.2950 .2950
8.0000 .0000
1518198 .2500
72,817.72 .0800
9.6250 .0000
9.3750 .0000
9.2950 1.2950
8.0000 .0000
1518272 .2500
50,269.79 .0800
9.2500 .0000
9.0000 .0000
8.9200 .9200
8.0000 .0000
1
1518435 .2500
42,985.83 .0800
9.7500 .0000
9.5000 .0000
9.4200 1.4200
8.0000 .0000
1518552 .2500
58,842.31 .0800
8.8750 .0000
8.6250 .0000
8.5450 .5450
8.0000 .0000
1518846 .2500
28,728.90 .0800
9.7500 .0000
9.5000 .0000
9.4200 1.4200
8.0000 .0000
1519086 .2500
24,700.00 .0800
8.8750 .0000
8.6250 .0000
8.5450 .5450
8.0000 .0000
1519327 .2500
130,500.00 .0800
10.2500 .0000
10.0000 .0000
9.9200 1.9200
8.0000 .0000
1519754 .2500
67,022.41 .0800
9.0000 .0000
8.7500 .0000
8.6700 .6700
8.0000 .0000
1519788 .2500
26,234.33 .0800
9.6250 .0000
9.3750 .0000
9.2950 1.2950
8.0000 .0000
1519800 .2500
44,881.08 .0800
9.0000 .0000
8.7500 .0000
8.6700 .6700
8.0000 .0000
1
1519807 .2500
90,161.10 .0800
9.0000 .0000
8.7500 .0000
8.6700 .6700
8.0000 .0000
1519848 .2500
26,350.00 .0800
9.1250 .0000
8.8750 .0000
8.7950 .7950
8.0000 .0000
1519919 .2500
32,116.81 .0800
9.2500 .0000
9.0000 .0000
8.9200 .9200
8.0000 .0000
1520326 .2500
103,637.59 .0800
9.5000 .0000
9.2500 .0000
9.1700 1.1700
8.0000 .0000
1520424 .2500
56,000.00 .0800
9.5000 .0000
9.2500 .0000
9.1700 1.1700
8.0000 .0000
1520813 .2500
37,099.46 .0800
8.7500 .0000
8.5000 .0000
8.4200 .4200
8.0000 .0000
1520871 .2500
39,293.51 .0800
8.7500 .0000
8.5000 .0000
8.4200 .4200
8.0000 .0000
1520911 .2500
33,666.69 .0800
9.7500 .0000
9.5000 .0000
9.4200 1.4200
8.0000 .0000
1
1520995 .2500
166,500.00 .0800
9.3750 .0000
9.1250 .0000
9.0450 1.0450
8.0000 .0000
1521201 .2500
34,119.37 .0800
10.2500 .0000
10.0000 .0000
9.9200 1.9200
8.0000 .0000
1521227 .2500
438,750.00 .0300
8.0000 .0000
7.7500 .0000
7.7200 .0000
7.7200 .0000
1521555 .2500
82,507.98 .0800
7.7500 .0000
7.5000 .0000
7.4200 .0000
7.4200 .0000
1521560 .2500
114,911.45 .0800
8.6250 .0000
8.3750 .0000
8.2950 .2950
8.0000 .0000
1521566 .2500
48,712.70 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5450 .0000
1521567 .2500
84,483.31 .0800
8.6250 .0000
8.3750 .0000
8.2950 .2950
8.0000 .0000
1521580 .2500
148,975.65 .0800
8.6250 .0000
8.3750 .0000
8.2950 .2950
8.0000 .0000
1
1521587 .2500
265,072.98 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.9200 .0000
1521600 .2500
40,846.57 .0800
9.5000 .0000
9.2500 .0000
9.1700 1.1700
8.0000 .0000
1521609 .2500
41,896.31 .0800
9.7500 .0000
9.5000 .0000
9.4200 1.4200
8.0000 .0000
1521614 .2500
825,343.95 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0450
8.0000 .0000
1521617 .2500
41,896.31 .0800
9.7500 .0000
9.5000 .0000
9.4200 1.4200
8.0000 .0000
1521872 .2500
31,150.00 .0800
9.1250 .0000
8.8750 .0000
8.7950 .7950
8.0000 .0000
1521875 .2500
290,000.00 .0800
8.7500 .0000
8.5000 .0000
8.4200 .4200
8.0000 .0000
1521881 .2500
66,424.00 .0800
9.0000 .0000
8.7500 .0000
8.6700 .6700
8.0000 .0000
1
1521912 .2500
51,468.20 .0800
9.3750 .0000
9.1250 .0000
9.0450 1.0450
8.0000 .0000
1521918 .2500
123,664.85 .0800
8.7500 .0000
8.5000 .0000
8.4200 .4200
8.0000 .0000
1521924 .2500
31,116.61 .0800
8.8750 .0000
8.6250 .0000
8.5450 .5450
8.0000 .0000
1521927 .2500
95,743.43 .0800
8.8750 .0000
8.6250 .0000
8.5450 .5450
8.0000 .0000
1521928 .2500
47,600.00 .0800
8.8750 .0000
8.6250 .0000
8.5450 .5450
8.0000 .0000
1524108 .2500
49,000.00 .0800
8.6250 .0000
8.3750 .0000
8.2950 .2950
8.0000 .0000
TOTAL NUMBER OF LOANS: 196
TOTAL BALANCE........: 17,502,082.41
RUN ON : 09/23/96 RFC DISCLOSURE SYSTEM RFFSDFIX-01
AT : 10.01.44 INITIAL SECURITY FEES AMORTIZED BALANCE
SERIES : MULTIPLE POOLS FIXED SUMMARY REPORT CUTOFF : 09/01/96
POOL : 0004221 0004222
:
:
POOL STATUS:
WEIGHTED AVERAGES FROM TO
------------------------------------------------------------------------------
CURR NOTE RATE 8.9113 7.7500 10.2500
RFC NET RATE 8.6613 7.5000 10.0000
NET MTG RATE(INVSTR RATE) 8.5830 7.4200 9.9200
POST SPREAD RATE 7.9704 7.4200 8.0000
SUB SERV FEE .2500 .2500 .2500
MSTR SERV FEE .0784 .0300 .0800
ALL EXP .0000 .0000 .0000
MISC EXP .0000 .0000 .0000
SPREAD .6126 .0000 1.9200
STRIP .0000 .0000 .0000
TOTAL NUMBER OF LOANS: 196
TOTAL BALANCE........: 17,502,082.41
***************************
* END OF REPORT *
***************************
<PAGE>
EXHIBIT F-2
MORTGAGE LOAN SCHEDULE FOR LOAN GROUP II
F-2
RUN ON : 09/23/96 RFC DISCLOSURE SYSTEM RFFSD177-01
AT : 09.59.33 FIXED RATE LOAN LISTING AMORTIZED BALANCE
SERIES : MULTIPLE POOLS CUTOFF : 09/01/96
POOL : 0004221 0004222
:
:
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 #
______________________________________________________________________________
1419173 028/728 F 65,600.00 ZZ
360 64,571.24 4
636-638 FOX STREET 10.250 587.84 80
10.000 587.84 82,000.00
DENVER CO 80204 1 05/04/95 95
0380126830 05 07/01/95 0
164858 N 06/01/25
0
1420588 A26/728 F 369,000.00 ZZ
360 366,042.37 3
2540 EAST 15TH STREET 8.625 2,870.05 90
8.375 2,870.05 410,000.00
BROOKLYN NY 11235 1 07/12/95 11
0380152265 05 09/01/95 25
5636 O 08/01/25
0
1424289 970/728 F 166,800.00 T
360 163,317.52 2
356 MERRIMACK STREET 8.250 1,253.12 80
8.000 1,253.12 208,500.00
NEWBURYPORT MA 01950 1 04/01/94 96
0380145111 05 05/01/94 0
8007266 O 04/01/24
0
1436908 028/728 F 52,000.00 ZZ
360 51,703.35 1
2208 NORTH 13TH STREET 9.875 451.54 90
9.625 451.54 58,000.00
PHOENIX AZ 85006 1 08/23/95 04
0380207770 05 10/01/95 30
1
171339 N 09/01/25
0
1437898 934/728 F 61,590.00 T
360 61,224.87 1
12605 SW 91 STREET #111 9.250 506.69 70
9.000 506.69 87,990.00
MIAMI FL 33186 1 09/22/95 00
0380221037 01 11/01/95 0
52004093 O 10/01/25
0
1437904 934/728 F 52,643.00 ZZ
360 52,360.33 1
12605 SW 91 STREET #216 9.250 433.09 65
9.000 433.09 80,990.00
MIAMI FL 33186 1 10/05/95 00
0380254111 01 12/01/95 0
52004173 O 11/01/25
0
1440468 664/728 F 86,250.00 ZZ
360 85,744.83 4
1219 SOUTHPORT DRIVE 9.750 741.03 75
9.500 741.03 115,000.00
AUSTIN TX 78704 1 08/17/95 00
0380203290 05 10/01/95 0
2013530 N 09/01/25
0
1440516 934/728 F 41,993.00 T
360 41,731.39 1
12605 SW 91ST STREET #220 9.250 345.47 70
9.000 345.47 59,990.00
MIAMI FL 33186 1 10/16/95 00
0380256165 01 12/01/95 0
52004201 O 11/01/25
0
1448270 970/728 F 45,600.00 ZZ
360 45,203.72 1
6345 COLLINS AVENUE #817 9.625 387.60 80
9.375 387.60 57,000.00
MIAMI BEACH FL 33140 1 03/02/95 00
0380255225 06 05/01/95 0
1775 O 04/01/25
0
1
1449793 051/728 F 48,000.00 ZZ
360 47,707.50 1
4219 ENCHANTEDGATE DRIVE 9.125 390.54 80
8.875 390.54 60,000.00
SPRING TX 77373 2 09/22/95 96
0380258906 03 11/01/95 0
30101846 N 10/01/25
0
1460536 910/728 F 114,600.00 ZZ
360 114,438.30 1
1883 WEST 12510 SOUTH 9.750 984.59 90
9.500 984.59 127,400.00
RIVERTON UT 84065 4 05/17/96 01
0380453143 05 07/01/96 25
261719 N 06/01/26
0
1460702 462/728 F 112,800.00 ZZ
360 112,222.34 1
4713 TOBIAS AVENUE 8.750 887.40 80
8.500 887.40 141,000.00
PICO RIVERA CA 90660 5 12/13/95 00
0380311572 05 02/01/96 0
4449567 O 01/01/26
0
1461337 491/491 F 223,146.81 ZZ
336 221,543.12 1
405-13 CAMILLE CIRCLE 8.750 1,782.29 88
8.500 1,782.29 253,990.00
SAN JOSE CA 95134 1 09/18/95 04
1352016 09 12/01/95 17
1352016 O 11/01/23
0
1462851 747/G02 F 104,550.00 ZZ
356 104,500.83 2
18605 ORIOLE ROAD 9.875 909.53 85
9.625 909.53 123,000.00
FORT MYERS FL 33912 1 07/30/96 95
0430021642 05 09/01/96 0
173141 N 04/01/26
0
1468324 664/728 F 58,000.00 ZZ
360 57,759.11 1
220 PORTLAND AVENUE 9.375 482.42 90
9.125 482.42 64,500.00
1
MEDFORD OR 97504 1 11/29/95 04
0380314931 05 02/01/96 25
2129013 N 01/01/26
0
1470230 B26/G02 F 150,000.00 ZZ
360 150,000.00 1
251-06 87 DRIVE 9.500 1,261.28 70
9.250 1,261.28 215,000.00
BELLEROSE NY 11426 5 08/08/96 00
0430015412 05 10/01/96 0
1311011321R O 09/01/26
0
1472126 001/728 F 30,100.00 ZZ
360 29,999.49 1
11404 BRISTOL TERRACE 9.000 242.19 70
8.750 242.19 43,000.00
KANSAS CITY MO 64134 5 02/16/96 00
0380374695 03 04/01/96 0
4032 N 03/01/26
0
1472378 185/728 F 64,400.00 ZZ
360 64,155.58 1
2396 N 9TH ST AND 8.375 489.49 50
885 V STREET 8.125 489.49 129,000.00
SPRINGFIELD OR 97477 5 02/15/96 00
0380368689 05 04/01/96 0
231311 N 03/01/26
0
1477994 171/728 F 297,500.00 T
360 283,020.83 1
1310 EAST OCEAN BOULEVARD 1503 8.875 2,367.05 75
8.625 2,367.05 397,000.00
LONG BEACH CA 90802 1 02/23/96 00
0380379173 06 04/01/96 0
03054909 O 03/01/26
0
1478160 E22/728 F 44,000.00 T
360 43,849.26 1
25 MACKAREL DRIVE 8.875 350.08 75
8.625 350.08 58,700.00
TIMBERON NM 88350 1 02/05/96 00
0410078570 05 04/01/96 0
410078570 O 03/01/26
0
1
1478903 910/728 F 86,000.00 ZZ
360 85,712.78 2
3837 SOUTH 3600 WEST 9.000 691.98 80
8.750 691.98 107,500.00
WEST VALLEY CIT UT 84119 1 02/27/96 23
0380388281 05 04/01/96 0
322012 N 03/01/26
0
1481096 232/076 F 35,150.00 ZZ
360 35,047.38 1
251 NORTH FAIRGROUNDS 1 8.750 276.53 79
8.500 276.53 45,000.00
JACKSON TN 38301 2 03/12/96 23
12913371 05 05/01/96 0
12913371 N 04/01/26
0
1481900 232/076 F 33,700.00 ZZ
360 33,581.52 1
130 WARM SPRINGS CIRCLE 8.750 265.12 80
8.500 265.12 42,280.00
ROSWELL GA 30075 1 02/26/96 23
12913325 01 04/01/96 0
12913325 N 03/01/26
0
1482712 638/728 F 399,200.00 T
360 398,034.74 1
0129 RIVER RUN ROAD #8021 8.750 3,140.51 80
8.500 3,140.51 499,000.00
KEYSTONE CO 80435 1 03/26/96 11
0380432907 01 05/01/96 12
894 O 04/01/26
0
1484222 232/076 F 200,000.00 ZZ
360 199,385.54 4
83-85 NEWTON STREET 8.500 1,537.83 80
8.250 1,537.83 250,000.00
SOMMERVILLE MA 02143 2 03/08/96 23
12959768 05 05/01/96 0
2959268 N 04/01/26
0
1485746 A80/728 F 172,000.00 T
360 171,510.68 1
1
6301 COLLINS AVENUE 8.875 1,368.51 80
2306 8.625 1,368.51 215,000.00
MIAMI BEACH FL 33140 1 03/21/96 96
0380405036 06 05/01/96 0
9650300 O 04/01/26
0
1486912 737/728 F 116,000.00 ZZ
360 115,224.96 1
5977 SPALDING DRIVE 8.875 922.95 76
8.625 922.95 154,000.00
NORCROSS GA 30092 2 04/04/96 01
0380408063 05 06/01/96 12
556335 N 05/01/26
0
1486930 405/405 F 108,000.00 ZZ
360 107,610.45 1
3645 CARDIFF AVENUE #209 8.625 840.02 80
8.375 840.02 135,000.00
LOS ANGELES CA 90034 1 02/29/96 10
3878196 01 04/01/96 12
3878196 N 03/01/26
0
1486944 405/405 F 83,200.00 ZZ
360 83,069.59 1
7864 BEAUPRE WAY 9.250 684.47 80
9.000 684.47 104,000.00
CITRUS HEIGHTS CA 95610 2 05/10/96 10
3899770 05 07/01/96 12
3899770 N 06/01/26
0
1487560 405/405 F 81,500.00 ZZ
360 81,220.68 1
813 HOLIDAY RIDGE BLDG H 8.875 648.46 80
UNIT 4 8.625 648.46 101,900.00
BRANSON MO 65616 1 02/22/96 04
0003860335 01 04/01/96 12
0003860335 N 03/01/26
0
1488190 776/728 F 51,000.00 ZZ
360 50,854.91 1
1 SPRING CREEK TRAIL 8.875 405.78 21
8.625 405.78 245,000.00
DUBOIS WY 82513 5 03/06/96 00
0380396078 05 05/01/96 0
1
2528646 O 04/01/26
0
1488311 E22/728 F 91,000.00 ZZ
360 90,766.61 4
503-507 1/2 ZAHN DR 9.375 756.90 70
9.125 756.90 130,000.00
AKRON OH 44313 5 03/05/96 00
0410104749 05 05/01/96 0
410104749 N 04/01/26
0
1488830 526/728 F 74,250.00 ZZ
360 74,033.24 1
8828 CHALLENGE WALK 8.750 584.13 90
8.500 584.13 82,500.00
WALKERSVILLE MD 21793 1 03/08/96 04
0380393182 07 05/01/96 25
00097991 N 04/01/26
0
1489013 076/076 F 52,000.00 ZZ
360 51,817.16 1
599 CATHWOOD LANE 8.750 409.09 80
8.500 409.09 65,000.00
STONE MOUNTAIN GA 30087 1 02/14/96 04
5475612 05 04/01/96 12
5475612 N 03/01/26
0
1489146 B38/G02 F 50,000.00 ZZ
360 50,000.00 1
41 DORCHESTER ROAD 9.500 420.43 24
9.250 420.43 215,000.00
SMITHTOWN NY 11787 5 08/13/96 00
0430026146 05 10/01/96 0
1173 O 09/01/26
0
1489278 526/728 F 63,600.00 ZZ
360 63,324.50 3
1412 RITNER STREET 8.500 489.03 79
8.250 489.03 81,000.00
PHILADELPHIA PA 19145 2 01/26/96 23
0380393562 05 03/01/96 0
0092523 N 02/01/26
0
1
1490499 405/405 F 37,550.00 ZZ
360 37,414.57 1
421 NEWKIRK STREET 8.625 292.06 80
8.375 292.06 47,500.00
BALTIMORE MD 21224 2 02/15/96 10
3871811 07 04/01/96 12
3871811 N 03/01/26
0
1490521 232/076 F 62,800.00 ZZ
360 62,630.29 4
1118 46TH ST NE 9.125 510.97 80
8.875 510.97 78,500.00
WASHINGTON DC 20019 1 03/29/96 23
11013160 05 05/01/96 0
11013160 N 04/01/26
0
1490832 232/076 F 148,000.00 ZZ
360 147,578.93 1
935 MAIN STREET NO. 304 8.875 1,177.56 80
8.625 1,177.56 185,000.00
EL SEGUNDO CA 90245 2 03/22/96 23
12966774 01 05/01/96 0
12966774 N 04/01/26
0
1491011 638/728 F 292,000.00 ZZ
360 291,671.39 1
4615 EAGLE LAKE DRIVE 8.875 2,323.28 80
8.625 2,323.28 365,000.00
FORT COLLINS CO 80524 5 06/04/96 00
0380502493 05 08/01/96 0
0857371 O 07/01/26
0
1491072 526/728 F 37,000.00 ZZ
360 36,862.80 1
4320 LLOYD 9.625 314.50 87
9.375 314.50 43,000.00
KANSAS CITY KS 66103 1 02/02/96 04
0380405259 05 03/01/96 12
0083886 N 02/01/26
0
1491120 B38/728 F 176,000.00 ZZ
360 175,676.20 4
445 W GLENOAKS BOULEVARD 9.875 1,528.29 80
9.625 1,528.29 220,000.00
1
GLENDALE CA 91202 1 04/26/96 04
0380442781 05 06/01/96 12
1225 N 05/01/26
0
1493550 638/728 F 81,000.00 ZZ
360 80,744.72 2
3224 & 3226 HALVERSON AVENUE 8.375 615.66 78
8.125 615.66 105,000.00
BREMERTON WA 98310 2 03/12/96 10
0380409939 05 05/01/96 12
8548448 N 04/01/26
0
1493989 635/635 F 391,500.00 ZZ
360 391,500.00 1
76 NARROWS ROAD 8.875 3,114.95 74
8.625 3,114.95 535,000.00
BEDFORD HILLS NY 10507 2 08/23/96 00
6451108 05 10/01/96 0
6451108 O 09/01/26
0
1494280 526/G02 F 56,000.00 ZZ
360 56,000.00 2
301-303 W RACE STREET 9.375 465.78 80
9.125 465.78 70,000.00
MARTINSBURG WV 25401 1 08/22/96 12
0430027938 05 10/01/96 12
00108493 N 09/01/26
0
1494459 661/661 F 325,000.00 T
360 323,017.90 1
213-15 33RD ROAD 8.625 2,527.82 100
8.335 2,527.82 325,000.00
BAYSIDE NY 11360 1 10/02/95 94
2264323 05 12/01/95 30
2264323 O 11/01/25
0
1494642 076/076 F 127,500.00 ZZ
360 127,374.08 2
297 CLINTON STREET 9.500 1,072.09 85
9.250 1,072.09 150,000.00
HEMPSTEAD NY 11550 1 06/12/96 04
7017171 05 08/01/96 20
7017171 N 07/01/26
0
1
1495760 A69/728 F 93,000.00 ZZ
360 92,905.70 2
622 FRANKLIN STREET 9.375 773.53 78
9.125 773.53 120,000.00
ELIZABETH NJ 07206 2 06/07/96 04
0380478710 05 08/01/96 12
96067109 N 07/01/26
0
1496838 180/728 F 117,000.00 ZZ
360 116,821.35 1
7251 LOUD DRIVE 9.375 973.15 90
9.125 973.15 130,000.00
OSCODA MI 48750 1 05/16/96 01
0380503905 05 07/01/96 35
4252060 O 06/01/26
0
1497045 001/728 F 78,000.00 ZZ
360 77,883.98 2
2536 WARRENSVILLE CENTER ROAD 9.500 655.87 65
9.250 655.87 120,000.00
UNIVERSITY HTS OH 44118 5 05/10/96 00
0380454562 05 07/01/96 0
1502602 N 06/01/26
0
1497311 470/470 F 52,875.00 ZZ
360 52,847.59 1
5083 WEST ASHCROFT AVENUE 9.250 434.99 86
9.000 434.99 61,500.00
FRESNO CA 93722 1 07/22/96 04
33024069 05 09/01/96 25
33024069 N 08/01/26
0
1497632 B75/728 F 82,100.00 ZZ
360 81,940.78 1
2714 SOUTH 156TH DRIVE 9.625 697.84 90
9.375 697.84 91,300.00
GOODYEAR AZ 85338 1 04/23/96 01
0380440025 05 06/01/96 25
2367092 N 05/01/26
0
1497673 B24/728 F 156,550.00 ZZ
360 156,334.87 2
1
18 AVERY STREET 9.875 1,359.40 95
9.625 1,359.40 164,800.00
STAMFORD CT 06902 1 05/14/96 01
0380433921 05 07/01/96 30
1497673 O 06/01/26
0
1497989 965/728 F 45,500.00 ZZ
360 45,432.32 1
508 EAST ELM STREET 9.500 382.59 70
9.250 382.59 65,000.00
TUCSON AZ 85705 2 05/17/96 00
0380465816 05 07/01/96 0
1497989 O 06/01/26
0
1498269 E22/728 F 845,000.00 ZZ
360 843,525.63 1
211 CAMINO DEL NORTE 10.125 7,493.65 65
9.875 7,493.65 1,300,000.00
SANTA FE NM 87501 5 04/12/96 00
0410130215 05 06/01/96 0
410130215 O 05/01/26
0
1498287 180/728 F 26,250.00 ZZ
360 26,226.06 1
2911 SOUTH MANAHTTAN STREET 9.875 227.94 70
9.625 227.94 37,500.00
AMARILLO TX 79103 5 06/20/96 00
0380503475 05 08/01/96 0
4339040 N 07/01/26
0
1498768 766/728 F 36,750.00 T
360 36,696.76 1
19201 COLLINS AVENUE #332 9.625 312.37 75
9.375 312.37 49,000.00
MIAMI FL 33160 1 05/03/96 00
0380451485 22 07/01/96 0
96HA052 O 06/01/26
0
1499417 180/728 F 37,800.00 ZZ
360 37,745.23 1
6250 VILLAGE LANE 9.625 321.30 90
9.375 321.30 42,000.00
COLORADO SPRING CO 80918 1 05/31/96 12
0380501768 01 07/01/96 25
1
3323490 N 06/01/26
0
1499557 405/405 F 32,000.00 ZZ
360 31,906.56 1
1781 OVERBROOK DRIVE 8.750 251.75 80
8.500 251.75 40,000.00
CLEARWATER FL 34615 1 03/29/96 10
3900756 05 05/01/96 12
3900756 N 04/01/26
0
1499772 405/405 F 28,000.00 ZZ
360 27,939.70 1
1920 CLEAR CREEK DRIVE 9.125 227.82 80
UNIT 204-B 8.875 227.82 35,000.00
GEORGETOWN CO 80444 1 04/25/96 01
0003913837 01 06/01/96 12
0003913837 N 05/01/26
0
1499936 635/635 F 170,000.00 ZZ
360 169,918.55 1
98 PEASLEY DR 9.625 1,444.99 69
9.375 1,444.99 248,000.00
MARLBORO TOWNSH NJ 07746 5 07/18/96 00
641415500 03 09/01/96 0
641415500 O 08/01/26
0
1500245 E22/728 F 71,000.00 ZZ
360 70,865.88 2
6022 SW 39TH STREET 9.750 610.00 90
9.500 610.00 78,900.00
MIRAMAR FL 33023 1 04/23/96 01
0410113922 05 06/01/96 25
410113922 N 05/01/26
0
1500409 705/G02 F 54,000.00 T
360 54,000.00 1
3207 GLADE DRIVE 9.750 463.94 90
9.500 463.94 60,000.00
EMERALD LAKES PA 18334 1 08/10/96 04
0430015503 05 10/01/96 25
106249 O 09/01/26
0
1
1500556 661/661 F 280,000.00 ZZ
360 279,023.77 1
1 WALNUT DRIVE 7.875 2,030.20 80
7.625 2,030.20 350,000.00
BRANCHBURG TOWN NJ 08876 1 03/19/96 00
2475705 05 05/01/96 0
2475705 O 04/01/26
0
1500800 766/728 F 29,100.00 ZZ
360 29,061.06 1
5445 COLLINS AVENUE #1706 10.000 255.37 60
9.750 255.37 48,500.00
MIAMI BEACH FL 33140 1 05/09/96 00
0380445099 06 07/01/96 0
96SG0418 N 06/01/26
0
1500840 766/728 F 29,100.00 ZZ
360 29,061.06 1
5445 COLLINS AVENUE #1707 10.000 255.37 60
9.750 255.37 48,500.00
MIAMI BEACH FL 33140 1 05/09/96 00
0380443995 06 07/01/96 0
96SG0419 N 06/01/26
0
1500858 180/G02 F 82,450.00 ZZ
360 82,408.36 1
218 EAST MARKHAM AVENUE 9.375 685.78 79
9.125 685.78 105,000.00
DURHAM NC 27701 1 07/15/96 95
0430002469 05 09/01/96 0
4354437 N 08/01/26
0
1501513 A69/G02 F 83,200.00 ZZ
360 83,166.03 4
235 LINDEN AVENUE 10.375 753.30 80
10.125 753.30 104,000.00
JERSEY CITY NJ 07037 1 07/30/96 10
0430011163 05 09/01/96 12
960781059 N 08/01/26
0
1501712 405/405 F 226,350.00 T
360 225,560.19 1
5232 CHINA GARDEN DRIVE 8.750 1,780.70 80
8.500 1,780.70 282,950.00
1
AUSTIN TX 78730 1 04/17/96 11
3918877 03 06/01/96 12
3918877 O 05/01/26
0
1501740 E46/G02 F 51,000.00 ZZ
360 50,976.83 3
76-78 AMITY STREET 9.875 442.86 50
9.625 442.86 102,000.00
HARTFORD CT 06106 5 07/26/96 00
0430010025 05 09/01/96 0
22843 O 08/01/26
0
1502074 E22/728 F 57,800.00 ZZ
360 57,704.37 1
8006 HATHAWAY DRIVE 10.375 523.33 85
10.125 523.33 68,000.00
NEW PORT RICHEY FL 34654 5 04/25/96 23
0410116933 03 06/01/96 0
410116933 O 05/01/26
0
1502429 A91/G02 F 180,500.00 ZZ
360 180,500.00 2
111-18 134TH STREET 9.750 1,550.77 92
9.500 1,550.77 197,000.00
SOUTH OZONE PAR NY 11420 1 08/21/96 04
0430012518 05 10/01/96 30
163232 O 09/01/26
0
1503674 664/728 F 97,600.00 ZZ
360 97,001.26 1
9003 BLUE QUAIL DRIVE 9.500 820.68 80
9.250 820.68 122,000.00
AUSTIN TX 78758 1 05/22/96 00
0380468893 05 07/01/96 0
2146330 O 06/01/26
0
1503706 939/G02 F 218,500.00 ZZ
360 218,392.52 2
228 RANDALL AVENUE 9.500 1,837.27 95
9.250 1,837.27 230,000.00
ELMONT NY 11003 1 08/01/96 10
0430008318 05 09/01/96 30
9604097 O 08/01/26
0
1
1503871 405/405 F 70,800.00 ZZ
360 70,711.67 1
11253 A TERRA CISTA PKY WEST 8.375 538.14 80
8.125 538.14 88,500.00
RANCHO CUCAMONG CA 91730 1 06/06/96 10
3952512 01 08/01/96 12
3952512 N 07/01/26
0
1504258 201/728 F 100,000.00 ZZ
360 99,950.81 2
38 ARTHUR STREET 9.500 840.86 80
9.250 840.86 125,000.00
CLIFTON NJ 07013 1 07/31/96 01
0380504739 05 09/01/96 12
2800911071 N 08/01/26
0
1504299 736/728 F 72,000.00 ZZ
360 71,385.22 4
7105 NORTH 68TH DRIVE 9.375 598.86 80
9.125 598.86 90,000.00
GLENDALE AZ 85303 1 05/16/96 95
0380461922 05 07/01/96 0
462518 N 06/01/26
0
1504322 A48/728 F 185,250.00 ZZ
360 185,163.58 4
3042-3048 SECOND ST. 9.750 1,591.58 75
9.500 1,591.58 247,000.00
HUBBARD OR 97032 2 07/19/96 00
0380505918 05 09/01/96 0
9605006 N 08/01/26
0
1504326 A48/728 F 185,250.00 ZZ
360 185,163.58 4
3050-3056 SECOND ST. 9.750 1,591.58 75
9.500 1,591.58 247,000.00
HUBBARD OR 97032 2 07/19/96 00
0380505900 05 09/01/96 0
96050005 N 08/01/26
0
1504328 A48/728 F 185,250.00 ZZ
360 185,163.58 4
1
3160-3166 SECOND ST 9.750 1,591.58 75
9.500 1,591.58 247,000.00
HUBBARD OR 97032 2 07/19/96 00
0380503897 05 09/01/96 0
9605007 N 08/01/26
0
1504379 736/728 F 224,000.00 ZZ
360 223,648.94 4
8722,8724,8726,8728 9.250 1,842.79 80
116TH AVENUE NE 9.000 1,842.79 280,000.00
KIRKLAND WA 98033 1 05/24/96 95
0380462755 05 07/01/96 0
465247 N 06/01/26
0
1504397 E22/728 F 29,700.00 ZZ
360 29,661.29 1
10203 CARY AVENUE 10.125 263.39 90
9.875 263.39 33,300.00
OAKLAND CA 94603 1 05/14/96 04
0410149629 05 07/01/96 30
410149629 N 06/01/26
0
1504407 E22/728 F 54,000.00 ZZ
360 53,923.82 2
2209 - 2211 N ELIZABETH STREET 9.750 463.94 90
9.500 463.94 60,000.00
INDIANAPOLIS IN 46219 1 05/15/96 04
0410140610 05 07/01/96 25
410140610 N 06/01/26
0
1504696 942/G02 F 94,500.00 ZZ
360 94,500.00 1
412 CATHERINE STREET 9.500 794.61 90
9.250 794.61 105,000.00
SOMERVILLE NJ 08876 1 08/12/96 01
0430012096 05 10/01/96 25
C10132P608 N 09/01/26
0
1504784 E89/728 F 185,250.00 ZZ
360 185,250.00 1
3413 PATRICIA STREET 9.000 1,490.57 94
8.750 1,490.57 198,000.00
WEST COVINA CA 91792 2 08/19/96 12
0380506817 05 10/01/96 30
1
13893 O 09/01/26
0
1504896 180/180 F 87,300.00 ZZ
360 86,671.71 1
217 ROSEMONT AVENUE 11.375 856.21 90
11.125 856.21 97,000.00
DALLAS TX 75208 1 12/06/94 04
3226636 05 02/01/95 25
3226636 N 01/01/25
0
1504959 180/728 F 193,500.00 ZZ
360 193,345.54 1
6401 EAST CALLE DEL PAISANO 10.500 1,770.02 90
10.250 1,770.02 215,000.00
SCOTTSDALE AZ 85251 1 06/17/96 01
0380497306 05 08/01/96 25
4040192 N 07/01/26
0
1505095 B38/728 F 209,900.00 ZZ
360 209,687.18 1
2617 FAIRBOURNE CIRCLE 9.375 1,745.84 79
9.125 1,745.84 268,000.00
PLANO TX 75093 4 06/21/96 00
0380503566 05 08/01/96 0
1500 O 07/01/26
0
1505345 964/G02 F 100,000.00 ZZ
360 99,950.82 2
214-216 8TH STREET 9.500 840.85 58
9.250 840.85 175,000.00
PACIFIC GROVE CA 93950 5 07/15/96 00
0430010884 05 09/01/96 0
18590 O 08/01/26
0
1505346 964/G02 F 96,250.00 ZZ
360 96,202.66 1
210-212 8TH STREET 9.500 809.32 55
9.250 809.32 175,000.00
PACIFIC GROVE CA 93950 5 07/22/96 00
0430010900 05 09/01/96 0
18592 N 08/01/26
0
1
1505377 637/728 F 123,500.00 ZZ
360 123,285.26 2
61 LINCOLN AVE. 8.750 971.58 95
8.500 971.58 130,000.00
BROOKLYN NY 11208 1 05/31/96 04
0380482357 05 07/01/96 30
9103854 O 06/01/26
0
1505526 A69/G02 F 103,850.00 ZZ
360 103,850.00 3
113-26 209TH STREET 9.625 882.72 75
9.375 882.72 138,500.00
QUEENS VILLAGE NY 11429 1 08/05/96 00
0430015115 05 10/01/96 0
960881069 O 09/01/26
0
1505564 405/405 F 114,750.00 ZZ
360 114,692.05 2
80-64 CYPRESS AVENUE 9.375 954.43 85
9.125 954.43 135,000.00
GLENDALE NY 11385 1 07/18/96 01
3949237 05 09/01/96 20
3949237 N 08/01/26
0
1505608 180/728 F 45,000.00 ZZ
360 44,960.01 2
831 SOUTH STATE STREET 10.000 394.91 90
9.750 394.91 50,000.00
INDIANAPOLIS IN 46203 1 06/21/96 04
0380500562 05 08/01/96 25
4310942 N 07/01/26
0
1505727 180/728 F 108,000.00 ZZ
360 107,952.22 1
1844 SILVER EAGLE COURT 10.000 947.78 90
9.750 947.78 120,000.00
LEADVILLE CO 80461 1 07/12/96 12
0380502428 05 09/01/96 25
4372959 N 08/01/26
0
1505746 936/G02 F 57,600.00 ZZ
360 57,557.59 2
412 EAST HARRY 10.875 543.11 90
10.625 543.11 64,000.00
1
HAZEL PARK MI 48030 1 06/28/96 04
0430013755 05 08/01/96 25
6066377 N 07/01/26
0
1505754 881/728 F 130,000.00 ZZ
360 129,939.35 1
4229 HITCH BOULEVARD 9.750 1,116.90 65
9.500 1,116.90 200,000.00
MOORPARK AREA CA 93021 1 07/17/96 00
0380503384 05 09/01/96 0
602216 N 08/01/26
0
1505807 201/728 F 100,000.00 ZZ
360 99,855.12 1
2323 PARK FARM 9.625 849.99 80
9.375 849.99 125,000.00
SAN ANTONIO TX 78259 2 05/23/96 10
0380468471 03 07/01/96 12
4200892273 N 06/01/26
0
1505846 A33/G02 F 31,400.00 ZZ
360 31,400.00 1
7374 EVERGREEN 9.750 269.77 90
9.500 269.77 34,900.00
DETROIT MI 48228 1 08/22/96 01
0430028357 05 10/01/96 25
HO015030258 O 09/01/26
0
1505866 526/728 F 46,200.00 ZZ
360 46,177.86 1
26687 SW 126TH AVENUE 9.625 392.70 58
9.375 392.70 80,000.00
MIAMI FL 33032 2 07/12/96 00
0380503517 05 09/01/96 0
0132146 N 08/01/26
0
1505879 B35/G02 F 170,000.00 ZZ
360 169,924.79 2
2059 TYLER STREET 10.000 1,491.88 95
9.750 1,491.88 180,000.00
UNION NJ 07083 1 07/22/96 01
0430009480 05 09/01/96 30
9682010772 O 08/01/26
0
1
1505993 180/728 F 83,250.00 ZZ
360 83,169.90 1
2619 ROBINHOOD DRIVE 9.625 707.62 90
9.375 707.62 92,500.00
GREENSBORO NC 27408 1 06/27/96 04
0380498874 05 08/01/96 25
4145629 N 07/01/26
0
1506018 E46/728 F 31,920.00 ZZ
360 31,904.70 1
434 LAFAYETTE STREET 9.625 271.32 80
9.375 271.32 39,900.00
LANCASTER PA 17603 1 07/09/96 04
0380490889 05 09/01/96 25
22543 N 08/01/26
0
1506229 E22/728 F 87,100.00 ZZ
360 86,980.31 1
2217 FAIRVIEW DRIVE 9.875 756.33 65
9.625 756.33 134,000.00
BILLINGS MT 59102 5 05/22/96 00
0410110688 05 07/01/96 0
410110688 N 06/01/26
0
1506238 180/728 F 31,500.00 ZZ
360 31,471.26 1
1707 KENEIPP ROAD 9.875 273.53 90
9.625 273.53 35,050.00
CARROLLTON TX 75006 1 06/20/96 04
0380500687 05 08/01/96 25
4394797 N 07/01/26
0
1506277 001/728 F 102,800.00 ZZ
360 102,752.04 4
5945 DEVINGTON ROAD 9.750 883.21 80
9.500 883.21 128,500.00
INDIANAPOLIS IN 46226 1 07/15/96 01
0380498932 05 09/01/96 12
1503518 N 08/01/26
0
1506330 635/635 F 488,000.00 ZZ
360 487,740.30 1
1
325 SHORE RD 9.125 3,970.53 80
8.875 3,970.53 610,000.00
GREENWICH CT 06830 1 07/31/96 00
652233800 05 09/01/96 0
652233800 O 08/01/26
0
1506568 776/728 F 91,800.00 ZZ
360 91,667.00 1
9303 SOUTHEAST FRANCIS STREET 9.625 780.29 90
9.375 780.29 102,000.00
PORTLAND OR 97266 1 05/30/96 04
0380478215 05 07/01/96 25
5032448 N 06/01/26
0
1506645 180/728 F 175,000.00 ZZ
360 174,916.17 1
0905 COLUMBINE ROAD #B 9.625 1,487.48 58
9.375 1,487.48 305,000.00
BRECKENRIDGE CO 80424 5 07/30/96 00
0380505793 09 09/01/96 0
4373130 N 08/01/26
0
1506659 001/728 F 55,000.00 ZZ
360 54,970.74 3
628-63O SMITH STREET 9.125 447.49 61
8.875 447.49 91,000.00
PROVIDENCE RI 02908 5 07/23/96 00
0380502832 05 09/01/96 0
00000 N 08/01/26
0
1506890 638/G02 F 67,500.00 ZZ
360 67,470.92 1
3887 JEWEL AVENUE 10.125 598.61 90
9.875 598.61 75,000.00
LAS VEGAS NV 89121 1 07/31/96 04
0430013524 05 09/01/96 30
8578432 N 08/01/26
0
1506953 737/728 F 44,100.00 ZZ
360 44,079.42 1
119 WYNNMEADE PARKWAY 9.750 378.89 90
9.500 378.89 49,110.00
PEACHTREE CITY GA 30269 1 07/02/96 01
0380498916 05 09/01/96 25
1
557466 N 08/01/26
0
1506976 180/728 F 86,700.00 ZZ
360 86,657.36 2
2305 & 2307 MAHOGANY CIRCLE 9.500 729.02 85
9.250 729.02 102,000.00
GILLETTE WY 82718 1 08/08/96 01
0380503889 05 09/01/96 20
4373601 N 08/01/26
0
1507230 470/470 F 240,000.00 ZZ
360 239,865.45 1
516 AVALON DRIVE 8.875 1,909.55 78
8.625 1,909.55 310,000.00
SOUTH SAN FRANC CA 94080 5 07/22/96 00
25080683 05 09/01/96 0
25080683 O 08/01/26
0
1507248 965/728 F 70,000.00 ZZ
360 70,000.00 3
208 EDITH BOULEVARD SE 8.625 544.45 43
8.375 544.45 165,000.00
ALBUQUERQUE NM 87102 2 08/02/96 00
0380502915 05 10/01/96 0
1507248 N 09/01/26
0
1507572 F86/F86 F 211,000.00 ZZ
360 203,251.91 1
21 DAWN HARBOR LANE 7.750 1,511.63 24
7.500 1,511.63 900,000.00
GREENWICH CT 06878 2 11/06/92 00
1490346 05 01/01/93 0
1490346 O 12/01/22
0
1507601 F86/F86 F 100,000.00 ZZ
360 96,575.74 1
86 GILBERT ROAD 7.990 733.07 75
7.740 733.07 135,000.00
STAFFORD CT 06076 5 12/17/92 00
1492036 05 02/01/93 0
1492036 O 01/01/23
0
1
1507602 F86/F86 F 92,000.00 ZZ
360 88,927.25 1
30 CASE HILL CIRCLE 8.125 683.10 58
7.875 683.10 160,000.00
SOUTH WINDSOR CT 06074 2 12/18/92 00
1492056 05 02/01/93 0
1492056 O 01/01/23
0
1507604 F86/F86 F 103,000.00 ZZ
360 100,009.71 1
146 WOODVALE ROAD 8.875 819.52 77
8.625 819.52 135,000.00
WEST HAVEN CT 06516 5 12/21/92 00
1492116 05 02/01/93 0
1492116 O 01/01/23
0
1507607 F86/F86 F 90,000.00 ZZ
360 87,130.25 1
140 GRANVILLE RD 8.375 684.07 90
8.125 684.07 100,000.00
GRANBY CT 06060 1 12/29/92 14
1492316 05 02/01/93 17
1492316 O 01/01/23
0
1507611 F86/F86 F 100,000.00 ZZ
360 96,895.07 1
17 BEMIS ST 8.375 760.08 84
8.125 760.08 119,500.00
PLYMOUTH CT 06786 1 01/22/93 14
1492686 05 03/01/93 12
1492686 O 02/01/23
0
1507614 F86/F86 F 120,000.00 ZZ
360 116,304.70 1
9 AMBLER DRIVE 8.125 891.00 77
7.875 891.00 157,000.00
NORWALK CT 06851 1 03/02/93 00
1492996 05 05/01/93 0
1492996 O 04/01/23
0
1507619 F86/F86 F 117,800.00 ZZ
360 113,796.72 1
6 HEMLOCK CIRLE 7.875 854.14 70
7.625 854.14 169,000.00
1
STAFFORD CT 06075 2 03/08/93 00
1496496 05 05/01/93 0
1496496 O 04/01/23
0
1507621 F86/F86 F 156,750.00 ZZ
360 151,254.99 1
31 CLIFFLAWN ROAD 7.875 1,136.55 93
7.625 1,136.55 169,000.00
STRATFORD CT 06497 1 03/30/93 14
1496546 05 05/01/93 22
1496546 O 04/01/23
0
1507625 F86/F86 F 140,000.00 ZZ
360 135,137.18 1
48 HIGH STREET 7.375 966.95 92
7.125 966.95 153,000.00
WINDSOR CT 06095 1 04/30/93 14
1496786 05 06/01/93 22
1496786 O 05/01/23
0
1507626 F86/F86 F 62,000.00 ZZ
360 59,905.48 1
59C EASTBROOK HEIGHTS ROAD 7.625 438.84 79
7.375 438.84 79,000.00
MANSFIELD CT 06250 2 03/22/93 00
1496836 01 05/01/93 0
1496836 O 04/01/23
0
1507638 F86/F86 F 134,400.00 ZZ
360 130,273.73 2
52-54 SOUTH QUAKER LANE 7.990 985.25 80
7.740 985.25 168,000.00
WEST HARTFORD CT 06119 1 04/07/93 00
1497316 05 06/01/93 0
1497316 O 05/01/23
0
1507643 F86/F86 F 66,750.00 ZZ
360 64,442.95 1
20 GREAT MEADOW LANE UNIT 26A 7.500 466.73 75
7.250 466.73 89,000.00
FARMINGTON CT 06032 2 03/01/93 00
1497656 01 05/01/93 0
1497656 O 04/01/23
0
1
1507645 F86/F86 F 95,500.00 ZZ
360 92,290.50 1
70 WOODHILL ROAD 7.500 667.75 74
7.250 667.75 130,000.00
MANCHESTER CT 06040 2 04/26/93 00
1497886 05 06/01/93 0
1497886 O 05/01/23
0
1507646 F86/F86 F 129,000.00 ZZ
360 124,954.23 1
102 BASSETT ROAD 7.875 935.34 75
7.625 935.34 172,000.00
NORTH HAVEN CT 06473 5 04/26/93 00
1497896 05 06/01/93 0
1497896 O 05/01/23
0
1507651 F86/F86 F 122,000.00 ZZ
360 117,992.91 1
271 WEST STREET 7.625 863.51 83
7.375 863.51 148,000.00
WINDSOR CT 06095 2 04/26/93 04
1498196 05 06/01/93 12
1498196 O 05/01/23
0
1507652 F86/F86 F 174,000.00 ZZ
360 168,151.97 1
44 ETHAN DRIVE 7.500 1,216.64 80
7.250 1,216.64 218,000.00
WINDSOR CT 06095 1 04/28/93 00
1498376 05 06/01/93 0
1498376 O 05/01/23
0
1507655 F86/F86 F 55,000.00 ZZ
360 53,284.50 1
63 ELLINGTON STREET 7.750 394.03 80
7.500 394.03 69,000.00
HARTFORD CT 06106 5 05/13/93 00
1498506 05 07/01/93 0
1498506 O 06/01/23
0
1507657 F86/F86 F 100,000.00 ZZ
360 96,569.87 1
1
82 JESSIE DRIVE 7.750 716.42 75
7.500 716.42 134,000.00
WEST HAVEN CT 06516 2 05/17/93 00
1498656 05 07/01/93 0
1498656 O 06/01/23
0
1507659 F86/F86 F 117,000.00 ZZ
360 112,999.46 1
4 WILLOWCREST DRIVE 7.250 798.15 83
7.000 798.15 141,000.00
WINDSOR CT 06095 1 05/28/93 14
1498746 05 07/01/93 12
1498746 O 06/01/23
0
1507662 F86/F86 F 194,500.00 ZZ
360 188,433.41 1
606 YALESVILLE ROAD 7.750 1,393.43 95
7.500 1,393.43 205,000.00
CHESHIRE CT 06410 1 05/28/93 14
1499076 05 07/01/93 22
1499076 O 06/01/23
0
1507664 F86/F86 F 91,100.00 ZZ
360 88,252.88 1
11 TEACH STREET 7.625 644.81 75
7.375 644.81 121,500.00
ENFIELD CT 06082 1 06/30/93 00
1499146 05 08/01/93 0
1499146 O 07/01/23
0
1507669 F86/F86 F 100,500.00 ZZ
360 97,333.78 1
1435 SAYBROOK ROAD 7.375 694.13 75
7.125 694.13 134,000.00
HADDAM CT 06438 5 06/25/93 00
1499466 05 09/01/93 0
1499466 O 08/01/23
0
1507670 F86/F86 F 82,800.00 ZZ
360 80,049.83 1
1101 BLUE HILLS AVENUE 7.250 564.85 90
7.000 564.85 92,000.00
BLOOMFIELD CT 06002 1 06/25/93 14
1499476 05 08/01/93 17
1
1499476 O 07/01/23
0
1507671 F86/F86 F 150,000.00 ZZ
360 145,341.63 2
1432 CHESHIRE STREET 7.750 1,074.62 70
7.500 1,074.62 215,000.00
CHESHIRE CT 06410 5 06/23/93 00
1499486 05 08/01/93 0
1499486 O 07/01/23
0
1507674 F86/F86 F 171,000.00 ZZ
360 165,601.84 1
15 MAIL COACH ROAD 7.375 1,181.06 95
7.125 1,181.06 180,000.00
REDDING CT 06877 1 07/01/93 14
1499736 05 09/01/93 22
1499736 O 08/01/23
0
1507676 F86/F86 F 124,450.00 ZZ
360 120,952.23 1
189 CENTER ROAD 7.990 912.31 95
7.740 912.31 131,000.00
VERNON CT 06066 1 07/15/93 14
1499916 05 09/01/93 22
1499916 O 08/01/23
0
1507773 F86/F86 F 103,200.00 T
360 99,744.80 1
98 WILD HUNTER RD. 7.000 686.59 80
6.750 686.59 129,000.00
DENNIS MA 02638 1 09/20/93 23
1724156 05 11/01/93 0
1724156 O 10/01/23
0
1507796 F86/F86 F 256,000.00 ZZ
360 246,740.47 1
5 BRIDLE PATH 7.250 1,746.37 80
7.000 1,746.37 321,000.00
SHREWSBURY MA 01545 1 03/31/93 00
1741846 05 05/01/93 0
1741846 O 04/01/23
0
1
1507809 F86/F86 F 78,750.00 ZZ
360 75,995.98 3
15-17 NORTHRIDGE STREET 7.875 570.99 76
7.625 570.99 104,000.00
WORCESTER MA 01603 1 12/23/92 00
1742516 05 02/01/93 0
1742516 O 01/01/23
0
1507812 F86/F86 F 66,000.00 ZZ
360 63,459.17 1
6 PAIGE LANE 6.750 428.07 78
6.500 428.07 85,000.00
OXFORD MA 01540 1 04/22/93 00
1742906 05 06/01/93 0
1742906 O 05/01/23
0
1507816 F86/F86 F 81,000.00 ZZ
360 77,881.67 1
7 WILDROSE AVENUE 6.750 525.36 75
6.500 525.36 109,000.00
WORCESTER MA 01602 1 04/27/93 00
1743026 05 06/01/93 0
1743026 O 05/01/23
0
1507817 F86/F86 F 28,000.00 ZZ
360 26,921.85 1
14-6 MALDEN STREET UNIT 4B 6.750 181.61 80
6.500 181.61 35,000.00
WORCESTER MA 01606 1 04/09/93 00
1743086 01 06/01/93 0
1743086 O 05/01/23
0
1507822 F86/F86 F 256,762.00 ZZ
360 247,697.29 1
2 HIGHRIDGE ROAD 7.250 1,751.57 75
7.000 1,751.57 344,000.00
SHREWSBURY MA 01545 1 07/09/93 00
1743256 05 09/01/93 0
1743256 O 08/01/23
0
1507823 F86/F86 F 215,000.00 ZZ
360 208,969.24 1
175 NORTH STREET 8.000 1,577.59 90
7.750 1,577.59 240,000.00
1
SHREWSBURY MA 01545 1 07/23/93 11
1743286 05 09/01/93 17
1743286 O 08/01/23
0
1507825 F86/F86 F 364,000.00 ZZ
360 353,050.01 1
49 COLONIAL DRIVE 7.625 2,576.37 80
7.375 2,576.37 455,000.00
SHREWSBURY MA 01545 5 07/26/93 00
1743326 05 09/01/93 0
1743326 O 08/01/23
0
1507837 F86/F86 F 48,000.00 ZZ
360 46,558.76 1
183 HINKLEY ROAD 7.125 323.38 80
6.875 323.38 60,000.00
HYANNIS MA 02601 2 10/26/93 00
1744476 05 12/01/93 0
1744476 O 11/01/23
0
1507869 F86/F86 F 164,000.00 ZZ
360 158,613.13 1
LOT 9, BAILIN DRIVE 7.625 1,160.79 80
7.375 1,160.79 205,000.00
WORCESTER MA 01604 1 04/16/93 00
1894046 05 06/01/93 0
1894046 O 05/01/23
0
1507870 F86/F86 F 50,000.00 ZZ
360 48,366.82 1
11 HEROULT ROAD 7.500 349.61 58
7.250 349.61 87,000.00
WORCESTER MA 01606 2 05/03/93 00
1894216 05 07/01/93 0
1894216 O 06/01/23
0
1507884 F86/F86 F 170,000.00 ZZ
360 165,270.18 1
8 MORELAND GREEN DRIVE 7.500 1,188.67 79
7.250 1,188.67 215,500.00
WORCESTER MA 01609 1 03/28/94 00
1902466 05 05/01/94 0
1902466 O 04/01/24
0
1
1507898 F86/F86 F 230,000.00 ZZ
360 224,243.26 1
7 NASH STREET 6.750 1,491.78 77
6.500 1,491.78 300,000.00
WESTBORO MA 01581 1 05/24/94 00
3475112 05 07/01/94 0
3475112 O 06/01/24
0
1507899 F86/F86 F 268,500.00 ZZ
360 263,224.44 1
22 WACHUSETT VIEW DRIVE 7.125 1,808.94 75
6.875 1,808.94 359,000.00
WESTBORO MA 01581 1 09/09/94 00
3475152 05 11/01/94 0
3475152 O 10/01/24
0
1507922 F86/F86 F 262,500.00 ZZ
360 254,692.77 1
29 WACHUSETT VIEW DRIVE 6.625 1,680.82 75
6.375 1,680.82 352,000.00
WESTBORO MA 01581 1 01/28/94 00
3774442 05 03/01/94 0
3774442 O 02/01/24
0
1507930 F86/F86 F 127,000.00 T
360 123,827.01 1
UNIT 11 SHELL BEACH 7.375 877.16 64
OLD TOWNE HIGHWAY 7.125 877.16 200,000.00
EAST HAVEN CT 06512 2 02/15/94 00
3801512 01 04/01/94 0
3801512 O 03/01/24
0
1507936 F86/F86 F 115,500.00 ZZ
360 113,460.96 1
221 MARGATE ROAD 8.375 877.89 60
8.125 877.89 195,500.00
LUTHERVILLE MD 21093 1 06/20/94 00
3846462 05 08/01/94 0
3846462 O 07/01/24
0
1507940 F86/F86 F 474,000.00 ZZ
360 469,588.27 1
1
3684 MISTY LANE 7.875 3,436.83 60
7.625 3,436.83 800,000.00
APTOS CA 95003 5 07/24/95 00
3882742 05 09/01/95 0
3882742 O 08/01/25
0
1507942 F86/F86 F 500,000.00 T
360 495,904.35 1
14 POINT ROAD 8.250 3,756.34 77
8.000 3,756.34 655,500.00
MARION MA 02738 1 08/03/95 23
3884622 05 10/01/95 0
3884622 O 09/01/25
0
1507944 F86/F86 F 370,000.00 ZZ
360 367,059.17 1
ONE SOUTH PARADISE LANE 8.250 2,779.69 67
8.000 2,779.69 556,000.00
STURBRIDGE MA 01566 5 07/31/95 00
3885442 05 10/01/95 0
3885442 O 09/01/25
0
1507946 F86/F86 F 121,000.00 ZZ
360 117,642.89 1
LOT 13R ETRE DRIVE 7.375 835.72 61
7.125 835.72 201,000.00
WORCESTER MA 01604 1 11/19/93 00
3897312 05 01/01/94 0
3897312 O 12/01/23
0
1507947 F86/F86 F 231,750.00 ZZ
360 225,077.34 1
37 WACHUSETT VIEW DRIVE 7.250 1,580.94 75
7.000 1,580.94 309,000.00
WESTBORO MA 01581 1 11/12/93 00
3897332 05 01/01/94 0
3897332 O 12/01/23
0
1507949 F86/F86 F 246,400.00 ZZ
360 238,897.53 1
LOT 36 BROOKS CROSSING 7.000 1,639.31 80
6.750 1,639.31 308,000.00
WEST BOYLSTON MA 01583 1 11/05/93 00
3897382 05 01/01/94 0
1
3897382 O 12/01/23
0
1507960 F86/F86 F 40,950.00 T
360 40,049.14 1
204 SANS SOUCI STREET 7.000 272.45 81
UNIT 3B 6.750 272.45 51,000.00
CHARLESTON SC 29403 1 08/02/94 10
4140082 01 09/01/94 17
4140082 O 08/01/24
0
1508017 F86/F86 F 35,750.00 T
360 35,417.17 1
64 HIGHLAND ROAD 7.875 259.22 32
7.625 259.22 115,000.00
LAKEVILLE MA 02347 1 07/20/95 00
4650132 05 09/01/95 0
4650132 O 08/01/25
0
1508031 F86/F86 F 82,500.00 ZZ
360 80,157.32 1
139 AUDREYS LANE 7.250 562.80 90
7.000 562.80 92,000.00
MARSTONS MILLS MA 02648 2 11/10/93 11
6069241 05 01/01/94 17
6069241 O 12/01/23
0
1508037 F86/F86 F 120,000.00 ZZ
360 95,017.24 1
31 PICKMAN DRIVE UNIT 11 7.250 818.62 45
7.000 818.62 269,000.00
BEDFORD MA 01730 1 07/29/93 00
6443391 01 09/01/93 0
6443391 O 08/01/23
0
1508045 F86/F86 F 196,000.00 T
360 190,239.11 1
LONG ISLAND BOW LAKE 7.750 1,404.17 70
7.500 1,404.17 280,000.00
STRAFFORD NH 03884 5 07/07/93 00
6792011 05 09/01/93 0
6792011 O 08/01/23
0
1
1508046 F86/F86 F 200,000.00 ZZ
360 193,888.58 1
64 BEACH PLUM LANE 7.375 1,381.36 48
7.125 1,381.36 418,000.00
OSTERVILLE MA 02655 1 08/30/93 00
6793481 05 10/01/93 0
6793481 O 09/01/23
0
1508054 F86/F86 F 123,000.00 ZZ
360 119,154.13 1
12 CORNFIELD LANE 7.250 839.08 75
7.000 839.08 165,000.00
ENFIELD CT 06082 2 08/23/93 00
6887801 05 10/01/93 0
6887801 O 09/01/23
0
1508056 F86/F86 F 128,150.00 ZZ
360 124,411.38 1
176 ROUND HILL ROAD 7.625 907.04 95
7.375 907.04 134,900.00
BRISTOL CT 06010 1 08/06/93 14
6887971 05 10/01/93 22
6887971 O 09/01/23
0
1508122 180/728 F 17,250.00 ZZ
360 17,241.06 1
925 SHALLOWFORD MANOR, #A1 9.250 141.91 75
9.000 141.91 23,000.00
CHATTANOOGA TN 37411 2 07/16/96 00
0380503087 01 09/01/96 0
4122560 N 08/01/26
0
1508239 830/G02 F 34,500.00 ZZ
360 34,483.04 1
49 SAUK TR. 9.500 290.09 50
9.250 290.09 69,000.00
PARK FOREST IL 60466 2 07/08/96 00
0430012526 05 09/01/96 0
5219909990 O 08/01/26
0
1508287 462/G02 F 133,000.00 ZZ
360 132,931.05 1
7423 LA SALLE AVE 9.250 1,094.16 95
9.000 1,094.16 140,000.00
1
LOS ANGELES CA 90047 2 07/18/96 10
0430011650 05 09/01/96 30
4504734 O 08/01/26
0
1508327 635/635 F 221,600.00 ZZ
360 221,475.77 1
238 MARIETTA AVE 8.875 1,763.15 80
8.625 1,763.15 280,000.00
HAWTHORNE NY 10532 1 07/23/96 00
653228700 05 09/01/96 0
653228700 O 08/01/26
0
1508343 470/470 F 63,000.00 ZZ
360 62,937.77 1
815 EAST GROVERS AVENUE, 9.500 529.74 90
UNIT #63 9.250 529.74 70,000.00
PHOENIX AZ 85022 1 06/03/96 04
51010394 01 08/01/96 25
51010394 N 07/01/26
0
1508474 076/076 F 61,100.00 ZZ
360 61,069.14 1
8115 CONCHO STREET 9.375 508.20 85
9.125 508.20 71,900.00
HOUSTON TX 77036 1 07/01/96 04
17045255 05 09/01/96 20
17045255 N 08/01/26
0
1508608 A35/G02 F 104,000.00 ZZ
360 103,950.18 1
64 N PEARL ST 9.625 883.99 65
9.375 883.99 160,000.00
LAS VEGAS NV 89110 1 06/28/96 00
0430011072 05 09/01/96 0
2470 N 08/01/26
0
1508629 B77/728 F 59,850.00 ZZ
360 59,824.22 1
20 ALICE AVENUE 10.125 530.76 83
9.875 530.76 72,500.00
LYNN MA 01902 1 07/31/96 01
0380500216 05 09/01/96 25
95301803 O 08/01/26
0
1
1508672 939/G02 F 179,200.00 ZZ
360 179,200.00 1
156-37 86TH STREET 9.250 1,474.24 70
9.000 1,474.24 256,000.00
HOWARD BEACH NY 11414 1 08/13/96 00
0430014738 05 10/01/96 0
9604121 O 09/01/26
0
1508801 637/G02 F 89,625.00 ZZ
360 89,578.53 1
18 LINWOOD AVE. 9.250 737.33 75
9.000 737.33 119,500.00
HUNTINGTON NY 11743 1 08/01/96 00
0430027391 05 09/01/96 0
9224304 O 08/01/26
0
1508815 B81/G02 F 111,500.00 ZZ
360 111,419.58 1
4308 SOUTHEAST MONROE STREET 8.625 867.24 90
8.375 867.24 123,900.00
MILWAUKIE OR 97222 1 07/18/96 10
0430005397 05 09/01/96 25
962258 N 08/01/26
0
1508884 001/728 F 30,500.00 ZZ
360 30,484.19 2
731-33 UPSON STREET 9.250 250.91 85
9.000 250.91 35,900.00
AKRON OH 44305 1 07/22/96 04
0380498957 05 09/01/96 20
1504570 N 08/01/26
0
1508932 180/728 F 80,550.00 ZZ
360 80,514.37 1
2518 ALABAMA STREET 10.000 706.88 90
9.750 706.88 89,500.00
LAWRENCE KS 66046 1 07/16/96 04
0380502444 05 09/01/96 30
4312161 N 08/01/26
0
1508933 180/728 F 50,150.00 ZZ
360 50,124.68 1
1
1016 GETTYSBURG DRIVE 9.375 417.12 90
9.125 417.12 55,750.00
SCHERTZ TX 78154 1 07/02/96 04
0380501362 05 09/01/96 25
4396586 N 08/01/26
0
1509010 882/882 F 57,700.00 ZZ
360 57,671.62 2
1750 N.E. 170 STREET 9.500 485.17 75
9.250 485.17 77,000.00
NORTH MIAMI BEA FL 33162 5 08/05/96 00
