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) March 1, 1997
RESIDENTIAL ACCREDIT LOANS, INC. (as company under a Pooling and Servicing
Agreement dated as of March 1, 1997 providing for, inter alia, the issuance of
Mortgage Asset-Backed Pass-Through Certificates, Series 1997-QS2)
Residential Accredit Loans, Inc.
(Exact name of registrant as specified in its charter)
DELAWARE 333-8733 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
NY1-200281.1
6863-253-JFB-04/02/97
<PAGE>
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 Exhibit to the Form S-3 Registration Statement of the Registrant are
hereby filed:
Sequentially
Exhibit Numbered
Number Exhibit Page
10.1 Pooling and Servicing Agreement, dated as of March 1, 1997 4
among Residential Accredit Loans, Inc., as company, Residential
Funding Corporation, as master servicer, and The First National
Bank of Chicago, as trustee.
NY1-200281.1
6863-253-JFB-04/02/97
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
RESIDENTIAL ACCREDIT LOANS, INC.
By: /s/Randy Van Zee
Name: Randy Van Zee
Title: Vice President
Dated: March 31, 1997
NY1-200281.1
6863-253-JFB-04/02/97
<PAGE>
Exhibit 10.1
Pooling and Servicing Agreement, dated as of March 1, 1997
among Residential Accredit Loans, Inc., as company,
Residential Funding Corporation, as master servicer, and The
First National Bank of Chicago, as trustee.
NY1-200281.1
6863-253-JFB-04/02/97
<PAGE>
EXECUTION COPY
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- ------------------------------------------------------------------------------
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 March 1, 1997
Mortgage Asset-Backed Pass-Through Certificates
Series 1997-QS2
- -----------------------------------------------------------------------------
- -----------------------------------------------------------------------------
NY1-195490.2
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TABLE OF CONTENTS
Page
ARTICLE I
DEFINITIONS
Section 1.01. Definitions......................................... 2
Accrued Certificate Interest........................ 2
Addendum and Assignment Agreement................... 3
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..................................... 4
Assignment.......................................... 5
Assignment Agreement................................ 5
Assignment of Proprietary Lease..................... 5
Available Distribution Amount....................... 5
Bankruptcy Amount................................... 5
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........................................... 9
Class............................................... 9
Class A-10 Certificates....................................... 10
Class A-10 Notional Amount.......................... 10
Class A Certificate................................. 10
Class A-9 Collection Shortfall...................... 10
Class A-9 Principal Distribution Amount............. 10
Class B Certificate................................. 10
Class B Percentage.................................. 10
Class B-1 Percentage................................ 10
Class B-1 Prepayment Distribution Trigger........... 11
Class B-2 Percentage................................ 11
Class B-2 Prepayment Distribution Trigger........... 11
Class B-3 Percentage................................ 11
Class B-3 Prepayment Distribution Trigger........... 11
Class M Certificate................................. 11
Class M Percentage.................................. 12
NY1-195490.2
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Page
Class M-1 Percentage..............................12
Class M-2 Percentage..............................12
Class M-2 Prepayment Distribution Trigger.........12
Class M-3 Percentage..............................12
Class M-3 Prepayment Distribution Trigger.........12
Class R Certificate...............................12
Closing Date......................................13
Code..............................................13
Compensating Interest.............................13
Cooperative.......................................13
Cooperative Apartment.............................13
Cooperative Lease.................................13
Cooperative Loans.................................13
Cooperative Stock.................................14
Cooperative Stock Certificate.....................14
Corporate Trust Office............................14
Credit Support Depletion Date.....................14
Curtailment.......................................14
Custodial Account.................................14
Custodial Agreement...............................14
Custodian.........................................14
Cut-off Date......................................14
Cut-off Date Principal Balance....................14
Debt Service Reduction............................14
Defaulted Mortgage Loss...........................15
Deficient Valuation...............................15
Definitive Certificate............................15
Deleted Mortgage Loan.............................15
Depository........................................15
Depository Participant............................15
Destroyed Mortgage Note...........................15
Determination Date................................15
Discount Fraction.................................16
Discount Mortgage Loan............................16
Disqualified Organization.........................16
Distribution Date.................................16
Due Date..........................................16
Due Period........................................16
Eligible Account..................................17
Eligible Funds....................................17
Event of Default..................................17
Excess Bankruptcy Loss............................17
Excess Fraud Loss.................................18
Excess Special Hazard Loss........................18
Excess Subordinate Principal Amount...............18
Extraordinary Events..............................18
Extraordinary Losses..............................19
FASIT.............................................19
FDIC..............................................19
FHLMC.............................................19
Final Distribution Date...........................19
Fitch.............................................19
NY1-195490.2
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Page
FNMA................................................ 19
Foreclosure Profits................................. 19
Fraud Loss Amount................................... 20
Fraud Losses........................................ 20
Independent......................................... 20
Initial Certificate Principal Balance............... 21
Initial Class A-10 Notional Amount.................. 21
Initial Monthly Payment Fund........................ 21
Insurance Proceeds.................................. 21
Insurer............................................. 21
Interest Accrual Period............................. 21
International Borrower.............................. 21
Late Collections.................................... 21
Liquidation Proceeds................................ 21
Loan-to-Value Ratio................................. 22
Lockout Distribution Percentage..................... 22
Maturity Date....................................... 22
Monthly Payment........................................................ 22
Mortgage............................................ 22
Mortgage File.......................................................... 23
Mortgage Loan Schedule.............................. 23
Mortgage Loans...................................... 24
Mortgage Note....................................... 24
Mortgage Rate....................................... 24
Mortgaged Property.................................. 24
Mortgagor........................................... 24
Net Mortgage Rate................................... 24
Non-Discount Mortgage Loan:......................... 24
Non-Primary Residence Loans......................... 24
Non-United States Person............................ 24
Nonrecoverable Advance.............................. 24
Nonsubserviced Mortgage Loan........................ 25
Officers' Certificate............................... 25
Opinion of Counsel.................................. 25
Outstanding Mortgage Loan........................... 25
Ownership Interest.................................. 25
Parent PowerSM Loan................................. 25
Paying Agent........................................ 26
Percentage Interest................................. 26
Permitted Investments............................... 26
Permitted Transferee................................ 28
Person.............................................. 28
Pool Stated Principal Balance....................... 28
Prepayment Assumption............................... 28
Prepayment Distribution Percentage.................. 28
Prepayment Distribution Trigger..................... 30
Prepayment Interest Shortfall....................... 30
Prepayment Period................................... 30
Primary Insurance Policy............................ 30
Principal Prepayment................................ 31
NY1-195490.2
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Page
Principal Prepayment in Full..........................31
Program Guide.........................................31
Purchase Price........................................31
Qualified Substitute Mortgage Loan....................31
Rating Agency.........................................32
Realized Loss.........................................32
Record Date...........................................33
Regular Certificate...................................33
REMIC.................................................33
REMIC Administrator...................................33
REMIC Provisions......................................33
REO Acquisition.......................................33
REO Disposition.......................................33
REO Imputed Interest..................................34
REO Proceeds..........................................34
REO Property..........................................34
Request for Release...................................34
Required Insurance Policy.............................34
Required Surety Payment...............................34
Residential Funding...................................34
Responsible Officer...................................34
Schedule of Discount Fractions:.......................34
Security Agreement....................................35
Seller................................................35
Senior Accelerated Distribution Percentage............35
Seller's Agreement....................................36
Senior Percentage.....................................36
Senior Principal Distribution Amount..................36
Servicing Accounts....................................36
Servicing Advances....................................36
Servicing Fee.........................................37
Servicing Officer.....................................37
Special Hazard Amount.................................37
Special Hazard Loss...................................38
Special Hazard Percentage............................. 38
Standard & Poor's.....................................38
Stated Principal Balance..............................38
Subclass Notional Amount..............................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......................................40
Surety................................................40
Surety Bond...........................................40
Tax Returns...........................................40
Transfer..............................................41
Transferee............................................41
Transferor............................................41
0.2
iv
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Page
Trust Fund............................................ 41
Uncertificated REMIC Regular Interests................ 41
Uniform Single Attestation Program for
Mortgage Bankers:..................................... 41
Uninsured Cause....................................... 42
United States Person.................................. 42
Voting Rights......................................... 42
ARTICLE II
CONVEYANCE OF MORTGAGE LOANS;
ORIGINAL ISSUANCE OF CERTIFICATES
Section 2.01. Conveyance of Mortgage Loans...........................43
Section 2.02. Acceptance by Trustee..................................48
Section 2.03. Representations, Warranties and
Covenants of the Master Servicer and the
Company................................................50
Section 2.04. Representations and Warranties
of Sellers.............................................55
Section 2.05. Execution and Authentication of
Certificates........................................... 57
ARTICLE III
ADMINISTRATION AND SERVICING
OF MORTGAGE LOANS
Section 3.01. Master Servicer to Act as Servicer................... 57
Section 3.02. Subservicing Agreements Between Master
Servicer and Subservicers; Enforcement
of Subservicers' and Sellers'
Obligations.......................................... 59
Section 3.03. Successor Subservicers............................... 60
Section 3.04. Liability of the Master Servicer..................... 61
Section 3.05. No Contractual Relationship Between
Subservicer and Trustee or
Certificateholders. ....................... 61
Section 3.06. Assumption or Termination of
Subservicing Agreements by Trustee................... 61
Section 3.07. Collection of Certain Mortgage Loan
Payments; Deposits to Custodial Account................ 62
Section 3.08. Subservicing Accounts; Servicing
Accounts..............................................65
Information Regarding the Mortgage
Loans................................................ 67
Section 3.10. Permitted Withdrawals from the
Custodial Account.................................... 67
Section 3.11. Maintenance of the Primary Insurance
Policies; Collections Thereunder..................... 69
NY1-195490.2
v
<PAGE>
Page
Section 3.12. Maintenance of Fire Insurance and
Omissions and Fidelity Coverage. ..................... 70
Section 3.13. Enforcement of Due-on-Sale Clauses;
Assumption and Modification Agreements;
Certain Assignments.................................... 72
Section 3.14. Realization Upon Defaulted Mortgage
Loans.................................................. 74
Section 3.15. Trustee to Cooperate;
Release of Mortgage Files.............................. 78
Section 3.16. Servicing and Other Compensation;
Compensating Interest.................................. 80
Section 3.17. Reports to the Trustee and the Company................. 81
Section 3.18. Annual Statement as to Compliance...................... 81
Section 3.19. Annual Independent Public Accountants'
Servicing Report....................................... 82
Section 3.20. Rights of the Company in Respect
of the Master Servicer. ....................... 82
Section 3.21. Administration of Buydown Funds........................ 83
ARTICLE IV
PAYMENTS TO CERTIFICATEHOLDERS
Section 4.01. Certificate Account................................... 84
Section 4.02. Distributions......................................... 84
Section 4.03. Statements to Certificateholders...................... 94
Section 4.04. Distribution of Reports to the
Trustee and the Company; Advances
by the Master Servicer................................ 97
Section 4.05. Allocation of Realized Losses......................... 99
Section 4.06. Reports of Foreclosures and Abandonment
of Mortgaged Property. ...............100
Section 4.07. Optional Purchase of Defaulted Mortgage
Loans. ...............100
Section 4.08. Surety Bond...........................................101
ARTICLE V
THE CERTIFICATES
Section 5.01. The Certificates.......................................102
Section 5.02. Registration of Transfer and Exchange of
Certificates. .......................................105
Section 5.03. Mutilated, Destroyed, Lost or Stolen
Certificates...........................................110
Section 5.04. Persons Deemed Owners..................................111
Section 5.05. Appointment of Paying Agent............................111
Section 5.06. Optional Purchase of Certificates......................111
ARTICLE VI
THE COMPANY AND THE MASTER SERVICER
NY1-195490.2
vi
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Page
Section 6.01. Respective Liabilities of the Company
and the Master Servicer.................................114
Section 6.02. Merger or Consolidation of the
Company or the Master Servicer;
Assignment of Rights and Delegation
of Duties by Master Servicer............................114
Section 6.03. Limitation on Liability of the Company,
the Master Servicer and Others. .................115
Section 6.04. Company and Master
Servicer Not to Resign..................................116
ARTICLE VII
DEFAULT
Section 7.01. Events of Default.......................................117
Section 7.02. Trustee or Company to Act; Appointment
of Successor............................................119
Section 7.03. Notification to Certificateholders......................120
Section 7.04. Waiver of Events of Default.............................120
ARTICLE VIII
CONCERNING THE TRUSTEE
Section 8.01. Duties of Trustee.......................................122
Section 8.02. Certain Matters Affecting the Trustee...................124
Section 8.03. Trustee Not Liable for Certificates or
Mortgage Loans..........................................126
Section 8.04. Trustee May Own Certificates............................126
Section 8.05. Master Servicer to Pay Trustee's Fees
and Expenses; Indemnification. ..................126
Section 8.06. Eligibility Requirements for Trustee....................127
Section 8.07. Resignation and Removal of the Trustee..................128
Section 8.08. Successor Trustee.......................................129
Section 8.09. Merger or Consolidation of Trustee......................129
Section 8.10. Appointment of Co-Trustee or Separate
Trustee.................................................130
Section 8.11. Appointment of Custodians...............................131
Section 8.12. Appointment of Office or Agency.........................131
ARTICLE IX
TERMINATION
Section 9.01. Termination Upon Purchase by the Master
Servicer or the Company or
Liquidation of All Mortgage Loans......................132
Section 9.02. Additional Termination Requirements....................135
ARTICLE X
NY1-195490.2
vii
<PAGE>
Page
REMIC PROVISIONS
Section 10.01. REMIC Administration..................................136
Section 10.02. Master Servicer, REMIC Administrator and
Trustee Indemnification...............................140
ARTICLE XI
MISCELLANEOUS PROVISIONS
Section 11.01. Amendment.............................................142
Section 11.02. Recordation of Agreement; Counterparts................145
Section 11.03. Limitation on Rights
of Certificateholders.................................145
Section 11.04. Governing Law.........................................146
Section 11.05. Notices...............................................146
Section 11.06. Notices to Rating Agency..............................147
Section 11.07. Severability of Provisions............................148
Section 11.08. Supplemental Provisions
for Resecuritization..................................148
NY1-195490.2
viii
<PAGE>
EXHIBITS
Exhibit A: Form of Class A Certificate
Exhibit B: Form of Class M Certificate
Exhibit C: Form of Class B Certificate
Exhibit D: Form of Class R Certificate
Exhibit E: Form of Custodial Agreement
Exhibit F: Mortgage Loan Schedule
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
Exhibit Q: Request for Exchange Form
NY1-195490.2
ix
<PAGE>
This is a Pooling and Servicing Agreement, dated as of March 1, 1997,
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 described in
the definition of Trust Fund herein, and subject to this Agreement (including
the Mortgage Loans but excluding the Initial Monthly Payment Fund), as a real
estate mortgage investment conduit (a "REMIC") for federal income tax purposes.
The Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-6, Class A-7,
Class A-8, Class A-9, Class 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 be initially represented by the
Class A-10 Certificates, will be "regular interests" in the REMIC, and the Class
R Certificates will be the sole class of "residual interests" therein for
purposes of the REMIC Provisions (as defined herein) under federal income tax
law.
NY1-195490.2
<PAGE>
The following table sets forth the designation, type, Pass-Through
Rate, aggregate Initial Certificate Principal Balance, Maturity Date, initial
ratings and certain features for each Class of Certificates comprising the
interests in the Trust
Fund created hereunder.
<TABLE>
<CAPTION>
Aggregate Initial
Certificate
Pass-Through Principal Maturity Standard
Designation Rate Balance Features Date & Poor's Fitch
----------- ------ --------- -------- ------ -------- -----
<S> <C> <C> <C> <C> <C> <C>
Class A-1 9.00% $ 31,108,570.00 Senior March 25, 2027 AAA AAA
Class A-2 7.25% $ 37,000,000.00 Senior March 25, 2027 AAA AAA
Class A-3 7.25% $ 5,200,000.00 Senior March 25, 2027 AAA AAA
Class A-4 7.25% $ 18,200,000.00 Senior March 25, 2027 AAA AAA
Class A-5 7.25% $ 10,000,000.00 Senior March 25, 2027 AAA AAA
Class A-6 7.25% $ 7,371,430.00 Senior March 25, 2027 AAA AAA
Class A-7 7.75% $ 10,400,783.00 Senior March 25, 2027 AAA AAA
Class A-8 7.75% $ 31,000,000.00 Lockout/Senior March 25, 2027 AAA AAA
Class A-9 0.00% $ 130,561.76 Principal Only/Senior March 25, 2027 AAAr AAA
Class A-10 Variable Rate $ 0.00 Variable Strip/Interest March 25, 2027 AAAr AAA
Only/Senior
Class R 7.75% $ 100.00 Residual/Senior March 25, 2027 AAA AAA
Class M-1 7.75% $ 4,931,600.00 Mezzanine March 25, 2027 N/A AA
Class M-2 7.75% $ 4,109,600.00 Mezzanine March 25, 2027 N/A A
Class M-3 7.75% $ 2,630,200.00 Mezzanine March 25, 2027 N/A BBB
Class B-1 7.75% $ 1,068,500.00 Subordinate March 25, 2027 N/A BB
Class B-2 7.75% $ 410,900.00 Subordinate March 25, 2027 N/A B
Class B-3 7.75% $ 821,738.81 Subordinate March 25, 2027 N/A N/A
</TABLE>
The Mortgage Loans have an aggregate Cut-off Date Principal Balance
equal to $164,383,983.57. The Mortgage Loans are fixed-rate first lien mortgage
loans having terms to maturity at origination or modification of not more than
30 years.
In consideration of the mutual agreements herein contained, the
Company, the Master Servicer and the Trustee agree as follows:
ARTICLE I
DEFINITIONS
Section 1.01. Definitions.
Whenever used in this Agreement, the following words and phrases,
unless the context otherwise requires, shall have the meanings specified in this
Article.
Accrued Certificate Interest: With respect to each Distribution Date,
as to any Class A Certificate (other than the Class A-9 Certificates and Class
A-10 Certificates), any Class M Certificate, any Class B Certificate or any
Class R Certificate, interest accrued during the related Interest Accrual Period
at
NY1-195490.2
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<PAGE>
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 the Class A-10 Certificates in the aggregate, interest accrued
during the related Interest Accrual Period at the related Pass-Through Rate on
the Class A-10 Notional Amount. With respect to each Distribution Date, as to
any Subclass of Class A-10 Certificates, interest accrued during the related
Interest Accrual Period at the related Pass-Through Rate on the Subclass
Notional Amount. 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 (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
(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 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 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 in proportion to their respective amounts of Accrued Certificate
Interest payable on such Distribution Date which would have resulted absent such
reductions. Any portion of the reductions described in the immediately preceding
sentence that are allocated to the Class A-10 Certificates shall be allocated
among the Subclasses thereof, if any, in proportion to their respective amounts
of Accrued Certificate Interest payable on such Distribution Date which would
have resulted absent such reductions. In addition to that portion of the
reductions described in the second preceding sentence that are allocated to any
Class of Class B Certificates or any Class of Class M Certificates, Accrued
Certificate Interest on such Class of Class B Certificates or such Class of
Class M Certificates will be reduced by the interest portion (adjusted to the
Net Mortgage Rate) of Realized Losses that are allocated solely to such Class of
Class B Certificates or such Class of Class M Certificates pursuant to Section
4.05.
Addendum and Assignment Agreement: The Addendum and
Assignment Agreement, dated as of January 31, 1995, between MLCC
and the Master Servicer.
NY1-195490.2
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<PAGE>
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, the
total of the amounts held in the Custodial Account at the close of business on
the preceding Determination Date on account of (i) Liquidation Proceeds,
Insurance Proceeds, Principal Prepayments, Mortgage Loan purchases made pursuant
to Section 2.02, 2.03, 2.04 or 4.07 and Mortgage Loan substitutions made
pursuant to Section 2.03 or 2.04 received or made in the month of such
Distribution Date (other than such Liquidation Proceeds, Insurance Proceeds and
purchases of Mortgage Loans that the Master Servicer has deemed to have been
received in the preceding month in accordance with Section 3.07(b)) and (ii)
payments which represent early receipt of scheduled payments of principal and
interest due on a date or dates subsequent to the related Due Date.
Appraised Value: As to any Mortgaged Property, the lesser
of (i) the appraised value of such Mortgaged Property based upon
the appraisal made at the time of the origination of the related
Mortgage Loan, and (ii) the sales price of the Mortgaged Property
NY1-195490.2
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<PAGE>
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 March 31, 1997, 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, an amount
equal to (a) the sum of (i) the amount on deposit in the Custodial Account as of
the close of business on the immediately preceding Determination Date and
amounts deposited in the Custodial Account in connection with the substitution
of Qualified Substitute Mortgage Loans, (ii) the amount of any Advance made on
the immediately preceding Certificate Account Deposit Date, (iii) any amount
deposited in the Certificate Account on the related Certificate Account Deposit
Date pursuant to the second paragraph of Section 3.12(a), (iv) any amount
deposited in the Certificate Account pursuant to Section 4.07, (v) any amount
that the Master Servicer is not permitted to withdraw from the Custodial Account
or the Certificate Account pursuant to Section 3.16(e) and (vi) any amount
received by the Trustee pursuant to the Surety Bond in respect of such
Distribution Date, 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).
Bankruptcy Amount: As of any date of determination, an
amount equal to the excess, if any, of (A) $100,000 over (B) the
aggregate amount of Bankruptcy Losses allocated solely to one or
NY1-195490.2
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more specific Classes of Certificates in accordance with Section
4.05.
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.
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Cash Liquidation: As to any defaulted Mortgage Loan other than a
Mortgage Loan as to which an REO Acquisition occurred, a determination by the
Master Servicer that it has received all Insurance Proceeds, Liquidation
Proceeds and other payments or cash recoveries which the Master Servicer
reasonably and in good faith expects to be finally recoverable with respect to
such Mortgage Loan.
Certificate: Any Class A Certificate, Class 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, Series
1997-QS2" 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 Class A-10 Certificate) and Class R
Certificate, on any date of determination, an amount equal to (i)
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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 Class A-10 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-10 Certificates: The Class A Certificates
designated as Class A-10 Certificates, including any Subclass
thereof.
Class A-10 Notional Amount: As of any Distribution Date, with respect
to the Class A-10 Certificates, the aggregate Stated Principal Balance of the
Mortgage Loans immediately prior to such Distribution Date.
Class A Certificate: Any one of the Class A-1, Class A-2, Class A-3,
Class A-4, Class A-5, Class A-6, Class A-7, Class A-8, Class A-9 or Class A-10
Certificates, executed by the Trustee and authenticated by the Certificate
Registrar substantially in the form annexed hereto as Exhibit A, each such
Certificate (other than the Class A-10 Certificates) evidencing an interest
designated as a "regular interest" in the REMIC for purposes of the REMIC
Provisions. The Class A-10 Certificates will represent the entire beneficial
ownership interest in the Uncertificated REMIC Regular Interests. On and after
the date of issuance of any Subclass of Class A-10 Certificates pursuant to
Section 5.01(c), any such Subclass will represent the Uncertificated REMIC
Regular Interest or Interests specified by the initial Holder of the Class A-10
Certificates pursuant to said Section.
Class A-9 Collection Shortfall: With respect to the Cash Liquidation or
REO Disposition of a Discount Mortgage Loan and any Distribution Date, the
excess of the amount described in Section 4.02(b)(i)(C)(1) over the amount
described in Section 4.02(b)(i)(C)(2).
Class A-9 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 and evidencing an interest designated as a "regular interest" in the REMIC for
purposes of the REMIC Provisions.
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
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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 1.40%.
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 0.75%.
Class B-3 Percentage: With respect to any Distribution Date, a fraction
expressed as a percentage, the numerator of which is the aggregate Certificate
Principal Balance of the Class B-3 Certificates immediately prior to such date
and the denominator of which is the aggregate Stated Principal Balance of all
the Mortgage Loans (or related REO Properties) (other than the related Discount
Fraction of each Discount Mortgage Loan) immediately prior to such Distribution
Date.
Class B-3 Prepayment Distribution Trigger: With respect to any
Distribution Date, a test that shall be satisfied if the fraction (expressed as
a percentage) equal to the sum of the Certificate Principal Balances of the
Class B-3 Certificates immediately prior to such Distribution Date divided by
the aggregate Stated Principal Balance of all of the Mortgage Loans (or related
REO Properties) immediately prior to such Distribution Date is greater than or
equal to 0.50%.
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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 and evidencing an interest designated as a "regular interest" in the REMIC for
purposes of the REMIC Provisions.
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 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
NY1-195490.2
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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 3.00%.
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.
Closing Date: March 31, 1997.
Code: The Internal Revenue Code of 1986.
Compensating Interest: With respect to any Distribution Date, an amount
equal to Prepayment Interest Shortfalls resulting from Principal Prepayments in
Full during the related Prepayment Period, but not more than the lesser of (a)
one-twelfth of 0.125% of the Stated Principal Balance of the Mortgage Loans
immediately preceding such Distribution Date and (b) the sum of the Servicing
Fee, all income and gain on amounts held in the Custodial Account and the
Certificate Account and payable to the Certificateholders with respect to such
Distribution Date and servicing compensation to which the Master Servicer may be
entitled pursuant to Section 3.10(a)(v) and (vi); provided that for purposes of
this definition the amount of the Servicing Fee will not be reduced pursuant to
Section 7.02 except as may be required pursuant to the last sentence of such
Section.
Cooperative: A private, cooperative housing corporation organized under
the laws of, and headquartered in, the State of New York which owns or leases
land and all or part of a building or buildings located in the State of New
York, including apartments, spaces used for commercial purposes and common areas
therein and whose board of directors authorizes, among other things, the sale of
Cooperative Stock.
Cooperative Apartment: A dwelling unit in a multi-dwelling building
owned or leased by a Cooperative, which unit the Mortgagor has an exclusive
right to occupy pursuant to the terms of a proprietary lease or occupancy
agreement.
Cooperative Lease: With respect to a Cooperative Loan, the proprietary
lease or occupancy agreement with respect to the Cooperative Apartment occupied
by the Mortgagor and relating to the related Cooperative Stock, which lease or
agreement confers an exclusive right to the holder of such Cooperative Stock to
occupy such apartment.
Cooperative Loans: Any of the Mortgage Loans made in
respect of a Cooperative Apartment, evidenced by a Mortgage Note
and secured by (i) a Security Agreement, (ii) the related
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Cooperative Stock Certificate, (iii) an assignment of the Cooperative Lease,
(iv) financing statements and (v) a stock power (or other similar instrument),
and ancillary thereto, a recognition agreement between the Cooperative and the
originator of the Cooperative Loan, each of which was transferred and assigned
to the Trustee pursuant to Section 2.01 and are from time to time held as part
of the Trust Fund.
Cooperative Stock: With respect to a Cooperative Loan, the
single outstanding class of stock, partnership interest or other
ownership instrument in the related Cooperative.
Cooperative Stock Certificate: With respect to a
Cooperative Loan, the stock certificate or other instrument
evidencing the related Cooperative Stock.
Corporate Trust Office: The principal office of the Trustee at which at
any particular time its corporate trust business with respect to this Agreement
shall be administered, which office at the date of the execution of this
instrument is located at One First National Plaza, Chicago, Illinois 60670,
Attention:
Residential Funding Corporation Series 1997-QS2.
Credit Support Depletion Date: The first Distribution Date on which the
Certificate Principal Balances of the Class M Certificates and Class B
Certificates have been reduced to zero.
Curtailment: Any Principal Prepayment made by a Mortgagor
which is not a Principal Prepayment in Full.
Custodial Account: The custodial account or accounts created and
maintained pursuant to Section 3.07 in the name of a depository institution, as
custodian for the holders of the Certificates, for the holders of certain other
interests in mortgage loans serviced or sold by the Master Servicer and for the
Master Servicer, into which the amounts set forth in Section 3.07 shall be
deposited directly. Any such account or accounts shall be an Eligible Account.
Custodial Agreement: An agreement that may be entered into among the
Company, the Master Servicer, the Trustee and a Custodian in substantially the
form of Exhibit E hereto.
Custodian: A custodian appointed pursuant to a Custodial
Agreement.
Cut-off Date: March 1, 1997.
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.
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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.
Defaulted Mortgage Loss: With respect to any Mortgage Loan, a Realized
Loss that is attributable to the Mortgagor's failure to make any payment of
principal or interest as required under the Mortgage Note, not including Special
Hazard Losses, Extraordinary Losses (or any other loss resulting from damage to
the related Mortgaged Property (or, with respect to a Cooperative Loan, the
related Cooperative Apartment)), Bankruptcy Losses, Fraud Losses and any other
interest shortfalls not covered by the subordination described in Section 4.05,
including interest that is not collectible from the Mortgagor pursuant to the
Soldiers' and Sailors' Civil Relief Act of 1940 or similar legislation or
regulations as in effect from time to time.
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.
Destroyed Mortgage Note: A Mortgage Note the original of
which was permanently lost or destroyed and has not been
replaced.
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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 7.75% 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 7.75%. 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 7.75% 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.
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.
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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 The First National Bank of Chicago, or (v) an account or
accounts of a depository institution acceptable to each Rating Agency (as
evidenced in writing by each Rating Agency that use of any such account as the
Custodial Account or the Certificate Account will not reduce the rating assigned
to any Class of Certificates by such Rating Agency below the lower of the
then-current rating or the rating assigned to such Certificates as of the
Closing Date by such Rating Agency).
Eligible Funds: On any Distribution Date, the portion, if any, of the
Available Distribution Amount remaining after reduction by the sum of (i) the
aggregate amount of Accrued Certificate Interest on the Class A Certificates and
Class R Certificates, (ii) the Senior Principal Distribution Amount (determined
without regard to Section 4.02(a)(ii)(Y)(D) hereof), (iii) the Class A-9
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, Class B-1 and Class B-2 Certificates.
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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 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).
Extraordinary Events: Any of the following conditions with
respect to a Mortgaged Property (or, with respect to a
Cooperative Loan, the Cooperative Apartment) or Mortgage Loan
causing or resulting in a loss which causes the liquidation of
such Mortgage Loan:
(a) losses that are of the type that would be covered by the
fidelity bond and the errors and omissions insurance policy required to
be maintained pursuant to Section 3.12(b) but are in excess of the
coverage maintained thereunder;
(b) nuclear reaction or nuclear radiation or radioactive
contamination, all whether controlled or uncontrolled, and whether such
loss be direct or indirect, proximate or remote or be in whole or in
part caused by, contributed to or aggravated by a peril covered by the
definition of the term "Special Hazard Loss";
(c) hostile or warlike action in time of peace or war,
including action in hindering, 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
NY1-195490.2
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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.
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
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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: (X) prior to the first anniversary of the Cut-off Date
an amount equal to 3.00% of the aggregate outstanding principal balance of all
of the 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, (Y) from the first to the second 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) 2.00% of the aggregate principal
balance of all of the Mortgage Loans as of the most recent anniversary of the
Cut-off Date minus (2) the aggregate amounts 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 and (Z)
from the second to the fifth anniversary of the Cut-off Date, an amount equal to
(1) the lesser of (a) the Fraud Loss Amount as of the most recent anniversary of
the Cut-off Date and (b) 1.00% of the aggregate outstanding principal balance of
all of the Mortgage Loans as of the most recent anniversary of the Cut-off Date
minus (2) the Fraud Losses allocated solely to one or more specific Classes of
Certificates in accordance with Section 4.05 since the most recent anniversary
of the Cut-off Date up to such date of determination. On and after the fifth
anniversary of the Cut-off Date the Fraud Loss Amount shall be zero.
The Fraud Loss Amount may be further reduced by the Master Servicer
(including accelerating the manner in which such coverage is reduced) provided
that prior to any such reduction, the Master Servicer shall (i) obtain written
confirmation from each Rating Agency that such reduction shall not reduce the
rating assigned to any Class of Certificates by such Rating Agency below the
lower of the then-current rating or the rating assigned to such Certificates as
of the Closing Date by such Rating Agency and (ii) provide a copy of such
written confirmation to the Trustee.
Fraud Losses: Losses on Mortgage Loans as to which there
was fraud in the origination of such Mortgage Loan.
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
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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 Class A-10 Notional Amount. With respect to any Class A-10
Certificate, the Cut-off Date Principal Balance of the Mortgage Loans
corresponding to the Uncertificated REMIC Regular Interests represented by such
Class A-10 Certificate.
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, with respect to a Cooperative Loan, the related Cooperative Apartment) or
released to the Mortgagor in accordance with the procedures that the Master
Servicer would follow in servicing mortgage loans held for its own account.
Insurer: Any named insurer under any Primary Insurance
Policy or any successor thereto or the named insurer in any
replacement policy.
Interest Accrual Period: With respect to any Certificate, other than
any Class A-9 Certificate and any Distribution Date, the calendar month
preceding the month in which such Distribution Date occurs.
International Borrower: In connection with any Mortgage Loan, a
borrower who is (a) a United States citizen employed in a foreign country, (b) a
non-permanent resident alien employed in the United States or (c) a citizen of a
country other than the United States with income derived from sources outside
the United States.
Late Collections: With respect to any Mortgage Loan, all amounts
received during any Due Period, whether as late payments of Monthly Payments or
as Insurance Proceeds, Liquidation Proceeds or otherwise, which represent late
payments or collections of Monthly Payments due but delinquent for a previous
Due Period and not previously recovered.
Liquidation Proceeds: Amounts (other than Insurance
Proceeds) received by the Master Servicer in connection with the
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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-to-Value Ratio: As of any date, the fraction, expressed as a
percentage, the numerator of which is the current principal balance of the
related Mortgage Loan at the date of determination and the denominator of which
is the Appraised Value of the related Mortgaged Property.
Lockout Distribution Percentage: For any Distribution Date occurring
prior to the Distribution Date in April 2002, 0%; for any Distribution Date
during the sixth year after the Closing Date, 30%; for any Distribution Date
during the seventh year after the Closing Date, 40%; for any Distribution Date
during the eighth year after the Closing Date, 60%; for any Distribution Date
during the ninth year after the Closing Date, 80%; and for any Distribution Date
thereafter, 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
Class A-10 Certificates which have no Certificate Principal Balance)
representing a regular interest in the REMIC would be reduced to zero, which is
March 25, 2027, 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 March 25, 2027, which is the
Distribution Date immediately following the latest scheduled maturity date of
any Mortgage Loan.
MLCC: Merrill Lynch Credit Corporation, or its successor in
interest.
Monthly Payment: With respect to any Mortgage Loan (including any REO
Property) and any Due Date, the payment of principal and interest due thereon in
accordance with the amortization schedule at the time applicable thereto (after
adjustment, if any, for Curtailments and for Deficient Valuations occurring
prior to such Due Date but before any adjustment to such amortization schedule
by reason of any bankruptcy, other than a Deficient Valuation, or similar
proceeding or any moratorium or similar waiver or grace period).
Moody's: Moody's Investors Service, Inc., or its successor
in interest.
Mortgage: With respect to each Mortgage Note related to a
Mortgage Loan which is not a Cooperative Loan, the mortgage, deed
of trust or other comparable instrument creating a first lien on
NY1-195490.2
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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 (as amended from time to time to reflect the addition of Qualified
Substitute Mortgage Loans), which list shall set forth at a minimum the
following information as to each Mortgage Loan:
(i) the Mortgage Loan identifying number ("RFC LOAN
#");
(ii) the street address of the Mortgaged Property (or,
with respect to a Cooperative Loan, the related
Cooperative Apartment) 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 Pool Strip Rate ("STRIP");
(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");
NY1-195490.2
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(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 schedule 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 or, with respect to a Cooperative Loan, the related
Cooperative Lease and Cooperative Stock.
Mortgagor: The obligor on a Mortgage Note.
Net Mortgage Rate: As to each Mortgage Loan, a per annum rate of
interest equal to the Adjusted Mortgage Rate less the per annum rate at which
the Servicing Fee is calculated.
Non-Discount Mortgage Loan: A Mortgage Loan that is not a
Discount Mortgage Loan.
Non-Primary Residence Loans: The Mortgage Loans designated
as secured by second or vacation residences, or by non-owner
occupied residences, on the Mortgage Loan Schedule.
Non-United States Person: Any Person other than a United
States Person.
NY1-195490.2
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Nonrecoverable Advance: Any Advance previously made or proposed to be
made by the Master Servicer in respect of a Mortgage Loan (other than a Deleted
Mortgage Loan) which, in the good faith judgment of the Master Servicer, will
not, or, in the case of a proposed Advance, would not, be ultimately recoverable
by the Master Servicer from related Late Collections, Insurance Proceeds,
Liquidation Proceeds, REO Proceeds or amounts reimbursable to the Master
Servicer pursuant to Section 4.02(a) hereof. The determination by the Master
Servicer that it has made a Nonrecoverable Advance or that any proposed Advance
would constitute a Nonrecoverable Advance, shall be evidenced by an Officers'
Certificate delivered to the Company and the Trustee.
Nonsubserviced Mortgage Loan: Any Mortgage Loan that, at
the time of reference thereto, is not subject to a Subservicing
Agreement.
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.
Outstanding Mortgage Loan: As to any Due Date, a Mortgage Loan
(including an REO Property) which was not the subject of a Principal Prepayment
in Full, Cash Liquidation or REO Disposition and which was not purchased,
deleted or substituted for prior to such Due Date pursuant to Section 2.02,
2.03, 2.04 or 4.07.
Ownership Interest: As to any Certificate, any ownership or security
interest in such Certificate, including any interest in such Certificate as the
Holder thereof and any other interest therein, whether direct or indirect, legal
or beneficial, as owner or as pledgee.
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 Class A-9 Certificates and Class A-10
Certificates), Class M Certificates, Class B Certificates and
NY1-195490.2
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Class R Certificates and any Distribution Date, the per annum rates set forth in
the Preliminary Statement hereto. With respect to the Class A-10 Certificates in
the aggregate and any Distribution Date, a rate equal to the weighted average,
expressed as a percentage, of the Pool Strip Rates of all Mortgage Loans as of
the Due Date in the 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 (or, with
respect to the initial Distribution Date, at the close of business on the
Cut-off Date). With respect to the Class A-10 Certificates and the initial
Distribution Date, the Pass-Through Rate is equal to 0.7469% per annum. With
respect to any Subclass of Class A-10 Certificates and any Distribution Date, a
rate equal to the weighted average, expressed as a percentage, of the Pool Strip
Rates of all Mortgage Loans corresponding to the Uncertificated REMIC Regular
Interests represented by such Subclass 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 (or with respect to the initial
Distribution Date, at the close of business on the Cut-off Date). The Class A-9
Certificates have no Pass-Through Rate and are not entitled to Accrued
Certificate Interest.
Paying Agent: The First National Bank of Chicago or any
successor Paying Agent appointed by the Trustee.
Percentage Interest: With respect to any Certificate (other than a
Class R Certificate), the undivided percentage ownership interest in the related
Class evidenced by such Certificate, which percentage ownership interest shall
be equal to the Initial Certificate Principal Balance thereof or Initial Class
A-10 Notional Amount thereof (in the case of any Class A-10 Certificate) divided
by the aggregate Initial Certificate Principal Balance or the aggregate of the
Initial Class A-10 Notional Amounts, as applicable, of all the Certificates of
the same Class. With respect to a 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
NY1-195490.2
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instrumentality thereof when such obligations are backed by
the full faith and credit of the United States;
(ii) repurchase agreements on obligations specified in
clause (i) maturing not more than one month from the date of
acquisition thereof, provided that the unsecured obligations of the
party agreeing to repurchase such obligations are at the time rated by
each Rating Agency in its highest short-term rating available;
(iii) federal funds, certificates of deposit, demand
deposits, time deposits and bankers' acceptances (which shall each have
an original maturity of not more than 90 days and, in the case of
bankers' acceptances, shall in no event have an original maturity of
more than 365 days or a remaining maturity of more than 30 days)
denominated in United States dollars of any U.S. depository institution
or trust company incorporated under the laws of the United States or
any state thereof or of any domestic branch of a foreign depository
institution or trust company; provided that the debt obligations of
such depository institution or trust company (or, if the only Rating
Agency is Standard & Poor's, in the case of the principal depository
institution in a depository institution holding company, debt
obligations of the depository institution holding company) at the date
of acquisition thereof have been rated by each Rating Agency in its
highest short-term rating available; and provided further that, if the
only Rating Agency is Standard & Poor's and if the depository or trust
company is a principal subsidiary of a bank holding company and the
debt obligations of such subsidiary are not separately rated, the
applicable rating shall be that of the bank holding company; and,
provided further that, if the original maturity of such short-term
obligations of a domestic branch of a foreign depository institution or
trust company shall exceed 30 days, the short-term rating of such
institution shall be A-1+ in the case of Standard & Poor's if Standard
& Poor's is the Rating Agency;
(iv) commercial paper (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
NY1-195490.2
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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.
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.
Pool Strip Rate: With respect to each Mortgage Loan, a per annum rate
equal to the excess of (a) the Net Mortgage Rate of such Mortgage Loan over (b)
7.75% per annum (but not less than 0.00%).
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 the first month of the life of such Mortgage
Loans and an additional 1.090909% per annum in each month
NY1-195490.2
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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
April 2002 (unless the Certificate Principal Balances of the
Class A Certificates (other than the Class A-9 Certificates)
and Class R Certificates, 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 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
NY1-195490.2
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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.
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.
NY1-195490.2
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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 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
NY1-195490.2
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(vi) have a Pool Strip Rate equal to or greater than that of the Deleted
Mortgage Loan. Notwithstanding any other provisions herein, (x) with respect to
any Qualified Substitute Mortgage Loan substituted for a Deleted Mortgage Loan
which was a Discount Mortgage Loan, such Qualified Substitute Mortgage Loan
shall be deemed to be a Discount Mortgage Loan and to have a Discount Fraction
equal to the Discount Fraction of the Deleted Mortgage Loan and (y) in the event
that the "Pool Strip Rate" of any Qualified Substitute Mortgage Loan as
calculated pursuant to the definition of "Pool Strip Rate" is greater than the
Pool Strip Rate of the related Deleted Mortgage Loan (i) the Pool Strip Rate of
such Qualified Substitute Mortgage Loan shall be equal to the Pool Strip Rate of
the related Deleted Mortgage Loan for purposes of calculating the Pass-Through
Rate on the Class A-10 Certificates and (ii) the excess of the Pool Strip Rate
on such Qualified Substitute Mortgage Loan as calculated pursuant to the
definition of "Pool Strip Rate" over the Pool Strip Rate on the related Deleted
Mortgage Loan shall be payable to the Class R Certificates pursuant to Section
4.02 hereof.
Rating Agency: Fitch and Standard & Poor's with respect to the Class A
Certificates 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 up
to the last day of the month in which the Cash Liquidation (or REO Disposition)
occurred on the Stated Principal Balance of such Mortgage Loan (or REO Property)
outstanding during each Due Period that such interest was not paid or advanced,
minus (iii) the proceeds, if any, received during the month in which such Cash
Liquidation (or REO Disposition) occurred, to the extent applied as recoveries
of interest at the Net Mortgage Rate and to principal of the Mortgage Loan, net
of the portion thereof reimbursable to the Master Servicer or any Subservicer
with respect to related Advances or expenses as to which the Master Servicer or
Subservicer is entitled to reimbursement thereunder but which have not been
previously reimbursed. With respect to each Mortgage Loan which has become the
subject of a Deficient Valuation, the difference between the principal balance
of the Mortgage Loan outstanding immediately prior to such Deficient Valuation
and the principal balance of the Mortgage Loan as
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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.
REMIC Provisions: Provisions of the federal income tax law relating to
real estate mortgage investment conduits, which appear at Sections 860A through
860G of Subchapter M of Chapter 1 of the Code, and related provisions, and
temporary and final regulations (or, to the extent not inconsistent with such
temporary or final regulations, proposed regulations) and published rulings,
notices and announcements promulgated thereunder, as the foregoing may be in
effect from time to time.
REO Acquisition: The acquisition by the Master Servicer on behalf of
the Trustee for the benefit of the Certificateholders of any REO Property
pursuant to Section 3.14.
REO Disposition: As to any REO Property, a determination by the Master
Servicer that it has received all Insurance Proceeds, Liquidation Proceeds, REO
Proceeds and other payments and
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recoveries (including proceeds of a final sale) which the Master Servicer
expects to be finally recoverable from the sale or other disposition of the REO
Property.
REO Imputed Interest: As to any REO Property, for any period, an amount
equivalent to interest (at the Net Mortgage Rate that would have been applicable
to the related Mortgage Loan had it been outstanding) on the unpaid principal
balance of the Mortgage Loan as of the date of acquisition thereof for such
period.
REO Proceeds: Proceeds, net of expenses, received in respect of any REO
Property (including, without limitation, proceeds from the rental of the related
Mortgaged Property or, with respect to a Cooperative Loan, the related
Cooperative Apartment) which proceeds are required to be deposited into the
Custodial Account only upon the related REO Disposition.
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.
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.
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Schedule of Discount Fractions: The schedule setting forth the Discount
Fractions with respect to the Discount Mortgage Loans, attached hereto as
Exhibit P.
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.
Senior Accelerated Distribution Percentage: With respect to
any Distribution Date, the percentage indicated below:
Senior Accelerated
Distribution Date Distribution Percentage
April 1997 through
March 2002.............................................. 100%
April 2002 through
March 2003............................... Senior Percentage, plus 70% of
the Subordinate Percentage
April 2003 through
March 2004................................ Senior Percentage, plus 60% of
the Subordinate Percentage
April 2004 through
March 2005............................. Senior Percentage, plus 40% of
the Subordinate Percentage
April 2005 through
March 2006................................. Senior Percentage, plus 20% of
the Subordinate Percentage
April 2006 and
thereafter.............................................. Senior Percentage
provided, however, (i) that any scheduled reduction to the Senior 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 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 delinquent 60 days or more averaged over the
last six months, as a percentage of the aggregate outstanding principal balance
of all Mortgage Loans averaged over the last six months, does not exceed 2% and
(2) Realized Losses on the Mortgage Loans to date for such Distribution Date if
occurring during the sixth, seventh, eighth, ninth or tenth year (or any year
thereafter) after the Closing Date are less than 30%, 35%, 40%, 45% or 50%,
respectively, of
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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 delinquent 60 days or more averaged over the last six
months, as a percentage of the aggregate outstanding principal balance of all
Mortgage Loans averaged over the last six months, does not exceed 4% and (2)
Realized Losses on the Mortgage Loans to date for such Distribution Date 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 Senior Percentage is greater than the Senior Percentage as of
the Closing Date, the Senior 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 Certificates
(other than the Class A-9 Certificates) and Class R Certificates, to zero, the
Senior Accelerated Distribution Percentage shall thereafter be 0%.
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 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 Certificates (other than the Class
A-9 Certificates) 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) (other than the
related Discount Fraction of each Discount Mortgage Loan) immediately prior to
such Distribution Date.
Senior Principal Distribution Amount: As to any Distribution Date, the
lesser of (a) the balance of the Available Distribution Amount remaining after
the distribution of all amounts required to be distributed pursuant to Section
4.02(a)(i) and Section 4.02(a)(ii)(X) and (b) the sum of the amounts required to
be distributed to the Class A Certificateholders and Class R Certificateholders
on such Distribution Date pursuant to Section 4.02(a)(ii)(Y), (xvi) and (xvii).
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,
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restoration and protection of a Mortgaged Property or, with respect to a
Cooperative Loan, the related Cooperative Apartment, (ii) any enforcement or
judicial proceedings, including foreclosures, (iii) the management and
liquidation of any REO Property and (iv) compliance with the obligations under
Sections 3.01, 3.08, 3.12(a) and 3.14, including, if the Master Servicer or any
Affiliate of the Master Servicer provides services such as appraisals and
brokerage services that are customarily provided by Persons other than servicers
of mortgage loans, reasonable compensation for such services.
Servicing Fee: With respect to any Mortgage Loan and Distribution Date,
the fee payable monthly to the Master Servicer in respect of master servicing
compensation that accrues at an annual rate designated on the Mortgage Loan
Schedule as the "MSTR SERV FEE" for such Mortgage Loan, as may be adjusted with
respect to successor Master Servicers as provided in Section 7.02.
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
$1,900,600 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
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preceding Distribution Date) of all of the Mortgage Loans, expressed as a
percentage, and the denominator of which is equal to 19.38% (which percentage is
equal to the percentage of Mortgage Loans initially secured by Mortgaged
Properties located in the State of California) and (ii) the aggregate
outstanding principal balance (as of the immediately preceding Distribution
Date) of the largest Mortgage Loan secured by a Mortgaged Property (or, with
respect to a Cooperative Loan, the related Cooperative Apartment) located in the
State of California.
The Special Hazard Amount may be further reduced by the Master Servicer
(including accelerating the manner in which coverage is reduced) provided that
prior to any such reduction, the Master Servicer shall (i) obtain written
confirmation from each Rating Agency that such reduction shall not reduce the
rating assigned to any Class of Certificates by such Rating Agency below the
lower of the then-current rating or the rating assigned to such Certificates as
of the Closing Date by such Rating Agency and (ii) provide a copy of such
written confirmation to the Trustee.
Special Hazard Loss: Any Realized Loss not in excess of the cost of the
lesser of repair or replacement of a Mortgaged Property (or, with respect to a
Cooperative Loan, the related Cooperative Apartment) suffered by such Mortgaged
Property (or Cooperative Apartment) on account of direct physical loss,
exclusive of (i) any loss of a type covered by a hazard policy or a flood
insurance policy required to be maintained in respect of such Mortgaged Property
pursuant to Section 3.12(a), except to the extent of the portion of such loss
not covered as a result of any coinsurance provision and (ii) any Extraordinary
Loss.
Standard & Poor's: Standard & Poor's 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.
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Subclass: With respect to the Class A-10 Certificates, any Subclass
thereof issued pursuant to Section 5.01(c). Any such Subclass will represent the
Uncertificated REMIC Regular Interest or Interests specified by the initial
Holder of the Class A-10 Certificates pursuant to Section 5.01(c).
Subclass Notional Amount: As of any Distribution Date, with respect to
any Subclass of Class A-10 Certificates issued pursuant to Section 5.01(c), the
aggregate Stated Principal Balance of the Mortgage Loans corresponding to the
Uncertificated REMIC Regular Interests represented by such Subclass immediately
prior to such date.
Subordinate Percentage: As of any Distribution Date, 100%
minus the Senior 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) the product of (x) the related Class M
Percentage or Class B Percentage for such Class and (y) the aggregate of the
amounts calculated for such Distribution Date under clauses (1), (2) and (3) of
Section 4.02(a)(ii)(Y)(A); (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 Class A Certificates and Class R Certificates; (iii) the
product of (x) the related Prepayment Distribution Percentage and (y) the
aggregate of all Principal Prepayments in Full and Curtailments received in the
related Prepayment Period (other than the related Discount Fraction of such
Principal Payments in Full and Curtailments with respect to a Discount Mortgage
Loan) to the extent not payable to the Class A Certificates and Class R
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.
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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 MLCC, the Subservicing Agreement shall also
include the Addendum and Assignment Agreement and the Pledged Asset Mortgage
Servicing Agreement.
Subservicing Fee: As to any Mortgage Loan, the fee payable monthly to
the related Subservicer (or, in the case of a Nonsubserviced Mortgage Loan, to
the Master Servicer) in respect of subservicing and other compensation that
accrues at an annual rate equal to the excess of the Mortgage Rate borne by the
related Mortgage Note over the rate per annum designated on the Mortgage Loan
Schedule as the "CURR NET" for such Mortgage Loan.
Surety: AMBAC Indemnity Corporation, or its successors in
interest.
Surety Bond: The Limited Purpose Surety Bond (Policy No. AB0039BE),
dated February 28, 1996, issued by AMBAC Indemnity Corporation for the benefit
of certain beneficiaries, including the Trustee for the benefit of the Holders
of the Certificates, but only to the extent that such Limited Purpose Surety
Bond covers any 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.
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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 to be made, consisting of:
(i) the Mortgage Loans and the related Mortgage Files,
(ii) all payments on and collections in respect of the
Mortgage Loans due after the Cut-off Date as shall be
on deposit in the Custodial Account or in the
Certificate Account and identified as belonging to the
Trust Fund, including the proceeds from the
liquidation of Additional Collateral for any
Additional Collateral Loan, but not including amounts
on deposit in the Initial Monthly Payment Fund;
(iii) property which secured a Mortgage Loan and which has
been acquired for the benefit of the
Certificateholders by foreclosure or deed in lieu of
foreclosure,
(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,
and
(v) all proceeds of clauses (i) through (iv) above.
Uncertificated REMIC Regular Interests: The 1513 uncertificated partial
undivided beneficial ownership interests in the Trust Fund, numbered
sequentially from 1 to 1513, 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 Pool Strip
Rate on the Stated Principal Balance of 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.
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Uninsured Cause: Any cause of damage to property subject to a Mortgage
such that the complete restoration of such property is not fully reimbursable by
the hazard insurance policies.
United States Person: A citizen or resident of the United States, a
corporation, partnership or other entity created or organized in, or under the
laws of, the United States or any political subdivision thereof, or an estate
that is described in Section 7701(a)(30)(D) of the Code, or a trust that is
described in Section 7701(a)(30)(E) of the Code.
Voting Rights: The portion of the voting rights of all of the
Certificates which is allocated to any Certificate. 98.0% of all of the Voting
Rights shall be allocated among Holders of Certificates, other than the Class
A-10 Certificates and Class R Certificates, in proportion to the outstanding
Certificate Principal Balances of their respective Certificates; 1% of all
Voting Rights shall be allocated among the Holders of the Class A-10
Certificates and the Holders of the Class R Certificates shall be entitled to 1%
of all of the Voting Rights, allocated among the Certificates of each such Class
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 until such time
as is set forth below. Within ten Business Days following the earlier of (i) the
receipt of the original of each of the documents or instruments set forth in
Section 2.01(b)(I)(iv) and (v) and Section (b)(II)(ii), (iv), (vii), (ix) and
(x) (or copies thereof as permitted by such Section) for any Mortgage Loan and
(ii) a written request by the Trustee to deliver those documents with respect to
any or all of the Mortgage Loans then being held by the Master Servicer, the
Master Servicer shall deliver a complete set of such documents to the Trustee or
the Custodian or Custodians that are the duly appointed agent or agents of the
Trustee.
On the Closing Date, the Master Servicer shall certify that it has in
its possession an original or copy of each of the documents referred to in
Section 2.01(b)(I)(iv) and (v) and Section (b)(II)(ii), (iv), (vii), (ix) and
(x) which has been delivered to it by the Company. Every six months after the
Closing Date, for so long as the Master Servicer is holding documents pursuant
to this Section 2.01(c), the Master Servicer shall deliver to (i) Moody's if it
is one of the Rating Agencies, (ii) the Trustee and (iii) each Custodian a
report setting forth the status of the documents which it is holding pursuant to
this Section 2.01(c).
(d) In the event that in connection with any Mortgage Loan the Company
cannot deliver the Mortgage, any assignment, modification, assumption agreement
or preferred loan agreement (or copy thereof certified by the public recording
office) with evidence of recording thereon concurrently with the execution and
delivery of this Agreement solely because of a delay caused by the public
recording office where such Mortgage, assignment, modification, assumption
agreement or preferred loan agreement as the case may be, has been delivered for
recordation, the Company shall deliver or cause to be delivered to the Trustee
or the respective Custodian a true and correct photocopy of such Mortgage,
assignment, modification, assumption agreement or preferred loan agreement.
NY1-195490.2
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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 any Additional Collateral, its right to receive payments in
respect of any 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 any 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 conveyance by the Company to the Trustee of
the Mortgage Loans as provided for in this Section 2.01 be construed as a sale
by the Company to the Trustee of the Mortgage Loans for the benefit of the
Certificateholders. Further, it is not intended that such conveyance be deemed
to be a pledge of the Mortgage Loans by the Company to the Trustee to secure a
debt or other obligation of the Company. However, in
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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 conveyance
provided for in Section 2.01 shall be deemed to be (1) a grant by the Company to
the Trustee of a security interest in all of the Company's right (including the
power to convey title thereto), title and interest, whether now owned or
hereafter acquired, in and to (A) the Mortgage Loans, including (i) with respect
to each Cooperative Loan, the related Mortgage Note, Security Agreement,
Assignment of Proprietary Lease, Cooperative Stock Certificate, Cooperative
Lease, any insurance policies and all other documents in the related Mortgage
File and (ii) with respect to each Mortgage Loan other than a Cooperative Loan,
the related Mortgage Note, the Mortgage, any insurance policies and all other
documents in the related Mortgage File, (B) all amounts payable pursuant to the
Mortgage Loans in accordance with the terms thereof and (C) any and all general
intangibles consisting of, arising from or relating to any of the foregoing, and
all proceeds of the conversion, voluntary or involuntary, of the foregoing into
cash, instruments, securities or other property, including without limitation
all amounts from time to time held or invested in the Certificate Account or the
Custodial Account, whether in the form of cash, instruments, securities or other
property and (2) an assignment by the Company to the Trustee of any security
interest in any and all of Residential Funding's right (including the power to
convey title thereto), title and interest, whether now owned or hereafter
acquired, in and to the property described in the foregoing clauses (1)(A), (B)
and (C) granted by Residential Funding to the Company pursuant to the Assignment
Agreement; (c) the possession by the Trustee, the Custodian or any other agent
of the Trustee of Mortgage Notes or such other items of property as constitute
instruments, money, negotiable documents or chattel paper shall be deemed to be
"possession by the secured party," or possession by a purchaser or a person
designated by such secured party, for purposes of perfecting the security
interest pursuant to the Minnesota Uniform Commercial Code and the Uniform
Commercial Code of any other applicable jurisdiction (including, without
limitation, Section 9-305, 8-313 or 8-321 thereof); and (d) notifications to
persons holding such property, and acknowledgments, receipts or confirmations
from persons holding such property, shall be deemed notifications to, or
acknowledgments, receipts or confirmations from, financial 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 $127,628 (the "Initial Monthly Payment Fund"),
representing scheduled principal amortization and interest at the Net Mortgage
Rate for the Due Date in April 1997, 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 April 1997. 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
any Additional Collateral and the Surety Bond assigned to the Trustee pursuant
to Section 2.01, in trust for the use and benefit of all present and future
Certificateholders. The Trustee or Custodian (such Custodian being so obligated
under a Custodial Agreement) agrees, for the benefit of Certificateholders, to
review each Mortgage File delivered to it pursuant to Section 2.01(b) within 45
days after the Closing Date to ascertain that all required documents
(specifically as set forth in Section 2.01(b)), have been executed and received,
and that such documents relate to the Mortgage Loans identified on the Mortgage
Loan Schedule, as supplemented, that have been conveyed to it. Upon delivery of
the Mortgage Files by the Company or the Master Servicer, the Trustee shall
acknowledge receipt (or, with respect to Mortgage Loans subject to a Custodial
Agreement, and based solely upon a receipt or certification executed by the
Custodian, receipt by the respective Custodian as the duly appointed agent of
the Trustee) of the documents referred to in Section 2.01(c) above. The Trustee
or Custodian (such Custodian being so obligated under a Custodial Agreement)
agrees to review each Mortgage File delivered to it pursuant to Section 2.01(c)
within 45 days after receipt thereof to ascertain that all documents required to
be delivered pursuant to such Section have been received, and that such
documents relate to the Mortgage Loans identified on the Mortgage Loan Schedule,
as supplemented, that have been conveyed to it.
If the Custodian, as the Trustee's agent, finds any document or
documents constituting a part of a Mortgage File to be missing or defective in
any material respect, the Trustee shall promptly so notify the Master Servicer
and the Company. Pursuant to Section 2.3 of the Custodial Agreement, the
Custodian will notify the Master Servicer, the Company and the Trustee of any
such omission or defect found by it in respect of any Mortgage File held by it.
The Master Servicer shall promptly notify the related Subservicer or Seller of
such omission or defect and request that such Subservicer or Seller correct or
cure such omission or defect within 60 days from the date the Master Servicer
was notified of such omission or defect and, if such Subservicer or Seller does
not correct or cure such omission or defect within such period, that such
Subservicer or Seller purchase such Mortgage Loan from the Trust Fund at its
Purchase Price, in either case within 90 days from the date the Master Servicer
was notified of such omission or defect; provided that if the omission or defect
would cause the Mortgage Loan to be other than a "qualified mortgage" as defined
in Section 860G(a)(3) of the Code, any such cure or repurchase must occur within
90 days from the date such breach was discovered. The Purchase Price for any
such Mortgage Loan, whether purchased by
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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 or the
Trustee on behalf of the Certificateholders.
Section 2.03. Representations, Warranties and Covenants
of the Master Servicer and the Company.
(a) The Master Servicer hereby represents and warrants to
the Trustee for the benefit of the Certificateholders that:
(i) The Master Servicer is a corporation duly organized,
validly existing and in good standing under the laws governing its
creation and existence and is or will be in compliance with the laws of
each state in which any Mortgaged Property is located to the extent
necessary to ensure the enforceability of each Mortgage Loan in
accordance with the terms of this Agreement;
(ii) The execution and delivery of this Agreement by the
Master Servicer and its performance and compliance with the terms of
this Agreement will not violate the Master Servicer's Certificate of
Incorporation or Bylaws or constitute a material default (or an event
which, with notice or lapse of time, or both, would constitute a
material default) under, or result in the material breach of, any
material contract, agreement or other instrument to which the Master
Servicer is a party or which may be applicable to the Master Servicer
or any of its assets;
(iii) This Agreement, assuming due authorization, execution
and delivery by the Trustee and the Company, constitutes a valid, legal
and binding obligation of the Master Servicer, enforceable against it
in accordance with the terms hereof subject to applicable bankruptcy,
insolvency, reorganization, moratorium and other laws affecting the
enforcement of creditors' rights generally and to general principles of
equity, regardless of whether such
NY1-195490.2
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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 in any Mortgage Loan, the party discovering such breach shall
give prompt written notice to the other parties (any Custodian being so
obligated under a Custodial Agreement). Within 90 days of its discovery or its
receipt of notice of such breach, the Master Servicer shall either (i) cure such
breach in all material
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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 or the Trustee on behalf of the Certificateholders.