UNKNOWN 05 09/01/96 0
UNKNOWN O 08/01/26
0
1509072 180/728 F 25,200.00 ZZ
360 25,188.56 1
2301 BALSAM DRIVE 9.875 218.82 90
UNIT M-102 9.625 218.82 28,000.00
ARLINGTON TX 76006 1 07/12/96 04
0380500778 01 09/01/96 25
4395273 N 08/01/26
0
1509174 F34/G02 F 241,150.00 ZZ
360 241,150.00 1
3009 RODMAN STREET NW 9.250 1,983.89 65
9.000 1,983.89 371,000.00
WASHINGTON DC 20008 2 08/27/96 00
0430030635 05 10/01/96 0
101075 N 09/01/26
0
1509240 E22/728 F 88,200.00 ZZ
360 88,068.83 1
14023 BARRYKNOLL LANE 9.500 741.63 70
9.250 741.63 126,000.00
HOUSTON TX 77079 5 05/21/96 00
0410133193 05 07/01/96 0
410133193 N 06/01/26
0
1509352 874/G02 F 51,200.00 ZZ
360 51,200.00 2
2010-2020 SHEFFIELD MANOR WEST 8.875 407.37 47
8.625 407.37 110,000.00
CARSON CITY NV 89701 2 08/12/96 00
0430024109 05 10/01/96 0
1
3677785 N 09/01/26
0
1509476 A46/G02 F 274,000.00 ZZ
360 273,850.33 1
7805 LINDENWOOD CIRCLE 9.000 2,204.67 80
8.750 2,204.67 345,000.00
AUSTIN TX 78731 2 07/30/96 00
0430015404 05 09/01/96 0
UNKNOWN O 08/01/26
0
1509521 201/G02 F 184,000.00 ZZ
360 184,000.00 1
250 GLEN COURT 9.375 1,530.42 79
9.125 1,530.42 235,000.00
TEANECK NJ 07666 1 08/08/96 00
0430025361 05 10/01/96 0
2000905071 O 09/01/26
0
1509525 180/728 F 35,100.00 ZZ
360 35,083.63 1
2707 BLYTH DRIVE 9.750 301.56 90
9.500 301.56 39,000.00
DALLAS TX 75228 1 07/17/96 04
0380501008 05 09/01/96 25
4456406 N 08/01/26
0
1509554 A33/728 F 44,900.00 ZZ
360 44,879.60 1
6875 STAHELIN 9.875 389.89 90
9.625 389.89 49,900.00
DETROIT MI 48228 1 07/19/96 04
0380498049 05 09/01/96 25
015031278 N 08/01/26
0
1509747 180/728 F 229,900.00 ZZ
360 229,798.29 1
300 N.W. 17TH STREET 10.000 2,017.54 70
9.750 2,017.54 328,450.00
OKLAHOMA CITY OK 73103 5 07/17/96 00
0380503236 05 09/01/96 0
UNKNOWN O 08/01/26
0
1
1509780 E22/728 F 79,500.00 ZZ
360 79,313.07 1
2123 W 121ST STREET 8.500 611.29 75
8.250 611.29 106,000.00
BLUE ISLAND IL 60406 5 06/17/96 00
0410178750 05 08/01/96 0
410178750 O 07/01/26
0
1509782 E22/G02 F 124,000.00 ZZ
360 123,877.53 1
8823 SOUTH AUSTIN AVENUE 9.500 1,042.66 80
9.250 1,042.66 155,000.00
OAK LAWN IL 60453 1 06/07/96 00
0410178982 05 08/01/96 0
410178982 O 07/01/26
0
1509863 F96/G02 F 142,500.00 ZZ
360 142,500.00 2
38 SEARS PLACE 9.250 1,172.31 95
9.000 1,172.31 150,000.00
CLIFTON NJ 07011 1 08/06/96 01
0430010710 05 10/01/96 30
1002 O 09/01/26
0
1509974 498/728 F 34,828.00 ZZ
360 34,796.23 2
616 & 620 LIGUSTRUM STREET 9.875 302.43 85
9.625 302.43 40,975.00
CHARLOTTE NC 28206 1 06/19/96 01
0380504200 05 08/01/96 20
1449043 N 07/01/26
0
1511065 526/728 F 32,400.00 ZZ
360 32,354.27 1
1202 N. PENNSYLVANIA 9.750 278.37 90
9.500 278.37 36,000.00
WICHITA KS 67214 1 06/03/96 10
0380503525 05 07/01/96 25
128619 N 06/01/26
0
1511286 664/728 F 33,000.00 ZZ
360 32,952.04 1
4904 PALO ALTO DRIVE 9.250 271.49 75
9.000 271.49 44,000.00
1
GARLAND TX 75043 1 06/21/96 00
0380487513 09 08/01/96 0
220228 N 07/01/26
0
1511397 E46/728 F 161,500.00 ZZ
360 161,428.55 1
7232 KILMER ROAD 10.000 1,417.28 95
9.750 1,417.28 170,000.00
COOLBAUGH TOWNS PA 18466 2 07/18/96 11
0380498676 03 09/01/96 30
22922 O 08/01/26
0
1511400 705/G02 F 152,950.00 ZZ
360 152,950.00 1
80-14 162ND STREET 8.750 1,203.26 95
8.500 1,203.26 161,000.00
JAMAICA NY 11432 1 08/15/96 04
0430019547 05 10/01/96 30
96300204 O 09/01/26
0
1511403 635/635 F 49,500.00 ZZ
360 49,476.28 1
732 MOHAWK ST 9.625 420.75 90
9.375 420.75 55,000.00
ALLENTOWN PA 18103 1 07/18/96 04
6545784 07 09/01/96 25
6545784 N 08/01/26
0
1511409 E22/728 F 81,000.00 ZZ
360 80,915.69 1
1375 ESTATE COURT 9.250 666.37 61
(BYRON TWP) 9.000 666.37 133,000.00
BYRON CENTER MI 49315 2 06/13/96 00
0410198659 05 08/01/96 0
410198659 O 07/01/26
0
1511428 F03/G02 F 138,000.00 ZZ
360 137,932.12 1
14 W COLUMBIA STREET 9.500 1,160.38 49
9.250 1,160.38 283,500.00
COLORADO SPRING CO 80907 1 07/30/96 00
0430011148 05 09/01/96 0
1005 O 08/01/26
0
1
1511442 910/728 F 77,445.00 ZZ
360 77,445.00 1
5104 WEST FESTIVAL DRIVE 9.500 651.20 90
9.250 651.20 86,050.00
WEST VALLEY CIT UT 84120 1 08/02/96 10
0380503574 05 10/01/96 25
133412 N 09/01/26
0
1511483 A06/728 F 49,050.00 ZZ
360 49,027.11 1
19816 INKSTER 9.750 421.42 90
9.500 421.42 54,500.00
REDFORD MI 48240 1 07/23/96 11
0380498411 05 09/01/96 25
001000009604984 N 08/01/26
0
1511489 638/G02 F 130,500.00 ZZ
360 130,439.11 1
1536 NORTH FAIRVIEW STREET 9.750 1,121.20 90
9.500 1,121.20 145,000.00
BURBANK CA 91505 1 07/15/96 04
0430014514 05 09/01/96 25
8570972 N 08/01/26
0
1511634 405/405 F 64,000.00 T
360 63,966.81 1
700 WHEATRIDGE LANE #202 9.250 526.52 75
9.000 526.52 85,450.00
LAS VEGAS NV 89101 1 07/30/96 00
3970837 01 09/01/96 0
3970837 O 08/01/26
0
1511635 076/076 F 105,600.00 ZZ
360 105,389.76 3
3 MARKET STREET 9.500 887.94 80
9.250 887.94 132,000.00
OSSINING NY 10562 1 04/17/96 01
UNKNOWN 05 06/01/96 12
UNKNOWN N 05/01/26
0
1511705 526/526 F 92,000.00 ZZ
360 91,417.90 1
1
635 NORTH TALL PINE PLACE 9.375 765.21 80
9.125 765.21 115,000.00
MERIDIAN ID 83642 2 08/17/95 10
45106 05 10/01/95 12
45106 N 09/01/25
0
1511708 180/728 F 236,000.00 ZZ
360 235,883.91 1
32151 ELLISON WAY 9.500 1,984.42 80
9.250 1,984.42 295,000.00
FORT BRAGG CA 95437 1 07/16/96 00
0380503202 05 09/01/96 0
4328126 O 08/01/26
0
1511714 180/728 F 34,200.00 ZZ
360 34,200.00 1
219 HAVERFORD 9.250 281.35 90
9.000 281.35 38,000.00
SAN ANTONIO TX 78217 1 08/09/96 04
0380506627 05 10/01/96 25
4453536 N 09/01/26
0
1511717 180/728 F 43,900.00 ZZ
360 43,880.05 1
405 WESTCHESTER DRIVE 9.875 381.21 90
9.625 381.21 48,825.00
SCHERTZ TX 78154 1 07/11/96 04
0380500844 05 09/01/96 25
4394102 N 08/01/26
0
1511719 180/728 F 114,300.00 ZZ
360 114,234.24 1
10725 HOLLAWAY DRIVE 8.750 899.20 90
8.500 899.20 127,000.00
UPPER MARLBORO MD 20772 1 07/12/96 01
0380502857 05 09/01/96 25
4448528 N 08/01/26
0
1511722 180/728 F 24,700.00 ZZ
360 24,689.07 1
131 SOUTHEAST 42ND STREET 10.000 216.76 80
9.750 216.76 30,900.00
OKLAHOMA CITY OK 73129 1 07/29/96 23
0380504531 05 09/01/96 0
1
4453494 N 08/01/26
0
1511728 180/G02 F 153,000.00 ZZ
360 152,932.31 1
9536 COUNTY ROAD 2434 10.000 1,342.69 90
9.750 1,342.69 170,000.00
TERRELL TX 75160 1 07/10/96 04
0430013649 05 09/01/96 25
4455051 N 08/01/26
0
1511732 180/728 F 60,300.00 ZZ
360 60,269.55 1
1240 EILERS AVENUE 9.375 501.54 90
9.125 501.54 67,500.00
PUEBLO CO 81004 1 07/17/96 12
0380501693 05 09/01/96 25
4413944 N 08/01/26
0
1511740 635/635 F 91,000.00 ZZ
360 90,954.04 1
13662 E. EVANS AVE. 9.375 756.90 80
9.125 756.90 114,000.00
AURORA CO 80014 1 07/22/96 00
654320100 09 09/01/96 0
654320100 O 08/01/26
0
1511748 635/635 F 184,080.00 ZZ
360 183,984.57 1
4201 SYCAMORE LN 9.250 1,514.38 80
9.000 1,514.38 230,100.00
PARKER TX 75002 1 07/17/96 04
6547806 05 09/01/96 12
6547806 N 08/01/26
0
1511749 E46/728 F 140,200.00 ZZ
360 140,200.00 3
17 4TH STREET 9.250 1,153.39 85
9.000 1,153.39 165,000.00
BRICK TOWNSHIP NJ 08724 2 08/15/96 11
0380505728 05 10/01/96 12
23045 O 09/01/26
0
1
1511786 405/405 F 208,000.00 ZZ
360 208,000.00 2
119 HUI F ROAD 8.875 1,654.95 67
8.625 1,654.95 314,706.00
LAHAINA HI 96761 4 08/01/96 00
3972809 05 10/01/96 0
3972809 O 09/01/26
0
1511922 405/405 F 205,400.00 ZZ
360 205,298.96 4
4529-4531 1/2 FULTON AVENUE 9.500 1,727.12 88
9.250 1,727.12 234,500.00
LOS ANGELES CA 91403 1 07/16/96 10
3977618 05 09/01/96 25
3977618 O 08/01/26
0
1511975 076/076 F 66,700.00 ZZ
360 66,586.98 2
1704 S. 9TH STREET A & B 8.875 530.70 85
8.625 530.70 79,000.00
WACO TX 76706 1 05/02/96 04
5583502 05 07/01/96 20
5583502 N 06/01/26
0
1512011 180/728 F 72,000.00 ZZ
360 71,962.67 1
301 ALANBROOK 9.250 592.33 80
9.000 592.33 90,000.00
SHERWOOD AR 72120 1 07/17/96 95
0380503145 05 09/01/96 0
UNKNOWN N 08/01/26
0
1512012 180/728 F 65,750.00 ZZ
360 65,715.91 1
20 SALLISAW COURT 9.250 540.91 79
9.000 540.91 83,500.00
NORTH LITTLE RO AR 72116 1 07/17/96 95
0380506122 05 09/01/96 0
UNKNOWN N 08/01/26
0
1512023 462/G02 F 116,550.00 ZZ
360 116,491.14 1
2263 WARREN STREET 9.375 969.41 90
9.125 969.41 129,500.00
1
EUGENE OR 97405 1 07/16/96 04
0430011668 05 09/01/96 25
4507737 N 08/01/26
0
1512041 B35/G02 F 170,000.00 ZZ
360 169,904.69 1
406 POST OAK ROAD 8.875 1,352.60 80
8.625 1,352.60 212,880.00
LANCASTER PA 17601 1 07/31/96 00
0430013557 05 09/01/96 0
9682010750 O 08/01/26
0
1512042 076/076 F 95,850.00 ZZ
360 95,364.33 1
54 MUNROE STREET 9.000 771.24 90
8.750 771.24 106,500.00
HAVERVILLE MA 01830 1 11/30/95 10
5045212 05 01/01/96 25
5045212 N 12/01/25
0
1512043 B77/G02 F 138,400.00 ZZ
360 138,400.00 4
68 WILTON AVENUE 9.500 1,163.74 80
9.250 1,163.74 173,000.00
NORWALK CT 06851 1 08/09/96 04
0430011536 05 10/01/96 12
95301904 N 09/01/26
0
1512052 076/076 F 52,800.00 ZZ
360 52,708.20 2
80-82 NORTH STREET 8.750 415.38 80
8.500 415.38 66,000.00
MANCHESTER CT 06040 1 05/10/96 10
4738562 05 07/01/96 12
4738562 N 06/01/26
0
1512064 E22/728 F 45,900.00 ZZ
360 45,861.34 2
11316 - 11318 E 19TH STREET 10.250 411.31 90
10.000 411.31 51,000.00
INDEPENDENCE MO 64052 1 06/14/96 10
0410170419 05 08/01/96 30
410170419 N 07/01/26
0
1
1512070 076/076 F 56,000.00 ZZ
360 55,912.23 3
1010 ARCO DRIVE 9.250 460.70 80
9.000 460.70 70,000.00
JACKSONVILLE FL 32211 1 05/10/96 04
5265202 05 07/01/96 12
5265202 N 06/01/26
0
1512074 076/076 F 72,000.00 ZZ
360 71,887.14 4
5455 LOS SANTOS WAY 9.250 592.33 80
9.000 592.33 90,000.00
JACKSONVILLE FL 32211 1 05/10/96 04
5265222 05 07/01/96 12
5265222 N 06/01/26
0
1512078 462/728 F 87,900.00 ZZ
360 87,856.76 1
999 EUCALYPTUS AVE 9.500 739.12 94
9.250 739.12 94,000.00
BRAWLEY CA 92227 2 07/15/96 10
0380502774 05 09/01/96 30
4509261 O 08/01/26
0
1512083 405/405 F 88,100.00 ZZ
360 88,000.84 1
20612 SW CELEBRITY LANE 8.875 700.97 60
8.625 700.97 147,000.00
ALOHA OR 97007 2 06/20/96 00
5773941143 05 08/01/96 0
5773941143 N 07/01/26
0
1512150 480/728 F 271,800.00 T
360 271,426.50 1
10009 JEFFERSON AVE 9.875 2,360.17 90
#1813 9.625 2,360.17 302,000.00
MIAMI BEACH FL 33139 1 05/22/96 10
0380500901 08 07/01/96 25
1585744 O 06/01/26
0
1512232 076/076 F 88,000.00 ZZ
360 87,869.12 1
1
2553 ELLIS STREET 9.500 739.95 79
9.250 739.95 112,000.00
NORTH LAS VEGAS NV 89030 1 05/03/96 04
5630302 05 07/01/96 12
5630302 N 06/01/26
0
1512266 201/728 F 52,200.00 ZZ
360 52,151.10 1
11 LEE AVENUE 9.750 448.48 85
COUNTY OF CAMDEN 9.500 448.48 62,000.00
HADDONFIELD NJ 08033 1 06/14/96 01
0380499666 05 08/01/96 25
1400904510 N 07/01/26
0
1512371 E22/728 F 247,000.00 ZZ
360 246,763.24 3
2315 N OAKLEY AVENUE 10.375 2,236.36 70
10.125 2,236.36 355,000.00
CHICAGO IL 60647 2 06/17/96 00
0410171052 05 08/01/96 0
410171052 N 07/01/26
0
1512376 F27/728 F 378,000.00 ZZ
360 377,776.83 1
47557 GRIFFITH PLACE 8.625 2,940.05 95
8.375 2,940.05 398,000.00
STERLING VA 20165 1 07/31/96 12
0380503095 03 09/01/96 30
UNKNOWN O 08/01/26
0
1512429 180/728 F 76,000.00 ZZ
360 75,963.58 1
2001 MUSSER STREET 9.625 646.00 80
9.375 646.00 95,000.00
LARREDO TX 78040 1 07/19/96 00
0380504499 05 09/01/96 0
4455812 O 08/01/26
0
1512446 076/076 F 140,000.00 ZZ
360 139,768.84 1
2 WHEATFIELD COVE ROAD 9.000 1,126.48 55
8.750 1,126.48 256,000.00
NARRAGANSETT RI 02882 1 05/15/96 00
5317182 05 07/01/96 0
1
5317182 O 06/01/26
0
1512459 076/076 F 232,000.00 ZZ
360 231,460.24 1
2810 CAMEL DRIVE 8.750 1,825.14 80
8.500 1,825.14 290,000.00
SAN BRUNO CA 94066 5 04/12/96 00
5937492 05 06/01/96 0
5937492 O 05/01/26
0
1512460 B81/728 F 55,200.00 ZZ
360 55,173.55 3
1525 A-C BERNARD DRIVE 9.625 469.20 80
9.375 469.20 69,000.00
TUCSON AZ 85714 1 07/15/96 01
0380501891 05 09/01/96 25
961016 N 08/01/26
0
1512462 076/076 F 17,600.00 ZZ
360 17,574.50 1
5224 E. 7TH STREET 9.625 149.60 80
9.375 149.60 22,000.00
KANSAS CITY MO 64124 1 05/07/96 04
5937172 05 07/01/96 17
5937172 N 06/01/26
0
1512465 076/076 F 120,600.00 ZZ
360 120,333.55 1
912 WEST SIR MONTE DRIVE 9.000 970.37 90
8.750 970.37 134,000.00
ST GEORGE UT 84770 1 04/24/96 01
5609172 03 06/01/96 25
5609172 N 05/01/26
0
1512470 076/076 F 22,500.00 ZZ
360 22,412.70 1
305 WOODROW AVENUE 9.750 193.31 90
9.500 193.31 25,000.00
BAKERSFIELD CA 93308 1 04/23/96 01
5609062 05 06/01/96 25
5609062 N 05/01/26
0
1
1512484 076/076 F 42,700.00 ZZ
360 42,603.14 1
5102 SHADYLANE DRIVE 8.875 339.75 70
8.625 339.75 61,000.00
MIDLAND TX 79703 5 05/08/96 00
5902362 05 06/01/96 0
5902362 N 05/01/26
0
1512509 462/728 F 100,000.00 ZZ
360 99,949.50 1
1708 MAGNOLIA AVE 9.375 831.75 36
9.125 831.75 280,000.00
MANHATTAN BEACH CA 90266 5 07/16/96 00
0380502808 05 09/01/96 0
4509527 O 08/01/26
0
1512512 A80/728 F 93,600.00 ZZ
360 93,600.00 1
602 EAST 30TH STREET 10.000 821.41 90
9.750 821.41 104,000.00
HIALEAH FL 33013 1 08/06/96 12
0380503582 05 10/01/96 25
9614849 N 09/01/26
0
1512520 076/076 F 345,800.00 ZZ
360 345,015.92 1
2700 SLEEPY HOLLOW DRIVE 8.875 2,751.34 70
8.625 2,751.34 494,000.00
ENNIS TX 75119 2 04/10/96 00
5790572 05 06/01/96 0
5790572 O 05/01/26
0
1512545 F03/G02 F 117,600.00 ZZ
360 117,600.00 1
714 WEDGEWOOD ROAD 9.500 988.85 70
9.250 988.85 168,000.00
GOLDEN CO 80403 5 08/01/96 00
0430011338 05 10/01/96 0
DEN10009 O 09/01/26
0
1512561 F30/728 F 54,000.00 ZZ
360 53,974.81 1
5805 BROMLEY AVENUE #50 9.750 463.94 90
9.500 463.94 60,000.00
1
LAS VEGAS NV 89107 1 07/02/96 04
0380499922 01 09/01/96 30
100676 N 08/01/26
0
1512619 405/405 F 96,800.00 ZZ
360 96,699.23 4
515 FRANKLIN STREET 9.250 796.36 80
9.000 796.36 121,000.00
HAVRE DE GRACE MD 21078 1 06/28/96 01
3962784 05 08/01/96 12
3962784 N 07/01/26
0
1512628 936/G02 F 80,000.00 ZZ
360 79,961.68 1
600 LAWSON COURT 9.625 679.99 64
9.375 679.99 125,000.00
WESTERVILLE OH 43081 1 07/19/96 00
0430010488 05 09/01/96 0
6092571 O 08/01/26
0
1512642 816/G02 F 104,000.00 ZZ
360 103,954.00 4
296 WEST PAGES LANE 10.000 912.67 58
9.750 912.67 180,000.00
BOUNTIFUL UT 84010 1 07/18/96 00
0430006676 05 09/01/96 0
140630 N 08/01/26
0
1512657 E22/728 F 169,200.00 T
360 169,049.68 1
307 SPOTTIS WOODE COURT 10.000 1,484.85 53
9.750 1,484.85 324,000.00
CLEARWATER FL 34616 1 06/14/96 00
0410190581 03 08/01/96 0
410190581 O 07/01/26
0
1512661 766/728 F 37,400.00 ZZ
360 37,366.78 2
317-319 NW 11 STREET 10.000 328.21 85
9.750 328.21 44,000.00
FT. LAUDERDALE FL 33311 1 06/18/96 04
0380503400 05 08/01/96 20
96DA0144 N 07/01/26
0
1
1512672 635/635 F 105,000.00 ZZ
360 105,000.00 1
63 SYLVAN KNOLL ROAD 9.375 873.34 57
9.125 873.34 185,000.00
STAMFORD CT 06902 1 08/15/96 00
6548960 05 10/01/96 0
6548960 O 09/01/26
0
1512683 F42/G02 F 110,000.00 ZZ
360 109,947.30 2
574 MAGNOLIA BOULEVARD 9.625 934.99 90
9.375 934.99 122,325.00
LONG BEACH NY 11561 1 07/19/96 01
0430014027 05 09/01/96 12
NY0401965 N 08/01/26
0
1512754 E22/728 F 475,000.00 ZZ
360 474,554.99 1
2060 POPE CANYON ROAD 9.750 4,080.98 62
9.500 4,080.98 775,000.00
ST HELENA CA 94574 2 06/20/96 00
0410178651 05 08/01/96 0
410178651 O 07/01/26
0
1512772 E22/728 F 50,700.00 ZZ
360 50,657.30 1
602 E DANIELDALE ROAD 10.250 454.32 65
10.000 454.32 78,000.00
DUNCANVILLE TX 75137 5 06/19/96 00
0410134381 05 08/01/96 0
410134381 N 07/01/26
0
1512774 E22/G02 F 56,000.00 ZZ
360 55,955.31 1
355 FARMINGDALE CIRCLE 10.500 512.25 70
10.250 512.25 80,000.00
VERNON HILLS IL 60061 5 06/25/96 00
0410170526 01 08/01/96 0
410170526 N 07/01/26
0
1512775 E22/728 F 40,000.00 ZZ
360 39,909.29 1
1
332 ORANGE TREE DRIVE UNIT #3 8.875 318.26 53
8.625 318.26 75,500.00
ATLANTIS FL 33462 1 04/30/96 00
0410139463 01 06/01/96 0
410139463 O 05/01/26
0
1512776 E22/728 F 71,700.00 ZZ
360 71,631.03 1
1484 CASA ROAD 9.625 609.44 90
9.375 609.44 79,763.00
MELBOURNE FL 32940 1 06/26/96 04
0410119622 03 08/01/96 25
410119622 N 07/01/26
0
1512780 661/661 F 453,000.00 ZZ
360 452,082.05 1
2209 VIA GUADALANA 8.000 3,323.95 75
7.750 3,323.95 605,000.00
PALOS VERDES ES CA 90274 1 05/07/96 00
2489169 05 07/01/96 0
2489169 O 06/01/26
0
1512865 960/G02 F 118,500.00 ZZ
360 118,143.29 1
10550 CRABAPPLE ROAD 9.500 996.42 75
9.250 996.42 158,000.00
ROSWELL GA 30075 1 02/24/96 00
0430028530 05 04/01/96 0
9611700011 N 03/01/26
0
1512892 E97/G02 F 102,375.00 ZZ
360 102,375.00 1
2140 SANTA CRUZ AVENUE, #C304 9.750 879.56 65
9.500 879.56 157,500.00
MENLO PARK CA 94025 1 08/26/96 00
0430023721 01 10/01/96 0
9612531512892 O 09/01/26
0
1512908 229/728 F 332,500.00 ZZ
360 332,332.09 1
330 VISTA MADERA 9.375 2,765.57 70
9.125 2,765.57 475,000.00
NEWPORT BEACH CA 92660 1 07/15/96 00
0380506767 09 09/01/96 0
1
7123102 O 08/01/26
0
1512916 286/286 F 65,000.00 ZZ
360 64,935.79 1
1221 HIGHWAY 11 9.500 546.56 55
9.250 546.56 119,000.00
CHELSEA AL 35043 5 06/24/96 00
8330193 05 08/01/96 0
8330193 N 07/01/26
0
1512924 140/G02 F 40,500.00 ZZ
360 40,482.56 2
9236-9238 FORSHEY STREET 10.125 359.16 90
9.875 359.16 45,000.00
NEW ORLEANS LA 70118 1 07/30/96 12
0430012153 05 09/01/96 25
428487 N 08/01/26
0
1512928 B75/G02 F 68,400.00 ZZ
360 68,366.36 1
6591 SOUTH CYPRESS OPOINT DRIV 9.500 575.14 90
9.250 575.14 76,000.00
CHANDLER AZ 85249 1 07/23/96 01
0430011908 05 09/01/96 25
2540797 N 08/01/26
0
1512958 927/728 F 101,000.00 ZZ
360 100,889.25 1
1615 KNOLL DRIVE 9.000 812.67 63
8.750 812.67 161,000.00
RENO NV 89509 1 06/27/96 00
0380505264 05 08/01/96 0
212779 O 07/01/26
0
1512960 E46/G02 F 130,000.00 T
360 130,000.00 1
15 MORTON DRIVE 9.500 1,093.11 69
9.250 1,093.11 190,000.00
LAVALLETTE NJ 08751 1 08/01/96 00
0430015172 05 10/01/96 0
23082 O 09/01/26
0
1
1512965 B77/G02 F 39,500.00 ZZ
360 39,500.00 1
7 BREWSTER TERRACE 8.875 314.28 51
8.625 314.28 78,800.00
METHUEN MA 01844 1 08/13/96 00
0430013037 05 10/01/96 0
95301946 O 09/01/26
0
1513003 705/G02 F 92,700.00 ZZ
360 92,700.00 1
106 STRATHMORE GATE 9.500 779.47 90
9.250 779.47 103,000.00
STONY BROOK NY 11790 1 08/08/96 04
0430018853 09 10/01/96 25
96300219 N 09/01/26
0
1513020 638/G02 F 40,500.00 ZZ
360 40,500.00 1
10582 POPLAR STREET 9.750 347.96 90
9.500 347.96 45,000.00
LOMA LINDA CA 92354 1 07/31/96 10
0430012914 05 10/01/96 30
8580566 N 09/01/26
0
1513089 E22/728 F 41,175.00 T
360 41,139.37 1
3518 HUMBOLT AVE NORTH UNIT #1 10.125 365.15 75
9.875 365.15 54,900.00
MINNEAPOLIS MN 55412 1 06/28/96 00
0410201271 05 08/01/96 0
410201271 O 07/01/26
0
1513107 286/286 F 40,500.00 ZZ
360 40,460.00 1
51 ARTHUR AVENUE 9.500 340.55 90
9.250 340.55 45,000.00
MIAMISBURG OH 45342 1 06/29/96 10
UNKNOWN 05 08/01/96 25
UNKNOWN N 07/01/26
0
1513118 E22/728 F 141,600.00 ZZ
360 141,460.15 1
1911 WIMBLEDON DRIVE 9.500 1,190.65 80
9.250 1,190.65 177,000.00
1
ARLINGTON TX 76017 1 06/17/96 00
0410178826 05 08/01/96 0
410178826 O 07/01/26
0
1513154 405/405 F 300,000.00 ZZ
360 299,852.43 1
1328 NEHOA STREET 9.500 2,522.57 52
9.250 2,522.57 580,000.00
HONOLULU HI 96822 5 07/19/96 00
3979952 05 09/01/96 0
3979952 O 08/01/26
0
1513156 526/G02 F 200,000.00 ZZ
360 199,822.30 1
85 WATERSIDE LANE 10.000 1,755.15 56
9.750 1,755.15 362,000.00
CLINTON CT 06413 1 06/24/96 00
0430024398 05 08/01/96 0
00130964 O 07/01/26
0
1513192 405/405 F 73,100.00 ZZ
360 73,017.73 1
20860 SW PARKER COURT 8.875 581.62 55
8.625 581.62 135,000.00
ALOHA OR 97007 2 06/19/96 00
3941085 05 08/01/96 0
3941085 N 07/01/26
0
1513232 526/G02 F 88,875.00 ZZ
360 88,708.10 1
1149 LEES CROSSING COURT 8.375 675.52 75
8.125 675.52 118,500.00
GLEN ALLEN VA 23060 1 05/06/96 00
0430011643 05 07/01/96 0
87020 N 06/01/26
0
1513256 526/728 F 93,750.00 ZZ
360 93,706.26 1
0655 COLUMBINE ROAD #7748 9.750 805.46 75
9.500 805.46 125,000.00
BRECKENRIDGE CO 80424 1 07/24/96 00
0380503764 01 09/01/96 0
135893 N 08/01/26
0
1
1513266 964/G02 F 110,000.00 ZZ
360 109,942.98 1
5181 BRANSFORD DRIVE 9.250 904.94 49
9.000 904.94 225,000.00
LA PALMA CA 90623 1 07/22/96 00
0430008458 05 09/01/96 0
19247 N 08/01/26
0
1513270 526/728 F 25,650.00 ZZ
360 25,625.96 2
2 SOUTH NELSON STREET 9.750 220.38 90
9.500 220.38 28,500.00
HUTCHINSON KS 67501 1 06/26/96 10
0380503723 05 08/01/96 25
128807 N 07/01/26
0
1513287 405/405 F 84,075.00 ZZ
360 83,980.38 1
20749 SW CELEBRITY LANE 8.875 668.94 59
8.625 668.94 144,000.00
ALOHA OR 97007 2 06/19/96 00
3941051 05 08/01/96 0
3941051 N 07/01/26
0
1513290 638/G02 F 51,800.00 ZZ
360 51,772.44 1
830 LAKE ORCHID CIRCLE #105 9.125 421.46 70
8.875 421.46 74,000.00
VERO BEACH FL 32962 1 07/31/96 00
0430011171 01 09/01/96 0
08586095 O 08/01/26
0
1513297 975/728 F 126,500.00 ZZ
360 126,439.40 1
8376 VINEVALLEY DRIVE 9.625 1,075.24 80
SUN VALLEY AREA 9.375 1,075.24 158,500.00
LOS ANGELES CA 91352 1 07/03/96 00
0380501610 05 09/01/96 0
961810 O 08/01/26
0
1513307 171/728 F 86,800.00 ZZ
360 86,714.26 4
1
108 WEST SAGINAW WAY #101-102 9.500 729.87 80
9.250 729.87 108,500.00
FRESNO CA 93705 1 06/20/96 00
0380507013 05 08/01/96 0
45083726 O 07/01/26
0
1513308 B28/728 F 122,500.00 ZZ
360 122,500.00 1
18 & 20 NEWBY PLACE 9.500 1,030.05 70
9.250 1,030.05 175,000.00
LONGMONT CO 80501 5 08/20/96 00
0380505868 05 10/01/96 0
10963336 N 09/01/26
0
1513323 526/728 F 20,700.00 ZZ
360 20,681.60 1
208 CLIFF HOUSE DRIVE 10.000 181.66 90
9.750 181.66 23,000.00
MORGANS POINT TX 76513 1 06/17/96 10
0380499898 01 08/01/96 25
128394 O 07/01/26
0
1513324 F49/F49 F 35,000.00 ZZ
360 34,981.38 1
1501 BRIGHTON AVE 9.125 284.77 56
8.875 284.77 63,000.00
OKLAHOMA CITY OK 73120 1 07/31/96 00
33204 05 09/01/96 0
33204 O 08/01/26
0
1513437 A45/G02 F 245,000.00 ZZ
360 244,888.70 1
20 GRAY TERRACE LOT 38 9.875 2,127.45 69
9.625 2,127.45 360,000.00
BRAINTREE MA 02184 2 07/30/96 00
0430006858 05 09/01/96 0
UNKNOWN O 08/01/26
0
1513452 A69/G02 F 119,000.00 ZZ
360 119,000.00 1
154 RIDGE ROAD 9.625 1,011.49 80
9.375 1,011.49 149,000.00
HIGHLAND MILLS NY 10930 1 08/09/96 00
0430015628 05 10/01/96 0
1
960871141 O 09/01/26
0
1513457 E86/G02 F 144,000.00 ZZ
360 144,000.00 1
6 FOURTH STREET 9.750 1,237.18 80
9.500 1,237.18 180,000.00
BAYVILLE NY 11709 1 08/07/96 00
0430010561 05 10/01/96 0
13298 O 09/01/26
0
1513491 E22/G02 F 294,000.00 ZZ
360 293,717.18 1
6395 SOUTHWEST ARBOR DRIVE 9.625 2,498.97 80
9.375 2,498.97 368,000.00
NEWPORT OR 97365 1 06/25/96 00
0410112437 03 08/01/96 0
410112437 O 07/01/26
0
1513492 E22/G02 F 76,500.00 ZZ
360 76,438.93 2
1200 NW 5TH AVENUE 10.500 699.78 90
10.250 699.78 85,000.00
FORT LAUDERDALE FL 33311 1 06/28/96 04
0410189054 05 08/01/96 25
410189054 N 07/01/26
0
1513539 180/728 F 76,500.00 ZZ
360 76,463.35 1
9554 EAST KANSAS CIRCLE #32 9.625 650.24 90
9.375 650.24 85,000.00
DENVER CO 80231 1 07/24/96 12
0380503921 01 09/01/96 25
4415550 N 08/01/26
0
1513654 828/728 F 59,500.00 ZZ
360 59,473.67 1
2425 NORTH 49TH STREET 10.000 522.16 70
9.750 522.16 85,000.00
WACO TX 76710 1 07/23/96 00
0380502899 05 09/01/96 0
60010193 O 08/01/26
0
1
1513667 180/728 F 153,000.00 ZZ
360 153,000.00 1
149 BUFFALO CREEK DRIVE 9.625 1,300.48 90
9.375 1,300.48 170,000.00
CRANDALL TX 75114 1 08/19/96 04
0380506742 05 10/01/96 25
4500740 N 09/01/26
0
1513669 828/728 F 44,800.00 ZZ
360 44,776.77 1
1903 W. MAGNOLIA AVENUE 9.250 368.56 80
9.000 368.56 56,000.00
SAN ANTONIO TX 78201 1 07/25/96 00
0380502881 05 09/01/96 0
66600012 O 08/01/26
0
1513675 180/728 F 30,600.00 ZZ
360 30,600.00 2
1117 & 1117 1/2 S HUSBAND 9.750 262.90 90
STREET 9.500 262.90 34,000.00
STILLWATER OK 74074 1 08/02/96 04
0380504887 05 10/01/96 25
UNKNOWN N 09/01/26
0
1513677 E22/728 F 259,350.00 ZZ
360 259,100.51 1
46939 GLENGARRY BLVD 9.625 2,204.45 95
9.375 2,204.45 273,500.00
CANTON TOWNSHIP MI 48188 1 06/04/96 04
0410105084 05 08/01/96 30
410105084 O 07/01/26
0
1513678 180/728 F 26,550.00 ZZ
360 26,550.00 1
65 FM 2271 9.250 218.42 90
9.000 218.42 29,500.00
BELTON TX 76513 1 08/09/96 04
0380505959 05 10/01/96 25
4454872 N 09/01/26
0
1513679 E22/G02 F 94,500.00 ZZ
360 94,413.78 1
1170 SANTANA COURT 9.875 820.59 60
9.625 820.59 157,500.00
1
CHICO CA 95926 1 06/25/96 00
0410125819 05 08/01/96 0
410125819 O 07/01/26
0
1513681 E97/G02 F 491,200.00 ZZ
360 491,200.00 1
1000 EAST ORANGE GROVE AVENUE 9.125 3,996.57 80
8.875 3,996.57 614,000.00
BURBANK CA 91501 2 08/10/96 00
0430015248 05 10/01/96 0
9612561513681 O 09/01/26
0
1513683 180/728 F 100,000.00 ZZ
360 100,000.00 1
393-395 BROAD STREET 9.625 849.99 80
9.375 849.99 125,000.00
NEW LONDON CT 06320 1 08/09/96 95
0380506510 05 10/01/96 0
4452934 N 09/01/26
0
1513704 405/405 F 101,250.00 T
360 101,197.51 1
3785 L. HONOAPIILANI RD #305 9.250 832.96 75
9.000 832.96 135,000.00
LAHAINA HI 96761 1 07/25/96 00
3982725 01 09/01/96 0
3982725 O 08/01/26
0
1513711 623/623 F 109,350.00 ZZ
360 109,068.19 4
4621 SOUTH ARCHER AVE 8.250 821.51 90
8.000 821.51 121,500.00
CHICAGO IL 60632 1 04/24/96 10
96017304 05 06/01/96 25
96017304 O 05/01/26
0
1513716 E22/728 F 43,200.00 ZZ
360 43,164.57 2
207-209 CLEMSON DRIVE 10.375 391.14 80
10.125 391.14 54,000.00
KENNER LA 70065 1 06/28/96 04
0410106355 05 08/01/96 12
410106355 N 07/01/26
0
1
1513718 E22/728 F 51,200.00 ZZ
360 51,161.28 2
913-915 27TH STREET 10.750 477.94 90
10.500 477.94 56,900.00
KENNER LA 70065 1 06/28/96 04
0410136667 05 08/01/96 25
410136667 N 07/01/26
0
1513853 001/728 F 77,400.00 ZZ
360 77,362.92 1
119 BLACK OAK TRAIL 9.625 657.89 90
9.375 657.89 86,000.00
WOODSTOCK GA 30188 1 07/29/96 01
0380504556 05 09/01/96 20
150660 N 08/01/26
0
1513857 638/G02 F 296,250.00 ZZ
360 296,250.00 1
74 SCRIBNER ROAD 9.125 2,410.39 75
8.875 2,410.39 395,000.00
TYNGSBORO MA 01879 1 08/21/96 00
0430025031 05 10/01/96 0
8580647 O 09/01/26
0
1513865 638/G02 F 82,000.00 ZZ
360 81,959.67 1
221 NORTH 400 EAST 9.500 689.50 74
9.250 689.50 112,000.00
AMERICAN FORK UT 84003 1 07/19/96 00
0430009324 05 09/01/96 0
8580353 N 08/01/26
0
1513919 E22/G02 F 14,700.00 ZZ
360 14,687.29 1
5313 GREENSHAVEN DRIVE UNIT #1 10.125 130.36 70
9.875 130.36 21,000.00
FT WORTH TX 76112 5 06/28/96 00
0410134274 01 08/01/96 0
410134274 N 07/01/26
0
1513950 405/405 F 46,750.00 ZZ
360 46,728.75 1
1
1720 HARDING AVENUE 9.875 405.96 55
9.625 405.96 85,000.00
NATIONAL CITY CA 91950 5 07/29/96 00
960504 05 09/01/96 0
960504 N 08/01/26
0
1513955 776/728 F 91,000.00 ZZ
360 90,957.55 1
2802 TAFT STREET 9.750 781.83 70
9.500 781.83 130,000.00
BOISE ID 83703 5 07/25/96 00
0380500091 05 09/01/96 0
2535062 N 08/01/26
0
1513989 E29/G02 F 200,000.00 ZZ
360 199,899.00 1
1120 VILLAGE ROAD #310 9.375 1,663.50 39
9.125 1,663.50 525,000.00
BEAVER CREEK CO 81620 5 07/31/96 00
0430014191 08 09/01/96 0
19606004 N 08/01/26
0
1514033 405/405 F 79,150.00 ZZ
360 79,060.91 1
4937 SW 208TH TERRACE 8.875 629.76 56
8.625 629.76 143,000.00
ALOHA OR 97007 2 06/21/96 00
5773941234 05 08/01/96 0
5773941234 N 07/01/26
0
1514038 526/728 F 31,500.00 ZZ
360 31,470.50 1
2152 BOURGET DRIVE 9.750 270.63 70
9.500 270.63 45,000.00
JACKSONVILLE FL 32210 5 06/27/96 00
0380498130 05 08/01/96 0
129895 N 07/01/26
0
1514046 526/728 F 103,500.00 ZZ
360 103,400.44 1
1327 S. HIGHLAND AVENUE 9.625 879.74 90
9.375 879.74 115,000.00
ARLINGTON HEIGH IL 60005 1 06/28/96 10
0380498171 05 08/01/96 25
1
132356 N 07/01/26
0
1514084 526/728 F 54,000.00 ZZ
360 53,948.04 1
7925 KIMBERLY BOULEVARD 9.625 459.00 90
9.375 459.00 60,000.00
NORTH LAUDERDAL FL 33068 1 06/26/96 04
0380500273 05 08/01/96 25
0132186 N 07/01/26
0
1514089 A06/G02 F 260,000.00 T
360 259,888.01 1
3536 CLIFFS DRIVE 10.125 2,305.74 80
9.875 2,305.74 325,000.00
PETROSKY MI 49770 1 07/31/96 23
0430026096 01 09/01/96 0
9605374 O 08/01/26
0
1514090 635/635 F 54,500.00 ZZ
360 54,451.00 1
604 LOCKWOOD DR 9.125 443.43 71
8.875 443.43 77,000.00
RICHARDSON TX 75080 2 07/26/96 00
654645100 05 09/01/96 0
654645100 O 08/01/26
0
1514094 001/G02 F 90,000.00 ZZ
360 89,954.56 4
4901 1ST STREET N W 9.375 748.57 64
9.125 748.57 142,000.00
WASHINGTON DC 20011 5 08/02/96 00
0430013672 05 09/01/96 0
228 N 08/01/26
0
1514104 E38/728 F 188,000.00 ZZ
360 187,897.31 1
28 NORTH LAELUA PLACE 9.000 1,512.69 80
8.750 1,512.69 235,000.00
PAIA HI 96779 1 07/15/96 00
0380494550 03 09/01/96 0
158475 O 08/01/26
0
1
1514132 776/728 F 99,000.00 ZZ
360 98,899.63 1
15375 LAKESHORE DRIVE 9.375 823.43 75
9.125 823.43 132,000.00
CALDWELL ID 83605 1 07/01/96 00
0380505033 05 08/01/96 0
2532963 N 07/01/26
0
1514177 129/728 F 89,200.00 ZZ
360 89,159.47 1
237 SOUTH ST UNIT 44 9.875 774.57 80
9.625 774.57 111,500.00
SHREWSBURY MA 01545 1 07/12/96 10
0380497678 01 09/01/96 17
390000955 N 08/01/26
0
1514243 180/G02 F 56,000.00 ZZ
360 56,000.00 1
1529 CR 1270 9.500 470.88 80
9.250 470.88 70,000.00
ALVORD TX 76225 1 07/30/96 00
0430025957 05 10/01/96 0
4501995 O 09/01/26
0
1514273 B81/G02 F 103,500.00 ZZ
360 103,500.00 1
16025 SE CLAY STREET 9.500 870.29 90
9.250 870.29 115,000.00
PORTLAND OR 97233 1 08/01/96 04
0430012013 05 10/01/96 25
961584 N 09/01/26
0
1514276 874/728 F 117,600.00 ZZ
360 117,537.42 3
1325,1327,1329 BUENA VISTA AVE 9.125 956.83 58
8.875 956.83 205,000.00
RENO NV 89523 2 07/26/96 00
0380502030 05 09/01/96 0
3697215 N 08/01/26
0
1514277 874/728 F 120,000.00 ZZ
360 119,936.14 3
40, 42,& 44 WEST TENTH STREET 9.125 976.36 65
8.875 976.36 185,000.00
1
RENO NV 89503 5 07/26/96 00
0380502022 05 09/01/96 0
3697228 N 08/01/26
0
1514315 737/G02 F 52,200.00 ZZ
360 52,200.00 1
2835 BROWNSMILL ROAD 9.500 438.93 90
9.250 438.93 58,000.00
ATLANTA GA 30354 1 08/08/96 01
0430013045 05 10/01/96 25
557653 N 09/01/26
0
1514322 683/G02 F 108,000.00 ZZ
240 108,000.00 1
28 TOWN FARM ROAD 9.750 1,024.40 80
9.500 1,024.40 135,000.00
WILTON NH 03086 2 08/05/96 04
0430014217 05 10/01/96 20
015721 N 09/01/16
0
1514325 E22/G02 F 24,150.00 ZZ
360 24,138.43 1
3981 HAROLD AVE 9.625 205.27 70
9.375 205.27 34,500.00
DETROIT MI 48212 5 07/08/96 00
0410142467 05 09/01/96 0
410142467 N 08/01/26
0
1514329 405/405 F 85,500.00 ZZ
360 85,403.77 1
4971 SW 208TH TERRACE 8.875 680.28 58
8.625 680.28 149,000.00
ALOHA OR 97007 2 06/19/96 00
3941077 05 08/01/96 0
3941077 N 07/01/26
0
1514347 E22/G02 F 359,000.00 ZZ
360 358,585.41 1
30608 EL SUENO DRIVE 8.750 2,824.25 80
8.500 2,824.25 449,000.00
MALIBU CA 90265 1 06/12/96 00
0410180384 03 08/01/96 0
410180384 O 07/01/26
0
1
1514369 E22/728 F 70,000.00 ZZ
360 69,917.06 1
9624 SW 138TH AVENUE UNIT 9624 8.625 544.45 70
8.375 544.45 100,040.00
MIAMI FL 33186 1 06/28/96 00
0410190706 01 08/01/96 0
410190706 O 07/01/26
0
1514388 F61/728 F 107,100.00 ZZ
360 107,038.38 1
6240 SYCAMORE AVENUE NW 8.750 842.56 70
8.500 842.56 153,000.00
SEATTLE WA 98107 1 07/23/96 00
0380501388 05 09/01/96 0
960013 O 08/01/26
0
1514424 635/635 F 62,800.00 ZZ
360 62,800.00 1
342 QUAIL VILLAGE COURT 9.625 533.80 80
9.375 533.80 78,500.00
BALLWIN MO 63021 1 08/09/96 00
6558571 09 10/01/96 0
6558571 O 09/01/26
0
1514427 E46/G02 F 143,000.00 ZZ
360 142,921.89 1
12 QUEENS LANE 9.000 1,150.61 69
8.750 1,150.61 208,000.00
HAMMONTON NJ 08037 5 07/31/96 00
0430024224 05 09/01/96 0
23133 O 08/01/26
0
1514458 638/G02 F 720,000.00 ZZ
360 720,000.00 1
11306 LILTING LANE 8.875 5,728.64 72
8.625 5,728.64 1,000,000.00
FAIRFAX STATION VA 22039 2 08/14/96 00
0430028647 05 10/01/96 0
08574228 O 09/01/26
0
1514461 638/G02 F 27,000.00 ZZ
360 27,000.00 1
1
4730 WEST NORTHERN #2065 9.750 231.97 90
9.500 231.97 30,000.00
GLENDALE AZ 85301 1 08/13/96 04
0430024174 05 10/01/96 25
8588103 N 09/01/26
0
1514463 201/G02 F 110,000.00 ZZ
360 110,000.00 1
45 PLATT AVENUE 9.250 904.95 65
9.000 904.95 170,000.00
SADDLE BROOK NJ 07662 1 08/13/96 00
0430027425 05 10/01/96 0
1300908975 O 09/01/26
0
1514504 F03/G02 F 35,700.00 ZZ
360 35,700.00 1
5805 S PEARL STREET 9.750 306.72 53
9.500 306.72 68,000.00
LITTLETON CO 80121 2 08/29/96 00
0430028456 01 10/01/96 0
10005 N 09/01/26
0
1514557 E55/728 F 74,900.00 ZZ
360 74,860.14 1
9156 COLLINS AVENUE 9.125 609.41 70
UNIT #404 8.875 609.41 107,000.00
SURFSIDE FL 33154 1 07/29/96 00
0380503913 08 09/01/96 0
5199 N 08/01/26
0
1514565 E22/728 F 76,950.00 ZZ
360 76,879.80 1
826 20TH AVENUE SOUTHEAST 9.875 668.19 90
9.625 668.19 85,500.00
MINNEAPOLIS MN 55414 1 06/28/96 01
0410171128 05 08/01/96 25
410171128 N 07/01/26
0
1514606 561/728 F 57,600.00 ZZ
360 57,546.02 2
9 WALTER STREET 9.750 494.88 80
9.500 494.88 72,000.00
KEANSBURG NJ 07734 1 06/14/96 04
0380494907 05 08/01/96 12
1
8800518 N 07/01/26
0
1514639 874/728 F 93,100.00 ZZ
360 93,054.20 1
6570 ENCHANTED VALLEY DRIVE 9.500 782.84 70
9.250 782.84 133,000.00
RENO NV 89523 5 07/29/96 00
0380502329 05 09/01/96 0
3683258 O 08/01/26
0
1514640 965/G02 F 106,000.00 ZZ
360 106,000.00 1
04 WAIS COURT 9.125 862.45 72
8.875 862.45 147,500.00
TOME NM 87060 5 08/23/96 00
0430023739 05 10/01/96 0
1514640 O 09/01/26
0
1514653 180/728 F 35,100.00 ZZ
360 35,084.05 1
703 INDIANA AVENUE 9.875 304.79 90
9.625 304.79 39,000.00
NEW CASTLE IN 47362 1 07/31/96 04
0380503558 05 09/01/96 25
4425088 N 08/01/26
0
1514695 737/728 F 77,900.00 ZZ
360 77,859.61 4
212 WINDY HILL ROAD 9.250 640.87 90
9.000 640.87 87,000.00
SMYRNA GA 30080 1 07/29/96 14
0380502501 05 09/01/96 25
557570 O 08/01/26
0
1514706 526/728 F 148,750.00 ZZ
360 148,603.06 1
15 8TH STREET 9.500 1,250.78 85
9.250 1,250.78 175,000.00
RIDGEFIELD PARK NJ 07660 2 06/28/96 10
0380498791 05 08/01/96 12
122669 O 07/01/26
0
1
1514896 E22/G02 F 49,800.00 ZZ
360 49,740.99 1
12130 BEAMER ROAD 8.625 387.34 80
8.375 387.34 62,500.00
HOUSTON TX 77089 2 07/01/96 04
0410106165 09 08/01/96 12
410106165 N 07/01/26
0
1514925 E92/728 F 39,000.00 ZZ
360 38,964.41 2
2520 MOUNTAIN AVENUE 9.875 338.66 65
9.625 338.66 60,000.00
EL PASO TX 79930 5 06/25/96 00
0380499104 05 08/01/96 0
630005409 N 07/01/26
0
1514936 E22/G02 F 39,350.00 ZZ
360 38,948.68 3
705 HIGH STREET 9.375 327.29 75
9.125 327.29 52,500.00
ANDERSON IN 46012 1 07/03/96 00
0410083448 05 08/01/96 0
410083448 N 07/01/26
0
1514939 E22/G02 F 78,200.00 ZZ
360 78,165.41 4
1413-1419 N MAIN STREET 10.000 686.26 70
9.750 686.26 112,500.00
INDEPENDENCE MO 64050 5 07/05/96 00
0410106173 05 09/01/96 0
410106173 N 08/01/26
0
1514942 E22/728 F 129,600.00 ZZ
360 129,501.98 1
19003 GLEDHILL STREET 10.750 1,209.79 80
10.500 1,209.79 162,000.00
NORTHRIDGE AREA CA 91324 1 06/19/96 95
0410180566 05 08/01/96 0
410180566 N 07/01/26
0
1514946 A52/G02 F 79,500.00 ZZ
360 79,500.00 1
437 WADDELL STREET 9.250 654.03 73
9.000 654.03 110,000.00
1
ATHENS GA 30605 2 07/29/96 00
0430003145 01 10/01/96 0
160381 O 09/01/26
0
1514977 A53/G02 F 171,600.00 ZZ
360 171,501.27 1
22W746 HACKBERRY 8.750 1,349.98 80
8.500 1,349.98 214,500.00
GLEN ELLYN IL 60137 1 07/31/96 00
0430009886 05 09/01/96 0
290026730 O 08/01/26
0
1514991 455/G02 F 533,000.00 T
360 533,000.00 1
5630 CROSS GATE DRIVE NW 9.375 4,433.23 65
9.125 4,433.23 827,276.00
ATLANTA GA 30327 1 08/09/96 00
0430021584 03 10/01/96 0
52457 O 09/01/26
0
1515005 180/728 F 70,400.00 ZZ
360 70,362.53 2
1714 A & B IRIS CIRCLE 9.125 572.80 80
8.875 572.80 88,000.00
TEMPLE TX 76503 1 08/02/96 04
0380506411 05 09/01/96 25
4502407 N 08/01/26
0
1515007 638/G02 F 115,200.00 ZZ
360 115,143.34 2
2901 KESTREL DRIVE 9.500 968.66 90
9.250 968.66 128,000.00
AUSTIN TX 78745 1 08/02/96 01
0430015024 05 09/01/96 25
08584969 N 08/01/26
0
1515018 638/G02 F 115,200.00 ZZ
360 115,143.34 2
2800 KESTREL DRIVE 9.500 968.66 90
9.250 968.66 128,000.00
AUSTIN TX 78745 1 08/02/96 04
0430014407 05 09/01/96 25
8584970 N 08/01/26
0
1
1515022 638/G02 F 115,200.00 ZZ
360 115,143.34 2
2802 KESTREL DRIVE 9.500 968.66 90
9.250 968.66 128,000.00
AUSTIN TX 78745 1 08/02/96 01
0430014969 05 09/01/96 25
8584967 N 08/01/26
0
1515026 638/G02 F 127,000.00 ZZ
360 127,000.00 1
36 BURR ROAD 9.500 1,067.88 63
9.250 1,067.88 203,000.00
SOUTHBURY CT 06488 5 08/05/96 00
0430014928 05 10/01/96 0
8588530 O 09/01/26
0
1515031 638/G02 F 90,000.00 ZZ
360 89,953.34 1
305 TURNER AVENUE 9.250 740.41 88
9.000 740.41 103,000.00
BERTHOUD CO 80513 1 07/31/96 10
0430011437 03 09/01/96 25
8584508 N 08/01/26
0
1515033 638/G02 F 53,600.00 ZZ
360 53,600.00 1
4509 NORSEMAN STREET 9.500 450.70 90
9.250 450.70 59,600.00
BAKERSFIELD CA 93309 1 08/06/96 10
0430012971 05 10/01/96 30
8583600 N 09/01/26
0
1515052 638/G02 F 80,500.00 ZZ
360 80,500.00 2
3911 S LOGAN STREET 9.750 691.62 70
9.500 691.62 115,000.00
ENGLEWOOD CO 80110 5 08/22/96 00
0430027375 05 10/01/96 0
8583977 N 09/01/26
0
1515067 A53/728 F 113,850.00 ZZ
360 113,793.99 1
1
195 N HARBOR DRIVE UNIT #2109 9.500 957.32 55
9.250 957.32 207,000.00
CHICAGO IL 60601 1 07/29/96 00
0380505777 06 09/01/96 0
290026697 N 08/01/26
0
1515078 526/728 F 120,800.00 ZZ
360 120,735.71 1
2327 ETTA'S CIRCLE 9.125 982.87 80
8.875 982.87 151,000.00
CONYERS GA 30208 1 07/08/96 00
0380502824 05 09/01/96 0
0136179 O 08/01/26
0
1515083 526/728 F 60,750.00 ZZ
360 60,720.90 1
8395 IRONGATE WAY 9.625 516.37 90
9.375 516.37 67,500.00
MANASSAS VA 22110 1 07/02/96 10
0380498163 03 09/01/96 25
130709 N 08/01/26
0
1515090 936/728 F 62,400.00 ZZ
360 62,343.07 3
259 LOWELL STREET 9.875 541.85 80
9.625 541.85 78,000.00
MANCHESTER NH 03104 1 06/28/96 04
0380499294 05 08/01/96 12
6047674 N 07/01/26
0
1515094 405/405 F 74,150.00 ZZ
360 74,066.53 1
20829 SW PARKER COURT 8.875 589.98 52
8.625 589.98 144,000.00
ALOHA OR 97007 2 06/21/96 00
3941275 05 08/01/96 0
3941275 N 07/01/26
0
1515100 A33/728 F 57,600.00 ZZ
360 57,573.83 1
2335 INWOOD DR 9.875 500.17 90
9.625 500.17 64,000.00
FORT WAYNE IN 46815 1 07/30/96 10
0380501990 05 09/01/96 25
1
HO009031902 N 08/01/26
0
1515112 960/728 F 200,250.00 ZZ
360 199,404.32 1
12197 BOULDER VIEW DRIVE 8.625 1,557.53 73
8.375 1,557.53 275,000.00
POWAY CA 92064 2 01/05/96 00
0380506809 05 03/01/96 0
22930885 O 02/01/26
0
1515117 E22/728 F 72,750.00 T
360 72,681.85 1
3930 LEEWARD PASSAGE COURT 9.750 625.03 75
9.500 625.03 97,000.00
BONITA SPRINGS FL 33923 1 06/13/96 00
0410190326 01 08/01/96 0
410190326 O 07/01/26
0
1515134 638/G02 F 75,750.00 ZZ
360 75,750.00 1
924 & 924 "A" 11TH STREET 9.250 623.18 75
9.000 623.18 101,000.00
FORTUNA CA 95662 1 08/07/96 00
0430015867 05 10/01/96 0
8585795 N 09/01/26
0
1515137 E22/G02 F 481,000.00 ZZ
360 480,763.41 1
26010 HIGHLAND WAY 9.500 4,044.51 74
9.250 4,044.51 650,000.00
LOS GATOS CA 95030 5 06/26/96 00
0410151583 05 09/01/96 0
410151583 O 08/01/26
0
1515145 E22/728 F 32,250.00 ZZ
360 32,223.56 2
1213 COMETA STREET 10.375 291.99 80
10.125 291.99 40,350.00
AUSTIN TX 78721 1 06/26/96 04
0410200760 05 08/01/96 12
410200760 N 07/01/26
0
1
1515154 897/G02 F 86,400.00 ZZ
360 86,400.00 1
705 CONIFER PLACE 8.750 679.71 80
8.500 679.71 108,000.00
DAYTON OR 97114 5 08/12/96 00
0430028241 05 10/01/96 0
8015 O 09/01/26
0
1515157 028/G02 F 63,000.00 ZZ
360 63,000.00 4
110 CONSTITUTION AVENUE 9.750 541.27 70
9.500 541.27 90,000.00
EVANSTON WY 82930 5 08/15/96 00
0430016535 05 10/01/96 0
171698 N 09/01/26
0
1515158 028/G02 F 63,700.00 ZZ
360 63,700.00 4
140 CONSTITUTION AVENUE 9.750 547.28 70
9.500 547.28 91,000.00
EVANSTON WY 82930 5 08/15/96 00
0430016527 05 10/01/96 0
171700 N 09/01/26
0
1515159 028/G02 F 63,700.00 ZZ
360 63,700.00 4
130 CONSTITUTION AVENUE 9.750 547.28 70
9.500 547.28 91,000.00
EVANSTON WY 82930 5 08/15/96 00
0430016550 05 10/01/96 0
171701 N 09/01/26
0
1515162 808/728 F 232,750.00 ZZ
360 232,750.00 1
348 WINSOR DRIVE 9.375 1,935.90 95
9.125 1,935.90 245,000.00
HANFORD CA 93230 1 08/01/96 01
0380505785 05 10/01/96 30
9403491 O 09/01/26
0
1515163 028/G02 F 63,000.00 ZZ
360 63,000.00 4
120 CONSTITUTION AVENUE 9.750 541.27 70
9.500 541.27 90,000.00
1
EVANSTON WY 82930 5 08/15/96 00
0430016485 05 10/01/96 0
171699 N 09/01/26
0
1515178 405/405 F 108,500.00 ZZ
360 108,500.00 1
92-671 MAKAKILO DR. #23 9.750 932.19 70
9.500 932.19 155,000.00
EWA BEACH HI 96707 2 08/09/96 00
3987773 01 10/01/96 0
3987773 N 09/01/26
0
1515182 180/728 F 82,800.00 ZZ
360 82,800.00 1
3226 MAIN STREET 9.250 681.18 90
9.000 681.18 92,000.00
CLIFTON CO 81520 1 08/09/96 04
0380506270 05 10/01/96 25
4416061 N 09/01/26
0
1515186 828/728 F 135,000.00 ZZ
360 135,000.00 1
340 EAST JAMES STREET 9.750 1,159.86 90
9.500 1,159.86 150,000.00
BOERNE TX 78006 1 08/02/96 01
0380504937 05 10/01/96 25
66670002 N 09/01/26
0
1515190 E46/G02 F 596,250.00 ZZ
360 596,250.00 1
567 BROOK AVENUE 9.500 5,013.59 90
9.250 5,013.59 662,500.00
RIVER VALE NJ 07675 1 08/22/96 11
0430029082 05 10/01/96 25
23149 O 09/01/26
0
1515215 405/405 F 87,800.00 ZZ
360 87,701.18 1
444 CLARA COURT 8.875 698.58 76
8.625 698.58 116,000.00
SALEM OR 97301 2 06/19/96 96
3941101 05 08/01/96 0
3941101 N 07/01/26
0
1
1515218 897/G02 F 71,000.00 ZZ
360 71,000.00 1
4043 LOTUS STREET 9.500 597.01 79
9.250 597.01 91,000.00
NEW ORLEANS LA 70122 5 08/07/96 00
0430028217 05 10/01/96 0
766536086 O 09/01/26
0
1515244 A06/728 F 120,000.00 ZZ
360 119,939.40 1
5957 CUNNINGHAM LAKE RD 9.375 998.10 64
9.125 998.10 190,000.00
BRIGHTON MI 48116 5 07/17/96 00
0380498908 05 09/01/96 0
001000009604713 O 08/01/26
0
1515248 575/728 F 210,000.00 ZZ
360 210,000.00 1
4658 TRAILS END TRL 9.500 1,765.79 84
9.250 1,765.79 250,000.00
HOUSE SPRINGS MO 63051 5 08/08/96 10
0380505462 03 10/01/96 12
431000113 O 09/01/26
0
1515261 765/728 F 29,250.00 ZZ
360 29,205.33 1
40031 164TH STREET EAST 9.375 243.29 75
9.125 243.29 39,000.00
PALMDALE CA 93591 1 05/01/96 00
0380501933 05 07/01/96 0
120145 N 06/01/26
0
1515265 560/560 F 60,000.00 T
360 59,966.36 1
107 W BARNEGAT WAY 8.875 477.39 71
8.625 477.39 85,000.00
OCEAN BEACH I NJ 08735 1 07/08/96 00
450477724 05 09/01/96 0
450477724 O 08/01/26
0
1515284 405/405 F 140,000.00 ZZ
360 139,846.47 1
1
8579 EAST 10TH STREET 9.000 1,126.48 80
8.750 1,126.48 175,000.00
DOWNEY CA 90241 1 06/27/96 10
3966231 05 08/01/96 12
3966231 N 07/01/26
0
1515296 405/405 F 79,200.00 ZZ
360 79,110.85 1
4942 SW 208TH AVENUE 8.875 630.16 55
8.625 630.16 145,000.00
ALOHA OR 97007 2 06/21/96 00
3941267 05 08/01/96 0
3941267 N 07/01/26
0
1515380 526/728 F 50,500.00 ZZ
360 50,476.43 2
2322-2324 NEWTON STREET 9.750 433.88 85
9.500 433.88 59,457.00
AKRON OH 44305 1 07/03/96 10
0380498981 05 09/01/96 20
125712 N 08/01/26
0
1515382 526/728 F 65,250.00 ZZ
360 65,188.87 1
19760 MACARTHUR 9.750 560.60 90
9.500 560.60 72,500.00
REDFORD MI 48240 1 06/20/96 10
0380499831 05 08/01/96 25
126936 N 07/01/26
0
1515384 526/728 F 60,200.00 ZZ
360 60,135.68 1
161 GARY CIRCLE 9.125 489.81 70
8.875 489.81 86,000.00
VALLEJO CA 94591 5 06/19/96 00
0380504184 05 08/01/96 0
129622 O 07/01/26
0
1515388 E22/G02 F 58,000.00 ZZ
360 57,945.66 1
1445 NORTHWEST CUMBERLAND AVE 9.750 498.31 90
9.500 498.31 64,500.00
BEND OR 97701 1 06/20/96 04
0410179469 05 08/01/96 25
1
410179469 N 07/01/26
0
1515389 E22/G02 F 35,100.00 ZZ
360 35,085.67 3
813-815 20TH STREET 10.375 317.80 90
10.125 317.80 39,000.00
ROCK ISLAND IL 61201 1 07/08/96 01
0410171847 05 09/01/96 25
410171847 N 08/01/26
0
1515391 E22/G02 F 46,800.00 ZZ
360 46,782.86 1
2222 N CYPRESS BEND DRIVE 10.875 441.27 90
UNIT # 304 10.625 441.27 52,000.00
POMPANO BEACH FL 33069 1 07/12/96 12
0410118053 08 09/01/96 25
410118053 N 08/01/26
0
1515394 E22/G02 F 116,000.00 ZZ
360 115,939.87 1
4802 EAGLE DRIVE 9.250 954.30 80
9.000 954.30 145,000.00
FORT PIERCE FL 34951 1 07/15/96 00
0410193445 05 09/01/96 0
410193445 O 08/01/26
0
1515397 E22/G02 F 137,500.00 ZZ
360 137,424.89 2
9009 & 9011 YUCCA MOUNTAIN RD 9.000 1,106.36 79
8.750 1,106.36 175,000.00
AUSTIN TX 78759 1 07/05/96 00
0410131361 05 09/01/96 0
410131361 O 08/01/26
0
1515398 E22/728 F 132,800.00 ZZ
360 132,668.85 1
729 OAK MARSH DRIVE 9.500 1,116.65 80
9.250 1,116.65 166,000.00
MT PLEASANT SC 29464 1 06/14/96 00
0410141139 05 08/01/96 0
410141139 O 07/01/26
0
1
1515399 E22/G02 F 47,250.00 ZZ
360 47,222.10 1
2222 WESTERLAND DRIVE UNIT 217 8.625 367.51 75
8.375 367.51 63,000.00
HOUSTON TX 77063 1 07/03/96 00
0410106538 01 09/01/96 0
410106538 N 08/01/26
0
1515401 E22/G02 F 90,000.00 ZZ
360 89,958.01 1
2441 UNIVERSITY STREET 9.750 773.24 72
9.500 773.24 126,000.00
EUGENE OR 97403 5 07/08/96 00
0410200893 05 09/01/96 0
410200893 O 08/01/26
0
1515404 E22/728 F 49,700.00 ZZ
360 49,654.65 4
3482 3490 QUEENSBORO AVE SOUTH 9.875 431.57 70
9.625 431.57 71,000.00
SAINT PETERSBUR FL 33710 5 06/29/96 00
0410190599 05 08/01/96 0
410190599 N 07/01/26
0
1515407 E22/G02 F 42,300.00 ZZ
360 42,281.78 3
3134-36 W 54TH ST 10.125 375.13 90
9.875 375.13 47,000.00
CLEVELAND OH 44102 1 07/12/96 04
0410142731 05 09/01/96 25
410142731 N 08/01/26
0
1515408 E22/G02 F 223,950.00 ZZ
360 223,839.85 1
1574 HILLSIDE DRIVE SOUTHEAST 9.500 1,883.09 80
9.250 1,883.09 279,950.00
ISSAQUAH WA 98027 1 06/27/96 00
0410112510 05 09/01/96 0
410112510 O 08/01/26
0
1515412 E22/G02 F 31,000.00 ZZ
360 30,971.71 1
3900 SW 61ST AVENUE 9.875 269.19 62
9.625 269.19 50,000.00
1
DAVIE FL 33314 1 07/03/96 00
0410188510 05 08/01/96 0
410188510 N 07/01/26
0
1515414 A46/G02 F 106,000.00 ZZ
360 106,000.00 1
9830 GOLF COURSE ROAD NW 8.500 815.05 73
8.250 815.05 146,000.00
ALBUQUERQUE NM 87114 1 08/06/96 00
0430019166 05 10/01/96 0
UNKNOWN O 09/01/26
0
1515415 180/728 F 50,400.00 ZZ
360 50,400.00 1
4419 UMATILLA STREET 9.750 433.01 80
9.500 433.01 63,050.00
DENVER CO 80211 1 08/05/96 00
0380504689 05 10/01/96 0
4416285 O 09/01/26
0
1515456 232/232 F 420,000.00 ZZ
360 418,378.92 1
CLARK POINT ROAD 7.875 3,045.30 80
7.625 3,045.30 525,000.00
SOUTHWEST HARBO ME 04679 5 03/01/96 00
175426 05 05/01/96 0
175426 O 04/01/26
0
1515461 F30/728 F 97,500.00 ZZ
360 97,454.51 1
1180 NORTH 1650 WEST STREET 9.750 837.68 65
9.500 837.68 150,000.00
ST GEORGE UT 84770 5 07/16/96 00
0380504424 05 09/01/96 0
100611 N 08/01/26
0
1515469 E22/G02 F 45,400.00 ZZ
360 45,381.47 2
8214 CITATION AVENUE 10.375 411.05 90
10.125 411.05 50,500.00
AUSTIN TX 78719 1 07/03/96 04
0410200703 05 09/01/96 25
410200703 N 08/01/26
0
1
1515471 E22/G02 F 33,300.00 ZZ
360 33,286.41 2
1211 COMETA STREET 10.375 301.50 90
10.125 301.50 37,000.00
AUSTIN TX 78721 1 07/03/96 01
0410200711 05 09/01/96 25
410200711 N 08/01/26
0
1515474 E22/G02 F 150,000.00 ZZ
360 149,847.92 1
5576 KEYSER ROAD 9.375 1,247.62 75
9.125 1,247.62 200,000.00
HUME VA 22639 2 06/28/96 00
0410118129 05 08/01/96 0
410118129 O 07/01/26
0
1515483 E22/728 F 44,950.00 ZZ
360 44,908.99 1
2810 JEB STUART DRIVE 9.875 390.32 90
9.625 390.32 49,995.00
LEAGUE CITY TX 77573 1 06/27/96 04
0410106090 03 08/01/96 25
410106090 N 07/01/26
0
1515484 E22/728 F 87,750.00 ZZ
360 87,669.93 1
11503 BARRINGTON WAY 9.875 761.98 90
9.625 761.98 97,500.00
AUSTIN TX 78759 1 06/28/96 04
0410136360 05 08/01/96 25
410136360 N 07/01/26
0
1515488 E22/G02 F 256,000.00 ZZ
360 255,740.43 1
1220 SUGDEN ROAD 9.375 2,129.28 79
9.125 2,129.28 325,000.00
WHITE LAKE TWP MI 48386 1 06/21/96 00
0410142897 05 08/01/96 0
410142897 O 07/01/26
0
1515491 E22/G02 F 55,800.00 ZZ
360 55,728.52 1
1
319 SOUTH PENNSYLVANIA STREET 9.625 474.29 90
9.375 474.29 62,000.00
GREENFIELD IN 46140 1 06/28/96 04
0410142863 05 08/01/96 25
410142863 N 07/01/26
0
1515496 E22/G02 F 77,000.00 ZZ
360 76,925.93 1
2023 N LAWLER AVENUE 9.625 654.49 70
9.375 654.49 110,000.00
CHICAGO IL 60639 5 06/27/96 00
0410171425 05 08/01/96 0
410171425 O 07/01/26
0
1515497 E22/728 F 47,025.00 ZZ
360 46,988.46 1
70 W HURON STREET UNIT # 401 10.625 434.56 75
10.375 434.56 62,891.00
CHICAGO IL 60611 1 06/26/96 00
0410170757 06 08/01/96 0
410170757 N 07/01/26
0
1515499 E22/G02 F 155,400.00 ZZ
360 155,321.52 1
15 ARROWHEAD DRIVE 9.375 1,292.54 80
9.125 1,292.54 194,300.00
THOMPSON FALLS MT 59873 2 07/05/96 00
0410030373 05 09/01/96 0
410030373 O 08/01/26
0
1515501 E22/G02 F 159,000.00 ZZ
360 158,910.86 3
12225 MENAUL BOULEVARD NE 8.875 1,265.08 80
8.625 1,265.08 199,000.00
ALBUQUERQUE NM 87111 1 07/16/96 00
0410216154 05 09/01/96 0
410216154 O 08/01/26
0
1515505 E22/G02 F 61,500.00 ZZ
360 61,466.41 1
4956 13TH AVENUE 9.000 494.84 75
8.750 494.84 82,000.00
SACRAMENTO CA 95820 1 06/28/96 00
0410126239 05 09/01/96 0
1
410126239 O 08/01/26
0
1515506 129/728 F 75,000.00 ZZ
360 74,961.11 2
210 NE 16 PLACE 9.250 617.01 75
9.000 617.01 100,000.00
FORT LAUDERDALE FL 33305 1 07/17/96 00
0380499765 05 09/01/96 0
391227 N 08/01/26
0
1515507 561/728 F 37,400.00 ZZ
360 37,383.88 4
820 W 7TH STREET 10.125 331.68 80
9.875 331.68 46,800.00
ANDERSON IN 46016 1 07/17/96 04
0380494758 05 09/01/96 12
8807026 N 08/01/26
0
1515509 526/728 F 103,000.00 ZZ
360 102,881.03 1
1492 WEST STRAFORD AVENUE 8.750 810.31 51
8.500 810.31 203,000.00
GILBERT AZ 85233 1 06/11/96 00
0380500810 03 08/01/96 0
120905 O 07/01/26
0
1515516 E45/728 F 65,000.00 ZZ
360 64,966.30 1
8621 SW 65TH AVENUE ROAD 9.250 534.74 69
9.000 534.74 95,000.00
OCALA FL 34476 1 07/19/96 00
0380499989 03 09/01/96 0
UNKNOWN O 08/01/26
0
1515518 405/405 F 138,600.00 ZZ
360 138,520.26 1
513 KIRKMAN AVENUE 8.750 1,090.37 70
8.500 1,090.37 200,000.00
ELMONT NY 11003 2 07/03/96 00
3925674 05 09/01/96 0
3925674 O 08/01/26
0
1
1515552 A38/G02 F 64,000.00 ZZ
360 63,966.82 1
5421 WHIPPORWILL LANE 9.250 526.51 80
9.000 526.51 80,000.00
FORT WORTH TX 76140 1 07/29/96 00
0430026708 05 09/01/96 0
120106 O 08/01/26
0
1515556 561/728 F 62,000.00 ZZ
360 61,937.13 1
810D STRATFORD DRIVE 9.375 515.69 90
9.125 515.69 69,000.00
FREDERICK MD 21701 1 06/28/96 10
0380498031 01 08/01/96 25
8824161 N 07/01/26
0
1515574 F30/728 F 128,400.00 ZZ
360 128,335.16 1
253 SOUTH 500 EAST 9.375 1,067.97 80
9.125 1,067.97 160,500.00
HEBER CITY UT 84032 1 07/17/96 00
0380499260 05 09/01/96 0
100807 O 08/01/26
0
1515584 776/728 F 163,100.00 ZZ
360 163,025.90 4
1826 NORTH FARWELL LANE 9.875 1,416.28 75
9.625 1,416.28 217,500.00
BOISE ID 83704 1 07/15/96 00
0380498940 03 09/01/96 0
2532964 N 08/01/26
0
1515586 776/728 F 53,000.00 ZZ
360 52,975.28 1
4201 N 5TH AVE NW 9.750 455.35 90
9.500 455.35 58,900.00
PHOENIX AZ 85013 1 07/01/96 01
0380498395 05 09/01/96 25
6432217 N 08/01/26
0
1515630 A07/G02 F 74,500.00 ZZ
360 74,500.00 1
6131 WEST RISHEL CIRCLE 9.000 599.44 70
8.750 599.44 107,000.00
1
WEST VALLEY CIT UT 84120 2 08/09/96 00
0430009704 05 10/01/96 0
960172 N 09/01/26
0
1515632 405/405 F 169,400.00 ZZ
360 169,400.00 1
4323 RHODES END N.E. 8.875 1,347.83 80
8.625 1,347.83 211,750.00
BAINBRIDGE ISLA WA 98110 1 08/05/96 00
3988235 05 10/01/96 0
3988235 O 09/01/26
0
1515674 635/635 F 99,450.00 ZZ
360 99,401.08 1
8216 BRYNMAR DRIVE 9.500 836.23 90
9.250 836.23 110,500.00
CHARLOTTE NC 28270 1 08/05/96 10
656372000 05 09/01/96 25
656372000 N 08/01/26
0
1515675 477/G02 F 90,000.00 ZZ
360 90,000.00 1
1720 WALNUT AVENUE 8.750 708.03 25
8.500 708.03 360,000.00
MANHATTAN BEACH CA 90266 5 08/06/96 00
0430026195 05 10/01/96 0
72895 O 09/01/26
0
1515684 B75/G02 F 58,500.00 ZZ
360 58,471.23 1
3359 TEJON STREET 9.500 491.90 90
9.250 491.90 65,000.00
DENVER CO 80212 1 07/09/96 01
0430003533 05 09/01/96 25
2377208 N 08/01/26
0
1515700 E22/G02 F 104,100.00 ZZ
360 104,041.64 1
734 CYPRESS BEND DRIVE 8.875 828.27 81
8.625 828.27 129,795.00
BOERNE TX 78006 4 07/16/96 96
0410106827 05 09/01/96 0
410106827 O 08/01/26
0
1
1515716 E22/G02 F 56,500.00 ZZ
360 56,474.33 1
26026 PERDIDO BEACH BOULEVARD 9.875 490.62 65
UNIT # 310 9.625 490.62 87,000.00
ORANGE BEACH AL 36561 1 07/08/96 00
0410192652 01 09/01/96 0
410192652 N 08/01/26
0
1515720 E22/G02 F 880,000.00 ZZ
360 879,610.70 1
2 STERN LANE 10.000 7,722.63 55
9.750 7,722.63 1,600,000.00
ATHERTON CA 94027 5 06/26/96 00
0410201248 05 09/01/96 0
410201248 O 08/01/26
0
1515722 664/728 F 43,200.00 ZZ
360 43,178.93 1
2217 VERNON STREET 9.750 371.16 90
9.500 371.16 48,000.00
ROCKFORD IL 61103 1 07/17/96 01
0380498973 05 09/01/96 25
2214211 N 08/01/26
0
1515723 E22/G02 F 285,500.00 ZZ
360 285,377.03 1
625 NEVADA AVENUE 10.125 2,531.88 50
9.875 2,531.88 571,000.00
SAN MATEO CA 94402 5 06/27/96 00
0410201255 05 09/01/96 0
410201255 N 08/01/26
0
1515734 E45/728 F 75,600.00 ZZ
360 75,559.77 1
3307 S SAINT CLOUD AVENUE 9.125 615.11 70
8.875 615.11 108,000.00
VALRICO FL 33594 1 07/31/96 00
0380503442 05 09/01/96 0
31636 O 08/01/26
0
1515736 E22/G02 F 64,800.00 ZZ
360 64,772.09 3
1
832 FLORIDA AVE 10.125 574.66 90
9.875 574.66 72,000.00
AKRON OH 44314 1 07/11/96 01
0410142616 05 09/01/96 25
410142616 N 08/01/26
0
1515738 E22/G02 F 73,500.00 ZZ
360 73,466.60 2
2305 SINGLETREE AVENUE 9.875 638.24 70
9.625 638.24 105,000.00
AUSTIN TX 78727 5 07/08/96 00
0410106835 05 09/01/96 0
410106835 N 08/01/26
0
1515739 E22/728 F 200,000.00 ZZ
360 199,807.61 1
165 CORMORANT 9.625 1,699.98 80
9.375 1,699.98 250,000.00
DEPOE BAY OR 97341 1 06/20/96 00
0410112189 03 08/01/96 0
410112189 O 07/01/26
0
1515743 E22/728 F 71,500.00 ZZ
360 71,438.14 4
1203 SOUTHPORT DRIVE 10.125 634.08 65
9.875 634.08 111,000.00
AUSTIN TX 78704 5 06/28/96 00
0410134001 05 08/01/96 0
410134001 N 07/01/26
0
1515744 E22/728 F 71,500.00 ZZ
360 71,438.14 4
1201 SOUTHPORT DRIVE 10.125 634.08 65
9.875 634.08 111,000.00
AUSTIN TX 78704 5 06/28/96 00
0410134035 05 08/01/96 0
410134035 N 07/01/26
0
1515745 E22/G02 F 80,900.00 ZZ
360 80,824.20 1
19070 CHOCTAW ROAD 9.750 695.06 90
9.500 695.06 89,900.00
BEND OR 97702 1 06/07/96 10
0410179477 05 08/01/96 25
1
410179477 N 07/01/26
0
1515746 180/728 F 129,400.00 ZZ
360 129,400.00 2
58 BROOKWOOD TERRACE 9.750 1,111.75 90
9.500 1,111.75 143,800.00
NASHVILLE TN 37205 1 08/22/96 04
0380506700 05 10/01/96 25
4503256 N 09/01/26
0
1515752 480/728 F 161,550.00 ZZ
360 161,402.60 1
2216 39TH PLACE NW 9.875 1,402.82 90
9.625 1,402.82 179,500.00
WASHINGTON DC 20007 1 06/28/96 12
0380496936 07 08/01/96 25
1979178 N 07/01/26
0
1515754 A91/G02 F 99,000.00 ZZ
360 99,000.00 1
25 JUANITA AVENUE 9.750 850.56 90
9.500 850.56 110,000.00
HUNTINGTON NY 11743 1 08/29/96 01
0430019281 05 10/01/96 30
UNKNOWN N 09/01/26
0
1515772 575/728 F 58,500.00 ZZ
360 58,445.18 1
698 LONGMEADOW ROAD 9.750 502.61 90
9.500 502.61 65,000.00
AMHERST NY 14226 1 06/28/96 04
0380498122 05 08/01/96 25
456006637 N 07/01/26
0
1515780 526/728 F 43,700.00 ZZ
360 43,680.67 2
4719 BLUEBERRY TRAIL A&B 10.000 383.50 95
9.750 383.50 46,000.00
AUSTIN TX 78723 1 07/11/96 10
0380501669 05 09/01/96 30
128260 O 08/01/26
0
1
1515797 F41/728 F 148,000.00 ZZ
360 147,923.27 1
15670 RED FOX RUN 9.250 1,217.56 80
9.000 1,217.56 185,000.00
FORT MYERS FL 33912 1 07/31/96 00
0380503251 03 09/01/96 0
23093 O 08/01/26
0
1515799 E19/728 F 200,000.00 ZZ
360 199,899.00 1
1552 SAN ANSELMO AVENUE 9.375 1,663.50 80
9.125 1,663.50 250,000.00
SAN ANSELMO CA 94960 5 07/16/96 00
0380498494 05 09/01/96 0
9935 O 08/01/26
0
1515809 776/728 F 121,500.00 ZZ
360 121,443.32 2
2506 WILARK DRIVE NORTHWEST & 9.750 1,043.87 90
1979 WISTERIA COURT NORTHWEST 9.500 1,043.87 135,000.00
SALEM OR 97304 1 07/12/96 01
0380498478 05 09/01/96 25
5034208 N 08/01/26
0
1515817 638/G02 F 74,350.00 ZZ
360 74,350.00 1
24766 IRONWOOD AVENUE 9.500 625.18 85
9.250 625.18 87,500.00
MORENO VALLEY CA 92557 1 08/01/96 04
0430019364 05 10/01/96 20
08589614 N 09/01/26
0
1515820 E22/G02 F 25,000.00 ZZ
360 24,989.23 1
421 S DEARBORN 10.125 221.71 90
9.875 221.71 27,800.00
KANKAKEE IL 60901 1 07/09/96 01
0410171409 05 09/01/96 25
410171409 N 08/01/26
0
1515822 E22/728 F 105,300.00 ZZ
360 105,203.93 1
3619 GLENBROOK COURT 9.875 914.37 90
9.625 914.37 117,000.00
1
GARLAND TX 75041 1 06/28/96 04
0410106249 05 08/01/96 25
410106249 N 07/01/26
0
1515823 E22/G02 F 37,800.00 ZZ
360 37,781.41 1
507 S HAVEN STREET 9.500 317.84 70
9.250 317.84 54,000.00
SPOKANE WA 99202 5 07/16/96 00
0410112650 05 09/01/96 0
410112650 N 08/01/26
0
1515825 E22/G02 F 52,400.00 ZZ
360 52,348.24 1
324 ELDER STREET 9.500 440.61 75
9.250 440.61 69,900.00
NAMPA ID 83686 1 06/24/96 00
0410112049 05 08/01/96 0
410112049 N 07/01/26
0
1515827 E22/G02 F 36,000.00 ZZ
360 35,984.49 1
60 SPRAGUE RD 10.125 319.26 90
9.875 319.26 40,000.00
BEREA OH 44017 1 07/01/96 04
0410199772 05 09/01/96 25
410199772 N 08/01/26
0
1515829 E22/G02 F 50,800.00 ZZ
360 50,775.67 2
13714-16 SABLECREST 9.625 431.79 80
9.375 431.79 63,500.00
HOUSTON TX 77014 1 07/08/96 04
0410106363 03 09/01/96 12
410106363 N 08/01/26
0
1515838 A73/728 F 217,000.00 ZZ
360 216,871.89 2
1259 41ST AVENUE 8.625 1,687.80 75
8.375 1,687.80 290,000.00
SAN FRANCISCO CA 94122 5 07/08/96 00
0380501156 05 09/01/96 0
565505279 O 08/01/26
0
1
1515841 E22/728 F 80,500.00 ZZ
360 80,426.56 1
2318 DRESDEN TRAIL 9.875 699.02 70
9.625 699.02 115,000.00
APOPKA FL 32712 5 06/20/96 00
0410191324 05 08/01/96 0
410191324 N 07/01/26
0
1515845 E22/G02 F 168,000.00 ZZ
360 167,731.19 1
2109 ST ANDREWS DRIVE 9.000 1,351.77 80
8.750 1,351.77 210,000.00
ROUND ROCK TX 78664 1 07/15/96 00
0410102867 05 09/01/96 0
410102867 O 08/01/26
0
1515846 E22/G02 F 51,200.00 ZZ
360 51,179.10 2
1320-1322 NORTH ALTON AVE 10.375 463.57 80
10.125 463.57 64,000.00
INDIANAPOLIS IN 46222 2 07/12/96 04
0410201164 05 09/01/96 20
410201164 N 08/01/26
0
1515847 E22/728 F 135,000.00 ZZ
360 134,863.12 1
8206 OLD GEORGETOWN ROAD 9.375 1,122.86 58
9.125 1,122.86 235,000.00
BETHESDA MD 20814 1 06/28/96 00
0410192025 05 08/01/96 0
410192025 O 07/01/26
0
1515849 E22/G02 F 96,000.00 ZZ
360 95,954.01 4
1119 BRENDA LANE 9.625 815.99 80
9.375 815.99 120,000.00
HUMBLE TX 77338 1 07/01/96 04
0410106439 03 09/01/96 12
410106439 N 08/01/26
0
1515852 E22/728 F 30,000.00 ZZ
360 29,957.66 1
1
1190 CONESTOGA WAY 9.750 257.75 29
9.500 257.75 105,000.00
DEWEY AZ 86327 1 05/16/96 00
0410152052 03 07/01/96 0
410152052 O 06/01/26
0
1515853 E22/G02 F 57,600.00 ZZ
360 57,566.86 1
3121 13TH LANE UNIT # H 8.750 453.14 80
8.500 453.14 72,000.00
KENOSHA WI 53144 1 07/02/96 00
0410177976 01 09/01/96 0
410177976 O 08/01/26
0
1515858 313/728 F 78,300.00 ZZ
360 78,300.00 1
1561 KENTWOOD CIRCLE 9.500 658.39 90
9.250 658.39 87,000.00
CHARLESTON SC 29412 1 08/09/96 04
0380504358 05 10/01/96 25
6030605 N 09/01/26
0
1515862 A06/728 F 127,450.00 ZZ
360 127,385.63 1
10490 HART AVE 9.375 1,060.07 85
9.125 1,060.07 150,000.00
HUNTINGTON WOOD MI 48070 2 07/23/96 04
0380503301 05 09/01/96 20
9605632 N 08/01/26
0
1515883 737/728 F 91,800.00 ZZ
360 91,759.38 2
342-344 SOUTH YOST STREET 10.000 805.62 85
9.750 805.62 108,000.00
AURORA CO 80012 1 07/15/96 10
0380502584 05 09/01/96 20
572308 N 08/01/26
0
1515886 874/G02 F 102,500.00 ZZ
360 102,500.00 1
4410 FLAMING RIDGE TRAIL 9.500 861.88 90
9.250 861.88 114,000.00
LAS VEGAS NV 89117 1 08/02/96 01
0430010397 05 10/01/96 25
1
3679217 N 09/01/26
0
1515923 638/G02 F 59,400.00 ZZ
360 59,368.39 2
3103-3105 BEACON STREET 9.125 483.30 90
8.875 483.30 66,000.00
COLORADO SPRING CO 80907 1 08/02/96 10
0430014993 05 09/01/96 25
08588757 N 08/01/26
0
1515934 971/G02 F 137,400.00 T
360 137,226.88 1
15876 NW 10TH STREET 9.125 1,117.93 75
8.875 1,117.93 183,271.00
PEMBROKE PINES FL 33028 1 07/25/96 00
0430008086 03 09/01/96 0
9610182 O 08/01/26
0
1515960 638/G02 F 207,000.00 ZZ
360 207,000.00 1
5290 RENOIR LANE 8.625 1,610.02 79
8.375 1,610.02 264,900.00
CHINO HILLS CA 91709 1 08/12/96 00
0430027722 03 10/01/96 0
889 O 09/01/26
0
1515975 638/G02 F 67,500.00 ZZ
360 67,500.00 1
522 21ST STREET N.E. 9.125 549.20 90
8.875 549.20 75,000.00
SALEM OR 97301 1 08/07/96 12
0430023929 05 10/01/96 25
08588615 N 09/01/26
0
1515977 526/526 F 62,400.00 ZZ
360 62,073.49 1
1515 CAPISTRANO DRIVE 9.375 519.02 80
9.125 519.02 78,000.00
BROWNSVILLE TX 78520 2 10/20/95 04
0070155 05 12/01/95 12
0070155 N 11/01/25
0
1
1515987 526/728 F 169,850.00 ZZ
360 169,764.22 1
1665 TERRITORY TRAIL 9.375 1,412.73 80
9.125 1,412.73 212,835.00
COLORADO SPRING CO 80919 1 07/10/96 00
0380498197 05 09/01/96 0
0126751 O 08/01/26
0
1515991 526/728 F 146,400.00 ZZ
360 146,084.79 1
11544 MORNINGSIDE DRIVE 9.125 1,191.16 85
8.875 1,191.16 172,243.00
GOODYEAR AZ 85338 1 04/04/96 10
0380499948 03 06/01/96 20
93381 N 05/01/26
0
1515995 526/728 F 47,700.00 ZZ
360 47,679.45 1
1645 W. BASELINE ROAD #2108 10.125 423.02 90
9.875 423.02 53,000.00
MESA AZ 85202 1 07/09/96 04
0380498833 01 09/01/96 25
0137183 N 08/01/26
0
1516089 E22/G02 F 163,200.00 ZZ
360 163,108.51 1
7799 DEBORA DRIVE 8.875 1,298.49 80
8.625 1,298.49 204,000.00
GENOA TOWNSHIP MI 48116 1 07/09/96 00
0410143267 05 09/01/96 0
410143267 O 08/01/26
0
1516091 E22/G02 F 27,900.00 ZZ
360 27,884.76 2
315 UPLAND AVE 9.000 224.49 90
8.750 224.49 31,000.00
AKRON OH 44301 1 07/09/96 04
0410199897 05 09/01/96 25
410199897 N 08/01/26
0
1516093 E22/G02 F 36,000.00 ZZ
360 35,960.53 1
503 NORTH WOODLYNNE AVENUE 9.000 289.66 80
8.750 289.66 45,000.00
1
TAMPA FL 33609 1 07/03/96 00
0410192504 05 08/01/96 0
410192504 O 07/01/26
0
1516095 E22/G02 F 52,400.00 ZZ
360 52,349.60 2
1925 NORTH 25TH AVENUE 9.625 445.39 80
9.375 445.39 65,500.00
HOLLYWOOD FL 33020 1 07/02/96 00
0410192017 05 08/01/96 0
410192017 O 07/01/26
0
1516098 E22/G02 F 80,000.00 ZZ
360 79,963.65 1
5151 COLLINS AVENUE UNIT #1104 9.875 694.68 35
9.625 694.68 229,900.00
MIAMI BEACH FL 33140 1 07/03/96 00
0410121115 06 09/01/96 0
410121115 O 08/01/26
0
1516107 480/728 F 166,950.00 ZZ
360 166,801.66 1
809 OAKHALL DRIVE 10.000 1,465.11 90
9.750 1,465.11 185,500.00
HOLLY SPRINGS NC 27540 1 06/27/96 12
0380498254 03 08/01/96 25
1896653 N 07/01/26
0
1516120 180/728 F 40,800.00 ZZ
360 40,780.96 1
1246 CASSOPOLIS STREET 9.750 350.54 80
9.500 350.54 51,000.00
ELKHART IN 46514 1 08/02/96 23
0380504598 05 09/01/96 0
4424628 N 08/01/26
0
1516133 526/G02 F 43,750.00 ZZ
360 43,750.00 1
216 ALBERT STREET 9.250 359.92 70
9.000 359.92 62,500.00
WITNER SPRINGS FL 32807 5 08/12/96 00
0430029868 05 10/01/96 0
141012 N 09/01/26
0
1
1516148 526/G02 F 66,150.00 ZZ
360 66,150.00 1
612 LAKEMONT AVE 9.250 544.20 70
9.000 544.20 94,500.00
WINTER PARK FL 32792 5 08/12/96 00
0430028605 05 10/01/96 0
95079 N 09/01/26
0
1516151 526/G02 F 59,850.00 ZZ
360 59,850.00 1
6414 LORENZO AVENUE 9.250 492.37 90
9.000 492.37 66,500.00
ORLANDO FL 32818 1 08/23/96 04
0430028670 05 10/01/96 25
96259 N 09/01/26
0
1516158 526/G02 F 42,000.00 ZZ
360 42,000.00 1
1251 PINE HILLS RD 9.250 345.52 70
9.000 345.52 60,000.00
ORLANDO FL 32808 5 08/12/96 00
0430028621 05 10/01/96 0
141019 N 09/01/26
0
1516159 180/728 F 105,000.00 ZZ
360 105,000.00 1
1176 ORLEANS 9.625 892.49 90
9.375 892.49 117,000.00
MUNDELEIN IL 60060 2 08/16/96 04
0380506544 05 10/01/96 25
4425633 N 09/01/26
0
1516165 526/728 F 63,750.00 ZZ
360 63,719.46 1
208 WEST HAZELWOOD DRIVE 9.625 541.87 75
9.375 541.87 85,000.00
LEMOORE CA 93245 1 07/15/96 00
0380500711 05 09/01/96 0
129390 N 08/01/26
0
1516167 526/728 F 40,500.00 ZZ
360 40,481.10 1
1
7805 PENNSYLVANIA 9.750 347.96 90
9.500 347.96 45,000.00
KANSAS CITY MO 64114 1 07/16/96 04
0380500794 05 09/01/96 25
0137192 N 08/01/26
0
1516170 201/728 F 100,000.00 ZZ
360 99,908.76 1
7718 PAINTON LANE 9.875 868.35 80
9.625 868.35 125,000.00
SPRING TX 77389 1 06/14/96 04
0380498700 03 08/01/96 12
7800911930 N 07/01/26
0
1516171 965/728 F 96,000.00 ZZ
360 95,950.23 1
9702 EAST SHILOH STREET 9.250 789.77 75
9.000 789.77 128,000.00
TUCSON AZ 85748 5 07/15/96 00
0380500745 05 09/01/96 0
158740 O 08/01/26
0
1516188 180/728 F 19,800.00 ZZ
360 19,800.00 1
1119 NORTH GARY AVENUE 9.625 168.30 90
9.375 168.30 22,000.00
TULSA OK 74110 1 08/28/96 04
0380506841 05 10/01/96 25
4503355 N 09/01/26
0
1516191 526/G02 F 45,200.00 ZZ
360 45,181.04 1
8046 LOWELL 10.250 405.04 90
10.000 405.04 50,250.00
OVERLAND PARK KS 66204 1 07/22/96 12
0430010231 05 09/01/96 25
00138789 O 08/01/26
0
1516231 A69/G02 F 244,800.00 ZZ
360 244,800.00 3
639 EAST 4TH STREET 9.875 2,125.72 90
9.625 2,125.72 272,000.00
BROOKLYN NY 11218 1 08/23/96 04
0430024190 05 10/01/96 25
1
960881068 O 09/01/26
0
1516236 828/728 F 53,200.00 ZZ
360 53,200.00 1
817 S OLD TEMPLE ROAD 9.750 457.08 79
9.500 457.08 68,000.00
LORENA TX 76655 1 08/12/96 00
0380505678 05 10/01/96 0
65250054 O 09/01/26
0
1516242 001/728 F 32,400.00 ZZ
360 32,400.00 1
154 VIRGINIA STREET 9.750 278.37 90
9.500 278.37 36,000.00
VERSAILLES OH 45380 1 08/14/96 04
0380504465 05 10/01/96 25
506436 N 09/01/26
0
1516245 253/728 F 71,100.00 ZZ
360 71,100.00 1
405 CORA STREET 8.875 565.71 90
8.625 565.71 79,000.00
FREDERICKSBURG TX 78624 1 08/15/96 10
0380504473 05 10/01/96 30
320593 N 09/01/26
0
1516261 E22/G02 F 28,800.00 ZZ
360 28,785.83 1
2615 MACKIN RD 9.500 242.17 90
9.250 242.17 32,000.00
FLINT MI 48504 1 07/02/96 04
0410142566 05 09/01/96 25
410142566 N 08/01/26
0
1516263 E22/G02 F 55,800.00 ZZ
360 55,774.65 1
24050 CALVIN 9.875 484.54 90
9.625 484.54 62,000.00
DEARBORN MI 48124 1 07/11/96 04
0410143390 05 09/01/96 25
410143390 N 08/01/26
0
1
1516264 E22/G02 F 124,000.00 ZZ
360 123,937.38 1
ROUTE 4 BOX 195 9.375 1,031.37 80
9.125 1,031.37 155,000.00
ROGERSVILLE AL 35652 2 07/10/96 00
0410191217 05 09/01/96 0
410191217 O 08/01/26
0
1516266 E22/G02 F 94,400.00 T
360 94,352.33 1
2301 SANTA LUCIA STREET 9.375 785.17 80
9.125 785.17 118,000.00
KISSIMMEE FL 34743 1 07/03/96 95
0410192215 05 09/01/96 0
410192215 O 08/01/26
0
1516267 E22/G02 F 204,250.00 ZZ
360 204,159.63 4
2312 W 35TH STREET 10.000 1,792.44 95
9.750 1,792.44 215,000.00
CHICAGO IL 60609 1 07/10/96 10
0410175772 05 09/01/96 30
410175772 O 08/01/26
0
1516271 E22/G02 F 18,450.00 ZZ
360 18,443.24 1
513 PALMER 10.875 173.96 90
10.625 173.96 20,500.00
TOLEDO OH 43608 1 07/09/96 04
0410076277 05 09/01/96 25
410076277 N 08/01/26
0
1516273 E22/G02 F 36,000.00 ZZ
360 35,983.64 2
827 MULBERRY STREET 9.875 312.61 90
9.625 312.61 40,000.00
CONNERSVILLE IN 47331 1 07/22/96 04
0410198675 05 09/01/96 25
410198675 N 08/01/26
0
1516276 E22/G02 F 159,900.00 ZZ
360 159,829.26 1
738 GELLERT BOULEVARD 10.000 1,403.24 65
9.750 1,403.24 246,000.00
1
DALY CITY CA 94015 5 07/05/96 00
0410154439 05 09/01/96 0
410154439 N 08/01/26
0
1516277 E22/G02 F 81,900.00 ZZ
360 81,867.46 1
6225 SOUTH FRANKLIN ROAD 10.500 749.17 90
10.250 749.17 91,000.00
INDIANAPOLIS IN 46259 1 07/19/96 10
0410143366 05 09/01/96 25
410143366 N 08/01/26
0
1516282 E22/G02 F 360,000.00 ZZ
360 359,803.36 1
24991 BUCKSKIN DRIVE 9.000 2,896.64 80
8.750 2,896.64 450,000.00
LAGUNA HILLS CA 92653 1 07/17/96 00
0410182935 03 09/01/96 0
410182935 O 08/01/26
0
1516310 934/728 F 134,100.00 ZZ
360 134,100.00 1
1545 BIARRITZ DRIVE 9.750 1,152.13 90
9.500 1,152.13 149,000.00
MIAMI BEACH FL 33141 1 08/21/96 01
0380506460 05 10/01/96 30
61006153 N 09/01/26
0
1516363 B75/G02 F 59,800.00 ZZ
360 59,800.00 2
3925 BELLE AVENUE 9.625 508.29 62
9.375 508.29 97,500.00
BALTIMORE MD 21215 2 08/12/96 00
0430029827 05 10/01/96 0
2504793 N 09/01/26
0
1516371 B75/G02 F 59,800.00 ZZ
360 59,800.00 2
3913 BELLE AVENUE 9.625 508.29 63
9.375 508.29 96,000.00
BALTIMORE MD 21215 2 08/12/96 00
0430029751 05 10/01/96 0
2505428 N 09/01/26
0
1
1516378 776/G02 F 62,300.00 ZZ
360 62,270.94 1
3066 NORTH ROWLAND LANE 9.750 535.25 84
9.500 535.25 74,900.00
BOISE ID 83703 1 07/10/96 04
0430003665 05 09/01/96 20
2532956 N 08/01/26
0
1516380 776/G02 F 54,000.00 ZZ
360 53,975.47 1
1911 Q STREET 9.875 468.91 90
9.625 468.91 60,000.00
HEYBURN ID 83336 1 07/16/96 04
0430011155 05 09/01/96 25
2532938 N 08/01/26
0
1516391 E85/G02 F 252,000.00 ZZ
360 252,000.00 1
2074 21ST AVENUE 8.750 1,982.49 80
8.500 1,982.49 315,000.00
SAN FRANCISCO CA 94116 5 08/05/96 00
0430011080 05 10/01/96 0
9600122 O 09/01/26
0
1516403 F30/G02 F 89,200.00 ZZ
360 89,157.27 1
845 NO. VALLEY VIEW DRIVE, 500 9.625 758.19 80
9.375 758.19 111,500.00
ST. GEORGE UT 84770 1 07/19/96 00
0430012419 09 09/01/96 0
101037 O 08/01/26
0
1516417 201/728 F 64,000.00 ZZ
360 63,941.62 1
22319 MOSSWILLOW LANE 9.875 555.74 80
9.625 555.74 80,000.00
TOMBALL TX 77375 1 06/14/96 01
0380498692 03 08/01/96 12
7800911922 N 07/01/26
0
1516418 816/G02 F 81,000.00 ZZ
360 80,962.21 1
1
6133 SOUTH PARK WOOD DRIVE 9.750 695.92 90
9.500 695.92 90,000.00
SALT LAKE CITY UT 84118 1 07/23/96 01
0430011841 05 09/01/96 25
140388 N 08/01/26
0
1516421 927/728 F 82,700.00 ZZ
360 82,626.51 1
7552 LOS BANOS COURT 10.000 725.76 90
9.750 725.76 91,900.00
COLORADO SPRING CO 80920 1 07/03/96 10
0380498924 09 08/01/96 25
275297 N 07/01/26
0
1516428 201/728 F 126,800.00 ZZ
360 126,739.25 1
1816 TRAVIS HEIGHTS BOULEVARD 9.625 1,077.79 80
9.375 1,077.79 158,500.00
AUSTIN TX 78704 1 07/12/96 00
0380499773 05 09/01/96 0
4200918730 O 08/01/26
0
1516431 731/G02 F 50,310.00 ZZ
360 50,288.33 1
78 HIGHWAY 34 WEST 10.125 446.16 90
9.875 446.16 55,900.00
NEWNAN GA 30263 1 07/22/96 01
0430003236 05 09/01/96 25
3140662415 N 08/01/26
0
1516436 E09/G02 F 92,000.00 ZZ
360 91,954.74 4
537 KOLSON CIRCLE 9.500 773.59 70
9.250 773.59 131,450.00
LAS VEGAS NV 89119 1 07/17/96 00
0430005272 05 09/01/96 0
01002146 N 08/01/26
0
1516455 201/728 F 66,000.00 ZZ
360 65,934.80 1
1931 LAUREL HILL DRIVE 9.500 554.97 80
9.250 554.97 82,500.00
KINGWOOD TX 77339 1 06/14/96 00
0380499252 03 08/01/96 0
1
7800912656 O 07/01/26
0
1516479 B24/G02 F 110,000.00 ZZ
360 110,000.00 1
2576 EVERGREEN STREET 9.500 924.94 58
9.250 924.94 190,000.00
YORKTOWN NY 10598 5 08/06/96 00
0430009357 05 10/01/96 0
160388 O 09/01/26
0
1516488 201/728 F 56,700.00 ZZ
360 56,672.83 1
5009B DUNBARTON ROAD 9.625 481.95 90
THE TOWNSHIP OF MT. LAUREL 9.375 481.95 63,025.00
COUNTY OF BURLI NJ 08054 1 07/12/96 01
0380499856 01 09/01/96 25
1400913842 N 08/01/26
0
1516503 180/G02 F 76,415.00 ZZ
360 76,056.56 4
758 EAST WARRIOR TRAIL 9.375 635.59 85
9.125 635.59 89,900.00
GRAND PRAIRIE TX 75052 1 11/10/95 04
0430008300 05 01/01/96 22
4009890 N 12/01/25
0
1516985 E22/G02 F 28,700.00 ZZ
360 28,517.41 1
201 SHADY LANE 10.125 254.52 70
9.875 254.52 41,000.00
FT WORTH TX 76112 5 06/25/96 00
0410134282 01 08/01/96 0
410134282 N 07/01/26
0
1516986 E22/G02 F 51,350.00 ZZ
360 51,326.67 1
108 NE 13 AVENUE 9.875 445.90 65
9.625 445.90 79,000.00
POMPANO BEACH FL 33060 1 07/10/96 00
0410193973 05 09/01/96 0
410193973 N 08/01/26
0
1
1516988 E22/G02 F 27,000.00 ZZ
360 26,987.06 1
15519 TELGE TERRACE 9.625 229.50 75
9.375 229.50 36,050.00
TOMBALL TX 77375 1 07/16/96 00
0410216220 05 09/01/96 0
410216220 N 08/01/26
0
1516993 E22/G02 F 40,400.00 ZZ
360 40,383.51 2
1401-1403 NORTH ALTON AVENUE 10.375 365.78 90
10.125 365.78 44,900.00
INDIANAPOLIS IN 46222 1 07/18/96 04
0410216204 05 09/01/96 25
410216204 N 08/01/26
0
1517008 B24/G02 F 950,000.00 ZZ
360 950,000.00 1
8 SHELTER BAY DRIVE 9.500 7,988.11 50
9.250 7,988.11 1,900,000.00
GREAT NECK NY 11024 5 08/28/96 00
0430019125 05 10/01/96 0
162609 O 09/01/26
0
1517021 758/728 F 64,950.00 ZZ
360 64,950.00 1
2323 AUGUSTA DRIVE 8.875 516.77 65
8.625 516.77 99,950.00
HOUSTON TX 77057 1 08/07/96 00
0380505702 09 10/01/96 0
16857 O 09/01/26
0
1517045 286/286 F 66,850.00 ZZ
360 66,788.99 2
326 EMMING ST 9.875 580.50 85
9.625 580.50 78,700.00
CINCINNATI OH 45219 1 06/27/96 10
8581760 05 08/01/96 20
8581760 N 07/01/26
0
1517096 638/G02 F 102,150.00 ZZ
360 102,150.00 1
5364 WILLOW COURT 9.500 858.93 90
9.250 858.93 113,500.00
1
CASTLE ROCK CO 80104 1 08/09/96 10
0430019372 05 10/01/96 27
08591523 N 09/01/26
0
1517110 766/G02 F 47,000.00 ZZ
360 46,978.08 1
19201 COLLINS AVENUE 9.750 403.80 65
#645 9.500 403.80 72,400.00
MIAMI FL 33160 1 07/29/96 00
0430015180 22 09/01/96 0
96HA067 N 08/01/26
0
1517188 664/728 F 227,000.00 ZZ
360 226,894.09 1
175 RAVEN LANE 9.750 1,950.29 68
9.500 1,950.29 336,000.00
BLOOMINGDALE IL 60108 2 07/10/96 00
0380501701 05 09/01/96 0
2211431 O 08/01/26
0
1517189 965/728 F 417,600.00 ZZ
360 417,394.59 1
12838 EAST SUMMIT DRIVE 9.500 3,511.41 80
9.250 3,511.41 522,000.00
SCOTTSDALE AZ 85260 1 07/25/96 00
0380504143 03 09/01/96 0
160773 O 08/01/26
0
1517192 E19/G02 F 35,000.00 ZZ
360 34,982.78 1
129 E PARK ROW DRIVE 9.500 294.30 59
9.250 294.30 60,000.00
ARLINGTON TX 76010 2 07/26/96 00
0430007872 05 09/01/96 0
10267 N 08/01/26
0
1517194 A73/G02 F 56,000.00 ZZ
360 55,970.20 1
619 CHIPETA AVENUE 9.125 455.63 66
8.875 455.63 85,000.00
GRAND JUNCTION CO 81501 5 07/26/96 00
0430009266 05 09/01/96 0
521944731 O 08/01/26
0
1
1517201 286/286 F 55,000.00 ZZ
360 54,939.67 1
22 CAPPS QUARTERS 9.000 442.55 58
8.750 442.55 96,000.00
HAMPTON VA 23669 1 06/28/96 00
8573622 01 08/01/96 0
8573622 O 07/01/26
0
1517205 253/728 F 60,550.00 ZZ
360 60,517.77 1
700 NORTH 3RD STREET 9.125 492.66 70
8.875 492.66 86,500.00
MONTROSE CO 81401 1 07/23/96 00
0380502212 05 09/01/96 0
320515 O 08/01/26
0
1517207 526/728 F 123,500.00 ZZ
360 123,440.83 3
611 JOHN STREET 9.625 1,049.74 65
9.375 1,049.74 190,000.00
PEEKSKILL NY 10566 5 07/12/96 00
0380501420 05 09/01/96 0
131724 N 08/01/26
0
1517211 253/728 F 34,850.00 ZZ
360 34,832.40 1
821 DUBLIN STREET-261 9.375 289.87 75
9.125 289.87 46,500.00
RICHARDSON TX 75080 1 07/25/96 00
0380501107 01 09/01/96 0
319816 O 08/01/26
0
1517213 526/728 F 89,700.00 ZZ
360 89,657.02 2
608 HARRISON AVENUE 9.625 762.45 65
9.375 762.45 138,000.00
PEEKSKILL NY 10566 5 07/16/96 00
0380500851 05 09/01/96 0
131451 N 08/01/26
0
1517220 927/G02 F 162,000.00 ZZ
360 161,926.40 1
1
4106 NORTH 51ST PLACE 9.875 1,406.73 90
9.625 1,406.73 180,000.00
PHOENIX AZ 85018 1 07/16/96 04
0430006304 05 09/01/96 25
250381 N 08/01/26
0
1517221 776/G02 F 50,600.00 ZZ
360 50,574.44 1
406 ELIJAH PLACE 9.375 420.87 75
9.125 420.87 67,500.00
NAMPA ID 83651 1 07/10/96 00
0430008185 05 09/01/96 0
2535028 N 08/01/26
0
1517223 313/G02 F 100,050.00 ZZ
360 100,050.00 1
3129 LINKSLAND ROAD 8.625 778.18 61
8.375 778.18 165,641.00
MT PLEASANT SC 29464 1 08/27/96 00
0430025056 03 10/01/96 0
6031736 O 09/01/26
0
1517225 737/G02 F 92,400.00 ZZ
360 92,359.12 1
1822 BOARDWALK AVENUE 10.000 810.88 55
9.750 810.88 168,000.00
PRESCOTT AZ 86301 2 07/22/96 00
0430009365 05 09/01/96 0
511499 N 08/01/26
0
1517238 E09/G02 F 58,500.00 ZZ
360 58,471.23 1
824 SALEM DRIVE 9.500 491.90 63
9.250 491.90 94,000.00
LAS VEGAS NV 89107 5 07/25/96 00
0430007450 05 09/01/96 0
01002158 O 08/01/26
0
1517327 526/728 F 33,400.00 ZZ
360 33,384.82 4
122 EAST DATE AVENUE 9.875 290.03 80
9.625 290.03 41,750.00
CASA GRANDE AZ 85222 1 07/18/96 04
0380501446 05 09/01/96 12
1
134975 N 08/01/26
0
1517334 526/728 F 73,000.00 ZZ
360 72,964.09 1
811 S.W. 56TH STREET 9.500 613.83 67
9.250 613.83 110,000.00
CAPE CORAL FL 33914 5 07/12/96 00
0380501685 05 09/01/96 0
0134622 O 08/01/26
0
1517364 D01/G02 F 145,000.00 ZZ
360 145,000.00 3
145 BRIGHTWOOD / 9.000 1,166.70 70
459 A & B FLOWER STREET 8.750 1,166.70 210,000.00
CHULA VISTA CA 91910 5 08/13/96 00
0430016915 05 10/01/96 0
822324 N 09/01/26
0
1517384 B28/728 F 121,500.00 ZZ
360 121,449.04 1
6883 LOS REYES CIRCLE 10.250 1,088.77 90
10.000 1,088.77 135,000.00
COLORADO SPRING CO 80918 1 07/19/96 10
0380500125 09 09/01/96 25
05968287 O 08/01/26
0
1517402 F03/G02 F 250,000.00 ZZ
360 250,000.00 1
205 LAKE TRAIL 9.000 2,011.56 71
8.750 2,011.56 355,000.00
WINTER PARK CO 80482 1 08/16/96 00
0430021790 05 10/01/96 0
DEN10024 O 09/01/26
0
1517408 180/728 F 18,000.00 ZZ
360 18,000.00 1
1410 JOPLIN ST 8.875 143.22 90
8.625 143.22 20,000.00
HALTOM CITY TX 76117 1 08/13/96 04
0380506064 05 10/01/96 30
4453312 N 09/01/26
0
1
1517412 896/G02 F 124,100.00 T
360 124,100.00 1
917 KITE LAKE TRAIL 8.750 976.30 75
8.500 976.30 165,500.00
FAIRBURN GA 30214 5 08/12/96 00
0430014589 05 10/01/96 0
UNKNOWN O 09/01/26
0
1517422 561/728 F 121,600.00 ZZ
360 121,543.26 2
23 CALDWELL PLACE 9.750 1,044.74 80
9.500 1,044.74 152,000.00
SPRINGFIELD NJ 07081 1 07/15/96 04
0380500513 05 09/01/96 12
8815078 N 08/01/26
0
1517426 201/728 F 51,300.00 ZZ
360 51,276.69 1
711 THIRD STREET 9.875 445.47 90
9.625 445.47 57,000.00
HUMBLE TX 77338 1 07/12/96 10
0380500505 05 09/01/96 25
7800920121 N 08/01/26
0
1517430 776/G02 F 64,250.00 ZZ
360 64,221.58 1
600 DEVONHALL STREET 10.000 563.84 79
UNIT #203 9.750 563.84 81,950.00
LAS VEGAS NV 89128 1 07/10/96 04
0430012773 01 09/01/96 12
6328256 N 08/01/26
0
1517444 E67/G02 F 119,600.00 ZZ
360 119,534.67 1
63265 BOYD ACRES ROAD 9.000 962.33 80
8.750 962.33 149,500.00
BEND OR 97701 1 07/30/96 00
0430009688 05 09/01/96 0
5418 O 08/01/26
0
1517448 638/G02 F 164,000.00 ZZ
360 164,000.00 1
2327 MOUNTAIN VIEW DRIVE 8.875 1,304.86 80
8.625 1,304.86 205,000.00
1
ESCONDIDO CA 92027 1 08/12/96 00
0430023275 05 10/01/96 0
8589575 O 09/01/26
0
1517449 575/728 F 40,100.00 ZZ
360 40,080.28 1
908 13TH STREET, SE 9.500 337.18 90
9.250 337.18 45,000.00
WASHINGTON DC 20003 1 07/23/96 12
0380501065 07 09/01/96 25
470003605 N 08/01/26
0
1517453 575/G02 F 105,000.00 ZZ
360 104,954.78 4
69 PARKSIDE AVENUE 10.125 931.16 70
9.875 931.16 150,000.00
BUFFALO NY 14216 2 07/26/96 00
0430007922 05 09/01/96 0
456006336 N 08/01/26
0
1517455 575/728 F 120,600.00 ZZ
360 120,548.05 1
5449 WALLINGFORD ARCH 10.125 1,069.51 90
9.875 1,069.51 134,000.00
VIRGINIA BEACH VA 23464 1 07/03/96 12
0380500075 05 09/01/96 25
415011397 N 08/01/26
0
1517456 575/728 F 73,500.00 ZZ
360 73,460.89 1
2819 ST. TROPEZ COURT 9.125 598.02 70
8.875 598.02 105,000.00
PONTE VEDRA BEA FL 32082 1 07/17/96 00
0380500448 03 09/01/96 0
425007451 N 08/01/26
0
1517464 731/728 F 166,750.00 ZZ
360 166,672.20 1
1251 DEVON LANE 9.750 1,432.64 60
9.500 1,432.64 278,000.00
VENTURA CA 93001 1 07/19/96 00
0380501479 05 09/01/96 0
411911841 O 08/01/26
0
1
1517466 965/G02 F 56,000.00 ZZ
360 55,975.88 4
12740 WEST AMY DRIVE 10.125 496.62 80
9.875 496.62 70,000.00
SURPRISE AZ 85374 1 07/26/96 04
0430008870 05 09/01/96 12
160774 N 08/01/26
0
1517469 776/G02 F 320,000.00 ZZ
360 318,912.00 1
1104 SOUTH WETHERLY DRIVE 8.000 2,348.05 80
7.750 2,348.05 400,000.00
LOS ANGELES CA 90035 1 03/06/96 00
0430010041 05 05/01/96 0
2427099 O 04/01/26
0
1517474 664/G02 F 134,000.00 ZZ
360 133,934.08 1
642 SUNSET ROAD 9.500 1,126.75 74
9.250 1,126.75 182,800.00
LOMBARD IL 60148 4 07/25/96 00
0430007856 05 09/01/96 0
2046217 O 08/01/26
0
1517492 B28/728 F 104,400.00 ZZ
360 104,355.03 1
812 WEST 23RD AVENUE 10.125 925.85 90
9.875 925.85 116,000.00
SPOKANE WA 99203 1 07/22/96 04
0380501784 05 09/01/96 25
09955982 N 08/01/26
0
1517494 766/G02 F 66,600.00 ZZ
360 66,569.74 1
13128 SW 91 PLACE 9.875 578.32 65
9.625 578.32 102,500.00
MIAMI FL 33176 1 07/22/96 00
0430010363 03 09/01/96 0
96020348 N 08/01/26
0
1517495 635/635 F 27,000.00 ZZ
360 27,000.00 1
1
1629 RAMSEY AVENUE 9.750 231.98 90
9.500 231.98 30,000.00
DALLAS TX 75216 1 08/13/96 12
6557169 05 10/01/96 25
6557169 N 09/01/26
0
1517498 635/635 F 27,000.00 ZZ
360 27,000.00 1
3455 FROSTY TRAIL 9.750 231.98 90
9.500 231.98 30,000.00
DALLAS TX 75241 1 08/13/96 01
6557185 05 10/01/96 25
6557185 N 09/01/26
0
1517499 635/635 F 27,000.00 ZZ
360 27,000.00 1
3430 PEBBLESHORES DRIVE 9.750 231.98 90
9.500 231.98 30,000.00
DALLAS TX 75241 1 08/13/96 04
6555759 05 10/01/96 25
6555759 N 09/01/26
0
1517500 635/635 F 27,000.00 ZZ
360 27,000.00 1
7220 CHARLES COURT 9.750 231.98 90
9.500 231.98 30,000.00
DALLAS TX 75217 1 08/13/96 01
6557193 05 10/01/96 25
6557193 N 09/01/26
0
1517501 939/G02 F 162,000.00 ZZ
360 162,000.00 1
88-17 190TH STREET 9.000 1,303.49 90
8.750 1,303.49 180,000.00
HOLLIS NY 11423 1 08/06/96 10
0430009258 05 10/01/96 30
9604280 O 09/01/26
0
1517505 253/728 F 153,150.00 ZZ
360 153,064.13 1
2819 GLENWOOD TRAIL 8.875 1,218.54 80
8.625 1,218.54 191,465.00
CEDAR PARK TX 78613 1 07/26/96 00
0380503418 05 09/01/96 0
1
320576 O 08/01/26
0
1517513 180/G02 F 57,600.00 ZZ
360 57,600.00 1
8834-36 MEADOW RANGE 9.625 489.59 90
9.375 489.59 64,000.00
SAN ANTONIO TX 78250 1 08/26/96 10
0430030783 05 10/01/96 25
3945136 N 09/01/26
0
1517538 638/G02 F 46,350.00 ZZ
360 46,350.00 1
3517 HAZEL STREET 9.125 377.12 90
8.875 377.12 51,500.00
TEXARKANA TX 75503 1 08/22/96 01
0430027748 05 10/01/96 25
9600631 N 09/01/26
0
1517559 180/728 F 37,800.00 ZZ
360 37,800.00 1
312 CAREY 9.625 321.30 90
9.375 321.30 42,000.00
WYNNEWOOD OK 73098 1 08/09/96 04
0380506205 05 10/01/96 25
3566742 N 09/01/26
0
1517594 965/728 F 89,900.00 ZZ
360 89,849.61 3
851 EAST 5TH STREET 8.875 715.28 90
8.625 715.28 99,900.00
MESA AZ 85203 1 07/12/96 14
0380504309 03 09/01/96 25
1578739 O 08/01/26
0
1517598 965/728 F 52,850.00 ZZ
360 52,819.59 1
10707 BRAEWICK 8.750 415.77 70
8.500 415.77 75,500.00
HOUSTON TX 77096 1 07/25/96 00
0380504325 05 09/01/96 0
156930 O 08/01/26
0
1
1517612 776/728 F 98,800.00 ZZ
360 98,753.91 2
8951 & 8961 WEST 46TH PLACE 9.750 848.84 65
9.500 848.84 152,000.00
WHEATRIDGE CO 80033 5 07/23/96 00
0380501339 05 09/01/96 0
5534559 O 08/01/26
0
1517613 405/405 F 153,000.00 ZZ
360 152,930.48 3
39 VICTOR STREET 9.875 1,328.58 90
9.625 1,328.58 170,000.00
YONKERS NY 10701 1 07/17/96 04
57703947041 05 09/01/96 25
57703947041 O 08/01/26
0
1517625 971/728 F 71,250.00 ZZ
360 71,218.48 1
217 WESTWIND DRIVE 10.000 625.27 66
9.750 625.27 108,750.00
DAVENPORT FL 33837 1 07/16/96 00
0380502733 05 09/01/96 0
7769755 O 08/01/26
0
1517658 405/405 F 90,000.00 ZZ
360 90,000.00 1
215 WEST SOLAR WAY 8.750 708.04 54
8.500 708.04 168,369.00
CAMANO ISLAND WA 98292 4 08/21/96 00
3990751 03 10/01/96 0
3990751 O 09/01/26
0
1517684 180/728 F 131,900.00 ZZ
360 131,900.00 4
843 BENNETT AVE 9.625 1,121.14 80
9.375 1,121.14 164,900.00
COLORADO SPRING CO 80909 1 08/09/96 04
0380506106 05 10/01/96 12
4416434 N 09/01/26
0
1517692 076/076 F 74,700.00 ZZ
360 74,630.01 1
4 DAVIS STREET 9.750 641.79 90
9.500 641.79 83,000.00
1
SOMERSWORTH NH 03878 1 06/25/96 01
7042702 05 08/01/96 25
7042702 N 07/01/26
0
1517697 076/076 F 58,950.00 ZZ
360 58,890.22 1
7251 46TH AVENUE SOUTH 9.375 490.32 90
9.125 490.32 65,500.00
SEATTLE WA 98118 1 06/05/96 01
7041361 05 08/01/96 30
7041361 N 07/01/26
0
1517701 076/076 F 69,210.00 ZZ
360 69,145.14 1
100 E FILLMORE #221 221 9.750 594.63 90
9.500 594.63 76,900.00
PHOENIX AZ 85004 1 07/01/96 04
7044823 01 08/01/96 25
7044823 O 07/01/26
0
1517703 E22/G02 F 124,800.00 ZZ
360 124,730.04 1
2933 WINGHAVEN LANE 8.875 992.96 80
8.625 992.96 156,000.00
CHARLOTTE NC 28217 1 07/12/96 00
0410192181 03 09/01/96 0
410192181 O 08/01/26
0
1517705 076/076 F 36,900.00 ZZ
360 36,865.42 1