(b) The Company hereby represents and warrants to the Trustee for the
benefit of Certificateholders that as of the Closing Date (or, if otherwise
specified below, as of the date so specified):
(i) No Mortgage Loan is 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 hereto with
respect to each Mortgage Loan or the Mortgage Loans, as the case may
be, is true and correct in all material respects at the date or dates
respecting which such information is furnished;
(iii) The Mortgage Loans are fully-amortizing, fixed-rate
mortgage loans with level Monthly Payments due on the first day of each
month and terms to maturity at origination or modification of not more
than 30 years;
(iv) To the best of the Company's knowledge, except with
respect to 7 Mortgage Loans representing approximately 0.7% of the
Mortgage Loans by aggregate Stated Principal Balance, if a Mortgage
Loan is secured by a Mortgaged Property with a Loan-to-Value Ratio at
origination in excess of 80%, such Mortgage Loan is the subject of a
Primary Insurance Policy that insures that portion of the principal
balance thereof that exceeds the amount equal to 75% of the Appraised
Value of the related Mortgaged Property. To the best of the Company's
knowledge, each such Primary Insurance Policy is in full force and
effect and the Trustee is entitled to the benefits thereunder;
(v) The issuers of the Primary Insurance Policies
are insurance companies whose claims-paying abilities are
currently acceptable to each Rating Agency;
NY1-195490.2
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(vi) No more than 0.6% of the Mortgage Loans by aggregate
Stated Principal Balance as of the Cut-off Date are secured by
Mortgaged Properties located in any one zip code area in California and
no more than 0.6% of the Mortgage Loans by aggregate Stated Principal
Balance as of the Cut-off Date are secured by Mortgaged Properties
located in any one zip code area outside California, and none of the
Mortgage Loans 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 20.89% of the Mortgage Loans by aggregate
Stated Principal Balance as of the Cut-off Date were underwritten under
a reduced loan documentation program and approximately 28.22% of the
Mortgage Loans by aggregate Stated Principal Balance as of the Cut-off
Date were underwritten under a no-stated income program;
(x) Approximately 36.10% of the Mortgage 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 Mortgage Loans;
(xi) Approximately 0.2% of the Mortgage Loans by
aggregate Stated Principal Balance as of the Cut-off Date
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)
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in a cooperative housing corporation (as defined in Section
216 of the Code);
(xv) Interest on each Mortgage Loan is calculated
on the basis of a 360-day year consisting of twelve 30-day
months;
(xvi) Approximately 0.5% 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 2.6% of the Mortgage 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) None of the Mortgage Loans are Additional
Collateral Loans.
It is understood and agreed that the representations and warranties set forth in
this Section 2.03(b) shall survive delivery of the respective Mortgage Files to
the Trustee or any Custodian.
Upon discovery by any of the Company, the Master Servicer, the Trustee
or any Custodian of a breach of any of the representations and warranties set
forth in this Section 2.03(b) which materially and adversely affects the
interests of the Certificateholders in any Mortgage Loan, the party discovering
such breach shall give prompt written notice to the other parties (any Custodian
being so obligated under a Custodial Agreement); 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
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same terms and conditions as provided in Section 2.04 for substitutions by
Residential Funding. It is understood and agreed that the obligation of the
Company to cure such breach or to so purchase or substitute for any Mortgage
Loan as to which such a breach has occurred and is continuing shall constitute
the sole remedy respecting such breach available to the Certificateholders or
the Trustee on behalf of the Certificateholders. Notwithstanding the foregoing,
the Company shall not be required to cure breaches or purchase or substitute for
Mortgage Loans as provided in this Section 2.03(b) if the substance of the
breach of a representation set forth above also constitutes fraud in the
origination of the Mortgage Loan.
Section 2.04. Representations and Warranties of Sellers.
The Company, as assignee of Residential Funding under the Assignment
Agreement, hereby assigns to the Trustee for the benefit of Certificateholders
all of its right, title and interest in respect of the Assignment Agreement and
each Seller's Agreement applicable to a Mortgage Loan. Insofar as the Assignment
Agreement or such Seller's Agreement relates to the representations and
warranties made by Residential Funding or the related Seller in respect of such
Mortgage Loan and any remedies provided thereunder for any breach of such
representations and warranties, such right, title and interest may be enforced
by the Master Servicer on behalf of the Trustee and the Certificate-holders.
Upon the discovery by the Company, the Master Servicer, the Trustee or any
Custodian of a breach of any of the representations and warranties made in a
Seller's Agreement or the Assignment Agreement (which, for purposes hereof, will
be deemed to include any other cause giving rise to a repurchase obligation
under the Assignment Agreement) in respect of any Mortgage Loan which materially
and adversely affects the interests of the Certificateholders in such Mortgage
Loan, the party discovering such breach shall give prompt written notice to the
other parties (any Custodian being so obligated under a Custodial Agreement).
The Master Servicer shall promptly notify the related Seller or Residential
Funding, as the case may be, of such breach and request that such Seller or
Residential Funding, as the case may be, either (i) cure such breach in all
material respects within 90 days from the date the Master Servicer was notified
of such breach or (ii) purchase such Mortgage Loan from the Trust Fund at the
Purchase Price and in the manner set forth in Section 2.02; provided that in the
case of a breach under the Assignment Agreement Residential Funding shall have
the option to substitute a Qualified Substitute Mortgage Loan or Loans for such
Mortgage Loan if such substitution occurs within two years following the Closing
Date; provided that if the breach would cause the Mortgage Loan to be other than
a "qualified mortgage" as defined in Section 860G(a)(3) of the Code, any such
cure 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
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Deleted Mortgage Loan pursuant to this Section 2.04, Residential Funding shall
deliver to the Trustee for the benefit of the Certificateholders with respect to
such Qualified Substitute Mortgage Loan or Loans, the original Mortgage Note,
the Mortgage, an Assignment of the Mortgage in recordable form, and such other
documents and agreements as are required by Section 2.01, with the Mortgage Note
endorsed as required by Section 2.01. No substitution will be made in any
calendar month after the Determination Date for such month. Monthly Payments due
with respect to Qualified Substitute Mortgage Loans in the month of substitution
shall not be part of the Trust Fund and will be retained by the Master Servicer
and remitted by the Master Servicer to Residential Funding on the next
succeeding Distribution Date. For the month of substitution, distributions to
the Certificateholders will include the Monthly Payment due on a Deleted
Mortgage Loan for such month and thereafter Residential Funding shall be
entitled to retain all amounts received in respect of such Deleted Mortgage
Loan. The Master Servicer shall amend or cause to be amended the Mortgage Loan
Schedule, and, if the Deleted Mortgage Loan was a Discount Mortgage Loan, the
Schedule of Discount Fractions, for the benefit of the Certificateholders to
reflect the removal of such Deleted Mortgage Loan and the substitution of the
Qualified Substitute Mortgage Loan or Loans and the Master Servicer shall
deliver the amended Mortgage Loan Schedule, and, if the Deleted Mortgage Loan
was a Discount 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
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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 or the Trustee
on behalf of Certificateholders. If the Master Servicer is Residential Funding,
then the Trustee shall also have the right to give the notification and require
the purchase or substitution provided for in the second preceding paragraph in
the event of such a breach of a representation or warranty made by Residential
Funding in the Assignment Agreement. In connection with the purchase of or
substitution for any such Mortgage Loan by Residential Funding, the Trustee
shall assign to Residential Funding all of the right, title and interest in
respect of the Seller's Agreement and the Assignment Agreement applicable to
such Mortgage Loan.
Section 2.05. Execution and Authentication of Certificates
The Trustee acknowledges the assignment to it of the Mortgage Loans and
the delivery of the Mortgage Files to it, or any Custodian on its behalf,
subject to any exceptions noted, together with the assignment to it of all other
assets included in the Trust Fund, receipt of which is hereby acknowledged.
Concurrently with such delivery and in exchange therefor, the Trustee, pursuant
to the written request of the Company executed by an officer of the Company has
executed and caused to be authenticated and delivered to or upon the order of
the Company the Certificates in authorized denominations which evidence
ownership of the entire Trust Fund.
ARTICLE III
ADMINISTRATION AND SERVICING
OF MORTGAGE LOANS
Section 3.01. Master Servicer to Act as Servicer.
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(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 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 Trust Fund 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 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
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compensation therefor in accordance with Section 3.10 and (ii) may, at its own
discretion and on behalf of the Trustee, obtain credit information in the form
of a "credit score" from a credit repository.
(b) All costs incurred by the Master Servicer or by Subservicers in
effecting the timely payment of taxes and assessments on the properties subject
to the Mortgage Loans shall not, for the purpose of calculating monthly
distributions to the Certificateholders, be added to the amount owing under the
related Mortgage Loans, notwithstanding that the terms of such Mortgage Loan so
permit, and such costs shall be recoverable to the extent permitted by Section
3.10(a)(ii).
(c) The Master Servicer may enter into one or more agreements in
connection with the offering of pass-through certificates evidencing interests
in one or more of the Certificates providing for the payment by the Master
Servicer of amounts received by the Master Servicer as servicing compensation
hereunder and required to cover certain Prepayment Interest Shortfalls on the
Mortgage Loans, which payment obligation will thereafter be an obligation of the
Master Servicer hereunder.
Section 3.02. Subservicing Agreements Between Master
Servicer and Subservicers; Enforcement of
Subservicers' and Sellers' Obligations.
(a) The Master Servicer may continue in effect Subservicing Agreements
entered into by Residential Funding and Subservicers prior to the execution and
delivery of this Agreement, and may enter into new Subservicing Agreements with
Subservicers, for the servicing and administration of all or some of the
Mortgage Loans. Each Subservicer of a Mortgage Loan shall be entitled to receive
and retain, as provided in the related Subservicing Agreement and in Section
3.07, the related Subservicing Fee from payments of interest received on such
Mortgage Loan after payment of all amounts required to be remitted to the Master
Servicer in respect of such Mortgage Loan. For any Mortgage Loan that is a
Nonsubserviced Mortgage Loan, the Master Servicer shall be entitled to receive
and retain an amount equal to the Subservicing Fee from payments of interest.
Unless the context otherwise requires, references in this Agreement to actions
taken or to be taken by the Master Servicer in servicing the Mortgage Loans
include actions taken or to be taken by a Subservicer on behalf of the Master
Servicer. Each Subservicing Agreement will be upon such terms and conditions as
are generally required or permitted by the Program Guide and are not
inconsistent with this Agreement and as the Master Servicer and the Subservicer
have agreed. A representative form of Subservicing Agreement is attached to this
Agreement as Exhibit 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
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Subservicing Agreement. The Master Servicer and a Subservicer may enter into
amendments thereto or a different form of Subservicing Agreement, and the form
referred to or included in the Program Guide is merely provided for information
and shall not be deemed to limit in any respect the discretion of the Master
Servicer to modify or enter into different Subservicing Agreements; provided,
however, that any such amendments or different forms shall be consistent with
and not violate the provisions of either this Agreement or the Program Guide in
a manner which would materially and adversely affect the interests of the
Certificateholders.
(b) As part of its servicing activities hereunder, the Master Servicer,
for the benefit of the Trustee and the Certificateholders, shall use its best
reasonable efforts to enforce the obligations of each Subservicer under the
related Subservicing Agreement and of each Seller under the related Seller's
Agreement, to the extent that the non-performance of any such obligation would
have a material and adverse effect on a Mortgage Loan, including, without
limitation, the obligation to purchase a Mortgage Loan on account of defective
documentation, as described in Section 2.02, or on account of a breach of a
representation or warranty, as described in Section 2.04. Such enforcement,
including, without limitation, the legal prosecution of claims, termination of
Subservicing Agreements or Seller's Agreements, as appropriate, and the pursuit
of other appropriate remedies, shall be in such form and carried out to such an
extent and at such time as the Master Servicer would employ in its good faith
business judgment and which are normal and usual in its general mortgage
servicing activities. The Master Servicer shall pay the costs of such
enforcement at its own expense, and shall be reimbursed therefor only (i) from a
general recovery resulting from such enforcement to the extent, if any, that
such recovery exceeds all amounts due in respect of the related Mortgage Loan or
(ii) from a specific recovery of costs, expenses or attorneys fees against the
party against whom such enforcement is directed.
Section 3.03. Successor Subservicers.
The Master Servicer shall be entitled to terminate any Subservicing
Agreement that may exist in accordance with the terms and conditions of such
Subservicing Agreement and without any limitation by virtue of this Agreement;
provided, however, that in the event of termination of any Subservicing
Agreement by the Master Servicer or the Subservicer, the Master Servicer shall
either act as servicer of the related Mortgage Loan or enter into a Subservicing
Agreement with a successor Subservicer which will be bound by the terms of the
related Subservicing Agreement. If the Master Servicer or any Affiliate of
Residential Funding acts as servicer, it will not assume liability for the
representations and warranties of the Subservicer which it replaces. If the
Master Servicer enters into a Subservicing Agreement with a successor
Subservicer, the Master Servicer shall use reasonable
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efforts to have the successor Subservicer assume liability for the
representations and warranties made by the terminated Subservicer in respect of
the related Mortgage Loans and, in the event of any such assumption by the
successor Subservicer, the Master Servicer may, in the exercise of its business
judgment, release the terminated Subservicer from liability for such
representations and warranties.
Section 3.04. Liability of the Master Servicer.
Notwithstanding any Subservicing Agreement, any of the provisions of
this Agreement relating to agreements or arrangements between the Master
Servicer or a Subservicer or reference to actions taken through a Subservicer or
otherwise, the Master Servicer shall remain obligated and liable to the Trustee
and the Certificateholders for the servicing and administering of the Mortgage
Loans in accordance with the provisions of Section 3.01 without diminution of
such obligation or liability by virtue of such Subservicing Agreements or
arrangements or by virtue of indemnification from the Subservicer or the Company
and to the same extent and under the same terms and conditions as if the Master
Servicer alone were servicing and administering the Mortgage Loans. The Master
Servicer shall be entitled to enter into any agreement with a Subservicer or
Seller for indemnification of the Master Servicer and nothing contained in this
Agreement shall be deemed to limit or modify such indemnification.
Section 3.05. No Contractual Relationship Between
Subservicer and Trustee or
Certificateholders.
Any Subservicing Agreement that may be entered into and any other
transactions or services relating to the Mortgage Loans involving a Subservicer
in its capacity as such and not as an originator shall be deemed to be between
the Subservicer and the Master Servicer alone and the Trustee and the
Certificateholders shall not be deemed parties thereto and shall have no claims,
rights, obligations, duties or liabilities with respect to the Subservicer in
its capacity as such except as set forth in Section 3.06. The foregoing
provision shall not in any way limit a Subservicer's obligation to cure an
omission or defect or to repurchase a Mortgage Loan as referred to in Section
2.02 hereof.
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
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entered into. The Trustee, its designee or the successor servicer for the
Trustee shall be deemed to have assumed all of the Master Servicer's interest
therein and to have replaced the Master Servicer as a party to the Subservicing
Agreement to the same extent as if the Subservicing Agreement had been assigned
to the assuming party except that the Master Servicer shall not thereby be
relieved of any liability or obligations under the Subservicing Agreement.
(b) The Master Servicer shall, upon request of the Trustee but at the
expense of the Master Servicer, deliver to the assuming party all documents and
records relating to each Subservicing Agreement and the Mortgage Loans then
being serviced and an accounting of amounts collected and held by it and
otherwise use its best efforts to effect the orderly and efficient transfer of
each Subservicing Agreement to the assuming party.
Section 3.07. Collection of Certain Mortgage Loan
Payments; Deposits to Custodial Account.
(a) The Master Servicer shall make reasonable efforts to
collect all payments called for under the terms and provisions of the Mortgage
Loans, and shall, to the extent such procedures shall be consistent with this
Agreement and the terms and provisions of any related Primary Insurance Policy,
follow such collection procedures as it would employ in its good faith business
judgment and which are normal and usual in its general mortgage servicing
activities. Consistent with the foregoing, the Master Servicer may in its
discretion (i) waive any late payment charge or any prepayment charge or penalty
interest in connection with the prepayment of a Mortgage Loan and (ii) extend
the Due Date for payments due on a Mortgage Loan in accordance with the Program
Guide; provided, however, that the Master Servicer shall first determine that
any such waiver or extension will not impair the coverage of any related Primary
Insurance Policy or materially adversely affect the lien of the related
Mortgage. In the event of any such arrangement, the Master Servicer shall make
timely advances on the related Mortgage Loan during the scheduled period in
accordance with the amortization schedule of such Mortgage Loan without
modification thereof by reason of such arrangements unless otherwise agreed to
by the Holders of the Classes of Certificates affected thereby; provided,
however, that no such extension shall be made if any advance would be a
Nonrecoverable Advance. Consistent with the terms of this Agreement, the Master
Servicer may also waive, modify or vary any term of any Mortgage Loan or consent
to the postponement of strict compliance with any such term or in any manner
grant indulgence to any Mortgagor if in the Master Servicer's determination such
waiver, modification, postponement or indulgence is not materially adverse to
the interests of the Certificateholders (taking into account any estimated
Realized Loss that might result absent such action); provided, however,
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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 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;
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(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 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
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deposited in the Custodial Account by the Master Servicer out of its own funds
immediately as realized without any right of reimbursement.
(d) The Master Servicer shall give notice to the Trustee and the
Company of any change in the location of the Custodial Account and the location
of the Certificate Account prior to the use thereof.
Section 3.08. Subservicing Accounts; Servicing Accounts.
(a) In those cases where a Subservicer is servicing a Mortgage Loan
pursuant to a Subservicing Agreement, the Master Servicer shall cause the
Subservicer, pursuant to the Subservicing Agreement, to establish and maintain
one or more Subservicing Accounts which shall be an Eligible Account or, if such
account is not an Eligible Account, shall generally satisfy the requirements of
the Program Guide and be otherwise acceptable to the Master Servicer and each
Rating Agency. The Subservicer will be required thereby to deposit into the
Subservicing Account on a daily basis all proceeds of Mortgage Loans received by
the Subservicer, less its Subservicing Fees and unreimbursed advances and
expenses, to the extent permitted by the Subservicing Agreement. If the
Subservicing Account is not an Eligible Account, the Master Servicer shall be
deemed to have received such monies upon receipt thereof by the Subservicer. The
Subservicer shall not be required to deposit in the Subservicing Account
payments or collections in the nature of prepayment charges or late charges or
assumption fees. On or before the date specified in the Program Guide, but in no
event later than the Determination Date, the Master Servicer shall cause the
Subservicer, pursuant to the Subservicing Agreement, to remit to the Master
Servicer for deposit in the Custodial Account all funds held in the Subservicing
Account with respect to each Mortgage Loan serviced by such Subservicer that are
required to be remitted to the Master Servicer. The Subservicer will also be
required, pursuant to the Subservicing Agreement, to advance on such scheduled
date of remittance amounts equal to any scheduled monthly installments of
principal and interest less its Subservicing Fees on any Mortgage Loans for
which payment was not received by the Subservicer. This obligation to advance
with respect to each Mortgage Loan will continue up to and including the first
of the month following the date on which the related Mortgaged Property is sold
at a foreclosure sale or is acquired by the Trust Fund by deed in lieu of
foreclosure or otherwise. All such advances received by the Master Servicer
shall be deposited promptly by it in the Custodial Account.
(b) The Subservicer may also be required, pursuant to the Subservicing
Agreement, to remit to the Master Servicer for deposit in the Custodial Account
interest at the Adjusted Mortgage Rate on any Curtailment received by such
Subservicer in respect of a Mortgage Loan from the related Mortgagor during any
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month that is to be applied by the Subservicer to reduce the unpaid principal
balance of the related Mortgage Loan as of the first day of such month, from the
date of application of such Curtailment to the first day of the following month.
Any amounts paid by a Subservicer pursuant to the preceding sentence shall be
for the benefit of the Master Servicer as additional servicing compensation and
shall be subject to its withdrawal or order from time to time pursuant to
Sections 3.10(a)(iv) and (v).
(c) In addition to the Custodial Account and the Certificate Account,
the Master Servicer shall for any Nonsubserviced Mortgage Loan, and shall cause
the Subservicers for Subserviced Mortgage Loans to, establish and maintain one
or more Servicing Accounts and deposit and retain therein all collections from
the Mortgagors (or advances from Subservicers) for the payment of taxes,
assessments, hazard insurance premiums, Primary Insurance Policy premiums, if
applicable, or comparable items for the account of the Mortgagors. Each
Servicing Account shall satisfy the requirements for a Subservicing Account and,
to the extent permitted by the Program Guide or as is otherwise acceptable to
the Master Servicer, may also function as a Subservicing Account. Withdrawals of
amounts related to the Mortgage Loans from the Servicing Accounts may be made
only to effect timely payment of taxes, assessments, hazard insurance premiums,
Primary Insurance Policy premiums, if applicable, or comparable items, to
reimburse the Master Servicer or Subservicer out of related collections for any
payments made pursuant to Sections 3.11 (with respect to the Primary Insurance
Policy) and 3.12(a) (with respect to hazard insurance), to refund to any
Mortgagors any sums as may be determined to be overages, to pay interest, if
required, to Mortgagors on balances in the Servicing Account or to clear and
terminate the Servicing Account at the termination of this Agreement in
accordance with Section 9.01 or in accordance with the Program Guide. As part of
its servicing duties, the Master Servicer shall, and the Subservicers will,
pursuant to the Subservicing Agreements, be required to pay to the Mortgagors
interest on funds in this account to the extent required by law.
(d) The Master Servicer shall advance the payments referred to in the
preceding subsection that are not timely paid by the Mortgagors or advanced by
the Subservicers on the date when the tax, premium or other cost for which such
payment is intended is due, but the Master Servicer shall be required so to
advance only to the extent that such advances, in the good faith judgment of the
Master Servicer, will be recoverable by the Master Servicer out of Insurance
Proceeds, Liquidation Proceeds or otherwise.
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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 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
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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 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;
(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.
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(b) Since, in connection with withdrawals pursuant to clauses (ii),
(iii), (v) and (vi), the Master Servicer's entitlement thereto is limited to
collections or other recoveries on the related Mortgage Loan, the Master
Servicer shall keep and maintain separate accounting, on a Mortgage Loan by
Mortgage Loan basis, for the purpose of justifying any withdrawal from the
Custodial Account pursuant to such clauses.
(c) The Master Servicer shall be entitled to reimburse itself or the
related Subservicer for any advance made in respect of a Mortgage Loan that the
Master Servicer determines to be a Nonrecoverable Advance by withdrawal from the
Custodial Account of amounts on deposit therein attributable to the Mortgage
Loans on any Certificate Account Deposit Date succeeding the date of such
determination. Such right of reimbursement in respect of a Nonrecoverable
Advance on any such Certificate Account Deposit Date shall be limited to an
amount not exceeding the portion of such advance previously paid to
Certificateholders (and not theretofore reimbursed to the Master Servicer or the
related Subservicer).
Section 3.11. Maintenance of the Primary Insurance
Policies; Collections Thereunder.
(a) The Master Servicer shall not take, or permit any Subservicer to
take, any action which would result in non-coverage under any applicable Primary
Insurance Policy of any loss which, but for the actions of the Master Servicer
or Subservicer, would have been covered thereunder. To the extent coverage is
available, the Master Servicer shall keep or cause to be kept in full force and
effect each such Primary Insurance Policy until the principal balance of the
related Mortgage Loan secured by a Mortgaged Property is reduced to 80% or less
of the Appraised Value in the case of such a Mortgage Loan having a
Loan-to-Value Ratio at origination in excess of 80%, provided that such Primary
Insurance Policy was in place as of the Cut-off Date and the Company had
knowledge of such Primary Insurance Policy. The Master Servicer shall be
entitled to cancel or permit the discontinuation of any Primary Insurance Policy
as to any Mortgage Loan, if the Stated Principal Balance of the Mortgage Loan is
reduced below an amount equal to 80% of the appraised value of the related
Mortgaged Property as determined in any appraisal thereof after the Closing
Date, or if the Loan-to-Value Ratio is reduced below 80% as a result of
principal payments on the Mortgage Loan after the Closing Date. In the event
that the Company gains knowledge that as of the Closing Date, a Mortgage Loan
had a Loan-to-Value Ratio at origination in excess of 80% and is not the subject
of a Primary Insurance Policy (and was not included in any exception to the
representation in Section 2.03(b)(iv)) and that such Mortgage Loan has a current
Loan-to-Value Ratio in excess of 80% then the Master Servicer shall use its
reasonable efforts to obtain and maintain a Primary Insurance Policy to the
extent that such a
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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 and Certificateholders, claims to the related
Insurer under any Primary Insurance Policies, in a timely manner in accordance
with such policies, and, in this regard, to take or cause to be taken such
reasonable action as shall be necessary to permit recovery under any Primary
Insurance Policies respecting defaulted Mortgage Loans. Pursuant to Section
3.07, any Insurance Proceeds collected by or remitted to the Master Servicer
under any Primary Insurance Policies shall be deposited in the Custodial
Account, subject to withdrawal pursuant to Section 3.10.
Section 3.12. Maintenance of Fire Insurance and
Omissions and Fidelity Coverage.
(a) The Master Servicer shall cause to be maintained for each Mortgage
Loan (other than a Cooperative Loan) fire insurance with extended coverage in an
amount which is equal to the lesser of the principal balance owing on such
Mortgage Loan or 100 percent of the insurable value of the improvements;
provided, however, that such coverage may not be less than the minimum amount
required to fully compensate for any loss or damage on a replacement cost basis.
To the extent it may do so without breaching the related Subservicing Agreement,
the Master Servicer shall replace any Subservicer that does not cause such
insurance, to the extent it is available, to be maintained. The Master Servicer
shall also cause to be maintained on property acquired upon foreclosure, or deed
in lieu of foreclosure, of any Mortgage Loan (other than a Cooperative Loan),
fire insurance with extended coverage in an amount which is at least equal to
the amount necessary to avoid the application of any co-insurance clause
contained in the related hazard insurance policy. Pursuant to Section 3.07, any
amounts collected by the Master Servicer under any such policies (other than
amounts to be applied to the restoration or repair of the related Mortgaged
Property or property thus acquired or amounts released to the
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Mortgagor in accordance with the Master Servicer's normal servicing procedures)
shall be deposited in the Custodial Account, subject to withdrawal pursuant to
Section 3.10. Any cost incurred by the Master Servicer in maintaining any such
insurance shall not, for the purpose of calculating monthly distributions to the
Certificateholders, be added to the amount owing under the Mortgage Loan,
notwithstanding that the terms of the Mortgage Loan so permit. Such costs shall
be recoverable by the Master Servicer out of related late payments by the
Mortgagor or out of Insurance Proceeds and Liquidation Proceeds to the extent
permitted by Section 3.10. It is understood and agreed that no earthquake or
other additional insurance is to be required of any Mortgagor or maintained on
property acquired in respect of a Mortgage Loan other than pursuant to such
applicable laws and regulations as shall at any time be in force and as shall
require such additional insurance. Whenever the improvements securing a Mortgage
Loan (other than a Cooperative Loan) are located at the time of origination of
such Mortgage Loan in a federally designated special flood hazard area, the
Master Servicer shall cause flood insurance (to the extent available) to be
maintained in respect thereof. Such flood insurance shall be in an amount equal
to the lesser of (i) the amount required to compensate for any loss or damage to
the Mortgaged Property on a replacement cost basis and (ii) the maximum amount
of such insurance available for the related Mortgaged Property under the
national flood insurance program (assuming that the area in which such Mortgaged
Property is located is participating in such program).
In the event that the Master Servicer shall obtain and maintain a
blanket fire insurance policy with extended coverage insuring against hazard
losses on all of the Mortgage Loans, it shall conclusively be deemed to have
satisfied its obligations as set forth in the first sentence of this Section
3.12(a), it being understood and agreed that such policy may contain a
deductible clause, in which case the Master Servicer shall, in the event that
there shall not have been maintained on the related Mortgaged Property a policy
complying with the first sentence of this Section 3.12(a) and there shall have
been a loss which would have been covered by such policy, deposit in the
Certificate Account the amount not otherwise payable under the blanket policy
because of such deductible clause. Any such deposit by the Master Servicer shall
be made on the Certificate Account Deposit Date next preceding the Distribution
Date which occurs in the month following the month in which payments under any
such policy would have been deposited in the Custodial Account. In connection
with its activities as administrator and servicer of the Mortgage Loans, the
Master Servicer agrees to present, on behalf of itself, the Trustee and the
Certificateholders, claims under any such blanket policy.
(b) The Master Servicer shall obtain and maintain at its
own expense and keep in full force and effect throughout the term
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of this Agreement a blanket fidelity bond and an errors and omissions insurance
policy covering the Master Servicer's officers and employees and other persons
acting on behalf of the Master Servicer in connection with its activities under
this Agreement. The amount of coverage shall be at least equal to the coverage
that would be required by FNMA or FHLMC, whichever is greater, with respect to
the Master Servicer if the Master Servicer were servicing and administering the
Mortgage Loans for FNMA or FHLMC. In the event that any such bond or policy
ceases to be in effect, the Master Servicer shall obtain a comparable
replacement bond or policy from an issuer or insurer, as the case may be,
meeting the requirements, if any, of the Program Guide and acceptable to the
Company. Coverage of the Master Servicer under a policy or bond obtained by an
Affiliate of the Master Servicer and providing the coverage required by this
Section 3.12(b) shall satisfy the requirements of this Section 3.12(b).
Section 3.13. Enforcement of Due-on-Sale Clauses;
Assumption and Modification Agreements;
Certain Assignments.
(a) When any Mortgaged Property is conveyed by the Mortgagor, the
Master Servicer or Subservicer, to the extent it has knowledge of such
conveyance, shall enforce any due-on-sale clause contained in any Mortgage Note
or Mortgage, to the extent permitted under applicable law and governmental
regulations, but only to the extent that such enforcement will not adversely
affect or jeopardize coverage under any Required Insurance Policy.
Notwithstanding the foregoing:
(i) the Master Servicer shall not be deemed to be in default
under this Section 3.13(a) by reason of any transfer or assumption
which the Master Servicer is restricted by law from preventing; and
(ii) if the Master Servicer determines that it is reasonably
likely that any Mortgagor will bring, or if any Mortgagor does bring,
legal action to declare invalid or otherwise avoid enforcement of a
due-on-sale clause contained in any Mortgage Note or Mortgage, the
Master Servicer shall not be required to enforce the due-on-sale clause
or to contest such action.
(b) Subject to the Master Servicer's duty to enforce any due-on-sale
clause to the extent set forth in Section 3.13(a), in any case in which a
Mortgaged Property is to be conveyed to a Person by a Mortgagor, and such Person
is to enter into an assumption or modification agreement or supplement to the
Mortgage Note or Mortgage which requires the signature of the Trustee, or if an
instrument of release signed by the Trustee is required releasing the Mortgagor
from liability on the Mortgage Loan, the Master Servicer is authorized, subject
to the requirements of the sentence next following, to execute and
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deliver, on behalf of the Trustee, the assumption agreement with the Person to
whom the Mortgaged Property is to be conveyed and such modification agreement or
supplement to the Mortgage Note or Mortgage or other instruments as are
reasonable or necessary to carry out the terms of the Mortgage Note or Mortgage
or otherwise to comply with any applicable laws regarding assumptions or the
transfer of the Mortgaged Property to such Person; provided, however, none of
such terms and requirements shall both (i) constitute a "significant
modification" effecting an exchange or reissuance of such Mortgage Loan under
the Code (or final, temporary or proposed Treasury Regulations promulgated
thereunder) and (ii) cause 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 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
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Property, the granting of an easement thereon in favor of another Person, any
alteration or demolition of the related Mortgaged Property (or, with respect to
a Cooperative Loan, the related Cooperative Apartment) 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 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
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pursuant to Section 3.07. In connection with such foreclosure or other
conversion, the Master Servicer shall, consistent with Section 3.11, follow such
practices and procedures as it shall deem necessary or advisable, as shall be
normal and usual in its general mortgage servicing activities and as shall be
required or permitted by the Program Guide; provided that the Master Servicer
shall not be liable in any respect hereunder if the Master Servicer is acting in
connection with any such foreclosure or other conversion in a manner that is
consistent with the provisions of this Agreement. The Master Servicer, however,
shall not be required to expend its own funds or incur other reimbursable
charges in connection with any foreclosure, or attempted foreclosure which is
not completed, or towards the restoration of any property unless it shall
determine (i) that such restoration and/or foreclosure will increase the
proceeds of liquidation of the Mortgage Loan to Holders of Certificates of one
or more Classes after reimbursement to itself for such expenses or charges and
(ii) that such expenses or charges will be recoverable to it through Liquidation
Proceeds, Insurance Proceeds, or REO Proceeds (respecting which it shall have
priority for purposes of withdrawals from the Custodial Account pursuant to
Section 3.10, whether or not such expenses and charges are actually recoverable
from related Liquidation Proceeds, Insurance Proceeds or REO Proceeds). In the
event of such a determination by the Master Servicer pursuant to this Section
3.14(a), the Master Servicer shall be entitled to reimbursement of such amounts
pursuant to Section 3.10. In addition to the foregoing, the Master Servicer
shall use its best reasonable efforts to realize upon any Additional Collateral
for such of the Additional Collateral Loans as come into and continue in default
and as to which no satisfactory arrangements can be made for collection of
delinquent payments pursuant to Section 3.07; provided that the Master Servicer
shall not, on behalf of the Trustee, obtain title to any such Additional
Collateral as a result of or in lieu of the disposition thereof or otherwise;
and provided further that (i) the Master Servicer shall not proceed with respect
to such Additional Collateral in any manner that would impair the ability to
recover against the related Mortgaged Property, and (ii) the Master Servicer
shall proceed with any REO Acquisition in a manner that preserves the ability to
apply the proceeds of such Additional Collateral against amounts owed under the
defaulted Mortgage Loan. Any proceeds realized from such Additional Collateral
(other than amounts to be released to the Mortgagor or the related guarantor in
accordance with procedures that the Master Servicer would follow in servicing
loans held for its own account, subject to the terms and conditions of the
related Mortgage and Mortgage Note and to the terms and conditions of any
security agreement, guarantee agreement, mortgage or other agreement governing
the disposition of the proceeds of such Additional Collateral) shall be
deposited in the Custodial Account, subject to withdrawal pursuant to Section
3.10. Any other payment received by the Master Servicer in respect of such
Additional Collateral shall be deposited in the
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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.
(b) In the event that title to any Mortgaged Property is acquired by
the Trust Fund as an REO Property by foreclosure or by deed in lieu of
foreclosure, the deed or certificate of sale shall be issued to the Trustee or
to its nominee on behalf of Certificateholders. Notwithstanding any such
acquisition of title and cancellation of the related Mortgage Loan, such REO
Property shall (except as otherwise expressly provided herein) be considered to
be an Outstanding Mortgage Loan held in the Trust Fund until such time as the
REO Property shall be sold. Consistent with the foregoing for purposes of all
calculations hereunder so long as such REO Property shall be considered to be an
Outstanding Mortgage Loan it shall be assumed that, notwithstanding that the
indebtedness evidenced by the related
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Mortgage Note shall have been discharged, such Mortgage Note and the related
amortization schedule in effect at the time of any such acquisition of title
(after giving effect to any previous Curtailments and before any adjustment
thereto by reason of any bankruptcy or similar proceeding or any moratorium or
similar waiver or grace period) remain in effect.
(c) In the event that the Trust Fund acquires any REO Property as
aforesaid or otherwise in connection with a default or imminent default on a
Mortgage Loan, the Master Servicer on behalf of the Trust Fund shall dispose of
such REO Property within two years after its acquisition by the Trust Fund for
purposes of Section 860G(a)(8) of the Code or, 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 indemnify and hold harmless
the Trust Fund with respect to the imposition of any such taxes.
(d) The proceeds of any Cash Liquidation, REO Disposition or purchase
or repurchase of any Mortgage Loan pursuant to the terms of this Agreement, as
well as any recovery resulting from a collection of Liquidation Proceeds,
Insurance Proceeds or REO Proceeds, will be applied in the following order of
priority: first, to reimburse the Master Servicer or the related Subservicer in
accordance with Section 3.10(a)(ii); second, to the Certificateholders to the
extent of accrued and unpaid interest on the Mortgage Loan, and any related REO
Imputed Interest, at the Net Mortgage Rate 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
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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 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
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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 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.
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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.
(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),
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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).
Section 3.17. Reports to the Trustee and the Company.
Not later than fifteen days after each Distribution Date, the Master
Servicer shall forward to the Trustee and the Company a statement, certified by
a Servicing Officer, setting forth the status of the Custodial Account as of the
close of business on such Distribution Date as it relates to the Mortgage Loans
and showing, for the period covered by such statement, the aggregate of deposits
in or withdrawals from the Custodial Account in respect of the Mortgage Loans
for each category of deposit specified in Section 3.07 and each category of
withdrawal specified in Section 3.10.
Section 3.18. Annual Statement as to Compliance.
The Master Servicer will deliver to the Company and the Trustee on or
before March 31 of each year, beginning with the first March 31 that occurs at
least six months after the Cut-off Date, an Officers' Certificate stating, as to
each signer thereof, that (i) a review of the activities of the Master Servicer
during the preceding calendar year related to its servicing of mortgage loans
and its performance under pooling and servicing agreements, including this
Agreement, has been made under such officers' supervision, (ii) to the best of
such officers' knowledge, based on such review, the Master Servicer has complied
in all material respects with the minimum servicing standards set forth in the
Uniform Single Attestation Program for Mortgage Bankers and has fulfilled all of
its material obligations relating to this Agreement in all material respects
throughout such year, or, if there has been material noncompliance with such
servicing standards or a default in the fulfillment in all material respects of
any such obligation relating to this Agreement, such statement shall include a
description of such noncompliance or specify each such default, as the case may
be, known to such officer and the nature and status thereof and (iii) to the
best of such officers' knowledge, each Subservicer has complied in all material
respects with the minimum servicing standards set forth in the Uniform Single
Attestation Program for Mortgage Bankers and has fulfilled all of its material
obligations under its Subservicing Agreement in all material respects throughout
such year, or, if there has been
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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.
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
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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 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, 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 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 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
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distribution) either in immediately available funds (by wire transfer or
otherwise) to the account of such Certificateholder at a bank or other entity
having appropriate facilities therefor, if such Certificateholder has so
notified the Master Servicer or the Paying Agent, as the case may be, or, if
such Certificateholder has not so notified the Master Servicer or the Paying
Agent by the Record Date, by check mailed to such Certificateholder at the
address of such Holder appearing in the Certificate Register such
Certificateholder's share (which share (A) with respect to each Class of
Certificates (other than the Class A-10 Certificates), shall be based on the
aggregate of the Percentage Interests represented by Certificates of the
applicable Class held by such Holder or (B) with respect to the Class A-10
Certificates, shall be equal to the amount (if any) distributed pursuant to
Section 4.02(a)(i) below to the initial Holder of the Class A-10 Certificate or
to each Holder of a Subclass thereof, as applicable) 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 Available Distribution Amount:
(i) to the Class A Certificateholders (other than the Class
A-9 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 (or Subclass, if
any, with respect to the Class A-10 Certificates) for such Distribution
Date, plus any Accrued Certificate Interest thereon remaining unpaid
from any previous Distribution Date except as provided in the last
paragraph of this Section 4.02(a); and
(ii) (X) to the Class A-9 Certificateholders, the
Class A-9 Principal Distribution Amount; and
(Y) to the Class A Certificateholders (other
than the Class A-9 Certificateholders) and Class R Certificateholders,
in the priorities and amounts set forth in Section 4.02(b)(ii) through
(iv) and Section 4.02(c), 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 Senior Percentage for such Distribution Date
times the sum of the following:
(1) the principal portion of each Monthly
Payment due during the related Due Period on each
Outstanding Mortgage Loan (other than the related
Discount Fraction of the principal portion of such
payment with respect to a Discount Mortgage Loan),
whether or not received on or prior to the
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related Determination Date, minus the principal
portion of any Debt Service Reduction (other than
the related Discount Fraction of the principal
portion of such Debt Service Reductions with respect
to each Discount Mortgage Loan) which together with
other Bankruptcy Losses exceeds the Bankruptcy
Amount;
(2) the Stated Principal Balance of any
Mortgage Loan repurchased during the related
Prepayment Period (or deemed to have been so
repurchased in accordance with Section 3.07(b))
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 each
Discount Mortgage Loan); and
(3) the principal portion of all other
unscheduled collections (other than Principal
Prepayments in Full and Curtailments and amounts
received in connection with a Cash Liquidation or
REO Disposition of a Mortgage Loan described in
Section 4.02(a)(ii)(Y)(B), including without
limitation Insurance Proceeds, Liquidation Proceeds
and REO Proceeds) received during the related
Prepayment Period (or deemed to have been so
received in accordance with Section 3.07(b)) to the
extent applied by the Master Servicer as recoveries
of principal of the related Mortgage Loan pursuant
to Section 3.14 (other than the related Discount
Fraction of the principal portion of such
unscheduled collections, with respect to each
Discount Mortgage Loan);
(B) with respect to each Mortgage Loan for which a
Cash Liquidation or a REO Disposition occurred during the
related Prepayment Period (or was deemed to have occurred
during such period in accordance with Section 3.07(b)) and
did not result in any Excess Special Hazard Losses, Excess
Fraud Losses, Excess Bankruptcy Losses or Extraordinary
Losses, an amount equal to the lesser of (a) the Senior
Percentage for such Distribution Date times the Stated
Principal Balance of such Mortgage Loan (other than the
related Discount Fraction of such Stated Principal Balance,
with respect to each Discount Mortgage Loan) and (b) the
Senior Accelerated Distribution Percentage for such
Distribution Date
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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, included in Section 4.02(b)(i) (C));
(C) the Senior Accelerated Distribution Percentage
for such Distribution Date times the aggregate of all
Principal Prepayments in Full and Curtailments received in
the related Prepayment Period (other than the related
Discount Fraction of such Principal Prepayments in Full and
Curtailments, with respect to each Discount Mortgage Loan);
(D) any Excess Subordinate Principal Amount for
such Distribution Date; and
(E) any amounts described in subsection (ii)(Y),
clauses (A), (B) and (C) of this Section 4.02(a), as
determined for any previous Distribution Date, which remain
unpaid after application of amounts previously distributed
pursuant to this clause (E) to the extent that such amounts
are not attributable to Realized Losses which have been
allocated to the Class M Certificates or Class B
Certificates;
(iii) 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;
(iv) to the Holders of the Class M-1 Certificates, the
Accrued Certificate Interest thereon for such Distribution Date, plus
any Accrued Certificate Interest thereon remaining unpaid from any
previous Distribution Date, except as provided below;
(v) to the Holders of the Class M-1 Certificates, an amount
equal to (x) the Subordinate Principal Distribution Amount for such
Class of Certificates for such Distribution Date, minus (y) the amount
of any Class A-9
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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), (xi),
(xiii), (xiv) and (xv) are insufficient therefor, applied in reduction
of the Certificate Principal Balance of the Class M-1 Certificates;
(vi) to the Holders of the Class M-2 Certificates, the
Accrued Certificate Interest thereon for such Distribution Date, plus
any Accrued Certificate Interest thereon remaining unpaid from any
previous Distribution Date, except as provided below;
(vii) to the Holders of the Class M-2 Certificates, an
amount equal to (x) the Subordinate Principal Distribution Amount for
such Class of Certificates for such Distribution Date, minus (y) the
amount of any Class A-9 Collection Shortfalls for such Distribution
Date or remaining unpaid for all previous Distribution Dates, to the
extent the amounts available pursuant to clause (x) of Sections
4.02(a)(ix), (xi), (xiii), (xiv) and (xv) are insufficient therefor,
applied in reduction of the Certificate Principal Balance of the Class
M-2 Certificates;
(viii) to the Holders of the Class M-3 Certificates, the
Accrued Certificate Interest thereon for such Distribution Date, plus
any Accrued Certificate Interest thereon remaining unpaid from any
previous Distribution Date, except as provided below;
(ix) to the Holders of the Class M-3 Certificates, an amount
equal to (x) the Subordinate Principal Distribution Amount for such
Class of Certificates for such Distribution Date minus (y) the amount
of any Class A-9 Collection Shortfalls for such Distribution Date or
remaining unpaid for all previous Distribution Dates, to the extent the
amounts available pursuant to clause (x) of Sections 4.02(a)(xi),
(xiii), (xiv) and (xv) are insufficient therefor, applied in reduction
of the Certificate Principal Balance of the Class M-3 Certificates;
(x) to the Holders of the Class B-1 Certificates, the
Accrued Certificate Interest thereon for such Distribution Date, plus
any Accrued Certificate Interest thereon remaining unpaid from any
previous Distribution Date, except as provided below;
(xi) to the Holders of the Class B-1 Certificates, an amount
equal to (x) the Subordinate Principal Distribution Amount for such
Class of Certificates for such Distribution Date minus (y) the amount
of any Class A-9 Collection Shortfalls for such Distribution Date or
remaining unpaid for all previous Distribution Dates, to the
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extent the amounts available pursuant to clause (x) of Sections
4.02(a)(xiii), (xiv) and (xv) are insufficient therefor, applied in
reduction of the Certificate Principal Balance of the Class B-1
Certificates;
(xii) to the Holders of the Class B-2 Certificates, the
Accrued Certificate Interest thereon for such Distribution Date, plus
any Accrued Certificate Interest thereon remaining unpaid from any
previous Distribution Date, except as provided below;
(xiii) to the Holders of the Class B-2 Certificates, an
amount equal to (x) the Subordinate Principal Distribution Amount for
such Class of Certificates for such Distribution Date minus (y) the
amount of any Class A-9 Collection Shortfalls for such Distribution
Date or remaining unpaid for all previous Distribution Dates, to the
extent the amounts available pursuant to clause (x) of Sections
4.02(a)(xiv) and (xv) are insufficient therefor, applied in reduction
of the Certificate Principal Balance of the Class B-2 Certificates;
(xiv) to the Holders of the Class B-3 Certificates, an
amount equal to (x) the Accrued Certificate Interest thereon for such
Distribution Date, plus any Accrued Certificate Interest thereon
remaining unpaid from any previous Distribution Date, except as
provided below, minus (y) the amount of any Class A-9 Collection
Shortfalls for such Distribution Date or remaining unpaid for all
previous Distribution Dates, to the extent the amounts available
pursuant to clause (x) of Section 4.02(a) (xv) are insufficient
therefor;
(xv) to the Holders of the Class B-3 Certificates, an amount
equal to (x) the Subordinate Principal Distribution Amount for such
Class of Certificates for such Distribution Date minus (y) the amount
of any Class A-9 Collection Shortfalls for such Distribution Date or
remaining unpaid for all previous Distribution Dates applied in
reduction of the Certificate Principal Balance of the Class B-3
Certificates;
(xvi) to the Class A Certificateholders and Class R
Certificateholders, in the priority set forth in Section 4.02(b), the
portion, if any, of the Available Distribution Amount remaining after
the foregoing distributions, applied to reduce the Certificate
Principal Balances of such Class A Certificates 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 Certificates and Class R Certificates, and thereafter, to each Class
of Class M Certificates then outstanding beginning with such Class with
the lowest numerical designation, any portion of the
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Available Distribution Amount remaining after the Class A Certificates
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 Amount 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
(xvii) to the Class R Certificateholders, the
balance, if any, of the Available Distribution Amount.
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 remaining
unpaid from any previous Distribution Date will be distributable only to the
extent that such unpaid Accrued Certificate Interest was attributable to
interest shortfalls relating to 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 Certificates 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-9 Certificates, until the
Certificate Principal Balance thereof is reduced to zero, an amount
(the "Class A-9 Principal Distribution Amount") equal to the aggregate
of:
(A) the related Discount Fraction of the principal
portion of each Monthly Payment on each Discount Mortgage
Loan due during the related Due Period, whether or not
received on or prior to the related Determination Date,
minus the Discount Fraction of the principal portion of any
related Debt Service Reduction which together with other
Bankruptcy Losses exceeds the Bankruptcy Amount;
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(B) the related Discount Fraction of the principal
portion of all unscheduled collections on each Discount
Mortgage Loan received during the preceding calendar month
(other than amounts received in connection with a Cash
Liquidation or REO Disposition of a Discount Mortgage Loan
described in clause (C) below), including Principal
Prepayments in Full, Curtailments and repurchases (including
deemed repurchases under Section 3.07(b)) of Discount
Mortgage Loans (or, in the case of a substitution of a
Deleted Mortgage Loan, the Discount Fraction of the amount
of any shortfall deposited in the Custodial Account in
connection with such substitution);
(C) in connection with the Cash Liquidation or REO
Disposition of a Discount Mortgage Loan that did not result
in any Excess Special Hazard Losses, Excess Fraud Losses,
Excess Bankruptcy Losses or Extraordinary Losses, an amount
equal to the lesser of (1) the applicable Discount Fraction
of the Stated Principal Balance of such Discount Mortgage
Loan immediately prior to such Distribution Date and (2) the
aggregate amount of the collections on such Mortgage Loan to
the extent applied as recoveries of principal;
(D) any amounts allocable to principal for any
previous Distribution Date (calculated pursuant to clauses
(A) through (C) above) that remain undistributed; and
(E) the amount of any Class A-9 Collection
Shortfalls for such Distribution Date and the amount of any
Class A-9 Collection Shortfalls remaining unpaid for all
previous Distribution Dates, but only to the extent of the
Eligible Funds for such Distribution Date;
(ii) the Senior Principal Distribution Amount shall be
distributed to the Class R Certificates until the Certificate Principal
Balance thereof has been reduced to zero;
(iii) from the balance, if any, of the Senior Principal
Distribution Amount remaining after the distribution described in
clause 4.02(b)(ii) above, there shall be distributed to the Class A-8
Certificates, an amount equal to the Lockout Distribution Percentage of
the Class A-8 Certificates' pro rata share (based on the aggregate
Certificate Principal Balance thereof relative to the aggregate
Certificate Principal Balance of the Class A Certificates (other than
the Class A-9 Certificates)) of the Senior Principal Distribution
Amount remaining after the
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distribution, if any, described in Section 4.02(b)(ii)
above; and
(iv) the balance, if any, of the Senior Principal
Distribution Amount remaining after the distributions described in
Sections 4.02(b)(ii) and 4.02(b)(iii) above, shall be distributed as
follows:
(A) first, (1) 28.57142726% of such amount shall be
distributed to the Class A-1 Certificates, (2) 61.60649155%
of such amount shall be distributed sequentially to the
Class A-2, Class A-3, Class A-4 and Class A-6 Certificates,
in that order, and (3) 9.82208119% of such amount shall be
distributed sequentially to the Class A-5 and Class A-6
Certificates, in that order, in each case, until the
Certificate Principal Balance of each such class of
Certificates has been reduced to zero;
(B) second, such amount shall be distributed to the
Class A-7 Certificates until the Certificate Principal
Balance thereof has been reduced to zero; and
(C) third, such amount shall be distributed to the
Class A-8 Certificates until the Certificate Principal
Balance thereof has been reduced to zero.
(c) 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 Class A Certificates (other
than the Class A-9 Certificates) and Class R Certificates will be disregarded,
and 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-9
Certificates, the Senior Principal Distribution Amount will be distributed to
all Classes of Class A Certificates (other than the Class A-9 Certificates) and
the Class R Certificates pro rata in accordance with their respective
outstanding Certificate Principal Balances and the amount set forth in Section
4.02(a)(i) will be distributed as set forth therein.
(d) After reduction of the Certificate Principal Balances of the Class
A Certificates (other than the Class A-9 Certificates) and Class R Certificates
to zero but prior to the occurrence of the Credit Support Depletion Date, the
Class A Certificates (other than the Class A-9 Certificates) and Class R
Certificates will be entitled to no further distributions of principal thereon
and the Available Distribution Amount will be paid solely to the holders of the
Class A-9, Class A-10, Class M and Class B Certificates, in each case as
described herein.
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(e) In addition to the foregoing distributions, with respect to any
Mortgage Loan that was previously the subject of a Cash Liquidation or an REO
Disposition that resulted in a Realized Loss, in the event that within two years
of the date on which such Realized Loss was determined to have occurred the
Master Servicer receives amounts, which the Master Servicer reasonably believes
to represent subsequent recoveries (net of any related liquidation expenses), or
determines that it holds surplus amounts previously reserved to cover estimated
expenses, specifically related to such Mortgage Loan (including, but not limited
to, recoveries in respect of the representations and warranties made by the
related Seller pursuant to the applicable Seller's Agreement), the Master
Servicer shall distribute such amounts to the applicable Certificateholders of
the Class or Classes to which such Realized Loss was allocated, if applicable,
(with the amounts to be distributed allocated among such Classes in the same
proportions as such Realized Loss was allocated), subject to the following: No
such distribution shall be in an amount that would result in total distributions
on the Certificates of any such Class in excess of the total amounts of
principal and interest that would have been distributable thereon if such Cash
Liquidation or REO Disposition had occurred but had resulted in a Realized Loss
equal to zero. Notwithstanding the foregoing, no such distribution shall be made
with respect to the Certificates of any Class to the extent that either (i) such
Class was protected against the related Realized Loss pursuant to any instrument
or fund established under Section 11.01(e) or (ii) such Class of Certificates
has been deposited into a separate trust fund or other structuring vehicle and
separate certificates or other instruments representing interests therein have
been issued in one or more classes, and any of such separate certificates or
other instruments was protected against the related Realized Loss pursuant to
any limited guaranty, payment obligation, irrevocable letter of credit, surety
bond, insurance policy or similar instrument or a reserve fund, or a combination
thereof. Any amount to be so distributed with respect to the Certificates of any
Class shall be distributed by the Master Servicer to the Certificateholders of
record as of the Record Date immediately preceding the date of such distribution
(i) with respect to the Certificates of any Class (other than the Class A-10
Certificates), on a pro rata basis based on the Percentage Interest represented
by each Certificate of such Class as of such Record Date and (ii) with respect
to the Class A-10 Certificates, to the Class A-10 Certificates or any Subclass
thereof in the same proportion as the related Realized Loss was allocated. Any
amounts to be so distributed shall not be remitted to or distributed from the
Trust Fund, and shall constitute subsequent recoveries with respect to Mortgage
Loans that are no longer assets of the Trust Fund.
(f) Each distribution with respect to a Book-Entry
Certificate shall be paid to the Depository, as Holder thereof,
and the Depository shall be responsible for crediting the amount
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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.
(g) Except as otherwise provided in Section 9.01, if the Master
Servicer anticipates that a final distribution with respect to any Class of
Certificates will be made on the next Distribution Date, the Master Servicer
shall, no later than the Determination Date in the month of such final
distribution, notify the Trustee and the Trustee shall, no later than two (2)
Business Days after such Determination Date, mail on such date to each Holder of
such Class of Certificates a notice to the effect that: (i) the Trustee
anticipates that the final distribution with respect to such Class of
Certificates will be made on such Distribution Date but only upon presentation
and surrender of such Certificates at the office of the Trustee or as otherwise
specified therein, and (ii) no interest shall accrue on such Certificates from
and after the end of the 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.
(a) Concurrently with each distribution charged to the Certificate
Account and with respect to each Distribution Date the Master Servicer shall
forward to the Trustee and the Trustee shall forward by mail to each Holder and
the Company a statement setting forth the following information as to each Class
of Certificates to the extent applicable:
(i) (a) the amount of such distribution to the
Certificateholders of such Class applied to reduce the Certificate
Principal Balance thereof, and (b) the aggregate amount included
therein representing Principal Prepayments;
(ii) the amount of such distribution to Holders of
such Class of Certificates allocable to interest;
(iii) if the distribution to the Holders of such
Class of Certificates is less than the full amount that
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would be distributable to such Holders if there were
sufficient funds available therefor, the amount of the
shortfall;
(iv) the amount of any Advance by the Master
Servicer pursuant to Section 4.04;
(v) the number and Pool Stated Principal Balance
of the Mortgage Loans after giving effect to the
distribution of principal on such Distribution Date;
(vi) the aggregate Certificate Principal Balance of each
Class of Certificates, and each of the Senior, 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 Pool Strip Rate for such
Distribution Date and the Pass-Through Rate with respect to the Class
A-10 Certificates and each Subclass, if any, thereof;
(xiii) the Class A-10 Notional Amount and each
Subclass Notional Amount;
(xiv) the occurrence of the Credit Support
Depletion Date;
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(xv) the Senior Accelerated Distribution
Percentage applicable to such distribution;
(xvi) the Senior Percentage for such Distribution
Date;
(xvii) the aggregate amount of Realized Losses for
such Distribution Date;
(xviii) the aggregate amount of any recoveries on
previously foreclosed loans from Sellers due to a breach of
representation or warranty;
(xix) the weighted average remaining term to
maturity of the Mortgage Loans after giving effect to the
amounts distributed on such Distribution Date; and
(xx) 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 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
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shall be deemed to have been satisfied to the extent that substantially
comparable information shall be provided by the Master Servicer pursuant to any
requirements of the Code.
(d) Upon the written request of any Certificateholder, the Master
Servicer, as soon as reasonably practicable, shall provide the requesting
Certificateholder with such information as is necessary and appropriate, in the
Master Servicer's sole discretion, for purposes of satisfying applicable
reporting requirements under Rule 144A.
Section 4.04. Distribution of Reports to the Trustee and
the Company; Advances by the Master Servicer
(a) Prior to the close of business on the Business Day next succeeding
each Determination Date, the Master Servicer shall furnish a written statement
to the Trustee, any Paying Agent and the Company (the information in such
statement to be made available to Certificateholders by the Master Servicer on
request) setting forth (i) the Available Distribution Amount; and (ii) the
amounts required to be withdrawn from the Custodial Account and deposited into
the Certificate Account on the immediately succeeding Certificate Account
Deposit Date pursuant to clause (iii) of Section 4.01(a). The determination by
the Master Servicer of such amounts shall, in the absence of obvious error, be
presumptively deemed to be correct for all purposes hereunder and the Trustee
shall be protected in relying upon the same without any independent check or
verification.
(b) On or before 2:00 P.M. New York time on each Certificate Account
Deposit Date, the Master Servicer shall either (i) deposit in the Certificate
Account from its own funds, or funds received therefor from the Subservicers, an
amount equal to the Advances to be made by the Master Servicer in respect of the
related Distribution Date, which shall be in an aggregate amount equal to the
aggregate amount of Monthly Payments (with each interest portion thereof
adjusted to the Net Mortgage Rate), less the amount of any related 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
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Certificate Account Deposit Date to the extent that funds attributable to the
Mortgage Loans that are available in the Custodial Account for deposit in the
Certificate Account on such Certificate Account Deposit Date shall be less than
payments to Certificateholders required to be made on the following Distribution
Date. The Master Servicer shall be entitled to use any Advance made by a
Subservicer as described in Section 3.07(b) that has been deposited in the
Custodial Account on or before such Distribution Date as part of the Advance
made by the Master Servicer pursuant to this Section 4.04. The amount of any
reimbursement pursuant to Section 4.02(a)(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.
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Section 4.05. Allocation of Realized Losses.
Prior to each Distribution Date, the Master Servicer shall determine
the total amount of Realized Losses, if any, that resulted from any Cash
Liquidation, Debt Service Reduction, Deficient Valuation or REO Disposition that
occurred during the related Prepayment Period. The amount of each Realized Loss
shall be evidenced by an Officers' Certificate. All Realized Losses, other than
Excess Special Hazard Losses, Extraordinary Losses, Excess Bankruptcy Losses or
Excess Fraud Losses, shall be allocated as follows: first, to the Class B-3
Certificates until the Certificate Principal Balance thereof has been reduced to
zero; second, to the Class B-2 Certificates until the Certificate Principal
Balance thereof has been reduced to zero; third, to the Class B-1 Certificates
until the Certificate Principal Balance thereof has been reduced to zero;
fourth, to the Class M-3 Certificates until the Certificate Principal Balance
thereof has been reduced to zero; fifth, to the Class M-2 Certificates until the
Certificate Principal Balance thereof has been reduced to zero; sixth, to the
Class M-1 Certificates until the Certificate Principal Balance thereof has been
reduced to zero; and, thereafter, if such Realized Losses are on a Discount
Mortgage Loan, to the Class A-9 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 Certificates (other than the Class A-9 Certificates)
and Class R Certificates, on a pro rata basis, as described below. The principal
portion of any Excess Special Hazard Losses, Excess Bankruptcy Losses, Excess
Fraud Losses and Extraordinary Losses on Discount Mortgage Loans will be
allocated to the Class A-9 Certificates in an amount equal to the related
Discount Fraction 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 Certificates (other than the Class A-9
Certificates), Class M, Class B and Class R Certificates, on a pro rata basis,
as described below.
As used herein, an allocation of a Realized Loss on a "pro rata basis"
among two or more specified Classes of Certificates means an allocation on a pro
rata basis, among the various Classes so specified, to each such Class of
Certificates on the basis of their then outstanding Certificate Principal
Balances prior to giving effect to distributions to be made on such Distribution
Date in the case of the principal portion of a Realized Loss or based on the
Accrued Certificate Interest thereon payable on such Distribution Date (without
regard to any Compensating Interest for such Distribution Date) in the case of
an interest portion of a Realized Loss. Except as provided in the following
sentence, any allocation of the principal portion of Realized Losses (other than
Debt Service Reductions) to a Class of Certificates shall be made by reducing
the Certificate Principal Balance thereof by the amount so allocated, which
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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 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. In the event any Subclasses of the Class A-10 Certificates
have been issued pursuant to Section 5.01(c), all Realized Losses and other
losses allocated to the Subclasses of such Class shall be allocated among such
Subclasses in proportion to the respective amounts of Accrued Certificate
Interest payable on such Distribution Date that would have resulted absent such
reductions.
Section 4.06. Reports of Foreclosures and Abandonment
of Mortgaged Property.