833 WEST HUBBARD STEET 9.750 317.03 90
9.500 317.03 41,000.00
ELKHART IN 46516 1 06/07/96 01
7039925 05 08/01/96 35
7039925 N 07/01/26
0
1517712 076/076 F 45,000.00 ZZ
360 44,955.54 1
704 STEVENS AVENUE 9.500 378.39 90
9.250 378.39 50,000.00
HUNTSVILLE AL 35801 1 06/26/96 04
7018238 05 08/01/96 35
7018238 N 07/01/26
0
1
1517716 E22/G02 F 160,000.00 ZZ
360 159,927.31 2
710-712 35TH AVENUE 9.875 1,389.36 39
9.625 1,389.36 420,000.00
SAN FRANCISCO CA 94121 5 07/11/96 00
0410156285 05 09/01/96 0
410156285 O 08/01/26
0
1517719 076/076 F 126,000.00 ZZ
360 125,768.18 1
632 WEST BEACH DRIVE 9.875 1,094.12 90
9.625 1,094.12 140,000.00
ADDISON IL 60101 1 05/29/96 12
7017702 05 07/01/96 25
7017702 N 06/01/26
0
1517733 964/G02 F 111,000.00 ZZ
360 111,000.00 1
2063 FOSTORIA CIRCLE 8.625 863.35 75
8.375 863.35 148,000.00
DANVILLE CA 94526 1 08/22/96 00
0430029355 01 10/01/96 0
19645 O 09/01/26
0
1517736 076/076 F 112,000.00 ZZ
360 111,841.95 1
407 MORNINGSIDE DRIVE SE 9.750 962.26 90
9.500 962.26 125,650.00
ALBUQUERQUE NM 87108 1 05/28/96 12
7039921 05 07/01/96 25
7039921 N 06/01/26
0
1517741 E22/G02 F 49,500.00 ZZ
360 49,478.68 2
616 A & B SOUTH PINE STREET 10.125 438.98 90
9.875 438.98 55,000.00
LITTLE ROCK AR 72205 1 07/17/96 04
0410216048 05 09/01/96 25
410216048 N 08/01/26
0
1517743 E22/G02 F 27,750.00 ZZ
360 27,735.99 1
1
7640 W GREENWAY BLVD 9.375 230.81 75
UNIT # 8P 9.125 230.81 37,000.00
DALLAS TX 75209 1 07/18/96 00
0410136212 01 09/01/96 0
410136212 O 08/01/26
0
1517747 E22/G02 F 73,950.00 ZZ
360 73,916.41 2
732 WOOD STREET 9.875 642.14 85
9.625 642.14 87,000.00
DUNEDIN FL 34698 5 07/10/96 23
0410191910 05 09/01/96 0
410191910 O 08/01/26
0
1517748 E22/G02 F 133,200.00 ZZ
360 133,137.86 1
1088 EMBASSY WAY 9.750 1,144.39 90
9.500 1,144.39 148,000.00
RENO NV 89523 1 07/11/96 04
0410126411 05 09/01/96 25
410126411 N 08/01/26
0
1517752 E22/G02 F 156,000.00 ZZ
360 155,925.27 2
2635-37 S W 34TH COURT 9.625 1,325.98 80
9.375 1,325.98 195,000.00
MIAMI FL 33133 1 07/17/96 00
0410192686 05 09/01/96 0
410192686 O 08/01/26
0
1517756 076/076 F 53,600.00 ZZ
360 53,498.74 2
1950 PIERCE STREET 9.750 460.51 79
9.500 460.51 68,000.00
HOLLYWOOD FL 33020 1 04/26/96 10
5610552 05 06/01/96 17
5610552 N 05/01/26
0
1517757 E22/728 F 47,200.00 ZZ
360 46,751.81 1
1174 SPRUCE STREET 9.500 396.88 80
9.250 396.88 59,000.00
DAYTONA BEACH FL 32119 1 06/28/96 00
0410192173 05 08/01/96 0
1
410192173 O 07/01/26
0
1517762 076/076 F 101,000.00 ZZ
360 100,883.35 1
15234 BRIAR RIDGE CIRCLE 8.750 794.57 23
8.500 794.57 442,000.00
FORT MYERS FL 33912 5 06/05/96 00
5657102 05 08/01/96 0
5657102 O 07/01/26
0
1517768 076/076 F 72,750.00 ZZ
360 72,668.14 1
2405 TAMARAC DRIVE 8.875 578.83 75
8.625 578.83 97,000.00
FORT COLLINS CO 80521 1 06/18/96 00
5921402 05 08/01/96 0
5921402 N 07/01/26
0
1517773 737/728 F 43,100.00 ZZ
360 43,100.00 1
816 ESSEX DRIVE 9.375 358.48 85
9.125 358.48 50,740.00
TALLAHASSEE FL 32301 1 08/15/96 04
0380504721 05 10/01/96 20
557767 N 09/01/26
0
1517776 076/076 F 67,900.00 ZZ
360 67,838.05 1
1803 WALTER STREET SE 9.875 589.61 70
9.625 589.61 97,000.00
ALBUQUERQUE NM 87102 5 06/19/96 00
7014158 05 08/01/96 0
7014158 N 07/01/26
0
1517780 076/076 F 108,600.00 ZZ
360 108,438.47 2
5 WILLOW STREET 9.500 913.17 60
9.250 913.17 181,000.00
NEWPORT RI 02840 5 05/06/96 00
5618012 05 07/01/96 0
5618012 O 06/01/26
0
1
1517784 076/076 F 73,800.00 ZZ
360 73,734.43 1
1002 CARLL DRIVE 10.000 647.65 90
9.750 647.65 82,000.00
BAY SHORE NY 11706 1 06/13/96 04
5625532 05 08/01/96 25
5625532 N 07/01/26
0
1517789 076/076 F 300,000.00 ZZ
360 299,635.21 1
3461 INLET LANE 8.500 2,306.75 50
8.250 2,306.75 600,000.00
ORANGE PARK FL 32065 1 06/13/96 00
5319202 05 08/01/96 0
5319202 O 07/01/26
0
1517790 405/405 F 95,000.00 ZZ
360 94,946.73 1
2400 STANFORD ROAD 8.875 755.87 80
8.625 755.87 118,800.00
FORT COLLINS CO 80525 1 07/15/96 01
3977790 05 09/01/96 12
3977790 N 08/01/26
0
1517791 076/076 F 80,900.00 ZZ
360 80,779.65 1
113 LENOX DRIVE 9.500 680.26 90
9.250 680.26 89,900.00
BONAIRE GA 31005 1 05/24/96 12
5617652 05 07/01/96 30
5617652 N 06/01/26
0
1517793 076/076 F 130,000.00 ZZ
360 129,557.99 1
72 KENDALL PARK 8.000 953.90 47
7.750 953.90 280,000.00
WALTHAM MA 02154 5 03/21/96 00
5488452 05 05/01/96 0
5488452 O 04/01/26
0
1517795 526/728 F 42,300.00 ZZ
360 42,280.26 1
2210 GARDEN AVENUE 9.750 363.43 90
9.500 363.43 47,000.00
1
KLAMATH FALLS OR 97601 1 07/17/96 10
0380501842 05 09/01/96 25
135252 N 08/01/26
0
1517800 597/728 F 153,000.00 ZZ
360 152,941.14 2
727 SOUTH AVENUE WEST 10.650 1,416.74 85
10.400 1,416.74 180,000.00
WESTFIELD NJ 07090 1 07/25/96 04
0380504580 05 09/01/96 20
021000007145022 N 08/01/26
0
1517801 776/G02 F 180,000.00 T
360 179,725.16 1
87 OCEAN VIEW DRIVE 9.375 1,497.15 60
9.125 1,497.15 300,000.00
DILLON BEACH CA 94929 5 05/23/96 00
0430009555 05 07/01/96 0
1331475 O 06/01/26
0
1517804 731/G02 F 55,300.00 ZZ
360 55,272.80 1
1372 LIBBY STREET 9.500 464.99 90
9.250 464.99 61,500.00
CLARKSTON WA 99403 1 07/26/96 04
0430009563 05 09/01/96 25
242532490 N 08/01/26
0
1517808 E30/728 F 62,400.00 T
360 62,370.89 1
2742 DE ANZA ROAD 9.750 536.11 65
9.500 536.11 96,000.00
PALM SPRINGS CA 92262 1 07/26/96 00
0380502717 01 09/01/96 0
9965005 O 08/01/26
0
1517811 526/G02 F 31,500.00 ZZ
360 31,470.50 1
5750 PORTAGE AVENUE 9.750 270.63 90
9.500 270.63 35,000.00
CLEVELAND OH 44127 1 06/05/96 04
0430021568 05 08/01/96 25
121138 N 07/01/26
0
1
1517813 526/728 F 63,800.00 ZZ
360 63,771.01 1
4018 N TRACY 9.875 554.01 70
9.625 554.01 92,000.00
KANSAS CITY MO 64116 2 07/12/96 00
0380501883 05 09/01/96 0
131280 N 08/01/26
0
1517820 076/076 F 110,700.00 ZZ
360 110,320.68 1
12035 KNOBCREST DRIVE 8.875 880.78 90
8.625 880.78 123,000.00
HOUSTON TX 77070 1 02/26/96 10
5483462 03 04/01/96 25
5483462 N 03/01/26
0
1517831 E22/G02 F 143,900.00 ZZ
360 143,829.22 1
142 TERRY PARKWAY 9.500 1,209.99 80
9.250 1,209.99 179,900.00
GRETNA LA 70056 1 07/18/96 00
0410201180 05 09/01/96 0
410201180 O 08/01/26
0
1517848 766/G02 F 57,500.00 ZZ
360 57,500.00 2
5132 24TH STEET EAST 9.750 494.01 90
9.500 494.01 63,900.00
BRADENTON FL 34202 1 08/14/96 12
0430016311 05 10/01/96 25
96DA0291 O 09/01/26
0
1517852 A80/G02 F 125,550.00 ZZ
360 125,550.00 1
540 BRICKELL KEY DRIVE #1226 9.500 1,055.70 90
9.250 1,055.70 139,500.00
MIAMI FL 33131 1 08/23/96 01
0430021550 06 10/01/96 25
9614931 O 09/01/26
0
1517857 286/286 F 12,650.00 ZZ
360 12,644.25 2
1
812 E BUCHEL AVE 9.875 109.85 85
9.625 109.85 14,900.00
AKRON OH 44305 1 07/18/96 10
8568793 05 09/01/96 20
8568793 N 08/01/26
0
1517859 480/728 F 36,750.00 ZZ
360 36,733.74 1
2121 W. UNION HILLS DRIVE #206 10.000 322.51 75
9.750 322.51 49,000.00
PHOENIX AZ 85027 1 07/17/96 00
0380501909 01 09/01/96 0
1862366 N 08/01/26
0
1517860 480/728 F 78,600.00 ZZ
360 78,566.15 2
1936 IRVING ST 10.125 697.04 85
9.875 697.04 92,500.00
DENVER CO 80204 1 07/15/96 01
0380501867 05 09/01/96 20
1938810 N 08/01/26
0
1517861 498/G02 F 26,000.00 ZZ
360 25,987.86 1
6201 CLEVELAND STREET 9.750 223.39 80
9.500 223.39 32,500.00
ORLANDO FL 32810 1 07/29/96 01
0430010801 05 09/01/96 12
1453501 N 08/01/26
0
1517865 E22/G02 F 51,950.00 ZZ
360 51,926.40 1
205 HANSEN DRIVE 9.875 451.11 90
9.625 451.11 57,750.00
RUIDOSO NM 88345 1 07/03/96 04
0410215784 05 09/01/96 25
410215784 N 08/01/26
0
1517868 E22/G02 F 17,300.00 ZZ
360 17,292.55 1
1849 MARSHALL STREET UNIT 23 10.125 153.42 65
9.875 153.42 26,750.00
HOUSTON TX 77098 1 07/11/96 00
0410215412 01 09/01/96 0
1
410215412 N 08/01/26
0
1517869 E22/G02 F 17,300.00 ZZ
360 17,292.55 1
1849 MARSHALL STREET UNIT # 24 10.125 153.42 65
9.875 153.42 26,750.00
HOUSTON TX 77098 1 07/11/96 00
0410215404 01 09/01/96 0
410215404 N 08/01/26
0
1517870 E22/G02 F 110,000.00 ZZ
360 109,941.46 1
7457 SW 167TH STREET 9.125 895.00 76
8.875 895.00 145,000.00
MIAMI FL 33157 1 07/17/96 00
0410193031 05 09/01/96 0
410193031 O 08/01/26
0
1517876 E22/G02 F 94,500.00 ZZ
360 94,454.73 4
5010 VICTOR STREET 9.625 803.24 90
9.375 803.24 105,000.00
DALLAS TX 75214 1 07/10/96 04
0410215974 05 09/01/96 30
410215974 O 08/01/26
0
1517880 E22/G02 F 93,750.00 T
360 93,706.26 1
2020 N W 7TH PLACE 9.750 805.46 75
9.500 805.46 125,000.00
GAINESVILLE FL 32603 5 07/11/96 00
0410191944 05 09/01/96 0
410191944 O 08/01/26
0
1517882 E22/G02 F 96,200.00 ZZ
360 96,153.91 2
11400 PTARMIGAN COVE 9.625 817.69 90
9.375 817.69 106,900.00
AUSTIN TX 78758 1 07/03/96 01
0410215875 05 09/01/96 25
410215875 N 08/01/26
0
1
1517887 E22/G02 F 162,100.00 ZZ
360 162,022.35 1
9803 CATES AVENUE 9.625 1,377.83 80
9.375 1,377.83 202,650.00
NORTHFIELD MN 55057 1 07/19/96 00
0410211973 05 09/01/96 0
410211973 O 08/01/26
0
1517889 E22/G02 F 31,500.00 ZZ
360 31,486.43 2
1425-1427 NORTH TUXEDO STREET 10.125 279.35 90
9.875 279.35 35,000.00
INDIANAPOLIS IN 46201 1 07/15/96 04
0410143010 05 09/01/96 25
410143010 N 08/01/26
0
1517897 635/635 F 145,700.00 ZZ
360 145,700.00 1
200 MACHOST DRIVE 9.625 1,238.44 90
9.375 1,238.44 161,900.00
GARNER NC 27529 1 08/16/96 10
657261400 03 10/01/96 25
657261400 N 09/01/26
0
1518056 757/757 F 40,050.00 ZZ
360 40,031.31 1
120 INGLEWOOD AVENUE 9.750 344.10 90
9.500 344.10 44,500.00
ATHENS GA 30601 1 07/24/96 10
2793248 05 09/01/96 25
2793248 N 08/01/26
0
1518058 757/757 F 58,500.00 ZZ
360 58,474.12 1
3603 COLONIAL COVE 10.000 513.38 90
9.750 513.38 65,000.00
HOPE MILLS NC 28348 1 07/29/96 10
2789766 05 09/01/96 25
2789766 N 08/01/26
0
1518060 560/560 F 124,200.00 ZZ
360 124,128.54 1
46 MYRTLE ROAD 8.750 977.09 90
8.500 977.09 138,000.00
1
GRISWOLD CT 06351 1 07/25/96 10
450488515 05 09/01/96 25
450488515 N 08/01/26
0
1518070 F03/G02 F 49,350.00 ZZ
360 49,350.00 1
2236 SIDEWINDER DRIVE 9.250 406.00 75
UNIT #421 9.000 406.00 65,800.00
PARK CITY UT 84060 1 08/14/96 00
0430015370 20 10/01/96 0
10033 N 09/01/26
0
1518075 638/G02 F 146,250.00 ZZ
360 146,250.00 1
308 SOUTH AMERICAN STREET 9.750 1,256.51 90
9.500 1,256.51 162,500.00
PHILADELPHIA PA 19106 1 08/13/96 04
0430023853 05 10/01/96 25
UNKNOWN N 09/01/26
0
1518087 180/728 F 262,800.00 ZZ
360 262,800.00 1
6141 JACARANDA LANE 9.000 2,114.55 90
8.750 2,114.55 292,000.00
YORBA LINDA CA 92687 2 08/15/96 12
0380506585 05 10/01/96 25
4482550 O 09/01/26
0
1518094 765/G02 F 108,750.00 ZZ
360 108,750.00 2
328 WILSON AVE.,#101 & 102 9.750 934.34 75
9.500 934.34 145,000.00
MADERA CA 93638 4 08/22/96 00
0430027656 05 10/01/96 0
316301 N 09/01/26
0
1518095 A52/G02 F 69,275.00 ZZ
240 69,275.00 1
868 COUCHISE TRAIL 9.500 645.73 85
9.250 645.73 81,500.00
CONYERS GA 30208 5 08/12/96 23
0430011445 05 10/01/96 0
162773 O 09/01/16
0
1
1518098 180/728 F 56,700.00 ZZ
360 56,700.00 1
161 HONEYSUCKLE 9.500 476.76 90
9.250 476.76 63,000.00
CASPER WY 82604 1 08/16/96 12
0380506650 05 10/01/96 25
4511903 N 09/01/26
0
1518104 758/728 F 90,000.00 ZZ
360 90,000.00 1
1229 POST OAK PARK DRIVE 9.125 732.27 75
8.875 732.27 120,000.00
HOUSTON TX 77027 1 08/14/96 00
0380505447 01 10/01/96 0
UNKNOWN O 09/01/26
0
1518107 180/728 F 22,050.00 ZZ
360 22,050.00 1
104-106 E. TURNBULL 9.625 187.42 90
9.375 187.42 24,500.00
MIDWEST CITY OK 73110 1 08/28/96 04
0380506825 05 10/01/96 25
4504304 N 09/01/26
0
1518109 965/G02 F 168,000.00 ZZ
360 168,000.00 1
109 SHADY OAK CIRCLE 9.375 1,397.34 70
9.125 1,397.34 240,000.00
TIJERAS NM 87059 5 08/15/96 00
0430023069 05 10/01/96 0
1518109 O 09/01/26
0
1518126 B28/G02 F 300,000.00 ZZ
360 299,840.35 1
2028 COUNTRY MEADOWS COURT 9.125 2,440.90 74
8.875 2,440.90 410,000.00
GRAND JUNCTION CO 81503 1 07/26/96 00
0430011320 03 09/01/96 0
05967613 O 08/01/26
0
1518131 638/G02 F 170,400.00 ZZ
360 170,400.00 1
1
1920 EDWARDSON CIRCLE 8.875 1,355.78 80
8.625 1,355.78 213,000.00
PLACENTIA CA 92670 1 08/09/96 00
0430022988 05 10/01/96 0
8590611 O 09/01/26
0
1518138 470/470 F 94,500.00 ZZ
360 94,453.52 1
1844 N. NEVADA STREET 9.500 794.61 90
9.250 794.61 105,000.00
CARSON CITY NV 89703 1 07/02/96 12
99000193 05 09/01/96 25
99000193 N 08/01/26
0
1518139 470/470 F 329,200.00 T
360 329,038.07 1
2408 DEER LAKE DRIVE 9.500 2,768.10 75
9.250 2,768.10 438,997.00
PARK CITY UT 84060 1 07/22/96 00
51010640 09 09/01/96 0
51010640 O 08/01/26
0
1518141 470/470 F 58,500.00 ZZ
360 58,477.37 1
30 WEST LESTER AVENUE #24D 10.625 540.60 90
9.750 540.60 65,000.00
MURRAY UT 84107 1 07/02/96 04
51010434 01 09/01/96 30
51010434 N 08/01/26
0
1518145 B35/G02 F 84,000.00 ZZ
360 84,000.00 1
5810 36TH AVENUE 9.000 675.89 70
8.750 675.89 120,000.00
HYATTSVILLE MD 20782 5 08/14/96 00
0430015545 05 10/01/96 0
9682010954 N 09/01/26
0
1518147 526/728 F 18,900.00 ZZ
360 18,891.17 1
3053 TULIP STREET 9.750 162.39 90
9.500 162.39 21,000.00
PHILADELPHIA PA 19134 1 07/23/96 10
0380502196 05 09/01/96 25
1
137085 N 08/01/26
0
1518159 480/728 F 40,100.00 ZZ
360 40,082.26 1
2201 W UNION HILLS DRIVE #112 10.000 351.91 75
9.750 351.91 53,500.00
PHOENIX AZ 85027 1 07/18/96 00
0380502204 01 09/01/96 0
1862382 N 08/01/26
0
1518165 480/728 F 40,100.00 ZZ
360 40,082.26 1
2201 UNION HILLS DRIVE #113 10.000 351.91 75
9.750 351.91 53,500.00
PHOENIX AZ 85027 1 07/18/96 00
0380502394 01 09/01/96 0
1862333 N 08/01/26
0
1518171 480/728 F 36,750.00 ZZ
360 36,733.74 1
2201 W UNION HILLS DRIVE #132 10.000 322.51 75
9.750 322.51 49,000.00
PHOENIX AZ 85027 1 07/18/96 00
0380502170 01 09/01/96 0
1862374 N 08/01/26
0
1518176 480/728 F 40,100.00 ZZ
360 40,082.26 1
2201 W UNION HILLS DRIVE #121 10.000 351.91 75
9.750 351.91 53,500.00
PHOENIX AZ 85027 1 07/17/96 00
0380502113 01 09/01/96 0
1862408 N 08/01/26
0
1518183 E22/G02 F 92,800.00 ZZ
360 92,754.36 1
216 GAZEBO 9.500 780.31 80
9.250 780.31 116,000.00
LOMBARD IL 60148 1 07/31/96 00
0410176267 08 09/01/96 0
410176267 O 08/01/26
0
1
1518187 E22/G02 F 345,000.00 ZZ
360 344,825.77 1
470 MORNINGSIDE DRIVE 9.375 2,869.54 57
9.125 2,869.54 610,000.00
CROWN POINT IN 46307 5 07/26/96 00
0410212138 03 09/01/96 0
410212138 O 08/01/26
0
1518190 E22/G02 F 34,000.00 ZZ
360 33,982.84 1
4258 NORTH GREENVIEW AVENUE 9.375 282.79 48
UNIT 1F 9.125 282.79 72,000.00
CHICAGO IL 60613 1 07/19/96 00
0410215842 01 09/01/96 0
410215842 O 08/01/26
0
1518203 526/G02 F 40,000.00 ZZ
360 39,983.22 1
8922 HIGGINSON AVENUE 10.250 358.45 79
10.000 358.45 51,000.00
BEL RIDGE MO 63121 2 07/23/96 12
0430010413 05 09/01/96 12
0137468 N 08/01/26
0
1518214 F54/G02 F 88,000.00 ZZ
360 88,000.00 1
121 GRANTHAM COURT 9.125 716.00 83
8.875 716.00 106,500.00
WALKERSVILLE MD 21793 1 08/16/96 01
0430021667 09 10/01/96 20
9605004 N 09/01/26
0
1518229 975/728 F 52,000.00 ZZ
360 51,976.38 2
841 AND 843 SOUTH WATERMAN AVE 9.875 451.54 65
9.625 451.54 80,000.00
SAN BERNARDINO CA 92408 5 07/29/96 00
0380502246 05 09/01/96 0
962043 N 08/01/26
0
1518247 E22/G02 F 80,000.00 ZZ
360 79,961.68 1
1036 ST PAUL AVE 9.625 679.99 73
9.375 679.99 110,000.00
1
ST PAUL MN 55116 1 07/30/96 00
0410203517 05 09/01/96 0
410203517 O 08/01/26
0
1518250 405/405 F 43,600.00 ZZ
360 43,579.11 2
109 WEST BINGHAM ROAD 9.625 370.60 80
9.375 370.60 54,500.00
WHITE OAK TX 75693 1 07/10/96 01
3965845 05 09/01/96 12
3965845 N 08/01/26
0
1518251 E22/G02 F 210,000.00 ZZ
360 209,902.03 1
8701 W SURREY PARK 9.750 1,804.22 70
9.500 1,804.22 300,000.00
PALOS HILLS IL 60456 5 07/25/96 00
0410201222 05 09/01/96 0
410201222 O 08/01/26
0
1518254 E22/G02 F 216,000.00 ZZ
360 215,901.87 2
5856 W DAKIN 9.875 1,875.63 80
9.625 1,875.63 270,000.00
CHICAGO IL 60641 1 08/01/96 00
0410214902 05 09/01/96 0
410214902 O 08/01/26
0
1518256 E22/G02 F 95,750.00 ZZ
360 95,710.91 4
370 N CENTER ST 10.375 866.93 90
10.125 866.93 106,400.00
ELGIN IL 60120 1 07/31/96 04
0410215289 05 09/01/96 25
410215289 N 08/01/26
0
1518258 E22/G02 F 123,300.00 ZZ
360 123,246.89 1
3105 COUNTY ROAD 77 10.125 1,093.45 90
9.875 1,093.45 137,100.00
TOWER MN 55790 1 07/30/96 04
0410203541 05 09/01/96 25
410203541 N 08/01/26
0
1
1518259 526/728 F 96,000.00 ZZ
360 95,952.77 4
431-3 SPRINGDALE AVENUE 9.500 807.23 80
9.250 807.23 120,000.00
EAST ORANGE NJ 07107 1 07/16/96 04
0380502790 05 09/01/96 12
133379 N 08/01/26
0
1518263 E22/G02 F 85,600.00 ZZ
360 85,558.99 1
20200 JERUSALEM ROAD 9.625 727.59 80
9.375 727.59 107,000.00
CHELSEA MI 48118 1 08/05/96 00
0410200190 05 09/01/96 0
410200190 O 08/01/26
0
1518265 E22/G02 F 172,250.00 T
360 172,250.00 1
308 W WASHINGTON STREET 9.875 1,495.73 65
9.625 1,495.73 265,000.00
PORT WASHINGTON WI 53074 2 08/02/96 00
0410177505 05 10/01/96 0
410177505 O 09/01/26
0
1518267 E22/G02 F 103,500.00 ZZ
360 103,457.74 2
1658 & 1660 SELBY AVE 10.375 937.10 90
10.125 937.10 115,000.00
ST PAUL MN 55104 1 08/05/96 01
0410203327 05 09/01/96 25
410203327 N 08/01/26
0
1518274 E22/G02 F 24,000.00 ZZ
360 23,990.20 1
254 SW 16TH STREET 10.375 217.30 60
10.125 217.30 40,000.00
DANIA FL 33004 1 07/25/96 00
0410193718 05 09/01/96 0
410193718 N 08/01/26
0
1518276 E22/G02 F 97,600.00 ZZ
360 97,553.24 1
1
412 HIBISCUS TRAIL 9.625 829.59 80
9.375 829.59 122,000.00
MELBOURNE BEACH FL 32951 5 07/17/96 00
0410193643 05 09/01/96 0
410193643 O 08/01/26
0
1518277 E22/G02 F 51,750.00 T
360 51,725.21 1
2602 NE 17TH AVENUE 9.625 439.87 75
9.375 439.87 69,000.00
CAPE CORAL FL 33909 1 07/16/96 00
0410072797 05 09/01/96 0
410072797 O 08/01/26
0
1518278 E22/G02 F 210,000.00 ZZ
360 209,907.10 2
2841 SAN GABRIEL STREET 10.000 1,842.90 70
9.750 1,842.90 300,000.00
AUSTIN TX 78705 5 07/16/96 00
0410134324 05 09/01/96 0
410134324 N 08/01/26
0
1518283 E22/G02 F 36,000.00 ZZ
360 35,982.75 2
904 HEALY AVENUE 9.625 306.00 90
9.375 306.00 40,000.00
MCKINNEY TX 75069 1 07/18/96 04
0410136840 05 09/01/96 25
410136840 N 08/01/26
0
1518287 E22/G02 F 70,300.00 ZZ
360 70,266.32 1
116 TOWNHOUSE LANE 9.625 597.54 80
9.375 597.54 87,900.00
CORPUS CHRISTI TX 78412 1 07/15/96 00
0410136709 01 09/01/96 0
410136709 O 08/01/26
0
1518292 E22/G02 F 144,000.00 ZZ
360 143,931.02 1
3217 HEIGHTS DRIVE 9.625 1,223.98 80
9.375 1,223.98 180,000.00
BELLINGHAM WA 98226 5 07/10/96 00
0410178909 05 09/01/96 0
1
410178909 O 08/01/26
0
1518295 E22/G02 F 64,950.00 T
360 64,917.20 1
2319 SANTA LUCIA STREET 9.375 540.22 80
9.125 540.22 81,200.00
KISSIMMEE FL 34743 1 07/19/96 95
0410191803 03 09/01/96 0
410191803 O 08/01/26
0
1518297 E22/G02 F 35,550.00 ZZ
360 35,536.97 2
1915 32ND STREET 10.875 335.20 90
10.625 335.20 39,500.00
GALVESTON TX 77550 1 07/15/96 04
0410137111 05 09/01/96 25
410137111 N 08/01/26
0
1518299 E22/G02 F 61,600.00 ZZ
360 61,569.70 1
9 CRITE COURT 9.500 517.97 80
9.250 517.97 77,000.00
GREENSBORO NC 27405 5 07/16/96 00
0410192884 05 09/01/96 0
410192884 O 08/01/26
0
1518300 E22/G02 F 100,000.00 ZZ
360 99,946.79 1
5466 EAST 120TH PLACE 9.125 813.63 75
8.875 813.63 135,060.00
THORNTON CO 80241 1 07/11/96 00
0410136337 05 09/01/96 0
410136337 O 08/01/26
0
1518302 E22/G02 F 50,250.00 ZZ
360 50,225.28 1
8215 SW 24TH STREET UNIT #19D 9.500 422.53 75
9.250 422.53 67,000.00
NORTH LAUDERDAL FL 33068 5 07/15/96 00
0410193239 01 09/01/96 0
410193239 O 08/01/26
0
1
1518386 526/G02 F 28,150.00 ZZ
360 28,029.99 1
9235 & 9237 PRESCOTT ROAD 9.250 231.59 80
9.000 231.59 35,200.00
BATON ROUGE LA 70812 1 12/21/95 04
0430011924 05 02/01/96 12
088367 N 01/01/26
0
1518396 934/728 F 43,650.00 ZZ
360 43,650.00 1
7800 CAMINO REAL UNIT H-205 9.750 375.02 90
9.500 375.02 48,500.00
MIAMI FL 33143 1 08/15/96 01
0380504861 01 10/01/96 30
61006196 N 09/01/26
0
1518400 A06/G02 F 103,500.00 ZZ
360 103,500.00 1
3104 JUANITA DRI 9.250 851.47 75
9.000 851.47 138,000.00
STERLING HEIGHT MI 48310 5 08/20/96 00
0430014100 05 10/01/96 0
9605756 O 09/01/26
0
1518401 934/728 F 113,600.00 ZZ
360 113,600.00 1
650 SHILOH TERRACE 9.250 934.56 80
9.000 934.56 142,000.00
DAVIE FL 33325 1 08/19/96 00
0380507039 03 10/01/96 0
61006188 O 09/01/26
0
1518405 526/728 F 54,650.00 ZZ
360 54,622.39 1
269 CAPTAIN THOMAS BLVD. #7 9.375 454.56 90
9.125 454.56 60,770.00
WEST HAVEN CT 06516 1 07/23/96 12
0380502154 05 09/01/96 25
0135071 N 08/01/26
0
1518413 765/G02 F 180,750.00 ZZ
360 180,750.00 4
322 WILSON STREET #101-#104 9.750 1,552.93 75
9.500 1,552.93 241,000.00
1
MADERA CA 93638 4 08/22/96 00
0430027649 05 10/01/96 0
316407 N 09/01/26
0
1518418 313/G02 F 170,000.00 ZZ
360 170,000.00 1
2719 STILL FARMS PLACE 9.250 1,398.55 80
9.000 1,398.55 212,500.00
LAWRENCEVILLE GA 30243 1 08/19/96 00
0430023846 05 10/01/96 0
6226153 O 09/01/26
0
1518448 455/G02 F 84,250.00 ZZ
360 84,250.00 1
1972 BANKS WAY 9.250 693.11 95
9.000 693.11 88,720.00
COLLEGE PARK GA 30349 1 08/20/96 10
0430019133 05 10/01/96 30
52475 O 09/01/26
0
1518467 737/728 F 68,300.00 ZZ
360 68,266.40 1
7777 E. MAIN STREET #364 9.500 574.31 80
9.250 574.31 85,409.00
SCOTTSDALE AZ 85251 1 07/19/96 04
0380502410 01 09/01/96 12
511457 N 08/01/26
0
1518482 A01/G02 F 88,000.00 ZZ
360 87,953.17 1
25342 JUNIPER COURT 9.125 716.00 80
8.875 716.00 110,000.00
PIONEER CA 95666 5 07/26/96 00
0430010082 05 09/01/96 0
96076412 O 08/01/26
0
1518486 457/728 F 48,550.00 ZZ
360 48,550.00 2
296 & 296A MAIN STREET 9.875 421.59 85
9.625 421.59 57,150.00
SOMERSWORTH NH 03878 1 08/28/96 04
0380506395 05 10/01/96 20
961315555 N 09/01/26
0
1
1518496 638/G02 F 112,000.00 T
360 112,000.00 1
640 VILLAGE RD #4707 9.125 911.27 70
8.875 911.27 160,000.00
BRECKENRIDGE CO 80424 2 08/21/96 00
0430028464 08 10/01/96 0
8593305 O 09/01/26
0
1518505 E57/G02 F 247,000.00 ZZ
360 246,881.68 4
12891 FERN STREET, #A,B,C & D 9.625 2,099.47 90
9.375 2,099.47 275,000.00
STANTON CA 92641 1 07/23/96 12
0430010587 05 09/01/96 25
72212005135 O 08/01/26
0
1518510 B75/G02 F 117,000.00 ZZ
360 116,936.09 1
7409 MIFFLIN KENEDY TERRACE 9.000 941.41 75
8.750 941.41 156,000.00
AUSTIN TX 78749 1 07/19/96 00
0430012260 03 09/01/96 0
2488575 O 08/01/26
0
1518514 633/G02 F 101,250.00 ZZ
360 101,198.87 3
835,835A & 837 MOLINO AVENUE 9.375 842.15 75
9.125 842.15 135,000.00
LONG BEACH CA 90804 1 07/22/96 00
0430018473 05 09/01/96 0
672665 N 08/01/26
0
1518515 776/G02 F 59,800.00 ZZ
360 59,772.11 1
1875 ALLENDALE WAY NORTHEAST 9.750 513.77 65
9.500 513.77 92,000.00
KEIZER OR 97303 5 07/11/96 00
0430012617 05 09/01/96 0
5034206 N 08/01/26
0
1518550 F86/F86 F 77,000.00 ZZ
360 68,079.23 1
1
11 SOUTH LONG STREET 8.500 592.07 90
8.250 592.07 86,000.00
JOHNSTON RI 02919 1 06/02/87 23
736043 05 08/01/87 0
736043 O 07/01/17
0
1518551 F86/F86 F 95,400.00 ZZ
360 89,035.96 1
56 BARBER AVENUE 8.625 742.02 90
8.375 742.02 106,000.00
WARWICK RI 02886 1 09/21/89 10
756433 05 11/01/89 17
756433 O 10/01/19
0
1518553 F86/F86 F 110,000.00 ZZ
360 102,779.74 1
54 MULBERRY CIRCLE 8.625 855.57 75
8.375 855.57 148,000.00
JOHNSTON RI 02919 5 11/08/89 00
756813 05 12/01/89 0
756813 O 11/01/19
0
1518555 F86/F86 F 75,000.00 ZZ
360 67,599.39 3
37 HILLHURST AVENUE 8.625 583.34 60
8.375 583.34 127,000.00
PROVIDENCE RI 02909 5 10/19/89 00
759763 05 12/01/89 0
759763 O 11/01/19
0
1518557 F86/F86 F 100,000.00 ZZ
360 97,833.00 1
19 GLENWOOD DRIVE 8.875 830.65 84
8.625 830.65 120,000.00
NORTH KINGSTOWN RI 02852 1 10/25/89 10
764893 05 12/01/89 25
764893 O 11/01/19
0
1518558 F86/F86 F 138,700.00 ZZ
348 130,174.41 1
343 BUTTERNUT DRIVE 8.625 1,078.80 95
8.375 1,078.80 146,000.00
NORTH KINGSTOWN RI 02852 1 02/21/90 11
781653 05 04/01/91 22
1
781653 O 03/01/20
0
1518559 F86/F86 F 115,000.00 ZZ
360 107,796.56 3
27 BRIGHTON STREET 8.500 884.26 71
8.250 884.26 164,000.00
PROVIDENCE RI 02909 5 04/13/90 00
1016923 05 06/01/90 0
1016923 O 05/01/20
0
1518560 F86/F86 F 93,600.00 ZZ
360 91,122.89 1
162 JUNE STREET 7.875 678.66 80
7.625 678.66 117,000.00
WORCESTER MA 01602 2 10/21/93 00
1203556 05 12/01/93 0
1203556 O 11/01/23
0
1518562 992/G02 F 200,750.00 T
360 200,651.25 1
193 LUMBER LANE 9.500 1,688.02 75
9.250 1,688.02 267,750.00
BRIDGEHAMPTON NY 11932 1 08/01/96 00
0430009928 05 09/01/96 0
322682 O 08/01/26
0
1518563 F86/F86 F 118,500.00 ZZ
360 114,941.35 1
59 HILLSIDE STREET 7.125 798.36 79
6.875 798.36 150,000.00
MARSHFIELD MA 02050 2 10/01/93 00
1723896 05 12/01/93 0
1723896 O 11/01/23
0
1518564 003/728 F 22,050.00 ZZ
360 22,040.50 1
314 SAN SEBASTIAN COURT 10.125 195.55 90
9.875 195.55 24,500.00
ALTAMONTE SPRIN FL 32714 1 07/22/96 12
0380502998 01 09/01/96 25
3716461 N 08/01/26
0
1
1518565 F86/F86 F 104,400.00 ZZ
360 99,913.50 1
5 EVERTON AVENUE 8.250 784.32 80
8.000 784.32 130,500.00
WORCESTER MA 01604 5 01/27/92 00
1740526 05 03/01/92 0
1740526 O 02/01/22
0
1518566 F86/F86 F 106,000.00 ZZ
360 102,816.88 1
5 UPHILL ROAD 7.125 714.14 75
6.875 714.14 142,000.00
FORESTDALE MA 02644 2 10/25/93 00
1744406 05 12/01/93 0
1744406 O 11/01/23
0
1518568 F86/F86 F 160,326.07 ZZ
318 152,896.77 1
15 KELLY DRIVE 8.750 1,298.87 75
8.500 1,298.87 215,000.00
ENFIELD CT 06082 1 07/31/92 00
3758176 05 09/01/92 0
3758176 O 02/01/19
0
1518569 F86/F86 F 273,750.00 ZZ
360 265,880.60 1
1 GALE MEADOW WAY 7.000 1,821.27 75
6.750 1,821.27 365,000.00
WESTBORO MA 01581 1 12/21/93 00
3774172 05 02/01/94 0
3774172 O 01/01/24
0
1518571 480/728 F 40,100.00 ZZ
360 40,082.26 1
2201 W UNION HILLS DRIVE, #119 10.000 351.91 75
9.750 351.91 53,500.00
PHOENIX AZ 85027 1 07/17/96 00
0380502105 01 09/01/96 0
1862416 N 08/01/26
0
1518572 F86/F86 F 51,300.00 ZZ
360 49,003.84 1
100-01 GOVERNORS DRIVE 8.000 376.43 90
7.750 376.43 57,000.00
1
WINTHROP MA 02152 1 07/31/92 23
4544326 01 09/01/92 0
4544326 O 08/01/22
0
1518573 F86/F86 F 52,000.00 ZZ
360 48,521.46 1
247 WASHINGTON AVENUE UNIT 20 7.500 363.60 82
7.250 363.60 64,000.00
WINTHROP MA 02152 1 01/19/93 23
4544546 01 03/01/93 0
4544546 O 02/01/23
0
1518574 F86/F86 F 54,625.00 ZZ
360 52,440.56 1
247 WASHINGTON AVENUE UNIT 2 7.500 381.95 95
7.250 381.95 57,500.00
WINTHROP MA 02152 1 11/19/92 23
4545856 01 01/01/93 0
4545856 N 12/01/22
0
1518580 F86/F86 F 83,925.07 ZZ
322 81,774.20 1
14 MARAVISTA ROAD 8.375 655.55 61
8.125 655.55 138,000.00
WORCESTER MA 01606 5 03/10/94 00
4581986 05 06/01/94 0
4581986 O 03/01/21
0
1518581 F86/F86 F 108,300.00 ZZ
360 106,645.48 1
160 RICHARD STREET 8.500 872.06 95
8.250 872.06 114,000.00
CRANSTON RI 02910 1 05/30/90 10
5667751 05 07/01/90 25
5667751 O 06/01/20
0
1518582 F86/F86 F 104,500.00 ZZ
360 102,269.03 1
4 FERN DRIVE 7.875 792.50 94
7.625 792.50 112,000.00
HOPKINTON RI 02833 1 07/20/90 10
5668931 05 09/01/90 25
5668931 O 08/01/20
0
1
1518583 F86/F86 F 116,000.00 ZZ
360 105,824.74 1
28 GRANBY STREET 8.625 902.24 80
VILLAGE OF CHEPACHET 8.375 902.24 145,000.00
GOUCESTER RI 02814 5 11/24/89 00
780823 05 01/01/90 0
780823 O 12/01/19
0
1518584 F86/F86 F 45,000.00 ZZ
360 43,901.66 1
8 DODGE AVENUE 7.500 314.65 90
7.250 314.65 50,000.00
WORCESTER MA 01606 1 02/17/94 23
1902136 05 04/01/94 0
1902136 O 03/01/24
0
1518629 180/728 F 81,900.00 ZZ
360 81,900.00 1
302 WEST STREET 9.375 681.20 90
9.125 681.20 91,000.00
FORT COLLINS CO 80521 1 08/19/96 21
0380506791 05 10/01/96 25
4512323 N 09/01/26
0
1518649 664/G02 F 53,800.00 ZZ
360 53,800.00 1
1764 CRICKET HOLLOW DRIVE 9.750 462.23 65
9.500 462.23 83,000.00
AUSTIN TX 78758 5 08/20/96 00
0430018069 05 10/01/96 0
2147700 N 09/01/26
0
1518650 664/G02 F 52,500.00 ZZ
360 52,500.00 1
1022 GOLDEN TROPHY DRIVE 9.750 451.06 70
9.500 451.06 75,000.00
DALLAS TX 75232 5 08/20/96 00
0430018051 05 10/01/96 0
2147692 N 09/01/26
0
1518672 180/728 F 45,000.00 ZZ
360 45,000.00 3
1
9204 NORTH 10TH STREET 9.625 382.50 90
9.375 382.50 50,000.00
PHOENIX AZ 85020 1 08/20/96 01
0380506890 05 10/01/96 25
4343133 N 09/01/26
0
1518693 F30/G02 F 192,500.00 ZZ
360 192,500.00 1
60 NORTH 1230 EAST 9.125 1,566.24 66
8.875 1,566.24 295,000.00
SPRINGVILLE UT 84663 1 08/15/96 00
0430030643 05 10/01/96 0
101344 O 09/01/26
0
1518707 939/G02 F 185,000.00 ZZ
360 185,000.00 1
86-01 KINGSTON PLACE 9.500 1,555.59 95
9.250 1,555.59 195,000.00
JAMAICA ESTATES NY 11432 1 08/29/96 10
0430025239 05 10/01/96 30
9604334 O 09/01/26
0
1518733 F03/G02 F 236,000.00 ZZ
360 236,000.00 1
5400 HILLDALE COURT 8.875 1,877.73 80
8.625 1,877.73 295,000.00
FORT COLLINS CO 80526 1 08/22/96 00
0430030577 05 10/01/96 0
10025 O 09/01/26
0
1518743 A01/G02 F 123,750.00 ZZ
360 123,750.00 1
819 SAXONY ROAD 8.625 962.52 75
8.375 962.52 165,000.00
ENCINITAS CA 92024 1 08/06/96 00
0430010504 05 10/01/96 0
573898887 O 09/01/26
0
1518748 E01/G02 F 76,100.00 ZZ
300 76,100.00 1
116-53 141ST STREET 9.750 678.16 60
9.500 678.16 127,000.00
JAMAICA NY 11436 5 08/08/96 00
0430009779 05 10/01/96 0
1
962017 O 09/01/21
0
1518758 001/G02 F 80,500.00 ZZ
360 80,500.00 1
5904 MAPLE TERRACE 9.125 654.98 71
8.875 654.98 114,300.00
LAUREL MD 20707 1 08/19/96 00
0430026179 05 10/01/96 0
UNKNOWN O 09/01/26
0
1518783 664/G02 F 86,900.00 ZZ
360 86,850.00 1
148 HEATHER GLEN DRIVE 8.750 683.65 90
8.500 683.65 96,608.00
COPPELL TX 75019 1 07/31/96 01
0430011056 05 09/01/96 25
2203198 N 08/01/26
0
1518785 638/G02 F 50,000.00 ZZ
360 50,000.00 1
480 SOUTH MARION PARKWAY, 8.375 380.04 59
#1502-A 8.125 380.04 85,600.00
DENVER CO 80209 1 08/20/96 00
0430026427 01 10/01/96 0
08590448 N 09/01/26
0
1518791 664/G02 F 150,000.00 ZZ
360 149,937.09 1
4829 N PAULINA STREET 10.250 1,344.16 89
10.000 1,344.16 170,000.00
CHICAGO IL 60640 1 08/01/96 04
0430012716 05 09/01/96 25
2215895 N 08/01/26
0
1518794 731/G02 F 63,100.00 ZZ
360 63,063.69 1
1111 EAST GARDEN AVENUE 8.750 496.41 67
8.500 496.41 95,000.00
COEUR D'ALENE OH 83814 5 07/26/96 00
0430011411 05 09/01/96 0
242532514 O 08/01/26
0
1
1518798 069/728 F 41,800.00 ZZ
360 41,779.44 4
73621 SUN VALLEY DRIVE 9.500 351.48 55
SUN VALLEY DRIVE 9.250 351.48 76,000.00
TWENTYNINE PALM CA 92277 2 07/03/96 00
0380503434 03 09/01/96 0
2032106805 N 08/01/26
0
1518800 069/728 F 30,250.00 ZZ
360 30,235.12 4
6413 MORONGO ROAD 9.500 254.36 55
9.250 254.36 55,000.00
TWENTYNINE PALM CA 92277 5 07/02/96 00
0380503426 03 09/01/96 0
2032108892 N 08/01/26
0
1518809 E22/G02 F 74,300.00 ZZ
360 74,263.46 1
7400 MAR VISTA WAY 9.500 624.75 80
9.250 624.75 92,950.00
CITRUS HEIGHTS CA 95621 1 07/11/96 04
0410126551 05 09/01/96 12
410126551 N 08/01/26
0
1518810 E22/G02 F 86,250.00 T
360 86,210.82 1
120 BIG BEAR PLACE 9.875 748.95 75
9.625 748.95 115,000.00
RUIDOSO NM 88345 1 07/25/96 00
0410106322 05 09/01/96 0
410106322 O 08/01/26
0
1518811 E22/G02 F 35,100.00 ZZ
360 35,086.79 2
30-32 VALLEYVIEW DRIVE 10.750 327.65 90
10.500 327.65 39,000.00
DAYTON OH 45405 1 07/12/96 04
0410200364 05 09/01/96 25
410200364 N 08/01/26
0
1518813 E22/G02 F 330,000.00 ZZ
360 329,814.99 1
115 MADRONE AVENUE 8.875 2,625.63 74
8.625 2,625.63 450,000.00
1
MORGAN HILL CA 95037 2 07/15/96 00
0410155972 05 09/01/96 0
410155972 O 08/01/26
0
1518822 E22/G02 F 72,900.00 ZZ
360 72,836.94 1
1431 W 19TH ST 10.125 646.49 90
9.875 646.49 81,000.00
LAWRENCE KS 66046 1 06/27/96 01
0410136659 05 08/01/96 25
410136659 N 07/01/26
0
1518825 E22/G02 F 96,000.00 ZZ
360 95,956.39 1
2257 IRONWOOD STREET 9.875 833.61 85
9.625 833.61 113,000.00
EUGENE OR 97401 1 07/12/96 01
0410154728 05 09/01/96 20
410154728 N 08/01/26
0
1518826 635/635 F 83,000.00 ZZ
360 83,000.00 1
3831 TURTLE CREEK #11D 8.875 660.39 50
8.625 660.39 166,000.00
DALLAS TX 75219 1 08/16/96 00
8586184 06 10/01/96 0
8586184 O 09/01/26
0
1518827 E22/G02 F 341,250.00 ZZ
360 341,058.69 1
825 FIELDING DRIVE 8.875 2,715.14 75
8.625 2,715.14 455,000.00
PALO ALTO CA 94303 5 07/22/96 00
0410156269 05 09/01/96 0
410156269 O 08/01/26
0
1518831 E22/G02 F 40,500.00 ZZ
360 40,483.47 4
112 & 114 NORTH 14TH STREET 10.375 366.69 90
10.125 366.69 45,000.00
RICHMOND IN 47374 1 07/17/96 04
0410083489 05 09/01/96 25
410083489 N 08/01/26
0
1
1518832 E22/G02 F 33,750.00 ZZ
360 33,735.47 1
4040 GALT OCEAN BLVD UNIT #320 10.125 299.30 75
9.875 299.30 45,000.00
FORT LAUDERDALE FL 33308 1 07/22/96 00
0410072847 22 09/01/96 0
410072847 O 08/01/26
0
1518836 201/728 F 43,200.00 ZZ
360 43,179.30 1
5509 JIM HOGG AVENUE 9.625 367.20 90
9.375 367.20 48,000.00
AUSTIN TX 78756 1 07/02/96 04
0380506866 05 09/01/96 25
4200912600 N 08/01/26
0
1518853 E22/G02 F 62,100.00 ZZ
360 62,073.25 1
4715 KENSINGTON AVE 10.125 550.72 90
9.875 550.72 69,000.00
TAMPA FL 33629 1 07/30/96 12
0410193486 05 09/01/96 25
410193486 N 08/01/26
0
1518858 737/728 F 135,000.00 T
360 134,926.25 1
295 OAK CREEK DRIVE 9.000 1,086.25 54
8.750 1,086.25 250,000.00
SEDONA AZ 86351 1 07/25/96 00
0380503053 03 09/01/96 0
511483 O 08/01/26
0
1518859 971/G02 F 100,000.00 ZZ
360 100,000.00 2
816-818 SE 12TH ST 8.000 733.76 75
7.750 733.76 135,000.00
FT. LAUDERDALE FL 33316 1 08/07/96 00
0430014225 05 10/01/96 0
9690133 O 09/01/26
0
1518862 480/728 F 42,780.00 ZZ
360 42,761.58 1
1
6130 KING ARTHUR DRIVE 10.125 379.38 66
9.875 379.38 65,000.00
DOUGLASVILLE GA 30134 5 07/26/96 00
0380503038 05 09/01/96 0
1924190 O 08/01/26
0
1518880 688/G02 F 72,850.00 ZZ
360 72,814.17 1
3637 IAN THOMAS STREET, #202 9.500 612.56 90
9.250 612.56 80,950.00
LAS VEGAS NV 89129 1 08/02/96 04
0430012567 01 09/01/96 30
35681 N 08/01/26
0
1518908 737/728 F 199,200.00 ZZ
360 199,096.73 1
27828 N. 158TH STREET 9.250 1,638.77 80
9.000 1,638.77 249,000.00
SCOTTSDALE AZ 85255 2 07/25/96 00
0380503004 05 09/01/96 0
511474 O 08/01/26
0
1518919 F03/G02 F 400,000.00 ZZ
360 400,000.00 1
509 E CORONADO 9.000 3,218.50 80
8.750 3,218.50 500,000.00
SANTA FE NM 87501 2 08/28/96 00
0430028720 05 10/01/96 0
10041 O 09/01/26
0
1518962 664/G02 F 24,850.00 ZZ
360 24,850.00 1
3408 PARROT STREET 8.625 193.29 70
8.375 193.29 35,500.00
DALLAS TX 75216 5 08/28/96 00
0430026740 05 10/01/96 0
2203701 N 09/01/26
0
1518973 737/G02 F 40,500.00 ZZ
360 40,500.00 1
1188 4TH STREET SW 9.750 347.96 90
9.500 347.96 45,000.00
MOULTRIE GA 31768 1 08/23/96 01
0430023960 05 10/01/96 25
1
557836 N 09/01/26
0
1518978 405/405 F 73,750.00 ZZ
360 73,711.76 1
4222 WEST STAGESTOP COURT 9.250 606.73 80
9.000 606.73 92,200.00
TUCSON AZ 85741 1 07/25/96 10
3983806 03 09/01/96 12
3983806 N 08/01/26
0
1518988 737/G02 F 49,500.00 ZZ
360 49,500.00 1
655-0 PROVIDENCE AVENUE 8.625 385.01 75
8.375 385.01 66,000.00
COLUMBUS OH 43214 1 08/23/96 00
0430024075 01 10/01/96 0
557894 O 09/01/26
0
1518991 E30/G02 F 269,850.00 ZZ
360 269,850.00 1
10 RAVENSRIDGE 9.000 2,171.27 80
8.750 2,171.27 337,329.00
DOVE CANYON ARE CA 92679 1 08/26/96 00
0430030221 03 10/01/96 0
12897 O 09/01/26
0
1519004 E22/G02 F 130,500.00 ZZ
360 130,440.72 1
5236 N KIMBALL AVE 9.875 1,133.19 75
9.625 1,133.19 174,000.00
CHICAGO IL 60625 5 07/22/96 00
0410201081 05 09/01/96 0
410201081 O 08/01/26
0
1519007 E22/G02 F 59,400.00 ZZ
360 59,400.00 2
412/414 15TH STREET NE 9.750 510.34 85
9.500 510.34 69,900.00
ROCHESTER MN 55906 1 08/05/96 01
0410214639 05 10/01/96 25
410214639 N 09/01/26
0
1
1519008 A32/G02 F 71,950.00 ZZ
360 71,950.00 1
8024 CELESTIAL AVENUE 9.750 618.16 84
#201 9.500 618.16 86,500.00
LAS VEGAS NV 89128 1 08/26/96 01
0430027219 01 10/01/96 25
133783 N 09/01/26
0
1519009 E22/G02 F 40,000.00 ZZ
360 39,979.80 1
795 COVENTRY UNIT # 103C 9.375 332.70 42
9.125 332.70 96,000.00
WHEELING IL 60090 1 07/26/96 00
0410172068 01 09/01/96 0
410172068 O 08/01/26
0
1519010 E22/G02 F 39,150.00 ZZ
360 39,134.01 2
1309/1311 FRANKLIN 10.375 354.47 90
10.125 354.47 43,500.00
INDEPENDENCE MO 64052 1 08/05/96 01
0410203350 05 09/01/96 25
410203350 N 08/01/26
0
1519012 E22/G02 F 17,400.00 ZZ
360 17,400.00 1
15368 GRIGGS 10.000 152.70 60
9.750 152.70 29,000.00
DETROIT MI 48238 1 08/07/96 00
0410139414 05 10/01/96 0
410139414 N 09/01/26
0
1519017 129/G02 F 57,600.00 ZZ
360 57,600.00 1
73 BENEDICT STREET 8.750 453.14 80
8.500 453.14 72,000.00
PROVIDENCE RI 02903 5 07/31/96 00
0430010629 05 10/01/96 0
3900001508 O 09/01/26
0
1519040 570/570 F 70,400.00 ZZ
360 70,367.16 1
1520 N.E. 14TH TERRACE 9.750 604.84 80
9.500 604.84 88,000.00
1
FORT LAUDERDALE FL 33304 1 07/26/96 00
5852140 05 09/01/96 0
5852140 O 08/01/26
0
1519043 664/728 F 29,700.00 ZZ
360 29,685.77 1
5672 COUNTY ROAD 927 9.625 252.45 90
9.375 252.45 33,000.00
COPEVILLE TX 75121 1 07/31/96 01
0380504515 05 09/01/96 25
2202893 N 08/01/26
0
1519049 B75/G02 F 63,000.00 ZZ
360 62,972.13 1
128 EAST 3350 SOUTH 10.000 552.87 90
9.750 552.87 70,000.00
SALT LAKE CITY UT 84115 1 07/19/96 01
0430011619 05 09/01/96 25
2478733 N 08/01/26
0
1519051 570/570 F 73,200.00 ZZ
360 73,160.02 1
1671 N.W. 61ST AVENUE 9.000 588.98 80
8.750 588.98 91,500.00
MARGATE FL 33063 1 07/26/96 00
5851936 05 09/01/96 0
5851936 O 08/01/26
0
1519055 936/G02 F 62,250.00 ZZ
360 62,221.72 1
4740 ROLLING STREET 9.875 540.55 75
9.625 540.55 83,000.00
DAYTON OH 45439 2 07/29/96 00
0430012534 05 09/01/96 0
6092522 N 08/01/26
0
1519064 776/G02 F 78,450.00 ZZ
360 78,413.40 1
6201 EAST LAKE MEAD BLVD #211 9.750 674.01 80
9.500 674.01 98,490.00
LAS VEGAS NV 89115 1 07/10/96 04
0430012328 01 09/01/96 12
6332391 N 08/01/26
0
1
1519065 776/G02 F 59,150.00 ZZ
360 59,122.40 1
1825 ALLENDALE WAY NORTHEAST 9.750 508.19 65
9.500 508.19 91,000.00
KEIZER OR 97303 2 07/12/96 00
0430012609 05 09/01/96 0
5034207 N 08/01/26
0
1519073 975/G02 F 38,500.00 ZZ
360 38,500.00 1
1077 WEST 26TH STREET 9.500 323.73 46
9.250 323.73 85,000.00
SAN BERNARDINO CA 92405 5 08/02/96 00
0430012575 05 10/01/96 0
962045 N 09/01/26
0
1519074 939/G02 F 207,000.00 ZZ
360 207,000.00 2
673 DREW STREET 9.500 1,740.57 90
9.250 1,740.57 230,000.00
BROOKLYN NY 11208 1 08/20/96 10
0430016204 05 10/01/96 25
9604281 O 09/01/26
0
1519076 A73/G02 F 79,000.00 ZZ
360 79,000.00 1
3381 2ND AVENUE NORTH 9.250 649.91 79
9.000 649.91 100,000.00
SALEM OR 97303 5 08/02/96 00
0430013656 05 10/01/96 0
0540205635 O 09/01/26
0
1519084 F03/G02 F 138,000.00 ZZ
360 138,000.00 1
2501 BELLAIRE STREET 9.375 1,147.82 80
9.125 1,147.82 172,500.00
DENVER CO 80207 1 08/14/96 00
0430030254 05 10/01/96 0
DEN10018 O 09/01/26
0
1519168 F03/G02 F 40,000.00 ZZ
360 40,000.00 1
1
13655 B. EAST YALE AVENUE 8.875 318.26 79
8.625 318.26 51,000.00
AURORA CO 80014 2 08/22/96 01
0430029660 01 10/01/96 12
DEN10053 N 09/01/26
0
1519204 B24/G02 F 252,000.00 ZZ
360 252,000.00 1
24 BEACH HILL RD. 9.375 2,096.01 78
9.125 2,096.01 325,000.00
SCARSDALE NY 10583 1 08/28/96 00
0430015768 05 10/01/96 0
164144 O 09/01/26
0
1519209 229/728 F 279,800.00 ZZ
360 279,415.77 1
2643 RASMUSSEN COURT 8.750 2,201.19 80
8.500 2,201.19 349,765.00
PLEASANTON CA 94588 1 07/12/96 00
0380506379 03 09/01/96 0
7150139 O 08/01/26
0
1519213 910/G02 F 89,200.00 ZZ
360 89,200.00 2
2212 & 2214 S. JUNIPER STREET 9.125 725.76 80
8.875 725.76 111,500.00
NAMPA ID 83686 1 08/05/96 04
0430022483 05 10/01/96 12
095232 N 09/01/26
0
1519251 934/G02 F 39,600.00 ZZ
360 39,600.00 1
15410 SW 82 LANE UNIT #822 9.875 343.87 90
9.625 343.87 44,000.00
MIAMI FL 33193 1 08/21/96 01
0430029488 01 10/01/96 30
61006210 N 09/01/26
0
1519279 405/405 F 26,900.00 ZZ
360 26,884.52 1
3243 NORTHWEST 104TH AVENUE 8.750 211.63 90
8.500 211.63 29,900.00
CORAL SPRINGS FL 33065 1 07/16/96 01
3971199 01 09/01/96 25
1
3971199 N 08/01/26
0
1519284 731/728 F 116,200.00 ZZ
360 116,200.00 4
125 HUNTERS LANE 9.375 966.49 75
9.125 966.49 155,000.00
FAYETTEVILLE GA 30214 1 08/07/96 00
0380504127 05 10/01/96 0
3140962245 N 09/01/26
0
1519286 731/G02 F 151,000.00 ZZ
360 151,000.00 2
5101 MERIDIAN ST. AKA 9.750 1,297.32 95
1410 N. AVENUE 51 9.500 1,297.32 159,000.00
LOS ANGELES CA 90042 1 08/01/96 04
0430011981 05 10/01/96 30
411112106 O 09/01/26
0
1519290 E09/G02 F 130,000.00 T
360 129,932.60 1
1790 SOUTH HIGHWAY 91 9.250 1,069.48 65
9.000 1,069.48 200,000.00
PAROWAN UT 84761 5 07/30/96 00
0430013425 05 09/01/96 0
0101609 O 08/01/26
0
1519292 654/728 F 249,000.00 ZZ
360 248,856.75 1
5143 CORTE VISTORA 8.750 1,958.88 75
8.500 1,958.88 332,000.00
CAMARILLO CA 93012 1 07/18/96 00
0380505389 05 09/01/96 0
071001567 O 08/01/26
0
1519298 028/G02 F 160,000.00 ZZ
360 160,000.00 1
10984 NORTH 4800 WEST 9.000 1,287.40 80
8.750 1,287.40 200,000.00
HIGHLAND UT 84003 2 08/02/96 00
0430011973 05 10/01/96 0
171711 O 09/01/26
0
1
1519299 480/G02 F 48,150.00 ZZ
360 48,126.32 1
1847 ARNOLD DRIVE 9.500 404.87 90
9.250 404.87 53,500.00
CHARLOTTE NC 28205 1 07/25/96 14
0430011635 05 09/01/96 25
2010239 N 08/01/26
0
1519311 F30/G02 F 106,150.00 ZZ
360 106,150.00 1
1638-1640 SOUTH 1300 EAST 9.000 854.11 55
8.750 854.11 193,000.00
SALT LAKE CITY UT 84105 2 08/06/96 00
0430012062 05 10/01/96 0
101233 N 09/01/26
0
1519324 E22/G02 F 54,000.00 ZZ
360 53,977.95 1
2436 BEECH STREET 10.375 488.92 90
10.125 488.92 60,000.00
CUYAHOGA FALLS OH 44221 1 07/29/96 10
0410215487 05 09/01/96 25
410215487 N 08/01/26
0
1519330 635/635 F 91,800.00 ZZ
360 91,800.00 1
155 GLENWOOD DRIVE 9.250 755.22 90
9.000 755.22 102,000.00
COPPELL TX 75019 1 08/15/96 01
6572382 05 10/01/96 30
6572382 N 09/01/26
0
1519644 638/G02 F 78,300.00 ZZ
360 78,300.00 1
8301 NW 9TH AVENUE 9.125 637.07 90
8.875 637.07 87,000.00
VANCOUVER WA 98665 1 08/20/96 01
0430024125 05 10/01/96 25
08592937 N 09/01/26
0
1519663 E22/G02 F 128,000.00 ZZ
360 127,930.08 1
244 PURITAN RD 9.000 1,029.92 80
8.750 1,029.92 160,000.00
1
WEST PALM BEACH FL 33405 1 07/22/96 00
0410158844 05 09/01/96 0
410158844 O 08/01/26
0
1519665 E22/G02 F 45,500.00 ZZ
360 45,500.00 1
3377 ADDIE STREET 9.750 390.92 70
9.500 390.92 65,000.00
WATERFORD MI 48328 5 08/08/96 00
0410158695 05 10/01/96 0
410158695 N 09/01/26
0
1519674 E22/G02 F 56,700.00 ZZ
360 56,700.00 1
609 STANLEY STREET 9.750 487.14 90
9.500 487.14 63,000.00
MIDDLETOWN OH 45044 1 08/08/96 01
0410143440 05 10/01/96 25
410143440 N 09/01/26
0
1519679 E22/G02 F 127,000.00 ZZ
360 127,000.00 2
1841 N KARLOV AVE 9.125 1,033.31 95
8.875 1,033.31 134,000.00
CHICAGO IL 60639 1 08/08/96 04
0410176242 05 10/01/96 30
410176242 O 09/01/26
0
1519695 638/G02 F 62,100.00 ZZ
360 62,100.00 1
1191 20TH STREET 9.750 533.53 90
9.500 533.53 69,000.00
OGDEN UT 84404 1 08/19/96 10
0430024018 05 10/01/96 30
08590427 N 09/01/26
0
1519697 387/387 F 92,900.00 ZZ
360 92,847.92 1
2188 SOUTH DUDLEY STREET 8.875 739.15 59
8.625 739.15 157,900.00
LAKEWOOD CO 80227 1 07/23/96 00
794909 05 09/01/96 0
794909 O 08/01/26
0
1
1519699 387/387 F 247,600.00 ZZ
360 247,474.97 1
10902 EAST SUTHERLAND WAY 9.375 2,059.41 71
9.125 2,059.41 350,000.00
SCOTTSDALE AZ 85262 4 07/17/96 00
795278 03 09/01/96 0
795278 O 08/01/26
0
1519701 387/387 F 280,000.00 ZZ
360 279,854.84 1
2739 HUFF DRIVE 9.250 2,303.49 80
9.000 2,303.49 350,000.00
PLEASANTON CA 94588 1 07/18/96 00
796854 03 09/01/96 0
796854 O 08/01/26
0
1519702 387/387 F 101,500.00 T
360 101,447.38 1
ROUTE 3, BOX 185A 9.250 835.02 70
9.000 835.02 145,000.00
WHITESBORO TX 76273 2 07/29/96 00
795120 05 09/01/96 0
795120 O 08/01/26
0
1519703 387/387 F 100,500.00 ZZ
360 100,450.57 1
10151 EAST RIO HONDO PARKWAY 9.500 845.06 50
9.250 845.06 201,000.00
EL MONTE CA 91733 5 07/23/96 00
799098 05 09/01/96 0
799098 N 08/01/26
0
1519705 387/387 F 144,800.00 ZZ
360 144,548.22 2
2101-2103 SHERIDAN ROAD 8.750 1,139.15 80
8.500 1,139.15 181,000.00
HOUSTON TX 77030 1 05/24/96 00
786467 05 07/01/96 0
786467 O 06/01/26
0
1519706 387/387 F 365,000.00 ZZ
360 364,790.00 1
1
20385 VIA PALAMOS 8.750 2,871.46 80
8.500 2,871.46 457,000.00
CUPERTINO CA 95014 1 07/22/96 00
791822 03 09/01/96 0
791822 O 08/01/26
0
1519707 387/387 F 235,000.00 ZZ
360 234,881.33 1
24227 BELLA COURT 9.375 1,954.61 80
9.125 1,954.61 295,000.00
NEWHALL CA 91321 1 07/11/96 00
793182 03 09/01/96 0
793182 O 08/01/26
0
1519709 387/387 F 445,000.00 ZZ
360 444,730.41 1
818 CORRIENTE POINTE DRIVE 8.500 3,421.67 80
8.250 3,421.67 557,000.00
REDWOOD CITY CA 94065 1 07/03/96 00
793646 03 09/01/96 0
793646 O 08/01/26
0
1519710 387/387 F 45,500.00 ZZ
360 45,477.02 1
620 EAST OLDFIELD STREET 9.375 378.45 70
9.125 378.45 65,000.00
LANCASTER CA 93535 5 07/16/96 00
794362 05 09/01/96 0
794362 N 08/01/26
0
1519714 387/387 F 452,000.00 ZZ
360 451,746.61 1
11406 SIR FRANCIS DRAKE DRIVE 8.875 3,596.31 80
8.625 3,596.31 565,000.00
LA MESA CA 91941 1 07/23/96 00
798579 05 09/01/96 0
798579 O 08/01/26
0
1519716 387/387 F 63,200.00 ZZ
360 63,166.36 1
3316 AMMONS STREET #101 9.125 514.22 80
8.875 514.22 79,000.00
LAKEWOOD CO 80227 1 07/30/96 00
799114 01 09/01/96 0
1
799114 O 08/01/26
0
1519717 387/387 F 107,250.00 ZZ
360 107,194.40 1
9104 SPAIN ROAD N.E. 9.250 882.32 75
9.000 882.32 143,000.00
ALBUQUERQUE NM 87111 5 07/23/96 00
800375 05 09/01/96 0
800375 O 08/01/26
0
1519720 387/387 F 137,150.00 ZZ
360 137,075.09 1
2415 SHERBROOKE LANE 9.000 1,103.54 79
8.750 1,103.54 175,000.00
MCKINNEY TX 75070 1 07/30/96 00
796607 05 09/01/96 0
796607 O 08/01/26
0
1519723 387/387 F 68,800.00 ZZ
360 68,764.32 1
215 SUMMERTIME 9.250 566.01 80
9.000 566.01 86,000.00
SAN ANTONIO TX 78216 1 07/29/96 00
799981 05 09/01/96 0
799981 O 08/01/26
0
1519724 387/387 F 304,000.00 ZZ
360 302,842.40 1
5474 BOTHE AVENUE 9.250 2,500.93 80
9.000 2,500.93 380,000.00
SAN DIEGO CA 92122 1 07/22/96 00
799528 05 09/01/96 0
799528 O 08/01/26
0
1519726 387/387 F 218,100.00 ZZ
360 217,964.52 1
27837 NORTH AMBERWOOD LANE 8.750 1,715.79 80
8.500 1,715.79 272,676.00
VALENICA CA 91354 1 07/24/96 00
800839 03 09/01/96 0
800839 O 08/01/26
0
1
1519729 387/387 F 176,000.00 ZZ
360 175,898.74 1
1022 DEWITT AVENUE 8.750 1,384.59 80
8.500 1,384.59 220,000.00
ENCINITAS CA 92024 1 07/22/96 00
799593 01 09/01/96 0
799593 O 08/01/26
0
1519730 387/387 F 41,250.00 ZZ
360 41,229.17 1
7347 OAKSTONE DRIVE 9.375 343.10 75
9.125 343.10 55,000.00
DALLAS TX 75249 1 07/25/96 00
798108 05 09/01/96 0
798108 N 08/01/26
0
1519732 387/387 F 145,800.00 T
360 145,616.12 1
4525 CRYSTAL STREET 8.750 1,147.01 90
8.500 1,147.01 162,000.00
CAPITOLA CA 95010 1 07/12/96 04
794339 05 09/01/96 25
794339 O 08/01/26
0
1519733 387/387 F 416,000.00 ZZ
360 415,778.62 2
519 KIRKHAM STREET 9.125 3,384.71 80
8.875 3,384.71 520,000.00
SAN FRANCISCO CA 94122 1 07/23/96 00
794628 07 09/01/96 0
794628 O 08/01/26
0
1519747 001/G02 F 183,200.00 ZZ
360 183,200.00 1
9043 DUNLOGGIN COURT 8.375 1,392.46 80
8.125 1,392.46 229,000.00
ELLICOTT CITY MD 21042 1 08/26/96 14
0430027003 05 10/01/96 12
1506513 N 09/01/26
0
1519750 939/G02 F 250,000.00 ZZ
360 250,000.00 1
1 ADAM ROAD WEST 10.500 2,286.85 70
10.250 2,286.85 360,000.00
1
MASSAPEQUA NY 11758 5 08/19/96 00
0430016477 05 10/01/96 0
9604392 O 09/01/26
0
1519753 560/560 F 35,000.00 ZZ
360 34,981.85 1
930 JEROME 9.250 287.94 70
9.000 287.94 50,000.00
OWOSSO MI 48867 5 07/26/96 00
450490586 05 09/01/96 0
450490586 N 08/01/26
0
1519764 560/560 F 104,400.00 ZZ
360 104,345.87 1
8219 -8221 PERRY CREEK RD 9.250 858.88 70
9.000 858.88 149,200.00
RALEIGH NC 27604 5 07/31/96 00
450497581 03 09/01/96 0
450497581 N 08/01/26
0
1519767 560/560 F 109,050.00 ZZ
360 108,993.46 2
8213 8215 PERRY CREEK RD 9.250 897.13 70
9.000 897.13 155,800.00
RALEIGH NC 27604 5 07/31/96 00
450496302 03 09/01/96 0
450496302 N 08/01/26
0
1519785 526/G02 F 23,800.00 ZZ
360 23,747.37 1
4904 PARK STREET 9.000 191.51 70
8.750 191.51 34,000.00
HOUSTON TX 77023 1 04/29/96 00
0430015487 05 06/01/96 0
120344 N 05/01/26
0
1519790 E22/G02 F 100,000.00 ZZ
360 99,950.82 1
2895 DUQUESNE CIRCLE 9.500 840.85 75
9.250 840.85 133,500.00
WEST PALM BEACH FL 33409 1 07/18/96 00
0410194708 03 09/01/96 0
410194708 O 08/01/26
0
1
1519791 E22/G02 F 160,000.00 ZZ
360 159,929.22 4
1741 N HERMITAGE AVE 10.000 1,404.11 80
9.750 1,404.11 200,000.00
CHICAGO IL 60622 5 07/20/96 00
0410177877 05 09/01/96 0
410177877 O 08/01/26
0
1519795 E22/G02 F 119,950.00 ZZ
360 119,892.54 1
1231 HICKORY LANE 9.625 1,019.56 60
9.375 1,019.56 200,000.00
SHELBYVILLE IN 46176 5 07/22/96 00
0410158737 05 09/01/96 0
410158737 O 08/01/26
0
1519803 E22/G02 F 78,000.00 ZZ
360 77,959.56 1
608 WEST 55TH STREET 9.250 641.69 50
9.000 641.69 157,000.00
LOS ANGELES CA 90037 2 07/22/96 00
0410182430 05 09/01/96 0
410182430 N 08/01/26
0
1519808 E22/G02 F 133,000.00 ZZ
360 132,939.58 4
2517 EMERSON AVE SOUTH 9.875 1,154.90 95
9.625 1,154.90 140,000.00
MINNEAPOLIS MN 55405 1 07/25/96 10
0410177588 05 09/01/96 30
410177588 O 08/01/26
0
1519810 526/728 F 44,600.00 ZZ
360 44,579.73 3
120 EAST DATE AVENUE 9.875 387.29 80
9.625 387.29 55,750.00
CASA GRANDE AZ 85222 1 07/18/96 04
0380504648 05 09/01/96 12
134983 N 08/01/26
0
1519811 687/728 F 35,000.00 ZZ
360 34,984.92 1
1
6534 WHITNEY 10.125 310.39 90
9.875 310.39 38,900.00
PAGEDALE MO 63133 1 07/29/96 10
0380503277 05 09/01/96 25
1556011 N 08/01/26
0
1519814 526/728 F 47,200.00 ZZ
360 47,176.16 1
498 NAUGATUCK AVENUE, UNIT H 9.375 392.59 90
9.125 392.59 52,530.00
MILFORD CT 06460 1 07/23/96 04
0380503798 01 09/01/96 30
135076 N 08/01/26
0
1519819 526/728 F 23,400.00 ZZ
360 23,389.64 1
201 MCKENZIE DRIVE 10.000 205.36 90
9.750 205.36 26,000.00
GREENVILLE SC 29605 1 07/26/96 12
0380503624 05 09/01/96 30
134972 N 08/01/26
0
1519820 480/G02 F 56,550.00 ZZ
360 56,521.45 2
493 CASS WHITE ROAD NW 9.375 470.35 75
9.125 470.35 75,400.00
CARTERSVILLE GA 30120 1 07/26/96 00
0430012872 05 09/01/96 0
1924422 N 08/01/26
0
1519823 E22/G02 F 130,000.00 ZZ
360 129,927.12 1
1345 SUNSET SPRINGS WAY 8.875 1,034.34 57
8.625 1,034.34 230,000.00
FORT LAUDERDALE FL 33326 1 07/19/96 00
0410193551 03 09/01/96 0
410193551 O 08/01/26
0
1519827 E22/G02 F 163,200.00 ZZ
360 163,119.73 1
4604 HORSESHOE BEND 9.500 1,372.27 80
9.250 1,372.27 204,000.00
AUSTIN TX 78731 1 07/29/96 00
0410136196 05 09/01/96 0
1
410136196 O 08/01/26
0
1519828 E22/G02 F 100,000.00 ZZ
360 99,952.09 1
110 PUMA DRIVE 9.625 849.99 63
9.375 849.99 160,000.00
WEST MONROE LA 71291 5 07/19/96 00
0410134621 05 09/01/96 0
410134621 O 08/01/26
0
1519842 E22/G02 F 48,600.00 T
360 48,576.09 1
16919 N BAY ROAD UNIT # 308 9.500 408.66 75
9.250 408.66 64,840.00
SUNNY ISLES FL 33160 1 07/26/96 00
0410192496 06 09/01/96 0
410192496 O 08/01/26
0
1519843 E19/G02 F 114,350.00 T
360 114,350.00 1
3487 POCATELLO CIRCLE 9.000 920.09 75
8.750 920.09 152,500.00
DORRINGTON CA 95223 1 08/08/96 00
0430014183 03 10/01/96 0
11156 O 09/01/26
0
1519846 E22/G02 F 34,250.00 ZZ
360 34,229.25 1
605 W GRENOBLE DRIVE 8.500 263.35 70
8.250 263.35 49,250.00
GRAND PRAIRIE TX 75052 1 07/17/96 00
0410215032 05 09/01/96 0
410215032 N 08/01/26
0
1519847 E67/728 F 276,150.00 ZZ
360 276,150.00 1
19380 SODA SPRINGS DRIVE 8.625 2,147.87 70
8.375 2,147.87 394,500.00
BEND OR 97702 1 08/08/96 00
0380503061 03 10/01/96 0
5548 O 09/01/26
0
1
1519849 E22/G02 F 100,000.00 ZZ
360 99,952.09 2
57-53 XENIA STREET 9.625 849.99 40
9.375 849.99 250,000.00
CORONA NY 11368 1 07/16/96 00
0410192306 05 09/01/96 0
410192306 O 08/01/26
0
1519856 253/728 F 58,950.00 ZZ
360 58,950.00 1
1700 RUSDELL DR. 9.500 495.69 90
9.250 495.69 65,500.00
IRVING TX 75060 1 08/05/96 04
0380504820 05 10/01/96 25
320407 N 09/01/26
0
1519858 E22/G02 F 63,000.00 T
360 62,971.38 1
2210 MARCIA DRIVE 9.875 547.06 75
9.625 547.06 84,000.00
ORANGE PARK FL 32073 1 07/16/96 00
0410193544 05 09/01/96 0
410193544 O 08/01/26
0
1519860 E22/G02 F 71,900.00 ZZ
360 71,865.56 1
438 SOUTH KIEL AVENUE 9.625 611.14 90
9.375 611.14 79,900.00
INDIANAPOLIS IN 46241 1 07/08/96 01
0410200513 05 09/01/96 25
410200513 N 08/01/26
0
1519862 253/728 F 59,400.00 ZZ
360 59,371.54 2
637-639 JENNIFER JEAN STREET 9.625 504.90 90
9.375 504.90 66,000.00
BATON ROUGE LA 70808 1 08/05/96 10
0380503947 05 09/01/96 25
320066 O 08/01/26
0
1519864 664/728 F 93,100.00 ZZ
360 93,100.00 3
606 W. 16TH STREET 9.750 799.88 70
9.500 799.88 133,000.00
1
VANCOUVER WA 98660 5 07/31/96 00
0380504010 05 10/01/96 0
2167948 N 09/01/26
0
1519865 766/G02 F 50,250.00 ZZ
360 50,250.00 1
18335 COLLINS AVE 9.625 427.12 75
#149 9.375 427.12 67,000.00
MIAMI BEACH FL 33160 1 08/05/96 00
0430015081 20 10/01/96 0
96SG0676 N 09/01/26
0
1519867 936/G02 F 78,300.00 ZZ
360 78,262.48 1
8627 MORGAN RUN CT 9.625 665.55 90
9.375 665.55 87,000.00
CHARLOTTE NC 28216 1 08/01/96 04
0430012690 03 09/01/96 30
6089247 N 08/01/26
0
1519869 568/G02 F 81,000.00 ZZ
360 80,960.16 1
2081 W. CALLE CAMPANA DE PLATA 9.500 681.09 90
9.250 681.09 90,000.00
TUCSON AZ 85745 1 07/22/96 01
0430023143 05 09/01/96 25
200202 N 08/01/26
0
1519888 387/387 F 51,000.00 ZZ
360 50,971.41 1
6144 RICHMOND AVENUE 8.875 405.78 66
8.625 405.78 77,500.00
DALLAS TX 75214 2 07/29/96 00
797886 05 09/01/96 0
797886 N 08/01/26
0
1519889 387/387 F 125,350.00 ZZ
360 125,283.29 1
1204 BRAZOS COURT 9.125 1,019.89 80
8.875 1,019.89 156,720.00
ALLEN TX 75002 1 07/26/96 00
800383 05 09/01/96 0
800383 O 08/01/26
0
1
1519890 387/387 F 52,500.00 ZZ
360 52,474.18 1
3339 WEST 38TH AVENUE 9.500 441.45 70
9.250 441.45 75,000.00
DENVER CO 80211 1 07/26/96 00
799841 05 09/01/96 0
799841 N 08/01/26
0
1519891 387/387 F 238,800.00 ZZ
360 238,576.20 1
3127 HIDEN HAVEN 9.250 1,964.55 80
9.000 1,964.55 298,500.00
SANT ANTONIO TX 78261 1 07/26/96 00
801266 03 09/01/96 0
801266 O 08/01/26
0
1519894 F82/G02 F 99,000.00 ZZ
360 99,000.00 1
520 SPINDLEWICK DRIVE 8.500 761.22 37
8.250 761.22 268,000.00
DUNWOODY GA 30338 2 08/23/96 00
0430025809 05 10/01/96 0
10114 O 09/01/26
0
1519897 051/G02 F 100,000.00 ZZ
360 100,000.00 1
55 AVALON DRIVE 8.625 777.79 48
8.375 777.79 210,000.00
DALY CITY CA 94015 1 08/05/96 00
0430011106 05 10/01/96 0
16102536 O 09/01/26
0
1519904 E22/G02 F 114,800.00 ZZ
360 114,743.53 1
905 HARBOR CITY BLVD UNIT #106 9.500 965.30 80
9.250 965.30 143,500.00
MELBOURNE FL 32901 1 07/19/96 00
0410191043 01 09/01/96 0
410191043 O 08/01/26
0
1519906 E22/G02 F 34,000.00 ZZ
360 33,986.85 1
1
13148 SIDONIE 10.625 314.19 85
10.375 314.19 40,000.00
WARREN MI 48089 1 07/08/96 04
0410200323 05 09/01/96 25
410200323 N 08/01/26
0
1519916 E22/G02 F 70,400.00 ZZ
360 70,360.54 1
290 GLENWOOD AVENUE 8.875 560.13 80
8.625 560.13 88,000.00
BURLINGTON NJ 08016 1 07/31/96 00
0410190359 05 09/01/96 0
410190359 O 08/01/26
0
1519917 E22/G02 F 50,000.00 ZZ
360 49,977.28 1
2014 STONE STREET 9.875 434.18 80
9.625 434.18 62,500.00
CUYAHOGA FALLS OH 44221 1 07/18/96 04
0410200547 05 09/01/96 12
410200547 N 08/01/26
0
1519920 E22/G02 F 103,950.00 ZZ
360 103,902.77 1
11725 LAKE CLAIR CIRCLE 9.875 902.65 90
9.625 902.65 115,500.00
CLERMONT FL 34711 1 07/17/96 04
0410193262 03 09/01/96 25
410193262 N 08/01/26
0
1519921 E22/G02 F 58,500.00 ZZ
360 58,476.76 2
598-600 S TWENTY SECOND ST 10.500 535.12 88
10.250 535.12 67,000.00
COLUMBUS OH 43205 2 07/23/96 04
0410142335 05 09/01/96 25
410142335 N 08/01/26
0
1519922 E22/G02 F 76,500.00 ZZ
360 76,469.60 2
437 TAYLOR AVE 10.500 699.78 85
10.250 699.78 90,000.00
COLUMBUS OH 43203 2 07/23/96 04
0410142327 05 09/01/96 20
1
410142327 N 08/01/26
0
1519925 E22/G02 F 170,000.00 ZZ
360 169,918.56 1
10795 WINDERMERE BLVD 9.625 1,444.98 78
9.375 1,444.98 220,600.00
FISHERS IN 46038 1 07/25/96 00
0410138630 03 09/01/96 0
410138630 O 08/01/26
0
1519935 E22/G02 F 91,700.00 ZZ
360 91,700.00 4
5115 BANBURY ROAD 10.000 804.73 70
9.750 804.73 131,000.00
INDIANAPOLIS IN 46226 5 08/09/96 00
0410159867 05 10/01/96 0
410159867 N 09/01/26
0
1519939 E29/728 F 67,000.00 ZZ
360 67,000.00 1
7239 SOUTH IRIS COURT 8.875 533.08 44
8.625 533.08 155,000.00
LITTLETON CO 80123 5 08/21/96 00
0380505694 05 10/01/96 0
19607181 O 09/01/26
0
1519953 405/405 F 24,850.00 ZZ
360 24,850.00 2
1339-1341 WEST AVENUE H-15 9.500 208.96 70
9.250 208.96 35,500.00
LANCASTER CA 93534 1 08/22/96 00
3993946 05 10/01/96 0
3993946 N 09/01/26
0
1519984 F03/G02 F 102,700.00 ZZ
360 102,700.00 1
1530 EMPIRE AVE #308 9.250 844.89 65
9.000 844.89 158,000.00
PARK CITY UT 84060 1 08/22/96 00
0430025387 01 10/01/96 0
DEN10057 N 09/01/26
0
1
1519998 201/G02 F 28,000.00 ZZ
360 27,961.52 1
308 FORSYTHE DRIVE 9.875 243.14 70
9.625 243.14 40,000.00
DALLAS TX 75217 5 05/10/96 00
0430013722 05 07/01/96 0
8800903240 N 06/01/26
0
1520008 405/405 F 30,500.00 ZZ
360 30,486.14 1
6913 DAY STREET 9.875 264.85 90
9.625 264.85 33,900.00
DALLAS TX 75227 1 07/31/96 12
3974805 05 09/01/96 25
3974805 N 08/01/26
0
1520052 927/728 F 94,100.00 ZZ
360 94,048.60 1
4680 DESERT HILLS DRIVE 9.000 757.15 46
8.750 757.15 207,500.00
SPARKS NV 89436 1 07/22/96 00
0380504994 03 09/01/96 0
210567 O 08/01/26
0
1520058 568/G02 F 264,000.00 ZZ
360 264,000.00 1
7708 SALIX PLACE 9.250 2,171.86 80
9.000 2,171.86 330,000.00
SAN DIEGO CA 92129 1 08/07/96 00
0430012831 05 10/01/96 0
807452 O 09/01/26
0
1520061 526/G02 F 36,050.00 ZZ
360 35,847.02 1
1648 S SPRUCE 9.500 303.13 70
9.250 303.13 51,500.00
WICHITA KS 67211 5 09/27/95 00
0430011916 05 11/01/95 0
66614 N 10/01/25
0
1520068 028/G02 F 189,000.00 ZZ
360 189,000.00 1
243 VISTA DEL MAR DRIVE 9.000 1,520.74 70
8.750 1,520.74 270,000.00
1
SANTA BARBARA CA 93109 1 07/31/96 00
0430012351 05 10/01/96 0
171678 O 09/01/26
0
1520069 526/G02 F 26,600.00 ZZ
360 26,450.21 1
2406 WALKER 9.500 223.67 70
9.250 223.67 38,000.00
WICHITA KS 67213 2 09/27/95 00
0430011882 05 11/01/95 0
66610 N 10/01/25
0
1520074 526/G02 F 25,200.00 ZZ
360 25,058.06 1
710 BARLOW 9.500 211.90 70
9.250 211.90 36,000.00
WICHITA KS 67207 5 09/27/95 00
0430011825 05 11/01/95 0
66612 N 10/01/25
0
1520076 731/G02 F 61,200.00 ZZ
360 61,200.00 1
43 WEST DIXIE AVENUE 9.375 509.03 90
9.125 509.03 68,000.00
MARIETTA GA 30060 1 08/09/96 01
0430012625 05 10/01/96 25
3140662501 N 09/01/26
0
1520092 B75/G02 F 56,000.00 ZZ
360 55,974.55 1
3261 THUNDERBIRD DRIVE 9.875 486.28 70
9.625 486.28 80,000.00
LAKE HAVASU CIT AZ 86406 5 07/25/96 00
0430013458 05 09/01/96 0
2481257 N 08/01/26
0
1520129 480/728 F 136,800.00 ZZ
360 136,741.08 2
1641-1643 TABOR STREET 10.125 1,213.17 90
9.875 1,213.17 152,000.00
LAKEWOOD CO 80215 1 07/26/96 01
0380503673 05 09/01/96 30
1939032 N 08/01/26
0
1
1520138 480/728 F 51,300.00 ZZ
360 51,276.70 1
1154 EAST 34TH STREET 9.875 445.46 90
9.625 445.46 57,000.00
TUCSON AZ 85713 1 07/23/96 04
0380503665 05 09/01/96 25
1953439 N 08/01/26
0
1520141 480/728 F 45,000.00 ZZ
360 44,976.06 1
975 THELMA AVENUE 9.125 366.13 67
8.875 366.13 68,000.00
ORANGE CITY FL 32763 1 07/18/96 00
0380503707 05 09/01/96 0
1856251 O 08/01/26
0
1520144 E22/G02 F 203,950.00 ZZ
360 203,829.59 1
8241 POLO CROSSE AVENUE 8.625 1,586.30 70
8.375 1,586.30 293,950.00
SACRAMENTO CA 95829 1 07/19/96 00
0410215271 05 09/01/96 0
410215271 O 08/01/26
0
1520145 E22/G02 F 100,800.00 ZZ
360 100,750.42 1
16544 COOPERS HAWK AVENUE 9.500 847.58 80
9.250 847.58 126,040.00
CLERMONT FL 34711 1 07/22/96 00
0410195051 03 09/01/96 0
410195051 O 08/01/26
0
1520149 E22/G02 F 93,000.00 ZZ
360 92,950.51 1
17 TRAVELER WAY 9.125 756.68 85
8.875 756.68 110,000.00
BERKELEY TOWNSH NJ 08721 1 07/24/96 04
0410193890 05 09/01/96 20
410193890 N 08/01/26
0
1520150 E22/G02 F 127,100.00 ZZ
360 127,024.96 1
1
2608 BELMEADE DRIVE 8.625 988.57 80
8.375 988.57 158,900.00
CARROLLTON TX 75006 1 07/19/96 00
0410135347 05 09/01/96 0
410135347 O 08/01/26
0
1520152 E22/G02 F 54,000.00 ZZ
360 53,974.13 1
20 EAST 60 STREET 9.625 458.99 90
9.375 458.99 60,000.00
HIALEAH FL 33013 1 07/31/96 12
0410193809 05 09/01/96 25
410193809 N 08/01/26
0
1520170 737/G02 F 350,000.00 ZZ
360 350,000.00 1
850 EAST COLUMBIA AVENUE 8.750 2,753.45 70
8.500 2,753.45 500,000.00
TELLURIDE CO 81435 5 08/22/96 00
0430027359 05 10/01/96 0
572507 O 09/01/26
0
1520190 E22/G02 F 61,000.00 ZZ
360 60,974.42 2
230-232 CHITTENDEN AVENUE 10.250 546.62 85
10.000 546.62 72,000.00
COLUMBUS OH 43201 2 07/23/96 04
0410143481 05 09/01/96 20
410143481 N 08/01/26
0
1520192 E22/G02 F 125,600.00 ZZ
360 125,539.83 1
17111 SOUTH OAK PARK AVENUE 9.625 1,067.59 80
9.375 1,067.59 157,000.00
TINLEY PARK IL 60477 5 07/22/96 00
0410171938 05 09/01/96 0
410171938 O 08/01/26
0
1520196 E22/G02 F 66,850.00 ZZ
360 66,814.43 2
1502 VALLEYRIDGE DRIVE 9.125 543.91 85
8.875 543.91 78,650.00
AUSTIN TX 78704 1 07/23/96 01
0410135131 05 09/01/96 20
1
410135131 N 08/01/26
0
1520199 E22/G02 F 114,300.00 ZZ
360 114,250.77 4
2616 EKTOM DRIVE 10.125 1,013.64 90
9.875 1,013.64 127,000.00
AUSTIN TX 78745 1 07/30/96 04
0410215636 05 09/01/96 25
410215636 N 08/01/26
0
1520204 E22/G02 F 19,500.00 ZZ
360 19,492.26 2
1207 TAYLOR 10.500 178.37 60
10.250 178.37 32,500.00
BAY CITY MI 48708 1 07/01/96 00
0410179071 05 09/01/96 0
410179071 N 08/01/26
0
1520207 E22/G02 F 66,000.00 ZZ
360 65,968.38 1
612 FARGO 9.625 560.99 95
9.375 560.99 69,500.00
HOUSTON TX 77006 1 07/29/96 11
0410215628 01 09/01/96 30
410215628 O 08/01/26
0
1520222 E22/G02 F 99,750.00 ZZ
360 99,704.68 1
145 NORTHWEST INLET AVENUE 9.875 866.18 70
UNIT # 308 9.625 866.18 142,500.00
LINCOLN CITY OR 97367 1 07/11/96 00
0410112262 20 09/01/96 0
410112262 N 08/01/26
0
1520225 E22/G02 F 56,250.00 ZZ
360 56,223.05 1
15615 LOMA VERDE DRIVE 9.625 478.12 90
9.375 478.12 62,500.00
HOUSTON TX 77083 1 07/29/96 04
0410215594 03 09/01/96 25
410215594 N 08/01/26
0
1
1520227 E22/G02 F 72,000.00 ZZ
360 71,961.68 1
112 COLONIAL LANE 9.125 585.82 44
8.875 585.82 165,000.00
STATE ROAD NC 28676 1 07/22/96 00
0410194187 05 09/01/96 0
410194187 O 08/01/26
0
1520296 470/470 F 56,250.00 ZZ
360 56,223.05 1
6823 W GARFIELD STREET 9.625 478.12 90
9.375 478.12 62,500.00
PHOENIX AZ 85043 1 07/31/96 01
51010667 05 09/01/96 30
51010667 N 08/01/26
0
1520300 470/470 F 226,100.00 ZZ
360 226,100.00 1
10255 MONMOUTH LANE 9.500 1,901.18 85
9.250 1,901.18 266,000.00
COLORADO SPRING CO 80920 1 08/07/96 04
51010676 05 10/01/96 25
51010676 N 09/01/26
0
1520309 927/728 F 95,600.00 ZZ
360 95,546.40 1
905 ELLSTON COURT 8.875 760.64 80
8.625 760.64 119,500.00
COLORADO SPRING CO 80907 1 07/17/96 10
0380504317 05 09/01/96 12
275586 N 08/01/26
0
1520321 405/405 F 82,500.00 T
360 82,461.50 1
567 E. SAN MADELE AVENUE 9.750 708.81 75
9.500 708.81 110,000.00
FRESNO CA 93710 1 07/19/96 00
3982154 05 09/01/96 0
3982154 O 08/01/26
0
1520334 480/G02 F 85,700.00 T
360 85,656.72 1
8215 WEST STELLA AVENUE 9.375 712.81 90
9.125 712.81 95,275.00
1
GLENDALE AZ 85303 1 07/26/96 04
0430014506 03 09/01/96 25
1862853 O 08/01/26
0
1520335 B75/G02 F 56,000.00 ZZ
360 55,974.55 1
238 SMOKETREE AVENUE 9.875 486.28 70
9.625 486.28 80,000.00
LAKE HAVASU CIT AZ 86403 5 07/25/96 00
0430013490 05 09/01/96 0
2481117 N 08/01/26
0
1520340 570/570 F 57,600.00 ZZ
360 57,572.41 1
6546 S.W. 20TH STREET 9.625 489.59 90
9.375 489.59 64,000.00
MIRAMAR FL 33023 1 07/29/96 04
5852405 05 09/01/96 25
5852405 N 08/01/26
0
1520345 685/G02 F 118,000.00 ZZ
360 118,000.00 1
1756 W GORE CREEK DRIVE 8.500 907.32 62
UNIT #3A 8.250 907.32 192,000.00
VAIL CO 81657 5 08/02/96 00
0430015164 03 10/01/96 0
200651 O 09/01/26
0
1520353 B28/728 F 133,000.00 T
360 132,934.58 1
840 FOUR O'CLOCK ROAD 9.500 1,118.34 70
UNIT B2 9.250 1,118.34 190,000.00
BRECKENRIDGE CO 80424 1 08/06/96 00
0380504630 01 09/01/96 0
05968356 O 08/01/26
0
1520358 003/G02 F 57,150.00 ZZ
360 57,122.62 1
1691 PADDLEWHEEL DRIVE 9.625 485.77 90
9.375 485.77 63,500.00
MARIETTA GA 30062 1 07/26/96 12
0430025445 05 09/01/96 25
3719002 N 08/01/26
0
1
1520359 909/G02 F 98,000.00 ZZ
360 98,000.00 2
6997-6999 MT. VERNON 9.250 806.22 70
9.000 806.22 140,000.00
LEMON GROVE CA 91945 5 08/06/96 00
0430014530 05 10/01/96 0
6003337 N 09/01/26
0
1520416 201/G02 F 37,800.00 ZZ
360 37,783.72 1
4611 CRAIGWOOD DRIVE 10.125 335.22 90
9.875 335.22 42,000.00
AUSTIN TX 78725 1 07/26/96 04
0430013367 05 09/01/96 25
4200919506 N 08/01/26
0
1520422 560/560 F 52,200.00 ZZ
360 52,174.99 1
3103 DANVILLE ROAD 9.625 443.70 90
9.375 443.70 58,000.00
MEMPHIS TN 38118 2 07/26/96 10
450497607 05 09/01/96 25
450497607 N 08/01/26
0
1520437 560/560 F 95,400.00 ZZ
360 95,351.82 1
319 MAIN STREET 9.375 793.49 90
9.125 793.49 106,000.00
YARMOUTH MA 02675 1 07/31/96 04
450496328 05 09/01/96 25
450496328 N 08/01/26
0
1520439 635/635 F 476,650.00 ZZ
360 476,402.89 1
003 SEVEN OAKS ROAD 9.250 3,921.29 74
9.000 3,921.29 650,000.00
GLENWOOD SPRING CO 81601 2 08/06/96 00
657375200 05 09/01/96 0
657375200 O 08/01/26
0
1520445 560/560 F 78,400.00 ZZ
360 78,303.83 1
1
818 NE 34 COURT 9.500 659.23 80
9.250 659.23 98,000.00
OAKLAND PARK FL 33334 1 07/17/96 00
450483938 05 09/01/96 0
450483938 O 08/01/26
0
1520453 560/560 F 50,850.00 ZZ
360 50,850.00 1
5430 STONY RUN LANE 9.375 422.95 90
9.125 422.95 56,500.00
FORT WAYNE IN 46825 1 08/09/96 10
450502281 05 10/01/96 25
450502281 N 09/01/26
0
1520460 560/560 F 104,700.00 ZZ
360 104,651.15 1
11201 BASSWOOD COURT 9.750 899.54 90
9.500 899.54 116,380.00
CARMEL IN 46032 1 07/31/96 04
450496948 03 09/01/96 25
450496948 N 08/01/26
0
1520461 560/560 F 150,000.00 ZZ
360 149,913.69 1
1148 THORNWYK 8.750 1,180.06 72
8.500 1,180.06 210,000.00
WALKER MI 49504 1 08/02/96 00
450498670 05 09/01/96 0
450498670 O 08/01/26
0
1520463 560/560 F 104,250.00 ZZ
360 104,201.36 1
11212 BASSWOOD CT 9.750 895.67 90
9.500 895.67 115,880.00
CARMEL IN 46032 1 07/31/96 04
450496955 03 09/01/96 25
450496955 N 08/01/26
0
1520464 313/G02 F 86,000.00 ZZ
360 86,000.00 1
9020 25TH AVE SO 9.125 699.73 75
8.875 699.73 116,000.00
TACOMA WA 98499 1 08/28/96 00
0430027193 05 10/01/96 0
1
5996764 N 09/01/26
0
1520473 405/405 F 153,500.00 ZZ
360 153,411.68 1
178 WHEELER AVENUE 8.750 1,207.59 94
8.500 1,207.59 165,000.00
RICHMOND NY 10314 2 07/26/96 01
3914058 09 09/01/96 30
3914058 O 08/01/26
0
1520481 129/G02 F 75,000.00 ZZ
360 75,000.00 2
78-80 GOVERNOR WINTHROP RD 9.000 603.47 38
8.750 603.47 198,000.00
SOMERVILLE MA 02145 5 08/30/96 00
0430028118 05 10/01/96 0
3900002373 N 09/01/26
0
1520483 526/G02 F 31,500.00 ZZ
360 31,485.69 1
170 E SHARPNACK STREET 9.875 273.53 70
9.625 273.53 45,000.00
PHILADELPHIA PA 19119 2 07/25/96 00
0430015966 05 09/01/96 0
134829 N 08/01/26
0
1520489 758/728 F 79,200.00 ZZ
360 79,200.00 2
9618 SUGAR HILL DRIVE 9.000 637.26 80
8.750 637.26 99,000.00
AUSTIN TX 78748 1 08/26/96 00
0380506197 05 10/01/96 0
50726 O 09/01/26
0
1520502 966/G02 F 184,900.00 ZZ
360 184,900.00 1
721 CANONGATE DRIVE 8.750 1,454.61 80
8.500 1,454.61 232,440.00
FLOWER MOUND TX 75028 1 08/30/96 00
0430028886 03 10/01/96 0
30002374 O 09/01/26
0
1
1520511 904/G02 F 90,000.00 ZZ
360 90,000.00 4
12 NORTH 100 WEST 9.500 756.77 90
9.250 756.77 100,000.00
TOOELE UT 84074 1 08/29/96 01
0430028597 05 10/01/96 25
1520511 N 09/01/26
0
1520519 E22/G02 F 55,250.00 ZZ
360 55,224.90 2
4903 TERI ROAD 9.875 479.76 85
9.625 479.76 65,000.00
AUSTIN TX 78744 1 07/18/96 04
0410216147 05 09/01/96 20
410216147 N 08/01/26
0
1520525 830/G02 F 188,000.00 ZZ
360 188,000.00 1
13373 SOUTH FORT STREET 8.875 1,495.81 79
8.625 1,495.81 240,000.00
DRAPER UT 84020 1 08/22/96 00
0430017970 05 10/01/96 0
5219909990 O 09/01/26
0
1520561 936/G02 F 66,400.00 ZZ
360 66,400.00 2
146 NORTH HIGHLAND AVE 9.625 564.40 94
9.375 564.40 71,000.00
TUCSON AZ 85719 1 08/05/96 12
0430016782 05 10/01/96 30
6103709 O 09/01/26
0
1520563 E67/G02 F 172,000.00 ZZ
360 172,000.00 1
64795 LAIDLAW LANE 8.375 1,307.32 80
8.125 1,307.32 215,000.00
BEND OR 97701 1 08/15/96 00
0430013474 05 10/01/96 0
5554 O 09/01/26
0
1520569 971/G02 F 105,000.00 ZZ
360 105,000.00 1
13220 SW 43RD STREET 8.375 798.08 75
8.125 798.08 140,000.00
1
MIAMI FL 33175 1 08/12/96 00
0430014266 05 10/01/96 0
UNKNOWN O 09/01/26
0
1520596 E19/G02 F 202,000.00 ZZ
360 202,000.00 1
3379 NORTH KNOLL DRIVE 8.875 1,607.20 36
8.625 1,607.20 575,000.00
LOS ANGELES CA 90068 5 08/05/96 00
0430028639 05 10/01/96 0
100010941 O 09/01/26
0
1520598 480/G02 F 124,450.00 ZZ
360 124,387.16 1
5526 AVENUE DU SOLEIL 9.375 1,035.11 68
9.125 1,035.11 183,389.00
LUTZ FL 33549 1 08/01/96 00
0430013623 03 09/01/96 0
1926013 O 08/01/26
0
1520603 286/286 F 100,000.00 ZZ
360 100,000.00 2
133-135 WALNUT STREET 9.250 822.68 70
9.000 822.68 144,000.00
DORCHESTER MA 02122 2 08/08/96 00
8387018 05 10/01/96 0
8387018 N 09/01/26
0
1520659 E22/G02 F 42,250.00 ZZ
360 42,231.80 1
8425 CLEAR MEADOW LANE 10.125 374.68 65
9.875 374.68 65,000.00
CHARLOTTE NC 28227 2 07/24/96 00
0410192033 05 09/01/96 0
410192033 N 08/01/26
0
1520662 E22/G02 F 35,750.00 ZZ
360 35,750.00 1
844 EAST 230TH STREET 9.625 303.87 65
9.375 303.87 55,000.00
EUCLID OH 44123 1 08/09/96 00
0410214548 05 10/01/96 0
410214548 N 09/01/26
0
1
1520664 E22/G02 F 72,000.00 ZZ
360 71,967.29 1
501 FIFTH STREET 9.875 625.21 90
9.625 625.21 80,000.00
MARBLE FALLS TX 78654 1 07/26/96 04
0410135818 05 09/01/96 25
410135818 N 08/01/26
0
1520671 E22/G02 F 143,200.00 ZZ
360 143,123.80 1
3690 UNIVERSITY STREET 9.125 1,165.12 80
8.875 1,165.12 179,000.00
EUGENE OR 97405 1 07/23/96 00
0410113070 05 09/01/96 0
410113070 O 08/01/26
0
1520677 E22/G02 F 52,500.00 ZZ
360 52,476.15 1
473 MAPLEWOOD AVENUE 9.875 455.88 75
9.625 455.88 70,000.00
WHITEHALL OH 43213 2 07/26/96 00
0410104376 05 09/01/96 0
410104376 N 08/01/26
0
1520685 E22/G02 F 115,000.00 ZZ
360 114,944.91 1
5622 BELLFLOWER BOULEVARD 9.625 977.49 75
9.375 977.49 155,000.00
LAKEWOOD CA 90713 5 07/25/96 00
0410183503 05 09/01/96 0
410183503 O 08/01/26
0
1520790 E22/G02 F 162,350.00 ZZ
360 162,258.98 1
58 S CASTLEGREEN CIRCLE 8.875 1,291.73 80
8.625 1,291.73 202,991.00
THE WOODLANDS TX 77381 1 07/26/96 00
0410137137 03 09/01/96 0
410137137 O 08/01/26
0
1520802 E22/G02 F 94,500.00 ZZ
360 94,458.19 2
1
8804 CLEARBROOK TRAIL 10.000 829.31 90
9.750 829.31 105,000.00
AUSTIN TX 78729 1 07/12/96 04
0410136519 05 09/01/96 25
410136519 N 08/01/26
0
1520809 E22/G02 F 82,500.00 ZZ
360 82,459.43 1
11122 SW 17TH MANOR 9.500 693.70 73
9.250 693.70 113,170.00
DAVIE FL 33324 1 07/29/96 00
0410195531 09 09/01/96 0
410195531 O 08/01/26
0
1520827 E22/G02 F 133,600.00 ZZ
360 133,521.12 1
980 SPRINGFIELD COURT 8.625 1,039.13 80
8.375 1,039.13 167,000.00
WINDSOR CA 95492 1 07/24/96 00
0410157853 05 09/01/96 0
410157853 O 08/01/26
0
1520828 E22/G02 F 58,950.00 ZZ
360 58,921.76 1
14 BRADDOCK LANE 9.625 501.07 90
9.375 501.07 65,500.00
PALM COAST FL 32137 1 07/24/96 04
0410192454 05 09/01/96 25
410192454 N 08/01/26
0
1520832 E22/G02 F 69,750.00 ZZ
360 69,710.90 1
1624 BERTHA STREET UNIT # 3 8.875 554.96 75
8.625 554.96 93,000.00
KEY WEST FL 33040 1 07/26/96 00
0410192405 01 09/01/96 0
410192405 O 08/01/26
0
1520835 E22/G02 F 29,300.00 ZZ
360 29,300.00 1
1044 B STREET 8.875 233.12 80
8.625 233.12 36,651.00
NEW SMYRNA BEAC FL 32168 1 08/07/96 00
0410194088 05 10/01/96 0
1
410194088 O 09/01/26
0
1520848 591/G02 F 53,300.00 ZZ
360 53,300.00 1
5853 OAK TERRACE DRIVE 8.875 424.08 65
8.625 424.08 82,000.00
VIRGINIA BEACH VA 23464 5 08/28/96 00
0430027060 05 10/01/96 0
101700617 N 09/01/26
0
1520851 E22/G02 F 45,175.00 ZZ
360 45,151.58 1
3704 COLBY ST SW 9.250 371.64 65
9.000 371.64 69,500.00
WYOMING MI 49509 5 07/29/96 00
0410081848 05 09/01/96 0
410081848 N 08/01/26
0
1520852 E22/G02 F 33,700.00 ZZ
360 33,682.53 1
907 OXFORD ST SW 9.250 277.24 52
9.000 277.24 66,000.00
GRAND RAPIDS MI 49503 2 07/29/96 00
0410081830 05 09/01/96 0
410081830 N 08/01/26
0
1520853 E22/G02 F 40,500.00 ZZ
360 40,481.60 1
1213 WESTHEIMER ROAD 9.875 351.68 90
9.625 351.68 45,000.00
ABILENE TX 79601 2 07/23/96 04
0410135040 05 09/01/96 25
410135040 N 08/01/26
0
1520865 E22/G02 F 84,400.00 ZZ
360 84,359.57 2
12312 DELLREY DRIVE 9.625 717.39 80
9.375 717.39 105,500.00
AUSTIN TX 78758 1 07/22/96 95
0410135073 05 09/01/96 0
410135073 N 08/01/26
0
1
1520873 E22/G02 F 36,000.00 ZZ
360 35,985.30 2
833 FLORENCE AVENUE 10.375 325.95 90
10.125 325.95 40,000.00
FORT WAYNE IN 46808 1 07/25/96 01
0410198899 05 09/01/96 25
410198899 N 08/01/26
0
1520876 635/635 F 158,100.00 ZZ
360 158,100.00 1
1425 LAUREL OAKS DRIVE 9.375 1,315.00 80
9.125 1,315.00 197,657.00
STREAMWOOD IL 60107 1 08/23/96 00
6579973 09 10/01/96 0
6579973 O 09/01/26
0
1520881 E22/G02 F 64,000.00 ZZ
360 63,967.68 1
120 N E 39TH STREET 9.375 532.32 69
9.125 532.32 94,000.00
FORT LAUDERDALE FL 33334 2 07/26/96 00
0410193684 05 09/01/96 0
410193684 O 08/01/26
0
1520883 E22/G02 F 67,000.00 ZZ
360 66,966.17 1
8855 NW 35TH AVENUE ROAD 9.375 557.27 84
9.125 557.27 80,000.00
MIAMI FL 33147 5 07/26/96 11
0410194716 05 09/01/96 12
410194716 O 08/01/26
0
1520887 A73/G02 F 100,000.00 ZZ
360 100,000.00 1
2016 MORCAMBE BAY DRIVE 9.000 804.62 80
8.750 804.62 125,000.00
NEW LENOX IL 60451 5 08/08/96 00
0430018382 05 10/01/96 0
332381353 O 09/01/26
0
1520888 180/728 F 128,000.00 ZZ
360 128,000.00 1
36273 WINCHESTER ROAD 9.000 1,029.92 80
8.750 1,029.92 160,000.00
1
ELIZABETH CO 80107 1 08/23/96 00
0380506916 05 10/01/96 0
4512638 O 09/01/26
0
1520890 F30/G02 F 85,500.00 ZZ
360 85,500.00 1
5646 SOUTH 3925 WEST 9.625 726.74 90
9.375 726.74 95,000.00
ROY UT 84067 1 08/16/96 10
0430016980 05 10/01/96 25
101348 N 09/01/26
0
1520899 E22/G02 F 50,000.00 ZZ
360 49,975.40 1
2601 FAIR OAKS DRIVE 9.500 420.43 59
9.250 420.43 85,000.00
ST CHARLES MO 63301 5 07/24/96 00
0410158828 05 09/01/96 0
410158828 O 08/01/26
0
1520901 E22/G02 F 260,000.00 ZZ
360 259,872.11 3
6956-6958 SAN GABRIEL BOULEVAR 9.500 2,186.22 75
9.250 2,186.22 350,000.00
SAN GABRIEL CA 91775 2 07/23/96 00
0410154744 05 09/01/96 0
410154744 N 08/01/26
0
1520903 E22/G02 F 47,100.00 ZZ
360 47,076.22 1
650 N 4TH STREET 9.375 391.75 75
9.125 391.75 63,500.00
STE GENEVIEVE MO 63670 5 07/22/96 00
0410143036 05 09/01/96 0
410143036 O 08/01/26
0
1520906 E22/G02 F 42,700.00 ZZ
360 42,679.54 1
1524 CHAPMAN DRIVE 9.625 362.95 70
9.375 362.95 61,000.00
MESQUITE TX 75149 5 07/26/96 00
0410216188 05 09/01/96 0
410216188 N 08/01/26
0
1
1520909 E19/G02 F 161,500.00 ZZ
360 161,500.00 1
4245 ADAM ROAD 9.875 1,402.38 85
9.625 1,402.38 190,000.00
SIMI VALLEY CA 93063 5 08/09/96 23
0430016907 05 10/01/96 0
10876 O 09/01/26
0
1520912 F30/G02 F 48,000.00 ZZ
360 48,000.00 1
1033 24TH STREET 9.750 412.39 80
9.500 412.39 60,000.00
OGDEN UT 84401 1 08/09/96 01
0430026559 05 10/01/96 12
101307 N 09/01/26
0
1520913 E22/G02 F 66,500.00 ZZ
360 66,472.85 2
20321 LINDBERGH DRIVE 10.375 602.10 90
10.125 602.10 73,900.00
EUCLID OH 44119 1 07/22/96 04
0410143168 05 09/01/96 25
410143168 N 08/01/26
0
1520923 E22/G02 F 151,200.00 ZZ
360 151,119.54 1
27458 108TH AVENUE SOUTHEAST 9.125 1,230.21 80
8.875 1,230.21 189,000.00
KENT WA 98031 1 07/12/96 00
0410112817 05 09/01/96 0
410112817 O 08/01/26
0
1520925 E22/G02 F 316,800.00 ZZ
360 316,622.40 1
136 BELMONT DRIVE SUBLOT 1 8.875 2,520.60 80
8.625 2,520.60 396,000.00
KETCHUM ID 83340 2 07/09/96 00
0410110860 05 09/01/96 0
410110860 O 08/01/26
0
1520929 E22/G02 F 249,350.00 ZZ
360 249,227.35 1
1
12 RAVENSRIDGE 9.500 2,096.67 80
9.250 2,096.67 311,747.00
DOVE CANYON ARE CA 92679 1 07/19/96 00
0410181002 03 09/01/96 0
410181002 O 08/01/26
0
1520930 E22/G02 F 54,000.00 ZZ
360 53,973.44 2
1682-1684 E ENGLER STREET 9.500 454.06 75
9.250 454.06 72,000.00
COLUMBUS OH 43226 2 07/23/96 00
0410143309 05 09/01/96 0
410143309 N 08/01/26
0
1520936 E22/G02 F 91,000.00 ZZ
360 90,958.65 2
1443-1445 WEST LAUREL AVENUE 9.875 790.20 70
9.625 790.20 130,000.00
POMONA CA 91768 5 07/19/96 00
0410154124 05 09/01/96 0
410154124 N 08/01/26
0
1520938 526/G02 F 89,100.00 ZZ
360 89,056.17 4
350 EAST 5TH AVENUE 9.500 749.21 90
9.250 749.21 99,000.00
MESA AZ 85210 1 07/26/96 10
0430015446 05 09/01/96 25
132320 N 08/01/26
0
1520942 E22/G02 F 26,800.00 ZZ
360 26,787.16 1
3007 MAHANNA SPRINGS DRIVE 9.625 227.80 75
UNIT # A 9.375 227.80 35,733.00
DALLAS TX 75235 1 07/26/96 00
0410215172 01 09/01/96 0
410215172 N 08/01/26
0
1520944 664/G02 F 113,600.00 ZZ
360 113,600.00 1
1515 THIRD STREET 9.375 944.87 80
9.125 944.87 142,000.00
ANDERSON CA 96007 4 08/01/96 04
0430016865 05 10/01/96 12
1
2021988 N 09/01/26
0
1520960 E23/G02 F 65,100.00 ZZ
360 65,100.00 4
1532 EAST BROADWAY ROAD 9.000 523.81 70
8.750 523.81 93,000.00
MESA AZ 85024 5 08/14/96 00
0430026252 05 10/01/96 0
106118 N 09/01/26
0
1520966 766/G02 F 50,000.00 ZZ
360 50,000.00 1
13626 GREENFIELD DR #503 9.625 424.99 55
9.375 424.99 91,000.00
TAMPA FL 33624 5 08/07/96 00
0430018960 08 10/01/96 0
96DA0276 O 09/01/26
0
1520989 757/757 F 137,500.00 ZZ
360 137,500.00 4
2022 BEAVER SPRINGS LANE 9.750 1,181.34 95
9.500 1,181.34 144,762.00
NORCROSS GA 30071 1 08/15/96 10
2795458 05 10/01/96 30
2795458 O 09/01/26
0
1520991 E22/G02 F 156,000.00 ZZ
360 155,903.04 1
112 HURST CREEK ROAD 8.375 1,185.71 80
8.125 1,185.71 197,000.00
AUSTIN TX 78734 2 07/30/96 00
0410215024 05 09/01/96 0
410215024 O 08/01/26
0
1520992 E22/G02 F 41,150.00 ZZ
360 41,128.10 1
1510 TOY STREET SE 9.125 334.81 75
8.875 334.81 54,900.00
PALM BAY FL 32909 1 07/12/96 00
0410192207 05 09/01/96 0
410192207 O 08/01/26
0
1
1520996 E22/G02 F 48,750.00 T
360 48,726.65 1
207 VALLEY DRIVE 9.625 414.37 75
9.375 414.37 65,000.00
CONROE TX 77303 1 07/25/96 00
0410135362 05 09/01/96 0
410135362 O 08/01/26
0
1520997 E22/G02 F 165,000.00 ZZ
360 164,907.50 1
2406 171ST AVENUE SOUTHEAST 8.875 1,312.81 75
8.625 1,312.81 220,000.00
BELLEVUE WA 98008 1 07/23/96 00
0410113047 03 09/01/96 0
410113047 N 08/01/26
0
1521004 E22/G02 F 232,000.00 ZZ
360 231,894.60 4
2134 W WEBSTER AVE 9.875 2,014.57 80
9.625 2,014.57 290,000.00
CHICAGO IL 60647 1 07/24/96 10
0410176010 05 09/01/96 12
410176010 N 08/01/26
0
1521025 E22/G02 F 85,500.00 ZZ
360 85,460.11 1
450 NE 24TH COURT 9.750 734.58 90
9.500 734.58 95,000.00
BOCA RATON FL 33431 1 07/31/96 12
0410195978 05 09/01/96 25
410195978 N 08/01/26
0
1521026 E22/G02 F 72,000.00 ZZ
360 71,968.99 1
2013 NORTH BINGHAM 10.125 638.51 90
9.875 638.51 80,000.00
CHICAGO IL 60647 1 07/25/96 04
0410177828 05 09/01/96 25
410177828 N 08/01/26
0
1521027 E22/G02 F 59,300.00 ZZ
360 59,273.77 1
1711 E 21 ST TERR 10.000 520.40 90
9.750 520.40 65,900.00
1
LAWRENCE KS 66046 1 07/15/96 04
0410216253 05 09/01/96 25
410216253 N 08/01/26
0
1521028 E22/G02 F 40,500.00 ZZ
360 40,482.56 1
101 NAVIDAD STREET 10.125 359.16 90
9.875 359.16 45,000.00
LOCKHART TX 78644 1 07/25/96 04
0410135271 05 09/01/96 25
410135271 N 08/01/26
0
1521040 E22/G02 F 87,200.00 ZZ
360 87,159.32 1
2447 SNOW CREEK LANE 9.750 749.18 80
9.500 749.18 109,000.00
CHARLOTTE NC 28273 5 07/19/96 00
0410192041 05 09/01/96 0
410192041 O 08/01/26
0
1521062 E22/G02 F 148,100.00 ZZ
360 148,100.00 1
24779 ITASCA AVENUE 9.250 1,218.38 75
9.000 1,218.38 197,500.00
FOREST LAKE MN 55025 1 08/09/96 00
0410176648 05 10/01/96 0
410176648 O 09/01/26
0
1521063 828/728 F 117,600.00 ZZ
360 117,600.00 1
1831 FOX GLEN ROAD 9.375 978.14 80
9.125 978.14 147,000.00
NEW BRAUNFELS TX 78130 1 08/27/96 00
0380506015 05 10/01/96 0
65010019 O 09/01/26
0
1521064 E22/G02 F 91,000.00 ZZ
360 91,000.00 4
6154 LAUREL HALL DR 10.000 798.59 70
9.750 798.59 131,000.00
INDIANAPOLIS IN 46226 5 08/09/96 00
0410159859 05 10/01/96 0
410159859 N 09/01/26
0
1
1521073 E22/G02 F 66,500.00 ZZ
360 66,500.00 2
604-606 S ROBERT ST 9.625 565.24 70
9.375 565.24 95,000.00
ST PAUL MN 55331 1 08/14/96 00
0410203269 05 10/01/96 0
410203269 N 09/01/26
0
1521075 E08/G02 F 197,250.00 T
360 197,250.00 1
5225 COLLINS AVENUE #1004 9.750 1,694.69 75
9.500 1,694.69 263,000.00
MIAMI BEACH FL 33140 1 08/29/96 00
0430026310 06 10/01/96 0
96335 O 09/01/26
0
1521080 E22/G02 F 62,100.00 ZZ
360 62,100.00 2
1626 28 15TH WYANDOTTE 10.375 562.26 90
10.125 562.26 69,000.00
WYANDOTTE MI 48192 1 08/02/96 04
0410140867 05 10/01/96 25
410140867 N 09/01/26
0
1521081 E22/G02 F 38,000.00 ZZ
360 38,000.00 1
4238 EAST 124TH STREET 10.250 340.52 67
10.000 340.52 57,000.00
CLEVELAND OH 44105 5 08/06/96 00
0410158778 05 10/01/96 0
410158778 N 09/01/26
0
1521084 737/G02 F 51,200.00 ZZ
360 51,200.00 1
1832 LAKEWOOD AVE 9.250 421.21 90
9.000 421.21 56,900.00
ATLANTA GA 30315 1 08/30/96 01
0430026781 05 10/01/96 25
557947 N 09/01/26
0
1521124 B90/G02 F 44,400.00 ZZ
360 44,400.00 1
1
1624 VIRGINIA 9.250 365.27 80
9.000 365.27 55,500.00
ROCKFORD IL 61103 1 08/30/96 01
0430026583 05 10/01/96 12
NA N 09/01/26
0
1521189 E22/G02 F 112,000.00 ZZ
360 111,943.44 1
10331 QUITO STREET 9.375 931.56 74
9.125 931.56 152,000.00
COOPER CITY FL 33026 1 07/09/96 00
0410191613 03 09/01/96 0
410191613 O 08/01/26
0
1521198 E22/G02 F 40,950.00 ZZ
360 40,930.38 1
2809 LINEVILLE DRIVE UNIT 105M 9.625 348.07 90
9.375 348.07 45,500.00
FARMERS BRANCH TX 75234 1 07/23/96 04
0410135230 01 09/01/96 25
410135230 N 08/01/26
0
1521203 E22/G02 F 53,250.00 ZZ
360 53,223.81 1
4408 DON PEDRO PADILLA ROAD SW 9.500 447.75 75
9.250 447.75 71,000.00
ALBUQUERQUE NM 87121 1 07/26/96 00
0410134787 05 09/01/96 0
410134787 N 08/01/26
0
1521218 E22/G02 F 46,350.00 ZZ
360 46,326.59 1
1412 SOUTH INGOMAR AVENUE 9.375 385.52 90
9.125 385.52 51,500.00
INDIANAPOLIS IN 46241 1 07/24/96 10
0410158505 05 09/01/96 25
410158505 N 08/01/26
0
1521219 E45/728 F 43,500.00 ZZ
360 43,500.00 1
3418 MOUNTAIN DRIVE 9.125 353.93 63
8.875 353.93 70,000.00
DECATUR GA 30032 5 08/09/96 00
0380505314 05 10/01/96 0
1
31657 O 09/01/26
0
1521222 480/G02 F 44,550.00 T
360 44,529.76 1
7200 S.W. 8TH AVE. 9.875 386.85 90
#N-84 9.625 386.85 49,500.00
GAINESVILLE FL 32606 1 07/29/96 10
0430018085 01 09/01/96 30
1041151 O 08/01/26
0
1521224 E22/G02 F 63,000.00 ZZ
360 62,972.86 2
1052 MARTIN AVENUE 10.125 558.70 75
9.875 558.70 84,000.00
SOUTH LAKE TAHO CA 96150 1 07/12/96 00
0410126353 05 09/01/96 0
410126353 N 08/01/26
0
1521226 286/286 F 35,000.00 ZZ
360 35,000.00 1
1757 SHAW AVE 9.625 297.50 70
9.375 297.50 50,500.00
AKRON OH 44305 5 08/05/96 00
8568874 05 10/01/96 0
8568874 N 09/01/26
0
1521228 E22/G02 F 76,050.00 ZZ
360 76,013.56 1
2711 CROWNSPOINT DRIVE 9.625 646.42 90
9.375 646.42 84,500.00
AUSTIN TX 78748 1 07/18/96 01
0410216238 05 09/01/96 25
410216238 N 08/01/26
0
1521230 253/728 F 62,400.00 ZZ
360 62,400.00 1
222 EDGEBROOK DRIVE #226 9.500 524.70 80
9.250 524.70 78,000.00
BOYLSTON MA 01505 1 08/16/96 00
0380505405 01 10/01/96 0
320940 O 09/01/26
0
1
1521236 776/G02 F 58,100.00 ZZ
360 58,100.00 1
7083 MURIETA PARKWAY #32 9.250 477.97 75
9.000 477.97 77,500.00
RANCHO MURIETA CA 95683 1 08/05/96 00
0430017533 09 10/01/96 0