The Master Servicer or the Subservicers shall file information returns
with respect to the receipt of mortgage interests received in a trade or
business, the reports of foreclosures and abandonments of any Mortgaged Property
and the information returns relating to cancellation of indebtedness income with
respect to any Mortgaged Property required by Sections 6050H, 6050J and 6050P,
respectively, of the Code, and deliver to the Trustee an Officers' Certificate
on or before March 31 of each year stating that such reports have been filed.
Such reports shall be in form and substance sufficient to meet the reporting
requirements imposed by Sections 6050H, 6050J and 6050P of the Code.
Section 4.07. Optional Purchase of Defaulted Mortgage
Loans.
As to any Mortgage Loan which is delinquent in payment by 90 days or
more, the Master Servicer may, at its option, purchase such Mortgage Loan from
the Trustee at the Purchase Price therefor. If at any time the Master Servicer
makes a payment to the Certificate Account covering the amount of the Purchase
Price for such a Mortgage Loan, and the Master Servicer provides to the Trustee
a certification signed by a Servicing Officer stating that the amount of such
payment has been deposited in the
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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, the Trustee shall deposit such Required Surety
Payment in the Certificate Account and shall distribute such Required Surety
Payment, or the proceeds thereof, in accordance with the provisions of Section
4.02.
(c) The Trustee shall (i) receive as attorney-in-fact of each Holder of
a Certificate any Required Surety Payment from the Surety and (ii) disburse the
same to the Holders of such Certificates as set forth in Section 4.02.
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ARTICLE V
THE CERTIFICATES
Section 5.01. The Certificates.
(a) The Class A, 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
Certificates and Class A-10 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, other than the Class A-9 Certificates
and Class A-10 Certificates) and $1,000 (in the case of the Class A-9, Class M
and Class B Certificates) in excess thereof, except that one Certificate of each
of the Class A-9, Class M-1, Class M-2, Class M-3, Class B-1, Class B-2 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-9 $25,562.00
Class M-1 $250,600.00
Class M-2 $250,600.00
Class M-3 $250,200.00
Class B-1 $250,500.00
Class B-2 $250,900.00
Class B-3 $250,738.81
The Class R Certificates and Class A-10 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%. Each
Subclass of Class A-10 Certificates shall be issuable in minimum denominations
of not less than a 100% Percentage Interest, except as provided in Section
5.01(c).
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
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Agreement, or be valid for any purpose, unless there appears on such Certificate
a certificate of authentication substantially in the form provided for herein
executed by the Certificate Registrar by manual signature, and such certificate
upon any Certificate shall be conclusive evidence, and the only evidence, that
such Certificate has been duly authenticated and delivered hereunder. All
Certificates shall be dated the date of their authentication.
(b) The Class A Certificates, other than the Class A-9 Certificates and
Class A-10 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 Class A-9 Certificates and
Class A-10 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
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its responsibilities as Depository and (B) the Company is unable to locate a
qualified successor or (ii) the Company at its option advises the Trustee in
writing that it elects to terminate the book-entry system through the
Depository, the Trustee shall notify all Certificate Owners, through the
Depository, of the occurrence of any such event and of the availability of
Definitive Certificates to Certificate Owners requesting the same. Upon
surrender to the Trustee of the Book-Entry Certificates by the Depository,
accompanied by registration instructions from the Depository for registration of
transfer, the Trustee shall issue the Definitive Certificates. Neither the
Company, the Master Servicer nor the Trustee shall be liable for any actions
taken by the Depository or its nominee, including, without limitation, any delay
in delivery of such instructions and may conclusively rely on, and shall be
protected in relying on, such instructions. Upon the issuance of Definitive
Certificates all references herein to obligations imposed upon or to be
performed by the Company in connection with the issuance of the Definitive
Certificates pursuant to this Section 5.01 shall be deemed to be imposed upon
and performed by the Trustee, and the Trustee and the Master Servicer shall
recognize the Holders of the Definitive Certificates as Certificateholders
hereunder.
(c) From time to time Residential Funding, as the initial Holder of the
Class A-10 Certificates, may exchange such Holder's Class A-10 Certificates for
Subclasses of Class A-10 Certificates to be issued under this Agreement by
delivering a "Request for Exchange" substantially in the form attached hereto as
Exhibit Q executed by an authorized officer, which Subclasses, in the aggregate,
will represent the Uncertificated REMIC Regular Interests corresponding to the
Class A-10 Certificates so surrendered for exchange. Any Subclass so issued
shall bear a numerical designation commencing with Class A-10-1 and continuing
sequentially thereafter, and will evidence ownership of the Uncertificated REMIC
Regular Interest or Interests specified in writing by such initial Holder to the
Trustee. The Trustee may conclusively, without any independent verification,
rely on, and shall be protected in relying on, Residential Funding's
determinations of the Uncertificated REMIC Regular Interests corresponding to
any Subclass, the initial Subclass Notional Amount and the initial Pass-Through
Rate on a Subclass as set forth in such Request for Exchange and the Trustee
shall have no duty to determine if any Uncertificated REMIC Regular Interest
designated on an Request for Exchange corresponds to a Subclass which has
previously been issued. Each Subclass so issued shall be substantially in the
form set forth in Exhibit A and shall, on original issue, be executed and
delivered by the Trustee to the Certificate Registrar for authentication and
delivery in accordance with Section 5.01(a). Every Certificate presented or
surrendered for exchange by the initial Holder shall (if so required by the
Trustee or the Certificate Registrar) be duly endorsed by, or be accompanied by
a written instrument of transfer attached to such Certificate and shall be
completed to
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the satisfaction of the Trustee and the Certificate Registrar duly executed by,
the initial Holder thereof or his attorney duly authorized in writing. The
Certificates of any Subclass of Class A-10 Certificates may be transferred in
whole, but not in part, in accordance with the provisions of Section 5.02.
Section 5.02. Registration of Transfer and Exchange of
Certificates.
(a) The Trustee shall cause to be kept at one of the offices or
agencies to be appointed by the Trustee in accordance with the provisions of
Section 8.12 a Certificate Register in which, subject to such reasonable
regulations as it may prescribe, the Trustee shall provide for the registration
of Certificates and of transfers and exchanges of Certificates as herein
provided. The Trustee is initially appointed Certificate Registrar for the
purpose of registering Certificates and transfers and exchanges of Certificates
as herein provided. The Certificate Registrar, or the Trustee, shall provide the
Master Servicer with a certified list of Certificateholders as of each Record
Date prior to the related Determination Date.
(b) Upon surrender for registration of transfer of any Certificate at
any office or agency of the Trustee maintained for such purpose pursuant to
Section 8.12 and, in the case of any Class M, Class B or Class R Certificate,
upon satisfaction of the conditions set forth below, the Trustee shall execute
and the Certificate Registrar shall authenticate and deliver, in the name of the
designated transferee or transferees, one or more new Certificates of a like
Class (or Subclass) and aggregate Percentage Interest.
(c) At the option of the Certificateholders, Certificates may be
exchanged for other Certificates of authorized denominations of a like Class (or
Subclass) and aggregate Percentage Interest, upon surrender of the Certificates
to be exchanged at any such office or agency. Whenever any Certificates are so
surrendered for exchange the Trustee shall execute and the Certificate 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 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
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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 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
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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 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
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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.
(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
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the date of registration of such Transfer of such Class R Certificate. If a
transfer of a Class R Certificate is disregarded pursuant to the provisions of
Treasury Regulations Section 1.860E-1 or Section 1.860G-3, then the last
preceding Permitted Transferee shall be restored, to the extent permitted by
law, to all rights and obligations as Holder thereof retroactive to the date of
registration of such Transfer of such Class R Certificate. The Trustee shall be
under no liability to any Person for any registration of Transfer of a Class R
Certificate that is in fact not permitted by this Section 5.02(f) or for making
any payments due on such Certificate to the holder thereof or for taking any
other action with respect to such holder under the provisions of this Agreement.
(B) If any purported Transferee shall become a Holder of a
Class R Certificate in violation of the restrictions in this Section 5.02(f) and
to the extent that the retroactive restoration of the rights of the Holder of
such Class R Certificate as described in clause (iii)(A) above shall be invalid,
illegal or unenforceable, then the Master Servicer shall have the right, without
notice to the holder or any prior holder of such Class R Certificate, to sell
such Class R Certificate to a purchaser selected by the Master Servicer on such
terms as the Master Servicer may choose. Such purported Transferee shall
promptly endorse and deliver each Class R Certificate in accordance with the
instructions of the Master Servicer. Such purchaser may be the Master Servicer
itself or any Affiliate of the Master Servicer. The proceeds of such sale, net
of the commissions (which may include commissions payable to the Master Servicer
or its Affiliates), expenses and taxes due, if any, will be remitted by the
Master Servicer to such purported Transferee. The terms and conditions of any
sale under this clause (iii)(B) shall be determined in the sole discretion of
the Master Servicer, and the Master Servicer shall not be liable to any Person
having an Ownership Interest in a Class R Certificate as a result of its
exercise of such discretion.
(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
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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 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 Certificate to a Person that
is a Disqualified Organization or (y) a Certificateholder or another
Person to be subject to a REMIC-related tax caused by the Transfer of a
Class R Certificate to a Person that is not a Permitted Transferee.
(g) No service charge shall be made for any transfer or exchange of
Certificates of any Class, but the Trustee may require payment of a sum
sufficient to cover any tax or governmental charge that may be imposed in
connection with any transfer or exchange of Certificates.
(h) All Certificates surrendered for transfer and exchange
shall be destroyed by the Certificate Registrar.
Section 5.03. Mutilated, Destroyed, Lost or Stolen
Certificates.
If (i) any mutilated Certificate is surrendered to the Certificate
Registrar, or the Trustee and the Certificate Registrar receive evidence to
their satisfaction of the destruction, loss or theft of any Certificate, and
(ii) there is delivered to the Trustee and the Certificate Registrar such
security or indemnity as may be required by them to save each of them harmless,
then, in the absence 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
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Certificate, a new Certificate of like tenor, Class and Percentage Interest but
bearing a number not contemporaneously outstanding. Upon the issuance of any new
Certificate under this Section, the Trustee may require the payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed in
relation thereto and any other expenses (including the fees and expenses of the
Trustee and the Certificate Registrar) connected therewith. Any duplicate
Certificate issued pursuant to this Section shall constitute complete and
indefeasible evidence of ownership in the Trust Fund, as if originally issued,
whether or not the lost, stolen or destroyed Certificate shall be found at any
time.
Section 5.04. Persons Deemed Owners.
Prior to due presentation of a Certificate for registration of
transfer, the Company, the Master Servicer, the Trustee, the Certificate
Registrar and any agent of the Company, the Master Servicer, the Trustee or the
Certificate Registrar may treat the Person in whose name any Certificate is
registered as the owner of such Certificate for the purpose of receiving
distributions pursuant to Section 4.02 and for all other purposes whatsoever,
except as and to the extent provided in the definition of "Certificateholder,"
and neither the Company, the Master Servicer, the Trustee, the Certificate
Registrar nor any agent of the Company, the Master Servicer, the Trustee or the
Certificate Registrar shall be affected by notice to the contrary except as
provided in Section 5.02(f).
Section 5.05. Appointment of Paying Agent.
The Trustee may appoint a Paying Agent for the purpose of making
distributions to the Certificateholders pursuant to Section 4.02. In the event
of any such appointment, on or prior to each Distribution Date the Master
Servicer on behalf of the Trustee shall deposit or cause to be deposited with
the Paying Agent a sum sufficient to make the payments to the Certificateholders
in the amounts and in the manner provided for in Section 4.02, such sum to be
held in trust for the benefit of the Certificateholders.
The Trustee shall cause each Paying Agent to execute and deliver to the
Trustee an instrument in which such Paying Agent shall agree with the Trustee
that such Paying Agent will hold all sums held by it for the payment to the
Certificateholders in trust for the benefit of the Certificateholders entitled
thereto until such sums shall be paid to such Certificateholders. Any sums so
held by such Paying Agent shall be held only in Eligible Accounts to the extent
such sums are not distributed to the Certificateholders on the date of receipt
by such Paying Agent.
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Section 5.06. Optional Purchase of Certificates.
(a) On any Distribution Date on which the Pool Stated Principal Balance
is less than ten percent of the Cut-off Date Principal Balance of the Mortgage
Loans, either the Master Servicer or the Company shall have the right, at its
option, to purchase the Certificates in whole, but not in part, at a price equal
to the outstanding Certificate Principal Balance of the Certificates plus the
sum of Accrued Certificate Interest thereon for the related Interest Accrual
Period and any previously unpaid Accrued Certificate Interest.
(b) The Master Servicer or the Company, as applicable, shall give the
Trustee not less than 60 days' prior notice of the Distribution Date on which
the Master Servicer or the Company, as applicable, anticipates that it will
purchase the Certificates pursuant to Section 5.06(a). Notice of any such
purchase, specifying the Distribution Date upon which the Holders may surrender
their Certificates to the Trustee for payment in accordance with this Section
5.06, shall be given promptly by the Master Servicer or the Company, as
applicable, by letter to Certificateholders (with a copy to the Certificate
Registrar and each Rating Agency) mailed not earlier than the 15th day and not
later than the 25th day of the month next preceding the month of such final
distribution, specifying:
(i) the Distribution Date upon which purchase of the
Certificates is anticipated to be made upon presentation and surrender
of such Certificates at the office or agency of the Trustee therein
designated,
(ii) the purchase price therefor, if known, and
(iii) that the Record Date otherwise applicable to such
Distribution Date is not applicable, payments being made only upon
presentation and surrender of the Certificates at the office or agency
of the Trustee therein specified.
If either the Master Servicer or the Company gives the notice specified above,
the Master Servicer or the Company, as applicable, shall deposit in the
Certificate Account before the Distribution Date on which the purchase pursuant
to Section 5.06(a) is to be made, in immediately available funds, an amount
equal to the purchase price for the Certificates computed as provided above.
(c) Upon presentation and surrender of the Certificates to be purchased
pursuant to Section 5.06(a) by the Holders thereof, the Trustee shall distribute
to such Holders an amount equal to the outstanding Certificate Principal Balance
thereof plus the sum of Accrued Certificate Interest thereon for the related
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Interest Accrual Period 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 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 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 for any action
taken or for refraining from the taking of any action in good faith pursuant to
this Agreement, or for errors in judgment; provided, however, that this
provision shall not protect the Company, the Master Servicer or any such Person
against any breach of warranties or representations made herein or any liability
which would otherwise be imposed by reason of willful misfeasance, bad faith or
gross negligence in the performance of duties or by reason of reckless disregard
of obligations and duties hereunder. The Company, the Master Servicer and any
director, officer, employee or agent of the Company or the Master Servicer may
rely in good faith on any document of any kind prima facie properly executed and
submitted by any Person respecting any matters arising hereunder. The Company,
the Master Servicer and any director, officer, employee or agent of the Company
or the Master Servicer shall be indemnified by the Trust Fund and held harmless
against any loss, liability or expense incurred in connection with any legal
action relating to this Agreement or the Certificates, other than any loss,
liability or expense related to any specific Mortgage Loan or Mortgage Loans
(except as any such loss, liability or expense shall be otherwise reimbursable
pursuant to this Agreement) and any loss, liability or expense incurred by
reason of willful misfeasance, bad faith or gross negligence in
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the performance of duties hereunder or by reason of reckless
disregard of obligations and duties hereunder.
Neither the Company nor the Master Servicer shall be under any
obligation to appear in, prosecute or defend any legal or administrative action,
proceeding, hearing or examination that is not incidental to its respective
duties under this Agreement and which in its opinion may involve it in any
expense or liability; provided, however, that the Company or the Master Servicer
may in its discretion undertake any such action, proceeding, hearing or
examination that it may deem necessary or desirable in respect to this Agreement
and the rights and duties of the parties hereto and the interests of the
Certificateholders hereunder. In such event, the legal expenses and costs of
such action, proceeding, hearing or examination and any liability resulting
therefrom shall be expenses, costs and liabilities of the Trust Fund, and the
Company and the Master Servicer shall be entitled to be reimbursed therefor out
of amounts attributable to the Mortgage Loans on deposit in the Custodial
Account as provided by Section 3.10 and, on the Distribution Date(s) following
such reimbursement, the aggregate of such expenses and costs shall be allocated
in reduction of the Accrued Certificate Interest on each Class entitled thereto
in the same manner as if such expenses and costs constituted a Prepayment
Interest Shortfall.
Section 6.04. Company and Master Servicer Not to Resign.
Subject to the provisions of Section 6.02, neither the Company nor the
Master Servicer shall resign from its respective obligations and duties hereby
imposed on it except upon determination that its duties hereunder are no longer
permissible under applicable law. Any such determination permitting the
resignation of the Company or the Master Servicer shall be evidenced by an
Opinion of Counsel to such effect delivered to the Trustee. No such resignation
by the Master Servicer shall become effective until the Trustee or a successor
servicer shall have assumed the Master Servicer's responsibilities and
obligations in accordance with Section 7.02.
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ARTICLE VII
DEFAULT
Section 7.01. Events of Default.
Event of Default, wherever used herein, means any one of the following
events (whatever reason for such Event of Default and whether it shall be
voluntary or involuntary or be effected by operation of law or pursuant to any
judgment, decree or order of any court or any order, rule or regulation of any
administrative or governmental body):
(i) the Master Servicer shall fail to distribute or cause to
be distributed to the Holders of Certificates of any Class any
distribution required to be made under the terms of the Certificates of
such Class and this Agreement and, in either case, such failure shall
continue unremedied for a period of 5 days after the date upon which
written notice of such failure, requiring such failure to be remedied,
shall have been given to the Master Servicer by the Trustee or the
Company or to the Master Servicer, the Company and the Trustee by the
Holders of Certificates of such Class evidencing Percentage Interests
aggregating not less than 25%; or
(ii) the Master Servicer shall fail to observe or perform in
any material respect any other of the covenants or agreements on the
part of the Master Servicer contained in the Certificates of any Class
or in this Agreement and such failure shall continue unremedied for a
period of 30 days (except that such number of days shall be 15 in the
case of a failure to pay the premium for any Required Insurance Policy)
after the date on which written notice of such failure, requiring the
same to be remedied, shall have been given to the Master Servicer by
the Trustee or the Company, or to the Master Servicer, the Company and
the Trustee by the Holders of Certificates of any Class evidencing, in
the case of any such Class, Percentage Interests aggregating not less
than 25%; or
(iii) a decree or order of a court or agency or supervisory
authority having jurisdiction in the premises in an involuntary case
under any present or future federal or state bankruptcy, insolvency or
similar law or appointing a conservator or receiver or liquidator in
any insolvency, readjustment of debt, marshalling of assets and
liabilities or similar proceedings, or for the winding-up or
liquidation of its affairs, shall have been entered against the Master
Servicer and such decree or order shall have remained in force
undischarged or unstayed for a period of 60 days; or
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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 entitled to at least 51% of the
Voting Rights, the Trustee shall, by notice in writing to the Master Servicer
(and to the Company if given by the Trustee or to the Trustee if given by the
Company), terminate all of the rights and obligations of the Master Servicer
under this Agreement and in and to the Mortgage Loans and the proceeds thereof,
other than its rights as a Certificateholder hereunder. If an Event of Default
described in clause (vi) hereof shall occur, the Trustee shall, by notice to the
Master Servicer and the Company, immediately terminate all of the rights and
obligations of the Master Servicer under this Agreement and in and to the
Mortgage Loans and the proceeds thereof, other than its rights as a
Certificateholder hereunder as provided in Section 4.04(b). On or after the
receipt by the Master Servicer of such written notice, all authority and power
of the Master Servicer under this Agreement, whether with respect to the
Certificates (other than as a Holder thereof) or the Mortgage Loans or
otherwise, shall subject to Section 7.02 pass to and be vested in the Trustee or
the Trustee's designee appointed pursuant to Section 7.02; and, without
limitation, the Trustee is hereby authorized and empowered to execute and
deliver, on behalf of the Master Servicer, as attorney-in-fact or otherwise, any
and all documents and other instruments, and to do or accomplish all other acts
or things necessary or appropriate to effect the purposes of such notice of
termination, whether to complete the transfer and endorsement or assignment of
the Mortgage Loans and related documents, or otherwise. The Master Servicer
agrees to cooperate with the Trustee in effecting the termination of the Master
Servicer's responsibilities and rights hereunder, including, without limitation,
the transfer to the Trustee or its designee
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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 Mortgage
Loans held in the Custodial Account or the Certificate
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Account. If the Trustee has become the successor to the Master Servicer in
accordance with Section 6.04 or Section 7.01, then notwithstanding the above,
the Trustee may, if it shall be unwilling to so act, or shall, if it is unable
to so act, appoint, or petition a court of competent jurisdiction to appoint,
any established housing and home finance institution, which is also a FNMA- or
FHLMC-approved mortgage servicing institution, having a net worth of not less
than $10,000,000 as the successor to the Master Servicer hereunder in the
assumption of all or any part of the responsibilities, duties or liabilities of
the Master Servicer hereunder. Pending appointment of a successor to the Master
Servicer hereunder, the Trustee shall become successor to the Master Servicer
and shall act in such capacity as hereinabove provided. In connection with such
appointment and assumption, the Trustee may make such arrangements for the
compensation of such successor out of payments on Mortgage Loans as it and such
successor shall agree; provided, however, that no such compensation shall be in
excess of that permitted the initial Master Servicer hereunder. The Company, the
Trustee, the Custodian and such successor shall take such action, consistent
with this Agreement, as shall be necessary to effectuate any such succession.
The Servicing Fee for any successor Master Servicer appointed pursuant to this
Section 7.02 will be lowered with respect to those Mortgage Loans, if any, where
the Subservicing Fee accrues at a rate of less than 0.20% per annum in the event
that the successor Master Servicer is not servicing such Mortgage Loans directly
and it is necessary to raise the related Subservicing Fee to a rate of 0.20% per
annum in order to hire a Subservicer with respect to such Mortgage Loans.
Section 7.03. Notification to Certificateholders.
(a) Upon any such termination or appointment of a successor to the
Master Servicer, the Trustee shall give prompt written notice thereof to the
Certificateholders at their respective addresses appearing in the Certificate
Register.
(b) Within 60 days after the occurrence of any Event of Default, the
Trustee shall transmit by mail to all Holders of Certificates notice of each
such Event of Default hereunder known to the Trustee, unless such Event of
Default shall have been cured or waived.
Section 7.04. Waiver of Events of Default.
The Holders representing at least 66% of the Voting Rights affected by
a default or Event of Default hereunder may waive such default or Event of
Default; provided, however, that (a) a default or Event of Default under clause
(i) of Section 7.01 may be waived only by all of the Holders of Certificates
affected by such default or Event of Default and (b) no waiver pursuant to this
Section 7.04 shall affect the Holders of Certificates in the
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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 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
of Default which may have occurred, the duties and
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obligations of the Trustee shall be determined solely by the express
provisions of this Agreement, the Trustee shall not be liable except
for the performance of such duties and obligations as are specifically
set forth in this Agreement, no implied covenants or obligations shall
be read into this Agreement against the Trustee and, in the absence of
bad faith on the part of the Trustee, the Trustee may conclusively
rely, as to the truth of the statements and the correctness of the
opinions expressed therein, upon any certificates or opinions furnished
to the Trustee by the Company or the Master Servicer and which on their
face, do not contradict the requirements of this Agreement;
(ii) The Trustee shall not be personally liable for an error
of judgment made in good faith by a Responsible Officer or Responsible
Officers of the Trustee, unless it shall be proved that the Trustee was
negligent in ascertaining the pertinent facts;
(iii) The Trustee shall not be personally liable with respect
to any action taken, suffered or omitted to be taken by it in good
faith in accordance with the direction of Certificateholders of any
Class holding Certificates which evidence, as to such Class, Percentage
Interests aggregating not less than 25% as to the time, method and
place of conducting any proceeding for any remedy available to the
Trustee, or exercising any trust or power conferred upon the Trustee,
under this Agreement;
(iv) The Trustee shall not be charged with knowledge of any
default (other than a default in payment to the Trustee) specified in
clauses (i) and (ii) of Section 7.01 or an Event of Default under
clauses (iii), (iv) and (v) of Section 7.01 unless a Responsible
Officer of the Trustee assigned to and working in the Corporate Trust
Office obtains actual knowledge of such failure or event or the Trustee
receives written notice of such failure or event at its Corporate Trust
Office from the Master Servicer, the Company or any Certificateholder;
and
(v) Except to the extent provided in Section 7.02, no
provision in this Agreement shall require the Trustee to expend or risk
its own funds (including, without limitation, the making of any
Advance) or otherwise incur any personal financial liability in the
performance of any of its duties as Trustee hereunder, or in the
exercise of any of its rights or powers, if the Trustee shall have
reasonable grounds for believing that repayment of funds or adequate
indemnity against such risk or liability is not reasonably assured to
it.
(d) The Trustee shall timely pay, from its own funds, the
amount of any and all federal, state and local taxes imposed on
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the Trust Fund or its assets or transactions including, without limitation, (A)
"prohibited transaction" penalty taxes as defined in Section 860F of the Code,
if, when and as the same shall be due and payable, (B) any tax on contributions
to a REMIC after the Closing Date imposed by Section 860G(d) of the Code and (C)
any tax on "net income from foreclosure property" as defined in Section 860G(c)
of the Code, but only if such taxes arise out of a breach by the Trustee of its
obligations hereunder, which breach constitutes negligence or willful misconduct
of the Trustee.
Section 8.02. Certain Matters Affecting the Trustee.
(a) Except as otherwise provided in Section 8.01:
(i) The Trustee may rely and shall be protected in acting or
refraining from acting upon any resolution, Officers' Certificate,
certificate of auditors or any other certificate, statement,
instrument, opinion, report, notice, request, consent, order,
appraisal, bond or other paper or document believed by it to be genuine
and to have been signed or presented by the proper party or parties;
(ii) The Trustee may consult with counsel and any Opinion of
Counsel shall be full and complete authorization and protection in
respect of any action taken or suffered or omitted by it hereunder in
good faith and in accordance with such Opinion of Counsel;
(iii) The Trustee shall be under no obligation to exercise any
of the trusts or powers vested in it by this Agreement or to institute,
conduct or defend any litigation hereunder or in relation hereto at the
request, order or direction of any of the Certificateholders, pursuant
to the provisions of this Agreement, unless such Certificateholders
shall have offered to the Trustee reasonable security or indemnity
against the costs, expenses and liabilities which may be incurred
therein or thereby; nothing contained herein shall, however, relieve
the Trustee of the obligation, upon the occurrence of an Event of
Default (which has not been cured), to exercise such of the rights and
powers vested in it by this Agreement, and to use the same degree of
care and skill in their exercise as a prudent investor would exercise
or use under the circumstances in the conduct of such investor's own
affairs;
(iv) The Trustee shall not be personally liable for any action
taken, suffered or omitted by it in good faith and believed by it to be
authorized or within the discretion or rights or powers conferred upon
it by this Agreement;
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(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 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 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.
(c) The Holders of Certificates entitled to at least 51% of
the Voting Rights may at any time remove the Trustee and appoint
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a successor trustee by written instrument or instruments, in triplicate, signed
by such Holders or their attorneys-in-fact duly authorized, one complete set of
which instruments shall be delivered to the Company, one complete set to the
Trustee so removed and one complete set to the successor so appointed.
(d) Any resignation or removal of the Trustee and appointment of a
successor trustee pursuant to any of the provisions of this Section shall become
effective upon acceptance of appointment by the successor trustee as provided in
Section 8.08.
Section 8.08. Successor Trustee.
(a) Any successor trustee appointed as provided in Section 8.07 shall
execute, acknowledge and deliver to the Company and to its predecessor trustee
an instrument accepting such appointment hereunder, and thereupon the
resignation or removal of the predecessor trustee shall become effective and
such successor trustee shall become effective and such successor trustee,
without any further act, deed or conveyance, shall become fully vested with all
the rights, powers, duties and obligations of its predecessor hereunder, with
the like effect as if originally named as trustee herein. The predecessor
trustee shall deliver to the successor trustee all Mortgage Files and related
documents and statements held by it hereunder (other than any Mortgage Files at
the time held by a Custodian, which shall become the agent of any successor
trustee hereunder), and the Company, the Master Servicer and the predecessor
trustee shall execute and deliver such instruments and do such other things as
may reasonably be required for more fully and certainly vesting and confirming
in the successor trustee all such rights, powers, duties and obligations.
(b) No successor trustee shall accept appointment as provided in this
Section unless at the time of such acceptance such successor trustee shall be
eligible under the provisions of Section 8.06.
(c) Upon acceptance of appointment by a successor trustee as provided
in this Section, the Company shall mail notice of the succession of such trustee
hereunder to all Holders of Certificates at their addresses as shown in the
Certificate Register. If the Company fails to mail such notice within 10 days
after acceptance of appointment by the successor trustee, the successor trustee
shall cause such notice to be mailed at the expense of the Company.
Section 8.09. Merger or Consolidation of Trustee.
Any corporation or national banking association into which the Trustee
may be merged or converted or with which it may be consolidated or any
corporation or national banking association
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resulting from any merger, conversion or consolidation to which the Trustee
shall be a party, or any corporation or national banking association succeeding
to the business of the Trustee, shall be the successor of the Trustee hereunder,
provided such corporation or national banking association shall be eligible
under the provisions of Section 8.06, without the execution or filing of any
paper or any further act on the part of any of the parties hereto, anything
herein to the contrary notwithstanding. The Trustee shall mail notice of any
such merger or consolidation to the Certificateholders at their address as shown
in the Certificate Register.
Section 8.10. Appointment of Co-Trustee or Separate
Trustee.
(a) Notwithstanding any other provisions hereof, at any time, for the
purpose of meeting any legal requirements of any jurisdiction in which any part
of the Trust Fund or property securing the same may at the time be located, the
Master Servicer and the Trustee acting jointly shall have the power and shall
execute and deliver all instruments to appoint one or more Persons approved by
the Trustee to act as co-trustee or co-trustees, jointly with the Trustee, or
separate trustee or separate trustees, of all or any part of the Trust Fund, and
to vest in such Person or Persons, in such capacity, such title to the Trust
Fund, or any part thereof, and, subject to the other provisions of this Section
8.10, such powers, duties, obligations, rights and trusts as the Master Servicer
and the Trustee may consider necessary or desirable. If the Master Servicer
shall not have joined in such appointment within 15 days after the receipt by it
of a request so to do, or in case an Event of Default shall have occurred and be
continuing, the Trustee alone shall have the power to make such appointment. No
co-trustee or separate trustee hereunder shall be required to meet the terms of
eligibility as a successor trustee under Section 8.06 hereunder and no notice to
Holders of Certificates of the appointment of co-trustee(s) or separate
trustee(s) shall be required under Section 8.08 hereof.
(b) In the case of any appointment of a co-trustee or separate trustee
pursuant to this Section 8.10 all rights, powers, duties and obligations
conferred or imposed upon the Trustee shall be conferred or imposed upon and
exercised or performed by the Trustee, and such separate trustee or co-trustee
jointly, except to the extent that under any law of any jurisdiction in which
any particular act or acts are to be performed (whether as Trustee hereunder or
as successor to the Master Servicer hereunder), the Trustee shall be incompetent
or unqualified to perform such act or acts, in which event such rights, powers,
duties and obligations (including the holding of title to the Trust Fund or any
portion thereof in any such jurisdiction) shall be exercised and performed by
such separate trustee or co-trustee at the direction of the Trustee.
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(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. Each Custodian shall be a depository
institution subject to supervision by federal or state authority, shall have a
combined capital and surplus of at least $15,000,000 and shall be qualified to
do business in the jurisdiction in which it holds any Mortgage File. Each
Custodial Agreement may be amended only as provided in Section 11.01. The
Trustee shall notify the Certificateholders of the appointment of any Custodian
(other than the Custodian appointed as of the Closing Date) pursuant to this
Section 8.11.
Section 8.12. Appointment of Office or Agency.
The Trustee will maintain an office or agency in the City of New York
where Certificates may be surrendered for registration of transfer or exchange.
The Trustee initially designates its offices located at 14 Wall Street, 8th
Floor, New York, New York, 10005, for the purpose of keeping the Certificate
Register. The Trustee will maintain an office at the address stated in Section
11.05(c) hereof where notices and demands to or upon the Trustee in respect of
this Agreement may be served.
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ARTICLE IX
TERMINATION
Section 9.01. Termination Upon Purchase by the Master
Servicer or the Company or Liquidation of All
Mortgage Loans.
(a) Subject to Section 9.02, the respective obligations and
responsibilities of the Company, the Master Servicer and the Trustee created
hereby in respect of the Certificates (other than the obligation of the Trustee
to make certain payments after the Final Distribution Date to Certificateholders
and the obligation of the Company to send certain notices as hereinafter set
forth) shall terminate upon the last action required to be taken by the Trustee
on the Final Distribution Date pursuant to this Article IX following the earlier
of:
(i) the later of the final payment or other liquidation (or
any Advance with respect thereto) of the last Mortgage Loan remaining
in the Trust Fund or the disposition of all property acquired upon
foreclosure or deed in lieu of foreclosure of any Mortgage Loan, or
(ii) the purchase by the Master Servicer or the Company of all
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
right is exercised by the Master Servicer, the Master Servicer
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shall be deemed to have been reimbursed for the full amount of any unreimbursed
Advances theretofore made by it with respect to the Mortgage Loans. In addition,
the Master Servicer or the Company, as applicable, shall provide to the Trustee
the certification required by Section 3.15 and the Trustee and any Custodian
shall, promptly following payment of the purchase price, release to the Master
Servicer or the Company, as applicable, the Mortgage Files pertaining to the
Mortgage Loans being purchased.
(b) The Master Servicer or, in the case of a final distribution as a
result of the exercise by the Company of its right to purchase the assets of the
Trust Fund, the Company shall give the Trustee not less than 60 days' prior
notice of the Distribution Date on which the Master Servicer or the Company, as
applicable, anticipates that the final distribution will be made to
Certificateholders (whether as a result of the exercise by the Master Servicer
or the Company of its right to purchase the assets of the Trust Fund or
otherwise). Notice of any termination, specifying the anticipated Final
Distribution Date (which shall be a date that would otherwise be a Distribution
Date) upon which the Certificateholders may surrender their Certificates to the
Trustee (if so required by the terms hereof) for payment of the final
distribution and cancellation, shall be given promptly by the Master Servicer or
the Company, as applicable (if it is exercising its right to purchase the assets
of the Trust Fund), or by the Trustee (in any other case) by letter to the
Certificateholders mailed not earlier than the 15th day and not later than the
25th day of the month next preceding the month of such final distribution
specifying:
(i) the anticipated Final Distribution Date upon which final
payment of the Certificates is anticipated to be made upon presentation
and surrender of Certificates at the office or agency of the Trustee
therein designated,
(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 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 as aforesaid, it shall give such notice to the
Certificate Registrar at the time such notice is given to Certificateholders. In
the event such notice is given by the Master Servicer or the Company, the Master
Servicer or the Company, as applicable, shall deposit in the Certificate Account
before the Final Distribution Date in
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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 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 Accrued Certificate Interest for the related
Interest Accrual Period thereon and any previously unpaid Accrued Certificate
Interest, subject to the priority set forth in Section 4.02(a), and (B) with
respect to the Class R Certificates, any excess of the amounts available for
distribution (including the repurchase price specified in clause (ii) of
subsection (a) of this Section) over the total amount distributed under the
immediately preceding clause (A).
(d) 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, 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.
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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, as the case may be, and specify the first
day of such period in a statement attached to the Trust Fund's final
Tax Return pursuant to Treasury regulations Section 1.860F-1. The
Master Servicer also shall satisfy all of the requirements of a
qualified liquidation for the Trust Fund, as the case may be, under
Section 860F of the Code and regulations thereunder;
(ii) The Master Servicer shall notify the Trustee at the
commencement of such 90-day liquidation period and, at or prior to the
time of making of the final payment on the Certificates, the Trustee
shall sell or otherwise dispose of all of the remaining assets of the
Trust Fund in accordance with the terms hereof; and
(iii) If the Master Servicer or the Company is exercising its
right to purchase the assets of the Trust Fund, the Master Servicer
shall, during the 90-day liquidation period and at or prior to the
Final Distribution Date, purchase all of the assets of the Trust Fund
for cash; 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. 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, each of the Class A (other than the Class A-10 Certificates),
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 interests" 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 all 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 each 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, 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 REMIC to fail to qualify as a REMIC at any time that any
Certificates are outstanding or subject the REMIC to any tax under the REMIC
Provisions or other applicable provisions of federal, state and local law or
ordinances.
(j) Neither the Master Servicer nor the Trustee shall (subject
to Section 10.01(f)) enter into any arrangement by which 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
Certificate Principal Balance of each Class of Certificates (other than the
Class A-10 Certificates) representing a regular interest in the REMIC would be
reduced to zero is March 25, 2027, 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 March
25, 2027, which is the Distribution Date immediately following the latest
scheduled maturity date of any Mortgage Loan.
(l) Within 30 days after the Closing Date, the REMIC
Administrator shall prepare and file with the Internal Revenue
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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 REMIC as a REMIC or (b) unless the
Master Servicer has determined in its sole discretion to indemnify the Trust
Fund against such tax, cause 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 any taxes and costs
(including, without limitation, any reasonable attorneys' fees) imposed on or
incurred by the Trust
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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, respectively, provided that (A) such change shall not result
in reduction of the rating assigned to any such Class of Certificates
below the lower of the then-current rating or the rating assigned to
such Certificates as of the Closing Date, as
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evidenced by a letter from each Rating Agency to such effect, and (B)
such change shall not (subject to Section 10.01(f)), as evidenced by an
Opinion of Counsel (at the expense of the party seeking so to modify,
eliminate or add such provisions), cause 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 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
for the purpose of adding any provisions to or changing in any manner or
eliminating any of the provisions of this Agreement or such Custodial Agreement
or of modifying in any manner the rights of the Holders of Certificates of such
Class; provided, however, that no such amendment shall:
(i) reduce in any manner the amount of, or delay
the timing of, payments which are required to be distributed
on any Certificate without the consent of the Holder of such
Certificate,
(ii) reduce the aforesaid percentage of Certificates of any
Class the Holders of which are required to consent to any such
amendment, in any such case without the consent of the Holders of all
Certificates of such Class then outstanding.
(c) Notwithstanding any contrary provision of this Agreement, the
Trustee shall not consent to any amendment to this Agreement unless it shall
have first received an Opinion of Counsel (subject to Section 10.01(f) and at
the expense of the party seeking such amendment) to the effect that such
amendment or the exercise of any power granted to the Master Servicer, the
Company or the Trustee in accordance with such amendment will not result in the
imposition of a federal tax on the Trust Fund or cause the Trust Fund 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. It shall not be
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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 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) 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
NY1-195490.2
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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 from time to time as
partners or members of an association; nor shall any Certificateholder be under
any liability to any third person by reason of any action taken by the parties
to this Agreement pursuant to any provision hereof.
(c) No Certificateholder shall have any right by virtue of
any provision of this Agreement to institute any suit, action or
NY1-195490.2
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proceeding in equity or at law upon or under or with respect to this Agreement,
unless such Holder previously shall have given to the Trustee a written notice
of default and of the continuance thereof, as hereinbefore provided, and unless
also the Holders of Certificates of any Class evidencing in the aggregate not
less than 25% of the related Percentage Interests of such Class, shall have made
written request upon the Trustee to institute such action, suit or proceeding in
its own name as Trustee hereunder and shall have offered to the Trustee such
reasonable indemnity as it may require against the costs, expenses and
liabilities to be incurred therein or thereby, and the Trustee, for 60 days
after its receipt of such notice, request and offer of indemnity, shall have
neglected or refused to institute any such action, suit or proceeding it being
understood and intended, and being expressly covenanted by each
Certificateholder with every other Certificateholder and the Trustee, that no
one or more Holders of Certificates of any Class shall have any right in any
manner whatever by virtue of any provision of this Agreement to affect, disturb
or prejudice the rights of the Holders of any other of such Certificates of such
Class or any other Class, or to obtain or seek to obtain priority over or
preference to any other such Holder, or to enforce any right under this
Agreement, except in the manner herein provided and for the common benefit of
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
55437, Attention: President, or such other address as may hereafter be furnished
to the Master Servicer and the Trustee in writing by the Company, (b) in the
case of the Master Servicer, 10 Universal City Plaza, Suite 2100, Universal
City, California 91608, Attention: Ms. Becker or such other address as may be
hereafter furnished to the Company and the Trustee by the Master Servicer in
writing, (c) in the case of the Trustee, Corporate Trust Services Division, One
First National Plaza, Chicago, Illinois 60670, Attention: Residential Accredit
Loans, Inc.
NY1-195490.2
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Series 1997-QS2 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, the Trustee and the Master
Servicer in writing by Fitch and (e) in the case of Standard & Poor's, 26
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 pursuant to Section
4.03,
(f) the statements required to be delivered pursuant
to Sections 3.18 and 3.19,
(g) a change in the location of the Custodial Account
or the Certificate Account,
(h) the occurrence of any monthly cash flow shortfall
to the Holders of any Class of Certificates resulting from
NY1-195490.2
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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 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
NY1-195490.2
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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).
NY1-195490.2
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<PAGE>
IN WITNESS WHEREOF, the Company, the Master Servicer and the Trustee
have caused their names to be signed hereto by their respective officers
thereunto duly authorized and their respective seals, duly attested, to be
hereunto affixed, all as of the day and year first above written.
RESIDENTIAL ACCREDIT LOANS, INC.
[Seal]
By:/s/ Randy Van Zee
Name: Randy Van Zee
Title: Vice President
Attest:/s/ Diane S. Wold
Name: Diane S. Wold
Title: Vice President
RESIDENTIAL FUNDING CORPORATION
[Seal]
By:/s/ Diane S. Wold
Name: Diane S. Wold
Title: Director
Attest:/s/ Randy Van Zee
Name: Randy Van Zee
Title: Director
THE FIRST NATIONAL BANK OF CHICAGO,
as Trustee
[Seal]
By:/s/ Steven M. Wagner
Name: Steven M. Wagner
Title: Vice President
Attest:/s/ Faye Wright
Name: Faye Wright
Title: Assistant Secretary
NY1-195490.2
<PAGE>
STATE OF MINNESOTA )
) ss.:
COUNTY OF HENNEPIN )
On the 31st day of March, 1997 before me, a notary public in
and for said State, personally appeared Randy Van Zee, known to me to be a Vice
President of Residential Accredit Loans, Inc., one of the corporations that
executed the within instrument, and also known to me to be the person who
executed it on behalf of said corporation, and acknowledged to me that such
corporation executed the within instrument.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my
official seal the day and year in this certificate first above written.
Notary Public
[Notarial Seal]
NY1-195490.2
<PAGE>
STATE OF MINNESOTA )
) ss.:
COUNTY OF HENNEPIN )
On the 31st day of March, 1997 before me, a notary public in
and for said State, personally appeared Diane S. Wold, known to me to be a
Director of Residential Funding Corporation, one of the corporations that
executed the within instrument, and also known to me to be the person who
executed it on behalf of said corporation, and acknowledged to me that such
corporation executed the within instrument.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my
official seal the day and year in this certificate first above written.
Notary Public
[Notarial Seal]
NY1-195490.2
<PAGE>
STATE OF ILLINOIS )
) ss.:
COUNTY OF COOK )
On the 31st day of March, 1997 before me, a notary public in
and for said State, personally appeared Steven M. Wagner, known to me to be a
Vice President 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 banking corporation and acknowledged to
me that such banking corporation executed the within instrument.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my
official seal the day and year in this certificate first above written.
Notary Public
[Notarial Seal]
NY1-195490.2
<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 MARCH 31, 1997. 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.]
NY1-195490.2
<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: ___%]
April 1, 1997
Aggregate Initial [Certificate
Principal Balance] [Class A-10
Notional Amount] [Subclass
Notional Amount] of the Class
A-__ Certificates:
First Distribution Date:
April 25, 1997
Master Servicer: [Initial] [Certificate Principal
Residential Funding Balance] [[Class A-10] [Subclass]
Corporation Notional Amount] of this
Certificate: $_____________]
Assumed Final
Distribution Date: CUSIP 76110F-_____
[March 25, 2027]
MORTGAGE ASSET-BACKED PASS-THROUGH CERTIFICATE
SERIES 1997-QS2
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 Group, Inc. or any of their affiliates. Neither this Certificate nor
the underlying Mortgage Loans are guaranteed or insured by any governmental
agency or instrumentality or by Residential Accredit Loans, Inc., the Master
Servicer, the Trustee or GMAC Mortgage Group, Inc. or any of their affiliates.
None of the Company, the Master Servicer, GMAC Mortgage Group, Inc. or any of
their affiliates will have any obligation with respect to any certificate or
other obligation secured by or payable from payments on the Certificates.
This certifies that _____________________________ is the
registered owner of the Percentage Interest evidenced by this Certificate
[(obtained by dividing the [Initial Certificate
NY1-195490.2
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<PAGE>
Principal Balance] [Initial Class A-10 Notional Amount] of this Certificate by
the aggregate [Initial Certificate Principal Balance of all Class A-___
Certificates] [Initial Class A-10 Notional Amounts of all Class A-10
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 Class A-10 Notional Amount of the
Class A-10 Certificates as of any date of determination is equal to the
aggregate Stated Principal Balance of the Mortgage Loans corresponding to the
Uncertificated REMIC Regular Interests represented by such Class A-10
Certificates.] [The Subclass Notional Amount of the Class A-10-_ Certificates as
of any date of determination is equal to the aggregate Stated Principal Balance
of the Mortgage Loans corresponding to the Uncertificated REMIC Regular
Interests represented by such Class A-10-_ Certificates immediately prior to
such date.] [The Class A-10[-_] 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
NY1-195490.2
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<PAGE>
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] [Initial Class A-10 Notional
Amount] [initial Subclass Notional Amount] 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.
NY1-195490.2
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<PAGE>
As provided in the Agreement and subject to certain
limitations therein set forth, the transfer of this Certificate is registrable
in the Certificate Register upon surrender of this Certificate for registration
of transfer at the offices or agencies appointed by the Trustee in the City and
State of New York, duly endorsed by, or accompanied by an assignment in the form
below or other written instrument of transfer in form satisfactory to the
Trustee and the Certificate Registrar duly executed by the Holder hereof or such
Holder's attorney duly authorized in writing, and thereupon one or more new
Certificates of authorized denominations evidencing the same Class and aggregate
Percentage Interest will be issued to the designated transferee or transferees.
The Certificates are issuable only as registered Certificates
without coupons in Classes and in denominations specified in the Agreement. As
provided in the Agreement and subject to certain limitations therein set forth,
Certificates are exchangeable for new Certificates of authorized denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.
No service charge will be made for any such registration of
transfer or exchange, but the Trustee may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith.
The Company, the Master Servicer, the Trustee and the
Certificate Registrar and any agent of the Company, the Master Servicer, the
Trustee or the Certificate Registrar may treat the Person in whose name this
Certificate is registered as the owner hereof for all purposes, and neither the
Company, the Master Servicer, the Trustee nor any such agent shall be affected
by notice to the contrary.
This Certificate shall be governed by and construed in
accordance with the laws of the State of New York.
The obligations created by the Agreement in respect of the
Certificates and the Trust Fund created thereby shall terminate upon the payment
to Certificateholders of all amounts held by or on behalf of the Trustee and
required to be paid to them pursuant to the Agreement following the earlier of
(i) the maturity or other liquidation of the last Mortgage Loan subject thereto
or the disposition of all property acquired upon foreclosure or deed in lieu of
foreclosure of any Mortgage Loan and (ii) the purchase by the Master Servicer or
the Company from the Trust Fund of all remaining Mortgage Loans and all property
acquired in respect of such Mortgage Loans, thereby effecting early retirement
of the Certificates. The Agreement permits, but does not require, the Master
Servicer or the Company to (i) purchase at a price 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
NY1-195490.2
A-5
<PAGE>
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 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.
NY1-195490.2
A-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 A-__ Certificates referred to in the
within-mentioned Agreement.
THE FIRST NATIONAL BANK OF
CHICAGO,
as Certificate Registrar
By:
5490.2
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 [CLASS M-1 CERTIFICATES] [AND CLASS M-2 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 MARCH 31, 1997. 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.]
NY1-195490.2
<PAGE>
Certificate No. ___ [___]% 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:
March 1, 1997 Initial Certificate Principal
Balance of this Certificate:
First Distribution Date: $_______________
April 25, 1997
CUSIP: 76110F-_____
Master Servicer:
Residential Funding Corporation
Assumed Final Distribution Date:
March 25, 2027
MORTGAGE ASSET-BACKED PASS-THROUGH CERTIFICATE
SERIES 1997-QS2
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 Group, Inc. or any of their affiliates. Neither this Certificate nor
the underlying Mortgage Loans are guaranteed or insured by any governmental
agency or instrumentality or by Residential Accredit Loans, Inc., the Master
Servicer, the Trustee or GMAC Mortgage Group, Inc. or any of their affiliates.
None of the Company, the Master Servicer, GMAC Mortgage Group, Inc. or any of
their affiliates will have any obligation with respect to any certificate or
other obligation secured by or payable from payments on the Certificates.
This certifies that _________________________ is the
registered owner of the Percentage Interest evidenced by this Certificate
(obtained by dividing the Certificate Principal Balance of this Certificate by
the aggregate Certificate Principal Balance of all Class M-__ Certificates, both
as specified above) in certain distributions with respect to a Trust Fund
consisting primarily of a pool of conventional one- to four-family fixed
interest rate first mortgage loans (the "Mortgage Loans"), formed and sold by
Residential Accredit Loans, Inc. (hereinafter called the "Company," which term
includes any successor entity under the Agreement
NY1-195490.2
B-2
<PAGE>
referred to below). The Trust Fund was created pursuant to a Pooling and
Servicing Agreement dated as specified above (the "Agreement") among the
Company, the Master Servicer and 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 acceptable to and in
form and substance satisfactory to the Trustee, the Company and the Master
Servicer with respect to the permissibility of such transfer under the Employee
Retirement Income Security Act of 1974, as amended ("ERISA"), and Section 4975
of the Internal Revenue Code (the "Code") and stating, among other things, that
the transferee's acquisition of a Class M Certificate
NY1-195490.2
B-3
<PAGE>
will not constitute or result in a non-exempt prohibited transaction under
Section 406 of ERISA or Section 4975 of the Code or (ii) a representation
letter, in the form as described by the Agreement, either stating that the
transferee is not an employee benefit or other plan subject to the prohibited
transaction provisions of ERISA or Section 4975 of the Code (a "Plan"), or any
other person (including an investment manager, a named fiduciary or a trustee of
any Plan) acting, directly or indirectly, on behalf of or purchasing any
Certificate with "plan assets" of any Plan, or stating that the transferee is an
insurance company, the source of funds to be used by it to purchase the
Certificate is an "insurance company general account" (within the meaning of
Department of Labor Prohibited Transaction Class Exemption ("PTCE") 95-60), and
the purchase is being made in reliance upon the availability of the exemptive
relief afforded under Section III of PTCE 95-60.
This Certificate is one of a duly authorized issue of
Certificates issued in several Classes designated as Mortgage Asset-Backed
Pass-Through Certificates of the Series specified hereon (herein collectively
called the "Certificates").
The Certificates are limited in right of payment to certain
collections and recoveries respecting the Mortgage Loans, all as more
specifically set forth herein and in the Agreement. In the event Master Servicer
funds are advanced with respect to any Mortgage Loan, such advance is
reimbursable to the Master Servicer, to the extent provided in the Agreement,
from related recoveries on such Mortgage Loan or from other cash that would have
been distributable to Certificateholders.
As provided in the Agreement, withdrawals from the Custodial
Account and/or the Certificate Account created for the benefit of
Certificateholders may be made by the Master Servicer from time to time for
purposes other than distributions to Certificateholders, such purposes including
without limitation reimbursement to the Company and the Master Servicer of
advances made, or certain expenses incurred, by either of them.
The Agreement permits, with certain exceptions therein
provided, the amendment of the Agreement and the modification of the rights and
obligations of the Company, the Master Servicer and the Trustee and the rights
of the Certificateholders under the Agreement at any time by the Company, the
Master Servicer and the Trustee with the consent of the Holders of Certificates
evidencing in the aggregate not less than 66% of the Percentage Interests of
each Class of Certificates affected thereby. Any such consent by the Holder of
this Certificate shall be conclusive and binding on such Holder and upon all
future holders of this Certificate and of any Certificate issued upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such consent is made upon the Certificate. The Agreement also permits the
amendment thereof in certain circumstances without the consent of the Holders of
any of the Certificates and, in certain additional
NY1-195490.2
B-4
<PAGE>
circumstances, without the consent of the Holders of certain
Classes of Certificates.
As provided in the Agreement and subject to certain
limitations therein set forth, the transfer of this Certificate is registrable
in the Certificate Register upon surrender of this Certificate for registration
of transfer at the offices or agencies appointed by the Trustee in the City and
State of New York, duly endorsed by, or accompanied by an assignment in the form
below or other written instrument of transfer in form satisfactory to the
Trustee and the Certificate Registrar duly executed by the Holder hereof or such
Holder's attorney duly authorized in writing, and thereupon one or more new
Certificates of authorized denominations evidencing the same Class and aggregate
Percentage Interest will be issued to the designated transferee or transferees.
The Certificates are issuable only as registered Certificates
without coupons in Classes and in denominations specified in the Agreement. As
provided in the Agreement and subject to certain limitations therein set forth,
Certificates are exchangeable for new Certificates of authorized denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.
No service charge will be made for any such registration of
transfer or exchange, but the Trustee may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith.
The Company, the Master Servicer, the Trustee and the
Certificate Registrar and any agent of the Company, the Master Servicer, the
Trustee or the Certificate Registrar may treat the Person in whose name this
Certificate is registered as the owner hereof for all purposes, and neither the
Company, the Master Servicer, the Trustee nor any such agent shall be affected
by notice to the contrary.
This Certificate shall be governed by and construed in
accordance with the laws of the State of New York.
The obligations created by the Agreement in respect of the
Certificates and the Trust Fund created thereby shall terminate upon the payment
to Certificateholders of all amounts held by or on behalf of the Trustee and
required to be paid to them pursuant to the Agreement following the earlier of
(i) the maturity or other liquidation of the last Mortgage Loan subject thereto
or the disposition of all property acquired upon foreclosure or deed in lieu of
foreclosure of any Mortgage Loan and (ii) the purchase by the Master Servicer or
the Company from the Trust Fund of all remaining Mortgage Loans and all property
acquired in respect of such Mortgage Loans, thereby effecting early retirement
of the Certificates. The Agreement permits, but does not require, the Master
Servicer or the Company to (i) purchase at a price
NY1-195490.2
B-5
<PAGE>
determined as provided in the Agreement all remaining Mortgage Loans and all
property acquired in respect of any Mortgage Loan or (ii) purchase in whole, but
not in part, all of the Certificates from the Holders thereof; provided, that
any such option may only be exercised if the Pool Stated Principal Balance of
the Mortgage Loans as of the Distribution Date upon which the proceeds of any
such purchase are distributed is less than ten percent of the Cut-off Date
Principal Balance of the Mortgage Loans.
Unless the certificate of authentication hereon has been
executed by the Certificate Registrar, by manual signature, this Certificate
shall not be entitled to any benefit under the Agreement or be valid for any
purpose.
NY1-195490.2
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 MARCH 31, 1997. 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.
NY1-195490.2
<PAGE>
Certificate No. __ [___]% 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: $_______________
March 1, 1997
Initial Certificate Principal
Balance of this Certificate:
First Distribution Date: $_______________
April 25, 1997
Master Servicer:
Residential Funding Corporation
Assumed Final Distribution Date:
March 25, 2027
MORTGAGE ASSET-BACKED PASS-THROUGH CERTIFICATE
SERIES 1997-QS2
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 Group, Inc. or any of their affiliates. Neither this Certificate nor
the underlying Mortgage Loans are guaranteed or insured by any governmental
agency or instrumentality or by Residential Accredit Loans, Inc., the Master
Servicer, the Trustee or GMAC Mortgage Group, Inc. or any of their affiliates.
None of the Company, the Master Servicer, GMAC Mortgage Group, Inc. or any of
their affiliates will have any obligation with respect to any certificate or
other obligation secured by or payable from payments on the Certificates.
This certifies that Residential Accredit Loans, Inc. is the
registered owner of the Percentage Interest evidenced by this Certificate
(obtained by dividing the Certificate Principal Balance of this Certificate by
the aggregate Certificate Principal Balance of all Class B-__ Certificates, both
as specified above) in certain distributions with respect to a Trust Fund
consisting primarily of a pool of conventional one- to four-family fixed
interest rate first mortgage loans (the "Mortgage Loans"), formed and sold by
Residential Accredit Loans, Inc. (hereinafter called the "Company,"
NY1-195490.2
C-2
<PAGE>
which term includes any successor entity under the Agreement referred to below).
The Trust Fund was created pursuant to a Pooling and Servicing Agreement dated
as specified above (the "Agreement") among the Company, the Master Servicer and
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 of the Securities Act
of 1933, as amended, and any applicable state securities laws or is made in
accordance with said Act and laws. In the event that such a transfer is to be
made, (i) the Trustee or the Company may require an opinion of counsel
acceptable to and in form and substance satisfactory to the Trustee and the
Company that
NY1-195490.2
C-3
<PAGE>
such transfer is exempt (describing the applicable exemption and the basis
therefor) from or is being made pursuant to the registration requirements of the
Securities Act of 1933, as amended, and of any applicable statute of any state
and (ii) the transferee shall execute an investment letter in the form described
by the Agreement. The Holder hereof desiring to effect such transfer shall, and
does hereby agree to, indemnify the Trustee, the Company, the Master Servicer
and the Certificate Registrar acting on behalf of the Trustee against any
liability that may result if the transfer is not so exempt or is not made in
accordance with such Federal and state laws. In connection with any such
transfer, the Trustee will also require either (i) an opinion of counsel
acceptable to and in form and substance satisfactory to the Trustee, the Company
and the Master Servicer with respect to the permissibility of such transfer
under the Employee Retirement Income Security Act of 1974, as amended ("ERISA"),
and Section 4975 of the Internal Revenue Code (the "Code") and stating, among
other things, that the transferee's acquisition of a Class B Certificate will
not constitute or result in a non-exempt prohibited transaction under Section
406 of ERISA or Section 4975 of the Code or (ii) a representation letter, in the
form as described by the Agreement, either stating that the transferee is not an
employee benefit or other plan subject to the prohibited transaction provisions
of ERISA or Section 4975 of the Code (a "Plan"), or any other person (including
an investment manager, a named fiduciary or a trustee of any Plan) acting,
directly or indirectly, on behalf of or purchasing any Certificate with "plan
assets" of any Plan, or stating that the transferee is an insurance company, the
source of funds to be used by it to purchase the Certificate is an "insurance
company general account" (within the meaning of Department of Labor Prohibited
Transaction Class Exemption ("PTCE") 95-60), and the purchase is being made in
reliance upon the availability of the exemptive relief afforded under Section
III of PTCE 95-60.
This Certificate is one of a duly authorized issue of
Certificates issued in several Classes designated as Mortgage Asset-Backed
Pass-Through Certificates of the Series specified hereon (herein collectively
called the "Certificates").
The Certificates are limited in right of payment to certain
collections and recoveries respecting the Mortgage Loans, all as more
specifically set forth herein and in the Agreement. In the event Master Servicer
funds are advanced with respect to any Mortgage Loan, such advance is
reimbursable to the Master Servicer, to the extent provided in the Agreement,
from related recoveries on such Mortgage Loan or from other cash that would have
been distributable to Certificateholders.
As provided in the Agreement, withdrawals from the Custodial
Account and/or the Certificate Account created for the benefit of
Certificateholders may be made by the Master Servicer from time to time for
purposes other than distributions to Certificateholders, such purposes including
without limitation
NY1-195490.2
C-4
<PAGE>
reimbursement to the Company and the Master Servicer of advances made, or
certain expenses incurred, by either of them.
The Agreement permits, with certain exceptions therein
provided, the amendment of the Agreement and the modification of the rights and
obligations of the Company, the Master Servicer and the Trustee and the rights
of the Certificateholders under the Agreement at any time by the Company, the
Master Servicer and the Trustee with the consent of the Holders of Certificates
evidencing in the aggregate not less than 66% of the Percentage Interests of
each Class of Certificates affected thereby. Any such consent by the Holder of
this Certificate shall be conclusive and binding on such Holder and upon all
future holders of this Certificate and of any Certificate issued upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such consent is made upon the Certificate. The Agreement also permits the
amendment thereof in certain circumstances without the consent of the Holders of
any of the Certificates and, in certain additional circumstances, without the
consent of the Holders of certain Classes of Certificates.
As provided in the Agreement and subject to certain
limitations therein set forth, the transfer of this Certificate is registrable
in the Certificate Register upon surrender of this Certificate for registration
of transfer at the offices or agencies appointed by the Trustee in the City and
State of New York, duly endorsed by, or accompanied by an assignment in the form
below or other written instrument of transfer in form satisfactory to the
Trustee and the Certificate Registrar duly executed by the Holder hereof or such
Holder's attorney duly authorized in writing, and thereupon one or more new
Certificates of authorized denominations evidencing the same Class and aggregate
Percentage Interest will be issued to the designated transferee or transferees.
The Certificates are issuable only as registered Certificates
without coupons in Classes and in denominations specified in the Agreement. As
provided in the Agreement and subject to certain limitations therein set forth,
Certificates are exchangeable for new Certificates of authorized denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.
No service charge will be made for any such registration of
transfer or exchange, but the Trustee may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith.
The Company, the Master Servicer, the Trustee and the
Certificate Registrar and any agent of the Company, the Master Servicer, the
Trustee or the Certificate Registrar may treat the Person in whose name this
Certificate is registered as the owner hereof for all purposes, and neither the
Company, the Master
NY1-195490.2
C-5
<PAGE>
Servicer, the Trustee nor any such agent shall be affected by notice to the
contrary.
This Certificate shall be governed by and construed in
accordance with the laws of the State of New York.
The obligations created by the Agreement in respect of the
Certificates and the Trust Fund created thereby shall terminate upon the payment
to Certificateholders of all amounts held by or on behalf of the Trustee and
required to be paid to them pursuant to the Agreement following the earlier of
(i) the maturity or other liquidation of the last Mortgage Loan subject thereto
or the disposition of all property acquired upon foreclosure or deed in lieu of
foreclosure of any Mortgage Loan and (ii) the purchase by the Master Servicer or
the Company from the Trust Fund of all remaining Mortgage Loans and all property
acquired in respect of such Mortgage Loans, thereby effecting early retirement
of the Certificates. The Agreement permits, but does not require, the Master
Servicer or the Company to (i) purchase at a price determined as provided in the
Agreement all remaining Mortgage Loans and all property acquired in respect of
any Mortgage Loan or (ii) purchase in whole, but not in part, all of the
Certificates from the Holders thereof; provided, that any such option may only
be exercised if the Pool Stated Principal Balance of the Mortgage Loans as of
the Distribution Date upon which the proceeds of any such purchase are
distributed is less than ten percent of the Cut-off Date Principal Balance of
the Mortgage Loans.
Unless the certificate of authentication hereon has been
executed by the Certificate Registrar, by manual signature, this Certificate
shall not be entitled to any benefit under the Agreement or be valid for any
purpose.
NY1-195490.2
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
NY1-195490.2
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.
NY1-195490.2
<PAGE>
Certificate No. ___ [___]% 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:
March 1, 1997 Initial Certificate Principal
Balance of this Certificate:
First Distribution Date: $_______________
April 25, 1997
Percentage Interest:
Master Servicer: _______%
Residential Funding Corporation
CUSIP 76110F-_____
Assumed Final Distribution Date:
March 25, 2027
MORTGAGE ASSET-BACKED PASS-THROUGH CERTIFICATE,
SERIES 1997-QS2
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 Group, Inc. or any of their affiliates. Neither this Certificate nor
the underlying Mortgage Loans are guaranteed or insured by any governmental
agency or instrumentality or by Residential Accredit Loans, Inc., the Master
Servicer, the Trustee or GMAC Mortgage Group, Inc. or any of their affiliates.
None of the Company, the Master Servicer, GMAC Mortgage Group, Inc. or any of
their affiliates will have any obligation with respect to any certificate or
other obligation secured by or payable from payments on the Certificates.
This certifies that _________________________ 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
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
NY1-195490.2
D-2
<PAGE>
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 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
NY1-195490.2
D-3
<PAGE>
Certificate Principal Balance hereof to zero, this Certificate will remain
outstanding under the Agreement and the Holder hereof may have additional
obligations with respect to this Certificate, including tax liabilities, and may
be entitled to certain additional distributions hereon, in accordance with the
terms and provisions of the Agreement.
No transfer of this Class R Certificate will be made unless
the Trustee has received either (i) an opinion of counsel acceptable to and in
form and substance satisfactory to the Trustee, the Company and the Master
Servicer with respect to the permissibility of such transfer under the Employee
Retirement Income Security Act of 1974, as amended ("ERISA"), and Section 4975
of the Internal Revenue Code (the "Code") and stating, among other things, that
the transferee's acquisition of a Class R Certificate will not constitute or
result in a non-exempt prohibited transaction under Section 406 of ERISA or
Section 4975 of the Code or (ii) a representation letter, in the form as
described by the Agreement, stating that the transferee is not an employee
benefit or other plan subject to the prohibited transaction provisions of ERISA
or Section 4975 of the Code (a "Plan"), or any other person (including an
investment manager, a named fiduciary or a trustee of any Plan) acting, directly
or indirectly, on behalf of or purchasing any Certificate with "plan assets" of
any Plan.
This Certificate is one of a duly authorized issue of
Certificates issued in several Classes designated as Mortgage Asset-Backed
Pass-Through Certificates of the Series specified hereon (herein collectively
called the "Certificates").
The Certificates are limited in right of payment to certain
collections and recoveries respecting the Mortgage Loans, all as more
specifically set forth herein and in the Agreement. In the event Master Servicer
funds are advanced with respect to any Mortgage Loan, such advance is
reimbursable to the Master Servicer, to the extent provided in the Agreement,
from related recoveries on such Mortgage Loan or from other cash that would have
been distributable to Certificateholders.
As provided in the Agreement, withdrawals from the Custodial
Account and/or the Certificate Account created for the benefit of
Certificateholders may be made by the Master Servicer from time to time for
purposes other than distributions to Certificateholders, such purposes including
without limitation reimbursement to the Company and the Master Servicer of
advances made, or certain expenses incurred, by either of them.
The Agreement permits, with certain exceptions therein
provided, the amendment of the Agreement and the modification of the rights and
obligations of the Company, the Master Servicer and 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
NY1-195490.2
D-4
<PAGE>
in the aggregate not less than 66% of the Percentage Interests of each Class of
Certificates affected thereby. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and upon all future
holders of this Certificate and of any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon the Certificate. The Agreement also permits the amendment
thereof in certain circumstances without the consent of the Holders of any of
the Certificates and, in certain additional circumstances, without the consent
of the Holders of certain Classes of Certificates.
As provided in the Agreement and subject to certain
limitations therein set forth, the transfer of this Certificate is registrable
in the Certificate Register upon surrender of this Certificate for registration
of transfer at the offices or agencies appointed by the Trustee in the City and
State of New York, duly endorsed by, or accompanied by an assignment in the form
below or other written instrument of transfer in form satisfactory to the
Trustee and the Certificate Registrar duly executed by the Holder hereof or such
Holder's attorney duly authorized in writing, and thereupon one or more new
Certificates of authorized denominations evidencing the same Class and aggregate
Percentage Interest will be issued to the designated transferee or transferees.
The Certificates are issuable only as registered Certificates
without coupons in Classes and in denominations specified in the Agreement. As
provided in the Agreement and subject to certain limitations therein set forth,
Certificates are exchangeable for new Certificates of authorized denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.
No service charge will be made for any such registration of
transfer or exchange, but the Trustee may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith.
The Company, the Master Servicer, the Trustee and the
Certificate Registrar and any agent of the Company, the Master Servicer, the
Trustee or the Certificate Registrar may treat the Person in whose name this
Certificate is registered as the owner hereof for all purposes, and neither the
Company, the Master Servicer, the Trustee nor any such agent shall be affected
by notice to the contrary.
This Certificate shall be governed by and construed in
accordance with the laws of the State of New York.
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
NY1-195490.2
D-5
<PAGE>
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.
NY1-195490.2
D-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 R Certificates referred to in the
within-mentioned Agreement.
THE FIRST NATIONAL BANK OF
CHICAGO,
as Certificate Registrar
By:
Authorized Signatory
NY1-195490.2
D-7
<PAGE>
ASSIGNMENT
FOR VALUE RECEIVED, the undersigned hereby sell(s),
assign(s) and transfer(s) unto
(Please print or typewrite
name and address including postal zip code of assignee) a Percentage Interest
evidenced by the within Mortgage Asset-Backed Pass-Through Certificate and
hereby authorizes the transfer of registration of such interest to assignee on
the Certificate Register of the Trust Fund.
I (We) further direct the Certificate Registrar to issue a new
Certificate of a like denomination and Class, to the above named assignee and
deliver such Certificate to the following address:
Dated:
Signature by or on behalf of assignor
Signature Guaranteed
DISTRIBUTION INSTRUCTIONS
The assignee should include the following for purposes of
distribution:
Distributions shall be made, by wire transfer or
otherwise, in immediately available funds to
for the
account of account
number , or, if mailed by check, to
Applicable
statements should be mailed to
.
This information is provided by
, the assignee named above, or
, as its agent.
<PAGE>
EXHIBIT E
CUSTODIAL AGREEMENT
THIS CUSTODIAL AGREEMENT (as amended and supplemented from
time to time, the "Agreement"), dated as of March 1, 1997, 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 March 1, 1997,
relating to the issuance of Residential Accredit Loans, Inc., Mortgage
Asset-Backed Pass-Through Certificates, Series 1997-QS2 (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.
NY1-195490.2
<PAGE>
ARTICLE II
Custody of Mortgage Documents
Section 2.1. Custodian to Act as Agent; Acceptance of Mortgage
Files. The Custodian, as the duly appointed agent of the Trustee for these
purposes, acknowledges receipt of the Mortgage Files relating to the Mortgage
Loans identified on the schedule attached hereto (the "Mortgage Files") and
declares that it holds and will hold the Mortgage Files as agent for the
Trustee, in trust, for the use and benefit of all present and future
Certificateholders.
Section 2.2. Recordation of Assignments. If any Mortgage File
includes one or more assignments to the Trustee of Mortgage Notes and related
Mortgages that have not been recorded, each such assignment shall be delivered
by the Custodian to the Company for the purpose of recording it in the
appropriate public office for real property records, and the Company, at no
expense to the Custodian, shall promptly cause to be recorded in the appropriate
public office for real property records each such assignment and, upon receipt
thereof from such public office, shall return each such assignment to the
Custodian.
Section 2.3. Review of Mortgage Files.
(a) On or prior to the Closing Date, the Custodian shall
deliver to the Trustee an Initial Certification in the form annexed hereto as
Exhibit One evidencing receipt of a Mortgage File for each Mortgage Loan listed
on the Schedule attached hereto (the "Mortgage Loan Schedule").
(b) Within 45 days of the initial issuance of the
Certificates, the Custodian agrees, for the benefit of Certificateholders, to
review, in accordance with the provisions of Section 2.02 of the Pooling
Agreement, each Mortgage File, and shall deliver to the Trustee an Interim
Certification in the form annexed hereto as Exhibit Two to the effect that all
documents required to be delivered pursuant to Section 2.01(b) of the Pooling
Agreement have been executed and received and that such documents relate to the
Mortgage Loans identified on the Mortgage Loan Schedule, except for any
exceptions listed on Schedule A attached to such Interim Certification. Within
45 days of receipt of the documents required to be delivered pursuant to Section
2.01(c) of the Pooling Agreement, the Custodian agrees, for the benefit of
Certificateholders, to review, in accordance with the provisions of Section 2.02
of the Pooling Agreement, each such document, and shall deliver to the Trustee
either (i) an Interim Certification in the form attached hereto as Exhibit Two
to the effect that all such documents relate to the Mortgage Loans identified on
the Mortgage Loan Schedule, except for any exceptions listed on Schedule A
attached to such Interim Certification or (ii) a Final Certification as set
forth in subsection (c) below. The Custodian
NY1-195490.2
E-2
<PAGE>
shall be under no duty or obligation to inspect, review or examine said
documents, instruments, certificates or other papers to determine that the same
are genuine, enforceable, or appropriate for the represented purpose or that
they have actually been recorded or that they are other than what they purport
to be on their face. If in performing the review required by this Section 2.3
the Custodian finds any document or documents constituting a part of a Mortgage
File to be defective in any material respect, the Custodian shall promptly so
notify the Company, the Master Servicer and the Trustee. Upon receipt of written
notification from the Master Servicer, signed by a Servicing Officer, that the
Master Servicer or a Subservicer, as the case may be, has made a deposit into
the Certificate Account in payment for the purchase of the related Mortgage Loan
in an amount equal to the Purchase Price for such Mortgage Loan, the Custodian
shall release to the Master Servicer the related Mortgage File.
(c) Upon receipt of all documents required to be in the
Mortgage Files the Custodian shall deliver to the Trustee a Final Certification
in the form annexed hereto as Exhibit Three evidencing the completeness of the
Mortgage Files.
Upon receipt of written request from the Trustee, the
Custodian shall as soon as practicable supply the Trustee with a list of all of
the documents relating to the Mortgage Loans then contained in the Mortgage
Files.
Section 2.4. Notification of Breaches of Representations and
Warranties. Upon discovery by the Custodian of a breach of any representation or
warranty made by the Master Servicer or the Company as set forth in the Pooling
Agreement or by a Seller in a Seller's Agreement or by Residential Funding or
the Company in the Assignment Agreement with respect to a Mortgage Loan relating
to a Mortgage File, the Custodian shall give prompt written notice to the
Company, the Master Servicer and the Trustee.
Section 2.5. Custodian to Cooperate; Release of Mortgage
Files. Upon the repurchase or substitution of any Mortgage Loan pursuant to
Article II of the Pooling Agreement or payment in full of any Mortgage Loan, or
the receipt by the Master Servicer of a notification that payment in full will
be escrowed in a manner customary for such purposes, the Master Servicer shall
immediately notify the Custodian by a certification (which certification shall
include a statement to the effect that all amounts received or to be received in
connection with such payment which are required to be deposited in the Custodial
Account pursuant to Section 3.07 of the Pooling Agreement have been or will be
so deposited) of a Servicing Officer and shall request delivery to it of the
Mortgage File. The Custodian agrees, upon receipt of such certification and
request, promptly to release to the Master Servicer the related Mortgage File.
The Master Servicer shall deliver to the Custodian and the Custodian agrees to
accept the Mortgage Note and other
NY1-195490.2
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<PAGE>
documents constituting the Mortgage File with respect to any Qualified
Substitute Mortgage Loan.
From time to time as is appropriate for the servicing or
foreclosures of any Mortgage Loan, including, for this purpose, collection under
any Primary Insurance Policy or any Mortgage Pool Insurance Policy, the Master
Servicer shall deliver to the Custodian a certificate of a Servicing Officer
requesting that possession of all, or any document constituting part, of the
Mortgage File be released to the Master Servicer and certifying as to the reason
for such release and that such release will not invalidate any insurance
coverage provided in respect of the Mortgage Loan under any of the Required
Insurance Policies. With such certificate, the Master Servicer shall deliver to
the Custodian a trust receipt signed by a Servicing Officer on behalf of the
Master Servicer, and upon receipt of the foregoing, the Custodian shall deliver
the Mortgage File or such document to the Master Servicer. The Master Servicer
shall cause each Mortgage File or any document therein so released to be
returned to the Custodian when the need therefor by the Master Servicer no
longer exists, unless (i) the Mortgage Loan has been liquidated and the
Liquidation Proceeds relating to the Mortgage Loan have been deposited in the
Custodial Account or (ii) the Mortgage File or such document has been delivered
to an attorney, or to a public trustee or other public official as required by
law, for purposes of initiating or pursuing legal action or other proceedings
for the foreclosure of the Mortgaged Property either judicially or
non-judicially, and the Master Servicer has delivered to the Custodian a
certificate of a Servicing Officer certifying as to the name and address of the
Person to which such Mortgage File or such document was delivered and the
purpose or purposes of such delivery. In the event of the liquidation of a
Mortgage Loan, the Custodian shall deliver the Trust Receipt with respect
thereto to the Master Servicer upon deposit of the related Liquidation Proceeds
in the Custodial Account as provided in the Pooling Agreement.
Section 2.6. Assumption Agreements. In the event that any
assumption agreement or substitution of liability agreement is entered into with
respect to any Mortgage Loan subject to this Agreement in accordance with the
terms and provisions of the Pooling Agreement, the Master Servicer shall notify
the Custodian that such assumption or substitution agreement has been completed
by forwarding to the Custodian the original of such assumption or substitution
agreement, which shall be added to the related Mortgage File and, for all
purposes, shall be considered a part of such Mortgage File to the same extent as
all other documents and instruments constituting parts thereof.
NY1-195490.2
E-4
<PAGE>
ARTICLE III
Concerning the Custodian
Section 3.1. Custodian a Bailee and Agent of the Trustee. With
respect to each Mortgage Note, Mortgage and other documents constituting each
Mortgage File which are delivered to the Custodian, the Custodian is exclusively
the bailee and agent of the Trustee and has no instructions to hold any Mortgage
Note or Mortgage for the benefit of any person other than the Trustee, holds
such documents for the benefit of Certificateholders and undertakes to perform
such duties and only such duties as are specifically set forth in this
Agreement. Except upon compliance with the provisions of Section 2.5 of this
Agreement, no Mortgage Note, Mortgage or other document constituting a part of a
Mortgage File shall be delivered by the Custodian to the Company or the Master
Servicer or otherwise released from the possession of the Custodian.
Section 3.2. Indemnification. The Company hereby agrees to
indemnify and hold the Custodian harmless from and against all claims,
liabilities, losses, actions, suits or proceedings at law or in equity, or any
other expenses, fees or charges of any character or nature, which the Custodian
may incur or with which the Custodian may be threatened by reason of its acting
as custodian under this Agreement, including indemnification of the Custodian
against any and all expenses, including attorney's fees if counsel for the
Custodian has been approved by the Company, and the cost of defending any
action, suit or proceedings or resisting any claim. Notwithstanding the
foregoing, it is specifically understood and agreed that in the event any such
claim, liability, loss, action, suit or proceeding or other expense, fee or
charge shall have been caused by reason of any negligent act, negligent failure
to act or willful misconduct on the part of the Custodian, or which shall
constitute a willful breach of its duties hereunder, the indemnification
provisions of this Agreement shall not apply.
Section 3.3. Custodian May Own Certificates. The Custodian in
its individual or any other capacity may become the owner or pledgee of
Certificates with the same rights it would have if it were not Custodian.
Section 3.4. Master Servicer to Pay Custodian's Fees and
Expenses. The Master Servicer covenants and agrees to pay to the Custodian from
time to time, and the Custodian shall be entitled to, reasonable compensation
for all services rendered by it in the exercise and performance of any of the
powers and duties hereunder of the Custodian, and the Master Servicer will pay
or reimburse the Custodian upon its request for all reasonable expenses,
disbursements and advances incurred or made by the Custodian in accordance with
any of the provisions of this Agreement (including the reasonable compensation
and the expenses and disbursements of its counsel and of all persons not
regularly
NY1-195490.2
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<PAGE>
in its employ), except any such expense, disbursement or advance as may arise
from its negligence or bad faith.
Section 3.5. Custodian May Resign; Trustee May Remove
Custodian. The Custodian may resign from the obligations and duties hereby
imposed upon it as such obligations and duties relate to its acting as Custodian
of the Mortgage Loans. Upon receiving such notice of resignation, the Trustee
shall either take custody of the Mortgage Files itself and give prompt notice
thereof to the Company, the Master Servicer and the Custodian, or promptly
appoint a successor Custodian by written instrument, in duplicate, one copy of
which instrument shall be delivered to the resigning Custodian and one copy to
the successor Custodian. If the Trustee shall not have taken custody of the
Mortgage Files and no successor Custodian shall have been so appointed and have
accepted appointment within 30 days after the giving of such notice of
resignation, the resigning Custodian may petition any court of competent
jurisdiction for the appointment of a successor Custodian.
The Trustee may remove the Custodian at any time. In
such event, the Trustee shall appoint, or petition a court of
competent jurisdiction to appoint, a successor Custodian hereunder.
Any successor Custodian shall be a depository institution subject
to supervision or examination by federal or state authority and
shall be able to satisfy the other requirements contained in
Section 3.7 and shall be unaffiliated with the Master Servicer or
the Company.
Any resignation or removal of the Custodian and appointment of
a successor Custodian pursuant to any of the provisions of this Section 3.5
shall become effective upon acceptance of appointment by the successor
Custodian. The Trustee shall give prompt notice to the Company and the Master
Servicer of the appointment of any successor Custodian. No successor Custodian
shall be appointed by the Trustee without the prior approval of the Company and
the Master Servicer.
Section 3.6. Merger or Consolidation of Custodian. Any
------------------------------------
Person into which the Custodian may be merged or converted or with
which it may be consolidated, or any Person resulting from any
merger, conversion or consolidation to which the Custodian shall be
a party, or any Person succeeding to the business of the Custodian,
shall be the successor of the Custodian hereunder, without the
execution or filing of any paper or any further act on the part of
any of the parties hereto, anything herein to the contrary
notwithstanding.
Section 3.7. Representations of the Custodian. The Custodian
hereby represents that it is a depository institution subject to supervision or
examination by a federal or state authority, has a combined capital and surplus
of at least $10,000,000 and is qualified to do business in the jurisdictions in
which it will hold any Mortgage File.
NY1-195490.2
E-6
<PAGE>
ARTICLE IV
Miscellaneous Provisions
Section 4.1. Notices. All notices, requests, consents and
demands and other communications required under this Agreement or pursuant to
any other instrument or document delivered hereunder shall be in writing and,
unless otherwise specifically provided, may be delivered personally, by telegram
or telex, or by registered or certified mail, postage prepaid, return receipt
requested, at the addresses specified on the signature page hereof (unless
changed by the particular party whose address is stated herein by similar notice
in writing), in which case the notice will be deemed delivered when received.
Section 4.2. Amendments. No modification or amendment of or
supplement to this Agreement shall be valid or effective unless the same is in
writing and signed by all parties hereto, and neither the Company, the Master
Servicer nor the Trustee shall enter into any amendment hereof except as
permitted by the Pooling Agreement. The Trustee shall give prompt notice to the
Custodian of any amendment or supplement to the Pooling Agreement and furnish
the Custodian with written copies thereof.
Section 4.3. Governing Law. This Agreement shall be deemed a
contract made under the laws of the State of New York and shall be construed and
enforced in accordance with and governed by the laws of the State of New York.
Section 4.4. Recordation of Agreement. To the extent permitted
by applicable law, this Agreement is subject to recordation in all appropriate
public offices for real property records in all the counties or other comparable
jurisdictions in which any or all of the properties subject to the Mortgages are
situated, and in any other appropriate public recording office or elsewhere,
such recordation to be effected by the Master Servicer and at its expense on
direction by the Trustee (pursuant to the request of holders of Certificates
evidencing undivided interests in the aggregate of not less than 25% of the
Trust Fund), but only upon direction accompanied by an Opinion of Counsel
reasonably satisfactory to the Master Servicer to the effect that the failure to
effect such recordation is likely to materially and adversely affect the
interests of the Certificateholders.
For the purpose of facilitating the recordation of this
Agreement as herein provided and for other purposes, this Agreement may be
executed simultaneously in any number of counterparts, each of which
counterparts shall be deemed to be an original, and such counterparts shall
constitute but one and the same instrument.
Section 4.5. Severability of Provisions. If any one or
more of the covenants, agreements, provisions or terms of this
NY1-195490.2
E-7
<PAGE>
Agreement shall be for any reason whatsoever held invalid, then such covenants,
agreements, provisions or terms shall be deemed severable from the remaining
covenants, agreements, provisions or terms of this Agreement and shall in no way
affect the validity or enforceability of the other provisions of this Agreement
or of the Certificates or the rights of the holders thereof.
NY1-195490.2
E-8
<PAGE>
IN WITNESS WHEREOF, this Agreement is executed as of the date
first above written.
Address: THE FIRST NATIONAL BANK OF
CHICAGO,
as Trustee
One First National Plaza
Chicago, Illinois 60670
Attention: Residential Funding Corporation
Series 1997-QS2
By:
Name:
Title:
Address: RESIDENTIAL ACCREDIT LOANS, INC.
8400 Normandale Lake Boulevard
Minneapolis, Minnesota 55437
By:
Name: Randy Van Zee
Title: Vice President
Address: RESIDENTIAL FUNDING
CORPORATION, as Master Servicer
8400 Normandale Lake Boulevard
Suite 700
Minneapolis, Minnesota 55437
By:
Name: Diane S. Wold
Title: Director
Address: NORWEST BANK MINNESOTA,
NATIONAL ASSOCIATION
401 Second Avenue South
Minneapolis, Minnesota 55479
By:
Name:
Title:
E-9
<PAGE>
STATE OF )
) ss.:
COUNTY OF )
On the 31st day of March, 1997, 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 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 31st day of March, 1997, 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 31st day of March, 1997, before me, a notary public in
and for said State, personally appeared ________________, known to me to be a
Vice President of Residential Accredit Loans, Inc., one of the corporations that
executed the within instrument, and also known to me to be the person who
executed it on behalf of said corporation, and acknowledged to me that such
corporation executed the within instrument.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my
official seal the day and year in this certificate first above written.
Notary Public
[Notarial Seal]
STATE OF MINNESOTA )
) ss:
COUNTY OF HENNEPIN )
On the 31st day of March, 1997, before me, a notary public in
and for said State, personally appeared ________________, known to me to be a
Director of Residential Funding Corporation, one of the corporations that
executed the within instrument, and also known to me to be the person who
executed it on behalf of said corporation, and acknowledged to me that such
corporation executed the within instrument.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my
official seal the day and year in this certificate first above written.
Notary Public
[Notarial Seal]
<PAGE>
EXHIBIT ONE
FORM OF CUSTODIAN
INITIAL CERTIFICATION
March 31, 1997
The First National Bank of Chicago
One First National Plaza
Chicago, Illinois 60670
Attention: Residential Funding Corporation Series 1997-QS2
Re: Custodial Agreement dated as of March 1, 1997, 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 1997-QS2
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
________________ ____, 1997
The First National Bank of Chicago
One First National Plaza
Chicago, Illinois 60670
Attention: Residential Funding Corporation Series 1997-QS2
Re: Custodial Agreement dated as of March 1, 1997, 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 1997-QS2
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
_____________ ___, 1997
The First National Bank of Chicago
One First National Plaza
Chicago, Illinois 60670
Attention: Residential Funding Corporation Series 1997-QS2
Re: Custodial Agreement dated as of March 1, 1997, 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 1997-QS2
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
<PAGE>
title from the originator thereof to the Person assigning it to the
Trustee or a copy of such assignment or assignments of the Mortgage
certified by the public recording office in which such assignment or
assignments have been recorded; and
(v) The original of each modification, assumption agreement or
preferred loan agreement, if any, relating to such Mortgage Loan or a
copy of each modification, assumption agreement or preferred loan
agreement certified by the public recording office in which such
document has been recorded;
and (II) with respect to each Cooperative Loan so assigned:
(i) The original Mortgage Note, endorsed without recourse to
the order of the Trustee and showing an unbroken chain of endorsements from the
originator thereof to the Person endorsing it to the Trustee, or with respect to
any Destroyed Mortgage Note, an original lost note affidavit from the related
Seller or Residential Funding stating that the original Mortgage Note was lost,
misplaced or destroyed, together with a copy of the related Mortgage Note;
(ii) A counterpart of the Cooperative Lease and the Assignment
of Proprietary Lease to the originator of the Cooperative Loan with intervening
assignments showing an unbroken chain of title from such originator to the
Trustee;
(iii) The related Cooperative Stock Certificate, representing
the related Cooperative Stock pledged with respect to such Cooperative Loan,
together with an undated stock power (or other similar instrument) executed in
blank;
(iv) The original recognition agreement by the
Cooperative of the interests of the mortgagee with respect to the
related Cooperative Loan;
(v) The Security Agreement;
(vi) Copies of the original UCC-1 financing statement, and any
continuation statements, filed by the originator of such Cooperative Loan as
secured party, each with evidence of recording thereof, evidencing the interest
of the originator under the Security Agreement and the Assignment of Proprietary
Lease;
(vii) Copies of the filed UCC-3 assignments of the security
interest referenced in clause (vi) above showing an unbroken chain of title from
the originator to the Trustee, each with evidence of recording thereof,
evidencing the interest of the originator under the Security Agreement and the
Assignment of Proprietary Lease;
E-4
<PAGE>
(viii) An executed assignment of the interest of the
originator in the Security Agreement, Assignment of Proprietary Lease and the
recognition agreement referenced in clause (iv) above, showing an unbroken chain
of title from the originator to the Trustee;
(ix) The original of each modification,
assumption
agreement or preferred loan agreement, if any, relating to such
Cooperative Loan; and
(x) An executed UCC-1 financing statement showing the Master
Servicer as debtor, the Company as secured party and the Trustee as assignee and
an executed UCC-1 financing statement showing the Company as debtor and the
Trustee as secured party, each in a form sufficient for filing, evidencing the
interest of such debtors in the Cooperative Loans.
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
MORTGAGE LOAN SCHEDULE
RUN ON : 03/18/97 RFC DISCLOSURE SYSTEM RFFSD177-01
AT : 10.27.38 FIXED RATE LOAN LISTING AMORTIZED BALANCE
SERIES : RALI 1997-QS2 30 YEAR CUTOFF : 03/01/97
POOL : 0004240
:
:
POOL STATUS: F
RFC LOAN # S/S CODE PMT TYPE ORIGINAL BAL LOAN FEATURE
ORIG TERM PRINCIPAL BAL # OF UNITS
ADDRESS ORIG RATE ORIGINAL P+I LTV
ADDRESS LINE 2 CURR NET CURRENT P+I VALUE
CITY STATE ZIP LOAN PURP NOTE DATE MI CO CODE
SERVICER LOAN # PROP TYPE 1ST PMT DATE MI CVG
SELLER LOAN # OCCP CODE MATURITY DATE
INVESTOR LOAN #
______________________________________________________________________________
1508021 F86/F86 F 85,500.00 ZZ
360 81,523.15 1
9-11 PARK AVENUE UNIT 604 8.990 687.34 90
8.740 687.34 95,000.00
HULL MA 02045 1 08/23/91 23
4965181 06 10/01/91 0
4965181 O 09/01/21
0
1509953 180/G02 F 70,200.00 ZZ
360 70,118.94 1
ROUTE 1 BOX 150V COUNTY ROAD 8.750 552.26 56
208 8.500 552.26 125,500.00
FLORENCE TX 76527 4 12/12/96 00
0430147090 05 02/01/97 0
4395802 O 01/01/27
0
1520102 B60/G02 F 140,000.00 ZZ
360 139,330.02 1
11982 KIOWA AVENUE #306 8.000 1,027.27 52
7.750 1,027.27 270,000.00
LOS ANGELES CA 90049 1 08/09/96 00
0430011460 01 10/01/96 0
7220 N 09/01/26
0
1521963 076/076 F 96,000.00 T
360 95,719.79 1
944 SAVANNAH FALLS DRIVE 8.750 755.23 62
8.500 755.23 155,314.00
FT LAUDERDALE FL 33327 1 09/05/96 00
7054149 03 11/01/96 0
1
7054149 O 10/01/26
0
1524210 F27/G02 F 420,000.00 ZZ
360 419,022.78 1
LOT 14 ROCKY RUN LANE 8.750 3,304.15 85
8.500 3,304.15 498,626.00
GOLDVEIN VA 22720 1 10/29/96 12
0430160879 05 12/01/96 12
UNKNOWN O 11/01/26
0
1526868 076/076 F 35,700.00 T
360 35,613.09 1
3088 PARC LORRAINE CIRCLE 9.625 303.45 70
9.375 303.45 51,000.00
LITHONIA GA 30038 1 09/27/96 00
7055863 01 11/01/96 0
7055863 O 10/01/26
0
1530217 076/076 F 240,000.00 T
360 239,441.61 1
5454 KAHAKU ROAD #201 8.750 1,888.08 80
8.500 1,888.08 300,000.00
PRINCEVILLE HI 96722 2 10/24/96 95
6473362 01 12/01/96 0
6473362 O 11/01/26
0
1530282 G80/G80 F 37,800.00 ZZ
360 37,762.65 1
1817 MARTIN LYDON AVENUE 9.500 317.85 90
9.250 317.85 42,000.00
FORT WORTH TX 76133 1 12/20/96 01
UNKNOWN 05 02/01/97 25
UNKNOWN N 01/01/27
0
1530425 E29/G02 F 90,000.00 ZZ
360 89,945.48 1
30555 GAME TRAILS DRIVE 8.500 692.02 32
8.250 692.02 285,000.00
STEAMBOAT SPRIN CO 80487 4 01/30/97 00
0430146761 05 03/01/97 0
59608032 O 02/01/27
0
1
1531009 626/G02 F 60,200.00 ZZ
360 60,053.43 1
11607 N. 20TH AVENUE 9.625 511.70 90
9.375 511.70 66,900.00
PHOENIX AZ 85029 1 09/09/96 01
0430048843 05 11/01/96 25
6658371 N 10/01/26
0
1531235 966/G02 F 50,000.00 ZZ
360 49,892.53 1
3825 WOOD OAK DRIVE 8.500 384.46 63
8.250 384.46 80,500.00
BALCH SPRINGS TX 75180 1 12/19/96 00
0430166892 05 02/01/97 0
UNKNOWN O 01/01/27
0
1533094 076/076 F 107,000.00 ZZ
360 106,775.50 1
3290 KEVINGTON AVENUE 9.250 880.27 62
9.000 880.27 175,000.00
EUGENE OR 97405 1 10/30/96 00
7058077 05 12/01/96 0
7058077 O 11/01/26
0
1533595 076/076 F 76,500.00 ZZ
360 76,383.19 1
11018 F GRADUATE LANE 9.375 636.29 90
9.125 636.29 85,000.00
CHARLOTTE NC 28226 1 11/20/96 01
7059766 01 01/01/97 25
7059766 N 12/01/26
0
1535196 G26/G02 F 51,750.00 ZZ
360 51,750.00 1
63 HEMLOCK DRIVE 9.375 430.44 90
9.125 430.44 57,500.00
MASTIC BEACH NY 11951 1 02/03/97 04
0430148213 05 04/01/97 25
UNKNOWN N 03/01/27
0
1535265 076/076 F 120,600.00 ZZ
360 120,405.96 1
5412 COLLEENS WAY NE 9.125 981.25 90
8.875 981.25 134,000.00
1
ALBUQUERQUE NM 87111 1 11/08/96 12
7059642 05 01/01/97 25
7059642 N 12/01/26
0
1535586 B75/G02 F 126,400.00 ZZ
360 126,275.16 4
655 NE 166TH STREET 9.500 1,062.84 80
9.250 1,062.84 158,000.00
MIAMI FL 33162 1 12/20/96 12
0430153692 05 02/01/97 12
2685311 N 01/01/27
0
1535597 G08/G02 F 72,000.00 ZZ
360 71,892.90 1
902-904 OLD HIGHWAY 213 9.500 605.42 90
9.250 605.42 80,000.00
MARS HILL NC 28754 1 12/03/96 01
0430152991 05 01/01/97 25
0009389354 N 12/01/26
0
1535600 G08/G02 F 72,000.00 ZZ
360 71,892.90 1
906 & 908 OLD HIGHWAY 213 9.500 605.42 90
9.250 605.42 80,000.00
MARS HILL NC 28754 1 12/03/96 01
0430153031 05 01/01/97 25
0009389362 N 12/01/26
0
1535993 A46/G02 F 122,850.00 ZZ
360 122,711.23 1
2500 HARRISON AVENUE 8.875 977.45 90
8.625 977.45 136,500.00
BEAUMONT TX 77701 1 12/04/96 04
0430157834 05 02/01/97 25
3302103835 N 01/01/27
0
1537146 624/G02 F 75,000.00 ZZ
360 74,911.12 1
3592 LA REATA DRIVE 8.625 583.34 46
8.375 583.34 165,000.00
CHINO CA 91710 2 12/04/96 00
0430104588 05 02/01/97 0
34073260943 O 01/01/27
0
1
1537192 757/757 F 45,400.00 ZZ
360 45,309.60 1
803 NEW HORIZON STREET 9.500 381.75 90
9.250 381.75 50,455.00
POWDER SPRINGS GA 30073 1 10/24/96 01
2868115 01 12/01/96 25
2868115 N 11/01/26
0
1537220 F41/G02 F 81,600.00 ZZ
360 81,517.26 1
1653 COMMONWEALTH AVE #7 9.375 678.71 60
9.125 678.71 136,000.00
BRIGHTON MA 02135 2 12/26/96 00
0430148437 05 02/01/97 0
00032821 N 01/01/27
0
1537313 105/G02 F 73,350.00 ZZ
360 73,024.85 1
2552 CHADWICK COURT 8.500 564.00 90
8.250 564.00 81,500.00
WOODBRIDGE VA 22192 1 10/24/96 12
0430092452 09 12/01/96 25
0970491 N 11/01/26
0
1537738 624/G02 F 127,000.00 ZZ
360 127,000.00 1
4950 WEST 12200 NORTH 8.500 976.52 72
8.250 976.52 178,000.00
CORNISH UT 84308 5 02/07/97 00
0430157453 05 04/01/97 0
66000160113 O 03/01/27
0
1537909 A35/G02 F 58,400.00 ZZ
360 58,293.00 1
609 GREENBRIAR TOWNHOUSE WAY 8.500 449.05 80
8.250 449.05 73,000.00
LAS VEGAS NV 89121 1 11/22/96 01
0430157503 09 01/01/97 12
2624 N 12/01/26
0
1538265 313/G02 F 179,200.00 ZZ
360 178,824.06 1
1
3114-3118 SE 28TH AVENUE 9.250 1,474.24 80
9.000 1,474.24 224,000.00
PORTLAND OR 97201 1 10/15/96 95
0430119289 05 12/01/96 0
6008452 N 11/01/26
0
1538353 A22/G02 F 105,000.00 ZZ
360 105,000.00 1
672 ELMWOOD ROAD 9.000 844.85 75
8.750 844.85 140,000.00
WEST BABYLON NY 11704 1 02/10/97 00
0430150060 05 04/01/97 0
UNKNOWN N 03/01/27
0
1538389 G80/G80 F 106,700.00 ZZ
360 106,641.71 1
204 HAYDEN ROWE STREET 9.000 858.54 55
8.750 858.54 194,000.00
HOPKINTON MA 01748 2 01/22/97 00
802913600 05 03/01/97 0
802913600 N 02/01/27
0
1538475 A91/G02 F 228,000.00 ZZ
360 227,693.00 2
37-29 62ND STREET 8.000 1,672.99 95
7.750 1,672.99 240,000.00
WOODSIDE NY 11377 1 12/24/96 01
0430101725 05 02/01/97 30
UNKNOWN O 01/01/27
0
1538519 560/560 F 90,100.00 ZZ
360 89,895.68 1
4073 E LIBRA AVENUE 8.875 716.88 80
8.625 716.88 112,680.00
HIGLEY AZ 85236 1 10/16/96 04
450566385 03 12/01/96 12
450566385 N 11/01/26
0
1538751 F03/G02 F 181,800.00 ZZ
360 181,705.74 1
0140 HURD LANE, UNIT B-203 9.250 1,495.63 60
9.000 1,495.63 303,000.00
AVON CO 81620 1 01/29/97 00
0430156141 01 03/01/97 0
1
DEN10289 O 02/01/27
0
1538752 455/G02 F 40,000.00 ZZ
360 39,916.04 1
232 CLOUD CIRCLE 9.250 329.08 67
9.000 329.08 60,000.00
CANTON GA 30115 1 10/31/96 04
0430095133 05 12/01/96 12
52971 N 11/01/26
0
1538772 638/G02 F 60,300.00 ZZ
360 60,205.50 1
1725 QUAIL PATH 9.250 496.07 90
9.000 496.07 67,000.00
FT WALTON BEACH FL 32547 2 12/04/96 01
0430101071 05 01/01/97 25
8607614 N 12/01/26
0
1538806 A26/G02 F 270,000.00 ZZ
360 270,000.00 2
5210 12TH AVENUE 9.250 2,221.23 90
9.000 2,221.23 300,000.00
BROOKLYN NY 11219 1 02/11/97 11
0430149559 07 04/01/97 25
7731 O 03/01/27
0
1538847 624/G02 F 54,400.00 ZZ
360 54,305.41 1
335 SOUTH 500 WEST 8.750 427.97 61
8.500 427.97 89,900.00
CEDAR CITY UT 84720 1 11/25/96 00
0430151555 05 01/01/97 0
65023461363 N 12/01/26
0
1539112 074/G02 F 86,800.00 T
360 86,617.92 1
12929 BRYCE AVENUE NE 9.250 714.08 70
9.000 714.08 124,000.00
ALBUQUERQUE NM 87112 1 10/25/96 00
0430085795 05 12/01/96 0
1256000883 O 11/01/26
0
1
1539183 E45/G02 F 66,000.00 ZZ
360 65,960.02 1
208 BRENTWOOD DRIVE 8.500 507.48 41
8.250 507.48 163,000.00
WARNER ROBINS GA 31088 4 01/17/97 00
0430161281 05 03/01/97 0
70218 O 02/01/27
0
1539280 180/G02 F 45,000.00 ZZ
360 44,976.06 1
4201 EAST PAGES LANE 9.125 366.13 90
8.875 366.13 50,000.00
LOUISVILLE KY 40272 1 01/14/97 04
0430141598 05 03/01/97 25
4176384 N 02/01/27
0
1539764 966/G02 F 44,950.00 ZZ
360 44,873.15 1
9910 ROYAL LANE #704 8.625 349.62 75
8.375 349.62 59,950.00
DALLAS TX 75228 1 12/18/96 00
0430162420 05 02/01/97 0
30002684 N 01/01/27
0
1539843 A46/G02 F 35,000.00 ZZ
360 34,945.13 1
1304 MARIPOSA DRIVE #203 9.250 287.94 80
9.000 287.94 44,000.00
AUSTIN TX 78704 5 12/02/96 01
0430097832 05 01/01/97 20
UNKNOWN N 12/01/26
0
1539892 638/G02 F 175,150.00 ZZ
360 174,829.43 1
1426 EAST SEDONA DRIVE 8.500 1,346.75 80
8.250 1,346.75 218,990.00
ORANGE CA 92666 1 11/27/96 00
0430111666 01 01/01/97 0
08601270 O 12/01/26
0
1540287 731/G02 F 202,750.00 ZZ
360 202,750.00 1