2333445 N 09/01/26
0
1521311 F03/G02 F 34,000.00 ZZ
360 34,000.00 1
5834 S PEARL STREET 9.750 292.12 54
9.500 292.12 63,000.00
LITTLETON CO 80121 2 08/29/96 00
0430028514 01 10/01/96 0
10007 N 09/01/26
0
1521312 051/G02 F 113,750.00 ZZ
360 113,750.00 2
4216-4220 EAST 15TH STREET 9.875 987.75 65
9.625 987.75 175,000.00
LONG BEACH CA 90804 2 08/16/96 00
0430013920 05 10/01/96 0
16102388 N 09/01/26
0
1521317 526/G02 F 23,400.00 ZZ
360 23,389.08 1
417 N.W. 83RD STREET 9.750 201.05 90
9.500 201.05 26,000.00
OKLAHOMA CITY OK 73114 1 07/31/96 10
0430015354 05 09/01/96 25
0140583 N 08/01/26
0
1521339 526/G02 F 88,000.00 ZZ
360 87,960.02 1
2235 FOREST ROAD 9.875 764.15 80
9.625 764.15 110,000.00
CUMMING GA 30130 1 08/01/96 12
0430015149 05 09/01/96 12
138458 N 08/01/26
0
1521347 526/G02 F 108,300.00 ZZ
360 108,300.00 3
510 18TH STREET 9.250 890.96 95
9.000 890.96 114,000.00
1
UNION CITY NJ 07087 1 08/02/96 04
0430015206 05 10/01/96 30
139593 O 09/01/26
0
1521422 405/405 F 242,400.00 ZZ
360 242,286.90 4
1512 STUART STREET 9.750 2,082.60 80
9.500 2,082.60 303,000.00
LONGMONT CO 80501 1 07/26/96 01
3980885 05 09/01/96 12
3980885 N 08/01/26
0
1521471 688/G02 F 44,450.00 ZZ
360 44,450.00 1
6407 BORDEAUX AVENUE 9.375 369.71 70
9.125 369.71 63,500.00
DALLAS TX 75209 2 08/06/96 00
0430016618 01 10/01/96 0
39511 N 09/01/26
0
1521474 635/635 F 55,800.00 ZZ
360 55,773.26 1
7211 SHARPVIEW DRIVE 9.625 474.30 90
9.375 474.30 62,000.00
HOUSTON TX 77074 1 07/31/96 01
6563191 05 09/01/96 25
6563191 N 08/01/26
0
1521499 664/G02 F 105,000.00 ZZ
360 105,000.00 1
2346 BURR OAK AVE. 9.625 892.49 70
9.375 892.49 150,000.00
NORTH RIVERSIDE IL 60546 5 08/12/96 00
0430023176 05 10/01/96 0
2214161 O 09/01/26
0
1521513 664/728 F 27,000.00 ZZ
360 27,000.00 1
3109 PRUITT AVENUE 9.750 231.98 90
9.500 231.98 30,000.00
DALLAS TX 75227 1 08/12/96 04
0380505439 05 10/01/96 25
2203081 N 09/01/26
0
1
1521516 771/G02 F 81,800.00 ZZ
360 81,800.00 1
123 ACORN DRIVE 9.000 658.18 70
8.750 658.18 116,875.00
SCOTIA NY 12302 1 08/21/96 00
0430018002 05 10/01/96 0
960610B O 09/01/26
0
1521518 B75/G02 F 64,400.00 ZZ
360 64,370.74 1
3330 THUNDERCLOUD DRIVE 9.875 559.22 70
9.625 559.22 92,000.00
LAKE HAVASU CIT AZ 86406 5 07/25/96 00
0430015552 05 09/01/96 0
2543544 N 08/01/26
0
1521521 737/G02 F 68,500.00 ZZ
360 68,500.00 1
7777 E. MAIN STREET #367 9.000 551.17 80
8.750 551.17 85,709.00
SCOTTSDALE AZ 85251 1 08/02/96 10
0430025882 08 10/01/96 12
511455 N 09/01/26
0
1521556 526/G02 F 43,400.00 ZZ
360 43,378.64 3
14 BOWDOIN STREET 9.500 364.94 52
9.250 364.94 85,000.00
WORCESTER MA 01604 5 07/26/96 00
0430021881 05 09/01/96 0
135238 N 08/01/26
0
1521557 526/728 F 70,300.00 ZZ
360 70,267.20 2
518 PERSHING AVENUE 9.750 603.99 95
9.500 603.99 74,000.00
LEBANON PA 17042 1 07/30/96 04
0380506569 05 09/01/96 30
0137629 O 08/01/26
0
1521559 661/661 F 297,000.00 ZZ
360 296,829.14 1
1
31 CARRIAGE PINES COURT 8.750 2,336.49 100
8.500 2,336.49 297,000.00
THE WOODLANDS TX 77381 1 07/23/96 92
2581841 03 09/01/96 30
2581841 O 08/01/26
0
1521561 661/661 F 136,000.00 ZZ
360 135,933.10 1
2834 DEARBORN 9.500 1,143.57 100
9.250 1,143.57 136,000.00
ROCHESTER HILLS MI 48309 1 07/23/96 93
2519536 05 09/01/96 30
2519536 O 08/01/26
0
1521562 661/661 F 133,000.00 ZZ
360 132,665.84 1
1233 SOUTHWEST 20TH STREET 8.375 1,010.90 100
8.125 1,010.90 133,000.00
MIAMI FL 33145 1 04/12/96 92
2498491 05 06/01/96 30
2498491 O 05/01/26
0
1521565 661/661 F 80,000.00 ZZ
360 79,849.81 1
ROAD 1 BOX 131 8.375 608.05 100
8.125 608.05 80,000.00
PINE ISLAND NY 10969 1 05/10/96 92
2474385 05 07/01/96 30
2474385 O 06/01/26
0
1521568 976/976 F 121,600.00 ZZ
360 121,600.00 1
7715 POST BRIDGE ROAD 9.625 1,033.59 80
9.375 1,033.59 152,000.00
SPRING TX 77389 1 08/08/96 96
270883 03 10/01/96 0
270883 N 09/01/26
0
1521570 976/976 F 120,000.00 ZZ
360 120,000.00 1
7723 POST BRIDGE ROAD 9.625 1,019.99 80
9.375 1,019.99 150,000.00
SPRING TX 77389 1 08/08/96 96
270885 03 10/01/96 0
1
270885 N 09/01/26
0
1521572 976/976 F 106,000.00 ZZ
360 106,000.00 1
25910 DRYBROOK ROAD 9.625 900.99 80
9.375 900.99 132,500.00
SPRING TX 77389 1 08/08/96 96
270886 03 10/01/96 0
270886 N 09/01/26
0
1521573 976/976 F 116,000.00 ZZ
360 116,000.00 1
7707 POST BRIDGE ROAD 9.625 985.99 80
9.375 985.99 145,000.00
SPRING TX 77389 1 08/08/96 96
270922 03 10/01/96 0
270922 N 09/01/26
0
1521574 976/976 F 105,600.00 ZZ
360 105,600.00 1
7703 POST BRIDGE ROAD 9.625 897.59 80
9.375 897.59 132,000.00
SPRING TX 77389 1 08/08/96 96
270884 03 10/01/96 0
270884 N 09/01/26
0
1521575 976/976 F 109,200.00 ZZ
360 109,200.00 1
7711 POST BRIDGE ROAD 9.625 928.19 80
9.375 928.19 136,500.00
SPRING TX 77389 1 08/08/96 96
270924 03 10/01/96 0
270924 N 09/01/26
0
1521577 976/976 F 112,500.00 T
360 112,441.68 1
405 ALA WAI BLVD #173 9.250 925.51 75
9.000 925.51 150,000.00
SOUTH LAKE TAHO CA 96150 1 07/29/96 00
237973 03 09/01/96 0
237973 O 08/01/26
0
1
1521578 976/976 F 68,950.00 ZZ
360 68,950.00 1
7285 E. 24TH LANE 9.000 554.79 74
8.750 554.79 93,950.00
YUMA AZ 85365 1 08/05/96 00
992088 05 10/01/96 0
992088 N 09/01/26
0
1521581 976/976 F 130,000.00 ZZ
360 129,937.72 1
1224 SORENSEN LANE 9.625 1,104.99 79
9.375 1,104.99 165,000.00
GARDNERVILLE NV 89410 2 07/30/96 96
155525 05 09/01/96 0
155525 N 08/01/26
0
1521582 976/976 F 89,050.00 ZZ
360 89,050.00 1
1449 E. LOBOS STREET 9.000 716.52 75
8.750 716.52 118,750.00
ORACLE AZ 85623 1 08/05/96 00
020182 05 10/01/96 0
020182 O 09/01/26
0
1521584 976/976 F 295,000.00 ZZ
360 294,825.83 1
7800 CASTELLI ROAD 8.625 2,294.48 67
8.375 2,294.48 444,413.00
HEALDSBURG CA 95448 1 07/26/96 00
624390 05 09/01/96 0
624390 O 08/01/26
0
1521586 976/976 F 107,000.00 T
360 107,000.00 1
439 ALA WAI BOULEVARD #115 8.625 832.24 72
8.375 832.24 150,000.00
SOUTH LAKE TAHO CA 96150 1 08/08/96 00
238226 09 10/01/96 0
238226 O 09/01/26
0
1521588 976/976 F 92,750.00 ZZ
360 92,750.00 1
831 GLEN MOLLY DRIVE 8.500 713.17 70
8.250 713.17 132,500.00
1
SPARKS NV 89434 1 08/05/96 00
237420 05 10/01/96 0
237420 N 09/01/26
0
1521590 976/976 F 90,000.00 ZZ
360 89,956.87 4
1810 - 1814 1/2 DALY STREET 9.625 765.00 65
9.375 765.00 140,000.00
LOS ANGELES CA 90031 2 07/25/96 00
253677 05 09/01/96 0
253677 N 08/01/26
0
1521591 976/976 F 397,500.00 ZZ
360 397,500.00 1
20419 SARTELL DRIVE 9.125 3,234.20 75
8.875 3,234.20 530,000.00
WALNUT AREA CA 91789 2 08/06/96 00
280671 03 10/01/96 0
280671 O 09/01/26
0
1521592 976/976 F 98,700.00 ZZ
360 98,700.00 1
21 SW 63RD AVENUE 8.875 785.31 62
8.625 785.31 160,000.00
PLANTATION FL 33317 2 08/02/96 00
463802 05 10/01/96 0
463802 O 09/01/26
0
1521593 661/661 F 71,900.00 ZZ
360 71,858.63 1
7710 EAGLE VALLEY PASS 8.750 565.64 100
8.500 565.64 71,900.00
INDIANAPOLIS IN 46214 1 07/19/96 92
UNKNOWN 09 09/01/96 30
UNKNOWN O 08/01/26
0
1521594 976/976 F 164,000.00 ZZ
360 163,910.41 1
133 OAK VIEW CIRCLE 9.000 1,319.59 80
8.750 1,319.59 205,000.00
PONTE VEDRA BEA FL 32082 1 07/31/96 00
273701 03 09/01/96 0
273701 O 08/01/26
0
1
1521596 976/976 F 116,250.00 ZZ
360 116,250.00 1
158 WEST GRANT AVENUE 9.250 956.37 67
9.000 956.37 175,000.00
ROSELLE PARK NJ 07204 5 08/08/96 00
226509 05 10/01/96 0
226509 O 09/01/26
0
1521597 976/976 F 77,300.00 ZZ
360 77,300.00 2
1503 & 1504 ROSSI STREET 9.375 642.95 70
9.125 642.95 111,000.00
BOISE ID 83706 2 08/02/96 00
759773 05 10/01/96 0
759773 N 09/01/26
0
1521598 661/661 F 110,000.00 ZZ
360 109,888.46 1
9424 MOUNTAIN LAKE CIRCLE 9.375 914.93 100
9.125 914.93 110,000.00
FORT WORTH TX 76179 1 07/01/96 92
2584142 03 08/01/96 30
2584142 O 07/01/26
0
1521599 976/976 F 256,000.00 ZZ
360 256,000.00 1
6095 SWEET CREEK ROAD 9.000 2,059.84 80
8.750 2,059.84 320,000.00
DULUTH GA 30136 1 08/09/96 00
177506 03 10/01/96 0
177506 O 09/01/26
0
1521602 976/976 F 80,000.00 ZZ
360 79,789.41 1
130 MEETING HOUSE LANE 9.250 658.14 17
9.000 658.14 493,000.00
AMAGANSETT NY 11930 5 03/29/96 00
799721 05 05/01/96 0
799721 N 04/01/26
0
1521603 976/976 F 101,600.00 ZZ
360 101,600.00 1
1
6711 CARMEL VALLEY DRIVE 8.875 808.38 80
8.625 808.38 127,000.00
FRISCO TX 75034 1 08/12/96 00
296882 05 10/01/96 0
296882 O 09/01/26
0
1521604 661/661 F 87,900.00 ZZ
360 87,803.62 1
3190 LEEWOOD TERRACE L-104 9.000 707.26 100
8.750 707.26 87,900.00
BOCA RATON FL 33431 1 06/27/96 92
2565448 01 08/01/96 30
2565448 O 07/01/26
0
1521606 976/976 F 75,000.00 ZZ
360 75,000.00 1
1306 RUSK 9.125 610.23 75
8.875 610.23 100,000.00
WEAHTERFORD TX 76086 1 08/06/96 00
263484 05 10/01/96 0
263484 O 09/01/26
0
1521607 661/661 F 215,000.00 ZZ
360 214,876.30 1
1761 SPARTAN LANE 8.750 1,691.41 100
8.500 1,691.41 215,000.00
ATHENS GA 30606 1 07/20/96 92
2604668 05 09/01/96 30
2604668 O 08/01/26
0
1521608 976/976 F 128,700.00 ZZ
360 128,700.00 1
2043 EAST VAUGHN STREET 9.125 1,047.15 74
8.875 1,047.15 175,000.00
TEMPE AZ 85283 2 08/02/96 00
155738 05 10/01/96 0
155738 O 09/01/26
0
1521610 976/976 F 58,400.00 ZZ
360 58,400.00 1
440 KOURT DRIVE 9.375 485.75 80
9.125 485.75 73,000.00
EUGENE OR 97404 1 08/01/96 96
254029 05 10/01/96 0
1
254029 N 09/01/26
0
1521611 976/976 F 264,000.00 ZZ
360 264,000.00 1
6202 LEEKE FOREST COURT 8.875 2,100.51 75
8.625 2,100.51 352,000.00
BETHESDA MD 20817 1 08/14/96 00
902820 05 10/01/96 0
902820 O 09/01/26
0
1521612 976/976 F 130,000.00 ZZ
360 129,928.99 1
234 LLOYD DRIVE 9.000 1,046.01 72
8.750 1,046.01 181,250.00
GRANTS PASS OR 97526 1 07/19/96 00
074056 05 09/01/96 0
074056 O 08/01/26
0
1521613 976/976 F 200,000.00 ZZ
360 199,893.56 1
18025 E COLLIER ROAD 9.125 1,627.27 55
8.875 1,627.27 370,000.00
ACAMPO CA 95220 5 07/26/96 00
845922 05 09/01/96 0
845922 O 08/01/26
0
1521615 976/976 F 87,000.00 ZZ
360 87,000.00 4
1501 17TH STREET S.E. 9.500 731.55 60
9.250 731.55 145,000.00
WASHINGTON DC 20020 5 08/07/96 00
220528 05 10/01/96 0
220528 N 09/01/26
0
1521616 976/976 F 149,200.00 ZZ
360 149,116.35 1
2613 TENNYSON STREET 8.875 1,187.11 80
8.625 1,187.11 186,500.00
THOUSAND OAKS CA 91360 1 07/26/96 00
280630 05 09/01/96 0
280630 O 08/01/26
0
1
1521618 976/976 F 91,200.00 ZZ
360 91,200.00 1
2657 VALVEDERE DRIVE 9.250 750.29 80
9.000 750.29 114,000.00
ATLANTA GA 30319 1 08/09/96 96
177974 05 10/01/96 0
177974 N 09/01/26
0
1521619 976/976 F 76,000.00 ZZ
360 76,000.00 1
272 "H" STREET., #C 9.750 652.96 80
9.500 652.96 95,000.00
CHULA VISTA CA 91910 2 08/02/96 96
836454 01 10/01/96 0
836454 N 09/01/26
0
1521621 976/976 F 85,600.00 ZZ
360 85,557.89 1
7990 MALACHITE AVENUE 9.500 719.78 80
9.250 719.78 107,000.00
RANCHO CUCAMONG CA 91730 1 07/25/96 96
249598 05 09/01/96 0
249598 N 08/01/26
0
1521622 E22/G02 F 27,000.00 ZZ
360 26,987.41 1
7538 MEADOWVIEW STREET 9.750 231.97 90
9.500 231.97 30,000.00
HOUSTON TX 77037 1 07/30/96 01
0410135438 05 09/01/96 25
410135438 N 08/01/26
0
1521623 976/976 F 118,000.00 ZZ
360 117,943.47 1
1237 SORENSEN LANE 9.625 1,002.99 80
9.375 1,002.99 149,000.00
GARDNERVILLE NV 89410 2 07/30/96 96
155519 05 09/01/96 0
155519 N 08/01/26
0
1521625 E22/G02 F 165,000.00 ZZ
360 164,918.84 1
9328 LAYTON LOOP N E 9.500 1,387.41 60
9.250 1,387.41 275,000.00
1
ALBUQUERQUE NM 87111 5 07/29/96 00
0410135883 05 09/01/96 0
410135883 O 08/01/26
0
1521626 976/976 F 111,000.00 ZZ
360 110,943.94 1
1233 SORENSEN LANE 9.375 923.25 68
9.125 923.25 164,000.00
GARDNERVILLE NV 89410 2 07/30/96 00
155521 05 09/01/96 0
155521 N 08/01/26
0
1521627 E22/G02 F 162,400.00 ZZ
360 162,320.12 1
4821 SW 59 TERRACE 9.500 1,365.55 80
9.250 1,365.55 203,000.00
DAVIE FL 33314 1 07/26/96 00
0410194112 05 09/01/96 0
410194112 O 08/01/26
0
1521628 976/976 F 56,200.00 ZZ
360 56,170.86 1
315 TODD ROAD 9.250 462.35 65
9.000 462.35 86,500.00
KALAMA WA 98625 5 07/01/96 00
105927 05 09/01/96 0
105927 N 08/01/26
0
1521629 661/661 F 438,000.00 ZZ
360 437,218.66 1
8706 MARGARET LANE 8.625 3,406.71 100
8.375 3,406.71 438,000.00
ANNANDALE VA 22003 1 05/31/96 93
2515922 03 07/01/96 30
2515922 O 06/01/26
0
1521630 405/405 F 56,000.00 ZZ
360 55,971.72 1
605 DODGE STREET 9.375 465.78 80
9.125 465.78 70,000.00
EAU CLAIRE WI 54701 5 07/31/96 00
003980935 05 09/01/96 0
003980935 O 08/01/26
0
1
1521633 661/661 F 470,000.00 ZZ
360 469,743.27 1
319 SOUTH 6TH STREET 9.000 3,781.73 100
8.750 3,781.73 470,000.00
PHILADELPHIA PA 19106 1 07/22/96 92
2517530 07 09/01/96 30
2517530 O 08/01/26
0
1521634 E22/G02 F 69,650.00 T
360 69,650.00 1
15 BETH LANE 9.875 604.80 70
9.625 604.80 99,500.00
PALM COAST FL 32137 1 08/01/96 00
0410195010 05 10/01/96 0
410195010 O 09/01/26
0
1521635 E22/G02 F 424,000.00 ZZ
360 423,762.30 1
4353 WOODFIN DRIVE 8.875 3,373.53 80
8.625 3,373.53 530,000.00
DALLAS TX 75220 1 07/24/96 00
0410135685 05 09/01/96 0
410135685 O 08/01/26
0
1521636 661/661 F 290,000.00 T
360 289,482.62 1
659 ROADRUNNER LANE NE 8.625 2,255.60 100
8.375 2,255.60 290,000.00
ALBUQUERQUE NM 87122 1 05/17/96 92
2518595 05 07/01/96 30
2518595 O 06/01/26
0
1521639 661/661 F 247,096.00 ZZ
360 246,838.81 1
16937 KINGS COURT 9.250 2,032.80 100
9.000 2,032.80 247,097.00
LAKEVILLE MN 55123 1 06/13/96 92
2522282 09 08/01/96 30
2522282 O 07/01/26
0
1521641 E22/G02 F 90,400.00 ZZ
360 90,347.99 1
1
10217 NW 80 DRIVE 8.750 711.18 80
8.500 711.18 113,000.00
TAMARAC FL 33321 1 07/30/96 00
0410196117 05 09/01/96 0
410196117 O 08/01/26
0
1521642 661/661 F 83,900.00 T
360 83,765.03 1
1086 E HANCOCK DRIVE 9.125 682.64 100
8.875 682.64 83,900.00
DELTONA FL 32725 1 05/15/96 92
2531101 05 07/01/96 30
2531101 O 06/01/26
0
1521643 661/661 F 255,000.00 T
360 254,857.04 1
4128 BEACH DRIVE 8.875 2,028.90 100
8.625 2,028.90 255,000.00
NICEVILLE FL 32578 1 07/26/96 92
960615 05 09/01/96 30
960615 O 08/01/26
0
1521644 E22/G02 F 48,560.00 ZZ
360 48,560.00 1
7209 224TH STREET SOUTHWEST 9.500 408.32 75
#P-4 9.250 408.32 64,750.00
EDMONDS WA 98026 1 08/02/96 00
0410113179 01 10/01/96 0
410113179 N 09/01/26
0
1521645 405/405 F 256,500.00 ZZ
300 256,293.98 3
4229 HILL AVENUE 9.625 2,263.36 85
9.375 2,263.36 305,000.00
BRONX NY 10466 2 07/26/96 21
3963303 05 09/01/96 12
3963303 O 08/01/21
0
1521646 E22/G02 F 53,200.00 ZZ
360 53,173.14 2
3117-3121 WOODBRIDGE AVENUE 9.375 442.49 70
9.125 442.49 76,000.00
CLEVELAND OH 44109 5 07/27/96 00
0410142111 05 09/01/96 0
1
410142111 N 08/01/26
0
1521649 E22/G02 F 112,000.00 ZZ
360 111,950.45 4
565 VANCOUVER ROAD SE 10.000 982.88 80
9.750 982.88 140,000.00
RIO RANCHO NM 87124 1 07/29/96 96
0410106744 05 09/01/96 0
410106744 N 08/01/26
0
1521650 E22/G02 F 112,000.00 ZZ
360 111,950.45 4
557 VANCOUVER SE UNIT # 11 10.000 982.88 80
9.750 982.88 140,000.00
RIO RANCHO NM 87124 1 07/29/96 96
0410106728 05 09/01/96 0
410106728 N 08/01/26
0
1521652 E22/G02 F 112,000.00 ZZ
360 111,950.45 4
573 VANCOUVER ROAD S E 10.000 982.88 80
9.750 982.88 140,000.00
RIO RANCHO NM 87124 1 07/29/96 96
0410106736 05 09/01/96 0
410106736 N 08/01/26
0
1521653 E22/G02 F 134,400.00 ZZ
360 134,332.13 1
14834 BROADGREEN DRIVE 9.375 1,117.87 80
9.125 1,117.87 168,000.00
HOUSTON TX 77079 1 07/29/96 00
0410106033 09 09/01/96 0
410106033 O 08/01/26
0
1521654 405/405 F 51,300.00 ZZ
360 51,276.69 1
3022 WEBLEY DRIVE 9.875 445.47 90
9.625 445.47 57,000.00
LARGO FL 34641 1 07/19/96 01
3980455 05 09/01/96 25
3980455 N 08/01/26
0
1
1521657 E22/G02 F 80,500.00 ZZ
360 80,465.33 2
1113-1115 EPHRAIM DRIVE 10.125 713.89 80
9.875 713.89 100,675.00
GRAIN VALLEY MO 64029 1 08/01/96 04
0410216030 05 09/01/96 12
410216030 N 08/01/26
0
1521660 E22/G02 F 76,000.00 ZZ
360 76,000.00 2
610-612 SO ROBERT STREET 9.625 645.99 80
9.375 645.99 95,000.00
ST PAUL MN 55331 1 08/14/96 04
0410213441 05 10/01/96 12
410213441 N 09/01/26
0
1521665 E22/G02 F 44,200.00 ZZ
360 44,200.00 1
8026 ROSEMONT 9.625 375.70 85
9.375 375.70 52,000.00
DETROIT MI 48228 5 08/13/96 12
0410215339 05 10/01/96 12
410215339 O 09/01/26
0
1521668 624/G02 F 146,250.00 ZZ
360 146,250.00 1
11 CAMINDO DE LOS ARROYOS 9.125 1,189.94 75
8.875 1,189.94 195,000.00
RANCHOS DE TAOS NM 87557 5 08/30/96 00
0430029678 05 10/01/96 0
74001160013 O 09/01/26
0
1521685 661/661 F 167,675.00 ZZ
360 167,565.32 1
216 DWIGHT PLACE 8.125 1,244.98 96
7.875 1,244.98 176,400.00
BRICK TOWNSHIP NJ 08724 1 07/19/96 93
960615 05 09/01/96 30
960615 O 08/01/26
0
1521690 661/661 F 73,000.00 ZZ
360 72,825.73 1
17 PINEWOOD CIRCLE 8.625 567.79 100
UNIT 17 8.375 567.79 73,000.00
1
DANBURY CT 06810 1 04/19/96 92
960615 01 06/01/96 30
960615 O 05/01/26
0
1521700 E22/G02 F 106,700.00 ZZ
360 106,700.00 1
1944 LAKESHORE DRIVE 9.625 906.94 80
9.375 906.94 133,400.00
CUBA MO 65453 1 08/15/96 00
0410159008 03 10/01/96 0
410159008 O 09/01/26
0
1521701 E22/G02 F 108,000.00 ZZ
360 108,000.00 1
3018 E NORWICH AVENUE 9.250 888.49 80
9.000 888.49 135,000.00
ST FRANCIS WI 53235 1 08/09/96 00
0410203285 05 10/01/96 0
410203285 O 09/01/26
0
1521702 E22/G02 F 138,150.00 ZZ
360 138,150.00 1
2379 PARCELLS CIRCLE 9.875 1,199.62 90
9.625 1,199.62 153,500.00
BLOOMFIELD TWP MI 48302 1 08/07/96 04
0410159701 05 10/01/96 25
410159701 N 09/01/26
0
1521729 A38/G02 F 40,500.00 ZZ
360 40,500.00 1
5342 BINZ-ENGLEMANN 9.750 347.96 90
9.500 347.96 45,000.00
SAN ANTONIO TX 78219 1 08/30/96 04
0430028928 05 10/01/96 25
810698 N 09/01/26
0
1521773 561/728 F 38,600.00 ZZ
360 38,582.92 1
636 E 36TH STREET 10.000 338.75 90
9.750 338.75 42,900.00
INDIANAPOLIS IN 46205 1 07/30/96 04
0380505629 05 09/01/96 25
8844169 N 08/01/26
0
1
1521777 561/728 F 41,400.00 ZZ
360 41,400.00 1
5525 PURPURA DRIVE 9.375 344.35 90
9.125 344.35 46,000.00
INDIANAPOLIS IN 46236 1 08/06/96 10
0380505595 05 10/01/96 25
8856114 N 09/01/26
0
1521798 881/G02 F 395,000.00 ZZ
360 394,805.71 3
420 EAST SOLA STREET 9.500 3,321.37 76
9.250 3,321.37 520,000.00
SANTA BARBARA CA 93101 2 07/25/96 00
0430025569 05 09/01/96 0
602267 O 08/01/26
0
1521803 776/G02 F 64,350.00 ZZ
360 64,350.00 1
5364 FLINT COURT SOUTH 9.625 546.97 65
9.375 546.97 99,000.00
SALEM OR 97306 5 08/09/96 00
0430028969 05 10/01/96 0
5035377 N 09/01/26
0
1521833 737/G02 F 81,000.00 ZZ
360 81,000.00 1
6316 WEST SUNNYSIDE DRIVE 8.625 630.01 54
8.375 630.01 151,000.00
GLENDALE AZ 85304 1 08/14/96 00
0430018135 05 10/01/96 0
511544 O 09/01/26
0
1521834 498/728 F 134,900.00 ZZ
360 134,835.37 1
5436 ARBOR OAK LANE 9.625 1,146.64 90
9.375 1,146.64 149,900.00
RALEIGH NC 27616 1 08/01/96 01
0380505330 03 09/01/96 25
1455706 N 08/01/26
0
1521860 E22/G02 F 40,800.00 ZZ
360 40,779.40 1
1
9150 FOUNTAINEBLEAU BOULEVARD 9.375 339.35 80
UNIT # 503 9.125 339.35 51,000.00
MIAMI FL 33172 1 07/31/96 00
0410195465 08 09/01/96 0
410195465 O 08/01/26
0
1521866 E22/G02 F 94,500.00 ZZ
360 94,500.00 3
607 WEST COOK STREET 9.625 803.24 60
9.375 803.24 157,500.00
SANTA MARIA CA 93454 1 07/30/96 00
0410155923 05 10/01/96 0
410155923 N 09/01/26
0
1521868 E22/G02 F 248,000.00 ZZ
360 247,878.01 1
4200 SOUTHWEST 53RD AVENUE 9.500 2,085.32 80
9.250 2,085.32 310,000.00
PORTLAND OR 97221 1 07/10/96 00
0410112122 05 09/01/96 0
410112122 O 08/01/26
0
1521869 E22/G02 F 128,000.00 ZZ
360 127,935.36 1
4202 FAY CIRCLE 9.375 1,064.64 80
9.125 1,064.64 160,000.00
SANTA ANA CA 92703 1 07/26/96 01
0410156681 05 09/01/96 12
410156681 N 08/01/26
0
1521870 E22/G02 F 57,350.00 ZZ
360 57,325.30 2
629-31 OLIVIER & 10.125 508.59 72
520 OPELOUSAS AVE 9.875 508.59 80,000.00
NEW ORLEANS LA 70114 1 08/01/96 00
0410200943 05 09/01/96 0
410200943 N 08/01/26
0
1521871 E22/G02 F 68,400.00 ZZ
360 68,371.32 1
3501 JUAN TABO BLVD NE UNIT#J1 10.250 612.93 90
10.000 612.93 76,000.00
ALBUQUERQUE NM 87111 1 07/31/96 04
0410135594 01 09/01/96 25
1
410135594 N 08/01/26
0
1521874 E22/G02 F 107,200.00 ZZ
360 107,200.00 1
2632 WEST VIEW STREET 8.875 852.93 80
8.625 852.93 134,000.00
LOS ANGELES CA 90016 2 07/29/96 00
0410180988 05 10/01/96 0
410180988 O 09/01/26
0
1521876 E22/G02 F 168,000.00 ZZ
360 168,000.00 1
1144 HOLLY STREET 8.375 1,276.92 80
8.125 1,276.92 210,000.00
ALAMEDA CA 94502 1 08/01/96 00
0410156947 09 10/01/96 0
410156947 O 09/01/26
0
1521879 E22/G02 F 85,500.00 ZZ
360 85,464.14 1
1020 BAYLAND AVENUE 10.250 766.17 90
10.000 766.17 95,000.00
HOUSTON TX 77009 1 07/30/96 04
0410135537 05 09/01/96 25
410135537 N 08/01/26
0
1521882 E22/G02 F 100,000.00 ZZ
360 99,946.79 1
712 YALE DRIVE 9.125 813.63 70
8.875 813.63 143,900.00
PFLUGERVILLE TX 78660 1 07/31/96 00
0410135701 05 09/01/96 0
410135701 O 08/01/26
0
1521888 E22/G02 F 40,500.00 ZZ
360 40,482.08 1
1249 S KAPPES ST 10.000 355.42 90
9.750 355.42 45,000.00
INDIANAPOLIS IN 46221 1 07/26/96 04
0410143283 05 09/01/96 25
410143283 N 08/01/26
0
1
1521889 E22/G02 F 116,000.00 ZZ
360 116,000.00 1
404 NORTH GLEN DRIVE 9.875 1,007.28 80
9.625 1,007.28 145,000.00
RALEIGH NC 27609 1 08/06/96 00
0410194641 05 10/01/96 0
410194641 O 09/01/26
0
1521890 E22/G02 F 65,700.00 ZZ
360 65,671.70 1
8247 NORTHEAST BRAZEE STREET 10.125 582.64 90
9.875 582.64 73,000.00
PORTLAND OR 97220 1 07/16/96 01
0410211643 05 09/01/96 30
410211643 N 08/01/26
0
1521893 E22/G02 F 41,800.00 ZZ
360 41,800.00 1
6908 STONESTHROW CIRCLE 9.625 355.30 80
9.375 355.30 52,250.00
ST PETERSBURG FL 33710 1 08/02/96 00
0410196729 01 10/01/96 0
410196729 O 09/01/26
0
1521894 E22/G02 F 143,950.00 ZZ
360 143,950.00 3
12746 35TH AVENUE NORTHEAST 9.500 1,210.41 90
9.250 1,210.41 159,944.00
SEATTLE WA 98125 1 08/01/96 04
0410112866 05 10/01/96 25
410112866 N 09/01/26
0
1521898 E22/G02 F 110,400.00 ZZ
360 110,342.77 1
16010 MISSION RIDGE 9.250 908.23 80
9.000 908.23 138,000.00
SAN ANTONIO TX 78232 1 07/26/96 00
0410211692 03 09/01/96 0
410211692 O 08/01/26
0
1521907 E22/G02 F 85,950.00 ZZ
360 85,910.95 1
4214 BUENA VISTA STREET UNIT#4 9.875 746.35 90
9.625 746.35 95,500.00
1
DALLAS TX 75205 1 07/31/96 04
0410135404 01 09/01/96 25
410135404 N 08/01/26
0
1521908 E22/G02 F 118,350.00 ZZ
360 118,293.31 4
3512 LAFAYETTE DRIVE NE 9.625 1,005.96 90
9.375 1,005.96 131,500.00
ALBUQUERQUE NM 87110 1 08/02/96 04
0410211858 05 09/01/96 25
410211858 N 08/01/26
0
1521909 E22/G02 F 40,500.00 ZZ
360 40,483.47 4
3405-3407 JUNIATA STREET 10.375 366.69 90
10.125 366.69 45,000.00
ST LOUIS MO 63118 1 07/29/96 10
0410142939 05 09/01/96 25
410142939 N 08/01/26
0
1521910 E22/G02 F 33,450.00 ZZ
360 33,450.00 1
47229 NORTH DIVISION STREET 8.875 266.14 72
8.625 266.14 47,000.00
LANCASTER CA 93535 5 07/30/96 00
0410156665 05 10/01/96 0
410156665 O 09/01/26
0
1521915 E22/G02 F 81,000.00 ZZ
360 80,956.90 1
2405 S MEADE ST 9.125 659.04 78
8.875 659.04 104,000.00
DENVER CO 80219 2 07/30/96 00
0410135750 05 09/01/96 0
410135750 O 08/01/26
0
1521920 E22/G02 F 22,850.00 ZZ
360 22,840.16 1
501 JONES FERRY ROAD UNIT #P12 10.125 202.64 75
9.875 202.64 30,500.00
CARRBORO NC 27510 1 07/30/96 00
0410196307 01 09/01/96 0
410196307 N 08/01/26
0
1
1521934 E22/G02 F 156,800.00 ZZ
360 156,800.00 1
38250 SOUTHEAST LUSTED ROAD 9.375 1,304.18 80
9.125 1,304.18 196,000.00
BORING OR 97009 1 08/08/96 00
0410211783 05 10/01/96 0
410211783 O 09/01/26
0
1521974 E22/G02 F 90,000.00 T
360 90,000.00 1
2674 CHATHAM CIRCLE 9.875 781.51 75
9.625 781.51 120,000.00
KISSIMMEE FL 34746 1 08/02/96 00
0410192777 03 10/01/96 0
410192777 O 09/01/26
0
1521977 E22/G02 F 62,000.00 ZZ
360 62,000.00 1
2406 "D" STREET 9.375 515.68 90
9.125 515.68 68,900.00
SPRINGFIELD OR 97477 1 07/31/96 04
0410113146 05 10/01/96 25
410113146 N 09/01/26
0
1521978 E22/G02 F 127,950.00 ZZ
360 127,885.39 1
236 WHITESAND COURT 9.375 1,064.22 80
9.125 1,064.22 159,950.00
CASSELBERRY FL 32707 1 07/31/96 00
0410196760 09 09/01/96 0
410196760 O 08/01/26
0
1522244 526/G02 F 43,900.00 ZZ
360 43,879.52 2
5311-13 PLYMOUTH STREET 9.750 377.17 82
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JACKSONVILLE FL 32205 1 08/01/96 04
0430021824 05 09/01/96 20
139446 N 08/01/26
0
1522256 526/G02 F 26,100.00 ZZ
360 26,088.45 1
1
1202 E SOUTH AVENUE 10.000 229.05 90
9.750 229.05 29,000.00
INDEPENDENCE MO 64050 1 07/31/96 12
0430021865 05 09/01/96 25
140693 N 08/01/26
0
1522258 526/728 F 139,400.00 ZZ
360 139,323.85 1
4303 ELIZABETH STREET 9.000 1,121.65 85
8.750 1,121.65 164,000.00
ROCKVILLE MD 20853 5 07/24/96 10
0380505553 05 09/01/96 12
136232 O 08/01/26
0
1522265 526/728 F 231,950.00 ZZ
360 231,835.90 1
10 AYNSLEY COURT 9.500 1,950.37 80
9.250 1,950.37 289,990.00
MONTVILLE NJ 07045 1 07/31/96 00
0380505546 01 09/01/96 0
124143 O 08/01/26
0
1522689 B75/G02 F 51,750.00 ZZ
360 51,725.21 1
3030 SOUTH ALMA SCHOOL ROAD 9.625 439.87 90
#25 9.375 439.87 57,500.00
MESA AZ 85210 1 07/30/96 04
0430026997 03 09/01/96 30
2485738 N 08/01/26
0
1522767 976/976 F 55,900.00 ZZ
360 55,900.00 1
4802 UNDERWOOD CT 9.250 459.88 66
9.000 459.88 85,000.00
WALDORF MD 20602 5 08/19/96 00
220767 09 10/01/96 0
220767 N 09/01/26
0
1522807 E22/G02 F 89,900.00 ZZ
360 89,900.00 4
6964 CHIPPEWA 10.250 805.60 90
10.000 805.60 99,900.00
ST LOUIS MO 63109 1 08/16/96 04
0410159305 05 10/01/96 25
1
410159305 N 09/01/26
0
1522812 E29/G02 F 124,500.00 ZZ
360 124,500.00 1
9434 SOUTH SHERRELWOOD LANE 9.125 1,012.97 78
8.875 1,012.97 161,000.00
HIGHLANDS RANCH CO 80126 2 08/30/96 00
0430027011 03 10/01/96 0
163043 O 09/01/26
0
1522816 A46/728 F 24,000.00 ZZ
360 24,000.00 1
9901 SHARPCREST STREET 8.750 188.81 80
8.500 188.81 30,000.00
HOUSTON TX 77036 1 08/30/96 00
0380506437 09 10/01/96 0
1394885 O 09/01/26
0
1522857 E22/G02 F 163,200.00 ZZ
360 163,125.86 1
1342 EAST HORSESHOE BEND 9.875 1,417.14 85
9.625 1,417.14 192,000.00
ROCHESTER HILLS MI 48306 5 07/31/96 23
0410158877 05 09/01/96 0
410158877 O 08/01/26
0
1522864 E22/G02 F 135,900.00 ZZ
360 135,838.25 1
13215 CONNER KNOLL PKWY 9.875 1,180.09 90
9.625 1,180.09 151,000.00
FISHERS IN 46038 1 07/30/96 10
0410159248 09 09/01/96 25
410159248 N 08/01/26
0
1522871 526/G02 F 48,600.00 ZZ
360 48,600.00 1
2709 FULTON STREET SW 9.875 422.02 90
9.625 422.02 54,000.00
LARGO FL 34643 1 08/01/96 12
0430021709 05 10/01/96 25
140555 N 09/01/26
0
1
1522879 526/G02 F 34,500.00 ZZ
360 34,500.00 1
526 EAST NORTH 20TH STREET 9.125 280.71 66
8.875 280.71 52,500.00
ABILENE TX 79601 1 08/07/96 00
0430021691 05 10/01/96 0
141510 N 09/01/26
0
1522885 B74/G02 F 90,000.00 ZZ
360 90,000.00 1
4383 CENTRAL AVENUE 9.250 740.41 80
9.000 740.41 112,500.00
RIVERSIDE CA 92506 1 08/13/96 00
0430025312 05 10/01/96 0
962819 O 09/01/26
0
1522886 526/G02 F 67,050.00 ZZ
360 67,017.01 1
3047 PARK STREET 9.500 563.80 90
9.250 563.80 74,500.00
EAST POINT GA 30344 1 08/01/96 12
0430021618 05 09/01/96 25
140173 N 08/01/26
0
1522897 E23/G02 F 76,000.00 ZZ
360 76,000.00 4
208 N. MAYFLOWER STREET 1-4 9.500 639.05 80
9.250 639.05 95,000.00
HEMET CA 92544 1 08/15/96 10
0430025783 05 10/01/96 17
106054 N 09/01/26
0
1522904 731/G02 F 68,000.00 ZZ
360 68,000.00 1
620 11TH STREET 9.250 559.42 68
9.000 559.42 100,000.00
RELANDS CA 92374 5 08/14/96 00
0430023051 05 10/01/96 0
412610064 N 09/01/26
0
1522905 971/G02 F 44,900.00 ZZ
360 44,900.00 1
2019 CHAMPIONS WAY 9.000 361.28 90
8.750 361.28 49,900.00
1
NORTH LAUDERDAL FL 33068 1 08/21/96 12
0430019331 09 10/01/96 25
608240 N 09/01/26
0
1522909 E60/728 F 215,900.00 ZZ
360 215,900.00 1
4010 LEMONBERRY PLACE 8.875 1,717.80 80
8.625 1,717.80 269,990.00
THOUSAND OAKS CA 91362 1 08/17/96 00
0380505835 05 10/01/96 0
520101 O 09/01/26
0
1522925 F30/G02 F 106,650.00 ZZ
360 106,650.00 1
10435 SOUTH LARKSPUR DRIVE 9.500 896.77 90
9.250 896.77 118,500.00
SANDY UT 84094 1 08/19/96 10
0430029173 05 10/01/96 25
101414 N 09/01/26
0
1522926 862/G02 F 283,500.00 ZZ
360 283,500.00 1
14306 N.E. 31ST AVENUE 8.750 2,230.30 90
8.500 2,230.30 315,000.00
VANCOUVER WA 98686 1 08/14/96 10
0430027342 05 10/01/96 25
042478383 O 09/01/26
0
1522973 661/661 F 109,000.00 ZZ
360 108,870.83 1
710 NORTH OCEAN BOULEVARD 8.625 847.79 100
8.375 847.79 110,000.00
POMPANO BEACH FL 33062 1 06/05/96 92
2555670 06 08/01/96 30
2555670 O 07/01/26
0
1522974 661/661 F 129,000.00 ZZ
360 128,593.47 1
1817 WEST SELDON LANE 8.375 980.49 100
8.125 980.49 129,000.00
PHOENIX AZ 85021 1 03/13/96 92
2466100 05 05/01/96 30
2466100 O 04/01/26
0
1
1522976 661/661 F 215,000.00 ZZ
360 214,724.87 1
117 EAST ISLAND DRIVE 8.250 1,615.22 100
8.000 1,615.22 215,000.00
LONG BEACH NC 28465 5 06/20/96 92
2486413 05 08/01/96 30
2486413 O 07/01/26
0
1522978 562/562 F 72,000.00 ZZ
360 72,000.00 1
59 TERAPIN STREET 9.625 612.00 90
9.375 612.00 80,000.00
MASTIC NY 11950 1 08/23/96 01
519181 05 10/01/96 25
519181 N 09/01/26
0
1523003 936/G02 F 127,200.00 ZZ
360 127,200.00 1
15147 VALLEYHEART DRIVE 8.875 1,012.07 80
8.625 1,012.07 159,000.00
LOS ANGELES CA 91403 1 08/15/96 00
0430025866 05 10/01/96 0
6108674 O 09/01/26
0
1523037 526/G02 F 114,750.00 ZZ
360 114,750.00 1
500 WEST 43RD STREET UNIT 7D 9.250 944.03 90
9.000 944.03 127,500.00
NEW YORK NY 10036 1 08/08/96 04
0430025916 06 10/01/96 25
0129875 N 09/01/26
0
1523042 526/G02 F 45,000.00 ZZ
360 44,979.55 1
723 CAMELLIA DRIVE 9.875 390.76 85
9.625 390.76 53,000.00
MELBOURNE FL 32901 1 08/01/96 04
0430025049 05 09/01/96 20
0140407 N 08/01/26
0
1523050 766/G02 F 35,500.00 ZZ
360 35,500.00 1
1
19201 COLLINS AVENUE #308 9.500 298.50 75
9.250 298.50 47,400.00
NORTH MIAMI BEA FL 33160 1 08/30/96 00
0430026054 06 10/01/96 0
96HA092 N 09/01/26
0
1523071 E22/G02 F 112,000.00 ZZ
360 112,000.00 1
1722 NEBRASKA AVENUE 9.250 921.40 80
9.000 921.40 140,000.00
PALM HARBOR FL 34683 2 08/05/96 00
0410194468 05 10/01/96 0
410194468 O 09/01/26
0
1523076 E22/G02 F 146,000.00 ZZ
360 145,922.31 1
5722 MAPLESHADE LANE 9.125 1,187.90 65
8.875 1,187.90 225,000.00
DALLAS TX 75252 1 08/01/96 00
0410135222 05 09/01/96 0
410135222 O 08/01/26
0
1523078 E22/G02 F 195,000.00 T
360 195,000.00 1
3911 NE 22ND AVENUE 9.500 1,639.67 75
9.250 1,639.67 260,000.00
FORT LAUDERDALE FL 33308 1 08/01/96 00
0410195184 05 10/01/96 0
410195184 O 09/01/26
0
1523080 E22/G02 F 183,600.00 ZZ
360 183,502.30 1
3025 HIGHLANDS DRIVE 9.125 1,493.83 80
8.875 1,493.83 229,500.00
TAHOE CITY CA 96145 1 07/16/96 00
0410126247 05 09/01/96 0
410126247 O 08/01/26
0
1523095 E09/G02 F 102,000.00 ZZ
360 102,000.00 1
1836 ESCONDIDO TERRACE 9.375 848.38 80
9.125 848.38 127,500.00
HENDERSON NV 89014 1 08/23/96 10
0430025585 05 10/01/96 12
1
01002214 N 09/01/26
0
1523098 E22/G02 F 70,400.00 ZZ
360 70,361.55 1
4860 SHERIDAN STREET UNIT #1 9.000 566.45 80
8.750 566.45 88,000.00
HOLLYWOOD FL 33021 1 08/02/96 00
0410196323 01 09/01/96 0
410196323 O 08/01/26
0
1523101 E22/G02 F 375,250.00 ZZ
360 375,060.50 1
2337 NORTHWEST BLUE RIDGE DRIV 9.375 3,121.14 95
9.125 3,121.14 395,000.00
SEATTLE WA 98177 1 07/25/96 11
0410211288 03 09/01/96 30
410211288 O 08/01/26
0
1523107 F30/G02 F 90,000.00 ZZ
360 90,000.00 1
303 NORTH A STREET #303 9.000 724.16 70
8.750 724.16 130,000.00
SALT LAKE CITY UT 84103 5 08/20/96 00
0430026187 08 10/01/96 0
101361 O 09/01/26
0
1523109 E22/G02 F 62,200.00 ZZ
360 62,200.00 1
212 CRAWFORD RD 9.375 517.35 67
9.125 517.35 93,000.00
NEW SMYRNA BEAC FL 32169 1 08/01/96 00
0410195416 05 10/01/96 0
410195416 N 09/01/26
0
1523111 E22/G02 F 27,550.00 ZZ
360 27,538.13 1
2205 BELLEAIR ROAD UNIT # 5A 10.125 244.32 95
9.875 244.32 29,000.00
CLEARWATER FL 34624 1 07/26/96 04
0410195242 01 09/01/96 30
410195242 O 08/01/26
0
1
1523116 E22/G02 F 54,300.00 T
360 54,300.00 1
589 EMERALD LANE 9.500 456.58 80
9.250 456.58 67,900.00
FORT WALTON FL 32548 1 08/07/96 95
0410194294 07 10/01/96 0
410194294 O 09/01/26
0
1523119 E22/G02 F 39,750.00 ZZ
360 39,731.94 1
7911 W 52ND STREET 9.875 345.17 75
9.625 345.17 53,000.00
OVERLAND PARK KS 66202 1 07/31/96 00
0410215735 05 09/01/96 0
410215735 N 08/01/26
0
1523123 E22/G02 F 50,000.00 ZZ
360 50,000.00 1
341 BERGEDO DRIVE 8.750 393.35 46
8.500 393.35 110,000.00
OAKLAND CA 94603 5 08/02/96 00
0410158422 05 10/01/96 0
410158422 O 09/01/26
0
1523126 E22/G02 F 140,000.00 ZZ
360 139,927.42 1
2831 N W 107 AVENUE 9.250 1,151.75 80
9.000 1,151.75 175,000.00
CORAL SPRINGS FL 33065 1 08/02/96 00
0410196737 09 09/01/96 0
410196737 O 08/01/26
0
1523139 405/405 F 67,500.00 ZZ
360 67,500.00 1
1000 SHINE AVENUE 9.250 555.31 75
9.000 555.31 90,000.00
ORLANDO FL 00003 5 08/07/96 00
3988482 05 10/01/96 0
3988482 O 09/01/26
0
1523143 377/377 F 36,000.00 ZZ
360 36,000.00 1
9417 13TH STREET N. 9.750 309.30 90
9.500 309.30 40,000.00
1
TAMPA FL 33612 1 08/16/96 01
6230437 05 10/01/96 25
6230437 N 09/01/26
0
1523145 377/377 F 36,000.00 ZZ
360 36,000.00 1
9415 13TH STREET N 9.750 309.30 90
9.500 309.30 40,000.00
TAMPA FL 33612 1 08/16/96 01
230403 05 10/01/96 25
230403 N 09/01/26
0
1523147 A73/G02 F 74,100.00 ZZ
360 74,100.00 1
1170 KOTKA STREET 9.500 623.07 65
9.250 623.07 114,000.00
WOODBURN OR 97071 5 08/21/96 00
0430026526 05 10/01/96 0
106368033 N 09/01/26
0
1523150 405/405 F 108,900.00 T
360 108,843.54 1
HCR 9, BOX 1386-534 9.250 895.90 90
9.000 895.90 121,000.00
BRANSON MO 65616 1 07/31/96 01
003970035 01 09/01/96 20
003970035 O 08/01/26
0
1523151 687/G02 F 46,800.00 ZZ
360 46,800.00 1
9309 GUTHRIE 9.750 402.08 90
9.500 402.08 52,000.00
WOODSON TERRACE MO 63134 1 08/16/96 01
0430023952 05 10/01/96 25
1559419 N 09/01/26
0
1523159 737/G02 F 58,500.00 ZZ
360 58,500.00 1
3802 EAST MONTEROSA STREET 9.750 502.61 87
9.500 502.61 68,000.00
PHOENIX AZ 85018 1 08/15/96 01
0430029199 05 10/01/96 25
511588 N 09/01/26
0
1
1523362 209/728 F 38,350.00 ZZ
360 38,350.00 1
2501 1/2 EASTERN AVENUE 9.500 322.47 89
9.250 322.47 43,350.00
BALTIMORE MD 21224 1 08/14/96 10
0380506718 02 10/01/96 25
1655885 N 09/01/26
0
1523420 129/G02 F 54,950.00 ZZ
360 54,950.00 1
251 NE 174 STREET 9.625 467.07 70
9.375 467.07 78,500.00
N MIAMI FL 33162 5 08/23/96 00
0430025734 05 10/01/96 0
3900001565 N 09/01/26
0
1523423 B74/G02 F 268,000.00 ZZ
360 268,000.00 1
38388 ROCK CREEK CIRCLE 9.750 2,302.53 80
9.500 2,302.53 335,000.00
TEMECULA CA 92591 1 08/22/96 00
0430026039 05 10/01/96 0
963076 O 09/01/26
0
1523429 776/G02 F 88,750.00 ZZ
360 88,750.00 1
3628 COPPER CACTUS DRIVE 9.000 714.11 80
8.750 714.11 110,950.00
LAS VEGAS NV 89129 1 08/08/96 04
0430026351 05 10/01/96 12
6334693 N 09/01/26
0
1523430 776/G02 F 65,400.00 ZZ
360 65,400.00 1
637 CARLOS JULIO AVENUE 8.875 520.36 75
8.625 520.36 87,250.00
NORTH LAS VEGAS NV 89031 1 08/15/96 00
0430026401 05 10/01/96 0
6334708 N 09/01/26
0
1523433 776/G02 F 80,700.00 ZZ
360 80,700.00 1
1
7831 KINGS COVE COURT 9.750 693.34 80
9.500 693.34 100,900.00
LAS VEGAS NV 89128 1 08/01/96 01
0430029066 01 10/01/96 12
6326824 N 09/01/26
0
1523439 F30/G02 F 61,100.00 ZZ
360 61,100.00 1
987 JEFFERSON AVENUE 9.750 524.94 90
9.500 524.94 67,900.00
OGDEN UT 84404 1 08/15/96 01
0430026443 05 10/01/96 25
101001 N 09/01/26
0
1523444 927/G02 F 45,900.00 ZZ
360 45,900.00 1
2134 EAST WELDON AVNEUE 9.250 377.61 90
9.000 377.61 51,000.00
PHOENIX AZ 85016 1 08/13/96 04
0430025353 05 10/01/96 25
250852 N 09/01/26
0
1523466 129/G02 F 53,550.00 ZZ
360 53,550.00 1
1723 NE 175TH STREET 9.625 455.17 70
9.375 455.17 76,500.00
NORTH MIAMI FL 33162 5 08/23/96 00
0430025841 05 10/01/96 0
3900001557 N 09/01/26
0
1523475 E22/G02 F 40,450.00 ZZ
360 40,431.13 1
1218 BONNIE BRAE STREET 9.750 347.53 80
9.500 347.53 50,600.00
DENTON TX 76201 1 08/02/96 04
0410136972 05 09/01/96 12
410136972 N 08/01/26
0
1523476 E57/G02 F 185,600.00 ZZ
360 185,600.00 1
2390 MOONRIDGE CIRCLE 8.625 1,443.58 80
8.375 1,443.58 232,000.00
CORONA CA 91719 1 08/19/96 00
0430026005 03 10/01/96 0
1
80872005000 O 09/01/26
0
1523477 731/G02 F 152,000.00 ZZ
360 152,000.00 1
310 DRUMMOND STREET 8.875 1,209.38 80
8.625 1,209.38 190,000.00
NEVADA CITY CA 95959 2 08/16/96 00
0430024794 05 10/01/96 0
110504979 O 09/01/26
0
1523478 E22/G02 F 95,600.00 ZZ
360 95,600.00 1
99 MOM'S LANE 8.875 760.64 80
8.625 760.64 119,500.00
OROVILLE CA 95965 1 07/31/96 00
0410127039 05 10/01/96 0
410127039 O 09/01/26
0
1523479 F30/G02 F 150,000.00 ZZ
360 150,000.00 1
1920 WEST PARKWEST DRIVE #32-C 9.750 1,288.73 90
9.500 1,288.73 168,000.00
PARK CITY UT 84098 1 08/22/96 10
0430025924 01 10/01/96 25
101417 N 09/01/26
0
1523484 664/G02 F 104,850.00 ZZ
360 104,850.00 1
3183 WAYSIDE PLAZA #209 9.500 881.64 90
9.250 881.64 116,500.00
WALNUT CREEK CA 94596 1 08/13/96 04
0430029033 01 10/01/96 25
2153005 N 09/01/26
0
1523488 E22/G02 F 33,750.00 ZZ
360 33,734.66 1
3510 PINEHURST DRIVE 9.875 293.07 90
9.625 293.07 37,500.00
HOLIDAY FL 34690 1 07/31/96 04
0410195390 05 09/01/96 25
410195390 N 08/01/26
0
1
1523489 E22/G02 F 115,150.00 BB
360 115,093.36 1
304 COLD BRANCH WAY 9.500 968.24 80
9.250 968.24 143,975.00
GREENVILLE SC 29609 1 08/02/96 00
0410194658 05 09/01/96 0
410194658 O 08/01/26
0
1523490 E22/G02 F 74,250.00 ZZ
360 74,250.00 1
2411 COMPASS DRIVE 9.625 631.12 75
9.375 631.12 99,000.00
BOISE ID 83702 1 08/01/96 00
0410201156 05 10/01/96 0
410201156 N 09/01/26
0
1523493 E22/G02 F 49,500.00 ZZ
360 49,500.00 1
1148 E 53 PL 9.875 429.83 90
9.625 429.83 55,000.00
TULSA OK 74105 1 08/12/96 10
0410108625 05 10/01/96 25
410108625 N 09/01/26
0
1523494 E22/G02 F 33,700.00 ZZ
360 33,683.42 1
801 NE 18TH COURT UNIT # #211 9.500 283.37 75
9.250 283.37 45,000.00
FORT LAUDERDALE FL 33305 1 08/05/96 00
0410195812 01 09/01/96 0
410195812 O 08/01/26
0
1523498 E22/G02 F 54,600.00 ZZ
360 54,575.19 1
2618 PINE CONE DR 9.875 474.12 80
9.625 474.12 68,300.00
KINGWOOD TX 77339 1 07/31/96 10
0410214886 09 09/01/96 12
410214886 N 08/01/26
0
1523534 105/728 F 42,400.00 ZZ
360 42,400.00 1
10904 COLLINGSWOOD DRIVE 8.875 337.35 80
8.625 337.35 53,000.00
1
LA PORTE TX 77571 1 08/01/96 10
0380506262 09 10/01/96 12
0927087 O 09/01/26
0
1523581 560/560 F 59,200.00 ZZ
360 59,200.00 3
2606 W BELMONT AVENUE 9.375 492.40 80
9.125 492.40 74,000.00
PHOENIX AZ 85051 1 08/14/96 04
450511407 05 10/01/96 12
450511407 N 09/01/26
0
1523630 E22/G02 F 103,450.00 ZZ
360 103,450.00 1
2207 NORTHWEST 70TH STREET 9.125 841.70 90
8.875 841.70 114,950.00
SEATTLE WA 98117 1 07/29/96 10
0410212385 05 10/01/96 25
410212385 N 09/01/26
0
1523635 E22/G02 F 199,400.00 ZZ
360 199,304.47 1
42741 SANDSTONE DR 9.625 1,694.88 77
9.375 1,694.88 261,532.00
NOVI MI 48377 1 07/16/96 00
0410142475 01 09/01/96 0
410142475 O 08/01/26
0
1523637 E22/G02 F 117,600.00 ZZ
360 117,600.00 1
16718 SOUTHEAST 251ST PLACE 9.500 988.84 80
9.250 988.84 147,001.00
KENT WA 98042 1 08/05/96 00
0410112973 05 10/01/96 0
410112973 O 09/01/26
0
1523644 E22/G02 F 33,000.00 ZZ
360 32,985.00 1
4800 NORTHWAY UNIT # 3D 9.875 286.56 75
9.625 286.56 44,000.00
DALLAS TX 75206 1 07/26/96 00
0410212302 01 09/01/96 0
410212302 N 08/01/26
0
1
1523650 286/286 F 59,050.00 ZZ
360 59,050.00 2
22-24 EAST CASSILLY 10.000 518.21 85
9.750 518.21 69,500.00
SPRINGFIELD OH 45503 1 08/15/96 10
8599636 05 10/01/96 20
8599636 N 09/01/26
0
1523655 E22/G02 F 139,200.00 ZZ
360 139,200.00 1
10126 STONEWAY DRIVE 9.125 1,132.58 80
8.875 1,132.58 174,000.00
EL PASO TX 79925 1 08/13/96 96
0410108617 05 10/01/96 0
410108617 N 09/01/26
0
1523660 E22/G02 F 92,000.00 ZZ
360 92,000.00 1
1614 EUCLID AVENUE UNIT # 22 9.375 765.21 80
9.125 765.21 115,000.00
MIAMI BEACH FL 33139 1 08/09/96 11
0410194260 01 10/01/96 12
410194260 O 09/01/26
0
1523668 E22/G02 F 86,250.00 ZZ
360 86,250.00 2
2406 ELMEN STREET 9.250 709.56 75
9.000 709.56 115,000.00
HOUSTON TX 77019 1 08/16/96 00
0410211536 05 10/01/96 0
410211536 N 09/01/26
0
1523687 E22/G02 F 47,950.00 ZZ
360 47,927.03 1
4469 WOODLAND DRIVE UNIT # A 9.625 407.57 95
9.375 407.57 50,500.00
NEW ORLEANS LA 70131 1 07/31/96 11
0410199475 01 09/01/96 30
410199475 O 08/01/26
0
1523690 E22/G02 F 255,000.00 ZZ
360 255,000.00 1
1
1264 MILLS STREET 8.750 2,006.09 75
8.500 2,006.09 340,000.00
MENLO PARK CA 94025 5 08/05/96 00
0410156038 05 10/01/96 0
410156038 O 09/01/26
0
1523707 480/728 F 50,000.00 ZZ
360 50,000.00 1
5744 FALL RIVER DRIVE 8.500 384.46 46
8.250 384.46 108,900.00
NEW PORT RICHEY FL 34655 1 08/19/96 00
0380506023 03 10/01/96 0
1620723 O 09/01/26
0
1523714 480/G02 F 215,625.00 T
360 215,625.00 1
28532 MARACAIBO LANE 9.500 1,813.09 75
9.250 1,813.09 287,500.00
LITTLE TORCH KE FL 33042 1 08/09/96 00
0430026203 05 10/01/96 0
1908268 O 09/01/26
0
1523735 E22/G02 F 100,300.00 ZZ
360 100,300.00 1
3317 BEARSKIN COURT 9.625 852.54 90
9.375 852.54 111,500.00
RALEIGH NC 27612 1 08/09/96 01
0410196083 05 10/01/96 25
410196083 N 09/01/26
0
1523737 E22/G02 F 42,400.00 ZZ
360 42,400.00 1
1123 GABALDON PLACE 9.875 368.18 80
9.625 368.18 53,000.00
BELEN NM 87002 1 08/05/96 04
0410135909 05 10/01/96 12
410135909 N 09/01/26
0
1523753 757/757 F 296,800.00 ZZ
360 296,800.00 1
940 ARBORETUM DRIVE 8.750 2,334.93 80
8.500 2,334.93 371,000.00
WILMINGTON NC 28405 1 08/28/96 00
2859650 03 10/01/96 0
1
2859650 O 09/01/26
0
1523781 575/728 F 26,100.00 ZZ
360 26,100.00 1
920 KENSINGTON AVENUE 10.125 231.46 90
9.875 231.46 29,000.00
BUFFALO NY 14215 1 08/19/96 04
0380506254 05 10/01/96 25
456006724 O 09/01/26
0
1523789 757/757 F 189,000.00 ZZ