2525 ANZAR ROAD 8.500 1,558.97 80
8.250 1,558.97 253,468.00
1
AROMAS CA 95045 4 01/30/97 00
0430149401 05 04/01/97 0
111352860 O 03/01/27
0
1540397 911/G02 F 82,050.00 ZZ
360 82,050.00 1
7402 SW 162 PATH 8.875 652.83 75
8.625 652.83 109,400.00
MIAMI FL 33193 1 02/10/97 00
0430151209 01 04/01/97 0
UNKNOWN O 03/01/27
0
1540990 180/G02 F 70,200.00 ZZ
360 70,126.92 1
2765 WESTCHESTER DRIVE 9.250 577.52 90
8.875 577.52 78,000.00
EAST POINT GA 30344 1 12/10/96 01
0430144048 05 02/01/97 25
4611927 N 01/01/27
0
1541368 560/560 F 35,100.00 ZZ
360 35,014.03 1
1855 W POPLAR WOODS CIRCLE 106 8.500 269.89 90
8.250 269.89 39,000.00
GERMANTOWN TN 38138 2 10/31/96 04
450564539 01 12/01/96 25
450564539 N 11/01/26
0
1541512 909/G02 F 124,000.00 ZZ
360 123,761.16 1
977 DARWIN DRIVE 8.250 931.57 80
8.000 931.57 155,000.00
OCEANSIDE CA 92056 1 11/21/96 00
0430101741 03 01/01/97 0
6003871 O 12/01/26
0
1541629 624/G02 F 233,300.00 ZZ
360 233,165.78 1
2045 REFUGIO ROAD 8.750 1,835.37 70
8.500 1,835.37 338,000.00
SANTA YNEZ CA 93460 2 01/23/97 00
0430146910 05 03/01/97 0
72014560106 O 02/01/27
0
1
1541724 A46/G02 F 244,000.00 ZZ
360 244,000.00 1
113 PAA KO DRIVE 8.375 1,854.58 80
8.125 1,854.58 305,000.00
SANDIA PARK NM 87047 1 02/06/97 00
0430150953 05 04/01/97 0
3303043935 O 03/01/27
0
1541893 180/G02 F 243,000.00 ZZ
360 243,000.00 1
245 WEST OLD CHURCH ROAD 9.000 1,955.23 78
8.750 1,955.23 315,000.00
TOQUERVILLE UT 84774 2 02/04/97 00
0430164533 05 04/01/97 0
4632204 O 03/01/27
0
1541944 862/G02 F 144,700.00 T
360 144,618.88 1
2420 EAST FREDERICK LANE 8.875 1,151.30 80
8.625 1,151.30 180,900.00
LAKE HAVASU CIT AZ 86404 4 01/23/97 95
0430152207 05 03/01/97 0
4288599 O 02/01/27
0
1542234 G80/G80 F 24,300.00 ZZ
360 24,273.34 1
129 STEEL 9.000 195.53 90
8.750 195.53 27,000.00
TOLEDO OH 43605 1 12/27/96 01
0000000 05 02/01/97 25
803084500 N 01/01/27
0
1542598 638/G02 F 112,500.00 ZZ
360 112,431.84 4
2932 POPLAR AVENUE 8.500 865.03 90
8.250 865.03 125,000.00
LAS VEGAS NV 89101 1 01/28/97 04
0430153247 05 03/01/97 25
08612820 N 02/01/27
0
1542908 766/G02 F 42,300.00 ZZ
360 42,235.41 2
1
6972 N W 6TH COURT 9.375 351.83 90
9.125 351.83 47,000.00
MIAMI FL 33150 1 11/07/96 12
0430095992 05 01/01/97 30
96PC006 N 12/01/26
0
1542930 B75/G02 F 42,000.00 ZZ
360 41,953.95 1
858 ORANGE STREET 9.000 337.94 69
8.750 337.94 61,000.00
RED BLUFF CA 96080 5 12/18/96 00
0430162370 05 02/01/97 0
2797223 N 01/01/27
0
1542932 180/G02 F 141,100.00 ZZ
360 140,932.80 1
6802 ELDRIDGE STREET 8.625 1,097.46 85
8.375 1,097.46 167,000.00
HYATTSVILLE MD 20784 5 12/19/96 10
0430145276 05 02/01/97 12
4694535 O 01/01/27
0
1543000 480/G02 F 110,250.00 ZZ
360 110,086.02 4
1421 23 25 AND 27 WILLOW ST 9.500 927.04 90
9.250 927.04 122,500.00
DENVER CO 80220 1 11/26/96 04
0430094003 05 01/01/97 25
1941418 N 12/01/26
0
1543009 480/G02 F 46,000.00 ZZ
360 45,929.78 1
9784 LANE STREET 9.375 382.60 60
9.125 382.60 77,500.00
THORNTON CO 80221 5 11/22/96 00
0430093872 01 01/01/97 0
1941731 N 12/01/26
0
1543109 498/G02 F 230,200.00 ZZ
360 229,778.66 2
1709 DEFOOR AVENUE 8.500 1,770.04 68
8.250 1,770.04 340,000.00
ATLANTA GA 30318 2 11/21/96 00
0430097824 05 01/01/97 0
1
1466507 N 12/01/26
0
1543114 G26/G02 F 144,000.00 ZZ
360 144,000.00 1
344 NORTH ELTINGS CORNERS ROAD 8.750 1,132.85 69
8.500 1,132.85 210,000.00
HIGHLAND NY 12528 5 01/28/97 00
0430147835 05 04/01/97 0
UNKNOWN O 03/01/27
0
1543721 A32/G02 F 100,790.00 ZZ
360 100,790.00 1
9988 CAMBRIDGE BLUE AVENUE 8.375 766.08 80
8.125 766.08 125,990.00
LAS VEGAS NV 89117 1 02/04/97 00
0430165480 05 04/01/97 0
135693 O 03/01/27
0
1543784 201/G02 F 204,000.00 ZZ
360 203,879.55 1
17 REDWOOD ROAD 8.625 1,586.70 80
COUNTY OF UNION 8.375 1,586.70 255,000.00
SPRINGFIELD NJ 07081 1 01/24/97 00
0430150441 05 03/01/97 0
8947459 O 02/01/27
0
1543876 638/G02 F 49,500.00 ZZ
360 49,473.66 1
1144 RITA COURT 9.125 402.75 90
8.875 402.75 55,000.00
BRICK NJ 08701 1 01/28/97 04
0430148270 01 03/01/97 25
08614616 N 02/01/27
0
1543926 559/G02 F 317,000.00 ZZ
360 317,000.00 1
2891 WHIPPORWILL DRIVE 8.125 2,353.72 79
7.875 2,353.72 405,000.00
MORGAN HILL CA 95037 2 02/04/97 00
0430163568 03 04/01/97 0
5415054 O 03/01/27
0
1
1543955 526/G02 F 101,700.00 ZZ
360 101,548.74 1
8318 WEST 97TH TERRACE 9.500 855.15 90
9.250 855.15 113,000.00
OVERLAND PARK KS 66212 1 11/08/96 12
0430103093 05 01/01/97 25
0155728 N 12/01/26
0
1544106 A63/G02 F 152,150.00 ZZ
360 152,060.17 4
616 CHESTER STREET 8.625 1,183.41 85
8.375 1,183.41 179,000.00
BROOKLYN NY 11212 1 01/15/97 01
0430147082 05 03/01/97 20
UNKNOWN N 02/01/27
0
1544367 737/G02 F 106,000.00 T
360 105,940.58 1
9946 SAWGRASS DRIVE EAST 8.875 843.38 80
8.625 843.38 132,500.00
PONTE VEDRA BEA FL 32082 1 01/10/97 95
0430146282 05 03/01/97 0
558813 O 02/01/27
0
1544387 638/G02 F 96,000.00 ZZ
360 96,000.00 1
1980 STRASBURG ROAD 8.375 729.67 62
8.125 729.67 155,000.00
WEST BRADFORD T PA 19320 5 02/10/97 00
0430164871 05 04/01/97 0
08614387 O 03/01/27
0
1544402 638/G02 F 75,600.00 ZZ
360 75,560.81 1
81 SYCAMORE DRIVE 9.250 621.94 80
9.000 621.94 94,610.00
CRANSTON RI 02920 1 01/29/97 00
0430150573 05 03/01/97 0
08614886 O 02/01/27
0
1544441 G80/G80 F 160,000.00 ZZ
360 159,897.97 1
219 WEST AUGUSTA 8.250 1,202.03 80
8.000 1,202.03 200,000.00
1
OAK PARK IL 60302 1 01/31/97 00
0000000 05 03/01/97 0
803179800 O 02/01/27
0
1544458 B75/G02 F 123,750.00 ZZ
360 123,682.41 1
1209 CRUMMELL AVENUE 9.000 995.72 75
8.750 995.72 165,000.00
ANNAPOLIS MD 21403 5 01/27/97 00
0430148940 05 03/01/97 0
2746832 O 02/01/27
0
1544477 377/377 F 99,000.00 ZZ
360 98,420.40 1
LOT 3 EAGLE CREST 9.375 823.44 90
9.125 823.44 110,000.00
SEVIERVILLE TN 37876 1 12/06/96 01
6161384 05 02/01/97 25
6161384 N 01/01/27
0
1544486 B75/G02 F 99,000.00 ZZ
360 99,000.00 1
6420 NW 54 ST 8.750 778.83 67
8.500 778.83 148,500.00
LAUDERHILL FL 33319 1 02/04/97 00
0430156059 03 04/01/97 0
2764579 O 03/01/27
0
1544496 638/G02 F 109,250.00 ZZ
360 109,191.87 2
119 SHALER AVENUE 9.125 888.89 95
8.875 888.89 115,000.00
FAIRVIEW NJ 07022 1 01/28/97 04
0430148346 05 03/01/97 30
08614919 O 02/01/27
0
1544500 069/G02 F 98,000.00 ZZ
360 97,947.84 4
5110 BOXWOOD PLACE, UNIT #1 9.125 797.37 70
8.875 797.37 140,000.00
RIVERSIDE CA 92506 2 01/09/97 00
0430147447 05 03/01/97 0
2362153526 N 02/01/27
0
1
1544652 180/G02 F 52,200.00 ZZ
360 52,142.75 1
212 ST AUGUSTINE DRIVE 9.000 420.02 90
8.750 420.02 58,000.00
LONG BEACH MS 39560 1 12/18/96 04
0430165944 05 02/01/97 25
4682688 N 01/01/27
0
1544672 B33/G02 F 294,500.00 ZZ
360 294,500.00 2
54 ADAMS AVENUE 9.750 2,530.21 95
9.500 2,530.21 310,000.00
STATEN ISLAND NY 10306 2 02/05/97 14
0430149260 05 04/01/97 30
092406466 O 03/01/27
0
1544790 A91/G02 F 230,350.00 ZZ
360 230,214.00 2
1906 BARNES AVENUE 8.625 1,791.64 95
8.375 1,791.64 242,500.00
BRONX NY 10462 1 01/29/97 14
0430147108 05 03/01/97 30
UNKNOWN O 02/01/27
0
1544795 G80/G80 F 168,000.00 ZZ
360 167,908.23 4
176 178 BEAVER STREET 9.000 1,351.77 70
8.750 1,351.77 240,000.00
ANSONIA CT 06401 5 01/06/97 00
0000000 05 03/01/97 0
803264400 N 02/01/27
0
1544963 965/G02 F 63,000.00 ZZ
360 62,898.65 1
13702 EAST LEHIGH AVENUE. #E 9.125 512.59 70
8.875 512.59 90,000.00
AURORA CO 80014 5 11/26/96 00
0430146597 01 01/01/97 0
175987 N 12/01/26
0
1544988 966/G02 F 130,700.00 ZZ
360 130,549.05 1
1
3313 PATRIOT DRIVE 8.750 1,028.22 80
8.500 1,028.22 163,389.00
PLANO TX 75025 1 12/20/96 00
0430145334 05 02/01/97 0
3002790 O 01/01/27
0
1544998 966/G02 F 49,050.00 ZZ
360 49,025.87 1
4302 HUGHES DRIVE 9.500 412.44 90
9.250 412.44 54,500.00
WICHITA FALLS TX 76308 1 01/22/97 19
0430151308 05 03/01/97 25
30002802 N 02/01/27
0
1544999 369/G02 F 85,050.00 ZZ
360 84,916.68 3
156 N MAY ST 9.250 699.69 90
9.000 699.69 94,500.00
MESA AZ 85201 1 11/20/96 01
0430098657 05 01/01/97 25
0060019767 N 12/01/26
0
1545003 G80/G80 F 66,800.00 ZZ
240 66,602.37 1
5924 SEFTON AVENUE 9.125 606.40 80
8.875 606.40 83,500.00
BALTIMORE MD 21214 1 12/23/96 00
8030852 05 02/01/97 0
8030852 O 01/01/17
0
1545083 G80/G80 F 192,000.00 ZZ
360 191,889.53 1
247 CEDAR AVENUE 8.750 1,510.47 80
8.500 1,510.47 240,000.00
LONG BRANCH NJ 07740 1 01/14/97 00
0000000 05 03/01/97 0
803195800 O 02/01/27
0
1545102 E22/G02 F 148,000.00 T
360 147,849.94 1
334 POINCIANA ISLAND DRIVE 9.375 1,230.99 80
9.125 1,230.99 185,000.00
NORTH MIAMI BEA FL 33160 1 12/10/96 23
0410251615 01 02/01/97 0
1
410251615 O 01/01/27
0
1545160 G80/G80 F 43,000.00 ZZ
360 42,948.93 1
9859 SIEGEN LANE 8.625 334.45 70
8.375 334.45 62,000.00
BATON ROUGE LA 70810 5 12/27/96 00
0000000 09 02/01/97 0
803097100 N 01/01/27
0
1545185 F81/G02 F 159,750.00 ZZ
360 159,662.75 1
1198 WEST WASATCH DOWNS DRIVE 9.000 1,285.38 75
8.750 1,285.38 213,000.00
SOUTH JORDAN UT 84095 4 01/27/97 00
0430156281 05 03/01/97 0
950157 O 02/01/27
0
1545191 403/G02 F 405,000.00 ZZ
360 404,239.51 1
12 PERRY LANE 8.375 3,078.30 75
8.125 3,078.30 540,000.00
RIDGEFIELD CT 06877 1 11/26/96 00
0430098640 05 01/01/97 0
00006535561 O 12/01/26
0
1545263 003/G02 F 132,300.00 ZZ
360 132,081.56 4
1651 MASSACHUSETTS AVENUE 9.000 1,064.52 90
8.750 1,064.52 147,000.00
MARIETTA GA 30060 1 11/27/96 12
0430155275 05 01/01/97 25
3765575 N 12/01/26
0
1545272 003/G02 F 31,450.00 ZZ
360 31,395.31 1
126 CECELIA CIRCLE 8.750 247.42 90
8.500 247.42 35,000.00
JONESBORO GA 30236 1 11/26/96 12
0430156794 05 01/01/97 26
3763943 N 12/01/26
0
1
1545297 286/286 F 285,000.00 ZZ
360 284,587.08 1
181 OLD MAIL TRAIL 9.625 2,422.48 75
9.375 2,422.48 380,000.00
WESTBROOK CT 06498 1 11/20/96 00
0008366753 05 01/01/97 0
0008366753 O 12/01/26
0
1545834 526/G02 F 130,450.00 ZZ
360 130,368.91 1
51 LEXINGTON COURT 8.375 991.52 90
8.125 991.52 144,990.00
HOLMDEL NJ 07733 1 01/23/97 12
0430148064 01 03/01/97 25
0154066 N 02/01/27
0
1545877 E22/G02 F 388,000.00 ZZ
360 387,503.48 1
2819 PACHECO STREET 8.250 2,914.91 80
8.000 2,914.91 485,000.00
SAN FRANCISCO CA 94116 1 12/02/96 00
0410232003 05 02/01/97 0
410232003 O 01/01/27
0
1545889 964/G02 F 72,000.00 ZZ
360 71,914.67 4
45523 10TH STREET WEST 8.625 560.01 80
8.375 560.01 90,000.00
LANCASTER CA 93534 1 12/27/96 19
0430145987 05 02/01/97 12
21693 N 01/01/27
0
1545916 950/G02 F 451,250.00 ZZ
360 450,990.37 1
4739 86TH AVENUE SOUTHEAST 8.750 3,549.99 95
8.500 3,549.99 475,000.00
MERCER ISLAND WA 98040 1 01/07/97 11
0430147223 05 03/01/97 30
12029606 O 02/01/27
0
1545943 638/G02 F 146,250.00 ZZ
360 146,250.00 1
3005 BENDING CREEK TRAIL 9.250 1,203.16 74
9.000 1,203.16 200,000.00
1
CRETE IL 60417 5 02/04/97 00
0430157529 05 04/01/97 0
08615298 O 03/01/27
0
1545957 G80/G80 F 48,060.00 ZZ
360 48,033.05 1
11 SOUTH HARVEY 8.875 382.39 90
8.625 382.39 53,400.00
FERGUSON MO 63135 1 01/06/97 04
0000000 05 03/01/97 25
803179100 N 02/01/27
0
1545974 470/G02 F 202,500.00 T
360 202,147.92 1
7 WILLOW CREEK CIRCLE 8.750 1,593.07 90
8.500 1,593.07 225,000.00
WASHAM WY 82938 4 11/11/96 01
0430102889 05 01/01/97 25
51011093 O 12/01/26
0
1546036 A80/G02 F 82,300.00 T
360 82,257.33 1
1406 BARCELONA WAY 9.250 677.07 80
9.000 677.07 102,900.00
FORT LAUDERDALE FL 33327 1 01/27/97 95
0430148106 09 03/01/97 0
9750615 O 02/01/27
0
1546144 638/G02 F 58,500.00 ZZ
360 58,469.72 3
20 CLEEVE STREET 9.375 486.57 90
9.125 486.57 65,000.00
PORTLAND ME 04101 1 01/21/97 04
0430138800 05 03/01/97 25
8616238 N 02/01/27
0
1546167 470/G02 F 76,500.00 ZZ
360 76,458.21 4
724 EAST VIRGINIA WAY 9.000 615.54 90
8.750 615.54 85,000.00
BARSTOW CA 93311 1 01/28/97 04
0430146415 05 03/01/97 25
18016611 N 02/01/27
0
1
1546168 470/G02 F 76,500.00 ZZ
360 76,458.21 4
728 EAST VIRGINIA WAY 9.000 615.54 90
8.750 615.54 85,000.00
BARSTOW CA 93311 1 01/28/97 10
0430146233 05 03/01/97 25
18016627 N 02/01/27
0
1546180 E22/G02 F 600,000.00 ZZ
360 599,270.47 1
21515 DUNROBIN WAY 8.500 4,613.48 80
8.250 4,613.48 750,000.00
YORBA LINDA CA 92687 5 12/06/96 00
0410290613 05 02/01/97 0
410290613 O 01/01/27
0
1546288 129/G02 F 70,850.00 ZZ
360 70,812.30 1
960 CHRISTMAS TREE LN 9.125 576.46 65
8.875 576.46 109,000.00
BAGLEY TWP MI 48735 5 01/17/97 00
0430166017 05 03/01/97 0
3600042414 N 02/01/27
0
1546345 369/G02 F 94,400.00 ZZ
360 94,240.06 3
3714-3718 ARISTOTLE AVE 8.875 751.09 80
8.625 751.09 118,000.00
ORLANDO FL 32828 1 11/29/96 95
0430108779 05 01/01/97 0
60288180 N 12/01/26
0
1546430 964/G02 F 252,000.00 ZZ
360 251,685.65 1
1160 LAWNDALE ROAD 8.375 1,915.38 80
8.125 1,915.38 315,000.00
KENWOOD CA 95452 1 12/05/96 00
0430148924 05 02/01/97 0
21471 O 01/01/27
0
1546445 B81/G02 F 196,000.00 ZZ
360 195,773.63 3
1
717 NORTH FOREST STREET 8.750 1,541.94 70
8.500 1,541.94 280,000.00
BELLINGHAM WA 98225 5 12/23/96 00
0430152322 05 02/01/97 0
968586 N 01/01/27
0
1546456 927/G02 F 89,900.00 ZZ
360 89,854.59 3
221 SOUTH HOBSON 9.375 747.75 90
9.125 747.75 99,900.00
MESA AZ 85204 1 01/09/97 04
0430146944 05 03/01/97 25
252445 N 02/01/27
0
1546674 405/405 F 60,000.00 ZZ
360 59,962.70 1
2737 SOUTH KIHEL ROAD #240 8.375 456.05 40
8.125 456.05 150,000.00
KIHEI HI 96753 1 01/09/97 00
4101515 01 03/01/97 0
4101515 N 02/01/27
0
1546714 526/G02 F 33,150.00 ZZ
360 33,114.58 2
909 JACK STREET 9.125 269.72 65
8.875 269.72 51,000.00
BALTIMORE MD 21225 5 12/31/96 00
0430148643 02 02/01/97 0
161824 N 01/01/27
0
1546754 604/G02 F 65,000.00 ZZ
360 64,930.56 1
16 AUBURN STREET 9.125 528.86 54
8.875 528.86 122,000.00
MARLBORO MA 01752 5 12/30/96 00
0430163873 05 02/01/97 0
35107521 N 01/01/27
0
1546799 828/G02 F 66,400.00 ZZ
360 66,323.32 4
3804 PALMETTO DRIVE 8.750 522.37 80
8.500 522.37 83,000.00
VICTORIA TX 77901 1 01/02/97 95
0430116475 05 02/01/97 0
1
68400001 N 01/01/27
0
1546916 638/G02 F 59,400.00 ZZ
360 59,364.93 1
1316 NORTH WATTS STREET 8.625 462.01 90
8.375 462.01 66,000.00
PORTLAND OR 97217 1 01/30/97 01
0430153171 05 03/01/97 25
08616471 N 02/01/27
0
1546925 E26/G02 F 91,950.00 ZZ
360 91,819.77 1
122 ROYAL CREST DRIVE 7.750 658.75 80
7.500 658.75 114,985.00
COLUMBIA SC 29229 1 12/18/96 00
0430161299 03 02/01/97 0
510070 O 01/01/27
0
1546984 E22/G02 F 56,400.00 ZZ
360 56,269.19 1
3650 HUMPHREY STREET 9.000 453.81 95
8.750 453.81 59,400.00
ST LOUIS MO 63116 1 11/26/96 10
0410164511 05 01/01/97 30
410164511 O 12/01/26
0
1547016 G80/G80 F 49,600.00 ZZ
360 49,573.60 1
UNIT 17-7 BRIARCLIFFE WEST 9.125 403.57 80
8.875 403.57 62,000.00
MYRTLE BEACH SC 29572 2 01/17/97 10
803359200 01 03/01/97 12
803359200 N 02/01/27
0
1547031 E22/G02 F 207,000.00 ZZ
360 206,800.87 2
65 LEXINGTON STREET 9.625 1,759.48 95
9.375 1,759.48 220,000.00
NEWARK NJ 07105 1 12/18/96 04
0410255202 05 02/01/97 30
410255202 O 01/01/27
0
1
1547082 757/757 F 50,000.00 ZZ
360 49,953.15 1
621 WESTOVER DRIVE SW 9.750 429.58 73
9.500 429.58 69,000.00
CLEVELAND TN 37311 1 12/18/96 00
2871580 05 02/01/97 0
2871580 N 01/01/27
0
1547124 G80/G80 F 224,000.00 ZZ
360 223,867.75 1
2600 SALCEDA DRIVE 8.625 1,742.25 53
8.375 1,742.25 430,000.00
NORTHBROOK IL 60062 5 01/16/97 00
803374200 05 03/01/97 0
803374200 O 02/01/27
0
1547126 G80/G80 F 35,000.00 ZZ
360 34,978.80 3
1916 SOUTH SPAULDING 8.500 269.12 50
8.250 269.12 70,000.00
CHICAGO IL 60623 5 01/15/97 00
802908900 05 03/01/97 0
802908900 N 02/01/27
0
1547163 E22/G02 F 152,400.00 ZZ
360 152,161.14 1
42428 D'HARTE COURT 9.250 1,253.76 80
9.000 1,253.76 190,500.00
CLINTON TOWNSHI MI 48038 1 11/08/96 00
0410164826 05 01/01/97 0
410164826 O 12/01/26
0
1547170 F30/G02 F 67,500.00 ZZ
360 67,424.04 1
1706 EAST DARREL ROAD 8.875 537.06 90
8.625 537.06 75,000.00
PHOENIX AZ 85040 1 12/27/96 01
0430119024 05 02/01/97 25
400109 N 01/01/27
0
1547171 664/G02 F 60,200.00 ZZ
360 60,166.25 1
12660 SE BUSH STREET 8.875 478.98 70
8.625 478.98 86,000.00
1
PORTLAND OR 97236 5 01/16/97 00
0430143610 05 03/01/97 0
2245694 N 02/01/27
0
1547175 664/G02 F 79,800.00 ZZ
360 79,800.00 1
14010 SE RHINE STREET 8.875 634.93 70
8.625 634.93 114,000.00
PORTLAND OR 97236 5 02/18/97 00
0430156786 05 04/01/97 0
2245686 N 03/01/27
0
1547178 862/G02 F 234,000.00 ZZ
360 233,868.81 1
9634 EUCALYPTUS STREET 8.875 1,861.81 90
8.625 1,861.81 260,000.00
SPRING VALLEY CA 91977 2 01/09/97 01
0430145300 05 03/01/97 25
4349965 O 02/01/27
0
1547207 405/405 F 159,000.00 ZZ
360 158,903.67 1
10451 COUNTY ROAD 39 8.500 1,222.58 60
8.250 1,222.58 265,000.00
MANCOS CO 81328 5 01/21/97 00
4102547 05 03/01/97 0
4102547 O 02/01/27
0
1547357 A26/G02 F 283,500.00 ZZ
360 283,345.14 1
396 CROWN STREET 9.000 2,281.11 90
8.750 2,281.11 315,000.00
BROOKLYN NY 11225 2 01/15/97 11
0430147116 05 03/01/97 25
8064 O 02/01/27
0
1547428 E46/G02 F 263,000.00 T
240 262,599.92 1
8-10 VAN SYCKEL ROAD 8.875 2,345.18 66
8.625 2,345.18 400,000.00
UNION TOWNSHIP NJ 08809 2 01/17/97 00
0430148189 05 03/01/97 0
24303 O 02/01/17
0
1
1547468 B47/G02 F 102,800.00 ZZ
360 102,800.00 1
7118 WEST CAMBRIDGE 8.500 790.44 80
8.250 790.44 128,500.00
BRIDGEVIEW IL 60455 5 02/04/97 00
0430144097 05 04/01/97 0
183581 O 03/01/27
0
1547479 455/G02 F 59,500.00 T
360 59,472.24 1
3468 CLARE COTTAGE TRACE 9.750 511.20 70
9.500 511.20 85,000.00
MARIETTA GA 30060 1 01/22/97 00
0430145391 05 03/01/97 0
53958 O 02/01/27
0
1547496 F03/G02 F 355,200.00 ZZ
360 354,995.64 1
32640 ROUTT COUNTY ROAD 20 8.750 2,794.36 80
8.500 2,794.36 444,000.00
STEAMBOAT SPRIN CO 80477 1 01/29/97 00
0430145805 05 03/01/97 0
DEN10393 O 02/01/27
0
1547503 638/G02 F 67,500.00 ZZ
360 67,500.00 3
618 CHERRY STREET 9.250 555.31 90
9.000 555.31 75,000.00
NORRISTOWN BORO PA 19401 1 02/13/97 10
0430164988 05 04/01/97 30
08616243 N 03/01/27
0
1547579 624/G02 F 150,000.00 ZZ
360 149,911.45 1
1118 HUDSON STREET 8.625 1,166.68 75
8.375 1,166.68 200,000.00
SAINT HELENA CA 94574 5 01/03/97 00
0430150219 05 03/01/97 0
88400160136 O 02/01/27
0
1547590 E22/G02 F 120,000.00 ZZ
360 119,861.42 1
1
115 WEST GOUVERNEUR AVENUE 8.750 944.04 80
8.500 944.04 150,000.00
RUTHERFORD NJ 07070 1 12/20/96 00
0410254353 05 02/01/97 0
410254353 O 01/01/27
0
1547594 568/G02 F 100,450.00 ZZ
360 100,450.00 4
2433 MCCARRAN STREET A,B,C,D 8.500 772.37 71
8.250 772.37 142,500.00
LAS VEGAS NV 89030 2 02/04/97 00
0430153221 05 04/01/97 0
808229L N 03/01/27
0
1547798 G80/635 F 92,800.00 ZZ
360 92,634.45 1
451 N 7TH AVENUE 8.625 721.79 80
8.375 721.79 116,000.00
BRIGHTON CO 80601 2 11/25/96 14
8029226 05 01/01/97 12
802922600 N 12/01/26
0
1547852 B75/G02 F 143,400.00 ZZ
360 143,301.31 1
1030 TWIN BERRY COURT 7.875 1,039.75 80
7.625 1,039.75 179,290.00
HENDERSON NV 89015 1 01/22/97 00
0430156323 05 03/01/97 0
2719912 O 02/01/27
0
1547903 E22/G02 F 97,500.00 ZZ
360 97,398.51 2
5532-34 PENN AVENUE SOUTH 9.250 802.11 75
9.000 802.11 130,000.00
MINNEAPOLIS MN 55419 2 12/09/96 00
0410204499 05 02/01/97 0
410204499 N 01/01/27
0
1547943 638/G02 F 54,000.00 ZZ
360 53,970.50 3
999 HAMPDEN STREET 9.000 434.50 90
8.750 434.50 60,000.00
HOLYOKE MA 01040 1 01/28/97 04
0430148973 05 03/01/97 25
1
08608473 N 02/01/27
0
1548125 E22/G02 F 56,200.00 ZZ
360 56,139.96 1
7510 KIESEL TERRACE, UNIT #2D 9.125 457.26 75
8.875 457.26 75,000.00
NORTH BERGEN NJ 07047 1 12/20/96 00
0410245179 01 02/01/97 0
410245179 O 01/01/27
0
1548234 526/G02 F 49,000.00 ZZ
360 48,971.80 1
2925 OVERTON ROAD 8.750 385.49 70
8.500 385.49 70,000.00
RICHMOND VA 23228 5 01/16/97 00
0430153015 05 03/01/97 0
160216 N 02/01/27
0
1548268 G80/G80 F 30,000.00 ZZ
360 30,000.00 1
1508 RANGER HIGHWAY 8.875 238.70 86
8.625 238.70 34,900.00
WEATHERFORD TX 76086 1 02/04/97 04
8033845 05 04/01/97 25
8033845 N 03/01/27
0
1548285 F03/G02 F 90,000.00 ZZ
360 90,000.00 2
8750 GROVE STREET 9.250 740.41 90
9.000 740.41 100,000.00
DENVER CO 80221 1 02/03/97 01
0430154815 05 04/01/97 25
DEN10426 N 03/01/27
0
1548337 737/G02 F 108,800.00 ZZ
360 108,674.35 1
100 RED ROCK COURT 8.750 855.93 80
8.500 855.93 136,000.00
WOODLAND PARK CO 80863 5 12/20/96 00
0430146290 05 02/01/97 0
573021 O 01/01/27
0
1
1548351 B75/G02 F 172,250.00 ZZ
360 172,039.91 1
9705 346TH STREET SOUTH 8.500 1,324.45 65
8.250 1,324.45 265,000.00
ROY WA 98580 5 12/13/96 00
0430154765 03 02/01/97 0
2653533 O 01/01/27
0
1548387 934/G02 F 42,500.00 ZZ
360 42,474.91 1
4601 NE 14 TERRACE 8.625 330.56 68
8.375 330.56 62,500.00
POMPANO BEACH FL 33064 1 01/22/97 00
0430147173 05 03/01/97 0
62004821 O 02/01/27
0
1548441 A80/G02 F 49,500.00 ZZ
360 49,472.96 1
20531 SW 117 AVENUE 9.000 398.29 75
8.750 398.29 66,000.00
MIAMI FL 33177 5 01/23/97 00
0430146738 05 03/01/97 0
9715293 N 02/01/27
0
1548455 180/G02 F 425,000.00 ZZ
360 424,773.83 1
3939 LAKEVIEW DRIVE 9.125 3,457.94 85
8.875 3,457.94 500,000.00
SAND SPRINGS OK 74063 2 01/20/97 23
0430141812 09 03/01/97 0
4723995 O 02/01/27
0
1548477 731/G02 F 62,000.00 ZZ
360 61,928.40 1
5866 MERITO AVENUE 8.750 487.75 76
8.500 487.75 82,000.00
SAN BERNARDINO CA 92404 2 12/18/96 23
0430120782 05 02/01/97 0
412610300 N 01/01/27
0
1548491 B75/G02 F 90,300.00 ZZ
360 90,245.29 1
7002 POINT WEST BLVD 8.500 694.33 80
8.250 694.33 112,900.00
1
BRADENTON FL 34209 1 01/21/97 00
0430148916 05 03/01/97 0
2764512 O 02/01/27
0
1548504 E22/G02 F 90,000.00 T
360 89,800.56 1
18614 NORTHWEST 23RD STREET 9.000 724.16 61
8.750 724.16 148,990.00
PENBROKE PINES FL 33029 1 12/24/96 00
0410253389 05 02/01/97 0
410253389 O 01/01/27
0
1548525 E86/G02 F 38,000.00 ZZ
360 37,979.77 1
51 BROOK STREET UNIT 3C 9.125 309.19 80
8.875 309.19 48,000.00
NAUGATUCK CT 06770 1 01/31/97 10
0430145870 01 03/01/97 12
15600 N 02/01/27
0
1548589 E22/G02 F 176,000.00 ZZ
360 175,821.55 2
946 EAST 105TH STREET 9.375 1,463.88 80
9.125 1,463.88 220,000.00
BROOKLYN NY 11236 2 12/06/96 23
0410254809 05 02/01/97 0
410254809 N 01/01/27
0
1548601 F41/G02 F 75,750.00 ZZ
360 75,710.73 1
103 GAINSBOROUGH STREET 9.250 623.18 75
UNIT #005 9.000 623.18 101,000.00
BOSTON MA 02115 1 01/15/97 00
0430153486 01 03/01/97 0
00034488 N 02/01/27
0
1548626 A01/G02 F 200,000.00 ZZ
360 199,887.88 1
611 WARNER AVENUE 8.875 1,591.29 30
8.625 1,591.29 670,000.00
LOS ANGELES CA 90024 5 01/24/97 00
0430148205 05 03/01/97 0
NG O 02/01/27
0
1
1548630 003/G02 F 45,600.00 ZZ
360 45,548.67 1
300 PEACHTREE STREET, 22D 8.875 362.82 95
8.625 362.82 48,000.00
ATLANTA GA 30309 1 12/10/96 12
0430145318 06 02/01/97 30
0003765971 O 01/01/27
0
1548633 F25/G02 F 75,000.00 T
360 75,000.00 1
ROUTE 6B BUFF HEAD ROAD 9.125 610.23 38
8.875 610.23 200,000.00
HULETTS LANDING NY 12841 5 02/19/97 00
0430160523 05 04/01/97 0
R9612056 O 03/01/27
0
1548642 G80/G80 F 133,600.00 ZZ
360 133,521.12 1
2808 WHISPERING WIND DRIVE 8.625 1,039.13 80
8.375 1,039.13 167,000.00
LAS VEGAS NV 89117 1 01/22/97 00
803459300 03 03/01/97 0
803459300 O 02/01/27
0
1548727 E57/G02 F 202,500.00 ZZ
360 202,289.23 4
205 SOUTH "K" STREET 9.250 1,665.92 75
9.000 1,665.92 270,000.00
MADERA CA 93637 2 12/19/96 00
0430164624 05 02/01/97 0
60182006330 N 01/01/27
0
1548773 G80/G80 F 297,500.00 ZZ
360 297,345.77 4
1048 NORTH WOOD 9.250 2,447.46 70
9.000 2,447.46 425,000.00
CHICAGO IL 60622 5 01/24/97 00
803460900 05 03/01/97 0
803460900 N 02/01/27
0
1548905 638/G02 F 58,500.00 ZZ
360 58,468.86 1
1
2354 DUNCAN STREET 9.125 475.98 90
8.875 475.98 65,000.00
PHILADELPHIA PA 19124 1 01/30/97 10
0430148387 09 03/01/97 17
08618186 N 02/01/27
0
1548972 E22/G02 F 57,150.00 ZZ
360 57,093.55 1
155 OVERLOOK DRIVE, UNIT #155 9.500 480.55 90
9.250 480.55 63,500.00
UNION TOWNSHIP NJ 08809 1 12/27/96 04
0410254890 01 02/01/97 25
410254890 N 01/01/27
0
1548995 E22/G02 F 118,050.00 ZZ
360 117,923.88 1
2715 NORTHEAST 43RD AVENUE 9.125 960.49 75
8.875 960.49 157,400.00
PORTLAND OR 97213 1 12/19/96 00
0410310643 05 02/01/97 0
410310643 N 01/01/27
0
1549056 965/G02 F 380,250.00 ZZ
360 379,843.75 1
7740 EAST GAINEY RANCH ROAD 9.125 3,093.84 75
8.875 3,093.84 507,000.00
SCOTTSDALE AZ 85258 2 12/26/96 00
0430138024 03 02/01/97 0
181628 O 01/01/27
0
1549069 E22/G02 F 25,250.00 ZZ
360 25,109.26 1
5406 WOODLARK ST 9.250 207.73 65
9.000 207.73 39,000.00
HOUSTON TX 77017 5 12/06/96 00
0410326300 05 01/01/97 0
410326300 N 12/01/26
0
1549133 E46/G02 F 262,500.00 ZZ
360 262,370.89 1
8 JACKSONVILLE ROAD 9.500 2,207.24 75
9.250 2,207.24 350,000.00
PEQUANNOCK TOWN NJ 07444 5 01/24/97 00
0430145227 05 03/01/97 0
1
24321 O 02/01/27
0
1549150 A69/G02 F 261,000.00 ZZ
300 261,000.00 4
586 VANDERBUILT AVENUE 9.625 2,303.07 90
9.375 2,303.07 290,000.00
BROOKLYN NY 11238 1 02/10/97 23
0430150532 07 04/01/97 0
085508010 O 03/01/22
0
1549185 638/G02 F 147,200.00 ZZ
360 147,110.83 1
2530 98TH AVENUE 8.500 1,131.84 80
8.250 1,131.84 184,000.00
OAKLAND CA 94605 2 01/21/97 00
0430153403 05 03/01/97 0
08604321 O 02/01/27
0
1549290 405/405 F 61,000.00 T
360 60,966.68 1
5700 BONITA BEACH ROAD 9.000 490.82 70
8.750 490.82 88,000.00
BONITA SPRINGS FL 34134 1 01/29/97 00
4109468 06 03/01/97 0
4109468 O 02/01/27
0
1549298 E29/G02 F 89,500.00 ZZ
360 89,448.50 1
4545 SOUTH LIPAN COURT 8.750 704.10 67
8.500 704.10 135,000.00
ENGLEWOOD CO 80110 5 01/17/97 00
0430146548 05 03/01/97 0
0184314 O 02/01/27
0
1549315 B75/G02 F 155,250.00 ZZ
360 155,173.63 4
3414 SYLVIA STREET 9.500 1,305.43 90
9.250 1,305.43 172,500.00
LAS VEGAS NV 89121 1 01/16/97 04
0430155093 05 03/01/97 25
2928125 N 02/01/27
0
1
1549324 638/G02 F 187,500.00 ZZ
360 187,500.00 1
731 TOPSIDE DRIVE 8.625 1,458.36 64
8.375 1,458.36 293,000.00
SEVIERVILLE TN 37862 2 02/04/97 00
0430153106 05 04/01/97 0
08615609 O 03/01/27
0
1549397 526/G02 F 104,000.00 ZZ
360 103,879.89 1
2814 NW 1ST STREET 8.750 818.17 77
8.500 818.17 135,500.00
BLUE SPRINGS MO 64014 2 12/16/96 00
0430148403 05 02/01/97 0
158537 O 01/01/27
0
1549416 638/G02 F 150,000.00 ZZ
360 149,913.70 1
99 PINE LEDGE ROAD 8.750 1,180.05 48
8.500 1,180.05 318,000.00
GLOCESTER RI 02828 2 01/29/97 00
0430155788 05 03/01/97 0
08616316 O 02/01/27
0
1549419 F03/G02 F 109,500.00 ZZ
360 109,441.73 1
137 TABERNASH DRIVE 9.125 890.93 79
8.875 890.93 140,000.00
TABERNASH CO 80478 5 01/31/97 00
0430155226 05 03/01/97 0
DEN10446 O 02/01/27
0
1549424 638/G02 F 141,000.00 ZZ
360 140,920.95 2
8100 WILLET TRAIL A & B 8.875 1,121.86 90
8.625 1,121.86 156,900.00
AUSTIN TX 78745 1 01/24/97 10
0430149435 05 03/01/97 25
08615918 N 02/01/27
0
1549454 G93/G02 F 135,000.00 ZZ
360 134,913.92 1
1506 TANGIER STREET 8.250 1,014.21 75
8.000 1,014.21 180,000.00
1
CORAL GABLES FL 33134 5 01/17/97 00
0430161356 05 03/01/97 0
UNKNOWN O 02/01/27
0
1549467 F03/G02 F 412,000.00 ZZ
360 411,774.95 1
20191 ROGERS DRIVE 9.000 3,315.05 79
8.750 3,315.05 528,000.00
ORANGE AREA CA 92869 2 01/16/97 00
0430145672 05 03/01/97 0
LAG10187 O 02/01/27
0
1549506 G21/G02 F 76,500.00 ZZ
360 76,500.00 1
707 K AVENUE 8.750 601.83 90
8.500 601.83 85,000.00
NATIONAL CITY CA 91950 1 02/03/97 04
0430162867 05 04/01/97 25
9701038580 N 03/01/27
0
1549510 G21/G02 F 60,000.00 ZZ
360 60,000.00 1
3063 GREELY AVENUE 8.750 472.02 80
8.500 472.02 75,000.00
SAN DIEGO CA 92113 1 02/03/97 04
0430157263 05 04/01/97 12
9612318580 N 03/01/27
0
1549511 G21/G02 F 43,000.00 ZZ
360 43,000.00 1
1695 LOGAN AVENUE 8.750 338.28 68
8.500 338.28 63,300.00
SAN DIEGO CA 92113 1 02/03/97 00
0430162958 05 04/01/97 0
9601028580 N 03/01/27
0
1549514 G21/G02 F 64,000.00 ZZ
360 64,000.00 1
409 L AVENUE 8.750 503.49 80
8.500 503.49 80,000.00
NATIONAL CITY CA 91950 1 02/03/97 04
0430162511 05 04/01/97 12
9707018580 N 03/01/27
0
1
1549522 G80/G80 F 70,000.00 ZZ
360 69,960.76 1
3721 EAST MARTIN AVENUE 8.875 556.95 70
8.625 556.95 100,000.00
CUDAHY WI 53110 1 01/23/97 00
803410400 05 03/01/97 0
803410400 O 02/01/27
0
1549555 964/G02 F 143,200.00 ZZ
360 143,117.61 2
202-204 PEARL STREET 8.750 1,126.56 80
8.500 1,126.56 179,000.00
SAN GABRIEL CA 91770 1 01/21/97 00
0430146712 05 03/01/97 0
22319 O 02/01/27
0
1549559 225/225 F 202,500.00 ZZ
360 202,386.47 3
281 WASHINGTON STREET 8.875 1,611.19 90
8.625 1,611.19 227,500.00
FAIRVIEW NJ 07022 1 01/30/97 14
803422000 05 03/01/97 25
803422000 O 02/01/27
0
1549561 911/G02 F 57,600.00 ZZ
360 57,565.99 1
13471 SW 62 STREET, UNIT #41-9 8.625 448.01 80
8.375 448.01 72,000.00
MIAMI FL 33186 1 01/31/97 00
0430146191 01 03/01/97 0
1961112 O 02/01/27
0
1549584 180/G02 F 171,600.00 ZZ
360 171,511.04 1
1329 VINTAGE PLACE 9.250 1,411.71 90
9.000 1,411.71 190,700.00
RESTON VA 22094 1 01/23/97 04
0430162347 05 03/01/97 25
4693750 N 02/01/27
0
1549585 B75/G02 F 63,000.00 T
360 62,967.33 1
1
3113 FALCON AVENUE 9.250 518.29 70
9.000 518.29 90,000.00
MCALLEN TX 78504 1 01/20/97 00
0430149641 05 03/01/97 0
2494300 O 02/01/27
0
1549641 E22/G02 F 56,700.00 ZZ
360 56,636.19 1
7436 BEAVERLAND 8.875 451.13 90
8.625 451.13 63,000.00
DETROIT MI 48239 1 12/19/96 04
0410166821 05 02/01/97 25
410166821 N 01/01/27
0
1549651 E22/G02 F 116,750.00 T
360 116,625.26 1
515 DOWNING CIRCLE 9.125 949.92 80
8.875 949.92 146,643.00
DAVENPORT FL 33837 1 12/27/96 95
0410306211 03 02/01/97 0
410306211 O 01/01/27
0
1549680 201/G02 F 58,400.00 ZZ
360 58,400.00 1
845 BRITTON ROAD 8.750 459.44 90
COUNTY OF MONROE 8.500 459.44 64,900.00
GREECE NY 14616 1 02/20/97 04
0430160457 05 04/01/97 25
811868 N 03/01/27
0
1549698 F41/G02 F 359,200.00 ZZ
360 358,976.74 1
81 ALGONQUIN ROAD 8.375 2,730.18 80
8.125 2,730.18 449,000.00
NEWTON MA 02167 1 01/21/97 00
0430155721 01 03/01/97 0
00034801 O 02/01/27
0
1549713 129/G02 F 57,200.00 ZZ
360 57,112.67 1
811 WHEATON 9.375 475.76 65
9.125 475.76 88,000.00
KALAMAZOO MI 49008 5 11/25/96 00
0430119560 05 01/01/97 0
1
3800015566 N 12/01/26
0
1549716 A46/G02 F 78,750.00 ZZ
360 78,703.51 1
6803 REARDEN ROAD 8.625 612.51 90
8.375 612.51 87,500.00
AUSTIN TX 78745 1 01/28/97 01
0430157941 05 03/01/97 25
UNKNOWN N 02/01/27
0
1549738 480/G02 F 70,700.00 ZZ
360 70,576.61 1
139 COTTON BLOSSOM ROAD 9.875 613.92 70
9.625 613.92 101,000.00
MILLBROOK AL 36054 5 12/27/96 00
0430125120 05 02/01/97 0
2023562 N 01/01/27
0
1549744 129/G02 F 64,800.00 ZZ
360 64,641.14 4
1205 RYLAND AVENUE 9.375 538.97 90
9.125 538.97 72,000.00
CINCINNATI OH 45237 1 11/21/96 01
0430152314 05 01/01/97 25
3800015954 N 12/01/26
0
1549767 964/G02 F 116,000.00 ZZ
360 115,927.90 1
13626 SOUTH MARIPOSA AVENUE 8.375 881.68 80
8.125 881.68 145,000.00
GARDENA CA 90247 5 01/27/97 00
0430153619 05 03/01/97 0
22247 O 02/01/27
0
1549768 624/G02 F 107,900.00 ZZ
360 107,900.00 1
7161 ROUSE COURT 8.875 858.50 59
8.625 858.50 183,000.00
SAN JOSE CA 95139 1 01/31/97 00
0430148742 09 04/01/97 0
21007370033 O 03/01/27
0
1
1549779 498/G02 F 63,500.00 ZZ
360 63,433.91 1
8303 GEORGIAN COURT 9.250 522.40 88
9.000 522.40 72,500.00
MANASSAS VA 22110 2 12/27/96 01
0430150151 01 02/01/97 25
1460011 N 01/01/27
0
1549802 498/G02 F 84,900.00 ZZ
360 84,806.89 1
6209 SPANISH MOSS LANE 9.000 683.13 83
8.750 683.13 103,135.00
CHARLOTTE NC 28262 1 12/31/96 04
0430124172 03 02/01/97 12
1468069 N 01/01/27
0
1549854 638/G02 F 82,000.00 ZZ
360 81,952.83 1
25 WEST 265 PLANK ROAD 8.750 645.09 55
8.500 645.09 150,000.00
NAPERVILLE IL 60563 2 01/29/97 00
0430157891 05 03/01/97 0
08613851 O 02/01/27
0
1549856 001/G02 F 300,000.00 ZZ
360 300,000.00 1
53 VISTA AVENUE 9.000 2,413.86 78
8.750 2,413.86 385,000.00
AUBURNDALE MA 02166 1 02/06/97 00
0430154054 01 04/01/97 0
UNKNOWN O 03/01/27
0
1549871 B35/G02 F 180,500.00 ZZ
360 180,500.00 4
137 CRESCENT AVENUE 9.375 1,501.31 95
9.125 1,501.31 190,000.00
PLAINFIELD NJ 07060 1 02/14/97 01
0430156174 05 04/01/97 30
9682011472 O 03/01/27
0
1549876 A38/G02 F 82,800.00 ZZ
360 82,800.00 1
222 SHADYBROOK 9.375 688.69 90
9.125 688.69 92,000.00
1
NEWPORT NEWS VA 23602 1 02/19/97 04
0430160432 05 04/01/97 25
330331 N 03/01/27
0
1549879 967/G02 F 71,600.00 ZZ
360 71,560.89 1
2053 EAST CORNELL DRIVE 9.000 576.11 70
8.750 576.11 102,400.00
TEMPE AZ 85283 1 01/27/97 00
0430148981 05 03/01/97 0
4167458 N 02/01/27
0
1549936 862/G02 F 224,000.00 ZZ
360 223,877.64 1
1757 EAST BRIARWOOD TERRACE 9.000 1,802.36 69
8.750 1,802.36 325,000.00
PHOENIX AZ 85044 2 01/23/97 00
0430154658 05 03/01/97 0
4302006 O 02/01/27
0
1549954 E46/G02 F 67,500.00 ZZ
360 67,465.91 2
629 GREENWOOD AVENUE 9.375 561.43 90
9.125 561.43 75,000.00
TRENTON NJ 08618 1 01/30/97 04
0430145219 05 03/01/97 25
960424A N 02/01/27
0
1549960 F03/G02 F 111,750.00 ZZ
360 111,687.34 1
2270 JAMES STREET 8.875 889.14 80
8.625 889.14 139,693.00
MONTROSE CO 81401 1 01/31/97 00
0430149583 05 03/01/97 0
DEN10456 O 02/01/27
0
1550013 140/G02 F 30,600.00 ZZ
360 30,584.13 2
2620-2622 NORTH ROMAN STREET 9.250 251.74 90
9.000 251.74 34,000.00
NEW ORLEANS LA 70117 1 01/06/97 04
0430128959 05 03/01/97 25
UNKNOWN N 02/01/27
0
1
1550036 E22/G02 F 255,000.00 ZZ
360 254,705.51 1
622 ASTER BLVD. 8.750 2,006.09 85
8.500 2,006.09 300,000.00
ROCKVILLE MD 20850 2 12/24/96 23
0410255459 05 02/01/97 0
410255459 O 01/01/27
0
1550055 455/G02 F 111,150.00 ZZ
360 111,086.05 1
1073 ATLANTIC DRIVE NW 8.750 874.42 90
8.500 874.42 123,500.00
ATLANTA GA 30318 1 01/03/97 01
0430125864 03 03/01/97 25
53890 N 02/01/27
0
1550064 180/G02 F 69,700.00 ZZ
360 69,700.00 1
421 LOCKERMAN STREET 8.750 548.33 85
8.500 548.33 82,000.00
DENTON MD 21629 5 02/07/97 01
0430158816 05 04/01/97 12
4693859 O 03/01/27
0
1550068 286/286 F 76,500.00 ZZ
360 76,424.44 1
3655 S HAMETOWN RD 9.500 643.26 90
9.250 643.26 85,000.00
NORTON OH 44203 1 12/17/96 10
8569137 05 02/01/97 25
8569137 N 01/01/27
0
1550106 664/G02 F 63,000.00 ZZ
360 62,925.34 1
522 EAST SAN JOSE AVENUE 8.625 490.01 70
8.375 490.01 90,000.00
FRESNO CA 93710 5 12/19/96 00
0430122325 05 02/01/97 0
2182129 N 01/01/27
0
1550137 E22/G02 F 151,850.00 T
360 151,696.04 1
1
824 MONTANA AVE 9.375 1,263.01 80
9.125 1,263.01 189,830.00
DAVENPORT FL 33837 1 12/18/96 95
0410194872 03 02/01/97 0
410194872 O 01/01/27
0
1550163 A80/G02 F 50,400.00 ZZ
360 50,373.87 1
10 NW 87TH AVENUE, #B-216 9.250 414.63 80
9.000 414.63 63,000.00
MIAMI FL 33172 1 01/30/97 12
0430145359 01 03/01/97 12
9715337 N 02/01/27
0
1550164 766/G02 F 950,300.00 ZZ
360 950,300.00 1
415 ST ANDREWS DR 9.375 7,904.11 51
9.125 7,904.11 1,900,000.00
BELLEAIR FL 34616 5 01/29/97 00
0430149005 05 04/01/97 0
96RC047 O 03/01/27
0
1550172 560/560 F 64,000.00 ZZ
360 63,924.15 1
25455 DAVID DRIVE 8.625 497.79 46
8.375 497.79 140,000.00
LONG BARN CA 95335 5 12/17/96 00
450613252 05 02/01/97 0
450613252 N 01/01/27
0
1550197 076/076 F 41,300.00 ZZ
360 41,235.25 1
6568 COLUMBUS CIRCLE 9.250 339.77 70
9.000 339.77 59,000.00
OCEAN SPRINGS MS 39564 5 11/06/96 00
6664172 05 01/01/97 0
6664172 N 12/01/26
0
1550232 076/076 F 52,000.00 ZZ
360 51,914.13 1
2807 85TH ST 9.000 418.41 70
8.750 418.41 74,304.00
LUBBOCK TX 79423 1 11/06/96 00
6673912 05 01/01/97 0
1
6673912 O 12/01/26
0
1550233 624/G02 F 65,700.00 ZZ
360 65,665.03 2
2143 SPRING STREET 9.125 534.56 90
8.875 534.56 73,000.00
EUREKA CA 95501 1 01/23/97 04
0430145896 05 03/01/97 25
33000970013 N 02/01/27
0
1550240 076/076 F 80,000.00 ZZ
360 79,864.44 1
47 SADDLE ROCK ROAD 8.875 636.52 31
8.625 636.52 258,000.00
DANBURY CT 06811 1 11/18/96 00
6676652 05 01/01/97 0
6676652 O 12/01/26
0
1550245 076/076 F 102,050.00 ZZ
360 101,812.56 1
2015 PRINCE STREET 8.750 802.83 65
8.500 802.83 157,000.00
BERKELEY CA 94703 5 10/24/96 00
6614712 05 12/01/96 0
6614712 N 11/01/26
0
1550251 076/076 F 115,200.00 ZZ
360 114,931.97 1
122 PALMER PEAK DRIVE 8.750 906.28 90
8.500 906.28 128,000.00
FAIRPLAY CO 80440 1 10/31/96 12
6630582 03 12/01/96 25
6630582 N 11/01/26
0
1550256 076/076 F 67,500.00 ZZ
360 67,350.84 1
1015 NE 77TH AVENUE 9.000 543.12 90
8.750 543.12 75,000.00
PORTLAND OR 97213 1 10/30/96 10
6636172 05 12/01/96 25
6636172 N 11/01/26
0
1
1550260 076/076 F 80,000.00 ZZ
360 79,867.91 1
6362 SOUTH 94TH STREET 9.000 643.70 58
8.750 643.70 139,950.00
OMAHA NE 68127 1 11/08/96 00
6637982 05 01/01/97 0
6637982 N 12/01/26
0
1550263 491/491 F 260,000.00 ZZ
360 259,486.29 1
4044 SCRIPPS AVENUE 8.125 1,930.50 58
7.875 1,930.50 454,000.00
PALO ALTO CA 94306 1 11/04/96 00
61472824 05 01/01/97 0
61472824 N 12/01/26
0
1550264 076/076 F 121,050.00 ZZ
360 120,809.01 4
1704 WINDWARD DRIVE 9.500 1,017.85 90
9.250 1,017.85 134,500.00
KILLEEN TX 76543 1 10/30/96 12
6640572 05 12/01/96 25
6640572 O 11/01/26
0
1550266 076/076 F 80,000.00 ZZ
360 79,860.91 1
141 ROBERT DRIVE 8.750 629.36 67
8.500 629.36 120,000.00
BUENA VISTA CO 81211 1 11/18/96 00
6657142 05 01/01/97 0
6657142 O 12/01/26
0
1550268 076/076 F 93,600.00 ZZ
360 93,451.83 1
7156 NICOLE PLACE 9.250 770.02 90
9.000 770.02 104,000.00
DALLAS TX 75248 1 11/11/96 10
6658032 05 01/01/97 25
6658032 N 12/01/26
0
1550272 491/491 F 330,000.00 ZZ
360 329,566.78 1
136 RUBY AVENUE 8.125 2,450.25 75
7.875 2,450.25 440,000.00
1
SAN CARLOS CA 94070 1 12/03/96 00
61490253 05 02/01/97 0
61490253 N 01/01/27
0
1550273 180/G02 F 33,900.00 ZZ
360 33,900.00 2
1149 SOUTH CHERRY 9.125 275.82 90
8.875 275.82 37,700.00
CASPER WY 82601 1 02/05/97 10
0430157487 05 04/01/97 25
UNKNOWN N 03/01/27
0
1550279 180/G02 F 57,600.00 ZZ
360 57,567.70 1
3171 WEST DAKOTA AVENUE 8.875 458.30 90
8.625 458.30 64,000.00
DENVER CO 80219 1 01/29/97 10
0430150672 05 03/01/97 25
4705828 N 02/01/27
0
1550283 909/G02 F 184,500.00 ZZ
360 184,500.00 1
122 COMPASS COURT 8.625 1,435.02 65
8.375 1,435.02 285,000.00
BOULDER CREEK CA 95006 5 02/05/97 00
0430149575 05 04/01/97 0
6003894 O 03/01/27
0
1550292 E22/G02 F 61,650.00 ZZ
360 61,585.83 1
6745 HADLEY DRIVE 9.250 507.18 60
9.000 507.18 104,000.00
NORTH RICHLAND TX 76180 5 12/30/96 00
0410322119 05 02/01/97 0
410322119 N 01/01/27
0
1550312 491/491 F 423,000.00 ZZ
360 422,098.54 1
2753 GLENDOWER AVENUE 7.750 3,030.43 90
7.500 3,030.43 470,000.00
LOS ANGELES CA 90027 1 11/20/96 04
61496910 05 01/01/97 25
61496910 O 12/01/26
0
1
1550317 E22/G02 F 162,500.00 ZZ
360 162,302.42 1
944 GREENSWARD LANE 8.500 1,249.48 65
8.250 1,249.48 250,000.00
DELRAY BEACH FL 33445 5 12/30/96 00
0410338537 05 02/01/97 0
410338537 O 01/01/27
0
1550335 076/076 F 76,500.00 ZZ
360 76,373.69 1
83 SANDPEBBLE DRIVE 9.000 615.54 90
8.750 615.54 85,000.00
THE WOODLANDS TX 77381 1 11/15/96 04
7065817 03 01/01/97 25
7065817 N 12/01/26
0
1550338 637/G02 F 78,750.00 ZZ
360 78,699.78 1
583 MOSHER DRIVE 8.250 591.63 75
8.000 591.63 105,000.00
PRESCOTT AZ 86301 1 01/06/97 00
0430155168 05 03/01/97 0
9403304 O 02/01/27
0
1550339 076/076 F 36,900.00 ZZ
360 36,818.45 1
1835 WALDREP CIRCLE 9.000 296.91 90
8.750 296.91 41,000.00
MARIETTA GA 30060 1 11/01/96 10
7065286 05 12/01/96 25
7065286 N 11/01/26
0
1550343 076/076 F 50,400.00 ZZ
360 50,307.73 1
5503 BASS PLACE SE 8.500 387.54 70
8.250 387.54 72,000.00
WASHINGTON DC 20019 5 11/15/96 00
7065252 07 01/01/97 0
7065252 N 12/01/26
0
1550348 076/076 F 175,000.00 ZZ
360 174,703.49 1
1
7218 4TH STREET NW 8.875 1,392.38 72
8.625 1,392.38 245,000.00
ALBUQUERQUE NM 87114 1 11/19/96 00
7066845 05 01/01/97 0
7066845 O 12/01/26
0
1550351 076/076 F 113,500.00 ZZ
360 113,302.65 1
2043 LAUREL COVE 8.750 892.91 80
8.500 892.91 142,000.00
BALL GROUND GA 30107 5 11/19/96 00
7066597 05 01/01/97 0
7066597 O 12/01/26
0
1550355 076/076 F 29,600.00 ZZ
360 29,551.13 1
813 GUILFORD STREET 9.000 238.17 75
8.750 238.17 39,500.00
LEBANON PA 17046 1 11/21/96 00
7065930 07 01/01/97 0
7065930 N 12/01/26
0
1550357 076/076 F 45,900.00 ZZ
360 45,824.19 1
2742 SANFORD ROAD 9.000 369.33 90
8.750 369.33 51,000.00
SMYRNA GA 30080 1 11/21/96 04
7066901 05 01/01/97 25
7066901 N 12/01/26
0
1550380 F41/G02 F 400,000.00 ZZ
360 400,000.00 1
75 ARLINGTON STREET 8.375 3,040.29 56
8.125 3,040.29 715,000.00
WINCHESTER MA 01890 5 02/07/97 00
0430158832 05 04/01/97 0
00036954 O 03/01/27
0
1550386 076/076 F 34,200.00 ZZ
360 34,143.51 1
1909 ST PAUL STREET 9.000 275.19 90
8.750 275.19 38,000.00
PITTSBURGH PA 15203 1 11/14/96 10
7060564 05 01/01/97 25
1
7060564 N 12/01/26
0
1550389 076/076 F 72,900.00 ZZ
360 72,747.04 1
25 VOUGHT AVE 9.250 599.74 90
9.000 599.74 81,000.00
FREEHOLD NJ 07728 1 10/28/96 10
7060642 05 12/01/96 25
7060642 N 11/01/26
0
1550398 076/076 F 85,500.00 ZZ
360 85,320.63 1
203 GROVE STREET 9.250 703.39 90
9.000 703.39 95,000.00
SOMERVILLE NJ 08876 1 11/01/96 01
6905022 05 12/01/96 25
6905022 N 11/01/26
0
1550401 076/076 F 52,000.00 ZZ
360 51,866.63 1
9 BROADWAY UNIT 221 8.625 404.46 80
8.375 404.46 65,000.00
SAUGUS MA 01906 1 11/22/96 04
6695162 01 01/01/97 12
6695162 N 12/01/26
0
1550407 076/076 F 232,900.00 ZZ
360 232,473.72 1
632 NW 11TH AVENUE 8.500 1,790.80 70
8.250 1,790.80 332,780.00
PORTLAND OR 97209 1 11/18/96 00
6693182 07 01/01/97 0
6693182 O 12/01/26
0
1550408 992/G02 F 96,900.00 ZZ
360 96,900.00 1
14 HAWSER PLACE 8.750 762.32 90
8.500 762.32 107,750.00
CORAM NY 11727 1 02/06/97 01
0430148965 05 04/01/97 25
323072 N 03/01/27
0
1
1550415 687/G02 F 74,400.00 ZZ
360 74,320.52 1
106 BEAVER RUN ROAD 9.125 605.34 80
8.875 605.34 93,000.00
APOLLO PA 15613 1 12/31/96 01
0430119768 05 02/01/97 12
NG N 01/01/27
0
1550417 076/076 F 70,200.00 ZZ
360 70,089.96 1
8603 WOOD CAVE 9.250 577.52 90
9.000 577.52 78,000.00
SAN ANTONIO TX 78251 1 11/19/96 04
6694512 03 01/01/97 25
6694512 N 12/01/26
0
1550420 076/076 F 52,800.00 T
360 52,698.30 1
1317 3RD STREET 8.250 396.67 73
8.000 396.67 73,000.00
ALAMOSA CO 81101 5 11/18/96 00
6698032 05 01/01/97 0
6698032 O 12/01/26
0
1550423 896/G02 F 37,700.00 ZZ
360 37,700.00 1
176 WATTLE STREET 9.500 317.01 90
9.250 317.01 41,900.00
WARRENVILLE SC 29851 1 02/07/97 01
0430152397 05 04/01/97 25
970003 N 03/01/27
0
1550431 638/G02 F 219,900.00 ZZ
360 219,763.32 1
22152 JONESPORT LANE 8.375 1,671.40 68
8.125 1,671.40 324,000.00
HUNTINGTON BEAC CA 92646 5 01/28/97 00
0430158071 05 03/01/97 0
8619242 O 02/01/27
0
1550438 076/076 F 146,500.00 ZZ
360 146,238.63 1
2036 SERENDIPITY WAY 8.625 1,139.47 70
8.375 1,139.47 209,290.00
1
SKIPPACK PA 19474 1 11/18/96 00
7060156 05 01/01/97 0
7060156 O 12/01/26
0
1550439 B75/G02 F 203,600.00 ZZ
360 203,476.66 1
777 EDWARDS STREET 8.500 1,565.51 75
8.250 1,565.51 271,500.00
TRINIDAD CA 95570 1 01/28/97 00
0430156943 05 03/01/97 0
2782217 O 02/01/27
0
1550444 076/076 F 225,000.00 ZZ
360 224,528.00 3
2910 RADCLIFF AVENUE 9.250 1,851.02 90
9.000 1,851.02 250,000.00
BRONX NY 10469 1 10/18/96 14
7060378 05 12/01/96 25
7060378 O 11/01/26
0
1550449 F03/G02 F 245,000.00 ZZ
360 245,000.00 2
2428 GARMISCH DRIVE 9.125 1,993.41 78
8.875 1,993.41 315,000.00
VAIL CO 81657 5 02/03/97 00
0430149328 05 04/01/97 0
DEN10462 O 03/01/27
0
1550455 G80/G80 F 31,500.00 ZZ
360 31,500.00 1
525 PASADENA BOULEVARD 9.125 256.30 90
8.875 256.30 35,000.00
TOLEDO OH 43612 1 02/11/97 04
803537500 05 04/01/97 25
803537500 N 03/01/27
0
1550459 638/G02 F 112,350.00 ZZ
360 112,350.00 1
9130 OAKMOUNT BOULEVARD 9.125 914.12 75
8.875 914.12 150,000.00
DESERT HOT SPRI CA 92240 2 02/12/97 00
0430165290 05 04/01/97 0
08616802 N 03/01/27
0
1
1550461 225/225 F 31,500.00 ZZ
360 31,500.00 2
65-67 SOUTH HORTON STREET 8.875 250.63 90
8.625 250.63 35,000.00
DAYTON OH 45403 1 02/14/97 04
803531900 05 04/01/97 25
803531900 O 03/01/27
0
1550478 685/G02 F 95,000.00 ZZ
360 94,830.52 1
1406 EUCLID AVENUE #4 8.625 738.90 38
8.375 738.90 250,000.00
BERKELEY CA 94708 5 11/04/96 00
0430160549 05 01/01/97 0
201370 O 12/01/26
0
1550492 E26/G02 F 62,900.00 ZZ
360 62,793.41 1
4123 DONNYBROOK PLACE 8.875 500.47 90
8.625 500.47 69,900.00
CHARLOTTE NC 28205 1 11/25/96 10
0430156638 05 01/01/97 25
500202 N 12/01/26
0
1550496 076/076 F 55,800.00 ZZ
360 55,705.46 2
3713 & 3715 IVANHOE DRIVE 8.875 443.97 80
8.625 443.97 69,750.00
TEMPLE TX 76504 1 11/22/96 10
6923662 05 01/01/97 12
6923662 N 12/01/26
0
1550497 076/076 F 138,500.00 ZZ
360 138,193.93 2
2166 PINTO STREET 9.000 1,114.41 66
8.750 1,114.41 210,000.00
LA VERNE CA 91750 2 10/29/96 00
7063505 05 12/01/96 0
7063505 O 11/01/26
0
1550498 076/076 F 90,000.00 ZZ
360 89,811.19 1
1
3280 WEBB ROAD 9.250 740.41 90
9.000 740.41 100,000.00
ALPHARETTA GA 30201 1 10/25/96 10
7063265 05 12/01/96 25
7063265 N 11/01/26
0
1550499 076/076 F 84,000.00 ZZ
360 83,809.50 1
268 PORT AVENUE 8.875 668.35 68
8.625 668.35 124,000.00
RONKONKOMA NY 11779 1 10/16/96 00
7042603 05 12/01/96 0
7042603 O 11/01/26
0
1550500 076/076 F 74,400.00 ZZ
360 74,235.61 1
12279 COBBLEFIELD CIRCLE NORTH 9.000 598.64 90
8.750 598.64 82,870.00
JACKSONVILLE FL 32224 1 10/31/96 04
7043218 03 12/01/96 25
7043218 N 11/01/26
0
1550501 076/076 F 54,000.00 ZZ
360 53,883.71 1
20052 SEMINOLE BLVD 9.125 439.37 90
8.875 439.37 60,000.00
REDFORD TWP MI 48240 1 10/31/96 04
7063583 05 12/01/96 25
7063583 N 11/01/26
0
1550502 076/076 F 122,500.00 T
360 122,243.01 1
58 PRISCILLA BEACH ROAD 9.250 1,007.78 70
9.000 1,007.78 175,000.00
PLYMOUTH MA 02360 5 10/17/96 00
7058746 05 12/01/96 0
7058746 O 11/01/26
0
1550503 076/076 F 148,500.00 ZZ
360 148,254.81 1
6227 COTTONWOOD STREET 9.000 1,194.87 90
8.750 1,194.87 165,000.00
MCLEAN VA 22101 1 11/08/96 04
7064853 05 01/01/97 25
1
7064853 N 12/01/26
0
1550504 076/076 F 52,200.00 ZZ
360 51,220.42 1
1987 MARY STREET 9.750 448.48 90
9.500 448.48 58,000.00
ATLANTIC BEACH FL 32233 1 07/03/96 01
7045409 07 09/01/96 25
7045409 N 08/01/26
0
1550506 076/076 F 63,000.00 ZZ
360 62,791.77 1
3600 BISCAYNE DRIVE 8.875 501.26 58
8.625 501.26 110,000.00
WINTER SPRINGS FL 32708 2 10/31/96 00
7064167 03 01/01/97 0
7064167 O 12/01/26
0
1550507 076/076 F 312,300.00 ZZ
360 311,573.38 2
61 74TH STREET 8.750 2,456.87 90
8.500 2,456.87 347,000.00
BROOKLYN NY 11209 1 11/05/96 01
7064065 05 12/01/96 25
7064065 O 11/01/26
0
1550508 076/076 F 352,000.00 ZZ
360 351,201.80 1
4125 COLDSTREAM TERRACE 8.875 2,800.68 80
8.625 2,800.68 440,000.00
TARZANA AREA CA 91356 5 10/10/96 00
7059542 05 12/01/96 0
7059542 O 11/01/26
0
1550510 076/076 F 42,250.00 T
360 42,001.77 1
877 MC ELDERBERRY ROAD 9.250 347.59 65
9.000 347.59 65,000.00
MUNFORD AL 36268 5 10/25/96 00
7057524 05 12/01/96 0
7057524 O 11/01/26
0
1
1550512 076/076 F 104,000.00 ZZ
360 103,836.98 2
1055 EVERGREEN AVENUE 9.250 855.59 80
9.000 855.59 130,000.00
BRONX NY 10472 1 11/07/96 04
7058949 05 01/01/97 12
7058949 N 12/01/26
0
1550513 076/076 F 27,750.00 ZZ
360 27,691.76 1
3547 BROADLEAF LANE 9.250 228.30 74
9.000 228.30 37,500.00
COLUMBUS OH 43224 2 10/21/96 00
7057625 01 12/01/96 0
7057625 N 11/01/26
0
1550514 076/076 F 54,600.00 ZZ
360 54,476.17 1
75 SMITH STREET 8.875 434.43 60
8.625 434.43 91,000.00
CRANSTON RI 02905 5 10/24/96 00
5804312 05 12/01/96 0
5804312 O 11/01/26
0
1550520 076/076 F 58,500.00 ZZ
360 58,386.56 1
2102 SUGAR CREEK DRIVE 9.625 497.24 90
9.375 497.24 65,000.00
CONWAY AR 72032 1 10/28/96 12
6406702 05 12/01/96 25
6406702 N 11/01/26
0
1550521 076/076 F 50,000.00 ZZ
360 49,897.84 2
2604 VICKSBURG AVENUE 9.375 415.87 67
9.125 415.87 75,000.00
LUBBOCK TX 79416 5 10/09/96 00
5932582 05 12/01/96 0
5932582 N 11/01/26
0
1550522 076/076 F 100,800.00 ZZ
360 100,504.61 1
1550 HARTLAND ROAD 9.000 811.06 70
8.750 811.06 144,108.00
1
LINCOLN NE 68524 1 10/30/96 00
6221222 03 12/01/96 0
6221222 O 11/01/26
0
1550524 076/076 F 115,000.00 T
360 114,752.38 1
278 CLARENDON STREET, UNIT 10 9.125 935.68 70
8.875 935.68 165,000.00
BOSTON MA 02116 1 10/18/96 00
6370892 08 12/01/96 0
6370892 O 11/01/26
0
1550529 076/076 F 43,050.00 ZZ
360 42,368.39 1
1631 N CRAWFORD AVENUE 7.750 308.42 80
7.500 308.42 54,000.00
NORMAN OK 73069 2 03/13/96 11
5484472 05 05/01/96 12
5484472 N 04/01/26
0
1550532 076/076 F 49,000.00 ZZ
360 48,590.73 2
206 & 208 WEBB BOULEVARD 8.000 359.54 70
7.750 359.54 70,000.00
HAVELOCK NC 28532 1 02/15/96 00
5729762 05 04/01/96 0
5729762 N 03/01/26
0
1550533 076/076 F 112,000.00 ZZ
360 111,725.67 3
216 ANTHONY STREET 8.500 861.19 80
8.250 861.19 140,000.00
FALL RIVER MA 02721 1 10/09/96 04
5982632 05 12/01/96 12
5982632 N 11/01/26
0
1550548 F30/G02 F 107,550.00 ZZ
360 107,497.10 1
155 EAST 8180 SOUTH 9.500 904.34 90
9.250 904.34 119,500.00
SANDY UT 84070 1 01/27/97 04
0430148122 07 03/01/97 25
10144 N 02/01/27
0
1
1550549 F30/G02 F 107,550.00 ZZ
360 107,472.23 1
159 EAST 8180 SOUTH 9.500 904.34 90
9.250 904.34 119,500.00
SANDY UT 84070 1 01/27/97 12
0430148155 07 03/01/97 25
10143 N 02/01/27
0
1550667 076/076 F 68,000.00 ZZ
360 67,770.25 1
5410 101ST PLACE NE 8.750 534.96 67
8.500 534.96 102,500.00
MARYSVILLE WA 98270 2 10/21/96 00
7056931 03 12/01/96 0
7056931 O 11/01/26
0
1550670 076/076 F 212,800.00 ZZ
360 212,353.56 1
275 WEST 96TH STREET 9.250 1,750.66 80
9.000 1,750.66 266,000.00
NEW YORK NY 10025 1 10/17/96 00
7054706 06 12/01/96 0
7054706 O 11/01/26
0
1550672 076/076 F 40,500.00 ZZ
360 40,419.36 1
5616 WOODLAWN 9.500 340.55 90
9.250 340.55 45,000.00
LITTLE ROCK AR 72205 1 10/31/96 12
6463612 05 12/01/96 30
6463612 N 11/01/26
0
1550674 405/405 F 96,000.00 ZZ
360 95,946.18 4
2619-2621 E 16TH STREET 8.875 763.82 80
8.625 763.82 120,000.00
OAKLAND CA 94601 1 01/29/97 10
004112793 05 03/01/97 12
004112793 N 02/01/27
0
1550676 076/076 F 60,000.00 ZZ
240 59,558.09 1
1
126 SOUTH OAK STREET #F 9.250 549.53 55
9.000 549.53 110,000.00
TELLURIDE CO 81435 1 09/24/96 00
7055746 01 11/01/96 0
7055746 N 10/01/16
0
1550677 076/076 F 26,350.00 ZZ
360 26,300.20 1
4540 VEAZEY ROAD 9.750 226.39 90
9.500 226.39 29,300.00
GREENSBORO GA 30642 1 10/18/96 04
6468982 05 12/01/96 25
6468982 N 11/01/26
0
1550680 076/076 F 487,500.00 ZZ
360 483,335.06 1
31 BEAVER DAM ROAD 8.875 3,878.77 75
8.625 3,878.77 650,000.00
COLTS NECK NJ 07722 1 11/04/96 00
7052338 05 12/01/96 0
7052338 O 11/01/26
0
1550692 076/076 F 119,000.00 T
360 118,694.76 1
1325 18TH STREET NW 9.375 989.79 70
9.125 989.79 170,000.00
WASHINGTON DC 20036 1 09/18/96 00
7052980 06 11/01/96 0
7052980 O 10/01/26
0
1550703 A80/G02 F 66,500.00 T
360 66,466.41 1
971 LAKESIDE BOULEVARD #971 9.375 553.12 70
9.125 553.12 95,000.00
BOCA RATON FL 33434 1 01/31/97 00
0430147827 08 03/01/97 0
9750659 O 02/01/27
0
1550801 B75/G02 F 37,100.00 T
360 37,078.65 1
7260 WOODMONT TERRACE #202 8.750 291.87 70
8.500 291.87 53,000.00
TAMARAC FL 33321 1 01/31/97 00
0430149682 05 03/01/97 0
1
2687309 O 02/01/27
0
1550819 076/076 F 59,000.00 ZZ
360 58,882.54 1
1215 N LAKEVIEW 9.500 496.10 87
9.250 496.10 67,900.00
DERBY KS 67037 1 10/18/96 04
6574702 05 12/01/96 25
6574702 N 11/01/26
0
1550826 076/076 F 44,000.00 ZZ
360 43,925.43 1
508 NATHAN HALE 8.875 350.09 90
8.625 350.09 48,900.00
WEST PALM BEACH FL 33405 1 11/22/96 12
6569042 05 01/01/97 25
6569042 N 12/01/26
0
1550827 907/907 F 147,250.00 ZZ
360 147,250.00 2
113-05 107TH AVENUE 9.500 1,238.16 95
9.000 1,238.16 155,000.00
RICHMOND HILL NY 11419 1 02/18/97 11
10001159 05 04/01/97 30
10001159 O 03/01/27
0
1550828 076/076 F 35,250.00 ZZ
360 35,185.46 1
2309 46TH STREET 8.500 271.05 75
8.250 271.05 47,000.00
LUBBOCK TX 79413 1 11/08/96 00
6612102 05 01/01/97 0
6612102 N 12/01/26
0
1550833 076/076 F 77,000.00 ZZ
360 76,859.08 1
4430 SILHURST RD N 8.500 592.06 70
8.250 592.06 110,000.00
OLMSTED OH 44070 1 11/08/96 00
6607642 05 01/01/97 0
6607642 O 12/01/26
0
1
1550834 076/076 F 42,200.00 ZZ
360 42,115.98 1
2905 WEST VILLA STREET 9.500 354.84 89
9.250 354.84 47,500.00
PHOENIX AZ 85009 1 10/02/96 04
6457702 05 12/01/96 25
6457702 N 11/01/26
0
1550838 076/076 F 39,500.00 ZZ
360 39,425.37 1
342 WEST JACKSON STREET 9.750 339.37 90
9.500 339.37 43,900.00
YORK PA 17403 1 10/21/96 12
6424842 05 12/01/96 25
6424842 N 11/01/26
0
1550839 076/076 F 86,800.00 ZZ
360 86,506.02 1
1239 OSTERVILLE 8.750 682.86 70
W BARNSTABLE RD 8.500 682.86 124,000.00
MARSTONS MILLS MA 02648 1 11/08/96 00
6590222 05 01/01/97 0
6590222 O 12/01/26
0
1550843 076/076 F 106,200.00 ZZ
360 105,994.02 1
6317 HWY 5 NORTH 9.625 902.69 90
9.375 902.69 118,000.00
ALEXANDER AR 72002 1 10/25/96 12
6468992 05 12/01/96 25
6468992 N 11/01/26
0
1550862 076/076 F 27,000.00 ZZ
360 26,946.24 1
33 MYRTLE AVENUE 9.500 227.03 90
9.250 227.03 30,000.00
NEPTUNE NJ 07753 1 10/24/96 01
6427462 05 12/01/96 25
6427462 N 11/01/26
0
1550867 076/076 F 124,000.00 ZZ
360 123,652.32 1
28 NINTH FAIRWAY LOOP 9.500 1,042.66 80
9.250 1,042.66 155,000.00
1
MAUMELLE AR 72113 1 10/30/96 00
6431572 09 12/01/96 0
6431572 O 11/01/26
0
1550874 227/G02 F 125,200.00 ZZ
360 125,047.77 1
1636 WEST STUART STREET 8.500 962.68 80
8.250 962.68 156,500.00
FORT COLLINS CO 80526 1 12/27/96 00
0430121673 05 02/01/97 0
1689002 O 01/01/27
0
1550878 076/076 F 27,000.00 ZZ
360 26,959.84 1
1677 EAST 71ST STREET NORTH 9.500 227.03 90
9.250 227.03 30,000.00
TULSA OK 74107 1 11/15/96 01
6459072 05 01/01/97 25
6459072 N 12/01/26
0
1550887 076/076 F 72,650.00 ZZ
360 72,476.58 1
11618 W IRON MOUNTAIN COURT 8.625 565.06 70
8.375 565.06 103,810.00
SURPRISE AZ 85374 1 10/18/96 00
6473842 03 12/01/96 0
6473842 O 11/01/26
0
1550889 076/076 F 80,000.00 ZZ
360 79,853.58 1
1438 EAST MURPHYS LANE 8.500 615.13 39
8.250 615.13 207,000.00
SALT LAKE CITY UT 84106 1 11/12/96 00
6485042 05 01/01/97 0
6485042 O 12/01/26
0
1550890 076/076 F 67,500.00 ZZ
360 67,394.19 1
5102 NORTH 31ST PLACE 9.250 555.31 90
9.000 555.31 75,000.00
PHOENIX AZ 85018 1 11/06/96 10
6534442 01 01/01/97 25
6534442 N 12/01/26
0
1
1550896 076/076 F 92,000.00 ZZ
360 91,801.89 2
1236 HANOVER STREET 9.125 748.55 43
8.875 748.55 215,000.00
HANOVER MA 02339 5 10/23/96 00
7062670 05 12/01/96 0
7062670 N 11/01/26
0
1550898 076/076 F 85,000.00 ZZ
360 84,855.98 1
6410 E AIRE LIBRE LANE 8.875 676.30 52
8.625 676.30 165,000.00
SCOTTSDALE AZ 85254 5 11/12/96 00
7063064 05 01/01/97 0
7063064 O 12/01/26
0
1550899 076/076 F 75,800.00 ZZ
360 75,632.49 4
4223 BROOKS STREET NE 9.000 609.91 74
8.750 609.91 103,000.00
WASHINGTON DC 20721 2 10/29/96 00
7062992 05 12/01/96 0
7062992 N 11/01/26
0
1550900 076/076 F 104,500.00 ZZ
360 104,322.93 1
2 SPRUCE AVENUE 8.875 831.45 95
8.625 831.45 111,000.00
BORDENTOWN NJ 08505 2 11/04/96 19
7062953 05 01/01/97 30
7062953 O 12/01/26
0
1550901 076/076 F 312,000.00 ZZ
360 311,255.18 1
3735 LAUREL CANYON BOULEVARD 8.625 2,426.71 80
8.375 2,426.71 390,000.00
STUDIO CITY ARE CA 91604 2 10/22/96 00
7062864 05 12/01/96 0
7062864 O 11/01/26
0
1550904 076/076 F 105,800.00 ZZ
360 105,553.84 1
1
3811 ENTERPRISE ROAD 8.750 832.33 51
8.500 832.33 208,000.00
MITCHELLVILLE MD 20721 5 10/25/96 00
7062836 05 12/01/96 0
7062836 O 11/01/26
0
1550906 076/076 F 80,000.00 ZZ
360 79,827.73 1
808 BROOKSIDE DRIVE 9.125 650.91 46
8.875 650.91 175,410.00
LONGMONT CO 80501 1 10/17/96 00
7060933 03 12/01/96 0
7060933 O 11/01/26
0
1550907 076/076 F 70,000.00 ZZ
360 69,837.10 1
203 CATHERINE AVENUE 8.750 550.70 25
8.500 550.70 280,000.00
FRANKLIN SQUARE NY 11010 5 10/29/96 00
7062107 05 12/01/96 0
7062107 O 11/01/26
0
1550909 076/076 F 236,000.00 ZZ
360 235,600.12 1
12 MARTIN LANE 8.875 1,877.73 80
8.625 1,877.73 295,000.00
ENGLEWOOD CO 80110 1 11/20/96 00
7063239 05 01/01/97 0
7063239 O 12/01/26
0
1550911 076/076 F 72,000.00 ZZ
360 71,884.17 1
2428 KENT VILLAGE PLACE 9.125 585.82 90
8.875 585.82 80,000.00
LANDOVER MD 20785 2 11/08/96 04
7063115 05 01/01/97 25
7063115 N 12/01/26
0
1550928 624/G02 F 64,750.00 ZZ
360 64,750.00 2
294 &296 SOUTH MAIN 9.500 544.45 70
9.250 544.45 92,500.00
PRINEVILLE OR 97754 5 02/04/97 00
0430150524 05 04/01/97 0
1
80050070013 N 03/01/27
0
1550929 967/G02 F 71,600.00 ZZ
360 71,560.89 1
1231 EAST DIVOT DRIVE 9.000 576.11 70
8.750 576.11 102,400.00
TEMPE AZ 85283 1 01/22/97 00
0430148361 05 03/01/97 0
55 N 02/01/27
0
1550956 A38/G02 F 62,250.00 ZZ
360 62,215.10 1
11711 MEMORIAL DRIVE 8.875 495.29 75
8.625 495.29 83,000.00
HOUSTON TX 77024 1 01/29/97 00
0430153387 01 03/01/97 0
UNKNOWN O 02/01/27
0
1550961 E29/G02 F 75,300.00 ZZ
360 75,248.18 1
19152 EAST WYOMING PLACE 7.875 545.98 75
104 7.625 545.98 100,460.00
AURORA CO 80017 1 01/31/97 00
0430146407 01 03/01/97 0
19607179 O 02/01/27
0
1550979 A78/G02 F 85,875.00 ZZ
360 85,828.09 1
2861 SW 6TH STREET 9.000 690.97 74
8.750 690.97 117,500.00
LOVELAND CO 80537 2 01/24/97 00
0430146951 05 03/01/97 0
300571438 N 02/01/27
0
1550994 B75/G02 F 243,750.00 ZZ
360 243,750.00 1
13320 WOOD ROSE WAY 8.500 1,874.23 75
8.250 1,874.23 325,000.00
GRASS VALLEY CA 95945 5 02/13/97 00
0430162404 05 04/01/97 0
2781987 O 03/01/27
0
1
1550998 939/G02 F 155,250.00 ZZ
360 155,250.00 1
89 RHAME AVENUE 9.375 1,291.30 90
9.125 1,291.30 172,500.00
EAST ROCKAWAY NY 11518 1 02/10/97 10
0430147702 05 04/01/97 25
9604739 N 03/01/27
0
1551005 180/G02 F 64,350.00 ZZ
360 64,315.76 1
16482 A EAST RADCLIFF PLACE 9.125 523.57 90
8.875 523.57 71,500.00
AURORA CO 80015 1 01/24/97 10
0430148908 09 03/01/97 25
64350 N 02/01/27
0
1551049 G80/G80 F 112,000.00 ZZ
360 112,000.00 1
617 WEST HILLSIDE DRIVE 9.000 901.18 74
8.750 901.18 152,500.00
BENSENVILLE IL 60106 2 02/07/97 00
803558100 05 04/01/97 0
803558100 O 03/01/27
0
1551075 757/757 F 90,000.00 ZZ
360 89,949.53 1
328 BUCKSKULL HOLLOW 8.875 716.09 90
8.625 716.09 100,000.00
BIG CANOE GA 30143 1 01/13/97 01
2879500 03 03/01/97 25
2879500 N 02/01/27
0
1551087 757/757 F 80,000.00 ZZ
360 79,952.76 1
1426 QUEENSBURY STREET 8.625 622.24 80
8.375 622.24 100,000.00
SAVANNAH GA 31406 1 01/13/97 00
2879617 05 03/01/97 0
2879617 O 02/01/27
0
1551148 208/G02 F 309,000.00 ZZ
360 308,624.28 1
3101 OLD PECOS TRAIL #660 8.500 2,375.94 75
8.250 2,375.94 412,000.00
1
SANTA FE NM 87505 1 12/30/96 00
0430152082 01 02/01/97 0
34117 O 01/01/27
0
1551152 E22/G02 F 118,400.00 ZZ
360 118,331.88 2
8221-23 CRESPI BLVD 8.750 931.45 80
8.500 931.45 148,000.00
MIAMI BEACH FL 33141 1 01/07/97 00
0410338685 05 03/01/97 0
410338685 O 02/01/27
0
1551211 637/G02 F 244,000.00 ZZ
360 243,852.18 1
10341 PUEBLO VISTA AVENUE 8.500 1,876.15 70
8.250 1,876.15 353,000.00
SAN JOSE CA 95127 5 01/27/97 00
0430151969 05 03/01/97 0
9519828 O 02/01/27
0
1551216 633/G02 F 28,125.00 ZZ
360 28,110.42 1
14945 YUCCA AVENUE 9.250 231.38 75
9.000 231.38 37,500.00
FONTANA CA 92335 1 01/28/97 00
0430148619 03 03/01/97 0
72024 N 02/01/27
0
1551230 638/G02 F 44,100.00 ZZ
360 44,100.00 2
146-148 NASH STREET 9.375 366.80 90
9.125 366.80 49,000.00
NEW HAVEN CT 06511 1 02/13/97 04
0430165159 05 04/01/97 25
08620063 N 03/01/27
0
1551234 F30/G02 F 90,000.00 ZZ
360 90,000.00 3
878 23RD STREET 9.750 773.24 90
9.500 773.24 100,000.00
OGDEN UT 84401 1 01/31/97 01
0430148080 05 04/01/97 30
10171 N 03/01/27
0
1
1551235 B68/G02 F 131,250.00 ZZ
360 131,174.49 1
1507 LARK TREE WAY 8.750 1,032.54 75
8.500 1,032.54 175,000.00
HACIENDA HEIGHT CA 91745 1 01/24/97 00
0430149153 05 03/01/97 0
17027045 O 02/01/27
0
1551238 A38/G02 F 40,000.00 ZZ
360 40,000.00 2
7019 AND 7021 SOUTH GESSNER RO 9.375 332.70 80
9.125 332.70 50,000.00
HOUSTON TX 77036 1 02/26/97 04
0430162933 09 04/01/97 12
960483B N 03/01/27
0
1551244 624/G02 F 106,850.00 ZZ
360 106,796.05 4
1307 SOUTHPORT DRIVE 9.375 888.72 90
9.125 888.72 118,750.00
AUSTIN TX 78704 1 01/29/97 10
0430150482 05 03/01/97 30
82005070013 N 02/01/27
0
1551245 526/G02 F 77,450.00 ZZ
360 77,362.84 1
654 BOSTON ROAD 8.875 616.23 80
8.625 616.23 96,820.00
BILLERICA MA 01821 1 12/30/96 12
0430148197 05 02/01/97 12
00160387 N 01/01/27
0
1551256 A38/G02 F 40,000.00 ZZ
360 40,000.00 2
7015 AND 7017 SOUTH GESSNER RO 9.375 332.70 80
9.125 332.70 50,000.00
HOUSTON TX 77036 1 02/26/97 04
0430163402 09 04/01/97 12
960483A N 03/01/27
0
1551259 638/G02 F 48,000.00 ZZ
360 47,970.17 1
1
16002 BEAR HILL DRIVE 8.375 364.83 80
8.125 364.83 60,000.00
HOUSTON TX 77084 1 01/30/97 00
0430155762 05 03/01/97 0
08615750 O 02/01/27
0
1551260 455/G02 F 45,000.00 ZZ
360 45,000.00 3
543 HOPKINS STREET SW 9.375 374.29 60
9.125 374.29 75,000.00
ATLANTA GA 30310 5 02/18/97 00
0430158840 05 04/01/97 0
54677 N 03/01/27
0
1551266 313/G02 F 46,700.00 ZZ
360 46,673.13 1
7 WYKLE STREET 8.750 367.39 85
8.500 367.39 55,000.00
CARTERSVILLE GA 30120 1 01/29/97 12
0430143669 05 03/01/97 20
5963723 N 02/01/27
0
1551268 A38/G02 F 40,000.00 ZZ
360 40,000.00 1
7103 AND 7105 SOUTH GESSNER RD 9.375 332.70 80
9.125 332.70 50,000.00
HOUSTON TX 77036 1 02/26/97 04
0430163428 05 04/01/97 12
960483C N 03/01/27
0
1551276 E86/G02 F 106,250.00 ZZ
359 106,250.00 2
228 GRASMERE AVENUE 9.375 883.73 85
9.125 883.73 125,000.00
FAIRFIELD CT 06430 1 02/06/97 04
0430148577 05 04/01/97 25
15798 N 02/01/27
0
1551318 B75/G02 F 165,000.00 ZZ
360 164,823.73 4
522 CARIBOU DRIVE 9.125 1,342.49 75
8.875 1,342.49 220,000.00
MOUNTAIN HOME ID 83647 1 12/27/96 00
0430152926 05 02/01/97 0
1
2650323 N 01/01/27
0
1551326 591/G02 F 97,650.00 ZZ
360 97,650.00 1
2244 LYNN ROAD 8.750 768.22 70
8.500 768.22 139,500.00
VIRGINIA BEACH VA 23451 5 02/06/97 00
0430149419 05 04/01/97 0
102802966 N 03/01/27
0
1551333 B40/G02 F 198,000.00 ZZ
360 198,000.00 2
563 83RD STREET 8.750 1,557.67 69
8.500 1,557.67 290,000.00
BROOKLYN NY 11209 5 02/21/97 00
0430164103 05 04/01/97 0
B1577 O 03/01/27
0
1551913 227/G02 F 112,040.00 ZZ
360 111,913.89 1
348 TEAL RIDGE HILLS DR 8.875 891.45 90
8.625 891.45 125,703.00
HENDERSON NV 89014 1 12/21/96 10
0430147132 03 02/01/97 30
1689550 N 01/01/27
0
1551938 E22/G02 F 25,500.00 ZZ
360 25,475.46 1
1339 EAST PATAPSCO AVENUE 9.625 216.75 75
9.375 216.75 34,000.00
BALTIMORE MD 21226 1 12/20/96 00
0410250674 05 02/01/97 0
410250674 N 01/01/27
0
1551943 E22/G02 F 62,000.00 T
360 61,966.13 1
4368 WYNDCLIFF CIRCLE 9.000 498.87 58
8.750 498.87 108,431.00
ORLANDO FL 32817 1 01/10/97 00
0410246516 05 03/01/97 0
410246516 O 02/01/27
0
1
1551960 526/G02 F 173,500.00 ZZ
360 173,283.56 1
6 SIMON TEMPLAR DRIVE 8.375 1,318.73 72
8.125 1,318.73 242,000.00
COVENTRY RI 02816 5 12/26/96 00
0430145565 05 02/01/97 0
0158765 O 01/01/27
0
1551968 F03/G02 F 262,500.00 ZZ
360 262,500.00 1
2 COROZAL 9.625 2,231.23 75
9.375 2,231.23 350,000.00
FOOTHILL RANCH CA 92610 5 02/19/97 00
0430163725 03 04/01/97 0
LAG10211 O 03/01/27
0
1551982 911/G02 F 105,000.00 ZZ
360 104,934.73 1
219 SW 23 ROAD 8.375 798.08 70
8.125 798.08 150,000.00
MIAMI FL 33129 1 01/31/97 00
0430146837 05 03/01/97 0
1970116 O 02/01/27
0
1552002 E67/G02 F 127,500.00 ZZ
360 127,422.76 2
128 & 130 NW GEORGIA AVENUE 8.500 980.36 75
8.250 980.36 170,000.00
BEND OR 97701 5 01/27/97 00
0430145250 05 03/01/97 0
6129 O 02/01/27
0
1552007 638/G02 F 72,540.00 ZZ
360 72,501.40 2
2625 COMMERCIAL AVENUE 9.125 590.21 90
8.875 590.21 80,600.00
SOUTH CHICAGO H IL 60411 1 02/04/97 10
0430157925 05 03/01/97 25
08617379 N 02/01/27
0
1552010 882/G02 F 96,000.00 ZZ
360 96,000.00 1
1450 S BAYSHORE DRIVE 8.625 746.68 80
#2003 8.375 746.68 120,000.00
1
MIAMI FL 33131 1 02/04/97 00
0430157511 01 04/01/97 0
975009 O 03/01/27
0
1552019 B75/G02 F 250,100.00 ZZ
360 249,956.11 1
6401 NORTH 48TH STREET 8.750 1,967.54 75
8.500 1,967.54 333,500.00
TACOMA WA 98407 5 12/31/96 00
0430148031 05 03/01/97 0
2652667 O 02/01/27
0
1552048 B75/G02 F 101,800.00 ZZ
360 101,682.43 1
18240 MIDWAY ROAD, UNIT #1005 8.750 800.86 90
8.500 800.86 113,160.00
DALLAS TX 75287 1 12/30/96 01
0430149286 01 02/01/97 20
2736262 O 01/01/27
0
1552050 757/757 F 43,550.00 ZZ
360 43,526.82 1
2001 HILLCREST DRIVE 9.125 354.34 65
8.875 354.34 67,000.00
DOUGLASVILLE GA 30135 5 01/15/97 00
2879591 05 03/01/97 0
2879591 N 02/01/27
0
1552081 896/G02 F 98,900.00 ZZ
360 98,845.98 1
721 BLACKWELL LANE 9.000 795.77 90
8.750 795.77 109,900.00
MARIETTA GA 30066 1 02/05/97 01
0430148718 05 03/01/97 25
UNKNOWN N 02/01/27
0
1552125 E86/G02 F 108,000.00 ZZ
360 108,000.00 1
9 WALDRON TERRACE 8.875 859.30 80
8.625 859.30 135,000.00
SLOATSBURG NY 10974 1 02/12/97 00
0430152561 05 04/01/97 0
15836 O 03/01/27
0
1
1552128 F96/G02 F 175,100.00 ZZ
360 175,100.00 2
464 VICTOR STREET 9.250 1,440.50 85
9.000 1,440.50 206,000.00
SADDLE BROOK TO NJ 07663 1 02/05/97 01
0430145201 05 04/01/97 22
1294 O 03/01/27
0
1552130 B35/G02 F 98,100.00 ZZ
360 98,100.00 4
150 FLORIDA AVENUE 9.125 798.18 90
8.875 798.18 109,000.00
PORTSMOUTH VA 23707 1 02/13/97 01
0430152686 05 04/01/97 25
9782010040 N 03/01/27
0
1552135 E22/G02 F 125,000.00 ZZ
360 124,929.92 1
1000 HARDING DRIVE 8.875 994.56 61
8.375 994.56 205,000.00
NEW ORLEANS LA 70119 1 01/14/97 00
0410325955 05 03/01/97 0
410325955 O 02/01/27
0
1552138 E22/G02 F 180,000.00 T
360 179,916.02 1
96 DALY AVE UNIT 1 9.750 1,546.48 60
9.500 1,546.48 300,000.00
PARK CITY UT 84060 5 01/14/97 00
0410324487 01 03/01/97 0
410324487 O 02/01/27
0
1552140 E22/G02 F 63,000.00 ZZ
360 62,940.98 1
707 GREENRIDGE DRIVE 9.750 541.27 90
9.500 541.27 70,000.00
ARLINGTON TX 76017 1 12/27/96 04
0410322382 05 02/01/97 25
410322382 N 01/01/27
0
1552145 E22/G02 F 101,100.00 ZZ
360 100,983.25 1
1
10009 COMMANDER DRIVE 8.750 795.35 59
8.500 795.35 171,500.00
SHREVEPORT LA 71106 1 12/31/96 00
0410324701 05 02/01/97 0
410324701 N 01/01/27
0
1552149 E22/G02 F 72,000.00 ZZ
360 71,914.67 1
712 SHAMROCK LANE 8.625 560.01 80
8.375 560.01 90,000.00
BLUE SPRINGS MO 64014 2 12/31/96 00
0410206163 05 02/01/97 0
410206163 O 01/01/27
0
1552153 E22/G02 F 75,000.00 ZZ
360 74,961.11 1
7814 N W 70TH TERRACE 9.250 617.01 75
9.000 617.01 100,000.00
TAMARAC FL 33321 5 01/10/97 00
0410336762 03 03/01/97 0
410336762 O 02/01/27
0
1552239 B35/G02 F 198,750.00 ZZ
360 198,750.00 1
300 N WILLARD AVENUE 8.375 1,510.65 77
8.125 1,510.65 260,000.00
HAMPTON VA 23663 5 02/15/97 00
0430154682 05 04/01/97 0
9682011392 O 03/01/27
0
1552245 F03/G02 F 491,000.00 T
360 490,745.45 1
7485 STERLING DRIVE, UNIT #4 9.250 4,039.34 59
9.000 4,039.34 840,000.00
PARK CITY UT 84060 5 01/31/97 00
0430149849 01 03/01/97 0
DEN10448 O 02/01/27
0
1552264 074/G02 F 135,000.00 ZZ
360 134,636.95 1
380 NEW BRUNSWICK AVE 8.625 1,050.02 70
8.375 1,050.02 195,000.00
EAST BRUNSWICK NJ 08816 5 11/22/96 00
0430142463 05 01/01/97 0
1
1101203992 O 12/01/26
0
1552266 074/G02 F 72,900.00 ZZ
360 72,718.77 1
738 N 19TH ST 8.500 560.54 90
8.250 560.54 81,500.00
ALLENTOWN PA 18104 1 11/21/96 01
0430142489 05 01/01/97 25
1174007237 N 12/01/26
0
1552267 074/G02 F 300,000.00 ZZ
360 299,644.49 1
8443 EAST DEL CAMINO DRIVE 8.625 2,333.37 76
8.375 2,333.37 395,000.00
SCOTTSDALE AZ 85258 1 12/05/96 00
0430142497 05 02/01/97 0
1203007046 O 01/01/27
0
1552268 074/G02 F 308,000.00 ZZ
360 307,653.38 1
5437 EAST LUPINE AVENUE 8.875 2,450.59 80
8.625 2,450.59 385,000.00
SCOTTSDALE AZ 85254 1 12/04/96 00
0430142505 05 02/01/97 0
1204003073 O 01/01/27
0
1552269 074/G02 F 108,000.00 ZZ
360 107,807.34 1
3270 N SABINO VISTA CIRCLE 8.625 840.01 80
8.375 840.01 135,000.00
TUCSON AZ 85715 1 11/01/96 00
0430142513 03 01/01/97 0
1221160792 O 12/01/26
0
1552270 074/G02 F 200,000.00 ZZ
360 199,591.55 1
9750 N GOLDEN SUN DRIVE 8.500 1,537.83 73
8.250 1,537.83 276,277.00
TUCSON AZ 85737 1 11/21/96 00
0430142521 03 01/01/97 0
1221162492 O 12/01/26
0
1
1552271 074/G02 F 183,300.00 ZZ
360 183,059.37 1
6713 NORTH SHADOW RUN DRIVE 8.125 1,361.00 67
7.875 1,361.00 275,000.00
TUCSON AZ 85704 2 12/11/96 00
0430142539 03 02/01/97 0
1222002196 O 01/01/27
0
1552272 074/G02 F 43,500.00 ZZ
360 43,442.89 1
8508 EAST DESERT STEPPES DRIVE 8.125 322.99 47
7.875 322.99 93,500.00
TUCSON AZ 85710 1 12/09/96 00
0430142547 05 02/01/97 0
1222002287 O 01/01/27
0
1552273 074/G02 F 124,500.00 ZZ
360 124,340.67 1
106 PINE STREET 8.250 935.33 75
8.000 935.33 166,000.00
SANTA FE NM 87501 2 12/09/96 00
0430142554 05 02/01/97 0
1256000668 N 01/01/27
0
1552274 074/G02 F 117,600.00 ZZ
360 117,384.77 1
10504 EASY PLACE NW 8.500 904.24 80
8.250 904.24 147,000.00
ALBUQUERQUE NM 87120 1 11/06/96 12
0430142562 05 01/01/97 12
1256000941 N 12/01/26
0
1552275 074/G02 F 198,400.00 ZZ
360 198,055.07 1
12428 CLEARFALLS DRIVE 8.750 1,560.81 80
8.500 1,560.81 248,089.00
BOCA RATON FL 33428 1 11/27/96 00
0430142570 03 01/01/97 0
1301116439 O 12/01/26
0
1552276 074/G02 F 20,800.00 ZZ
360 20,774.05 1
1475 NE 125 TERRACE 301A 8.375 158.10 80
8.125 158.10 26,000.00
1
NORTH MIAMI BEA FL 33161 1 12/03/96 00
0430142588 01 02/01/97 0
1301119890 O 01/01/27
0
1552278 074/G02 F 280,000.00 ZZ
360 279,668.19 1
1010 PINE BRANCH DRIVE 8.625 2,177.81 80
8.375 2,177.81 350,000.00
FT LAUDERDALE FL 33326 1 12/09/96 00
0430142604 03 02/01/97 0
1302019165 O 01/01/27
0
1552279 074/G02 F 105,000.00 ZZ
360 104,878.72 1
323 NAVARRE AVENUE, UNIT #303 8.750 826.04 60
8.500 826.04 175,000.00
CORAL GABLES FL 33134 1 12/06/96 00
0430142612 08 02/01/97 0
1311269232 O 01/01/27
0
1552280 074/G02 F 138,650.00 ZZ
360 138,472.57 1
1461 SW 106 TERRACE 8.250 1,041.63 80
8.000 1,041.63 173,374.00
DAVIE FL 33324 1 12/17/96 00
0430142620 03 02/01/97 0
1311271143 O 01/01/27
0
1552281 074/G02 F 332,500.00 ZZ
360 331,921.90 1
300 SOUTH POINT DR #1201 8.750 2,615.78 70
8.500 2,615.78 475,000.00
MIAMI BEACH FL 33139 1 11/25/96 00
0430142638 06 01/01/97 0
1311271314 O 12/01/26
0
1552282 074/G02 F 276,500.00 ZZ
360 275,967.42 1
12861 SW 63 COURT 8.250 2,077.25 70
8.000 2,077.25 395,000.00
MIAMI FL 33156 1 11/26/96 00
0430142646 05 01/01/97 0
1311275938 O 12/01/26
0
1
1552283 074/G02 F 91,000.00 ZZ
360 90,780.68 1
4020 SW 72 DRIVE 8.750 715.90 69
8.500 715.90 133,000.00
DAVIE FL 33314 1 12/04/96 00
0430142653 03 01/01/97 0
1312022993 O 12/01/26
0
1552284 074/G02 F 53,300.00 ZZ
360 52,240.58 1
1410 S OCEAN DR #1102 8.875 424.08 65
8.625 424.08 82,000.00
HOLLYWOOD FL 33019 1 12/06/96 00
0430142661 06 02/01/97 0
1312024398 N 01/01/27
0
1552286 074/G02 F 46,800.00 ZZ
360 46,740.11 1
3371 RONALD ST 8.250 351.59 70
8.000 351.59 67,000.00
DELTONA FL 32738 1 12/06/96 00
0430142679 05 02/01/97 0
1331152715 O 01/01/27
0
1552288 074/G02 F 16,450.00 ZZ
360 16,429.99 1
1118 E ESKIMO AVE 8.500 126.49 90
8.250 126.49 18,300.00
TAMPA FL 33604 1 12/06/96 01
0430142687 05 02/01/97 25
1361075191 N 01/01/27
0
1552289 074/G02 F 75,200.00 ZZ
360 75,069.25 4
15718 & 15736 MORGAN ST 8.750 591.60 61
8.500 591.60 124,000.00
CLEARWATER FL 34620 1 11/08/96 00
0430142695 05 01/01/97 0
1381083228 N 12/01/26
0
1552290 074/G02 F 58,450.00 ZZ
360 58,315.35 1
1
817 JASMINE DRIVE 8.625 454.62 80
8.375 454.62 73,100.00
ROCKLEDGE FL 32955 1 12/03/96 00
0430142703 05 01/01/97 0
1391039266 O 12/01/26
0
1552291 074/G02 F 58,850.00 ZZ
360 58,776.59 1
4100 OCEAN BEACH BLVD UNIT 505 8.375 447.30 75
8.125 447.30 78,500.00
COCOA BEACH FL 32931 1 12/16/96 00
0430142711 08 02/01/97 0
1391039619 N 01/01/27
0
1552292 074/G02 F 32,400.00 ZZ
360 32,349.21 1
1841 & 1843 S HARRIS 9.250 266.55 90
9.000 266.55 36,000.00
INDEPENDENCE MO 64052 1 11/19/96 01
0430142729 05 01/01/97 25
1456002770 N 12/01/26
0
1552293 074/G02 F 125,150.00 ZZ
360 124,932.40 1
12110 GOODMAN 8.750 984.56 75
8.500 984.56 166,875.00
OVERLAND PARK KS 66213 1 11/19/96 00
0430142737 03 01/01/97 0
1456002930 N 12/01/26
0
1552294 074/G02 F 63,000.00 ZZ
360 62,927.25 2
1206 A & B SE 3RD TERRACE 8.750 495.62 90
8.500 495.62 70,000.00
LEES SUMMT MO 64063 1 12/04/96 04
0430142745 05 02/01/97 30
1456003150 N 01/01/27
0
1552295 074/G02 F 72,000.00 ZZ
360 71,871.55 1
2528 W 23RD AVE 8.625 560.01 90
8.375 560.01 80,000.00
DENVER CO 80211 1 12/03/96 10
0430142752 05 01/01/97 25
1
1461097913 N 12/01/26
0
1552296 074/G02 F 64,050.00 ZZ
360 63,976.03 1
604 186TH STREET EAST 8.750 503.88 70
8.500 503.88 91,500.00
SPANAWAY WA 98387 5 12/13/96 00
0430142760 05 02/01/97 0
1472002599 N 01/01/27
0
1552297 074/G02 F 109,000.00 ZZ
360 108,867.46 1
4612 EDELLE PLACE 8.500 838.12 73
8.250 838.12 150,000.00
LOS ANGELES CA 90032 5 12/09/96 00
0430142778 05 02/01/97 0
1487005841 O 01/01/27
0
1552298 074/G02 F 51,200.00 ZZ
360 51,113.25 1
2530 VALLEY AVENUE 8.875 407.37 80
8.625 407.37 64,000.00
BAKER CITY OR 97814 1 11/05/96 01
0430142786 05 01/01/97 12
1490005249 N 12/01/26
0
1552299 074/G02 F 80,600.00 ZZ
360 80,456.21 1
2230 N. LAUGHRIDGE AVENUE 8.625 626.90 75
8.375 626.90 107,500.00
MERIDIAN ID 83642 1 11/19/96 00
0430142794 03 01/01/97 0
1490006707 O 12/01/26
0
1552300 074/G02 F 60,000.00 ZZ
360 59,824.46 1
10019 W SECRETARIAT STREET 8.375 456.04 43
8.125 456.04 140,000.00
BOISE ID 83704 1 12/02/96 00
0430142802 03 02/01/97 0
1490006773 O 01/01/27
0
1
1552301 074/G02 F 71,500.00 ZZ
360 71,413.07 1
1026 NE HEMBREE STREET 8.500 549.77 65
8.250 549.77 110,000.00
MCMINNVILLE OR 97128 5 12/04/96 00
0430142810 05 02/01/97 0
1493001186 N 01/01/27
0
1552302 074/G02 F 88,450.00 ZZ
360 88,283.93 1
3059 SOUTH 900 EAST 8.375 672.28 80
8.125 672.28 110,580.00
SALT LAKE CITY UT 84106 1 11/18/96 01
0430142828 05 01/01/97 12
1496005194 N 12/01/26
0
1552303 074/G02 F 160,000.00 ZZ
360 159,699.55 1
350 WEST 2000 SOUTH 8.375 1,216.12 80
8.125 1,216.12 200,000.00
PERRY UT 84302 1 11/14/96 00
0430142836 05 01/01/97 0
1499003377 O 12/01/26
0
1552304 074/G02 F 66,150.00 ZZ
360 66,077.46 1
5308 ROOSEVELT AVENUE 9.000 532.26 90
8.750 532.26 73,500.00
AUSTIN TX 78756 1 12/04/96 10
0430142844 05 02/01/97 25
1520005020 N 01/01/27
0
1552305 074/G02 F 110,000.00 ZZ
360 109,782.64 1
4805 CHARLES STREET 8.125 816.75 80
7.875 816.75 137,500.00
PASADENA TX 77506 1 11/22/96 00
0430142851 05 01/01/97 0
1521033495 O 12/01/26
0
1552306 074/G02 F 53,100.00 ZZ
360 53,033.75 1
8861 CAMFIELD WAY 8.375 403.60 90
8.125 403.60 59,000.00
1
FRISCO TX 75034 1 12/11/96 10
0430142869 05 02/01/97 25
1524003934 N 01/01/27
0
1552307 074/G02 F 65,200.00 ZZ
360 65,126.63 1
7613 TULANE DRIVE 8.875 518.76 80
8.625 518.76 81,500.00
ROWLETT TX 75088 1 12/13/96 95
0430142877 05 02/01/97 0
1524004573 N 01/01/27
0
1552308 074/G02 F 120,000.00 ZZ
360 119,785.92 1
1814 E INDIANA STREET 8.625 933.35 65
8.375 933.35 185,000.00
WHEATON IL 60187 5 11/21/96 00
0430142885 05 01/01/97 0
1602094439 O 12/01/26
0
1552309 074/G02 F 33,750.00 ZZ
360 33,311.39 1
609 MCKINLEY 9.000 271.56 75
8.750 271.56 45,000.00
BELVIDERE IL 61008 1 11/27/96 00
0430142893 05 01/01/97 0
1605109485 N 12/01/26
0
1552310 074/G02 F 107,500.00 ZZ
360 107,385.14 1
221 LIBERTY AVE 9.125 874.66 90
8.875 874.66 120,000.00
FOX RIVER GROVE IL 60021 1 12/10/96 10
0430142901 05 02/01/97 25
1605110101 N 01/01/27
0
1552311 074/G02 F 125,000.00 ZZ
360 124,793.62 1
3083 N COUNTRY LANE 9.000 1,005.78 66
8.750 1,005.78 190,000.00
WAUKEGAN IL 60087 1 11/20/96 00
0430142919 03 01/01/97 0
1606071865 O 12/01/26
0
1
1552312 074/G02 F 59,200.00 ZZ
360 59,094.40 1
37911 N WILSON AVE 8.625 460.45 80
8.375 460.45 74,000.00
BEACH PARK IL 60087 1 11/12/96 10
0430142927 05 01/01/97 12
1606073372 N 12/01/26
0
1552313 074/G02 F 165,000.00 ZZ
360 164,713.12 1
1330 MARLBOURGH CT 8.750 1,298.06 75
8.500 1,298.06 220,000.00
MUNDELEIN IL 60060 5 11/13/96 00
0430142935 05 01/01/97 0
1606073678 O 12/01/26
0
1552314 074/G02 F 63,000.00 ZZ
360 62,427.66 1
2629 IDA AVE 8.750 495.62 65
8.500 495.62 97,000.00
CINCINNATI OH 45212 5 11/27/96 00
0430142943 05 01/01/97 0
1606073747 N 12/01/26
0
1552315 074/G02 F 105,300.00 ZZ
360 105,184.53 1
1020 MAIN STREET 9.000 847.27 90
8.750 847.27 117,000.00
ANTIOCH IL 60002 1 12/17/96 10
0430142950 05 02/01/97 25
1606073838 N 01/01/27
0
1552317 074/G02 F 106,400.00 ZZ
360 106,263.84 1
500 S EDWARDS BLVD UNIT 11 8.625 827.57 80
8.375 827.57 133,000.00
LAKE GENEVA WI 53147 1 12/16/96 00
0430142976 01 02/01/97 0
1615007776 O 01/01/27
0
1552318 074/G02 F 81,000.00 ZZ
360 80,908.85 1
1
12118 S MAPLE 8.875 644.47 90
8.625 644.47 90,000.00
BLUE ISLAND IL 60406 1 12/06/96 04
0430142984 05 02/01/97 25
1621137197 N 01/01/27
0
1552319 074/G02 F 78,000.00 ZZ
360 77,887.00 1
36 ST LAWRENCE 9.625 662.99 80
9.375 662.99 97,500.00
WINCHESTER MO 63021 1 11/25/96 01
0430142992 05 01/01/97 12
1632018429 N 12/01/26
0
1552320 074/G02 F 45,000.00 ZZ
360 44,872.36 1
10460 ANZEIGER 8.875 358.04 90
8.625 358.04 50,000.00
ST LOUIS MO 63131 1 11/18/96 01
0430143008 05 01/01/97 25
1632020318 N 12/01/26
0
1552321 074/G02 F 23,600.00 ZZ
360 23,554.54 1
809 WOODROW AVE 8.250 177.30 75
8.000 177.30 31,500.00
FESTUS MO 63028 1 11/27/96 00
0430143016 05 01/01/97 0
1632020497 N 12/01/26
0
1552322 074/G02 F 28,800.00 ZZ
360 28,752.45 1
12452 SEA LN 9.000 231.73 90
8.750 231.73 32,000.00
FLORISSANT MO 63033 1 11/21/96 01
0430143024 01 01/01/97 25
1633008271 N 12/01/26
0
1552323 074/G02 F 19,800.00 ZZ
360 19,664.10 1
7419 SIELOFF DR E 8.750 155.77 90
8.500 155.77 22,000.00
HAZELWOOD MO 63042 1 11/27/96 01
0430143032 01 01/01/97 25
1
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360 132,530.82 4
3460 N 99TH ST 9.000 1,068.14 90
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MILWAUKEE WI 53222 1 11/06/96 01
0430143057 05 01/01/97 25
1671082348 N 12/01/26
0
1552326 074/G02 F 35,000.00 ZZ
360 34,939.71 2
4366 68 N 28TH ST 8.875 278.48 90
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MILWAUKEE WI 53216 1 11/27/96 01
0430143065 05 01/01/97 25
1671082450 N 12/01/26
0
1552327 074/G02 F 46,800.00 ZZ
360 46,745.94 1
3625 N 64TH ST 8.750 368.18 90
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MILWAUKEE WI 53216 1 12/05/96 10
0430143073 05 02/01/97 25
1671082563 N 01/01/27
0
1552328 074/G02 F 35,100.00 ZZ
360 35,059.47 1
4674 N 39TH ST 8.750 276.13 90
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MILWAUKEE WI 53209 1 12/13/96 01
0430143081 05 02/01/97 25
1671082574 N 01/01/27
0
1552329 074/G02 F 39,600.00 ZZ
360 39,511.66 1
6996 HANOVER PARKWAY #101 8.500 304.49 90
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GREENBELT MD 20770 1 11/18/96 04
0430143099 01 01/01/97 25
1701130030 N 12/01/26
0
1
1552330 074/G02 F 47,600.00 ZZ
360 47,483.44 1
945 D RANDOLPH ST NW 8.500 366.00 85
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WASHINGTON DC 20011 5 11/01/96 11
0430143107 01 12/01/96 12
1731142898 O 11/01/26
0
1552331 074/G02 F 94,500.00 ZZ
360 94,331.42 1
12308 CONNECTICUT AVENUE 8.625 735.01 75
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SILVER SPRING MD 20906 1 11/27/96 00
0430143115 05 01/01/97 0
1731144270 N 12/01/26
0
1552332 074/G02 F 37,800.00 ZZ
360 37,732.59 1
1601 18TH STREET NW #502 8.625 294.00 90
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WASHINGTON DC 20036 1 11/25/96 04
0430143123 01 01/01/97 30
1761097872 N 12/01/26
0
1552333 074/G02 F 102,000.00 ZZ
360 101,844.28 1
292 ROSEMARY ST 9.375 848.38 80
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PRINCETON WV 24740 2 11/04/96 00
0430143131 05 01/01/97 0
1785009224 O 12/01/26
0
1552334 074/G02 F 94,500.00 ZZ
360 94,339.90 1
59 61 BLACKSTONE ROAD 8.875 751.88 90
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WEYMOUTH MA 02191 1 11/27/96 04
0430143149 05 01/01/97 25
1811066981 N 12/01/26
0
1552336 074/G02 F 235,000.00 ZZ
360 234,728.60 1
609 STATE ROAD 8.750 1,848.75 47
8.500 1,848.75 500,000.00
1
WEST TISBURY MA 02575 2 12/12/96 00
0430143164 05 02/01/97 0
1811068557 O 01/01/27
0
1552337 074/G02 F 65,000.00 ZZ
360 64,905.83 1
103 GAINSBORO STREET UNIT 305 9.625 552.49 45
9.375 552.49 145,000.00
BOSTON MA 02114 1 11/21/96 00
0430143172 01 01/01/97 0
1813078620 O 12/01/26
0
1552338 074/G02 F 148,200.00 ZZ
360 147,942.34 1
551 NORTH UNDERWOOD 8.750 1,165.89 95
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FALL RIVER MA 02723 1 11/26/96 11
0430143180 05 01/01/97 25
1814055380 O 12/01/26
0
1552339 074/G02 F 118,800.00 ZZ
360 118,603.86 1
136 MOUNT HOPE AVENUE 9.000 955.89 90
8.750 955.89 132,000.00
BRISTOL RI 02809 1 11/25/96 04
0430143198 05 01/01/97 25
1814056918 N 12/01/26
0
1552340 074/G02 F 115,200.00 ZZ
360 115,014.66 1
32 TUCKER STREET 9.125 937.31 90
8.875 937.31 128,000.00
LINCOLN RI 02865 1 11/07/96 12
0430143206 05 01/01/97 32
1814056962 N 12/01/26
0
1552341 074/G02 F 49,500.00 ZZ
360 49,422.43 1
128 WHIPPLE AVENUE 9.250 407.22 55
9.000 407.22 90,000.00
CRANSTON RI 02920 2 12/04/96 00
0430138263 05 01/01/97 0
1814058425 N 12/01/26
0
1
1552343 074/G02 F 98,800.00 ZZ
360 98,632.60 1
225 WHITFORD STREET 8.875 786.10 80
8.625 786.10 123,500.00
MANCHESTER NH 03104 1 11/12/96 00
0430143214 05 01/01/97 0
1815016497 O 12/01/26
0
1552344 074/G02 F 90,400.00 ZZ
360 90,303.43 1
21 23 ALPINE STREET 9.125 735.52 90
8.875 735.52 100,500.00
NASHUA NH 03060 1 12/13/96 01
0430143222 05 02/01/97 25
1815016920 N 01/01/27
0
1552345 074/G02 F 424,000.00 ZZ
360 423,243.60 1
504 HOGAN'S VALLEY WAY 8.625 3,297.83 80
8.375 3,297.83 530,000.00
CARY NC 27513 1 11/25/96 00
0430143230 03 01/01/97 0
1841108854 O 12/01/26
0
1552346 074/G02 F 92,800.00 T
360 92,690.03 1
2013 TRAVIANNA COURT 8.625 721.79 80
8.375 721.79 116,000.00
RALEIGH NC 27609 1 12/06/96 95
0430143248 05 02/01/97 0
1841108876 O 01/01/27
0
1552347 074/G02 F 33,300.00 ZZ
360 33,259.50 1
1609 GEORGIA AVE 8.500 256.05 90
8.250 256.05 37,000.00
RICHMOND VA 23220 1 12/16/96 04
0430143255 05 02/01/97 25
1861014196 N 01/01/27
0
1552348 074/G02 F 88,800.00 ZZ
360 88,694.76 1
1
674 ITHACA PL 8.625 690.68 80
8.375 690.68 111,000.00
EAST WINDSOR NJ 08520 1 12/19/96 04
0430144287 03 02/01/97 12
1101207166 N 01/01/27
0
1552349 074/G02 F 103,500.00 T
360 103,112.71 1
19 TURNBERRY VILLAGE 8.375 786.67 90
8.125 786.67 115,000.00
MARSHALLS CREEK PA 18335 1 12/20/96 10
0430144295 01 02/01/97 25
1174006507 O 01/01/27
0
1552351 074/G02 F 180,600.00 ZZ
360 180,362.92 1
4451 EAST DALE LANE 8.125 1,340.95 80
7.875 1,340.95 225,757.00
CAVE CREEK AZ 85331 1 12/20/96 00
0430144311 03 02/01/97 0
1203004048 O 01/01/27
0
1552354 074/G02 F 68,000.00 ZZ
360 67,915.17 1
2691 W CAMINO DE LA HOYA 8.375 516.85 72
8.125 516.85 95,500.00
TUCSON AZ 85742 1 12/02/96 00
0430144345 03 02/01/97 0
1221162663 O 01/01/27
0
1552355 074/G02 F 49,950.00 ZZ
360 49,892.31 1
5424 SOUTH WEMBLY ROAD 8.750 392.96 63
8.500 392.96 79,950.00
TUCSON AZ 85746 1 12/23/96 00
0430144352 03 02/01/97 0
1222002232 N 01/01/27
0
1552356 074/G02 F 159,200.00 ZZ
360 159,001.41 1
7909 E RAINVIEW COURT 8.375 1,210.03 80
8.125 1,210.03 199,000.00
ANAHEIM CA 92808 1 12/09/96 00
0430144360 03 02/01/97 0
1
1231003327 O 01/01/27
0
1552357 074/G02 F 133,850.00 ZZ
360 133,695.42 1
955 FRANCE AVENUE 8.750 1,053.00 75
8.500 1,053.00 178,500.00
SIMI VALLEY CA 93065 1 12/20/96 00
0430144378 05 02/01/97 0
1246000719 N 01/01/27
0
1552358 074/G02 F 223,750.00 ZZ
360 223,463.66 1
4700 DREAM CATCHER AVENUE 8.250 1,680.96 70
8.000 1,680.96 319,677.00
LAS VEGAS NV 89129 1 12/20/96 00
0430144386 03 02/01/97 0
1251121789 O 01/01/27
0
1552359 074/G02 F 134,300.00 ZZ
360 134,140.85 1
7216 DEER VIEW COURT 8.625 1,044.57 90
8.375 1,044.57 149,235.00
LAS VEGAS NV 89113 1 12/18/96 10
0430144394 03 02/01/97 25
1251126909 N 01/01/27
0
1552360 074/G02 F 30,000.00 ZZ
360 29,962.58 1
2008 RAINBOW VIEW STREET 8.375 228.02 17
8.125 228.02 179,990.00
HENDERSON NV 89012 1 12/23/96 00
0430144402 03 02/01/97 0
1251128223 O 01/01/27
0
1552361 074/G02 F 147,600.00 ZZ
360 147,429.54 1
7624 TORTOLA BAY LANE 8.750 1,161.17 90
8.500 1,161.17 164,000.00
LAS VEGAS NV 89128 1 12/13/96 10
0430144410 03 02/01/97 25
1251128846 N 01/01/27
0
1
1552362 074/G02 F 213,750.00 ZZ
360 213,496.69 1
2213 MENIFEE COURT 8.625 1,662.53 75
8.375 1,662.53 285,000.00
LAS VEGAS NV 89134 1 12/27/96 00
0430144428 03 02/01/97 0
1251129521 N 01/01/27
0
1552364 074/G02 F 18,400.00 T
360 18,376.46 1
641 EXECUTIVE CENTER DR P205 8.250 138.23 80
8.000 138.23 23,000.00
WEST PALM BEACH FL 33401 1 12/31/96 11
0430144444 01 02/01/97 12
1301120593 O 01/01/27
0
1552365 074/G02 F 19,800.00 ZZ
360 19,775.31 1
181 NORMANDY D 8.375 150.49 90
8.125 150.49 22,000.00
DELRAY BEACH FL 33484 1 12/26/96 10
0430144451 01 02/01/97 25
1301120629 O 01/01/27
0
1552366 074/G02 F 49,600.00 ZZ
360 49,536.52 1
3502 NW 17TH TERRACE 8.250 372.63 80
8.000 372.63 62,000.00
GAINESVILLE FL 32606 1 12/26/96 00
0430144469 05 02/01/97 0
1322017016 O 01/01/27
0
1552367 074/G02 F 94,950.00 ZZ
360 94,845.89 1
400 ISLAND WAY #705 9.000 763.99 90
8.750 763.99 105,500.00
CLEARWATER FL 34630 1 12/30/96 01
0430144477 06 02/01/97 25
1381083421 N 01/01/27
0
1552368 074/G02 F 52,200.00 ZZ
360 52,129.71 1
6260 MARCY ST. 8.000 383.03 90
7.750 383.03 58,000.00
1
COCOA FL 32927 1 12/23/96 04
0430144485 05 02/01/97 25
1391039460 N 01/01/27
0
1552369 074/G02 F 113,000.00 ZZ
360 112,859.05 1
506 MAGNOLIA AVENUE 8.375 858.88 85
8.125 858.88 133,000.00
MELBOURNE BEACH FL 32951 5 12/24/96 11
0430144493 05 02/01/97 12
1391040094 O 01/01/27
0
1552370 074/G02 F 114,750.00 ZZ
360 114,617.48 1
7308 W 154TH TERRACE 8.750 902.74 90
8.500 902.74 127,500.00
OVERLAND PARK KS 66223 1 12/17/96 04
0430144501 03 02/01/97 25
1456002984 N 01/01/27
0
1552371 074/G02 F 207,000.00 ZZ
360 206,760.95 1
725 S E 10TH STREET 8.750 1,628.47 90
8.500 1,628.47 230,000.00
LEES SUMMIT MO 64081 1 12/19/96 04
0430144519 05 02/01/97 25
1456003422 N 01/01/27
0
1552372 074/G02 F 64,800.00 ZZ
360 64,723.21 1
4040 HARRISON 8.625 504.01 90
8.375 504.01 72,000.00
KANSAS CITY MO 64110 1 12/20/96 04
0430144527 05 02/01/97 30
1456004334 N 01/01/27
0
1552373 074/G02 F 163,800.00 ZZ
360 163,620.39 1
1315 GRAPE ST 9.000 1,317.97 84
8.750 1,317.97 195,000.00
DENVER CO 80220 5 12/16/96 10
0430144535 05 02/01/97 12
1461100530 O 01/01/27
0
1
1552374 074/G02 F 266,550.00 ZZ
360 266,242.17 1
2672 BROOKHOLLOW DRIVE 8.750 2,096.95 80
8.500 2,096.95 333,196.00
SAN JOSE CA 95132 1 12/20/96 00
0430144543 05 02/01/97 0
1470000800 O 01/01/27
0
1552375 074/G02 F 242,250.00 ZZ
360 241,915.48 1
21760 RUSSETT LANE 7.875 1,756.48 95
7.625 1,756.48 255,000.00
BRIER WA 98036 2 12/20/96 04
0430144550 05 02/01/97 30
1471004952 O 01/01/27
0
1552376 074/G02 F 84,000.00 ZZ
360 83,892.51 1
8938 FOOTHILL DRIVE 8.250 631.06 80
8.000 631.06 105,000.00
MIDDLETON ID 83644 1 12/12/96 00
0430144568 05 02/01/97 0
1492000858 O 01/01/27
0
1552377 074/G02 F 100,000.00 ZZ
360 99,648.45 1
469 EAST 800 NORTH 8.750 786.70 46
8.500 786.70 218,000.00
OGDEN UT 84404 5 12/26/96 00
0430144576 05 02/01/97 0
1499005099 N 01/01/27
0
1552378 074/G02 F 44,650.00 ZZ
360 44,588.35 1
1308 CONWAY DRIVE 7.875 323.74 43
7.625 323.74 105,000.00
SAN MARCOS TX 78666 2 12/20/96 00
0430144584 05 02/01/97 0
1520006715 N 01/01/27
0
1552379 074/G02 F 97,000.00 ZZ
360 96,885.05 1
1
11 INDIAN SUMMER PLACE 8.625 754.46 72
8.375 754.46 136,000.00
THE WOODLANDS TX 77381 2 12/17/96 00
0430144592 03 02/01/97 0
1521031729 O 01/01/27
0
1552380 074/G02 F 98,000.00 ZZ
360 97,886.81 1
730 KRISTIN LANE 8.750 770.97 70
8.500 770.97 140,000.00
WILMINGTON IL 60481 5 12/20/96 00
0430144600 05 02/01/97 0
1602094734 O 01/01/27
0
1552382 074/G02 F 110,700.00 ZZ
360 110,581.73 1
10285 CHAUCER 9.125 900.69 90
8.875 900.69 123,000.00
ST LOUIS MO 63114 1 12/20/96 01
0430144626 05 02/01/97 25
1632020442 N 01/01/27
0
1552383 074/G02 F 56,250.00 ZZ
360 56,179.83 1
824 ALLISON STREET NW 8.375 427.54 75
8.125 427.54 75,000.00
WASHINGTON DC 20011 1 12/23/96 00
0430144634 05 02/01/97 0
1731144601 N 01/01/27
0