360 189,000.00 1
2240 BATTLE GROUND DRIVE 8.875 1,503.77 43
8.625 1,503.77 440,000.00
PIGEON FORGE TN 37863 2 08/14/96 00
2858553 03 10/01/96 0
2858553 O 09/01/26
0
1523791 E22/G02 F 21,600.00 ZZ
360 21,600.00 1
2021 WOODLAND ROAD 10.125 191.55 90
9.875 191.55 24,000.00
SEGUIN TX 78155 1 08/09/96 04
0410212534 05 10/01/96 25
410212534 N 09/01/26
0
1523792 E22/G02 F 87,300.00 ZZ
360 87,300.00 4
10529-10535 STARCREST DRIVE 9.875 758.07 90
9.625 758.07 97,000.00
SAN ANTONIO TX 78217 1 08/14/96 10
0410109144 05 10/01/96 25
410109144 N 09/01/26
0
1523796 E22/G02 F 118,300.00 T
360 118,241.81 1
2535 SW 115 AVENUE 9.500 994.73 70
9.250 994.73 169,000.00
MIAMI FL 33165 1 08/06/96 00
0410196034 05 09/01/96 0
410196034 O 08/01/26
0
1
1523798 E22/G02 F 147,900.00 ZZ
360 147,900.00 1
303 NORTHWEST 32ND STREET 9.375 1,230.16 63
9.125 1,230.16 235,000.00
CORVALLIS OR 97330 5 08/05/96 00
0410223986 05 10/01/96 0
410223986 O 09/01/26
0
1523807 E22/G02 F 275,000.00 ZZ
360 275,000.00 1
9222 MOSS TRAIL 9.500 2,312.35 79
9.250 2,312.35 350,000.00
DALLAS TX 75231 1 08/08/96 00
0410213417 05 10/01/96 0
410213417 O 09/01/26
0
1523815 766/G02 F 31,600.00 ZZ
360 31,600.00 1
4528 NEW YORK AVENUE 10.125 280.24 90
9.875 280.24 35,150.00
FT MYERS FL 33905 1 08/26/96 04
0430024067 05 10/01/96 25
96DA0294 N 09/01/26
0
1523820 E45/G02 F 46,350.00 ZZ
360 46,296.46 1
3549 J OLD CHAMBLEE TUCKER RD 8.750 364.64 90
8.500 364.64 51,500.00
TUCKER GA 30340 1 06/27/96 01
0430028746 01 08/01/96 25
31500 N 07/01/26
0
1523834 201/728 F 25,950.00 ZZ
360 25,912.38 1
4914 NORTH HALL STREET 9.625 220.57 90
9.375 220.57 28,835.00
DALLAS TX 75235 1 05/15/96 10
0380506874 01 07/01/96 25
880901129 O 06/01/26
0
1523843 E22/G02 F 86,200.00 T
360 86,200.00 1
236 DILON WAY 9.000 693.58 70
8.750 693.58 123,915.00
1
DAVENPORT FL 33837 1 08/13/96 00
0410194385 09 10/01/96 0
410194385 O 09/01/26
0
1523847 E22/G02 F 40,000.00 ZZ
360 39,983.67 2
2115 35TH STREET 10.375 362.16 90
10.125 362.16 44,500.00
LUBBOCK TX 79412 1 07/30/96 10
0410214498 05 09/01/96 25
410214498 N 08/01/26
0
1523848 E22/G02 F 44,100.00 ZZ
360 44,081.00 1
5737 SELFRIDGE BLVD 10.125 391.09 90
9.875 391.09 49,000.00
LANSING MI 48911 1 07/29/96 04
0410142905 05 09/01/96 25
410142905 N 08/01/26
0
1523853 E22/G02 F 95,250.00 ZZ
360 95,250.00 1
9156 COLLINS AVENUE UNIT # 308 9.750 818.34 75
9.500 818.34 127,000.00
SURFSIDE FL 33154 1 08/08/96 00
0410118293 06 10/01/96 0
410118293 O 09/01/26
0
1523856 E22/G02 F 220,000.00 ZZ
360 219,879.83 1
3416 28TH AVENUE WEST 9.000 1,770.17 80
8.750 1,770.17 275,000.00
SEATTLE WA 98199 1 07/24/96 00
0410113088 05 09/01/96 0
410113088 O 08/01/26
0
1523858 E22/G02 F 60,000.00 ZZ
360 60,000.00 1
2028 SW 103RD COURT 9.375 499.05 80
9.125 499.05 75,000.00
MIAMI FL 33165 1 08/09/96 00
0410197610 05 10/01/96 0
410197610 O 09/01/26
0
1
1523869 E22/G02 F 152,800.00 ZZ
360 152,800.00 4
2017 1 2 3 AND 4 VESTAL AVENUE 9.125 1,243.23 80
8.875 1,243.23 191,000.00
LOS ANGELES CA 90026 1 08/15/96 00
0410184337 05 10/01/96 0
410184337 O 09/01/26
0
1523875 405/405 F 37,950.00 ZZ
360 37,950.00 1
843 CREEKSIDE DRIVE 9.500 319.11 80
9.250 319.11 47,454.00
LEWISVILLE TX 75067 1 08/08/96 04
3954302 03 10/01/96 12
3954302 N 09/01/26
0
1523908 765/G02 F 200,000.00 ZZ
360 200,000.00 1
720 NORTH DE PALMA WAY 9.250 1,645.35 75
9.000 1,645.35 270,000.00
MONTEBELLO CA 90640 5 08/20/96 00
0430026542 05 10/01/96 0
316943 O 09/01/26
0
1523911 E09/G02 F 38,500.00 ZZ
360 38,500.00 1
2920 HAREWOOD AVENUE 9.625 327.25 55
9.375 327.25 70,000.00
NORTH LAS VEGAS NV 89030 5 08/01/96 00
0430027029 05 10/01/96 0
01002101 N 09/01/26
0
1523931 F30/G02 F 77,400.00 ZZ
360 77,400.00 1
5515 MARTIN LUTHER KING 9.750 664.99 90
9.500 664.99 86,000.00
DENVER CO 80207 1 08/28/96 12
0430027524 05 10/01/96 30
300066 N 09/01/26
0
1523944 405/405 F 46,100.00 ZZ
360 46,100.00 1
1
827 SUMMERCREEK DRIVE 9.500 387.64 80
9.250 387.64 57,634.00
LEWISVILLE TX 75067 1 08/08/96 04
3954260 03 10/01/96 12
3954260 N 09/01/26
0
1523947 B28/728 F 45,000.00 ZZ
360 45,000.00 1
4014 WEST NORTHWEST BOULEVARD 9.500 378.39 90
9.250 378.39 50,000.00
SPOKANE WA 99205 1 08/20/96 04
0380506361 05 10/01/96 25
09963166 N 09/01/26
0
1523987 E22/G02 F 118,000.00 ZZ
360 117,940.42 1
9052 W OAKS AVE 9.375 981.46 80
9.125 981.46 148,000.00
DES PLAINES IL 60016 1 07/30/96 00
0410211395 09 09/01/96 0
410211395 O 08/01/26
0
1523988 E22/G02 F 59,200.00 ZZ
360 59,200.00 1
3703 ORIOLE AVENUE SW 9.375 492.40 80
9.125 492.40 74,000.00
WYOMING MI 49509 1 08/22/96 04
0410213284 05 10/01/96 25
410213284 N 09/01/26
0
1524036 927/G02 F 36,900.00 ZZ
360 36,900.00 1
1526 WEST KNOX STREET 9.000 296.91 90
8.750 296.91 41,000.00
TUCSON AZ 85705 1 08/20/96 04
0430027151 01 10/01/96 25
250902 N 09/01/26
0
1524038 028/G02 F 38,000.00 ZZ
360 38,000.00 1
2205 MILLPARK DRIVE 8.750 298.95 70
8.500 298.95 55,000.00
THE WOODLANDS TX 77380 1 08/28/96 00
0430028167 03 10/01/96 0
1
600219 N 09/01/26
0
1524042 526/G02 F 25,200.00 ZZ
360 25,200.00 1
6212 SWOPE PARKWAY BLVD 10.250 225.82 90
10.000 225.82 28,000.00
KANSAS CITY MO 64130 1 08/12/96 04
0430026914 05 10/01/96 25
138963 N 09/01/26
0
1524044 E67/G02 F 81,345.00 ZZ
360 81,345.00 2
2207/2209 SW QUARTZ AVENUE 9.250 669.21 55
9.000 669.21 147,900.00
REDMOND OR 97756 1 08/28/96 00
0430027912 05 10/01/96 0
5669 N 09/01/26
0
1524047 526/G02 F 28,350.00 ZZ
360 28,350.00 1
46 HAMPSHIRE ROAD 9.375 235.81 90
9.125 235.81 31,500.00
CLOUCESTER TWP NJ 08012 1 08/09/96 04
0430026930 05 10/01/96 25
142028 N 09/01/26
0
1524051 731/G02 F 122,500.00 ZZ
360 122,500.00 1
137 SOUTH SUNSET AVENUE 8.750 963.71 73
8.500 963.71 168,000.00
SAN JOSE CA 95116 2 08/16/96 00
0430027821 05 10/01/96 0
110540985 O 09/01/26
0
1524052 664/G02 F 27,000.00 ZZ
360 27,000.00 1
803 MARIGOLD DRIVE 9.375 224.58 90
9.125 224.58 30,000.00
CEDAR HILL TX 75104 1 08/23/96 10
0430029785 05 10/01/96 25
2203677 N 09/01/26
0
1
1524053 526/G02 F 62,900.00 ZZ
360 62,900.00 1
3215 FOSTER AVENUE 9.625 534.65 85
9.375 534.65 74,000.00
BALTIMORE MD 21224 5 08/12/96 12
0430026971 07 10/01/96 12
0141757 O 09/01/26
0
1524056 405/405 F 27,900.00 ZZ
360 27,887.32 2
6044-46 LOVETT AVENUE 9.875 242.27 90
9.625 242.27 31,000.00
DALLAS TX 75227 1 07/31/96 01
3986650 05 09/01/96 25
3986650 N 08/01/26
0
1524063 405/405 F 211,000.00 T
360 211,000.00 1
4650 CHARDONNAY COURT 9.250 1,735.85 70
9.000 1,735.85 301,450.00
DUNWOODY GA 30338 1 08/12/96 00
3990918 03 10/01/96 0
3990918 O 09/01/26
0
1524065 405/405 F 46,100.00 ZZ
360 46,100.00 1
846 CREEKSIDE DRIVE 9.500 387.64 80
9.250 387.64 57,643.00
LEWISVILLE TX 75067 1 08/08/96 04
3954252 03 10/01/96 12
3954252 N 09/01/26
0
1524068 405/405 F 41,800.00 ZZ
360 41,800.00 1
831 SUMMERCREEK DRIVE 9.500 351.48 80
9.250 351.48 52,269.00
LEWISVILLE TX 75067 1 08/08/96 04
3954286 03 10/01/96 12
3954286 N 09/01/26
0
1524070 560/560 F 67,500.00 ZZ
360 67,500.00 1
2300 REED ROAD 8.875 537.07 90
8.625 537.07 75,000.00
1
RICHMOND VA 23230 1 08/23/96 04
450511373 05 10/01/96 25
450511373 N 09/01/26
0
1524072 560/560 F 40,500.00 ZZ
360 40,500.00 1
190 GRAND LARRY STREET A-6 8.750 318.62 90
8.500 318.62 45,000.00
ANCHORAGE AK 99504 1 08/07/96 04
450503206 01 10/01/96 25
450503206 N 09/01/26
0
1524080 526/G02 F 136,800.00 ZZ
360 136,800.00 1
9686 SOUTH BUTTONWOOD DRIVE 9.500 1,150.29 90
9.250 1,150.29 152,000.00
SANDY UT 84070 1 08/08/96 04
0430026955 05 10/01/96 30
0140599 N 09/01/26
0
1524091 B75/G02 F 160,000.00 ZZ
360 160,000.00 1
8456 ALLENWOOD ROAD 8.875 1,273.03 42
8.625 1,273.03 390,000.00
LOS ANGELES CA 90046 5 08/08/96 00
0430025825 05 10/01/96 0
2514107 O 09/01/26
0
1524094 B75/G02 F 45,000.00 T
360 45,000.00 1
14264 NORTH OAKWOOD LANE 9.125 366.13 75
8.875 366.13 60,000.00
FOUNTAIN HILLS AZ 85268 1 08/05/96 00
0430025833 01 10/01/96 0
2544260 O 09/01/26
0
1524139 253/G02 F 139,300.00 ZZ
360 139,300.00 4
2033-2037 GRAND AVENUE 9.375 1,158.63 90
9.125 1,158.63 155,000.00
SAN DIEGO CA 92109 1 08/16/96 12
0430026070 05 10/01/96 25
321229 O 09/01/26
0
1
1524143 253/G02 F 52,650.00 ZZ
360 52,650.00 1
603 HILLCREST STREET 9.375 437.92 90
9.125 437.92 58,500.00
MANSFIELD TX 76063 1 08/20/96 04
0430027615 05 10/01/96 25
321442 N 09/01/26
0
1524149 E22/G02 F 23,900.00 ZZ
360 23,900.00 1
11268 PACKARD 10.000 209.74 78
9.750 209.74 30,900.00
WARREN MI 48089 1 08/15/96 04
0410160071 05 10/01/96 12
410160071 N 09/01/26
0
1524155 E22/G02 F 39,100.00 ZZ
360 39,100.00 2
314 N MARION STREET 9.750 335.93 85
9.500 335.93 46,000.00
BLUFFTON IN 46714 1 08/15/96 04
0410158687 05 10/01/96 25
410158687 N 09/01/26
0
1524156 E22/G02 F 89,900.00 ZZ
360 89,900.00 4
6933 CHIPPEWA 10.250 805.60 90
10.000 805.60 99,900.00
ST LOUIS MO 63109 1 08/16/96 04
0410201131 05 10/01/96 25
410201131 N 09/01/26
0
1524161 E22/G02 F 50,000.00 ZZ
360 50,000.00 1
3031 ARROW WOOD LANE 9.250 411.34 80
9.000 411.34 62,500.00
INDIANAPOLIS IN 46214 1 08/08/96 00
0410159610 09 10/01/96 0
410159610 O 09/01/26
0
1524163 E22/G02 F 82,350.00 ZZ
360 82,312.58 1
1
1430 GULLEY RD 9.875 715.09 90
9.625 715.09 91,500.00
DEARBORN HTS MI 48125 1 07/31/96 04
0410141550 05 09/01/96 25
410141550 N 08/01/26
0
1524166 E22/G02 F 68,200.00 ZZ
360 68,200.00 2
2721/2723 CHANDLER ROAD 9.500 573.46 75
9.250 573.46 91,000.00
BELLEVUE NE 68005 1 08/14/96 00
0410176465 05 10/01/96 0
410176465 N 09/01/26
0
1524167 E22/G02 F 119,925.00 ZZ
360 119,925.00 1
1000 W WASHINGTON UNIT # 442 9.250 986.59 75
9.000 986.59 159,900.00
CHICAGO IL 60607 1 08/23/96 00
0410203145 01 10/01/96 0
410203145 O 09/01/26
0
1524168 E22/G02 F 50,400.00 ZZ
360 50,400.00 1
5174 N RALSTON AVENUE 9.750 433.01 90
9.500 433.01 56,000.00
INDIANAPOLIS IN 46205 1 08/14/96 04
0410143119 05 10/01/96 25
410143119 N 09/01/26
0
1524171 E22/G02 F 49,500.00 ZZ
360 49,500.00 2
361 EAST 161ST STREET 10.125 438.98 90
9.875 438.98 55,000.00
CLEVELAND OH 44110 1 08/19/96 04
0410158703 05 10/01/96 25
410158703 N 09/01/26
0
1524176 E22/G02 F 276,000.00 ZZ
360 276,000.00 4
417-23 N CAMBRIDGE 9.625 2,345.97 80
9.375 2,345.97 345,000.00
PALATINE IL 60067 1 08/23/96 10
0410211361 05 10/01/96 12
1
410211361 N 09/01/26
0
1524257 526/G02 F 45,000.00 ZZ
360 45,000.00 1
1016 OWENS ST. 9.750 386.62 90
9.500 386.62 50,000.00
KLAMATH FALLS OR 97601 1 08/02/96 10
0430027672 05 10/01/96 25
139027 N 09/01/26
0
1524258 560/560 F 33,150.00 ZZ
360 33,150.00 2
3127 LETCHER AVENUE 8.875 263.76 85
8.625 263.76 39,000.00
RICHMOND VA 23222 1 08/09/96 10
450503123 05 10/01/96 20
450503123 N 09/01/26
0
1524265 526/G02 F 39,600.00 ZZ
360 39,582.48 1
1335 SANTA ANNA ST. 10.000 347.52 90
9.750 347.52 44,000.00
SAN ANTONIO TX 78201 1 07/24/96 04
0430030742 05 09/01/96 25
0137537 N 08/01/26
0
1524271 757/757 F 148,400.00 ZZ
360 148,400.00 4
1661 1663 1665 & 1667 9.875 1,288.63 90
CANNONBALL 9.625 1,288.63 164,900.00
LAWRENCEVILLE GA 30244 1 08/30/96 01
2861342 05 10/01/96 25
2861342 N 09/01/26
0
1524273 757/757 F 148,400.00 ZZ
360 148,400.00 4
1671 1673 1675 1677 CANNONBALL 9.875 1,288.63 90
COURT 9.625 1,288.63 164,900.00
LAWRENCEVILLE GA 30244 1 08/30/96 01
2861334 05 10/01/96 25
2861334 N 09/01/26
0
1
1524278 688/728 F 79,250.00 ZZ
360 79,250.00 4
203 DELAMAR LOOP NW 9.875 688.17 75
9.625 688.17 105,730.00
ALBUQUERQUE NM 87107 1 08/20/96 00
0380506619 05 10/01/96 0
33193 N 09/01/26
0
1524281 757/757 F 71,900.00 ZZ
360 71,900.00 1
1980 NUNNALLY FARM ROAD 8.875 572.07 80
8.625 572.07 89,900.00
MONROE GA 30655 1 08/30/96 00
2860807 05 10/01/96 0
2860807 O 09/01/26
0
1524282 757/757 F 74,600.00 ZZ
360 74,600.00 1
2773 MICHELLE CIRCLE 9.125 606.97 90
8.875 606.97 82,900.00
DACULA GA 30211 1 08/15/96 01
UNKNOWN 05 10/01/96 25
UNKNOWN N 09/01/26
0
1524315 F60/G02 F 75,000.00 ZZ
360 75,000.00 1
113 COTTONWOOD DRIVE 8.875 596.73 75
8.625 596.73 100,000.00
GRETNA LA 70056 1 08/30/96 00
0430027276 05 10/01/96 0
442394 O 09/01/26
0
1524317 E22/G02 F 147,750.00 ZZ
360 147,669.30 1
6113 HARROGATE DRIVE 9.000 1,188.83 80
8.750 1,188.83 184,687.00
AUSTIN TX 78759 1 07/22/96 00
0410200182 09 09/01/96 0
410200182 O 08/01/26
0
1524334 470/470 F 55,500.00 ZZ
360 55,500.00 1
4322 NORTH 66TH AVENUE 9.250 456.59 75
9.000 456.59 74,000.00
1
PHOENIX AZ 85033 5 08/08/96 00
5101719 05 10/01/96 0
5101719 O 09/01/26
0
1524335 470/470 F 106,900.00 ZZ
360 106,900.00 1
34 UTE PATH 9.125 869.78 55
8.875 869.78 195,000.00
LAKE GEORGE CO 80827 4 08/09/96 00
51010698 05 10/01/96 0
51010698 O 09/01/26
0
1524352 E22/G02 F 83,600.00 ZZ
360 83,600.00 1
7863 RAVENCREST COURT 9.250 687.76 75
9.000 687.76 111,500.00
CINCINNATI OH 45255 1 08/15/96 00
0410160147 05 10/01/96 0
410160147 O 09/01/26
0
1524353 E22/G02 F 33,450.00 ZZ
360 33,450.00 1
2732 SEATON CIRCUIT 10.000 293.55 75
9.750 293.55 44,609.00
WARREN MI 48091 1 08/21/96 00
0410159461 01 10/01/96 0
410159461 N 09/01/26
0
1524354 E22/G02 F 21,600.00 ZZ
360 21,600.00 1
3327 LAKE STREET 9.750 185.58 90
9.500 185.58 24,000.00
KALAMAZOO MI 49001 1 08/15/96 04
0410159974 05 10/01/96 25
410159974 N 09/01/26
0
1524356 E22/G02 F 61,200.00 ZZ
360 61,200.00 2
232 E HURD STREET 9.500 514.60 80
9.250 514.60 76,500.00
EDMOND OK 73034 1 08/14/96 10
0410214399 05 10/01/96 12
410214399 N 09/01/26
0
1
1524359 E22/G02 F 132,000.00 ZZ
360 132,000.00 4
1348 TRUDY ELAINE DRIVE 9.375 1,097.91 80
9.125 1,097.91 165,000.00
EL PASO TX 79936 1 08/08/96 00
0410136113 05 10/01/96 0
410136113 O 09/01/26
0
1524374 E22/G02 F 410,000.00 ZZ
360 410,000.00 1
16 STILL REEF COURT 8.875 3,262.14 85
8.625 3,262.14 488,000.00
SACRAMENTO CA 95831 2 08/07/96 04
0410126098 05 10/01/96 12
410126098 O 09/01/26
0
1524376 E22/G02 F 60,000.00 ZZ
360 59,969.70 1
#3 REESE DRIVE 9.375 499.05 80
9.125 499.05 75,000.00
AUSTIN TX 78745 1 07/19/96 00
0410106801 05 09/01/96 0
410106801 O 08/01/26
0
1524378 E22/G02 F 230,000.00 ZZ
360 230,000.00 1
76-6308 LEONE STREET 8.625 1,788.92 68
8.375 1,788.92 340,000.00
KAILAU-KONA HI 96740 1 08/01/96 00
0410155444 05 10/01/96 0
410155444 O 09/01/26
0
1524391 E22/G02 F 57,750.00 ZZ
360 57,750.00 2
201 NW 17TH STREET 9.750 496.16 75
9.500 496.16 77,000.00
FORT LAUDERDALE FL 33311 1 08/23/96 00
0410191852 05 10/01/96 0
410191852 N 09/01/26
0
1524394 E22/G02 F 48,000.00 ZZ
360 48,000.00 1
1
6431 LEMON TREE LANE 9.250 394.88 75
9.000 394.88 64,000.00
MIAMI FL 33014 1 08/13/96 00
0410196893 09 10/01/96 0
410196893 O 09/01/26
0
1524414 E22/G02 F 37,850.00 ZZ
360 37,828.22 1
1609 MARSH LANE #406 8.750 297.77 75
8.500 297.77 50,500.00
CARROLLTON TX 75006 1 07/31/96 00
0410212823 01 09/01/96 0
410212823 O 08/01/26
0
1524439 E22/G02 F 120,000.00 ZZ
360 120,000.00 3
1314 TENNESSEE ST 10.125 1,064.19 64
9.875 1,064.19 190,000.00
LAWRENCE KS 66044 5 08/07/96 00
0410214829 05 10/01/96 0
410214829 N 09/01/26
0
1524440 E22/G02 F 89,600.00 ZZ
360 89,600.00 1
221 NORTH POWERS AVENUE 8.500 688.95 80
8.250 688.95 112,000.00
MANTECA CA 95336 5 08/16/96 00
0410225858 05 10/01/96 0
410225858 O 09/01/26
0
1524445 E22/G02 F 295,000.00 ZZ
360 295,000.00 1
1085 PORTO MARINO DRIVE 8.750 2,320.77 65
8.500 2,320.77 459,000.00
SAN CARLOS CA 94070 1 08/13/96 00
0410158463 05 10/01/96 0
410158463 O 09/01/26
0
1524449 E22/G02 F 60,150.00 ZZ
360 60,123.39 1
7954 MILLSTREAM COURT 10.000 527.86 59
9.750 527.86 102,000.00
ELKRIDGE MD 21227 1 07/30/96 00
0410196380 09 09/01/96 0
1
410196380 N 08/01/26
0
1524452 526/G02 F 70,200.00 BB
360 70,159.61 1
107 BADEN PLACE 8.750 552.27 90
8.500 552.27 78,000.00
STATEN ISLAND NY 10306 1 07/26/96 12
0430028001 05 09/01/96 25
129590 N 08/01/26
0
1524460 E22/G02 F 32,000.00 ZZ
360 32,000.00 1
4706 CHERYL DRIVE 9.375 266.16 80
9.125 266.16 40,000.00
CORPUS CHRISTI TX 78415 1 08/15/96 10
0410212591 05 10/01/96 12
410212591 N 09/01/26
0
1524461 E22/G02 F 55,500.00 ZZ
360 55,500.00 1
15 PINE HILL LANE 9.125 451.57 80
8.875 451.57 69,400.00
PALM COAST FL 32164 1 08/14/96 00
0410116073 03 10/01/96 0
410116073 O 09/01/26
0
1524469 387/387 F 278,400.00 ZZ
360 278,400.00 1
1038 WINDSOR STREET 9.000 2,240.07 80
8.750 2,240.07 348,000.00
SAN JOSE CA 95129 1 08/16/96 00
809798 05 10/01/96 0
809798 O 09/01/26
0
1524471 387/387 F 488,000.00 ZZ
360 488,000.00 1
471 MOUNTAIN DRIVE 8.750 3,839.10 80
8.500 3,839.10 610,000.00
SANTA BARBARA CA 93103 1 08/19/96 00
808899 05 10/01/96 0
808899 O 09/01/26
0
1
1524472 387/387 F 248,600.00 ZZ
360 248,600.00 2
805 WEST FIGUEROA STREET 8.875 1,977.97 80
8.625 1,977.97 310,750.00
SANTA BARBARA CA 93101 1 08/21/96 00
808055 05 10/01/96 0
808055 O 09/01/26
0
1524473 387/387 F 78,010.00 ZZ
360 78,010.00 1
3781 BOSSA NOVA DRIVE 8.750 613.70 70
8.500 613.70 111,444.00
LAS VEGAS NV 89129 1 08/22/96 00
807503 03 10/01/96 0
807503 N 09/01/26
0
1524474 387/387 F 79,060.00 ZZ
360 79,060.00 1
3785 BOSSA NOVA 8.750 621.97 70
8.500 621.97 112,944.00
LAS VEGAS NV 89129 1 08/22/96 00
807529 03 10/01/96 0
807529 N 09/01/26
0
1524476 387/387 F 86,100.00 ZZ
360 86,100.00 1
5912 ROYAL CASTLE LANE 8.750 677.35 70
8.500 677.35 123,000.00
LAS VEGAS NV 89130 1 08/22/96 00
807537 05 10/01/96 0
807537 N 09/01/26
0
1524477 387/387 F 79,060.00 ZZ
360 79,060.00 1
3777 BOSSA NOVA DRIVE 8.750 621.97 70
8.500 621.97 112,944.00
LAS VEGAS NV 89129 1 08/22/96 00
807511 03 10/01/96 0
807511 N 09/01/26
0
1524478 387/387 F 87,500.00 ZZ
360 87,500.00 1
5928 TAJ MAHAL DRIVE 8.750 688.36 70
8.500 688.36 125,000.00
1
LAS VEGAS NV 89130 1 08/22/96 00
807420 05 10/01/96 0
807420 N 09/01/26
0
1524481 387/387 F 98,000.00 ZZ
360 98,000.00 1
17477 PLAZA DEL CURTIDOR #198 8.875 779.73 80
8.625 779.73 122,500.00
SAN DIEGO CA 92128 1 08/22/96 00
802678 01 10/01/96 0
802678 O 09/01/26
0
1524484 387/387 F 90,650.00 ZZ
360 90,650.00 1
3018 PERRY LANE 8.875 721.26 52
8.625 721.26 175,000.00
AUSTIN TX 78731 2 08/19/96 00
804583 05 10/01/96 0
804583 O 09/01/26
0
1524486 387/387 F 175,000.00 ZZ
360 175,000.00 1
26746 TRASMIRAS 8.750 1,376.73 67
8.500 1,376.73 265,000.00
MISSION VIEJO CA 92692 1 08/14/96 00
807164 03 10/01/96 0
807164 O 09/01/26
0
1524487 387/387 F 247,000.00 ZZ
360 247,000.00 1
4455 MYRTLE AVENUE 8.500 1,899.22 60
8.250 1,899.22 412,000.00
LONG BEACH CA 90807 1 08/20/96 00
804831 05 10/01/96 0
804831 O 09/01/26
0
1524488 526/G02 F 93,500.00 ZZ
360 93,500.00 1
RR1 BOX 64 9.250 769.21 80
9.000 769.21 116,900.00
BEAVERVILLE IL 60912 1 08/15/96 00
0430027953 05 10/01/96 0
142129 O 09/01/26
0
1
1524489 387/387 F 217,600.00 ZZ
360 217,600.00 1
9426 CHABOLA ROAD 8.875 1,731.32 80
8.625 1,731.32 272,000.00
SAN DIEGO CA 92129 1 08/13/96 00
802363 03 10/01/96 0
802363 O 09/01/26
0
1524491 387/387 F 43,600.00 ZZ
360 43,600.00 1
1200 EAST RIVER ROAD, #H-92 9.250 358.69 80
9.000 358.69 54,500.00
TUCSON AZ 85718 1 08/22/96 00
798645 01 10/01/96 0
798645 O 09/01/26
0
1524492 387/387 F 150,000.00 ZZ
360 150,000.00 1
18406 TEAL CREEK DRIVE 8.625 1,166.69 73
8.375 1,166.69 206,500.00
HUMBLE TX 77338 1 08/23/96 00
795153 03 10/01/96 0
795153 O 09/01/26
0
1524493 387/387 F 103,200.00 ZZ
360 103,200.00 1
5516 COLD SPRINGS DRIVE 8.625 802.68 80
8.375 802.68 129,029.00
ARLINGTON TX 76017 1 08/23/96 00
792366 05 10/01/96 0
792366 O 09/01/26
0
1524494 405/405 F 261,200.00 ZZ
360 261,200.00 1
11224 WALKING FERN COVE 9.125 2,125.21 80
8.875 2,125.21 326,574.00
SAN DIEGO CA 92128 1 08/22/96 00
3998853 03 10/01/96 0
3998853 O 09/01/26
0
1524496 387/387 F 51,800.00 ZZ
360 51,800.00 1
1
7119 CLOVERGLEN DRIVE 9.125 421.47 70
8.875 421.47 74,000.00
DALLAS TX 75249 5 08/27/96 00
806257 05 10/01/96 0
806257 N 09/01/26
0
1524497 387/387 F 38,800.00 ZZ
360 38,800.00 1
10322 DEER HOLLOW DRIVE 9.125 315.69 70
8.875 315.69 55,500.00
DALLAS TX 75249 5 08/27/96 00
806281 05 10/01/96 0
806281 N 09/01/26
0
1524501 387/387 F 80,850.00 ZZ
360 80,850.00 1
673 WAPITI DRIVE UNIT 16C 8.500 621.67 70
8.250 621.67 115,500.00
FRASER CO 80442 1 08/27/96 00
806760 09 10/01/96 0
806760 O 09/01/26
0
1524502 405/405 F 124,000.00 ZZ
360 124,000.00 1
KUKUI STREET LOT 27 8.625 964.46 80
8.375 964.46 155,000.00
HONOKAA HI 96727 5 08/12/96 00
3984275 05 10/01/96 0
3984275 O 09/01/26
0
1524503 387/387 F 236,000.00 ZZ
360 236,000.00 1
214 WEST AVENIDA ALESSANDRO 8.625 1,835.58 76
8.375 1,835.58 311,000.00
SAN CLEMENTE CA 92672 2 08/20/96 00
806539 05 10/01/96 0
806539 O 09/01/26
0
1524511 E23/G02 F 124,500.00 ZZ
360 124,500.00 1
6432 ESTHER AVENUE NORTHEAST 9.500 1,046.87 75
9.250 1,046.87 166,000.00
ALBUQUERQUE NM 87109 5 08/29/96 00
0430028506 05 10/01/96 0
1
105757 O 09/01/26
0
1524512 664/G02 F 85,500.00 ZZ
360 85,500.00 1
6605 SE RHONE STREET 9.750 734.58 90
9.500 734.58 95,000.00
PORTLAND OR 97206 1 08/22/96 01
0430029447 05 10/01/96 25
2221711 N 09/01/26
0
1524513 664/G02 F 98,100.00 ZZ
360 98,100.00 1
907 &913 NE CHURCH STREET 9.750 842.84 90
9.500 842.84 109,000.00
PORTLAND OR 97211 1 08/22/96 01
0430029439 05 10/01/96 25
2221752 N 09/01/26
0
1524517 E19/G02 F 216,000.00 ZZ
360 216,000.00 1
21543 E RUNNING BRANCH ROAD 8.875 1,718.59 80
8.625 1,718.59 270,000.00
DIAMOND BAR CA 91765 1 08/22/96 00
0430028936 05 10/01/96 0
11206 O 09/01/26
0
1524527 776/G02 F 92,250.00 ZZ
360 92,250.00 1
1929 CRESTMONT DRIVE 9.500 775.69 90
9.250 775.69 103,000.00
MERIDIAN ID 83642 1 08/28/96 01
0430029397 05 10/01/96 25
2536486 O 09/01/26
0
1524550 E22/G02 F 39,200.00 ZZ
360 39,200.00 1
1214 PALMETTO STREET 9.625 333.20 80
9.375 333.20 49,000.00
NEW SMYRNA BEAC FL 32168 1 08/14/96 00
0410196836 05 10/01/96 0
410196836 O 09/01/26
0
1
1524552 E22/G02 F 92,700.00 ZZ
360 92,657.88 1
100 BUTTON WILLOW COURT 9.875 804.96 90
9.625 804.96 103,000.00
IRVING TX 75063 1 08/02/96 01
0410108690 09 09/01/96 25
410108690 N 08/01/26
0
1524555 E22/G02 F 31,200.00 ZZ
360 31,200.00 1
7981 SOUTH FRENCH DRIVE 9.500 262.35 80
UNIT # 103 9.250 262.35 39,000.00
PEMBROKE PINES FL 33024 1 08/16/96 00
0410197511 01 10/01/96 0
410197511 O 09/01/26
0
1524563 E22/G02 F 117,600.00 ZZ
360 117,600.00 3
107 LYONS STREET 9.625 999.59 70
9.375 999.59 168,000.00
PATERSON NJ 07524 5 08/09/96 00
0410195309 05 10/01/96 0
410195309 N 09/01/26
0
1524565 E22/G02 F 92,250.00 ZZ
360 92,250.00 4
4805-11 NW HOMESTEAD RD 10.500 843.85 90
10.250 843.85 102,500.00
RIVERSIDE MO 64151 1 08/26/96 04
0410213813 05 10/01/96 25
410213813 N 09/01/26
0
1524580 737/G02 F 92,800.00 ZZ
360 92,800.00 4
149 N PHYLLIS STREET 9.125 755.05 80
8.875 755.05 116,000.00
MESA AZ 85201 1 08/20/96 10
0430027714 05 10/01/96 12
511593 N 09/01/26
0
1524592 B35/G02 F 101,650.00 ZZ
360 101,650.00 2
186 STANLEY PLACE 9.625 864.02 95
9.375 864.02 107,000.00
1
HACKENSACK NJ 07601 1 08/26/96 14
0430029256 05 10/01/96 30
9682010829 O 09/01/26
0
1524609 965/G02 F 101,700.00 ZZ
360 101,700.00 1
2720 SOUTH PASEO LOMA 9.500 855.15 90
9.250 855.15 113,000.00
MESA AZ 85202 1 08/19/96 04
0430028860 03 10/01/96 25
160201 N 09/01/26
0
1524616 003/728 F 35,100.00 ZZ
360 35,100.00 1
628 STOKESWOOD AVENUE 9.750 301.57 90
9.500 301.57 39,000.00
ATLANTA GA 30316 1 08/09/96 12
0380506726 05 10/01/96 25
3720729 N 09/01/26
0
1524618 105/G02 F 325,000.00 ZZ
360 325,000.00 1
1665 PREAKNESS DRIVE 8.875 2,585.85 65
8.625 2,585.85 500,000.00
GAMBRILLIS MD 21054 5 08/26/96 00
0430027383 03 10/01/96 0
922526 O 09/01/26
0
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360 138,681.75 2
255 RIDGEFIELD AVENUE 9.500 1,166.69 75
9.250 1,166.69 185,000.00
BOGOTA NJ 07603 2 08/05/96 00
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0
1524662 526/G02 F 180,500.00 T
360 180,500.00 1
7137 S MOUNTAIN BRUSH CIRCLE 9.250 1,484.93 69
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LITTLETON CO 80126 2 08/16/96 00
0430029140 05 10/01/96 0
141740 O 09/01/26
0
1
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360 43,950.00 1
3608 PARKDALE AVENUE 9.875 381.64 88
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BALTIMORE MD 21211 5 08/30/96 01
0430029587 07 10/01/96 25
9682010942 N 09/01/26
0
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1829 SUMMERFIELD STREET 10.000 1,132.07 80
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RIDGEWOOD NY 11385 1 08/09/96 00
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136114 O 09/01/26
0
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360 128,000.00 1
4921 KANSAS AVENUE NW 8.875 1,018.43 80
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WASHINGTON DC 20011 5 08/29/96 00
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9682010988 O 09/01/26
0
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360 70,875.00 2
10321-23 E. 78TH STREET 9.875 615.45 90
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RAYTOWN MO 64138 1 08/15/96 12
0430028282 03 10/01/96 25
0141070 N 09/01/26
0
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360 79,265.83 1
12255 TURKEY WING COURT 10.125 703.26 90
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RESTON VA 00002 1 08/01/96 01
3985652 03 09/01/96 25
3985652 N 08/01/26
0
1524736 455/G02 F 142,000.00 ZZ
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1
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ALPHARETTA GA 30202 2 08/26/96 00
0430028654 03 10/01/96 0
52488 O 09/01/26
0
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1909 BALSAM WAY 8.000 660.39 100
7.750 660.39 90,000.00
ROUND ROCK TX 78664 1 03/08/96 93
2343333 03 05/01/96 30
2343333 O 04/01/26
0
1524741 575/G02 F 66,600.00 ZZ
360 66,600.00 1
1301 ROCHELLE DRIVE 9.750 572.20 90
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LAFAYETTE IN 47905 1 08/09/96 04
0430030064 05 10/01/96 25
283000553 N 09/01/26
0
1524749 626/G02 F 157,500.00 ZZ
360 157,500.00 1
2115 ALFRED GEORGE COURT 9.000 1,267.29 75
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TRACY CA 95376 1 08/23/96 00
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6623581 O 09/01/26
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COUNTY ROAD 2A AKA 502 KRUMVIL 8.375 1,900.18 97
ROAD 8.125 1,900.18 260,000.00
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0
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360 156,000.00 1
4747 COOLIDGE AVENUE 9.125 1,269.27 80
8.875 1,269.27 195,000.00
CULVER CITY CA 90230 1 08/29/96 00
0430028480 05 10/01/96 0
1
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0
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360 69,750.00 1
1867 NORTH 680 WEST 9.250 573.82 65
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OREM UT 84057 5 08/26/96 00
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101356 N 09/01/26
0
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360 69,750.00 1
1827 NORTH 680 WEST 9.250 573.82 65
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OREM UT 84057 5 08/26/96 00
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101355 N 09/01/26
0
1524814 661/661 F 417,000.00 ZZ
360 415,393.89 1
9 CANYON CREST COURT 7.375 2,880.11 100
7.125 2,880.11 417,000.00
FRISCO TX 75034 1 03/22/96 92
2337079 03 05/01/96 30
2337079 O 04/01/26
0
1524880 526/G02 F 50,000.00 ZZ
360 50,000.00 3
2502 N. CALVERT STREET 9.000 402.32 67
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BALTIMORE MD 21218 5 08/13/96 00
0430029967 05 10/01/96 0
0122443 N 09/01/26
0
1524890 526/G02 F 131,750.00 ZZ
360 131,750.00 1
4000 5TH STREET N.W. 8.500 1,013.05 85
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WASHINGTON DC 20011 5 08/20/96 12
0430029850 05 10/01/96 12
0136657 O 09/01/26
0
1
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360 115,500.00 4
18 GALLATIN STREET N.E. 9.000 929.34 70
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WASHINGTON DC 20011 2 08/21/96 00
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0136131 N 09/01/26
0
1524902 450/728 F 384,000.00 ZZ
360 384,000.00 1
5025 SILVER LAKE DRIVE 8.500 2,952.63 80
8.250 2,952.63 480,000.00
PLANO TX 75093 1 08/14/96 00
0380506858 03 10/01/96 0
3918133 O 09/01/26
0
1524932 405/405 F 90,000.00 ZZ
360 90,000.00 1
9549 VIA SALERNO #58, BURBANK 8.500 692.03 75
AREA 8.250 692.03 120,000.00
LOS ANGELES CA 91504 1 08/20/96 00
3993938 01 10/01/96 0
3993938 O 09/01/26
0
1524966 776/G02 F 83,250.00 ZZ
360 83,250.00 4
914-14 1/2 AND 916-16 1/2 WEST 9.500 700.01 75
41ST ST. 9.250 700.01 111,000.00
LOS ANGELES CA 90037 1 08/27/96 00
0430029363 05 10/01/96 0
2135097 O 09/01/26
0
1524982 105/G02 F 304,000.00 ZZ
360 304,000.00 1
15008 LAYHILL ROAD 9.125 2,473.44 80
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SILVER SPRING MD 20906 1 08/22/96 00
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969733 O 09/01/26
0
1524990 286/286 F 35,000.00 ZZ
360 34,984.51 1
252 S ALBEMARLE ST 10.000 307.16 70
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1
YORK PA 17403 5 07/29/96 00
8348591 05 09/01/96 0
8348591 N 08/01/26
0
1524998 076/076 F 132,000.00 ZZ
360 131,924.05 1
2 TAYLOR COURT 8.750 1,038.45 90
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NORTON MA 02766 2 07/23/96 14
6189872 05 09/01/96 25
6189872 O 08/01/26
0
1525011 A01/G02 F 60,750.00 ZZ
360 60,750.00 1
1263 WEST 1ST STREET 9.125 494.29 75
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LOS ANGELES CA 90732 1 08/26/96 00
0430030312 05 10/01/96 0
164697 N 09/01/26
0
1525040 E22/G02 F 34,100.00 ZZ
360 34,100.00 1
6890 S W 88TH STREET UNIT B401 9.625 289.85 75
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MIAMI FL 33156 1 08/20/96 00
0410195549 01 10/01/96 0
410195549 O 09/01/26
0
1525041 E22/G02 F 30,500.00 ZZ
360 30,500.00 1
808 HANCOCK 9.500 256.46 90
9.250 256.46 33,900.00
SAGINAW MI 48602 1 08/19/96 04
0410158992 05 10/01/96 25
410158992 N 09/01/26
0
1525046 E22/G02 F 21,150.00 ZZ
360 21,150.00 1
833 S CAMDEN STREET 9.375 175.91 90
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SOUTH BEND IN 46619 1 08/16/96 04
0410213607 05 10/01/96 25
410213607 N 09/01/26
0
1
1525047 E22/G02 F 92,250.00 ZZ
360 92,250.00 2
2337 N SPAULDING 10.250 826.65 90
10.000 826.65 102,500.00
CHICAGO IL 60647 1 08/16/96 04
0410171813 05 10/01/96 25
410171813 N 09/01/26
0
1525050 B28/G02 F 50,000.00 ZZ
360 50,000.00 1
2092 BROADWAY 9.000 402.32 19
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GRAND JUNCTION CO 81503 5 08/23/96 00
0430029496 05 10/01/96 0
05968293 O 09/01/26
0
1525057 E22/G02 F 112,500.00 ZZ
360 112,500.00 1
1640 "E" STREET 9.875 976.89 90
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RIO LINDA CA 95673 1 08/20/96 04
0410127195 05 10/01/96 25
410127195 N 09/01/26
0
1525067 E22/G02 F 19,350.00 ZZ
360 19,350.00 1
837 S CAMDEN STREET 9.375 160.94 90
9.125 160.94 21,500.00
SOUTH BEND IN 46619 1 08/16/96 04
0410213599 05 10/01/96 25
410213599 N 09/01/26
0
1525068 E22/G02 F 41,400.00 ZZ
360 41,400.00 1
7374 SIERRA MADRE TRAIL 9.750 355.69 90
9.500 355.69 46,000.00
YOUNGSTOWN OH 44512 1 08/20/96 04
0410160378 05 10/01/96 25
410160378 N 09/01/26
0
1525070 E22/G02 F 23,200.00 ZZ
360 23,200.00 2
1
3021-3021 1/2 NORTHGATE DR 10.500 212.22 80
10.250 212.22 29,000.00
YOUNGSTOWN OH 44505 1 08/21/96 04
0410159438 05 10/01/96 12
410159438 N 09/01/26
0
1525073 E22/G02 F 80,500.00 ZZ
360 80,500.00 1
2380 E WATTLES 9.625 684.24 70
9.375 684.24 115,000.00
TROY MI 48098 1 08/16/96 00
0410257497 05 10/01/96 0
410257497 N 09/01/26
0
1525074 E22/G02 F 46,340.00 ZZ
360 46,340.00 1
881 OTTO AVENUE 9.625 393.89 80
9.375 393.89 58,000.00
ST PAUL MN 55102 2 08/27/96 04
0410258214 05 10/01/96 25
410258214 N 09/01/26
0
1525088 E22/G02 F 40,500.00 T
360 40,500.00 1
200 EAST STARR DRIVE 9.250 333.18 75
9.000 333.18 54,000.00
BIG BEAR CITY CA 92314 1 08/09/96 00
0410147573 05 10/01/96 0
410147573 O 09/01/26
0
1525089 E22/G02 F 59,200.00 ZZ
360 59,200.00 1
125 E THIRD ST 9.125 481.67 80
8.875 481.67 74,000.00
DEER PARK TX 77536 2 08/15/96 00
0410135511 05 10/01/96 0
410135511 O 09/01/26
0
1525093 E22/G02 F 48,000.00 ZZ
360 48,000.00 1
7653 NW 79TH AVENUE 9.375 399.24 80
9.125 399.24 60,000.00
TAMARAC FL 33321 1 08/14/96 00
0410196919 01 10/01/96 0
1
410196919 O 09/01/26
0
1525094 E22/G02 F 347,000.00 ZZ
360 347,000.00 1
29002 CATHERWOOD COURT 9.000 2,792.04 80
8.750 2,792.04 434,000.00
AGOURA HILLS CA 91301 5 08/09/96 00
0410154579 03 10/01/96 0
410154579 O 09/01/26
0
1525098 E22/G02 F 105,450.00 ZZ
360 105,450.00 1
3494 HANCOCK DRIVE 9.000 848.47 80
8.750 848.47 131,849.00
GREENSBORO NC 27410 1 08/15/96 00
0410192660 03 10/01/96 0
410192660 O 09/01/26
0
1525112 560/560 F 161,000.00 ZZ
360 161,000.00 1
4 RYAN ROAD 8.750 1,266.59 70
8.500 1,266.59 230,000.00
TOWNSEND MA 01469 5 08/16/96 00
450509302 05 10/01/96 0
450509302 O 09/01/26
0
1525138 E22/G02 F 172,000.00 ZZ
360 172,000.00 1
4 CAMINO CIELO COURT 9.250 1,415.00 78
9.000 1,415.00 222,000.00
PLACITAS NM 87043 1 08/16/96 00
0410106967 03 10/01/96 0
410106967 O 09/01/26
0
1525149 E22/G02 F 61,200.00 ZZ
360 61,200.00 1
2724 GRAND CAYMAN STREET 9.375 509.03 90
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SARASOTA FL 34231 1 08/26/96 04
0410197933 05 10/01/96 25
410197933 N 09/01/26
0
1
1525161 E22/G02 F 91,850.00 ZZ
360 91,850.00 1
630 W 70TH PLACE 9.250 755.63 75
9.000 755.63 122,500.00
HIALEAH FL 33014 1 08/22/96 00
0410196901 05 10/01/96 0
410196901 N 09/01/26
0
1525167 E22/G02 F 85,500.00 ZZ
360 85,500.00 3
208 ORCHARD STREET 9.375 711.15 90
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PORT ORANGE FL 32127 1 08/15/96 04
0410193825 05 10/01/96 25
410193825 N 09/01/26
0
1525169 560/560 F 101,500.00 ZZ
360 101,500.00 2
677 LOCUST POINT ROAD 8.750 798.51 60
8.500 798.51 170,000.00
NAVESINK NJ 07752 2 08/28/96 00
450515440 05 10/01/96 0
450515440 N 09/01/26
0
1525187 E22/G02 F 31,500.00 ZZ
360 31,486.43 1
711 ELLENHURST DRIVE 10.125 279.35 90
9.875 279.35 35,000.00
ANDERSON IN 46012 1 08/01/96 01
0410212575 05 09/01/96 25
410212575 N 08/01/26
0
1525195 E22/G02 F 157,500.00 ZZ
360 157,500.00 4
2005 CALAIS DRIVE 9.625 1,338.73 90
9.375 1,338.73 175,000.00
MIAMI BEACH FL 33141 1 08/16/96 01
0410194450 05 10/01/96 25
410194450 O 09/01/26
0
1525197 E22/G02 F 52,200.00 ZZ
360 52,177.52 1
4832 RIDGELEY DRIVE 10.125 462.92 90
9.875 462.92 58,000.00
1
CHARLOTTE NC 28208 1 07/31/96 04
0410193924 05 09/01/96 25
410193924 N 08/01/26
0
1525200 E22/G02 F 124,000.00 ZZ
360 124,000.00 1
3566 EDGAR AVENUE 9.125 1,008.90 80
8.875 1,008.90 155,000.00
BOYNTON BEACH FL 33436 1 08/08/96 00
0410196943 05 10/01/96 0
410196943 O 09/01/26
0
1525212 526/G02 F 45,900.00 ZZ
360 45,900.00 1
740 NE 8TH STREET 9.750 394.36 90
9.500 394.36 51,000.00
GRANTS PASS OR 97526 1 08/02/96 10
0430029884 05 10/01/96 25
139049 N 09/01/26
0
1525233 664/G02 F 62,050.00 ZZ
360 62,050.00 2
2616 & 2618 SHERRY STREET 9.375 516.11 85
9.125 516.11 73,000.00
ARLINGTON TX 76014 1 08/27/96 04
0430031054 05 10/01/96 20
2203933 N 09/01/26
0
1525266 560/560 F 42,000.00 ZZ
360 42,000.00 2
2615- 18 MIDLAND AVENUE 9.000 337.95 70
8.750 337.95 60,000.00
SYRACUSE NY 13205 5 08/19/96 00
450507587 05 10/01/96 0
450507587 N 09/01/26
0
1525281 560/560 F 80,000.00 ZZ
360 80,000.00 3
30 CLINTON STREET 9.125 650.91 80
8.875 650.91 100,000.00
TAUNTON MA 02780 1 08/30/96 10
450520820 05 10/01/96 12
450520820 N 09/01/26
0
1
1525292 560/560 F 75,350.00 ZZ
360 75,350.00 1
13229 GERMANIA ROAD 9.125 613.08 90
8.875 613.08 83,750.00
ALEXANDER AR 72002 1 08/28/96 04
450515580 05 10/01/96 25
450515580 N 09/01/26
0
1525331 369/G02 F 70,000.00 ZZ
360 70,000.00 1
428 INDIAN BLUFF ROAD 9.250 575.88 54
9.000 575.88 130,000.00
EL PASO TX 79912 1 08/28/96 00
0430030353 05 10/01/96 0
49381155 O 09/01/26
0
1525352 560/560 F 147,600.00 ZZ
360 147,600.00 1
279 SERVICE ROAD 9.000 1,187.63 80
8.750 1,187.63 184,500.00
SANDWICH MA 02537 1 08/15/96 00
450505185 05 10/01/96 0
450505185 O 09/01/26
0
1525355 180/728 F 33,300.00 ZZ
360 33,300.00 1
7 SUNSET STREET 9.625 283.05 90
9.375 283.05 37,000.00
LA GRANGE OH 44050 1 08/23/96 04
0380506973 05 10/01/96 25
4312054 N 09/01/26
0
1525369 A01/G02 F 256,000.00 ZZ
360 256,000.00 1
4610 BLACKFRIAR ROAD 9.250 2,106.05 80
WOODLAND HILLS AREA 9.000 2,106.05 323,500.00
LOS ANGELES CA 91364 1 08/27/96 00
0430029876 05 10/01/96 0
96086764 O 09/01/26
0
1525382 E22/G02 F 298,500.00 ZZ
360 298,500.00 1
1
1446 WEST 34TH STREET 9.250 2,455.69 75
9.000 2,455.69 398,000.00
MINNEAPOLIS MN 55408 5 08/26/96 00
0410257372 05 10/01/96 0
410257372 O 09/01/26
0
1525387 E22/G02 F 28,800.00 ZZ
360 28,800.00 1
1018 EAST LAGUNA ST 10.000 252.74 86
9.750 252.74 33,500.00
KOKOMO IN 46901 1 08/21/96 01
0410160097 05 10/01/96 25
410160097 N 09/01/26
0
1525388 E22/G02 F 34,550.00 ZZ
360 34,550.00 2
312-1/2 SOUTH MAIN STREET 9.875 300.01 75
9.625 300.01 46,500.00
MANSFIELD OH 44903 2 08/23/96 00
0410159966 05 10/01/96 0
410159966 N 09/01/26
0
1525389 E22/G02 F 56,700.00 ZZ
360 56,700.00 4
104 E GRAHAM 8.750 446.06 90
8.500 446.06 63,000.00
COUNCIL BLUFFS IA 51503 1 08/23/96 04
0410213714 05 10/01/96 25
410213714 N 09/01/26
0
1525396 E22/G02 F 150,000.00 ZZ
360 150,000.00 4
2034 S 81ST STREET 9.500 1,261.28 75
9.250 1,261.28 200,000.00
WEST ALLIS WI 53219 1 08/20/96 00
0410178008 05 10/01/96 0
410178008 N 09/01/26
0
1525397 E22/G02 F 71,250.00 T
360 71,250.00 1
2294 N OVERBROOK AVENUE 8.750 560.52 75
8.500 560.52 95,000.00
BELLEAIR BLUFFS FL 34640 1 08/23/96 00
0410176705 05 10/01/96 0
1
410176705 O 09/01/26
0
1525398 E22/G02 F 60,000.00 ZZ
360 60,000.00 1
1435 LINCOLN AVENUE 9.125 488.18 80
8.875 488.18 75,000.00
CALUMET CITY IL 60409 2 08/14/96 00
0410175764 05 10/01/96 0
410175764 O 09/01/26
0
1525402 E22/G02 F 81,000.00 ZZ
360 81,000.00 1
3003 S WESLEY AVE 9.875 703.36 90
9.625 703.36 90,000.00
BERWYN IL 60402 1 08/19/96 04
0410203244 05 10/01/96 25
410203244 N 09/01/26
0
1526749 E22/G02 F 250,000.00 ZZ
360 250,000.00 1
354 LYNDSEY LANE 8.750 1,966.75 80
8.500 1,966.75 315,000.00
YUBA CITY CA 95993 2 08/16/96 00
0410126163 05 10/01/96 0
410126163 O 09/01/26
0
1526750 E22/G02 F 64,400.00 ZZ
360 64,400.00 2
1812 S OLIVE AVENUE 9.250 529.80 80
9.000 529.80 80,500.00
WEST PALM BEACH FL 33401 1 08/16/96 12
0410197362 05 10/01/96 12
410197362 N 09/01/26
0
1526755 E22/G02 F 130,000.00 ZZ
360 130,000.00 1
70051 WEST MEADOW PARKWAY 9.250 1,069.48 55
9.000 1,069.48 239,000.00
SISTERS OR 97759 5 08/16/96 00
0410034607 09 10/01/96 0
410034607 O 09/01/26
0
1
1526757 E22/G02 F 117,500.00 ZZ
360 117,500.00 1
106 HALTON CIRCLE 9.250 966.64 80
9.000 966.64 147,000.00
SEFFNER FL 33584 2 08/26/96 00
0410198030 03 10/01/96 0
410198030 O 09/01/26
0
1526761 E22/G02 F 139,500.00 ZZ
360 139,500.00 1
2020 ARAPAHOE STREET UNIT #950 10.000 1,224.21 90
9.750 1,224.21 155,000.00
DENVER CO 80205 1 08/20/96 10
0410107239 01 10/01/96 25
410107239 N 09/01/26
0
1526767 E22/G02 F 219,100.00 ZZ
360 219,100.00 1
1353 LAKEVIEW DRIVE 9.250 1,802.48 80
9.000 1,802.48 273,900.00
SOUTHLAKE TX 76092 1 08/16/96 00
0410107767 05 10/01/96 0
410107767 O 09/01/26
0
1526779 E22/G02 F 140,000.00 ZZ
360 140,000.00 1
ROUTE 2 BOX 142-AA 9.250 1,151.75 80
9.000 1,151.75 175,000.00
BERTRAM TX 78605 1 08/26/96 00
0410213235 05 10/01/96 0
410213235 O 09/01/26
0
1526781 E22/G02 F 33,750.00 ZZ
360 33,750.00 1
202 OAK VALLEY DRIVE 9.625 286.87 90
9.375 286.87 37,500.00
SAN ANTONIO TX 78227 1 08/23/96 04
0410213425 05 10/01/96 25
410213425 N 09/01/26
0
1526785 E22/G02 F 135,200.00 T
360 135,200.00 1
16441 SAPPHIRE PLACE 9.375 1,124.53 80
9.125 1,124.53 169,000.00
1
FT LAUDERDALE FL 33331 1 08/16/96 95
0410198006 03 10/01/96 0
410198006 O 09/01/26
0
1526788 E22/G02 F 117,000.00 ZZ
360 117,000.00 1
1193 PEBBLEWOOD DRIVE 9.375 973.15 90
9.125 973.15 130,000.00
SACRAMENTO CA 95833 2 08/15/96 04
0410214043 05 10/01/96 25
410214043 N 09/01/26
0
1526793 E22/G02 F 45,750.00 ZZ
360 45,750.00 2
1218-1220 ROOD AVENUE 9.625 388.87 75
9.375 388.87 61,000.00
GRAND JUNCTION CO 81501 1 08/30/96 00
0410198071 05 10/01/96 0
410198071 N 09/01/26
0
1526837 526/G02 F 62,100.00 ZZ
360 62,100.00 4
1606 CLEVELAND NW 9.625 527.85 90
9.375 527.85 69,000.00
CANTON OH 44706 1 08/05/96 10
0430030007 05 10/01/96 25
132314 N 09/01/26
0
1526995 560/560 F 346,900.00 ZZ
360 346,519.60 1
322 MELLOW LANE 9.000 2,791.24 95
8.750 2,791.24 365,200.00
LA CANADA FLINT CA 91011 1 06/10/96 10
450453642 05 08/01/96 30
450453642 O 07/01/26
0
1
TOTAL NUMBER OF LOANS : 1,450
TOTAL ORIGINAL BALANCE : 158,930,494.95
TOTAL PRINCIPAL BALANCE : 158,442,444.80
TOTAL ORIGINAL P+I : 1,303,646.13
TOTAL CURRENT P+I : 1,303,646.13
***************************
* END OF REPORT *
***************************
RUN ON : 09/23/96 RFC DISCLOSURE SYSTEM RFFSDFIX-01
AT : 09.59.33 FIXED PASSTHRU REPORT AMORTIZED BALANCE
SERIES : MULTIPLE POOLS CUTOFF : 09/01/96
POOL : 0004221 0004222
:
:
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