1552384 074/G02 F 115,000.00 ZZ
360 114,841.20 1
3603 SANDY COURT 7.875 833.83 66
7.625 833.83 175,000.00
KENSINGTON MD 20895 1 12/20/96 00
0430144642 05 02/01/97 0
1731145138 O 01/01/27
0
1552385 074/G02 F 27,900.00 ZZ
360 27,869.41 1
1404 G UNIVERSITY CITY BLVD 9.000 224.49 90
8.750 224.49 31,000.00
BLACKSBURG VA 24060 1 12/20/96 04
0430144659 01 02/01/97 25
1
1785009814 N 01/01/27
0
1552386 074/G02 F 72,000.00 ZZ
360 71,916.86 1
314 CLEMENT STREET 8.750 566.42 90
8.500 566.42 80,000.00
RADFORD VA 24141 1 12/23/96 04
0430144667 05 02/01/97 25
1785009858 N 01/01/27
0
1552387 074/G02 F 50,000.00 ZZ
360 49,943.73 1
UNIT 42 MISTY HARBOR 8.875 397.82 55
8.625 397.82 92,000.00
WELLS ME 04090 5 12/31/96 00
0430144675 01 02/01/97 0
1809000594 N 01/01/27
0
1552388 074/G02 F 132,300.00 ZZ
360 132,151.11 1
146-148 PINE STREET 8.875 1,052.64 90
8.625 1,052.64 147,000.00
NASHUA NH 03060 1 12/26/96 01
0430144683 05 02/01/97 25
1815018110 N 01/01/27
0
1552389 074/G02 F 338,000.00 ZZ
360 337,599.45 1
495 WHITE OAK SHADE ROAD 8.625 2,628.93 68
8.375 2,628.93 500,000.00
NEW CANAAN CT 06840 2 12/19/96 00
0430144691 05 02/01/97 0
1817108392 O 01/01/27
0
1552390 074/G02 F 164,500.00 ZZ
360 164,310.03 1
2345 TANEYTOWN RD 8.750 1,294.12 70
8.500 1,294.12 235,000.00
GETTYSBURG PA 17325 1 12/31/96 00
0430144709 05 02/01/97 0
1821113727 O 01/01/27
0
1
1552391 074/G02 F 84,750.00 ZZ
360 84,646.96 1
2030 FORD GATES DRIVE 8.500 651.65 75
8.250 651.65 113,000.00
GARNER NC 27529 1 12/20/96 00
0430144717 05 02/01/97 0
1841108956 N 01/01/27
0
1552401 F03/G02 F 124,720.00 ZZ
360 124,650.08 1
8733 SOUTH ABERDEEN CIRCLE 8.875 992.33 80
8.625 992.33 155,900.00
HIGHLANDS RANCH CO 80126 1 01/30/97 00
0430155838 05 03/01/97 0
DEN10480 O 02/01/27
0
1552426 E22/G02 F 130,000.00 ZZ
360 129,928.99 1
24 LENNOX AVENUE 9.000 1,046.01 65
8.750 1,046.01 200,000.00
RUMSON NJ 07760 5 01/13/97 00
0410255244 05 03/01/97 0
410255244 O 02/01/27
0
1552446 E22/G02 F 28,000.00 ZZ
360 27,918.42 2
3734 SOUTH 23RD STREET 8.875 222.78 80
8.625 222.78 35,000.00
OMAHA NE 68107 1 01/06/97 10
0410278287 05 02/01/97 12
410278287 N 01/01/27
0
1552483 229/G02 F 123,700.00 ZZ
360 123,632.43 1
500 CASCADE DRIVE 9.000 995.32 75
8.750 995.32 165,000.00
SPRINGFIELD OR 97478 5 01/28/97 00
0430158105 05 03/01/97 0
0007355449 O 02/01/27
0
1552493 129/G02 F 56,450.00 ZZ
360 56,366.05 1
6357 CLIFFSIDE DRIVE 9.500 474.66 90
9.250 474.66 63,250.00
1
FLORENCE KY 41042 1 11/22/96 10
0430127118 01 01/01/97 25
3800014866 N 12/01/26
0
1552498 731/G02 F 175,000.00 ZZ
360 174,891.22 1
4030 LAPWAI ROAD 8.375 1,330.13 67
8.125 1,330.13 265,000.00
LEWISTON ID 83501 1 01/07/97 00
0430145946 05 03/01/97 0
222333109 N 02/01/27
0
1552682 074/G02 F 16,450.00 ZZ
360 16,429.99 1
8712 N 12TH ST 8.500 126.49 90
8.250 126.49 18,300.00
TAMPA FL 33604 1 12/06/96 04
0430143271 05 02/01/97 25
1361075205 N 01/01/27
0
1552684 074/G02 F 71,750.00 ZZ
360 71,667.14 1
412 169TH STREET SOUTH 8.750 564.46 70
8.500 564.46 102,500.00
SPANAWAY WA 98387 5 12/12/96 00
0430143297 05 02/01/97 0
1472002588 N 01/01/27
0
1552685 074/G02 F 36,350.00 ZZ
360 36,279.98 1
910 HUBER 8.250 273.09 75
8.000 273.09 48,500.00
FESTUS MO 63028 1 11/27/96 00
0430143305 05 01/01/97 0
1632020475 N 12/01/26
0
1552686 074/G02 F 236,250.00 ZZ
360 235,970.02 1
2205 MANIFEE COURT 8.625 1,837.53 75
8.375 1,837.53 315,000.00
LAS VEGAS NV 89134 1 12/27/96 00
0430144725 03 02/01/97 0
1251129496 N 01/01/27
0
1
1552687 074/G02 F 187,500.00 ZZ
360 187,277.79 1
2217 MENIFEE COURT 8.625 1,458.36 75
8.375 1,458.36 250,000.00
LAS VEGAS NV 89134 1 12/27/96 00
0430144733 03 02/01/97 0
1251129500 N 01/01/27
0
1552688 074/G02 F 210,000.00 ZZ
360 209,751.14 1
2209 MENIFEE COURT 8.625 1,633.36 75
8.375 1,633.36 280,000.00
LAS VEGAS NV 89134 1 12/30/96 00
0430144741 03 02/01/97 0
1251129510 N 01/01/27
0
1552689 074/G02 F 207,000.00 ZZ
360 206,760.95 1
730 S E 10TH STREET 8.750 1,628.47 90
8.500 1,628.47 230,000.00
LEES SUMMIT MO 64081 1 12/19/96 01
0430144758 05 02/01/97 25
1456003411 N 01/01/27
0
1552690 074/G02 F 28,350.00 ZZ
360 28,318.92 1
1404 A UNIVERSITY CITY BLVD 9.000 228.11 90
8.750 228.11 31,500.00
BLACKSBURG VA 24060 1 12/20/96 04
0430144766 01 02/01/97 25
1785009585 N 01/01/27
0
1552691 074/G02 F 48,600.00 ZZ
360 48,546.70 1
1208 H UNIVERSITY TERRACE 9.000 391.05 90
8.750 391.05 54,000.00
BLACKSBURG VA 24060 1 12/20/96 04
0430144774 01 02/01/97 25
1785009803 N 01/01/27
0
1552692 074/G02 F 132,300.00 ZZ
360 132,151.11 1
1
150-152 PINE STREET 8.875 1,052.64 90
8.625 1,052.64 147,000.00
NASHUA NH 03060 1 12/26/96 04
0430144782 05 02/01/97 25
1815018109 N 01/01/27
0
1552693 074/G02 F 84,750.00 ZZ
360 84,646.96 1
1340 BROMPTON LANE 8.500 651.65 75
8.250 651.65 113,000.00
GARNER NC 27529 1 12/20/96 00
0430144790 03 02/01/97 0
1841108934 N 01/01/27
0
1552694 074/G02 F 84,750.00 ZZ
360 84,646.96 1
1307 ELKHORN DRIVE 8.500 651.65 75
8.250 651.65 113,000.00
GARNER NC 27529 1 12/20/96 00
0430144808 05 02/01/97 0
1841108945 N 01/01/27
0
1552697 074/G02 F 55,300.00 ZZ
360 55,223.65 1
1301 CONWAY DRIVE 7.875 400.96 44
7.625 400.96 127,000.00
SAN MARCOS TX 78666 2 12/20/96 00
0430144816 05 02/01/97 0
1520006668 N 01/01/27
0
1552698 074/G02 F 55,300.00 ZZ
360 55,223.65 1
1302 CONWAY DRIVE 7.875 400.96 44
7.625 400.96 127,000.00
SAN MARCOS TX 78666 2 12/20/96 00
0430144824 05 02/01/97 0
1520006679 N 01/01/27
0
1552699 074/G02 F 55,300.00 ZZ
360 55,223.65 1
1303 CONWAY DRIVE 7.875 400.96 44
7.625 400.96 127,000.00
SAN MARCOS TX 78666 2 12/20/96 00
0430144832 05 02/01/97 0
1
1520006680 N 01/01/27
0
1552700 074/G02 F 44,650.00 ZZ
360 44,588.35 1
1304 CONWAY DRIVE 7.875 323.74 43
7.625 323.74 105,000.00
SAN MARCOS TX 78666 2 12/20/96 00
0430144840 05 02/01/97 0
1520006690 N 01/01/27
0
1552701 074/G02 F 44,650.00 ZZ
360 44,588.35 1
1306 CONWAY DRIVE 7.875 323.74 43
7.625 323.74 105,000.00
SAN MARCOS TX 78666 2 12/20/96 00
0430144857 05 02/01/97 0
1520006704 N 01/01/27
0
1552722 E53/G02 F 60,000.00 T
360 59,966.36 1
2301 FAIRMONT AVENUE 8.875 477.39 38
8.625 477.39 160,000.00
MIRAMAR FL 33025 1 02/05/97 00
0430149310 03 03/01/97 0
0011108302 O 02/01/27
0
1552762 526/G02 F 42,150.00 ZZ
360 42,093.58 1
8504 BOOTH 10.000 369.90 80
9.750 369.90 52,700.00
RAYTOWN MO 64138 1 11/27/96 12
0430151126 05 01/01/97 12
0150519 N 12/01/26
0
1552767 737/G02 F 140,250.00 ZZ
360 140,162.83 4
1914 LARETTE DRIVE 8.375 1,066.00 85
8.125 1,066.00 165,000.00
TALLAHASSEE FL 32301 1 01/15/97 14
0430154203 05 03/01/97 25
558824 N 02/01/27
0
1
1552778 638/G02 F 108,000.00 ZZ
360 108,000.00 1
5510 LOMOND 9.500 908.12 90
9.250 908.12 120,000.00
DOWNERS GROVE IL 60515 1 02/07/97 10
0430159624 05 04/01/97 25
08615902 N 03/01/27
0
1552779 B75/G02 F 82,760.00 ZZ
360 82,713.60 1
2137 NORTH FLEETWOOD DRIVE 8.875 658.48 80
8.625 658.48 103,450.00
GREENSBURG IN 47240 1 01/07/97 00
0430146050 05 03/01/97 0
2745842 O 02/01/27
0
1552789 638/G02 F 131,250.00 ZZ
360 131,180.16 3
11140-50-60 HIGHLINE DRIVE 9.125 1,067.89 75
8.875 1,067.89 175,000.00
AURORA CO 80010 1 01/31/97 00
0430155754 05 03/01/97 0
08620484 N 02/01/27
0
1552793 638/G02 F 139,200.00 ZZ
360 139,125.92 3
11170-80-90 HIGHLINE DRIVE 9.125 1,132.58 80
8.875 1,132.58 174,000.00
AURORA CO 80010 1 01/31/97 14
0430150409 05 03/01/97 12
08620473 N 02/01/27
0
1552794 B75/G02 F 144,000.00 ZZ
360 143,921.34 2
2544 NORTH KIMBALL AVENUE 9.000 1,158.66 90
8.750 1,158.66 160,000.00
CHICAGO IL 60647 1 02/03/97 01
0430154955 05 03/01/97 30
2926319 N 02/01/27
0
1552797 B75/G02 F 145,000.00 ZZ
360 145,000.00 1
19156 ST JOHNSBURY LANE 8.875 1,153.69 95
8.625 1,153.69 153,000.00
1
GERMANTOWN MD 20876 2 02/06/97 14
0430156257 05 04/01/97 30
2924108 O 03/01/27
0
1552811 E22/G02 F 109,000.00 ZZ
360 108,741.99 1
4755 ESTES DRIVE 9.125 886.86 80
8.875 886.86 136,500.00
BRIMFIELD OH 44240 1 01/03/97 00
0410311203 05 03/01/97 0
410311203 O 02/01/27
0
1552824 E22/G02 F 57,000.00 ZZ
360 56,935.85 1
1069 DODD ROAD 8.875 453.52 56
8.625 453.52 102,000.00
WEST ST PAUL MN 55107 2 12/31/96 00
0410205025 05 02/01/97 0
410205025 N 01/01/27
0
1552825 E22/G02 F 29,250.00 ZZ
360 29,220.34 1
4722 NEBRASKA 9.375 243.29 90
9.125 243.29 32,500.00
KANSAS CITY KS 66102 1 12/23/96 10
0410325559 05 02/01/97 25
410325559 N 01/01/27
0
1552829 E22/G02 F 88,200.00 ZZ
360 88,121.63 2
3995 S SHERMAN STREET 10.000 774.02 70
9.750 774.02 126,000.00
ENGLEWOOD CO 80110 5 12/27/96 00
0410278485 05 02/01/97 0
410278485 N 01/01/27
0
1552833 B68/G02 F 105,000.00 ZZ
360 105,000.00 1
822 WEST UPLAND AVENUE 9.250 863.81 75
9.000 863.81 140,000.00
LOS ANGELES CA 90731 5 02/03/97 00
0430152108 05 04/01/97 0
17027128 O 03/01/27
0
1
1552849 E46/G02 F 113,000.00 ZZ
360 113,000.00 1
421 ELM DRIVE 8.375 858.88 80
8.125 858.88 142,000.00
LOWER NAZARETH PA 18064 1 02/14/97 00
0430154302 05 04/01/97 0
24480 O 03/01/27
0
1552855 E22/G02 F 27,900.00 ZZ
360 27,830.43 1
1418 N 65TH STREET 9.750 239.71 90
9.500 239.71 31,000.00
KANSAS CITY KS 66102 1 11/18/96 10
0410265284 05 01/01/97 25
410265284 N 12/01/26
0
1552856 E22/G02 F 34,200.00 ZZ
360 34,180.83 1
117 S BELL ST 8.875 272.11 90
8.625 272.11 38,000.00
VINITA OK 74301 2 01/07/97 04
0410325500 05 03/01/97 25
410325500 N 02/01/27
0
1552866 591/G02 F 68,250.00 ZZ
360 68,210.73 1
3944 EAST CAPITOL STREET, NE 8.750 536.93 65
8.500 536.93 105,000.00
WASHINGTON DC 20019 5 01/30/97 00
0430145268 07 03/01/97 0
102802937 N 02/01/27
0
1552903 267/267 F 420,000.00 ZZ
360 419,710.95 1
11706 NORTH CIRCLE DRIVE 7.875 3,045.30 60
7.625 3,045.30 700,000.00
WHITTIER CA 90601 5 01/07/97 00
4433564 05 03/01/97 0
4433564 O 02/01/27
0
1552953 638/G02 F 124,150.00 ZZ
360 124,082.19 1
1
8309 VALLEYBREEZE AVENUE 9.000 998.94 90
8.750 998.94 137,950.00
LAS VEGAS NV 89129 1 01/29/97 10
0430159566 05 03/01/97 25
08619726 N 02/01/27
0
1552957 225/225 F 37,800.00 ZZ
360 37,780.90 1
1714 EAST CHEERY LYNN ROAD 9.375 314.41 90
9.125 314.41 42,000.00
PHOENIX AZ 85016 1 01/31/97 10
803590800 05 03/01/97 25
803590800 N 02/01/27
0
1552958 766/G02 F 36,000.00 ZZ
360 35,980.84 1
11213 SE 88 ST #B-110 9.125 292.91 80
8.875 292.91 45,000.00
MIAMI FL 33176 1 01/08/97 11
0430153338 01 03/01/97 12
96SG1150 O 02/01/27
0
1552966 E48/G02 F 61,110.00 ZZ
360 61,072.98 1
4809 LINBAR DRIVE 8.500 469.88 90
8.250 469.88 67,900.00
NASHVILLE TN 37211 1 01/31/97 01
0430145615 05 03/01/97 25
16662 N 02/01/27
0
1552971 E48/G02 F 98,100.00 ZZ
360 98,040.57 1
696 PICCADILLY ROW 8.500 754.30 90
8.250 754.30 109,000.00
ANTIOCH TN 37013 1 01/31/97 01
0430145490 05 03/01/97 25
16683 N 02/01/27
0
1552973 526/G02 F 132,750.00 ZZ
360 132,580.11 1
19 OAKDALE ROAD 8.250 997.31 90
8.000 997.31 147,500.00
JERSEY CITY NJ 07306 1 12/27/96 12
0430147769 05 02/01/97 30
1
0160772 N 01/01/27
0
1553006 F03/G02 F 183,200.00 ZZ
360 183,200.00 1
3005 LESLIE DRIVE 8.875 1,457.63 80
8.625 1,457.63 229,000.00
COLORADO SPRING CO 80909 2 02/14/97 00
0430165076 05 04/01/97 0
DEN10408 O 03/01/27
0
1553012 E57/G02 F 68,760.00 ZZ
360 68,760.00 1
45010 SNOWFLAKE LANE 9.000 553.26 65
8.750 553.26 105,785.00
AHWAHNEE CA 93601 4 02/12/97 00
0430157990 05 04/01/97 0
60452006342 N 03/01/27
0
1553014 624/G02 F 127,700.00 ZZ
360 127,624.60 2
1227 ARMADILLO ROAD 8.625 993.24 90
8.375 993.24 141,900.00
AUSTIN TX 78745 1 01/31/97 04
0430147165 05 03/01/97 25
82005170013 N 02/01/27
0
1553020 952/G02 F 300,000.00 ZZ
360 300,000.00 1
131 WEST END AVENUE 8.750 2,360.10 49
8.500 2,360.10 620,000.00
RIDGEWOOD NJ 07450 5 02/11/97 00
0430157958 05 04/01/97 0
96121558 O 03/01/27
0
1553112 313/G02 F 109,450.00 ZZ
360 109,450.00 1
4218 FRIAR LANE 9.000 880.66 90
8.750 880.66 121,650.00
COLORADO SPRING CO 80907 1 02/06/97 10
0430149567 05 04/01/97 25
6254338 N 03/01/27
0
1
1553197 862/G02 F 193,400.00 ZZ
360 193,288.73 1
402 EAST AMBER RIDGE WAY 8.750 1,521.48 80
8.500 1,521.48 241,808.00
PHOENIX AZ 85048 1 01/07/97 04
0430138362 03 03/01/97 12
4300620 N 02/01/27
0
1553198 E48/G02 F 89,100.00 ZZ
360 89,046.02 1
5008 SUTER DRIVE 8.500 685.10 90
8.250 685.10 99,000.00
NASHVILLE TN 37221 1 01/31/97 01
0430145862 05 03/01/97 25
16697 N 02/01/27
0
1553206 559/G02 F 116,400.00 ZZ
360 116,331.28 1
2561 CACTUS AVENUE 8.625 905.35 80
8.375 905.35 145,500.00
SANTA ROSA CA 95405 1 01/16/97 10
0430136325 05 03/01/97 12
5418223 N 02/01/27
0
1553209 664/G02 F 122,400.00 ZZ
360 122,334.86 1
4840 WEST 106TH STEET 9.125 995.89 80
8.875 995.89 153,000.00
OAK LAWN IL 60453 1 01/16/97 01
0430164822 05 03/01/97 12
2241974 N 02/01/27
0
1553217 B74/G02 F 260,000.00 ZZ
360 259,854.24 1
13808 MEADOW VIEW LANE 8.875 2,068.68 80
8.625 2,068.68 325,000.00
CALIMESA CA 92399 1 01/15/97 00
0430153114 05 03/01/97 0
970041 O 02/01/27
0
1553233 776/G02 F 119,700.00 ZZ
360 119,639.56 1
9975 SOUTHWEST DENNEY ROAD 9.375 995.60 90
9.125 995.60 133,000.00
1
BEAVERTON OR 97005 1 01/10/97 01
0430153445 05 03/01/97 25
5039673 N 02/01/27
0
1553397 E22/G02 F 52,100.00 ZZ
360 52,070.79 1
7605 WOODTHRUSH DRIVE #11 8.875 414.53 75
8.625 414.53 69,500.00
DALLAS TX 75230 1 01/08/97 00
0410321418 01 03/01/97 0
410321418 N 02/01/27
0
1553400 E22/G02 F 82,000.00 ZZ
360 81,950.32 2
3801-3803 N E COLONIAL DRIVE 8.500 630.51 90
8.250 630.51 91,250.00
LEE'S SUMMIT MO 64064 1 01/02/97 04
0410309413 05 03/01/97 25
410309413 N 02/01/27
0
1553408 E22/G02 F 100,000.00 ZZ
360 99,949.50 1
82 WEST SHORE DRIVE/LAKE RESCU 9.375 831.75 50
9.125 831.75 200,000.00
LUDLOW VT 05149 5 01/17/97 00
0410336457 05 03/01/97 0
410336457 N 02/01/27
0
1553425 E22/G02 F 52,700.00 ZZ
360 52,673.39 1
689 COLUMBIA AVENUE 9.375 438.33 85
9.125 438.33 62,000.00
AKRON OH 44310 5 01/11/97 23
0410342984 05 03/01/97 0
410342984 O 02/01/27
0
1553441 910/G02 F 138,400.00 ZZ
360 138,328.25 1
6117 SOUTH CLARA DRIVE 9.250 1,138.58 90
9.000 1,138.58 153,800.00
TAYLORSVILLE UT 84118 1 01/30/97 10
0430156869 05 03/01/97 25
546212 N 02/01/27
0
1
1553453 405/405 F 68,750.00 ZZ
360 68,710.44 1
991 SOUTHERN OAKS COURT 8.750 540.86 80
8.500 540.86 85,950.00
FORT WALTON BEA FL 32547 1 01/03/97 10
4097416 03 03/01/97 12
4097416 N 02/01/27
0
1553457 624/G02 F 81,750.00 ZZ
360 81,750.00 1
1505 TOPAZ DRIVE 8.875 650.44 75
8.625 650.44 109,000.00
MISSOULA MT 59802 5 02/03/97 00
0430153197 05 04/01/97 0
76000270013 O 03/01/27
0
1553478 526/G02 F 90,000.00 ZZ
360 89,952.11 4
146-148 BISSELL STREET 9.125 732.27 90
8.875 732.27 100,000.00
MANCHESTER CT 06040 1 01/03/97 12
0430149666 05 03/01/97 25
0157143 N 02/01/27
0
1553505 E54/G02 F 65,000.00 ZZ
360 65,000.00 1
4904 A & B S YALE STREET 9.250 534.74 47
9.000 534.74 140,000.00
AMARILLO TX 79109 5 02/07/97 00
0430153320 05 04/01/97 0
1553505 N 03/01/27
0
1553520 E22/G02 F 26,950.00 ZZ
360 26,936.74 1
7230 ASHTON 9.500 226.61 55
9.250 226.61 49,000.00
DETROIT MI 48228 5 01/07/97 00
0410167696 05 03/01/97 0
410167696 N 02/01/27
0
1553521 253/253 F 85,500.00 ZZ
360 85,452.06 1
1
11711 SHOSHONE 8.875 680.28 90
8.625 680.28 95,000.00
AUSTIN TX 78759 1 01/31/97 04
325556 05 03/01/97 30
325556 N 02/01/27
0
1553524 E22/G02 F 42,000.00 ZZ
360 41,979.34 1
5007 COUNCIL RING BLVD 9.500 353.16 70
9.250 353.16 60,000.00
KOKOMO IN 46902 5 01/16/97 00
0410343339 05 03/01/97 0
410343339 N 02/01/27
0
1553526 E22/G02 F 50,000.00 ZZ
360 49,971.97 1
5760 VERMILLION BLVD. 8.875 397.82 63
8.625 397.82 79,900.00
NEW ORLEANS LA 70122 1 01/15/97 00
0410322051 05 03/01/97 0
410322051 O 02/01/27
0
1553528 E22/G02 F 57,750.00 ZZ
360 57,724.45 1
9308 NEW MAPLE RD 10.000 506.80 90
9.750 506.80 64,200.00
LOUISVILLE KY 40229 2 01/16/97 04
0410343248 05 03/01/97 25
410343248 N 02/01/27
0
1553544 686/G02 F 250,000.00 ZZ
360 249,832.25 1
136 MULBERRY STREET 8.000 1,834.42 75
7.750 1,834.42 335,000.00
STAMFORD CT 06907 5 01/10/97 00
0430150581 05 03/01/97 0
17886690 O 02/01/27
0
1553545 E26/G02 F 37,800.00 ZZ
360 37,746.50 1
2505 RACHEL STREET 8.750 297.38 90
8.500 297.38 42,000.00
CHARLOTTE NC 28206 1 01/03/97 04
0430162966 05 02/01/97 25
1
500477 N 01/01/27
0
1553561 180/G02 F 60,970.00 ZZ
360 60,970.00 1
13421 LAKE BREEZE 8.750 479.65 65
8.500 479.65 93,800.00
WILLIS TX 77378 2 02/05/97 00
0430158857 05 04/01/97 0
4760492 N 03/01/27
0
1553588 E22/G02 F 52,425.00 ZZ
360 52,399.88 1
1871 S 6TH STREET 9.625 445.61 75
9.375 445.61 69,900.00
COLUMBUS OH 43207 1 01/15/97 00
0410167456 05 03/01/97 0
410167456 N 02/01/27
0
1553590 E22/G02 F 31,200.00 ZZ
360 31,183.83 1
4343 N CLARENDON UNIT#1309 9.250 256.67 80
9.000 256.67 39,000.00
CHICAGO IL 60613 1 01/13/97 00
0410308639 06 03/01/97 0
410308639 O 02/01/27
0
1553607 074/G02 F 95,500.00 ZZ
360 95,338.20 1
4332 ROYAL RIDGE DRIVE 8.875 759.84 68
8.625 759.84 142,500.00
DALLAS TX 75229 1 11/14/96 00
0430143321 05 01/01/97 0
1524004052 O 12/01/26
0
1553608 074/G02 F 56,100.00 ZZ
360 56,036.86 1
1238 CALLOWHILL ST UNIT 203 8.875 446.36 90
8.625 446.36 62,400.00
PHILADELPHIA PA 19123 1 12/31/96 04
0430144865 01 02/01/97 25
1171161060 N 01/01/27
0
1
1553609 074/G02 F 89,600.00 ZZ
360 89,476.28 1
2121 N BAYSHORE DR APT 1109 7.875 649.66 80
7.625 649.66 112,000.00
MIAMI FL 33137 1 12/31/96 00
0430144873 06 02/01/97 0
1311278801 O 01/01/27
0
1553610 074/G02 F 131,600.00 ZZ
360 131,444.04 1
949 MADISON DRIVE 8.625 1,023.58 83
8.375 1,023.58 159,565.00
SONOMA CA 95433 1 12/20/96 10
0430144881 05 02/01/97 20
1561343272 N 01/01/27
0
1553611 074/G02 F 65,600.00 ZZ
360 65,520.24 1
4315 LANGDON DRIVE 8.500 504.41 80
8.250 504.41 82,000.00
DECATUR GA 30035 1 12/26/96 01
0430144899 05 02/01/97 12
1566086960 N 01/01/27
0
1553612 074/G02 F 58,500.00 ZZ
360 58,430.67 1
5901 WEST PASADENA AVENUE 8.625 455.01 90
8.375 455.01 65,000.00
GLENDALE AZ 85301 1 12/19/96 01
0430144907 05 02/01/97 25
1569157497 N 01/01/27
0
1553613 074/G02 F 96,300.00 ZZ
360 96,197.11 1
2825 2827 CLARK AVENUE 9.125 783.53 90
8.875 783.53 107,000.00
CARMICHAEL CA 95608 1 12/24/96 10
0430144915 05 02/01/97 25
1573167053 N 01/01/27
0
1553614 074/G02 F 37,100.00 ZZ
360 37,057.15 1
5 ALABAMA AVENUE 8.750 291.87 69
8.500 291.87 54,000.00
1
ASHEVILLE NC 28806 2 12/30/96 00
0430144923 05 02/01/97 0
1577057964 N 01/01/27
0
1553616 074/G02 F 65,000.00 ZZ
360 64,912.47 1
272 NORWOOD AVENUE 8.000 476.95 31
7.750 476.95 210,000.00
CRANSTON RI 02910 5 12/20/96 00
0430144949 05 02/01/97 0
1580041408 O 01/01/27
0
1553617 074/G02 F 120,800.00 ZZ
360 120,664.06 1
481 KINGMAN STREET 8.875 961.14 80
8.625 961.14 151,000.00
EAST TAUNTON MA 02718 5 12/26/96 00
0430144956 05 02/01/97 0
1580043607 O 01/01/27
0
1553618 074/G02 F 52,900.00 ZZ
360 52,838.90 2
321 MAPLE STREET 8.750 416.17 90
8.500 416.17 58,800.00
MOUNT PLEASANT MI 48804 1 12/19/96 10
0430144964 05 02/01/97 25
1581081791 N 01/01/27
0
1553619 074/G02 F 125,000.00 ZZ
360 124,855.63 1
252 WOODSTONE CIRCLE 8.750 983.38 67
8.500 983.38 188,500.00
BUFFALO GROVE IL 60087 2 12/16/96 00
0430144972 03 02/01/97 0
1583039785 O 01/01/27
0
1553620 074/G02 F 40,500.00 ZZ
360 40,453.21 2
2663 SOUTH 15TH PLACE 8.750 318.62 90
8.500 318.62 45,000.00
MILWAUKEE WI 53215 1 12/23/96 01
0430144980 05 02/01/97 25
1583040376 N 01/01/27
0
1
1553621 074/G02 F 72,750.00 ZZ
360 72,672.27 2
3206 S HARDING 9.125 591.92 75
8.875 591.92 97,000.00
CHICAGO IL 60623 1 12/30/96 00
0430144998 05 02/01/97 0
1583040729 O 01/01/27
0
1553622 074/G02 F 121,500.00 ZZ
360 121,352.27 1
1300 MIDVALE AVENUE #511 8.500 934.23 90
8.250 934.23 135,000.00
LOS ANGELES CA 90024 1 12/24/96 04
0430145003 01 02/01/97 25
1590029511 N 01/01/27
0
1553623 074/G02 F 20,700.00 ZZ
360 20,676.09 1
1600 NEMNICH 8.750 162.85 90
8.500 162.85 23,000.00
ST LOUIS MO 63136 1 12/30/96 01
0430145011 05 02/01/97 25
1633008566 N 01/01/27
0
1553672 624/G02 F 51,200.00 ZZ
360 51,200.00 2
625 AND 627 EAST BRIDGEPORT AV 8.750 402.79 80
8.500 402.79 64,000.00
SPOKANE WA 99207 1 01/31/97 00
0430149658 05 04/01/97 0
62061970053 O 03/01/27
0
1553673 455/G02 F 52,650.00 ZZ
360 52,622.70 1
685 MILLS DRIVE 9.250 433.14 76
9.000 433.14 70,000.00
COVINGTON GA 30209 2 01/21/97 04
0430150045 05 03/01/97 30
53982 N 02/01/27
0
1553675 405/405 F 49,500.00 ZZ
360 49,500.00 1
1
13 ORANGE AVENUE 9.000 398.29 90
8.750 398.29 55,000.00
AMBLER PA 19002 1 02/10/97 04
4116794 05 04/01/97 25
4116794 N 03/01/27
0
1553680 705/G02 F 111,200.00 ZZ
360 111,200.00 1
25-40 SHORE BLVD, #12D 8.125 825.66 80
7.875 825.66 139,000.00
ASTORIA NY 11102 1 02/13/97 00
0430151860 06 04/01/97 0
96030458 O 03/01/27
0
1553690 626/G02 F 37,700.00 ZZ
360 37,678.86 1
1032 NE MADRONA STREET 8.875 299.96 65
8.625 299.96 58,000.00
PORTLAND OR 97211 5 01/07/97 00
0430159707 05 03/01/97 0
6688832 N 02/01/27
0
1553691 626/G02 F 42,250.00 ZZ
360 42,226.31 1
825 NE STAFFORD STREET 8.875 336.16 65
8.625 336.16 65,000.00
PORTLAND OR 97211 5 01/07/97 00
0430159715 05 03/01/97 0
6688956 N 02/01/27
0
1553693 626/G02 F 55,900.00 ZZ
360 55,868.66 1
725 NE STAFFORD STREET 8.875 444.77 65
8.625 444.77 86,000.00
PORTLAND OR 97211 5 01/07/97 00
0430156125 05 03/01/97 0
6688931 N 02/01/27
0
1553697 B74/G02 F 48,000.00 ZZ
360 47,976.39 1
24640 SINGER STREET 9.500 403.61 80
9.250 403.61 60,000.00
MORENO VALLEY CA 92557 1 01/07/97 96
0430155135 05 03/01/97 0
1
963954 N 02/01/27
0
1553701 896/G02 F 82,600.00 ZZ
360 82,554.88 1
1186 STANDARD DRIVE 9.000 664.62 70
8.750 664.62 118,000.00
ATLANTA GA 30319 5 01/22/97 00
0430145508 05 03/01/97 0
UNKNOWN N 02/01/27
0
1553709 180/G02 F 38,700.00 ZZ
360 38,700.00 1
108 VARNER STREET 9.000 311.39 90
8.750 311.39 43,000.00
RANDLEMAN NC 27317 1 02/18/97 10
0430163196 05 04/01/97 25
3960671 N 03/01/27
0
1553722 G51/G02 F 99,750.00 ZZ
360 99,750.00 1
6911 KRAMERIA STREET 8.500 767.00 95
8.250 767.00 105,000.00
COMMERCE CITY CO 80022 2 02/20/97 10
0430164889 05 04/01/97 30
1553722 O 03/01/27
0
1553727 B75/G02 F 48,300.00 ZZ
360 48,270.73 1
13400 COASTAL HIGHWAY #901S 8.500 371.39 70
8.250 371.39 69,000.00
OCEAN CITY MD 21842 5 01/17/97 00
0430139543 06 03/01/97 0
2747392 N 02/01/27
0
1553736 369/G02 F 92,800.00 ZZ
360 92,800.00 1
812 DOGWOOD AVENUE 8.375 705.35 64
8.125 705.35 145,000.00
IDALOU TX 79329 2 02/11/97 00
0430166686 05 04/01/97 0
006086042 O 03/01/27
0
1
1553756 459/G02 F 55,350.00 ZZ
360 49,145.69 1
7030 BURCOT AVENUE #113 8.250 415.83 90
8.000 415.83 61,500.00
LAS VEGAS NV 89115 1 06/09/94 96
0430146530 05 08/01/94 0
120156448 O 07/01/24
0
1553761 909/G02 F 186,750.00 T
360 186,636.86 1
4119 CEDAR AVENUE 8.500 1,435.95 90
8.250 1,435.95 207,500.00
SOUTH LAKE TAHO CA 96150 1 01/14/97 01
0430152710 03 03/01/97 25
6004186 O 02/01/27
0
1553764 664/G02 F 91,500.00 ZZ
360 91,452.56 1
64015 HUNNELL ROAD 9.250 752.75 66
9.000 752.75 140,000.00
BEND OR 97701 5 01/10/97 00
0430139931 05 03/01/97 0
2246064 O 02/01/27
0
1553793 E22/G02 F 40,900.00 ZZ
360 40,859.60 1
310 5TH AVE 9.500 343.91 90
9.250 343.91 45,450.00
COUNCIL BLUFFS IA 51501 1 12/31/96 12
0410311237 05 02/01/97 25
410311237 N 01/01/27
0
1553796 E22/G02 F 58,100.00 ZZ
360 58,067.43 1
4506 NW 58TH TERRACE 8.875 462.27 75
8.625 462.27 77,500.00
KANSAS CITY MO 64152 1 01/03/97 00
0410308308 09 03/01/97 0
410308308 N 02/01/27
0
1553798 E22/G02 F 58,000.00 ZZ
360 57,908.61 2
1701-1703 SAN RAFAEL STREET 9.500 487.70 80
9.250 487.70 72,500.00
1
FT WORTH TX 76134 1 12/30/96 10
0410322101 05 02/01/97 12
410322101 N 01/01/27
0
1553800 E22/G02 F 84,000.00 ZZ
360 83,955.30 3
513 ALCAZAR STREET SE 9.125 683.45 80
8.875 683.45 105,000.00
ALBUQUERQUE NM 87108 1 01/10/97 04
0410312110 05 03/01/97 12
410312110 N 02/01/27
0
1553802 E22/G02 F 95,500.00 ZZ
360 95,392.52 1
232 CHAPPARAL LOOP ROAD SE 8.875 759.85 80
8.625 759.85 119,400.00
RIO RANCHO NM 87124 1 12/24/96 00
0410321731 05 02/01/97 0
410321731 O 01/01/27
0
1553803 E22/G02 F 84,000.00 ZZ
360 83,955.30 4
509 ALCAZAR STREET SE 9.125 683.45 80
8.875 683.45 105,000.00
ALBUQUERQUE NM 87108 1 01/10/97 04
0410312102 05 03/01/97 12
410312102 N 02/01/27
0
1553809 E22/G02 F 45,800.00 ZZ
360 45,442.73 1
811 ELM ST 9.000 368.52 89
8.750 368.52 52,000.00
LAWRENCE KS 66044 1 12/20/96 01
0410310015 05 02/01/97 25
410310015 N 01/01/27
0
1553836 526/G02 F 27,000.00 ZZ
360 26,969.61 1
8816 MILVERTON DRIVE 8.875 214.83 75
8.625 214.83 36,000.00
DALLAS TX 75217 1 12/20/96 00
0430152413 05 02/01/97 0
161308 N 01/01/27
0
1
1553841 F61/G02 F 110,700.00 ZZ
360 110,700.00 1
11929 SOUTHEAST 251ST STREET 8.625 861.01 90
8.375 861.01 123,000.00
KENT WA 98031 1 02/07/97 10
0430152157 05 04/01/97 30
85641 N 03/01/27
0
1553853 480/G02 F 170,900.00 ZZ
360 170,791.03 1
17380 SW 32ND CT 8.250 1,283.91 75
8.000 1,283.91 227,869.00
MIRAMAR FL 33029 1 01/14/97 00
0430163451 03 03/01/97 0
1573211 O 02/01/27
0
1553857 B93/G02 F 213,750.00 ZZ
360 213,750.00 1
505 COURTNEY LANE 8.875 1,700.70 75
8.625 1,700.70 285,000.00
GLOBE AZ 85501 1 02/06/97 00
0430147413 05 04/01/97 0
1000040709 O 03/01/27
0
1553899 683/G02 F 73,600.00 ZZ
360 73,600.00 1
494 WEST ALNA ROAD 9.000 592.20 80
8.750 592.20 92,000.00
WISCASSET ME 04578 1 02/21/97 01
0430163410 05 04/01/97 12
029406 N 03/01/27
0
1553913 E75/G02 F 69,550.00 ZZ
360 69,550.00 2
896 898 HOWARD AVENUE 9.500 584.81 65
9.250 584.81 107,000.00
BRIDGEPORT CT 06604 5 02/06/97 00
0430148528 05 04/01/97 0
961011000057 N 03/01/27
0
1553921 E22/G02 F 93,300.00 ZZ
360 93,197.68 1
1
906 QUINCY STREET NE 9.000 750.72 80
8.750 750.72 117,000.00
ALBUQUERQUE NM 87110 1 12/26/96 00
0410322077 05 02/01/97 0
410322077 O 01/01/27
0
1553924 E22/G02 F 52,000.00 ZZ
360 51,967.68 4
3706 FAIRVIEW 8.375 395.24 80
8.125 395.24 65,000.00
ST LOUIS MO 63108 1 01/21/97 10
0410307102 05 03/01/97 25
410307102 N 02/01/27
0
1553941 074/G02 F 207,000.00 ZZ
360 206,760.95 4
724 SE 10TH STREET 8.750 1,628.47 90
8.500 1,628.47 230,000.00
LEES SUMMIT MO 64081 1 12/19/96 04
0430136606 05 02/01/97 25
1456003433 O 01/01/27
0
1553970 910/G02 F 67,500.00 ZZ
360 67,500.00 1
1075 E COUNTRYWOODS CIRC #D21 9.750 579.93 90
9.500 579.93 75,000.00
MIDVALE UT 84047 1 02/05/97 10
0430157768 01 04/01/97 25
100688 N 03/01/27
0
1553971 664/G02 F 109,000.00 ZZ
360 109,000.00 1
11A LUMBERJACK COURT 8.875 867.26 73
8.625 867.26 149,399.00
BASTROP TX 78602 4 02/07/97 00
0430150094 05 04/01/97 0
2149268 O 03/01/27
0
1554013 862/G02 F 110,000.00 ZZ
360 109,933.36 1
11781 SOUTHEAST SOUTHERN LITES 8.500 845.81 65
8.250 845.81 170,000.00
CLACKAMAS OR 97015 5 01/08/97 00
0430139923 05 03/01/97 0
1
4327037 O 02/01/27
0
1554016 862/G02 F 325,000.00 ZZ
360 324,803.11 1
750 BALBOA AVENUE 8.500 2,498.97 77
8.250 2,498.97 425,000.00
CORONADO CA 92118 1 01/17/97 00
0430139808 05 03/01/97 0
4350476 O 02/01/27
0
1554043 575/G02 F 100,000.00 ZZ
360 99,946.79 1
109 FOOTE ROAD 9.125 813.63 59
8.875 813.63 172,000.00
GLASTONBURY CT 06073 1 01/10/97 00
0430138420 05 03/01/97 0
419000044 O 02/01/27
0
1554048 180/G02 F 44,500.00 ZZ
360 44,500.00 1
237 SCOTT DRIVE 8.875 354.06 62
8.625 354.06 72,000.00
SLIDELL LA 70458 2 02/18/97 00
0430165068 05 04/01/97 0
4761227 N 03/01/27
0
1554049 180/G02 F 81,000.00 ZZ
360 81,000.00 4
1508-14 SAVANNAH DRIVE 8.875 644.47 60
8.625 644.47 135,000.00
SLIDELL LA 70458 2 02/18/97 00
0430165043 05 04/01/97 0
4761219 N 03/01/27
0
1554052 180/G02 F 54,000.00 ZZ
360 54,000.00 1
1530 NEWARK STREET S 9.000 434.50 90
8.750 434.50 60,000.00
ST PETERBURG FL 33711 1 02/07/97 12
0430153494 05 04/01/97 25
4737722 N 03/01/27
0
1
1554065 B38/G02 F 47,400.00 ZZ
360 47,400.00 1
4214 46TH STREET 9.875 411.60 65
9.625 411.60 72,950.00
LUBBOCK TX 79413 5 02/07/97 00
0430154641 05 04/01/97 0
2380 N 03/01/27
0
1554085 874/G02 F 154,400.00 ZZ
360 154,400.00 1
10120 BLACKHAWK DRIVE 8.625 1,200.91 80
8.375 1,200.91 193,000.00
RENO NV 89506 1 02/06/97 00
0430152629 05 04/01/97 0
3684192 O 03/01/27
0
1554088 B23/G02 F 220,000.00 ZZ
360 220,000.00 1
20121 KLINE DRIVE 8.875 1,750.42 80
8.625 1,750.42 275,000.00
SANTA ANA AREA CA 92707 5 02/07/97 00
0430152611 05 04/01/97 0
88001648 O 03/01/27
0
1554090 G34/G02 F 49,500.00 ZZ
360 49,451.09 1
123 WEST LIBERTY STREET 9.500 416.23 90
9.250 416.23 55,000.00
ARLINGTON OH 45814 1 12/23/96 01
0430164947 05 02/01/97 25
6118549 N 01/01/27
0
1554094 B75/G02 F 134,950.00 ZZ
360 134,880.04 1
177 NORTH 500 EAST 9.250 1,110.20 90
9.000 1,110.20 149,950.00
LEHI UT 84043 1 01/09/97 01
0430140822 05 03/01/97 25
2919850 N 02/01/27
0
1554095 B75/G02 F 96,950.00 ZZ
360 96,897.05 1
18240 MIDWAY ROAD UNIT #1104 9.000 780.08 90
8.750 780.08 107,730.00
1
DALLAS TX 75287 1 01/15/97 01
0430146878 01 03/01/97 25
2737278 O 02/01/27
0
1554114 180/G02 F 45,000.00 ZZ
360 45,000.00 1
207 BRIAN DRIVE 8.875 358.04 60
8.625 358.04 75,000.00
SLIDELL LA 70458 2 02/18/97 00
0430165019 05 04/01/97 0
4761193 N 03/01/27
0
1554115 180/G02 F 80,500.00 ZZ
360 80,500.00 4
1539-45 SAVANNAH DRIVE 8.875 640.49 60
8.625 640.49 135,000.00
SLIDELL LA 70458 2 02/18/97 00
0430164970 05 04/01/97 0
4761201 N 03/01/27
0
1554122 683/G02 F 75,000.00 ZZ
360 75,000.00 1
34 HIGH BLUFF ROAD 9.000 603.47 60
8.750 603.47 125,000.00
CAPE ELIZABETH ME 04107 5 02/14/97 00
0430163089 05 04/01/97 0
029337 O 03/01/27
0
1554130 A46/G02 F 65,600.00 ZZ
360 65,600.00 1
4403 MORRIS DRIVE 8.625 510.23 80
8.375 510.23 82,000.00
PEARLAND TX 77584 1 02/10/97 00
0430149633 03 04/01/97 0
UNKNOWN O 03/01/27
0
1554141 267/267 F 382,125.00 ZZ
360 381,862.02 1
1998 BROADWAY #1405 7.875 2,770.68 75
7.625 2,770.68 509,500.00
SAN FRANCISCO CA 94109 1 01/15/97 00
4433394 06 03/01/97 0
4433394 O 02/01/27
0
1
1554148 F03/G02 F 108,800.00 ZZ
360 108,800.00 1
3185 WARD COURT 8.875 865.67 80
8.625 865.67 136,000.00
WHEAT RIDGE CO 80033 1 02/07/97 00
0430148726 05 04/01/97 0
DEN10529 O 03/01/27
0
1554153 498/G02 F 115,200.00 ZZ
360 115,138.69 1
436 CAROLWOOD LANE 9.125 937.31 90
8.875 937.31 128,000.00
ATLANTA GA 30342 1 01/21/97 01
0430140988 05 03/01/97 25
1470547 N 02/01/27
0
1554155 664/G02 F 14,400.00 ZZ
360 14,393.10 1
605 S. SYCAMORE AVENUE 9.625 122.40 90
9.375 122.40 16,000.00
DECATUR IL 62522 1 01/24/97 01
0430141028 05 03/01/97 25
2242535 N 02/01/27
0
1554160 633/G02 F 115,000.00 ZZ
360 114,920.86 1
3537 E HILLHAVEN DRIVE 7.875 833.83 71
7.625 833.83 164,000.00
WEST COVINA CA 91791 2 01/08/97 00
0430141317 05 03/01/97 0
675535 O 02/01/27
0
1554179 526/G02 F 28,350.00 ZZ
360 28,316.40 1
1920 E. EDGEWOOD DR. #K-11 8.625 220.51 90
8.375 220.51 31,500.00
LAKELAND FL 33803 1 12/26/96 04
0430149625 01 02/01/97 30
159139 O 01/01/27
0
1554189 526/G02 F 96,140.00 ZZ
360 96,031.80 2
1
5001-5003 MOUNTAIN SPRINGS WAY 8.875 764.94 95
8.625 764.94 101,200.00
STONE MOUNTAIN GA 30083 1 01/01/97 12
0430145730 05 02/01/97 30
0162857 O 01/01/27
0
1554295 G51/G02 F 197,000.00 ZZ
360 197,000.00 1
8017 MORNINGSIDE DRIVE 8.750 1,549.80 63
8.500 1,549.80 315,000.00
FREDERICK CO 80516 2 02/04/97 00
0430148304 05 04/01/97 0
UNKNOWN O 03/01/27
0
1554326 731/G02 F 496,000.00 ZZ
360 496,000.00 2
131 GALLEON STREET, #A & B 8.250 3,726.28 80
MARINA DEL REY AREA 8.000 3,726.28 620,100.00
CITY OF LOS ANG CA 90292 1 02/06/97 00
0430155234 05 04/01/97 0
1001175 O 03/01/27
0
1554343 934/G02 F 216,000.00 ZZ
360 216,000.00 1
8490 DUNDEE TERRACE 8.500 1,660.86 80
8.250 1,660.86 270,000.00
MIAMI LAKES FL 33016 5 02/12/97 00
0430161026 05 04/01/97 0
71000078 O 03/01/27
0
1554345 737/G02 F 172,000.00 ZZ
360 171,908.47 1
1334 A B C HANCOCK STREET 9.125 1,399.45 80
8.875 1,399.45 215,000.00
TALLAHASSEE FL 32304 1 01/24/97 01
0430146993 05 03/01/97 12
558877 N 02/01/27
0
1554375 E22/G02 F 102,150.00 ZZ
360 102,101.07 4
2302 BARTON VILLAGE CIRCLE 9.625 868.26 90
9.375 868.26 113,500.00
AUSTIN TX 78704 1 01/17/97 10
0410321632 05 03/01/97 25
1
410321632 N 02/01/27
0
1554387 E22/G02 F 49,500.00 ZZ
360 49,476.91 1
1310 LAWYER'S LANE 9.750 425.28 90
9.500 425.28 55,000.00
ABILENE TX 79602 1 01/16/97 04
0410279228 05 03/01/97 25
410279228 N 02/01/27
0
1554399 E22/G02 F 49,850.00 ZZ
360 49,826.74 2
3036-38 GRAND AVE S 9.750 428.29 75
9.500 428.29 66,500.00
MINNEAPOLIS MN 55408 2 01/22/97 00
0410204507 05 03/01/97 0
410204507 N 02/01/27
0
1554402 E22/G02 F 32,600.00 ZZ
360 32,581.72 1
4343 NORTH CLARENDON UNIT #807 8.875 259.38 75
8.625 259.38 43,500.00
CHICAGO IL 60613 1 01/09/97 00
0410206056 06 03/01/97 0
410206056 N 02/01/27
0
1554415 E22/G02 F 198,000.00 ZZ
360 197,902.61 4
411 BURGUNDY STREET 9.500 1,664.89 90
9.250 1,664.89 220,000.00
NEW ORLEANS LA 70112 1 01/22/97 04
0410324727 05 03/01/97 25
410324727 O 02/01/27
0
1554422 E22/G02 F 116,700.00 ZZ
360 116,634.09 1
5947 VIA CUESTA DRIVE 8.875 928.52 60
8.625 928.52 195,000.00
EL PASO TX 79912 2 01/20/97 00
0410324511 05 03/01/97 0
410324511 N 02/01/27
0
1
1554429 E22/G02 F 111,000.00 ZZ
360 110,761.46 1
500 ALBEMARLE STREET 8.250 833.91 72
8.000 833.91 155,000.00
EL CERRITO CA 94530 1 11/18/96 00
0410235881 05 01/01/97 0
410235881 O 12/01/26
0
1554449 514/G02 F 110,000.00 ZZ
360 109,933.37 1
20303 BAUER HOCKLEY ROAD 8.500 845.80 71
8.250 845.80 157,000.00
TOMBALL TX 77375 2 01/17/97 00
0430152736 05 03/01/97 0
359577 O 02/01/27
0
1554460 E22/G02 F 61,200.00 ZZ
360 61,169.10 1
19247 SW 11981 9.375 509.03 90
9.125 509.03 68,050.00
MIAMI FL 33177 1 01/28/97 04
0410338198 05 03/01/97 25
410338198 N 02/01/27
0
1554638 E45/G02 F 70,400.00 ZZ
360 70,355.11 1
714 LEEWARD WAY 8.250 528.89 80
8.000 528.89 88,000.00
PALM HARBOR FL 34685 1 01/27/97 00
0430146753 03 03/01/97 0
32336 O 02/01/27
0
1554647 638/G02 F 59,400.00 ZZ
360 59,400.00 1
335 51ST STREET 9.375 494.06 90
9.125 494.06 66,000.00
SPRINGFIELD OR 97478 1 02/06/97 04
0430159335 05 04/01/97 25
08622213 N 03/01/27
0
1554658 001/G02 F 72,000.00 ZZ
360 72,000.00 3
278 EAST COTTAGE STREET 8.375 547.26 68
8.125 547.26 106,000.00
1
DORCHESTER MA 02125 5 02/27/97 00
0430165100 09 04/01/97 0
1513968 N 03/01/27
0
1554664 638/G02 F 42,050.00 ZZ
360 42,050.00 2
929 EAST 28TH STREET 9.125 342.13 90
8.875 342.13 46,762.00
ERIE PA 16504 1 02/11/97 10
0430153080 05 04/01/97 30
UNKNOWN N 03/01/27
0
1554669 F61/G02 F 184,450.00 ZZ
360 184,450.00 1
6702 SOUTHEAST 28TH STREET 8.750 1,451.07 70
8.500 1,451.07 265,000.00
MERCER ISLAND WA 98040 5 02/10/97 00
0430158089 05 04/01/97 0
970025 O 03/01/27
0
1554688 911/G02 F 92,700.00 ZZ
360 92,700.00 1
1149 NW 126 PLACE 8.500 712.78 80
8.250 712.78 115,900.00
MIAMI FL 33182 1 02/07/97 00
0430152140 09 04/01/97 0
UNKNOWN O 03/01/27
0
1554697 764/G02 F 224,000.00 ZZ
360 224,000.00 1
254 SOUTH GRAMERCY PLACE 8.750 1,762.21 78
8.500 1,762.21 290,000.00
LOS ANGELES CA 90004 2 02/10/97 00
0430155747 05 04/01/97 0
890553 O 03/01/27
0
1554700 874/G02 F 110,000.00 T
360 110,000.00 1
1811 DALTON DRIVE 8.250 826.39 55
8.000 826.39 202,000.00
HENDERSON NV 89014 1 02/06/97 00
0430149450 03 04/01/97 0
3699323 O 03/01/27
0
1
1554709 E22/G02 F 135,200.00 ZZ
360 135,124.21 1
914 YEW STREET 8.875 1,075.71 80
8.625 1,075.71 170,000.00
BELLINGHAM WA 98226 1 01/27/97 00
0410219828 05 03/01/97 0
410219828 O 02/01/27
0
1554723 E22/G02 F 22,500.00 ZZ
360 22,455.02 1
14731 SYRACUSE 10.375 203.72 90
10.125 203.72 25,000.00
TAYLOR MI 48180 1 11/27/96 10
0410164370 05 01/01/97 25
410164370 N 12/01/26
0
1554750 637/G02 F 322,500.00 ZZ
360 322,319.20 1
3111 BEL AIR DRIVE #19A 8.875 2,565.96 75
8.625 2,565.96 430,000.00
LAS VEGAS NV 89109 1 01/17/97 00
0430141879 06 03/01/97 0
9410960 O 02/01/27
0
1554761 B90/G02 F 400,000.00 ZZ
360 400,000.00 1
2187 CARRINGTON CHASE 8.500 3,075.65 89
8.250 3,075.65 450,000.00
ROCKFORD IL 61114 1 02/13/97 10
0430153346 05 04/01/97 25
NA O 03/01/27
0
1554765 731/G02 F 100,800.00 ZZ
360 100,742.01 1
3530 PIEDMONT ROAD UNIT 4-H 8.750 792.99 90
8.500 792.99 112,000.00
ATLANTA GA 30305 1 01/29/97 01
0430145540 06 03/01/97 25
3140663327 N 02/01/27
0
1554771 B68/G02 F 435,000.00 ZZ
360 435,000.00 1
1
17755 ALONZO PLACE 8.625 3,383.39 78
ENCINO AREA 8.375 3,383.39 560,000.00
LOS ANGELES CA 91316 5 02/07/97 00
0430152306 05 04/01/97 0
040262 O 03/01/27
0
1554772 A78/G02 F 30,000.00 ZZ
360 30,000.00 1
1312 50TH AVENUE COURT 8.875 238.70 22
8.625 238.70 137,115.00
GREELEY CO 80634 1 02/07/97 00
0430162537 05 04/01/97 0
NONE N 03/01/27
0
1554812 E22/G02 F 62,400.00 T
360 62,364.10 1
1924 GRIFFIN AVENUE 8.750 490.90 80
8.500 490.90 78,000.00
LADY LAKE FL 32159 1 01/24/97 95
0410253025 05 03/01/97 0
410253025 O 02/01/27
0
1554823 757/757 F 93,000.00 ZZ
360 92,946.49 1
5756 ATLANTA HIGHWAY 8.750 731.64 68
8.500 731.64 138,000.00
FLOWERY BRANCH GA 30542 5 01/27/97 00
2879781 05 03/01/97 0
2879781 O 02/01/27
0
1554826 E45/G02 F 60,000.00 ZZ
360 59,967.23 1
RT 6 BOX 1077 9.000 482.77 64
8.750 482.77 95,000.00
LAKE CITY FL 32024 1 01/29/97 00
0430148510 05 03/01/97 0
UNKNOWN O 02/01/27
0
1554861 526/G02 F 400,000.00 ZZ
360 399,757.67 1
7480 HUMMINGBIRD CIRCLE 8.500 3,075.66 56
8.250 3,075.66 725,000.00
ANAHEIM CA 92808 5 01/08/97 00
0430141945 05 03/01/97 0
1
164028 O 02/01/27
0
1554869 526/G02 F 42,300.00 ZZ
360 42,276.89 2
110 TINDLE AVENUE 9.000 340.36 90
8.750 340.36 47,000.00
WEST SENECA NY 14224 1 01/17/97 12
0430150813 05 03/01/97 25
00160594 N 02/01/27
0
1554876 G80/G80 F 54,000.00 ZZ
360 53,972.73 1
14012 GATEWAY DRIVE 9.375 449.15 90
9.125 449.15 60,000.00
EDMOND OK 73013 1 01/08/97 04
803095200 05 03/01/97 25
803095200 N 02/01/27
0
1554884 B75/G02 F 68,000.00 ZZ
360 67,962.86 1
715 717 SW 7 STREET 9.000 547.14 80
8.750 547.14 85,000.00
HALLANDALE FL 33009 1 01/27/97 04
0430145094 05 03/01/97 12
2921534 N 02/01/27
0
1554896 896/G02 F 24,000.00 ZZ
360 24,000.00 1
2407 AMSTERDAM DRIVE 9.750 206.20 90
9.500 206.20 26,950.00
AUGUSTA GA 30906 1 02/13/97 01
0430153429 05 04/01/97 25
UNKNOWN N 03/01/27
0
1554897 737/G02 F 54,000.00 ZZ
360 53,972.01 1
614 HAMLIN PARK 9.250 444.24 90
9.000 444.24 60,000.00
CHAPEL HILL NC 27514 1 01/29/97 01
0430146316 09 03/01/97 25
559038 N 02/01/27
0
1
1554907 405/405 F 59,500.00 ZZ
360 59,467.49 1
34A ROBIN ROAD 9.000 478.76 70
8.750 478.76 85,000.00
CARPENTERSVILLE IL 60110 2 01/10/97 00
4102000 05 03/01/97 0
4102000 N 02/01/27
0
1554912 561/G02 F 31,500.00 ZZ
360 31,484.51 1
226 S GREEN STREET 9.500 264.87 90
9.250 264.87 35,000.00
BROWNSBURG IN 46112 1 01/20/97 10
0430143446 05 03/01/97 30
8925596 N 02/01/27
0
1554916 561/G02 F 135,000.00 ZZ
360 134,928.15 3
356-58 LONGWOOD AVENUE 9.125 1,098.41 90
8.875 1,098.41 150,000.00
BOUNDBROOK NJ 08805 1 01/24/97 04
0430145185 05 03/01/97 25
8950800 N 02/01/27
0
1554919 A38/G02 F 49,500.00 ZZ
360 49,500.00 1
280-F PATRIOT LANE 8.250 371.88 90
8.000 371.88 55,000.00
WILLIAMSBURG VA 23185 1 02/14/97 12
0430162891 01 04/01/97 25
3310002 O 03/01/27
0
1554920 180/G02 F 77,400.00 ZZ
360 77,400.00 1
129 EAST 100 SOUTH 8.875 615.83 90
8.625 615.83 86,000.00
PRESTON ID 83263 1 02/12/97 10
0430158808 05 04/01/97 25
4744686 N 03/01/27
0
1554923 575/G02 F 122,250.00 ZZ
360 122,167.97 1
9 EBB TIDE LANDING 8.000 897.03 75
7.750 897.03 163,000.00
1
POQUOSON VA 23662 1 01/29/97 00
0430142026 05 03/01/97 0
962216232 O 02/01/27
0
1554939 562/562 F 85,000.00 ZZ
360 84,954.76 1
11-13 STERLING PLACE, UNIT 5G 9.125 691.59 90
8.875 691.59 94,500.00
BROOKLYN NY 11217 1 01/31/97 04
529644 08 03/01/97 25
529644 N 02/01/27
0
1554948 B26/G02 F 210,000.00 ZZ
360 210,000.00 2
151-33 22ND AVENUE 8.500 1,614.72 69
8.250 1,614.72 305,000.00
WHITESTONE NY 11357 5 02/14/97 00
0430154799 05 04/01/97 0
131101177OR O 03/01/27
0
1554951 696/G02 F 58,950.00 ZZ
360 58,867.56 1
8364 POPLAR MILL ROAD #K 8.500 453.27 55
8.250 453.27 108,960.00
BALTIMORE MD 21236 1 01/29/97 00
0430141606 01 03/01/97 0
3014916 O 02/01/27
0
1554952 664/G02 F 84,000.00 ZZ
360 83,952.90 1
17907 TIARA STREET 8.875 668.35 70
8.625 668.35 120,000.00
ENCINO AREA CA 91316 5 01/23/97 00
0430147322 03 03/01/97 0
2181451 N 02/01/27
0
1554962 626/G02 F 188,400.00 ZZ
360 188,285.86 1
4210 SOUTHWEST 28TH COURT 8.500 1,448.64 79
8.250 1,448.64 240,000.00
GRESHAM OR 97080 1 01/13/97 00
0430145375 05 03/01/97 0
6694186 O 02/01/27
0
1
1554982 E22/G02 F 107,650.00 ZZ
360 107,592.71 1
1966 LAUREL AVE. 9.125 875.88 90
8.875 875.88 119,665.00
ST. PAUL MN 55104 1 01/24/97 04
0410207799 05 03/01/97 25
410207799 N 02/01/27
0
1554985 E22/G02 F 105,600.00 ZZ
360 105,534.36 1
4715 TAMWORTH ROAD 8.375 802.64 80
8.125 802.64 132,000.00
SYLVANIA OH 43560 1 01/24/97 00
0410279103 05 03/01/97 0
410279103 O 02/01/27
0
1554991 E22/G02 F 54,000.00 ZZ
360 53,973.43 1
21006 LA SALLE 9.500 454.07 90
9.250 454.07 60,000.00
WARREN MI 48089 1 01/23/97 04
0410343792 05 03/01/97 25
410343792 N 02/01/27
0
1555006 766/G02 F 36,000.00 ZZ
360 35,981.34 1
10843 NW 7 STREET, #14-11 9.250 296.16 48
9.000 296.16 76,000.00
MIAMI FL 33172 1 01/23/97 00
0430143941 01 03/01/97 0
970Z0011 O 02/01/27
0
1555022 526/G02 F 36,720.00 ZZ
360 36,699.40 1
1639 RIVERS EDGE DRIVE 8.875 292.17 80
8.625 292.17 45,900.00
ORLANDO FL 32825 1 01/08/97 95
0430152835 03 03/01/97 0
162642 N 02/01/27
0
1555023 369/G02 F 78,750.00 ZZ
360 78,706.98 1
1
5126 NORTH 82ND STREET 9.000 633.65 90
8.750 633.65 87,500.00
SCOTTSDALE AZ 85250 1 01/10/97 01
0430143982 07 03/01/97 25
0049681315 O 02/01/27
0
1555025 369/G02 F 110,400.00 ZZ
360 110,101.69 1
3737 ELIZABETH DRIVE 9.125 898.26 80
8.875 898.26 138,000.00
CARROLLTON TX 75007 1 09/25/96 00
0430163360 05 11/01/96 0
0061064597 O 10/01/26
0
1555026 526/G02 F 81,000.00 ZZ
360 80,955.75 2
133 EAST WALNUT PARK DRIVE 9.000 651.75 90
8.750 651.75 90,000.00
PHILADELPHIA PA 19120 1 01/13/97 04
0430154146 05 03/01/97 25
157283 N 02/01/27
0
1555027 369/G02 F 55,200.00 ZZ
360 55,167.41 1
1721 EAST CROSS AVENUE 8.625 429.34 80
8.375 429.34 69,000.00
TULARE CA 93274 1 01/13/97 01
0430143917 05 03/01/97 12
UNKNOWN N 02/01/27
0
1555028 526/G02 F 33,300.00 ZZ
360 33,264.42 4
2919 NEBRASKA AVENUE 9.125 270.94 90
8.875 270.94 37,000.00
ST. LOUIS MO 63118 1 01/01/97 10
0430145680 05 02/01/97 25
00162585 N 01/01/27
0
1555029 369/G02 F 78,990.00 ZZ
360 78,939.63 1
10702 PAWLEY DRIVE 8.250 593.43 80
8.000 593.43 98,900.00
HOUSTON TX 77065 1 01/10/97 00
0430143974 03 03/01/97 0
1
60441763 O 02/01/27
0
1555031 369/G02 F 143,100.00 ZZ
360 143,017.67 1
432 434 436 5TH STREET 8.750 1,125.77 90
8.500 1,125.77 159,000.00
COLUSA CA 95932 1 01/15/97 01
0430149914 05 03/01/97 25
UNKNOWN O 02/01/27
0
1555032 369/G02 F 80,500.00 ZZ
360 80,459.35 1
312 GOFORTH DRIVE 9.375 669.56 55
9.125 669.56 148,000.00
HAVRE DE GRACE MD 21078 5 01/22/97 00
0430145342 05 03/01/97 0
0060311735 O 02/01/27
0
1555034 526/G02 F 30,400.00 ZZ
360 30,383.39 1
802 ALICE 9.000 244.61 89
8.750 244.61 34,500.00
AUGUSTA KS 67010 1 01/10/97 12
0430145706 05 03/01/97 20
0163387 N 02/01/27
0
1555035 253/253 F 23,250.00 ZZ
360 23,235.17 1
3600 JEANETTA #201 8.250 174.67 95
8.000 174.67 24,500.00
HOUSTON TX 77063 1 01/17/97 12
324498 01 03/01/97 30
324498 O 02/01/27
0
1555036 369/G02 F 108,000.00 ZZ
360 107,937.86 1
2016 WELLS DRIVE 8.750 849.64 80
8.500 849.64 135,000.00
COLUMBUS GA 31906 2 01/14/97 00
0430144022 05 03/01/97 0
0060354123 O 02/01/27
0
1
1555052 731/G02 F 357,150.00 ZZ
360 357,150.00 1
2619 CRESCENT COURT 8.000 2,620.64 80
7.750 2,620.64 450,000.00
LIVERMORE CA 94550 5 02/10/97 00
0430155242 05 04/01/97 0
114453452 O 03/01/27
0