----------------------------------------------------------------------------
1419173 .2500
64,571.24 .0800
10.2500 .0000
10.0000 .0000
9.9200 1.9200
8.0000 .0000
1420588 .2500
366,042.37 .0800
8.6250 .0000
8.3750 .0000
8.2950 .2950
8.0000 .0000
1424289 .2500
163,317.52 .0300
8.2500 .0000
8.0000 .0000
7.9700 .0000
7.9700 .0000
1436908 .2500
51,703.35 .0800
9.8750 .0000
9.6250 .0000
9.5450 1.5450
8.0000 .0000
1437898 .2500
61,224.87 .0800
9.2500 .0000
9.0000 .0000
8.9200 .9200
8.0000 .0000
1437904 .2500
52,360.33 .0800
9.2500 .0000
9.0000 .0000
8.9200 .9200
8.0000 .0000
1
1440468 .2500
85,744.83 .0800
9.7500 .0000
9.5000 .0000
9.4200 1.4200
8.0000 .0000
1440516 .2500
41,731.39 .0800
9.2500 .0000
9.0000 .0000
8.9200 .9200
8.0000 .0000
1448270 .2500
45,203.72 .0800
9.6250 .0000
9.3750 .0000
9.2950 1.2950
8.0000 .0000
1449793 .2500
47,707.50 .0800
9.1250 .0000
8.8750 .0000
8.7950 .7950
8.0000 .0000
1460536 .2500
114,438.30 .0800
9.7500 .0000
9.5000 .0000
9.4200 1.4200
8.0000 .0000
1460702 .2500
112,222.34 .0800
8.7500 .0000
8.5000 .0000
8.4200 .4200
8.0000 .0000
1461337 .2500
221,543.12 .0800
8.7500 .0000
8.5000 .0000
8.4200 .4200
8.0000 .0000
1462851 .2500
104,500.83 .0800
9.8750 .0000
9.6250 .0000
9.5450 1.5450
8.0000 .0000
1
1468324 .2500
57,759.11 .0800
9.3750 .0000
9.1250 .0000
9.0450 1.0450
8.0000 .0000
1470230 .2500
150,000.00 .0800
9.5000 .0000
9.2500 .0000
9.1700 1.1700
8.0000 .0000
1472126 .2500
29,999.49 .0800
9.0000 .0000
8.7500 .0000
8.6700 .6700
8.0000 .0000
1472378 .2500
64,155.58 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0450
8.0000 .0000
1477994 .2500
283,020.83 .0800
8.8750 .0000
8.6250 .0000
8.5450 .5450
8.0000 .0000
1478160 .2500
43,849.26 .0800
8.8750 .0000
8.6250 .0000
8.5450 .5450
8.0000 .0000
1478903 .2500
85,712.78 .0800
9.0000 .0000
8.7500 .0000
8.6700 .6700
8.0000 .0000
1481096 .2500
35,047.38 .0800
8.7500 .0000
8.5000 .0000
8.4200 .4200
8.0000 .0000
1
1481900 .2500
33,581.52 .0800
8.7500 .0000
8.5000 .0000
8.4200 .4200
8.0000 .0000
1482712 .2500
398,034.74 .0800
8.7500 .0000
8.5000 .0000
8.4200 .4200
8.0000 .0000
1484222 .2500
199,385.54 .0800
8.5000 .0000
8.2500 .0000
8.1700 .1700
8.0000 .0000
1485746 .2500
171,510.68 .0800
8.8750 .0000
8.6250 .0000
8.5450 .5450
8.0000 .0000
1486912 .2500
115,224.96 .0800
8.8750 .0000
8.6250 .0000
8.5450 .5450
8.0000 .0000
1486930 .2500
107,610.45 .0800
8.6250 .0000
8.3750 .0000
8.2950 .2950
8.0000 .0000
1486944 .2500
83,069.59 .0800
9.2500 .0000
9.0000 .0000
8.9200 .9200
8.0000 .0000
1487560 .2500
81,220.68 .0800
8.8750 .0000
8.6250 .0000
8.5450 .5450
8.0000 .0000
1
1488190 .2500
50,854.91 .0800
8.8750 .0000
8.6250 .0000
8.5450 .5450
8.0000 .0000
1488311 .2500
90,766.61 .0800
9.3750 .0000
9.1250 .0000
9.0450 1.0450
8.0000 .0000
1488830 .2500
74,033.24 .0800
8.7500 .0000
8.5000 .0000
8.4200 .4200
8.0000 .0000
1489013 .2500
51,817.16 .0800
8.7500 .0000
8.5000 .0000
8.4200 .4200
8.0000 .0000
1489146 .2500
50,000.00 .0800
9.5000 .0000
9.2500 .0000
9.1700 1.1700
8.0000 .0000
1489278 .2500
63,324.50 .0800
8.5000 .0000
8.2500 .0000
8.1700 .1700
8.0000 .0000
1490499 .2500
37,414.57 .0800
8.6250 .0000
8.3750 .0000
8.2950 .2950
8.0000 .0000
1490521 .2500
62,630.29 .0800
9.1250 .0000
8.8750 .0000
8.7950 .7950
8.0000 .0000
1
1490832 .2500
147,578.93 .0800
8.8750 .0000
8.6250 .0000
8.5450 .5450
8.0000 .0000
1491011 .2500
291,671.39 .0800
8.8750 .0000
8.6250 .0000
8.5450 .5450
8.0000 .0000
1491072 .2500
36,862.80 .0800
9.6250 .0000
9.3750 .0000
9.2950 1.2950
8.0000 .0000
1491120 .2500
175,676.20 .0800
9.8750 .0000
9.6250 .0000
9.5450 1.5450
8.0000 .0000
1493550 .2500
80,744.72 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0450
8.0000 .0000
1493989 .2500
391,500.00 .0800
8.8750 .0000
8.6250 .0000
8.5450 .5450
8.0000 .0000
1494280 .2500
56,000.00 .0800
9.3750 .0000
9.1250 .0000
9.0450 1.0450
8.0000 .0000
1494459 .2900
323,017.90 .0800
8.6250 .0000
8.3350 .0000
8.2550 .2550
8.0000 .0000
1
1494642 .2500
127,374.08 .0800
9.5000 .0000
9.2500 .0000
9.1700 1.1700
8.0000 .0000
1495760 .2500
92,905.70 .0800
9.3750 .0000
9.1250 .0000
9.0450 1.0450
8.0000 .0000
1496838 .2500
116,821.35 .0800
9.3750 .0000
9.1250 .0000
9.0450 1.0450
8.0000 .0000
1497045 .2500
77,883.98 .0800
9.5000 .0000
9.2500 .0000
9.1700 1.1700
8.0000 .0000
1497311 .2500
52,847.59 .0800
9.2500 .0000
9.0000 .0000
8.9200 .9200
8.0000 .0000
1497632 .2500
81,940.78 .0800
9.6250 .0000
9.3750 .0000
9.2950 1.2950
8.0000 .0000
1497673 .2500
156,334.87 .0800
9.8750 .0000
9.6250 .0000
9.5450 1.5450
8.0000 .0000
1497989 .2500
45,432.32 .0800
9.5000 .0000
9.2500 .0000
9.1700 1.1700
8.0000 .0000
1
1498269 .2500
843,525.63 .0800
10.1250 .0000
9.8750 .0000
9.7950 1.7950
8.0000 .0000
1498287 .2500
26,226.06 .0800
9.8750 .0000
9.6250 .0000
9.5450 1.5450
8.0000 .0000
1498768 .2500
36,696.76 .0800
9.6250 .0000
9.3750 .0000
9.2950 1.2950
8.0000 .0000
1499417 .2500
37,745.23 .0800
9.6250 .0000
9.3750 .0000
9.2950 1.2950
8.0000 .0000
1499557 .2500
31,906.56 .0800
8.7500 .0000
8.5000 .0000
8.4200 .4200
8.0000 .0000
1499772 .2500
27,939.70 .0800
9.1250 .0000
8.8750 .0000
8.7950 .7950
8.0000 .0000
1499936 .2500
169,918.55 .0800
9.6250 .0000
9.3750 .0000
9.2950 1.2950
8.0000 .0000
1500245 .2500
70,865.88 .0800
9.7500 .0000
9.5000 .0000
9.4200 1.4200
8.0000 .0000
1
1500409 .2500
54,000.00 .0800
9.7500 .0000
9.5000 .0000
9.4200 1.4200
8.0000 .0000
1500556 .2500
279,023.77 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5450 .0000
1500800 .2500
29,061.06 .0800
10.0000 .0000
9.7500 .0000
9.6700 1.6700
8.0000 .0000
1500840 .2500
29,061.06 .0800
10.0000 .0000
9.7500 .0000
9.6700 1.6700
8.0000 .0000
1500858 .2500
82,408.36 .0800
9.3750 .0000
9.1250 .0000
9.0450 1.0450
8.0000 .0000
1501513 .2500
83,166.03 .0800
10.3750 .0000
10.1250 .0000
10.0450 2.0450
8.0000 .0000
1501712 .2500
225,560.19 .0800
8.7500 .0000
8.5000 .0000
8.4200 .4200
8.0000 .0000
1501740 .2500
50,976.83 .0800
9.8750 .0000
9.6250 .0000
9.5450 1.5450
8.0000 .0000
1
1502074 .2500
57,704.37 .0800
10.3750 .0000
10.1250 .0000
10.0450 2.0450
8.0000 .0000
1502429 .2500
180,500.00 .0800
9.7500 .0000
9.5000 .0000
9.4200 1.4200
8.0000 .0000
1503674 .2500
97,001.26 .0800
9.5000 .0000
9.2500 .0000
9.1700 1.1700
8.0000 .0000
1503706 .2500
218,392.52 .0800
9.5000 .0000
9.2500 .0000
9.1700 1.1700
8.0000 .0000
1503871 .2500
70,711.67 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0450
8.0000 .0000
1504258 .2500
99,950.81 .0800
9.5000 .0000
9.2500 .0000
9.1700 1.1700
8.0000 .0000
1504299 .2500
71,385.22 .0800
9.3750 .0000
9.1250 .0000
9.0450 1.0450
8.0000 .0000
1504322 .2500
185,163.58 .0800
9.7500 .0000
9.5000 .0000
9.4200 1.4200
8.0000 .0000
1
1504326 .2500
185,163.58 .0800
9.7500 .0000
9.5000 .0000
9.4200 1.4200
8.0000 .0000
1504328 .2500
185,163.58 .0800
9.7500 .0000
9.5000 .0000
9.4200 1.4200
8.0000 .0000
1504379 .2500
223,648.94 .0800
9.2500 .0000
9.0000 .0000
8.9200 .9200
8.0000 .0000
1504397 .2500
29,661.29 .0800
10.1250 .0000
9.8750 .0000
9.7950 1.7950
8.0000 .0000
1504407 .2500
53,923.82 .0800
9.7500 .0000
9.5000 .0000
9.4200 1.4200
8.0000 .0000
1504696 .2500
94,500.00 .0800
9.5000 .0000
9.2500 .0000
9.1700 1.1700
8.0000 .0000
1504784 .2500
185,250.00 .0800
9.0000 .0000
8.7500 .0000
8.6700 .6700
8.0000 .0000
1504896 .2500
86,671.71 .0800
11.3750 .0000
11.1250 .0000
11.0450 3.0450
8.0000 .0000
1
1504959 .2500
193,345.54 .0800
10.5000 .0000
10.2500 .0000
10.1700 2.1700
8.0000 .0000
1505095 .2500
209,687.18 .0800
9.3750 .0000
9.1250 .0000
9.0450 1.0450
8.0000 .0000
1505345 .2500
99,950.82 .0800
9.5000 .0000
9.2500 .0000
9.1700 1.1700
8.0000 .0000
1505346 .2500
96,202.66 .0800
9.5000 .0000
9.2500 .0000
9.1700 1.1700
8.0000 .0000
1505377 .2500
123,285.26 .0800
8.7500 .0000
8.5000 .0000
8.4200 .4200
8.0000 .0000
1505526 .2500
103,850.00 .0800
9.6250 .0000
9.3750 .0000
9.2950 1.2950
8.0000 .0000
1505564 .2500
114,692.05 .0800
9.3750 .0000
9.1250 .0000
9.0450 1.0450
8.0000 .0000
1505608 .2500
44,960.01 .0800
10.0000 .0000
9.7500 .0000
9.6700 1.6700
8.0000 .0000
1
1505727 .2500
107,952.22 .0800
10.0000 .0000
9.7500 .0000
9.6700 1.6700
8.0000 .0000
1505746 .2500
57,557.59 .0800
10.8750 .0000
10.6250 .0000
10.5450 2.5450
8.0000 .0000
1505754 .2500
129,939.35 .0800
9.7500 .0000
9.5000 .0000
9.4200 1.4200
8.0000 .0000
1505807 .2500
99,855.12 .0800
9.6250 .0000
9.3750 .0000
9.2950 1.2950
8.0000 .0000
1505846 .2500
31,400.00 .0800
9.7500 .0000
9.5000 .0000
9.4200 1.4200
8.0000 .0000
1505866 .2500
46,177.86 .0800
9.6250 .0000
9.3750 .0000
9.2950 1.2950
8.0000 .0000
1505879 .2500
169,924.79 .0800
10.0000 .0000
9.7500 .0000
9.6700 1.6700
8.0000 .0000
1505993 .2500
83,169.90 .0800
9.6250 .0000
9.3750 .0000
9.2950 1.2950
8.0000 .0000
1
1506018 .2500
31,904.70 .0800
9.6250 .0000
9.3750 .0000
9.2950 1.2950
8.0000 .0000
1506229 .2500
86,980.31 .0800
9.8750 .0000
9.6250 .0000
9.5450 1.5450
8.0000 .0000
1506238 .2500
31,471.26 .0800
9.8750 .0000
9.6250 .0000
9.5450 1.5450
8.0000 .0000
1506277 .2500
102,752.04 .0800
9.7500 .0000
9.5000 .0000
9.4200 1.4200
8.0000 .0000
1506330 .2500
487,740.30 .0800
9.1250 .0000
8.8750 .0000
8.7950 .7950
8.0000 .0000
1506568 .2500
91,667.00 .0800
9.6250 .0000
9.3750 .0000
9.2950 1.2950
8.0000 .0000
1506645 .2500
174,916.17 .0800
9.6250 .0000
9.3750 .0000
9.2950 1.2950
8.0000 .0000
1506659 .2500
54,970.74 .0800
9.1250 .0000
8.8750 .0000
8.7950 .7950
8.0000 .0000
1
1506890 .2500
67,470.92 .0800
10.1250 .0000
9.8750 .0000
9.7950 1.7950
8.0000 .0000
1506953 .2500
44,079.42 .0800
9.7500 .0000
9.5000 .0000
9.4200 1.4200
8.0000 .0000
1506976 .2500
86,657.36 .0800
9.5000 .0000
9.2500 .0000
9.1700 1.1700
8.0000 .0000
1507230 .2500
239,865.45 .0800
8.8750 .0000
8.6250 .0000
8.5450 .5450
8.0000 .0000
1507248 .2500
70,000.00 .0800
8.6250 .0000
8.3750 .0000
8.2950 .2950
8.0000 .0000
1507572 .2500
203,251.91 .0800
7.7500 .0000
7.5000 .0000
7.4200 .0000
7.4200 .0000
1507601 .2500
96,575.74 .0800
7.9900 .0000
7.7400 .0000
7.6600 .0000
7.6600 .0000
1507602 .2500
88,927.25 .0800
8.1250 .0000
7.8750 .0000
7.7950 .0000
7.7950 .0000
1
1507604 .2500
100,009.71 .0800
8.8750 .0000
8.6250 .0000
8.5450 .5450
8.0000 .0000
1507607 .2500
87,130.25 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0450
8.0000 .0000
1507611 .2500
96,895.07 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0450
8.0000 .0000
1507614 .2500
116,304.70 .0800
8.1250 .0000
7.8750 .0000
7.7950 .0000
7.7950 .0000
1507619 .2500
113,796.72 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5450 .0000
1507621 .2500
151,254.99 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5450 .0000
1507625 .2500
135,137.18 .0800
7.3750 .0000
7.1250 .0000
7.0450 .0000
7.0450 .0000
1507626 .2500
59,905.48 .0800
7.6250 .0000
7.3750 .0000
7.2950 .0000
7.2950 .0000
1
1507638 .2500
130,273.73 .0800
7.9900 .0000
7.7400 .0000
7.6600 .0000
7.6600 .0000
1507643 .2500
64,442.95 .0800
7.5000 .0000
7.2500 .0000
7.1700 .0000
7.1700 .0000
1507645 .2500
92,290.50 .0800
7.5000 .0000
7.2500 .0000
7.1700 .0000
7.1700 .0000
1507646 .2500
124,954.23 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5450 .0000
1507651 .2500
117,992.91 .0800
7.6250 .0000
7.3750 .0000
7.2950 .0000
7.2950 .0000
1507652 .2500
168,151.97 .0800
7.5000 .0000
7.2500 .0000
7.1700 .0000
7.1700 .0000
1507655 .2500
53,284.50 .0800
7.7500 .0000
7.5000 .0000
7.4200 .0000
7.4200 .0000
1507657 .2500
96,569.87 .0800
7.7500 .0000
7.5000 .0000
7.4200 .0000
7.4200 .0000
1
1507659 .2500
112,999.46 .0800
7.2500 .0000
7.0000 .0000
6.9200 .0000
6.9200 .0000
1507662 .2500
188,433.41 .0800
7.7500 .0000
7.5000 .0000
7.4200 .0000
7.4200 .0000
1507664 .2500
88,252.88 .0800
7.6250 .0000
7.3750 .0000
7.2950 .0000
7.2950 .0000
1507669 .2500
97,333.78 .0800
7.3750 .0000
7.1250 .0000
7.0450 .0000
7.0450 .0000
1507670 .2500
80,049.83 .0800
7.2500 .0000
7.0000 .0000
6.9200 .0000
6.9200 .0000
1507671 .2500
145,341.63 .0800
7.7500 .0000
7.5000 .0000
7.4200 .0000
7.4200 .0000
1507674 .2500
165,601.84 .0800
7.3750 .0000
7.1250 .0000
7.0450 .0000
7.0450 .0000
1507676 .2500
120,952.23 .0800
7.9900 .0000
7.7400 .0000
7.6600 .0000
7.6600 .0000
1
1507773 .2500
99,744.80 .0800
7.0000 .0000
6.7500 .0000
6.6700 .0000
6.6700 .0000
1507796 .2500
246,740.47 .0800
7.2500 .0000
7.0000 .0000
6.9200 .0000
6.9200 .0000
1507809 .2500
75,995.98 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5450 .0000
1507812 .2500
63,459.17 .0800
6.7500 .0000
6.5000 .0000
6.4200 .0000
6.4200 .0000
1507816 .2500
77,881.67 .0800
6.7500 .0000
6.5000 .0000
6.4200 .0000
6.4200 .0000
1507817 .2500
26,921.85 .0800
6.7500 .0000
6.5000 .0000
6.4200 .0000
6.4200 .0000
1507822 .2500
247,697.29 .0800
7.2500 .0000
7.0000 .0000
6.9200 .0000
6.9200 .0000
1507823 .2500
208,969.24 .0800
8.0000 .0000
7.7500 .0000
7.6700 .0000
7.6700 .0000
1
1507825 .2500
353,050.01 .0800
7.6250 .0000
7.3750 .0000
7.2950 .0000
7.2950 .0000
1507837 .2500
46,558.76 .0800
7.1250 .0000
6.8750 .0000
6.7950 .0000
6.7950 .0000
1507869 .2500
158,613.13 .0800
7.6250 .0000
7.3750 .0000
7.2950 .0000
7.2950 .0000
1507870 .2500
48,366.82 .0800
7.5000 .0000
7.2500 .0000
7.1700 .0000
7.1700 .0000
1507884 .2500
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1524352 .2500
83,600.00 .0800
9.2500 .0000
9.0000 .0000
8.9200 .9200
8.0000 .0000
1524353 .2500
33,450.00 .0800
10.0000 .0000
9.7500 .0000
9.6700 1.6700
8.0000 .0000
1524354 .2500
21,600.00 .0800
9.7500 .0000
9.5000 .0000
9.4200 1.4200
8.0000 .0000
1524356 .2500
61,200.00 .0800
9.5000 .0000
9.2500 .0000
9.1700 1.1700
8.0000 .0000
1524359 .2500
132,000.00 .0800
9.3750 .0000
9.1250 .0000
9.0450 1.0450
8.0000 .0000
1524374 .2500
410,000.00 .0800
8.8750 .0000
8.6250 .0000
8.5450 .5450
8.0000 .0000
1
1524376 .2500
59,969.70 .0800
9.3750 .0000
9.1250 .0000
9.0450 1.0450
8.0000 .0000
1524378 .2500
230,000.00 .0800
8.6250 .0000
8.3750 .0000
8.2950 .2950
8.0000 .0000
1524391 .2500
57,750.00 .0800
9.7500 .0000
9.5000 .0000
9.4200 1.4200
8.0000 .0000
1524394 .2500
48,000.00 .0800
9.2500 .0000
9.0000 .0000
8.9200 .9200
8.0000 .0000
1524414 .2500
37,828.22 .0800
8.7500 .0000
8.5000 .0000
8.4200 .4200
8.0000 .0000
1524439 .2500
120,000.00 .0800
10.1250 .0000
9.8750 .0000
9.7950 1.7950
8.0000 .0000
1524440 .2500
89,600.00 .0800
8.5000 .0000
8.2500 .0000
8.1700 .1700
8.0000 .0000
1524445 .2500
295,000.00 .0800
8.7500 .0000
8.5000 .0000
8.4200 .4200
8.0000 .0000
1
1524449 .2500
60,123.39 .0800
10.0000 .0000
9.7500 .0000
9.6700 1.6700
8.0000 .0000
1524452 .2500
70,159.61 .0800
8.7500 .0000
8.5000 .0000
8.4200 .4200
8.0000 .0000
1524460 .2500
32,000.00 .0800
9.3750 .0000
9.1250 .0000
9.0450 1.0450
8.0000 .0000
1524461 .2500
55,500.00 .0800
9.1250 .0000
8.8750 .0000
8.7950 .7950
8.0000 .0000
1524469 .2500
278,400.00 .0800
9.0000 .0000
8.7500 .0000
8.6700 .6700
8.0000 .0000
1524471 .2500
488,000.00 .0800
8.7500 .0000
8.5000 .0000
8.4200 .4200
8.0000 .0000
1524472 .2500
248,600.00 .0800
8.8750 .0000
8.6250 .0000
8.5450 .5450
8.0000 .0000
1524473 .2500
78,010.00 .0800
8.7500 .0000
8.5000 .0000
8.4200 .4200
8.0000 .0000
1
1524474 .2500
79,060.00 .0800
8.7500 .0000
8.5000 .0000
8.4200 .4200
8.0000 .0000
1524476 .2500
86,100.00 .0800
8.7500 .0000
8.5000 .0000
8.4200 .4200
8.0000 .0000
1524477 .2500
79,060.00 .0800
8.7500 .0000
8.5000 .0000
8.4200 .4200
8.0000 .0000
1524478 .2500
87,500.00 .0800
8.7500 .0000
8.5000 .0000
8.4200 .4200
8.0000 .0000
1524481 .2500
98,000.00 .0800
8.8750 .0000
8.6250 .0000
8.5450 .5450
8.0000 .0000
1524484 .2500
90,650.00 .0800
8.8750 .0000
8.6250 .0000
8.5450 .5450
8.0000 .0000
1524486 .2500
175,000.00 .0800
8.7500 .0000
8.5000 .0000
8.4200 .4200
8.0000 .0000
1524487 .2500
247,000.00 .0800
8.5000 .0000
8.2500 .0000
8.1700 .1700
8.0000 .0000
1
1524488 .2500
93,500.00 .0800
9.2500 .0000
9.0000 .0000
8.9200 .9200
8.0000 .0000
1524489 .2500
217,600.00 .0800
8.8750 .0000
8.6250 .0000
8.5450 .5450
8.0000 .0000
1524491 .2500
43,600.00 .0800
9.2500 .0000
9.0000 .0000
8.9200 .9200
8.0000 .0000
1524492 .2500
150,000.00 .0800
8.6250 .0000
8.3750 .0000
8.2950 .2950
8.0000 .0000
1524493 .2500
103,200.00 .0800
8.6250 .0000
8.3750 .0000
8.2950 .2950
8.0000 .0000
1524494 .2500
261,200.00 .0800
9.1250 .0000
8.8750 .0000
8.7950 .7950
8.0000 .0000
1524496 .2500
51,800.00 .0800
9.1250 .0000
8.8750 .0000
8.7950 .7950
8.0000 .0000
1524497 .2500
38,800.00 .0800
9.1250 .0000
8.8750 .0000
8.7950 .7950
8.0000 .0000
1
1524501 .2500
80,850.00 .0800
8.5000 .0000
8.2500 .0000
8.1700 .1700
8.0000 .0000
1524502 .2500
124,000.00 .0800
8.6250 .0000
8.3750 .0000
8.2950 .2950
8.0000 .0000
1524503 .2500
236,000.00 .0800
8.6250 .0000
8.3750 .0000
8.2950 .2950
8.0000 .0000
1524511 .2500
124,500.00 .0800
9.5000 .0000
9.2500 .0000
9.1700 1.1700
8.0000 .0000
1524512 .2500
85,500.00 .0800
9.7500 .0000
9.5000 .0000
9.4200 1.4200
8.0000 .0000
1524513 .2500
98,100.00 .0800
9.7500 .0000
9.5000 .0000
9.4200 1.4200
8.0000 .0000
1524517 .2500
216,000.00 .0800
8.8750 .0000
8.6250 .0000
8.5450 .5450
8.0000 .0000
1524527 .2500
92,250.00 .0800
9.5000 .0000
9.2500 .0000
9.1700 1.1700
8.0000 .0000
1
1524550 .2500
39,200.00 .0800
9.6250 .0000
9.3750 .0000
9.2950 1.2950
8.0000 .0000
1524552 .2500
92,657.88 .0800
9.8750 .0000
9.6250 .0000
9.5450 1.5450
8.0000 .0000
1524555 .2500
31,200.00 .0800
9.5000 .0000
9.2500 .0000
9.1700 1.1700
8.0000 .0000
1524563 .2500
117,600.00 .0800
9.6250 .0000
9.3750 .0000
9.2950 1.2950
8.0000 .0000
1524565 .2500
92,250.00 .0800
10.5000 .0000
10.2500 .0000
10.1700 2.1700
8.0000 .0000
1524580 .2500
92,800.00 .0800
9.1250 .0000
8.8750 .0000
8.7950 .7950
8.0000 .0000
1524592 .2500
101,650.00 .0800
9.6250 .0000
9.3750 .0000
9.2950 1.2950
8.0000 .0000
1524609 .2500
101,700.00 .0800
9.5000 .0000
9.2500 .0000
9.1700 1.1700
8.0000 .0000
1
1524616 .2500
35,100.00 .0800
9.7500 .0000
9.5000 .0000
9.4200 1.4200
8.0000 .0000
1524618 .2500
325,000.00 .0800
8.8750 .0000
8.6250 .0000
8.5450 .5450
8.0000 .0000
1524661 .2500
138,681.75 .0800
9.5000 .0000
9.2500 .0000
9.1700 1.1700
8.0000 .0000
1524662 .2500
180,500.00 .0800
9.2500 .0000
9.0000 .0000
8.9200 .9200
8.0000 .0000
1524668 .2500
43,950.00 .0800
9.8750 .0000
9.6250 .0000
9.5450 1.5450
8.0000 .0000
1524670 .2500
129,000.00 .0800
10.0000 .0000
9.7500 .0000
9.6700 1.6700
8.0000 .0000
1524671 .2500
128,000.00 .0800
8.8750 .0000
8.6250 .0000
8.5450 .5450
8.0000 .0000
1524674 .2500
70,875.00 .0800
9.8750 .0000
9.6250 .0000
9.5450 1.5450
8.0000 .0000
1
1524733 .2500
79,265.83 .0800
10.1250 .0000
9.8750 .0000
9.7950 1.7950
8.0000 .0000
1524736 .2500
142,000.00 .0800
8.8750 .0000
8.6250 .0000
8.5450 .5450
8.0000 .0000
1524740 .2500
89,693.99 .0800
8.0000 .0000
7.7500 .0000
7.6700 .0000
7.6700 .0000
1524741 .2500
66,600.00 .0800
9.7500 .0000
9.5000 .0000
9.4200 1.4200
8.0000 .0000
1524749 .2500
157,500.00 .0800
9.0000 .0000
8.7500 .0000
8.6700 .6700
8.0000 .0000
1524753 .2500
239,333.92 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0450
8.0000 .0000
1524759 .2500
156,000.00 .0800
9.1250 .0000
8.8750 .0000
8.7950 .7950
8.0000 .0000
1524773 .2500
69,750.00 .0800
9.2500 .0000
9.0000 .0000
8.9200 .9200
8.0000 .0000
1
1524774 .2500
69,750.00 .0800
9.2500 .0000
9.0000 .0000
8.9200 .9200
8.0000 .0000
1524814 .2500
415,393.89 .0800
7.3750 .0000
7.1250 .0000
7.0450 .0000
7.0450 .0000
1524880 .2500
50,000.00 .0800
9.0000 .0000
8.7500 .0000
8.6700 .6700
8.0000 .0000
1524890 .2500
131,750.00 .0800
8.5000 .0000
8.2500 .0000
8.1700 .1700
8.0000 .0000
1524898 .2500
115,500.00 .0800
9.0000 .0000
8.7500 .0000
8.6700 .6700
8.0000 .0000
1524902 .2500
384,000.00 .0800
8.5000 .0000
8.2500 .0000
8.1700 .1700
8.0000 .0000
1524932 .2500
90,000.00 .0800
8.5000 .0000
8.2500 .0000
8.1700 .1700
8.0000 .0000
1524966 .2500
83,250.00 .0800
9.5000 .0000
9.2500 .0000
9.1700 1.1700
8.0000 .0000
1
1524982 .2500
304,000.00 .0800
9.1250 .0000
8.8750 .0000
8.7950 .7950
8.0000 .0000
1524990 .2500
34,984.51 .0800
10.0000 .0000
9.7500 .0000
9.6700 1.6700
8.0000 .0000
1524998 .2500
131,924.05 .0800
8.7500 .0000
8.5000 .0000
8.4200 .4200
8.0000 .0000
1525011 .2500
60,750.00 .0800
9.1250 .0000
8.8750 .0000
8.7950 .7950
8.0000 .0000
1525040 .2500
34,100.00 .0800
9.6250 .0000
9.3750 .0000
9.2950 1.2950
8.0000 .0000
1525041 .2500
30,500.00 .0800
9.5000 .0000
9.2500 .0000
9.1700 1.1700
8.0000 .0000
1525046 .2500
21,150.00 .0800
9.3750 .0000
9.1250 .0000
9.0450 1.0450
8.0000 .0000
1525047 .2500
92,250.00 .0800
10.2500 .0000
10.0000 .0000
9.9200 1.9200
8.0000 .0000
1
1525050 .2500
50,000.00 .0800
9.0000 .0000
8.7500 .0000
8.6700 .6700
8.0000 .0000
1525057 .2500
112,500.00 .0800
9.8750 .0000
9.6250 .0000
9.5450 1.5450
8.0000 .0000
1525067 .2500
19,350.00 .0800
9.3750 .0000
9.1250 .0000
9.0450 1.0450
8.0000 .0000
1525068 .2500
41,400.00 .0800
9.7500 .0000
9.5000 .0000
9.4200 1.4200
8.0000 .0000
1525070 .2500
23,200.00 .0800
10.5000 .0000
10.2500 .0000
10.1700 2.1700
8.0000 .0000
1525073 .2500
80,500.00 .0800
9.6250 .0000
9.3750 .0000
9.2950 1.2950
8.0000 .0000
1525074 .2500
46,340.00 .0800
9.6250 .0000
9.3750 .0000
9.2950 1.2950
8.0000 .0000
1525088 .2500
40,500.00 .0800
9.2500 .0000
9.0000 .0000
8.9200 .9200
8.0000 .0000
1
1525089 .2500
59,200.00 .0800
9.1250 .0000
8.8750 .0000
8.7950 .7950
8.0000 .0000
1525093 .2500
48,000.00 .0800
9.3750 .0000
9.1250 .0000
9.0450 1.0450
8.0000 .0000
1525094 .2500
347,000.00 .0800
9.0000 .0000
8.7500 .0000
8.6700 .6700
8.0000 .0000
1525098 .2500
105,450.00 .0800
9.0000 .0000
8.7500 .0000
8.6700 .6700
8.0000 .0000
1525112 .2500
161,000.00 .0800
8.7500 .0000
8.5000 .0000
8.4200 .4200
8.0000 .0000
1525138 .2500
172,000.00 .0800
9.2500 .0000
9.0000 .0000
8.9200 .9200
8.0000 .0000
1525149 .2500
61,200.00 .0800
9.3750 .0000
9.1250 .0000
9.0450 1.0450
8.0000 .0000
1525161 .2500
91,850.00 .0800
9.2500 .0000
9.0000 .0000
8.9200 .9200
8.0000 .0000
1
1525167 .2500
85,500.00 .0800
9.3750 .0000
9.1250 .0000
9.0450 1.0450
8.0000 .0000
1525169 .2500
101,500.00 .0800
8.7500 .0000
8.5000 .0000
8.4200 .4200
8.0000 .0000
1525187 .2500
31,486.43 .0800
10.1250 .0000
9.8750 .0000
9.7950 1.7950
8.0000 .0000
1525195 .2500
157,500.00 .0800
9.6250 .0000
9.3750 .0000
9.2950 1.2950
8.0000 .0000
1525197 .2500
52,177.52 .0800
10.1250 .0000
9.8750 .0000
9.7950 1.7950
8.0000 .0000
1525200 .2500
124,000.00 .0800
9.1250 .0000
8.8750 .0000
8.7950 .7950
8.0000 .0000
1525212 .2500
45,900.00 .0800
9.7500 .0000
9.5000 .0000
9.4200 1.4200
8.0000 .0000
1525233 .2500
62,050.00 .0800
9.3750 .0000
9.1250 .0000
9.0450 1.0450
8.0000 .0000
1
1525266 .2500
42,000.00 .0800
9.0000 .0000
8.7500 .0000
8.6700 .6700
8.0000 .0000
1525281 .2500
80,000.00 .0800
9.1250 .0000
8.8750 .0000
8.7950 .7950
8.0000 .0000
1525292 .2500
75,350.00 .0800
9.1250 .0000
8.8750 .0000
8.7950 .7950
8.0000 .0000
1525331 .2500
70,000.00 .0800
9.2500 .0000
9.0000 .0000
8.9200 .9200
8.0000 .0000
1525352 .2500
147,600.00 .0800
9.0000 .0000
8.7500 .0000
8.6700 .6700
8.0000 .0000
1525355 .2500
33,300.00 .0800
9.6250 .0000
9.3750 .0000
9.2950 1.2950
8.0000 .0000
1525369 .2500
256,000.00 .0800
9.2500 .0000
9.0000 .0000
8.9200 .9200
8.0000 .0000
1525382 .2500
298,500.00 .0800
9.2500 .0000
9.0000 .0000
8.9200 .9200
8.0000 .0000
1
1525387 .2500
28,800.00 .0800
10.0000 .0000
9.7500 .0000
9.6700 1.6700
8.0000 .0000
1525388 .2500
34,550.00 .0800
9.8750 .0000
9.6250 .0000
9.5450 1.5450
8.0000 .0000
1525389 .2500
56,700.00 .0800
8.7500 .0000
8.5000 .0000
8.4200 .4200
8.0000 .0000
1525396 .2500
150,000.00 .0800
9.5000 .0000
9.2500 .0000
9.1700 1.1700
8.0000 .0000
1525397 .2500
71,250.00 .0800
8.7500 .0000
8.5000 .0000
8.4200 .4200
8.0000 .0000
1525398 .2500
60,000.00 .0800
9.1250 .0000
8.8750 .0000
8.7950 .7950
8.0000 .0000
1525402 .2500
81,000.00 .0800
9.8750 .0000
9.6250 .0000
9.5450 1.5450
8.0000 .0000
1526749 .2500
250,000.00 .0800
8.7500 .0000
8.5000 .0000
8.4200 .4200
8.0000 .0000
1
1526750 .2500
64,400.00 .0800
9.2500 .0000
9.0000 .0000
8.9200 .9200
8.0000 .0000
1526755 .2500
130,000.00 .0800
9.2500 .0000
9.0000 .0000
8.9200 .9200
8.0000 .0000
1526757 .2500
117,500.00 .0800
9.2500 .0000
9.0000 .0000
8.9200 .9200
8.0000 .0000
1526761 .2500
139,500.00 .0800
10.0000 .0000
9.7500 .0000
9.6700 1.6700
8.0000 .0000
1526767 .2500
219,100.00 .0800
9.2500 .0000
9.0000 .0000
8.9200 .9200
8.0000 .0000
1526779 .2500
140,000.00 .0800
9.2500 .0000
9.0000 .0000
8.9200 .9200
8.0000 .0000
1526781 .2500
33,750.00 .0800
9.6250 .0000
9.3750 .0000
9.2950 1.2950
8.0000 .0000
1526785 .2500
135,200.00 .0800
9.3750 .0000
9.1250 .0000
9.0450 1.0450
8.0000 .0000
1
1526788 .2500
117,000.00 .0800
9.3750 .0000
9.1250 .0000
9.0450 1.0450
8.0000 .0000
1526793 .2500
45,750.00 .0800
9.6250 .0000
9.3750 .0000
9.2950 1.2950
8.0000 .0000
1526837 .2500
62,100.00 .0800
9.6250 .0000
9.3750 .0000
9.2950 1.2950
8.0000 .0000
1526995 .2500
346,519.60 .0800
9.0000 .0000
8.7500 .0000
8.6700 .6700
8.0000 .0000
TOTAL NUMBER OF LOANS: 1450
TOTAL BALANCE........: 158,442,444.80
RUN ON : 09/23/96 RFC DISCLOSURE SYSTEM RFFSDFIX-01
AT : 09.59.33 INITIAL SECURITY FEES AMORTIZED BALANCE
SERIES : MULTIPLE POOLS FIXED SUMMARY REPORT CUTOFF : 09/01/96
POOL : 0004221 0004222
:
:
POOL STATUS:
WEIGHTED AVERAGES FROM TO
----------------------------------------------------------------------------
CURR NOTE RATE 9.2101 6.6250 11.3750
RFC NET RATE 8.9598 6.3750 11.1250
NET MTG RATE(INVSTR RATE) 8.8800 6.2950 11.0450
POST SPREAD RATE 7.9474 6.2950 8.0000
SUB SERV FEE .2503 .2500 .8750
MSTR SERV FEE .0798 .0300 .0800
ALL EXP .0000 .0000 .0000
MISC EXP .0000 .0000 .0000
SPREAD .9325 .0000 3.0450
STRIP .0000 .0000 .0000
TOTAL NUMBER OF LOANS: 1450
TOTAL BALANCE........: 158,442,444.80
***************************
* 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-QS5, Class R, (the "Owner")), a [savings institution] [corporation] duly
organized and existing under the laws of [the State of __________________] [the
United States], on behalf of which he makes this affidavit and agreement.
2. That the Owner (i) is not and will not be a "disqualified
organization" as of [date of transfer] within the meaning of Section 860E(e)(5)
of the Internal Revenue Code of 1986, as amended (the "Code"), (ii) will
endeavor to remain other than a disqualified organization for so long as it
retains its ownership interest in the Class R Certificates, and (iii) is
acquiring the Class R Certificates for its own account or for the account of
another Owner from which it has received an affidavit and agreement in
substantially the same form as this affidavit and agreement. (For this purpose,
a "disqualified organization" means the United States, any state or political
subdivision thereof, any agency or instrumentality of any of the foregoing
(other than an instrumentality all of the activities of which are subject to tax
and, except for the Federal Home Loan Mortgage Corporation, a majority of whose
board of directors is not selected by any such governmental entity) or any
foreign government, international organization or any agency or instrumentality
of such foreign government or organization, any rural electric or telephone
cooperative, or any organization (other than certain farmers' cooperatives) that
is generally exempt from federal income tax unless such organization is subject
to the tax on unrelated business taxable income).
3. That the Owner is aware (i) of the tax that would be
imposed on transfers of Class R Certificates to disqualified organizations under
the Code, that applies to all transfers of Class R Certificates after March 31,
1988; (ii) that such tax would be on the transferor, or, if such transfer is
through an agent (which person includes a broker, nominee or middleman) for a
disqualified organization, on the agent; (iii) that the person otherwise liable
for the tax shall be relieved of liability for the tax if the transferee
furnishes to such person an affidavit that the transferee is not a disqualified
organization and, at the time of transfer, such person does not have actual
knowledge that the affidavit is false; and (iv) that the Class R Certificates
may be "noneconomic residual interests" within the meaning of Treasury
regulations promulgated pursuant to the Code
<PAGE>
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 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 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 Certificates and the provisions of Section 5.02(f) of
the Pooling and Servicing Agreement under which the Class R Certificates were
issued (in particular, clause (iii)(A) and (iii)(B) of Section 5.02(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 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
Certificates held by the Owner and not to any other holder of the Class R
Certificates. The Owner understands that the liabilities described herein relate
only to the Class R Certificates.
11. That no purpose of the Owner relating to the transfer of
any of the Class R Certificates by the Owner is or will be to impede the
assessment or collection of any tax.
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 Certificate that the Owner intends to pay taxes associated with holding such
Class R Certificate as they become due, fully understanding that it may incur
tax liabilities in excess of any cash flows generated by the Class R
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 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
The First National Bank of Chicago
One First National Plaza
Suite 0126
Chicago, Illinois 60670-0126
Attention: Residential Funding Corporation Series 1996-QS5
Re: Mortgage Asset-Backed Pass-Through Certificates,
Series 1996-QS5, Class R
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-QS5, Class R (the "Certificates"), pursuant to Section
5.02 of the Pooling and Servicing Agreement (the "Pooling and Servicing
Agreement"), dated as of September 1, 1996 among Residential Accredit Loans,
Inc., as seller (the "Company"), Residential Funding Corporation, as master
servicer, and The First National Bank of Chicago, as trustee (the "Trustee").
All terms used herein and not otherwise defined shall have the meanings set
forth in the Pooling and Servicing Agreement. The Seller hereby certifies,
represents and warrants to, and covenants with, the Company and the Trustee
that:
1. No purpose of the Seller relating to the transfer
of the Certificate by the Seller to the Purchaser is or will be
to impede the assessment or collection of any tax.
2. The Seller understands that the Purchaser has delivered to
the Trustee and the Master Servicer a transfer 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 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
The First National Bank of Chicago
One First National Plaza
Suite 0126
Chicago, Illinois 60670-0126
Attention: Residential Funding Corporation Series 1996-QS5
RE: Mortgage Asset-Backed Pass-Through Certificates,
Series 1996-QS5, [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-QS5, Class __ (the "Certificates"), issued pursuant to
the Pooling and Servicing Agreement (the "Pooling and Servicing Agreement"),
dated as of September 1, 1996 among Residential Accredit Loans, Inc., as seller
(the "Company"), Residential Funding Corporation, as master servicer, and The
First National Bank of Chicago, as trustee (the "Trustee"). All terms used
herein and not otherwise defined shall have the meanings set forth in the
Pooling and Servicing Agreement. The Purchaser hereby certifies, represents and
warrants to, and covenants with, the Company and the Trustee that:
1. The Purchaser understands that (a) the Certificates
have not been and will not be registered or qualified under
the Securities Act of 1933, as amended (the "Act") or any
state securities law, (b) the Company is not required to so
register or qualify the Certificates, (c) the Certificates may
be resold only if registered and qualified pursuant to the
provisions of the Act or any state securities law, or if an
exemption from such registration and qualification is
available, (d) the Pooling and 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
The First National Bank of Chicago
One First National Plaza
Suite 0126
Chicago, Illinois 60670-0126
Attention: Residential Funding Corporation Series 1996-QS5
Re: Mortgage Asset-Backed Pass-Through Certificates,
Series 1996-QS5, [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-QS5, Class (the "Certificates"), issued
pursuant to the Pooling and Servicing Agreement (the "Pooling and Servicing
Agreement"), dated as of September 1, 1996 among Residential Accredit Loans,
Inc., as seller (the "Company"), Residential Funding Corporation, as master
servicer, and The First National Bank of Chicago, as trustee (the "Trustee").
The Seller hereby certifies, represents and warrants to, and covenants with, the
Company and the Trustee that:
Neither the Seller nor anyone acting on its behalf has
(a) offered, pledged, sold, disposed of or otherwise transferred
any Certificate, any interest in any Certificate or any other
similar security to any person in any manner, (b) has solicited
any offer to buy or to accept a pledge, disposition or other
transfer of any Certificate, any interest in any Certificate or
any other similar security from any person in any manner, (c) has
otherwise approached or negotiated with respect to any
Certificate, any interest in any Certificate or any other similar
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
<PAGE>
Seller will not act, in any manner set forth in the foregoing sentence with
respect to any Certificate. The Seller has not and will not sell or otherwise
transfer any of the Certificates, except in compliance with the provisions of
the Pooling and Servicing Agreement.
Very truly yours,
(Seller)
By:
Name:
Title:
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 September 1, 1996 among
Residential Funding Corporation as Master Servicer, Residential Accredit Loans,
Inc. as depositor pursuant to Section 5.02 of the Agreement and The First
National Bank of Chicago, 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.
----------------------------------
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<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) the Trust Fund 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) the Trust Fund to fail to qualify as a REMIC at any time that any
Certificate is outstanding. A copy of any such instrument shall be provided to
the Trustee and the Master Servicer together with an Opinion of Counsel that
such amendment complies with this Section 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-QS5
, 199__
The First National Bank of Chicago
One First National Plaza
Suite 0126
Chicago, Illinois 60670-0126
Attention: Residential Funding Corporation Series 1996-QS5
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 September 1, 1996 (the "Servicing Agreement"),
among Residential Accredit Loans, Inc. (the "Company"), Residential Funding and
The First National Bank of Chicago (the "Trustee") as amended by Amendment No.
___ thereto, dated as of ________, with respect to the Mortgage Asset-Backed
Pass-Through Certificates, Series 1996-QS5 (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
<PAGE>
Funding to perform its Subordinate Certificate Loss Obligation when and as the
same arises from time to time upon the demand of the Trustee in accordance with
Section 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:
THE FIRST NATIONAL BANK OF CHICAGO
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
The First National Bank of Chicago
One First National Plaza
Suite 0126
Chicago, Illinois 60670-0126
Attention: Residential Funding Corporation Series 1996-QS5
Re: Mortgage Asset-Backed Pass-Through Certificates,
Series 1996-QS5 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 September 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
1996-QS5 30 Year Fixed
Schedule of Discount Fractions
PRINCIPAL NET MORTGAGE DISCOUNT PO
LOAN # BALANCE RATE FRACTION BALANCE
1507922 254,692.77 6.295 21.3125000000% 54,281.40
1507812 63,459.17 6.420 19.7500000000% 12,533.19
1507816 77,881.67 6.420 19.7500000000% 15,381.63
1507817 26,921.85 6.420 19.7500000000% 5,317.07
1507898 224,243.26 6.420 19.7500000000% 44,288.04
1507773 99,744.80 6.670 16.6250000000% 16,582.57
1507949 238,897.53 6.670 16.6250000000% 39,716.71
1507960 40,049.14 6.670 16.6250000000% 6,658.17
1518569 265,880.60 6.670 16.6250000000% 44,202.65
1507837 46,558.76 6.795 15.0625000000% 7,012.91
1507899 263,224.44 6.795 15.0625000000% 39,648.18
1518563 114,941.35 6.795 15.0625000000% 17,313.04
1518566 102,816.88 6.795 15.0625000000% 15,486.79
1507659 112,999.46 6.920 13.5000000000% 15,254.93
1507670 80,049.83 6.920 13.5000000000% 10,806.73
1507796 246,740.47 6.920 13.5000000000% 33,309.96
1507822 247,697.29 6.920 13.5000000000% 33,439.13
1507947 225,077.34 6.920 13.5000000000% 30,385.44
1508031 80,157.32 6.920 13.5000000000% 10,821.24
1508037 95,017.24 6.920 13.5000000000% 12,827.33
1508054 119,154.13 6.920 13.5000000000% 16,085.81
1507625 135,137.18 7.045 11.9375000000% 16,132.00
1507669 97,333.78 7.045 11.9375000000% 11,619.22
1507674 165,601.84 7.045 11.9375000000% 19,768.72
1507930 123,827.01 7.045 11.9375000000% 14,781.85
1507946 117,642.89 7.045 11.9375000000% 14,043.62
1508046 193,888.58 7.045 11.9375000000% 23,145.45
1524814 415,393.89 7.045 11.9375000000% 49,587.65
1507643 64,442.95 7.170 10.3750000000% 6,685.96
1507645 92,290.50 7.170 10.3750000000% 9,575.14
1507652 168,151.97 7.170 10.3750000000% 17,445.77
1507870 48,366.82 7.170 10.3750000000% 5,018.06
1507884 165,270.18 7.170 10.3750000000% 17,146.78
1518573 48,521.46 7.170 10.3750000000% 5,034.10
1518574 52,440.56 7.170 10.3750000000% 5,440.71
1518584 43,901.66 7.170 10.3750000000% 4,554.80
1507626 59,905.48 7.295 8.8125000000% 5,279.17
1507651 117,992.91 7.295 8.8125000000% 10,398.13
1507664 88,252.88 7.295 8.8125000000% 7,777.29
1507825 353,050.01 7.295 8.8125000000% 31,112.53
1507869 158,613.13 7.295 8.8125000000% 13,977.78
1508056 124,411.38 7.295 8.8125000000% 10,963.75
1507572 203,251.91 7.420 7.2500000000% 14,735.76
1507655 53,284.50 7.420 7.2500000000% 3,863.13
1507657 96,569.87 7.420 7.2500000000% 7,001.32
1507662 188,433.41 7.420 7.2500000000% 13,661.42
1507671 145,341.63 7.420 7.2500000000% 10,537.27
1508045 190,239.11 7.420 7.2500000000% 13,792.34
1500556 279,023.77 7.545 5.6875000000% 15,869.48
1507619 113,796.72 7.545 5.6875000000% 6,472.19
1507621 151,254.99 7.545 5.6875000000% 8,602.63
1507646 124,954.23 7.545 5.6875000000% 7,106.77
1507809 75,995.98 7.545 5.6875000000% 4,322.27
1507940 469,588.27 7.545 5.6875000000% 26,707.83
1508017 35,417.17 7.545 5.6875000000% 2,014.35
1515456 418,378.92 7.545 5.6875000000% 23,795.30
1518560 91,122.89 7.545 5.6875000000% 5,182.61
1518582 102,269.03 7.545 5.6875000000% 5,816.55
1507601 96,575.74 7.660 4.2500000000% 4,104.47
1507638 130,273.73 7.660 4.2500000000% 5,536.63
1507676 120,952.23 7.660 4.2500000000% 5,140.47
1507823 208,969.24 7.670 4.1250000000% 8,619.98
1512780 452,082.05 7.670 4.1250000000% 18,648.38
1517793 129,557.99 7.670 4.1250000000% 5,344.27
1518572 49,003.84 7.670 4.1250000000% 2,021.41
1524740 89,693.99 7.670 4.1250000000% 3,699.88
1517469 318,912.00 7.720 3.5000000000% 11,161.92
1518859 100,000.00 7.720 3.5000000000% 3,500.00
1507602 88,927.25 7.795 2.5625000000% 2,278.76
1507614 116,304.70 7.795 2.5625000000% 2,980.31
1521685 167,565.32 7.795 2.5625000000% 4,293.86
1507942 495,904.35 7.920 1.0000000000% 4,959.04
1507944 367,059.17 7.920 1.0000000000% 3,670.59
1513711 109,068.19 7.920 1.0000000000% 1,090.68
1518565 99,913.50 7.920 1.0000000000% 999.14
1522976 214,724.87 7.920 1.0000000000% 2,147.25
1424289 163,317.52 7.970 0.3750000000% 612.44
$12,118,370.44 8.5913538277% $1,041,132.08
1996-QS5 15 Year Fixed
Schedule of Discount Fractions
PRINCIPAL NET MORTGAGE DISCOUNT PO
LOAN # BALANCE RATE FRACTION BALANCE
1521555 82,507.98 7.420 7.2500000000% 5,981.83
1488221 67,098.52 7.545 5.6875000000% 3,816.23
1500616 184,724.39 7.545 5.6875000000% 10,506.20
1521566 48,712.70 7.545 5.6875000000% 2,770.53
1484261 58,286.84 7.720 3.5000000000% 2,040.04
1491126 79,301.80 7.720 3.5000000000% 2,775.56
1521227 438,750.00 7.720 3.5000000000% 15,356.25
1502265 238,623.52 7.795 2.5625000000% 6,114.73
1515622 394,723.06 7.795 2.5625000000% 10,114.78
1515865 261,972.95 7.920 1.0000000000% 2,619.73
1521587 265,072.98 7.920 1.0000000000% 2,650.73
$2,119,774.74 3.0544098842% $64,746.61