1555060 180/G02 F 77,400.00 ZZ
360 77,354.30 1
20 WHITE ASPEN COURT 8.625 602.01 90
8.375 602.01 86,000.00
LITTLE ROCK AK 72212 1 01/22/97 04
0430164590 05 03/01/97 25
4723375 N 02/01/27
0
1555070 G80/G80 F 89,000.00 ZZ
360 88,953.85 2
1246 1248 81ST AVENUE 9.250 732.19 75
9.000 732.19 119,000.00
OAKLAND CA 94621 2 01/07/97 00
803434800 05 03/01/97 0
803434800 O 02/01/27
0
1555075 737/G02 F 94,500.00 ZZ
360 94,452.28 1
2930 DARA DRIVE 9.375 786.00 75
9.125 786.00 126,000.00
MARIETTA GA 30066 5 01/24/97 00
0430145243 05 03/01/97 0
559130 O 02/01/27
0
1555080 B28/G02 F 150,000.00 ZZ
360 149,703.18 1
1577 TURNER ROAD 9.000 1,206.94 60
8.750 1,206.94 250,000.00
COLORADO SPRING CO 80920 5 11/27/96 00
0430148007 05 01/01/97 0
05969725 O 12/01/26
0
1555092 253/253 F 120,000.00 ZZ
360 119,939.40 3
148 CENTRAL AVENUE 9.375 998.10 80
9.125 998.10 150,000.00
1
HYDE PARK MA 02136 1 01/28/97 01
325687 05 03/01/97 12
325687 N 02/01/27
0
1555095 253/253 F 68,950.00 ZZ
360 68,910.33 1
3212 PLUMSTEAD DRIVE 8.750 542.43 81
8.500 542.43 86,000.00
DALLAS TX 75228 2 01/28/97 04
325007 05 03/01/97 20
325007 N 02/01/27
0
1555097 737/G02 F 57,600.00 ZZ
360 57,565.11 1
8786 CHASE DRIVE, #24 8.500 442.89 80
8.250 442.89 72,000.00
ARVADA CO 80003 1 01/27/97 00
0430144212 01 03/01/97 0
573077 O 02/01/27
0
1555103 253/253 F 104,541.00 ZZ
360 104,407.20 1
3030 33RD STREE 8.250 785.39 75
8.000 785.39 139,388.00
SAN DIEGO CA 92104 1 12/13/96 00
324253 05 02/01/97 0
324253 N 01/01/27
0
1555107 F30/G02 F 76,500.00 ZZ
360 76,459.29 1
4225 SOUTH 2835 WEST 9.125 622.43 90
8.875 622.43 85,000.00
WEST VALLEY CIT UT 84119 1 01/28/97 01
0430143461 05 03/01/97 25
10245 N 02/01/27
0
1555108 590/G02 F 248,000.00 ZZ
360 248,000.00 1
507 BIRD ROAD 9.000 1,995.46 70
8.750 1,995.46 355,000.00
CORAL GABLES FL 33134 1 02/19/97 00
0430164798 05 04/01/97 0
0501016185 N 03/01/27
0
1
1555113 731/G02 F 48,200.00 ZZ
360 48,172.98 1
306 WEST SOUTH FIRST STREET 8.875 383.50 65
8.625 383.50 74,200.00
GRANGEVILLE ID 83530 5 01/22/97 00
0430147272 05 03/01/97 0
242533153 N 02/01/27
0
1555114 664/G02 F 53,250.00 ZZ
360 53,220.91 1
16701 ELM STREET 9.000 428.47 75
8.750 428.47 71,000.00
HESPERIA CA 92345 2 01/23/97 00
0430146340 05 03/01/97 0
2182046 N 02/01/27
0
1555129 E22/G02 F 40,000.00 ZZ
360 39,980.33 1
1255 N STATE STREET UNIT #7F 9.500 336.34 89
9.250 336.34 45,000.00
CHICAGO IL 60610 1 01/27/97 04
0410207963 06 03/01/97 25
410207963 N 02/01/27
0
1555132 E08/G02 F 72,900.00 ZZ
360 72,900.00 1
1050 NW 99 AVENUE, UNIT 77 8.875 580.03 90
8.625 580.03 81,000.00
PEMBROKE PINES FL 33024 1 02/18/97 01
0430153973 01 04/01/97 25
UNKNOWN N 03/01/27
0
1555134 E22/G02 F 73,050.00 ZZ
360 73,014.07 1
4616 HAVERHILL LANE 9.500 614.24 90
9.250 614.24 81,205.00
SACHSE TX 75048 1 01/24/97 01
0410312367 05 03/01/97 25
410312367 N 02/01/27
0
1555136 E22/G02 F 112,500.00 ZZ
360 112,447.51 4
1
8205 SAM RAYBURN DRIVE 9.750 966.55 90
9.500 966.55 125,000.00
AUSTIN TX 78753 1 01/22/97 23
0410321079 05 03/01/97 0
410321079 O 02/01/27
0
1555139 E22/G02 F 76,500.00 ZZ
360 76,464.31 1
10610 N PENN DRIVE 9.750 657.25 90
9.500 657.25 85,000.00
INDIANAPOLIS IN 46280 1 01/27/97 04
0410343982 05 03/01/97 25
410343982 N 02/01/27
0
1555142 E22/G02 F 33,300.00 ZZ
360 33,284.87 1
3704 EAST 50TH STREET 9.875 289.16 90
9.625 289.16 37,000.00
CLEVELAND OH 44105 1 01/23/97 04
0410343586 05 03/01/97 25
410343586 N 02/01/27
0
1555147 253/253 F 122,400.00 ZZ
360 122,327.73 1
2603 SIMONDALE DRIVE 8.625 952.02 80
8.375 952.02 153,000.00
FORT WORTH TX 76109 1 01/28/97 00
325283 05 03/01/97 0
325283 O 02/01/27
0
1555148 253/253 F 69,200.00 ZZ
360 69,160.18 1
3211 ROSEBANK DRIVE 8.750 544.40 82
8.500 544.40 85,000.00
DALLAS TX 75228 2 01/28/97 04
324989 05 03/01/97 20
324989 N 02/01/27
0
1555149 286/286 F 45,000.00 ZZ
360 44,974.76 1
22 WYNDHAM COURT 8.875 358.05 48
8.625 358.05 94,000.00
DOWNINGTON PA 19335 5 01/24/97 00
8579713 03 03/01/97 0
1
8579713 N 02/01/27
0
1555152 526/G02 F 29,250.00 ZZ
360 29,218.74 2
3525 SMART AVENUE 9.125 237.99 90
8.875 237.99 32,500.00
KANSAS CITY MO 64124 1 01/01/97 10
0430146480 05 02/01/97 25
0163698 N 01/01/27
0
1555153 E22/G02 F 60,000.00 ZZ
360 59,966.36 1
1315 WEST DUNDEE STREET 8.875 477.39 36
8.625 477.39 168,000.00
BOISE ID 83706 5 01/27/97 00
0410219711 05 03/01/97 0
410219711 O 02/01/27
0
1555154 E22/G02 F 64,400.00 ZZ
360 64,365.73 1
21815 STATE ROAD 23 9.125 523.98 70
8.875 523.98 92,000.00
SOUTH BEND IN 46614 5 01/27/97 00
0410167605 05 03/01/97 0
410167605 N 02/01/27
0
1555155 E22/G02 F 28,000.00 ZZ
360 27,952.43 1
18961 BILTMORE 9.625 238.00 80
9.375 238.00 35,000.00
DETROIT MI 48235 1 11/01/96 04
0410160402 05 01/01/97 25
410160402 N 12/01/26
0
1555156 E22/G02 F 40,800.00 ZZ
360 40,657.15 1
27241 ACADEMY 9.625 346.80 80
9.375 346.80 51,000.00
ROSEVILLE MI 48066 1 09/12/96 10
0410161962 05 11/01/96 12
410161962 N 10/01/26
0
1
1555161 E22/G02 F 46,300.00 ZZ
360 46,269.71 1
314 LUTZ AVENUE 8.125 343.78 80
7.875 343.78 57,900.00
MOORESVILLE NC 28115 1 01/31/97 04
0410350011 05 03/01/97 12
410350011 N 02/01/27
0
1555164 E22/G02 F 88,000.00 ZZ
360 87,948.05 1
3335 S.W. 63RD AVENUE 8.625 684.45 80
8.375 684.45 110,000.00
MIAMI FL 33155 1 01/31/97 00
0410339873 05 03/01/97 0
410339873 O 02/01/27
0
1555169 003/G02 F 54,450.00 ZZ
360 54,421.02 1
981 TIMBERVALE LANE 9.125 443.03 90
8.875 443.03 60,519.00
LITHONIA GA 30058 1 01/10/97 10
0430153890 05 03/01/97 25
3775814 N 02/01/27
0
1555172 957/G02 F 106,850.00 ZZ
360 106,790.09 4
3951 PORTLAND STREET 8.875 850.15 75
8.625 850.15 142,500.00
IRVING TX 75038 1 01/24/97 00
0430145037 05 03/01/97 0
184977 N 02/01/27
0
1555174 561/G02 F 240,000.00 ZZ
360 239,861.91 1
2021 CREEK ROAD 8.750 1,888.09 60
8.500 1,888.09 400,000.00
SOUTHERN SHORES NC 27949 2 01/21/97 00
0430145169 03 03/01/97 0
8855918 O 02/01/27
0
1555181 E22/G02 F 100,000.00 ZZ
360 99,929.42 1
62 LARCH COURT 7.750 716.41 73
7.500 716.41 138,000.00
1
SCHAUMBURG IL 60193 2 01/28/97 00
0410204739 01 03/01/97 0
410204739 O 02/01/27
0
1555183 E22/G02 F 215,400.00 ZZ
360 215,285.37 1
60 NORTH AVERY COURT 9.125 1,752.57 80
8.875 1,752.57 269,255.00
PALATINE IL 60067 1 01/27/97 00
0410280010 09 03/01/97 0
410280010 O 02/01/27
0
1555186 E22/G02 F 127,500.00 ZZ
360 127,363.79 1
2 BIRKDALE COURT 9.125 1,037.39 75
8.875 1,037.39 170,559.00
LAKE IN THE HIL IL 60102 1 12/31/96 00
0410279038 03 02/01/97 0
410279038 O 01/01/27
0
1555196 907/907 F 144,500.00 ZZ
360 144,500.00 1
514 KENWOOD PLACE 8.625 1,123.91 85
8.250 1,123.91 170,000.00
TEANECK NJ 07666 5 02/12/97 01
10001300 05 04/01/97 17
10001300 O 03/01/27
0
1555198 E67/G02 F 96,000.00 ZZ
360 95,940.33 1
3850 NW ARROWHEAD LANE 8.375 729.67 67
8.125 729.67 145,000.00
REDMOND OR 97756 2 01/15/97 00
0430142398 05 03/01/97 0
6077 O 02/01/27
0
1555201 862/G02 F 84,500.00 ZZ
360 84,451.38 1
2806 WEST LANTANA STREET 8.750 664.77 68
8.500 664.77 125,000.00
COMPTON CA 90220 2 01/23/97 00
0430150110 05 03/01/97 0
4339388 N 02/01/27
0
1
1555202 862/G02 F 121,000.00 ZZ
360 120,924.79 1
424 C.N. PERRY ROAD 8.375 919.69 80
8.125 919.69 152,000.00
CALEXICO CA 92231 4 01/17/97 00
0430155713 05 03/01/97 0
4351227 O 02/01/27
0
1555203 561/G02 F 113,000.00 ZZ
360 112,938.27 1
2102 TESLA DRIVE 9.000 909.23 90
8.750 909.23 125,600.00
COLORADO SPRING CO 80909 1 01/23/97 10
0430145177 05 03/01/97 25
8965022 N 02/01/27
0
1555217 129/G02 F 34,350.00 ZZ
360 34,297.54 1
17 WILDWOOD 9.375 285.71 60
9.125 285.71 58,000.00
ALBANY NH 03818 1 11/15/96 00
0430143602 05 01/01/97 0
3900056239 N 12/01/26
0
1555224 F03/G02 F 92,500.00 ZZ
360 92,500.00 1
374 ROWORTH STREET 8.875 735.98 80
8.625 735.98 116,000.00
CENTRAL CITY CO 80427 5 02/19/97 00
0430162859 05 04/01/97 0
DEN10521 O 03/01/27
0
1555272 964/G02 F 82,500.00 ZZ
360 82,454.94 1
930 WOOD STREET 9.000 663.81 75
8.750 663.81 110,000.00
OAKLAND CA 94607 5 01/13/97 00
0430144162 05 03/01/97 0
21893 O 02/01/27
0
1555277 964/G02 F 127,900.00 ZZ
360 127,818.44 1
1
27526 JASMINE AVENUE 8.250 960.87 80
8.000 960.87 159,900.00
MISSION VIEJO CA 92692 1 01/21/97 00
0430145078 01 03/01/97 0
22093 O 02/01/27
0
1555281 568/G02 F 70,000.00 ZZ
360 69,961.76 1
1921 JOELLA STREET 9.000 563.24 62
8.750 563.24 113,000.00
LAS VEGAS NV 89108 2 01/30/97 00
0430148650 05 03/01/97 0
808293 N 02/01/27
0
1555283 964/G02 F 136,000.00 ZZ
360 135,919.71 1
701 LIBERTY COURT 8.625 1,057.79 80
8.375 1,057.79 170,000.00
ROHNERT PARK CA 94928 2 01/10/97 00
0430147850 05 03/01/97 0
22143 O 02/01/27
0
1555285 E57/G02 F 93,450.00 ZZ
360 93,402.81 2
104-106 NORTH OXFORD AVENUE 9.375 777.27 70
9.125 777.27 133,500.00
LOS ANGELES CA 90004 1 01/27/97 00
0430149542 05 03/01/97 0
90552005214 N 02/01/27
0
1555287 369/G02 F 95,900.00 ZZ
360 95,851.57 4
312 S DORAN ST 9.375 797.65 90
9.125 797.65 106,595.00
MESA AZ 85204 1 01/17/97 01
0430146654 05 03/01/97 25
0060022118 N 02/01/27
0
1555288 526/G02 F 113,400.00 ZZ
360 113,217.57 2
497 OTIS AVENUE 9.125 922.66 63
8.875 922.66 180,000.00
ST. PAUL MN 55104 2 11/11/96 00
0430150466 05 01/01/97 0
1
0156978 N 12/01/26
0
1555292 573/G02 F 85,000.00 ZZ
360 84,945.80 1
7553 KITRIN COURT 8.250 638.58 74
8.000 638.58 115,000.00
LAS VEGAS NV 89117 1 01/31/97 00
0430149856 05 03/01/97 0
111797 O 02/01/27
0
1555294 664/G02 F 290,000.00 ZZ
360 289,824.32 1
29 WEST 430 FORESTVIEW DRIVE N 8.500 2,229.85 73
8.250 2,229.85 400,000.00
WARRENVILLE IL 60555 5 01/27/97 00
0430147298 05 03/01/97 0
2256972 O 02/01/27
0
1555296 664/G02 F 55,800.00 ZZ
360 55,772.55 1
5525 NORTH CAMPBELL AVENUE 9.500 469.20 90
9.250 469.20 62,000.00
PORTLAND OR 97217 1 01/24/97 10
0430147280 05 03/01/97 30
2244135 N 02/01/27
0
1555304 526/G02 F 47,150.00 ZZ
360 47,098.30 1
1184 SAN MARCO DRIVE 9.000 379.38 90
8.750 379.38 52,400.00
LARGO FL 34640 1 01/06/97 04
0430148049 05 02/01/97 25
0163096 N 01/01/27
0
1555305 E26/G02 F 138,500.00 ZZ
360 138,409.40 1
3405 SUNNY VIEW DRIVE 8.125 1,028.36 85
7.875 1,028.36 163,000.00
ALEXANDRIA VA 22309 5 01/27/97 10
0430146027 05 03/01/97 12
450120 O 02/01/27
0
1
1555307 369/G02 F 97,750.00 ZZ
360 97,695.19 1
1440 SCENERY DRIVE 8.875 777.75 84
8.625 777.75 117,000.00
ELIZABETH PA 15037 5 01/23/97 01
0430145961 05 03/01/97 12
0060309853 O 02/01/27
0
1555308 369/G02 F 111,900.00 ZZ
360 111,837.26 1
1750 ST TROPEZ COURT 8.875 890.33 80
8.625 890.33 139,900.00
KISSIMMEE FL 34744 1 01/13/97 00
0430147488 09 03/01/97 0
60295284 O 02/01/27
0
1555312 E22/G02 F 67,100.00 ZZ
360 67,059.35 1
1519 ASHFORD PARKWAY 8.500 515.94 55
8.250 515.94 122,000.00
HOUSTON TX 77077 5 01/28/97 00
0410324578 03 03/01/97 0
410324578 N 02/01/27
0
1555313 E22/G02 F 40,800.00 ZZ
360 40,778.29 1
2618 N.RED CEDAR CIRCLE 9.125 331.96 80
8.875 331.96 51,000.00
THE WOODLANDS TX 77380 1 01/27/97 00
0410279699 03 03/01/97 0
410279699 O 02/01/27
0
1555316 E22/G02 F 73,000.00 ZZ
360 72,956.90 1
9130 W 140TH ST, UNIT #302 8.625 567.79 90
8.375 567.79 81,900.00
ORLAND PARK IL 60462 1 01/31/97 04
0410206288 01 03/01/97 25
410206288 O 02/01/27
0
1555317 E22/G02 F 73,500.00 ZZ
360 73,460.89 1
8323 GAYLORD STREET 9.125 598.02 79
8.875 598.02 94,000.00
1
DENVER CO 80229 2 01/22/97 00
0410321236 05 03/01/97 0
410321236 O 02/01/27
0
1555325 E22/G02 F 105,600.00 ZZ
360 105,540.80 1
517 PHOENIX AVE N.W. 8.875 840.20 80
8.625 840.20 132,000.00
ALBUQUERQUE NM 87107 1 01/29/97 00
0410279624 05 03/01/97 0
410279624 O 02/01/27
0
1555326 E22/G02 F 75,600.00 ZZ
360 75,558.70 2
3420 SILSBY ROAD 9.000 608.30 90
8.750 608.30 84,000.00
CLEVELAND HEIGH OH 44118 1 01/28/97 04
0410310619 05 03/01/97 25
410310619 N 02/01/27
0
1555329 E22/G02 F 36,000.00 ZZ
360 35,982.75 2
567-569 E EXCHANGE ST 9.625 306.00 90
9.375 306.00 40,000.00
AKRON OH 44306 1 01/28/97 04
0410167597 05 03/01/97 25
410167597 N 02/01/27
0
1555332 624/G02 F 99,000.00 ZZ
360 99,000.00 2
2021 & 2023 SOUTH COLORADO AVE 9.250 814.45 90
9.000 814.45 110,100.00
BOISE ID 83706 1 02/07/97 04
0430156760 05 04/01/97 25
60000170053 N 03/01/27
0
1555345 526/G02 F 32,400.00 ZZ
360 32,382.30 1
3610 AVENUE Q 9.000 260.70 80
8.750 260.70 40,500.00
GALVESTON TX 77551 1 01/14/97 12
0430145631 05 03/01/97 12
0163556 N 02/01/27
0
1
1555348 737/G02 F 88,750.00 ZZ
360 88,700.25 1
1491 LAUREL POINTE COVE 8.875 706.13 80
8.625 706.13 110,990.00
LAWRENCEVILLE GA 30243 1 01/29/97 00
0430146779 05 03/01/97 0
559094 O 02/01/27
0
1555349 E22/G02 F 99,450.00 ZZ
360 99,392.79 1
6 COMMODORE DRIVE UNIT # C450 8.750 782.37 65
8.500 782.37 153,000.00
EMERYVILLE CA 94608 5 01/27/97 00
0410279392 01 03/01/97 0
410279392 O 02/01/27
0
1555356 227/G02 F 50,000.00 T
360 49,971.96 1
4201 EAST 94TH AVENUE, #F 8.875 397.83 64
8.625 397.83 79,000.00
DENVER CO 80229 1 01/24/97 00
0430143925 01 03/01/97 0
1690051 O 02/01/27
0
1555359 455/G02 F 124,700.00 ZZ
360 124,628.25 1
4963 THORNWOOD TRACE 8.750 981.02 80
8.500 981.02 155,900.00
ACWORTH GA 30102 1 01/31/97 00
0430146811 05 03/01/97 0
54586 O 02/01/27
0
1555373 638/G02 F 78,050.00 T
360 78,050.00 1
8435 KENTON ROAD 9.375 649.18 70
9.125 649.18 111,500.00
PASADENA MD 21122 1 02/21/97 00
0430164996 05 04/01/97 0
08621383 O 03/01/27
0
1555398 455/G02 F 71,800.00 ZZ
360 71,762.77 3
1
614 EAST LAKE DRIVE 9.250 590.69 85
9.000 590.69 84,500.00
DECATUR GA 30030 1 01/24/97 01
0430147181 05 03/01/97 25
53990 O 02/01/27
0
1555412 129/G02 F 72,000.00 ZZ
360 71,918.98 1
220 CHERRYWOOD DR 8.875 572.86 75
8.625 572.86 96,000.00
WOODSTOCK GA 30188 1 12/30/96 00
0430145045 05 02/01/97 0
3900062393 O 01/01/27
0
1555415 766/G02 F 112,000.00 T
360 111,943.44 1
12000 N BAYSHORE DR #109 9.375 931.56 70
9.125 931.56 160,000.00
NORTH MIAMI FL 33181 1 01/31/97 00
0430155119 01 03/01/97 0
97OZ0014 O 02/01/27
0
1555428 686/G02 F 180,000.00 ZZ
360 179,879.22 1
11001 JADESTONE DRIVE 8.000 1,320.78 77
7.750 1,320.78 235,000.00
BAKERSFIELD CA 93311 2 01/02/97 00
0430151761 05 03/01/97 0
817640493 O 02/01/27
0
1555438 686/G02 F 57,000.00 ZZ
360 56,960.57 1
1075 TRAVIS STREET 7.850 412.31 75
7.600 412.31 76,000.00
MARIETTA GA 30060 5 01/17/97 00
0430150680 05 03/01/97 0
817651979 O 02/01/27
0
1555480 686/G02 F 131,200.00 ZZ
360 131,111.06 1
444 EAST VICTORIA STREET 7.950 958.14 75
7.700 958.14 175,000.00
CARSON CA 90746 5 01/23/97 00
0430151548 05 03/01/97 0
1
818059925 O 02/01/27
0
1555503 686/G02 F 120,000.00 ZZ
360 119,919.48 1
24000 JACARANDA DRIVE 8.000 880.52 73
7.750 880.52 165,000.00
TEHACHAPI CA 93561 5 01/27/97 00
0430151720 05 03/01/97 0
818059941 O 02/01/27
0
1555520 526/G02 F 58,400.00 ZZ
360 58,337.59 2
1102 N UNION 9.125 475.17 90
8.875 475.17 64,900.00
UNION MO 63084 1 12/20/96 10
0430148395 05 02/01/97 25
160955 N 01/01/27
0
1555521 526/G02 F 35,000.00 ZZ
360 34,982.32 1
2921 SOUTH EAST KENTUCKY 9.375 291.12 67
9.125 291.12 52,500.00
TOPEKA KS 66605 1 01/09/97 00
0430148056 05 03/01/97 0
00164142 N 02/01/27
0
1555524 964/G02 F 218,000.00 ZZ
360 217,883.99 1
1051 CRESCENT TERRACE 9.125 1,773.72 50
8.875 1,773.72 440,000.00
MILPITAS CA 95035 2 01/15/97 00
0430145755 05 03/01/97 0
22003 O 02/01/27
0
1555533 E22/G02 F 82,800.00 ZZ
360 82,751.12 1
6926 MAZY LANE 8.625 644.01 90
8.375 644.01 92,000.00
ROWLETT TX 75088 1 01/30/97 04
0410323877 05 03/01/97 25
410323877 N 02/01/27
0
1
1555537 E22/G02 F 64,300.00 ZZ
360 64,268.37 4
8419 RIVERSTONE DRIVE 9.500 540.67 75
9.250 540.67 85,750.00
AUSTIN TX 78724 1 01/23/97 00
0410289201 05 03/01/97 0
410289201 N 02/01/27
0
1555539 E22/G02 F 48,750.00 ZZ
360 48,704.26 1
416 DAWNVIEW AVENUE 9.750 418.84 75
9.500 418.84 65,000.00
DAYTON OH 45431 1 12/30/96 00
0410306575 05 02/01/97 0
410306575 N 01/01/27
0
1555540 E22/G02 F 79,500.00 ZZ
360 79,456.58 1
12066 CULVER BOULEVARD 9.000 639.67 75
8.750 639.67 106,000.00
LOS ANGELES CA 90066 1 01/24/97 00
0410293583 05 03/01/97 0
410293583 N 02/01/27
0
1555546 E22/G02 F 47,100.00 ZZ
360 47,073.59 1
3950 SOUTHPOINTE DR UNIT# 408 8.875 374.75 65
8.625 374.75 72,490.00
ORLANDO FL 32822 1 01/30/97 00
0410348155 01 03/01/97 0
410348155 N 02/01/27
0
1555548 E22/G02 F 83,200.00 ZZ
360 83,200.00 1
110 FAIRVIEW PLACE 8.500 639.74 80
8.250 639.74 104,000.00
GREER SC 29651 1 02/03/97 00
0410348031 05 04/01/97 0
410348031 O 03/01/27
0
1555563 964/G02 F 250,000.00 ZZ
360 249,844.61 1
3203 VALLEY HEART DRIVE 8.375 1,900.18 79
8.125 1,900.18 320,000.00
1
BURBANK CA 91505 5 01/17/97 00
0430147843 05 03/01/97 0
22163 O 02/01/27
0
1555575 964/G02 F 399,000.00 ZZ
360 398,770.44 1
1265 COVINGTON ROAD 8.750 3,138.94 60
8.500 3,138.94 670,000.00
LOS ALTOS CA 94024 1 01/23/97 00
0430145979 05 03/01/97 0
22351 O 02/01/27
0
1555583 964/G02 F 159,200.00 ZZ
360 159,106.01 1
1450 HILLTOP ROAD 8.625 1,238.24 80
8.375 1,238.24 199,000.00
HOLLISTER CA 95023 1 01/24/97 00
0430146662 05 03/01/97 0
22297 O 02/01/27
0
1555594 731/G02 F 144,000.00 ZZ
360 143,919.27 1
12920 AUTUMN LEAVES AVENUE 8.875 1,145.73 75
8.625 1,145.73 192,000.00
SPRING VALLEY L CA 92392 2 01/24/97 00
0430147041 05 03/01/97 0
411510979 N 02/01/27
0
1555602 964/G02 F 315,000.00 ZZ
360 314,818.77 1
4184 CREEKWOOD CT. 8.750 2,478.11 53
8.500 2,478.11 605,000.00
PLEASANTON CA 94566 1 01/17/97 00
0430145920 05 03/01/97 0
2204 O 02/01/27
0
1555606 E26/G02 F 63,000.00 ZZ
360 62,969.01 2
170 MAIN STREET 9.500 529.74 90
9.250 529.74 70,000.00
DALLAS PA 18612 1 01/31/97 10
0430146886 05 03/01/97 30
447421 N 02/01/27
0
1
1555610 E29/G02 F 169,100.00 ZZ
360 169,100.00 1
5654 SOUTH YAMPA STREET 8.250 1,270.39 80
8.000 1,270.39 211,382.00
AURORA CO 80015 1 02/28/97 00
0430166454 03 04/01/97 0
59701006 O 03/01/27
0
1555639 253/253 F 82,800.00 ZZ
360 82,751.12 1
192 BISON DR 8.625 644.01 60
8.375 644.01 138,000.00
BOULDER CO 80302 5 01/27/97 00
325561 05 03/01/97 0
325561 O 02/01/27
0
1555641 253/253 F 33,600.00 ZZ
360 33,580.66 1
903 COTA STREET 8.750 264.34 70
8.500 264.34 48,000.00
SHELTON WA 98584 5 01/28/97 00
325092 05 03/01/97 0
325092 N 02/01/27
0
1555642 253/253 F 90,300.00 ZZ
360 90,249.37 1
6239 ZINNIA ST 8.875 718.47 70
8.625 718.47 129,000.00
ARVADA CO 80004 5 01/31/97 00
325079 05 03/01/97 0
325079 N 02/01/27
0
1555653 498/G02 F 32,850.00 ZZ
360 32,832.53 1
1620 WILLOMORE STREET 9.125 267.27 90
8.875 267.27 36,500.00
GREENSBORO NC 27403 1 01/07/97 01
0430151175 05 03/01/97 25
1469300 N 02/01/27
0
1555654 B68/G02 F 191,000.00 ZZ
360 191,000.00 1
1
1219 EAST MELODY LANE 8.125 1,418.17 68
7.875 1,418.17 283,500.00
FULLERTON CA 92631 1 02/20/97 00
0430164665 05 04/01/97 0
27027044 O 03/01/27
0
1555655 369/G02 F 64,800.00 ZZ
360 64,768.95 2
502 HEBBARD 9.625 550.80 90
9.375 550.80 72,000.00
JOLIET IL 60432 1 01/28/97 01
0430147520 05 03/01/97 25
60377223 N 02/01/27
0
1555661 377/G02 F 63,000.00 ZZ
360 62,967.33 1
639 E 56TH STREET 9.250 518.29 90
9.000 518.29 70,000.00
SAVANNAH GA 31405 1 01/31/97 01
0430150227 05 03/01/97 25
6164669 N 02/01/27
0
1555673 G80/G80 F 60,000.00 ZZ
360 59,966.36 1
220 E SWALLOW ROAD 8.875 477.39 50
8.625 477.39 121,500.00
FORT COLLINS CO 80525 5 01/13/97 00
8033798 05 03/01/97 0
8033798 N 02/01/27
0
1555674 B75/G02 F 113,850.00 ZZ
360 113,787.82 1
324 WEST CENTER STREET 9.000 916.06 90
8.750 916.06 126,500.00
BOUNTIFUL UT 84010 1 01/17/97 01
0430147934 05 03/01/97 25
2926723 N 02/01/27
0
1555679 G80/G80 F 112,500.00 ZZ
360 112,424.51 1
4655 PICUTIS ROAD 8.000 825.49 75
7.750 825.49 150,000.00
EVERGREEN CO 80454 2 01/10/97 00
8032738 05 03/01/97 0
1
8032738 O 02/01/27
0
1555690 766/G02 F 112,000.00 ZZ
360 111,933.88 1
204 SW 105TH PLACE 8.625 871.12 80
8.375 871.12 140,000.00
SWEETWATER FL 33174 1 01/31/97 00
0430147124 05 03/01/97 0
96RC0054 O 02/01/27
0
1555693 E13/G02 F 157,500.00 ZZ
360 157,500.00 1
3059 WARM SPRINGS DRIVE 8.750 1,239.06 75
8.500 1,239.06 210,000.00
SAN JOSE CA 95127 5 02/05/97 00
0430158980 05 04/01/97 0
506159935 O 03/01/27
0
1555743 526/G02 F 84,000.00 ZZ
360 83,952.90 2
144 NICHOLS DRIVE 8.875 668.35 80
8.625 668.35 105,000.00
WATERBURY CT 06708 1 01/23/97 12
0430154237 05 03/01/97 12
161429 N 02/01/27
0
1555744 209/G02 F 104,400.00 ZZ
360 104,338.36 4
3904 7TH STREET NE 8.625 812.02 80
8.375 812.02 130,500.00
WASHINGTON DC 20017 1 01/31/97 04
0430147736 05 03/01/97 12
961703743 N 02/01/27
0
1555749 E22/G02 F 90,000.00 ZZ
360 89,946.87 3
1426 WEST NORA AVENUE UNIT #1 8.625 700.01 79
8.375 700.01 115,000.00
SPOKANE WA 99205 5 01/17/97 00
0410308738 05 03/01/97 0
410308738 O 02/01/27
0
1
1555750 E22/G02 F 123,750.00 ZZ
360 123,750.00 1
7810 44TH AVENUE WEST 8.750 973.54 75
8.500 973.54 165,000.00
MUKILTEO WA 98275 5 01/31/97 00
0410219885 05 04/01/97 0
410219885 O 03/01/27
0
1555751 E22/G02 F 101,000.00 T
360 100,947.64 1
5426 LOMA VISTA LOOP 9.250 830.90 80
9.000 830.90 126,343.00
DAVENPORT FL 33837 1 01/30/97 95
0410340467 03 03/01/97 0
410340467 O 02/01/27
0
1555752 E22/G02 F 90,000.00 ZZ
360 89,942.61 1
17500 S.W. 29TH COURT 8.250 676.14 53
8.000 676.14 172,865.00
MIRAMAR FL 33029 1 02/05/97 00
0410255707 03 03/01/97 0
410255707 O 02/01/27
0
1555758 E22/G02 F 89,600.00 ZZ
360 89,549.77 1
655 GOODWIN AVENUE 8.875 712.90 80
8.625 712.90 112,000.00
NEW SMYRNA BEAC FL 32169 1 02/05/97 00
0410350136 05 03/01/97 0
410350136 O 02/01/27
0
1555763 E22/G02 F 29,600.00 ZZ
360 29,584.66 1
9388 DABNEY DRIVE 9.250 243.51 80
9.000 243.51 37,000.00
DENHAM SPRINGS LA 70726 1 01/31/97 04
0410323844 05 03/01/97 12
410323844 N 02/01/27
0
1555766 E22/G02 F 44,100.00 ZZ
360 44,078.87 1
2206 22ND STREET 9.625 374.85 70
9.375 374.85 63,000.00
1
NORTH CHICAGO IL 60064 5 01/31/97 00
0410206379 05 03/01/97 0
410206379 N 02/01/27
0
1555773 180/G02 F 103,500.00 ZZ
360 103,500.00 1
17109 EAST CASCADE DRIVE 8.750 814.23 75
8.500 814.23 138,000.00
FOUNTAIN HILLS AZ 85268 1 02/13/97 00
0430164756 05 04/01/97 0
4752309 O 03/01/27
0
1555794 G81/G02 F 50,000.00 ZZ
360 50,000.00 1
16300 SW 100 COURT 8.750 393.35 56
8.500 393.35 90,000.00
MIAMI FL 33157 5 02/20/97 00
0430158865 05 04/01/97 0
UNKNOWN N 03/01/27
0
1555800 526/G02 F 48,150.00 ZZ
360 48,125.04 4
818 COTTAGE GROVE AVENUE 9.250 396.12 90
9.000 396.12 53,500.00
SOUTH BEND IN 46616 1 01/21/97 10
0430148023 05 03/01/97 25
00163349 N 02/01/27
0
1555807 758/G02 F 28,000.00 ZZ
360 28,000.00 1
2619 OXFORD STREET 9.250 230.35 80
9.000 230.35 35,000.00
HOUSTON TX 77008 1 02/17/97 04
0430164046 05 04/01/97 12
UNKNOWN N 03/01/27
0
1555820 076/076 F 55,800.00 ZZ
360 55,768.72 2
1780 S TAYLOR 8.875 443.97 90
8.625 443.97 62,000.00
CLEVELAND HEIGH OH 44118 1 01/16/97 12
17069872 05 03/01/97 25
17069872 N 02/01/27
0
1
1555825 076/076 F 566,250.00 ZZ
360 565,888.92 1
66 HEATHER LANE 8.250 4,254.05 75
8.000 4,254.05 755,000.00
ORINDA CA 94563 5 01/16/97 00
6824032 05 03/01/97 0
6824032 O 02/01/27
0
1555828 E38/G02 F 364,000.00 ZZ
360 364,000.00 1
8097 E. BIG COTTONWOOD CANYON 8.500 2,798.85 73
8.250 2,798.85 500,000.00
SALT LAKE CITY UT 84121 2 02/14/97 00
0430154674 05 04/01/97 0
970761 O 03/01/27
0
1555842 526/G02 F 98,925.00 ZZ
360 98,868.08 2
257-259 LAFAYETTE STREET 8.750 778.25 75
8.500 778.25 133,000.00
PAWTUCKET RI 02860 2 01/17/97 00
0430148445 05 03/01/97 0
161437 O 02/01/27
0
1555845 766/G02 F 109,200.00 ZZ
360 109,140.35 2
9295-97 SW 38 STREET 9.000 878.65 65
8.750 878.65 168,000.00
MIAMI FL 33165 5 01/31/97 00
0430147942 05 03/01/97 0
97SG0015 N 02/01/27
0
1555848 A06/G02 F 58,000.00 ZZ
360 57,965.76 1
19155 WOODMONT 8.625 451.12 75
8.375 451.12 78,000.00
HARPER WOODS MI 48225 1 02/06/97 00
0430147553 05 03/01/97 0
9700811 O 02/01/27
0
1555849 766/G02 F 94,500.00 T
360 94,448.38 1
1
10965 SW 56 STREET 9.000 760.37 70
8.750 760.37 136,000.00
MIAMI FL 33165 1 01/31/97 00
0430147918 05 03/01/97 0
96KB004 O 02/01/27
0
1555860 253/253 F 40,300.00 ZZ
360 40,277.40 1
244 S FINDLAY STREET ST 8.875 320.65 90
8.625 320.65 44,782.00
DAYTON OH 45403 1 01/31/97 04
325101 05 03/01/97 25
325101 N 02/01/27
0
1555870 637/G02 F 80,000.00 ZZ
360 79,947.67 1
1953 KNOLLS DRIVE 8.125 594.00 63
7.875 594.00 128,000.00
SANTA ROSA CA 95405 2 01/15/97 00
0430161273 09 03/01/97 0
9518747 O 02/01/27
0
1555873 765/G02 F 411,000.00 T
360 410,786.92 1
340 JOHN MUIR ROAD 9.250 3,381.20 64
9.000 3,381.20 650,000.00
LAKE ARROWHEAD CA 92353 2 01/24/97 00
0430148239 05 03/01/97 0
318806 O 02/01/27
0
1555879 731/G02 F 79,100.00 ZZ
360 79,063.10 1
6528 BUFFINGTON ROAD 9.750 679.59 90
9.500 679.59 87,900.00
UNION CITY GA 30349 1 02/03/97 01
0430147215 05 03/01/97 25
3140963444 N 02/01/27
0
1555885 664/G02 F 100,850.00 ZZ
360 100,850.00 1
13998 S LIVESAY ROAD 9.000 811.47 75
8.750 811.47 134,500.00
OREGON CITY OR 97045 1 01/31/97 00
0430147371 05 04/01/97 0
1
2248201 N 03/01/27
0
1555892 F22/G02 F 100,000.00 ZZ
360 99,949.50 1
134 LEXINGTON AVENUE 9.375 831.75 72
9.125 831.75 140,000.00
HACKENSACK NJ 07601 5 01/20/97 00
0430150698 05 03/01/97 0
R000187 O 02/01/27
0
1555893 A37/G02 F 157,400.00 ZZ
360 157,322.58 1
952 CORTNEY DRIVE 9.500 1,323.50 90
9.250 1,323.50 174,900.00
CARPENTERSVILLE IL 60110 1 01/30/97 04
0430152538 05 03/01/97 25
97W218 O 02/01/27
0
1555895 F22/G02 F 150,000.00 ZZ
360 149,855.69 2
41 PARK PLACE 9.625 1,274.99 63
9.375 1,274.99 240,000.00
PRINCETON NJ 08540 5 12/24/96 00
0430151043 05 02/01/97 0
21000007224744 N 01/01/27
0
1555932 F22/G02 F 90,250.00 ZZ
360 90,204.43 1
110 AVILA COURT 9.375 750.65 70
9.125 750.65 128,950.00
DAVENPORT FL 33837 1 01/27/97 00
0430150730 03 03/01/97 0
68005783 O 02/01/27
0
1555949 E29/G02 F 29,000.00 ZZ
360 29,000.00 1
9360 EAST GIRARD AVENUE 9.375 241.21 65
UNIT 3 9.125 241.21 45,000.00
DENVER CO 80231 1 02/14/97 00
0430164558 01 04/01/97 0
19701082 N 03/01/27
0
1
1555953 776/G02 F 296,000.00 ZZ
360 296,000.00 1
18708 ROSITA STREET 8.500 2,275.98 80
8.250 2,275.98 370,000.00
LOS ANGELES CA 91356 1 02/21/97 00
0430164145 05 04/01/97 0
6141446 O 03/01/27
0
1555956 624/G02 F 61,200.00 ZZ
360 61,200.00 1
256 CALIFORNIA STREET 9.250 503.48 90
9.000 503.48 68,500.00
STERLING CO 80751 1 02/20/97 04
0430164772 05 04/01/97 25
7301247002 N 03/01/27
0
1555978 350/G02 F 151,600.00 T
360 151,600.00 1
290 BIRCHRIDGE DRIVE 8.625 1,179.13 80
8.250 1,179.13 189,500.00
KERNERSVILLE NC 27284 1 02/24/97 10
0430166249 05 04/01/97 12
0051193 O 03/01/27
0
1555981 A80/G02 F 139,200.00 ZZ
360 139,200.00 1
1900 SUNSET HARBOUR DRIVE 8.500 1,070.33 80
1101 8.250 1,070.33 174,000.00
MIAMI BEACH FL 33139 1 02/20/97 00
0430164897 05 04/01/97 0
9715373 O 03/01/27
0
1555997 F22/G02 F 130,000.00 T
360 129,925.21 1
300 SOUTH POINT DRIVE UNIT 909 8.750 1,022.71 64
8.500 1,022.71 204,900.00
MIAMI BEACH FL 33139 1 01/23/97 00
0430150862 06 03/01/97 0
68006029 O 02/01/27
0
1555999 526/G02 F 88,960.00 ZZ
360 88,916.24 4
46-48 JOHN STREET 9.500 748.03 78
9.250 748.03 115,000.00
1
PAWTUCKET RI 02860 1 01/07/97 04
0430150763 05 03/01/97 12
0154553 N 02/01/27
0
1556002 561/G02 F 56,250.00 ZZ
360 56,219.27 1
1645 UINTA STREET 9.000 452.61 90
8.750 452.61 62,500.00
DENVER CO 80220 1 01/28/97 10
0430148544 05 03/01/97 25
8963738 N 02/01/27
0
1556004 405/405 F 50,200.00 ZZ
240 50,119.93 1
8907 LAKESIDE FOREST DRIVE 8.500 435.65 77
8.250 435.65 66,000.00
HOUSTON TX 77088 2 01/31/97 00
4105458 03 03/01/97 0
4105458 O 02/01/17
0
1556006 526/G02 F 63,000.00 ZZ
360 62,967.33 3
403 1/2 WINOLA ROAD 9.250 518.29 90
9.000 518.29 70,000.00
CLARK SUMMIT PA 18411 1 01/23/97 04
0430148593 05 03/01/97 25
0160221 N 02/01/27
0
1556017 526/G02 F 153,000.00 ZZ
360 152,914.22 1
365 COTTAGE CREEK COURT 8.875 1,217.34 71
8.625 1,217.34 216,000.00
MIDWAY UT 84049 2 01/14/97 00
0430157164 03 03/01/97 0
164140 N 02/01/27
0
1556021 405/405 F 136,800.00 ZZ
360 136,725.27 4
613-617 NORTH 25TH STREET 9.000 1,100.73 90
8.750 1,100.73 152,000.00
ALLENTOWN PA 18104 1 01/17/97 04
4107694 05 03/01/97 25
4107694 N 02/01/27
0
1
1556030 F03/G02 F 99,000.00 ZZ
360 99,000.00 1
4545 WEST MONCRIEFF PLACE 9.000 796.58 90
8.750 796.58 110,000.00
DENVER CO 80212 1 02/24/97 04
0430165118 05 04/01/97 25
DEN10564 N 03/01/27
0
1556041 661/661 F 240,000.00 ZZ
360 239,708.19 1
2 CHESTNUT COURT EAST 8.500 1,845.39 79
8.250 1,845.39 304,000.00
BUFFALO GROVE IL 60089 5 12/20/96 00
2729515 05 02/01/97 0
2729515 O 01/01/27
0
1556050 637/G02 F 165,000.00 ZZ
360 164,907.49 1
255 WEST PLACE 8.875 1,312.82 65
8.625 1,312.82 255,000.00
WASHINGTON NJ 07675 1 01/31/97 00
0430148411 05 03/01/97 0
9557851 O 02/01/27
0
1556052 664/G02 F 214,600.00 ZZ
360 214,600.00 1
11010 NE 131ST STREET 8.500 1,650.09 56
8.250 1,650.09 389,000.00
VANCOUVER WA 98662 5 01/27/97 00
0430147819 05 04/01/97 0
2247088 O 03/01/27
0
1556055 664/G02 F 100,000.00 ZZ
360 100,000.00 1
14032 SE BREKKE COURT 8.625 777.79 48
8.375 777.79 210,000.00
MILWAUKIE OR 97222 1 01/29/97 00
0430148072 05 04/01/97 0
2246916 O 03/01/27
0
1556071 144/144 F 100,000.00 ZZ
360 100,000.00 1
1
LOT 2 DONALD DRIVE 8.500 768.91 38
8.250 768.91 267,100.00
NEW ROCHELLE NY 10804 4 02/26/97 00
129463891 05 04/01/97 0
129463891 O 03/01/27
0
1556083 737/G02 F 72,000.00 ZZ
360 71,960.67 1
1432 SOUTH BISCAY WAY 9.000 579.33 90
8.750 579.33 80,000.00
AURORA CO 80121 1 01/31/97 10
0430166181 05 03/01/97 25
573177 N 02/01/27
0
1556090 688/G02 F 52,200.00 ZZ
360 52,170.73 1
3605 MOONLIGHT DRIVE 8.875 415.33 90
8.625 415.33 58,000.00
EL PASO TX 79904 1 01/22/97 04
0430149393 05 03/01/97 25
0043879 N 02/01/27
0
1556114 480/G02 F 66,000.00 ZZ
360 65,967.54 1
6759 W LOUISIANA PLACE 9.500 554.96 55
9.250 554.96 120,000.00
LAKEWOOD CO 80232 5 01/23/97 00
0430149088 05 03/01/97 0
1942481 N 02/01/27
0
1556115 480/G02 F 49,000.00 ZZ
360 48,975.90 1
2930 WETHERBURN COURT 9.500 412.02 69
9.250 412.02 72,000.00
WOODBRIDGE VA 22191 5 01/28/97 00
0430150607 09 03/01/97 0
1898659 N 02/01/27
0
1556116 480/G02 F 132,000.00 ZZ
360 131,924.06 1
170 ORCHARD LANE 8.750 1,038.44 80
8.500 1,038.44 165,000.00
GLENWOOD SPRING CO 81601 1 01/30/97 00
0430156224 09 03/01/97 0
1
1879451 O 02/01/27
0
1556118 480/G02 F 35,000.00 ZZ
360 34,980.37 1
40 EAST NEWNAN ROAD 8.875 278.48 59
8.625 278.48 59,900.00
NEWNAN GA 30263 1 01/27/97 00
0430149476 05 03/01/97 0
2002087 O 02/01/27
0
1556124 F22/G02 F 70,000.00 ZZ
360 69,957.59 1
121-41 192ND STREET 8.500 538.24 56
8.250 538.24 125,000.00
SPRINGFIELD GAR NY 11413 5 01/22/97 00
0430150771 05 03/01/97 0
73058594 N 02/01/27
0
1556125 F22/G02 F 244,800.00 ZZ
360 244,676.38 1
224-44 76TH ROAD 9.375 2,036.12 75
9.125 2,036.12 326,400.00
BAYSIDE NY 11364 1 01/28/97 00
0430152454 05 03/01/97 0
7300058448 O 02/01/27
0
1556138 731/G02 F 700,000.00 ZZ
360 700,000.00 1
14890 MONTALVO ROAD 9.250 5,758.73 70
9.000 5,758.73 1,000,000.00
SARATOGA CA 95070 5 02/20/97 00
0430163857 05 04/01/97 0
114253483 O 03/01/27
0
1556139 964/G02 F 183,750.00 ZZ
360 183,632.83 2
1906 ERNEST AVENUE 8.250 1,380.45 75
8.000 1,380.45 245,000.00
REDONDO BEACH CA 90278 2 01/24/97 00
0430148221 05 03/01/97 0
22354 O 02/01/27
0
1
1556177 964/G02 F 547,900.00 ZZ
360 547,592.84 1
28155 CHRISTOPHER'S LANE 8.875 4,359.34 65
8.625 4,359.34 843,000.00
LOS ALTOS HILLS CA 94022 5 01/27/97 00
0430148452 05 03/01/97 0
21982 O 02/01/27
0
1556187 526/G02 F 20,160.00 ZZ
360 20,149.81 3
7-9 EDGEWOOD STREET 9.375 167.69 89
9.125 167.69 22,660.00
HARTFORD CT 06112 1 01/24/97 04
0430163261 05 03/01/97 25
160701 N 02/01/27
0
1556192 F22/G02 F 240,000.00 ZZ
360 239,868.91 1
6 BUTTONWOOD CIRCLE 9.000 1,931.09 71
8.750 1,931.09 340,000.00
LAFAYETTE HILL PA 19444 5 01/27/97 00
0430151274 05 03/01/97 0
7300058785 O 02/01/27
0
1556195 705/G02 F 60,300.00 ZZ
360 60,300.00 1
21 ARTHUR AVENUE 9.250 496.07 90
9.000 496.07 67,000.00
CLEMENTON NJ 08021 1 02/21/97 10
0430162800 05 04/01/97 25
97300022 N 03/01/27
0
1556199 526/G02 F 63,000.00 ZZ
360 62,966.47 2
2814-2816 WOODLAND AVENUE 9.125 512.59 90
8.875 512.59 70,000.00
DES MOINES IA 50312 1 01/16/97 10
0430153254 05 03/01/97 25
0164098 N 02/01/27
0
1556208 F22/G02 F 84,500.00 ZZ
360 84,451.39 2
104 WHITE MEADOW AVENUE 8.750 664.76 50
8.500 664.76 169,000.00
1
ROCKAWAY NJ 07866 2 01/29/97 00
0430151092 05 03/01/97 0
6100028507 O 02/01/27
0
1556211 E26/G02 F 42,300.00 ZZ
360 42,276.28 1
1959 S DELAWARE STREET 8.875 336.56 90
8.625 336.56 47,000.00
ALLENTOWN PA 18103 1 02/05/97 12
0430154971 07 03/01/97 25
60700103 N 02/01/27
0
1556215 F22/G02 F 199,900.00 ZZ
360 199,686.41 1
76 SKILLMAN ROAD 9.125 1,626.46 80
8.875 1,626.46 249,900.00
MONTGOMERY TOWN NJ 08558 1 12/04/96 00
0430150938 05 02/01/97 0
21000007224041 O 01/01/27
0
1556219 E22/G02 F 16,200.00 ZZ
360 16,193.02 1
1232 GIMBLIN 10.125 143.67 90
9.875 143.67 18,000.00
ST LOUIS MO 63147 1 01/31/97 10
0410343925 05 03/01/97 25
410343925 N 02/01/27
0
1556225 F22/G02 F 171,600.00 ZZ
360 171,515.59 1
115 BARNETT STREET 9.500 1,442.91 80
9.250 1,442.91 214,500.00
BOONTOWN NJ 07005 2 01/30/97 00
0430152462 05 03/01/97 0
7300058870 O 02/01/27
0
1556228 E22/G02 F 34,200.00 ZZ
360 34,183.18 1
3507 STANFORD 9.500 287.57 90
9.250 287.57 38,000.00
HOUSTON TX 77006 1 01/31/97 10
0410324446 07 03/01/97 25
410324446 N 02/01/27
0
1
1556229 E22/G02 F 99,900.00 ZZ
360 99,842.53 1
2301 HILLSIDE LANE 8.750 785.91 90
8.500 785.91 111,000.00
CARROLLTON TX 75006 1 01/31/97 04
0410356075 05 03/01/97 25
410356075 N 02/01/27
0
1556231 E22/G02 F 71,250.00 ZZ
360 71,214.02 1
111 IRVING STREET 9.375 592.62 95
9.125 592.62 75,000.00
PRYOR OK 74361 2 01/28/97 10
0410325005 05 03/01/97 30
410325005 O 02/01/27
0
1556232 E22/G02 F 90,000.00 ZZ
360 89,950.84 1
4133 EAST 48TH PLACE 9.000 724.16 72
8.750 724.16 125,000.00
TULSA OK 74135 1 01/31/97 00
0410320915 05 03/01/97 0
410320915 O 02/01/27
0
1556233 E22/G02 F 28,800.00 ZZ
360 28,785.83 1
1106 DESIRABLE DRIVE 9.500 242.17 90
9.250 242.17 32,000.00
AUSTIN TX 78721 1 01/31/97 10
0410323646 05 03/01/97 25
410323646 N 02/01/27
0
1556234 E22/G02 F 48,750.00 ZZ
360 48,750.00 2
2604 AUDUBON PLACE 9.750 418.84 69
9.500 418.84 71,000.00
AUSTIN TX 78741 1 02/03/97 10
0410323786 05 04/01/97 25
410323786 N 03/01/27
0
1556235 E22/G02 F 54,000.00 ZZ
360 54,000.00 1
1
1816 E 25TH AVE 9.500 454.06 90
9.250 454.06 60,000.00
DENVER CO 80205 1 02/03/97 10
0410321046 05 04/01/97 25
410321046 N 03/01/27
0
1556242 E22/G02 F 32,450.00 ZZ
360 32,432.74 1
64 PINECREEK COURT UNIT# 97 9.125 264.02 90
8.875 264.02 36,100.00
GREENVILLE SC 29615 1 02/07/97 14
0410250187 01 03/01/97 25
410250187 N 02/01/27
0
1556243 E22/G02 F 39,350.00 ZZ
360 39,350.00 1
238 HIBISCUS AVENUE, UNIT #325 8.750 309.57 75
8.500 309.57 52,500.00
LAUDERDALE B.T. FL 33308 1 02/10/97 00
0410349898 01 04/01/97 0
410349898 O 03/01/27
0
1556244 E22/G02 F 18,900.00 ZZ
360 18,900.00 1
851 MAPLE COURT UNIT# 106 9.000 152.07 70
8.750 152.07 27,000.00
DUNEDIN FL 34698 5 02/10/97 00
0410351100 01 04/01/97 0
410351100 N 03/01/27
0
1556247 201/G02 F 80,100.00 ZZ
360 80,058.47 1
4385 HIDDEN MEADOW CIRCLE 9.250 658.97 90
9.000 658.97 89,000.00
SUGAR HILL GA 30518 1 01/31/97 19
0430149724 05 03/01/97 25
503079 N 02/01/27
0
1556255 A33/G02 F 33,750.00 ZZ
360 33,750.00 1
15347 DIXIE 9.250 277.65 90
9.000 277.65 37,500.00
REDFORD MI 48239 1 02/24/97 04
0430164863 05 04/01/97 25
1
HO015036643 N 03/01/27
0
1556258 G80/G80 F 222,000.00 ZZ
360 221,868.94 1
76 SADDLE HORN LAKE 8.625 1,726.69 64
8.375 1,726.69 350,000.00
BAILEY CO 80421 5 01/16/97 00
UNKNOWN 05 03/01/97 0
UNKNOWN O 02/01/27
0
1556260 E45/G02 F 327,000.00 ZZ
360 327,000.00 1
851 SASSAFRASS MNT PARKWAY 8.625 2,543.37 75
8.375 2,543.37 436,000.00
PARKWAY JASPER GA 30143 2 01/31/97 00
0430157305 05 04/01/97 0
UNKNOWN O 03/01/27
0
1556262 286/286 F 39,600.00 ZZ
360 39,578.36 1
2744 LEXINGTON AVE 9.000 318.64 90
8.750 318.64 44,000.00
SPRINGFIELD OH 45505 1 01/17/97 10
8600111 05 03/01/97 25
8600111 N 02/01/27
0
1556272 F30/G02 F 192,000.00 ZZ
360 191,889.54 1
686 NORTH DAYBREAK DRIVE 8.750 1,510.46 80
8.500 1,510.46 240,000.00
ST GEORGE UT 84770 1 01/31/97 00
0430149203 05 03/01/97 0
103231 O 02/01/27
0
1556278 369/G02 F 142,500.00 ZZ
360 142,422.16 1
632 EAST REECEVILLE ROAD 9.000 1,146.59 75
8.750 1,146.59 190,000.00
W BRANDYWINE TO PA 19320 5 01/27/97 00
0430149047 05 03/01/97 0
60307758 O 02/01/27
0
1
1556279 369/G02 F 88,750.00 ZZ
360 88,695.52 1
167 SOUTH 27TH AVENUE 8.500 682.41 69
8.250 682.41 128,760.00
CORNELIUS OR 97113 1 01/17/97 00
0430149179 05 03/01/97 0
49403926 O 02/01/27
0
1556281 369/G02 F 92,800.00 ZZ
360 92,747.97 1
170 APRIL WIND EAST 8.875 738.36 73
8.625 738.36 128,000.00
MONTGOMERY TX 77356 1 01/24/97 00
0430149054 03 03/01/97 0
60442399 O 02/01/27
0
1556283 E23/G02 F 88,800.00 ZZ
360 88,800.00 1
1232 NORDAHL ROAD 8.375 674.94 80
8.125 674.94 111,000.00
ESCONDIDO CA 92026 2 02/07/97 04
0430149674 05 04/01/97 12
109702 N 03/01/27
0
1556288 637/G02 F 64,000.00 ZZ
360 63,964.11 1
11629-100TH AVENUE NORTHEAST 8.875 509.22 80
#B-2 8.625 509.22 80,000.00
KIRKLAND WA 98034 2 01/29/97 10
0430149427 01 03/01/97 12
9490715 N 02/01/27
0
1556289 862/G02 F 78,400.00 ZZ
360 78,400.00 1
5021 NORTHEAST GARFIELD AVENUE 9.000 630.83 80
8.750 630.83 98,000.00
PORTLAND OR 97211 1 01/31/97 00
0430154666 05 04/01/97 0
4361697 O 03/01/27
0
1556327 766/G02 F 72,000.00 ZZ
360 72,000.00 1
6935 W 16 DRIVE 8.750 566.42 75
8.500 566.42 96,000.00
1
HIALEAH FL 33014 1 02/06/97 00
0430149039 09 04/01/97 0
97OZ0060 O 03/01/27
0
1556331 757/757 F 138,150.00 ZZ
360 138,083.81 4
56-62 CABOOSE COURT 9.625 1,174.27 90
9.375 1,174.27 153,500.00
LAWRENCEVILLE GA 30244 1 01/31/97 01
2879765 05 03/01/97 25
2879765 N 02/01/27
0
1556332 F34/G02 F 72,000.00 ZZ
360 72,000.00 1
7643 BILTMORE BLVD 8.250 540.92 71
8.000 540.92 102,000.00
MIRAMAR FL 33023 2 02/03/97 00
0430149302 05 04/01/97 0
9760004 O 03/01/27
0
1556412 526/G02 F 130,500.00 ZZ
360 130,428.71 2
5303 ROOSEVELT AVENUE 9.000 1,050.04 90
8.750 1,050.04 145,000.00
AUSTIN TX 78756 1 01/06/97 10
0430151167 05 03/01/97 25
00138722 N 02/01/27
0
1556423 896/G02 F 102,400.00 ZZ
360 102,400.00 1
RT 5 BOX 163 P 8.500 787.37 80
8.250 787.37 128,000.00
ELLIJAY GA 30540 1 02/21/97 00
0430159533 05 04/01/97 0
UNKNOWN O 03/01/27
0
1556425 526/G02 F 49,500.00 ZZ
360 49,472.24 1
1507 S. STRATTON STREET 8.875 393.85 90
8.625 393.85 55,000.00
DECATUR TX 76234 1 01/06/97 04
0430149617 05 03/01/97 25
160736 N 02/01/27
0
1
1556426 E22/G02 F 135,000.00 ZZ
360 135,000.00 1
4440 ZIG ZAG LANE 9.250 1,110.61 49
9.000 1,110.61 280,000.00
PLACERVILLE CA 95667 5 01/31/97 00
0410215420 05 04/01/97 0
410215420 O 03/01/27
0
1556429 E22/G02 F 46,800.00 ZZ
360 46,800.00 1
913-B HEARTHRIDGE COURT 9.500 393.52 90
9.250 393.52 52,000.00
RALEIGH NC 27609 1 02/11/97 12
0410347819 01 04/01/97 25
410347819 N 03/01/27
0
1556430 E22/G02 F 171,000.00 ZZ
360 171,000.00 1
7055 PRO AM COURT 9.250 1,406.77 53
9.000 1,406.77 325,000.00
NAVARRE FL 32566 2 02/06/97 00
0410347751 05 04/01/97 0
410347751 N 03/01/27
0
1556431 526/G02 F 53,100.00 ZZ
360 53,069.45 2
738 & 740 ROSEWOOD AVENUE 8.750 417.74 90
8.500 417.74 59,000.00
BOERNE TX 78006 1 01/09/97 04
0430156976 05 03/01/97 25
162813 N 02/01/27
0
1556434 E22/G02 F 116,000.00 ZZ
360 116,000.00 1
43 MYRTLE STREET 8.750 912.57 80
8.500 912.57 145,000.00
RUTHERFORD NJ 07070 1 02/10/97 00
0410348056 05 04/01/97 0
410348056 O 03/01/27
0
1556437 E22/G02 F 178,500.00 ZZ
360 178,500.00 3
1
1916 N.E. 7TH STREET 8.625 1,388.35 65
8.375 1,388.35 275,000.00
DEERFIELD BEACH FL 33441 2 02/04/97 00
0410251706 05 04/01/97 0
410251706 O 03/01/27
0
1556440 E22/G02 F 85,500.00 ZZ
360 85,455.67 1
1384 PRINCETON 9.250 703.39 90
9.000 703.39 95,000.00
BERKLEY MI 48072 1 02/04/97 04
0410280366 05 03/01/97 25
410280366 N 02/01/27
0
1556441 E22/G02 F 131,250.00 ZZ
360 131,176.41 1
606 NINTH STREET 8.875 1,044.29 75
8.625 1,044.29 175,000.00
WYANDOTTE MI 48192 2 01/24/97 00
0410167886 05 03/01/97 0
410167886 O 02/01/27
0
1556442 E22/G02 F 88,000.00 ZZ
360 88,000.00 1
9065 W 161ST PLACE 9.250 723.95 80
9.000 723.95 110,000.00
ORLAND HILLS IL 60477 1 02/06/97 04
0410207997 05 04/01/97 12
410207997 N 03/01/27
0
1556451 E22/G02 F 101,700.00 ZZ
360 101,652.55 4
12610 ASHFORD MEADOWS DR. 9.750 873.76 90
9.500 873.76 113,000.00
HOUSTON TX 77082 1 01/27/97 10
0410268635 09 03/01/97 25
410268635 N 02/01/27
0
1556453 E22/G02 F 29,750.00 ZZ
360 29,735.37 2
1614 & 1616 EAST PROSPECT 9.500 250.15 85
9.250 250.15 35,000.00
INDIANAPOLIS IN 46203 2 01/24/97 04
0410279327 05 03/01/97 20
1
410279327 N 02/01/27
0
1556454 E22/G02 F 26,600.00 ZZ
360 26,586.91 1
31852 BAY COURT 9.500 223.67 70
9.250 223.67 38,000.00
WESTLAND MI 48185 5 01/29/97 00
0410168025 05 03/01/97 0
410168025 N 02/01/27
0
1556455 526/G02 F 82,000.00 ZZ
360 81,959.66 4
130 WHEELER AVENUE 9.500 689.51 59
9.250 689.51 140,000.00
CRANSTON RI 02905 5 01/30/97 00
0430156802 05 03/01/97 0
161930 N 02/01/27
0
1556460 369/G02 F 94,400.00 ZZ
360 94,240.06 1
3736-3740 ARISTOTLE AVE 8.875 751.09 80
8.625 751.09 118,000.00
ORLANDO FL 32828 1 11/29/96 23
0430149864 05 01/01/97 0
0060288172 N 12/01/26
0
1556483 967/G02 F 57,400.00 ZZ
360 57,400.00 1
6910 EAST 6TH STREET 9.000 461.85 70
8.750 461.85 82,000.00
SCOTTSDALE AZ 85251 1 02/03/97 00
0430150235 05 04/01/97 0
4171658 N 03/01/27
0
1556504 909/G02 F 162,375.00 ZZ
360 162,375.00 1
11975 WILMINGTON ROAD 8.625 1,262.94 75
8.375 1,262.94 216,500.00
SAN DIEGO CA 92128 1 02/05/97 00
0430154831 03 04/01/97 0
6003696 N 03/01/27
0
1
1556505 B35/G02 F 76,500.00 ZZ
360 76,500.00 1
631 FELTON AVENUE 9.125 622.43 90
8.875 622.43 85,000.00
SHARON HILL PA 19079 1 02/27/97 01
0430164319 05 04/01/97 25
9782010132 N 03/01/27
0
1556511 889/G02 F 192,000.00 ZZ
360 191,892.36 1
1900 HERON STREET 8.875 1,527.64 80
8.625 1,527.64 240,000.00
TRACY CA 95376 1 01/27/97 00
0430150979 05 03/01/97 0
51600512 O 02/01/27
0
1556513 731/G02 F 101,150.00 ZZ
360 101,150.00 1
2732 OWENS AVENUE 9.375 841.31 85
9.125 841.31 119,000.00
MARIETTA GA 30064 1 02/05/97 01
0430152066 05 04/01/97 20
3140663430 N 03/01/27
0
1556522 664/G02 F 148,500.00 ZZ
360 148,500.00 3
3524 SOUTH UNION AVENUE 9.500 1,248.67 90
9.250 1,248.67 165,000.00
CHICAGO IL 60609 1 02/07/97 14
0430149963 05 04/01/97 25
2255743 O 03/01/27
0
1556525 573/G02 F 103,000.00 ZZ
360 103,000.00 1
1012 NEWHILL STREET 8.500 791.99 70
8.250 791.99 149,000.00
GLENDORA CA 91741 1 02/05/97 00
0430150169 05 04/01/97 0
11211 O 03/01/27
0
1556557 E22/G02 F 27,150.00 ZZ
360 27,135.92 1
4443 N TRACY 9.250 223.36 74
9.000 223.36 37,000.00
1
KANSAS CITY MO 64118 2 01/31/97 00
0410324370 05 03/01/97 0
410324370 N 02/01/27
0
1556558 E22/G02 F 36,000.00 ZZ
360 36,000.00 1
4862 N ASHLAND #1-E 9.000 289.66 60
8.750 289.66 60,000.00
CHICAGO IL 60640 1 02/07/97 00
0410321483 01 04/01/97 0
410321483 O 03/01/27
0
1556559 E22/G02 F 368,250.00 ZZ
360 368,038.14 1
16652 S PINE HILL DR 8.750 2,897.02 75
8.500 2,897.02 491,000.00
LOCKPORT IL 60441 1 02/04/97 00
0410206320 05 03/01/97 0
410206320 O 02/01/27
0
1556561 E22/G02 F 28,500.00 ZZ
360 28,485.99 1
3509 STANFORD 9.500 239.64 75
9.250 239.64 38,000.00
HOUSTON TX 77006 1 01/31/97 00
0410324636 07 03/01/97 0
410324636 N 02/01/27
0
1556563 E22/G02 F 27,100.00 ZZ
360 27,085.95 1
4439 N TRACY 9.250 222.95 72
9.000 222.95 38,000.00
KANSAS CITY MO 64118 2 01/31/97 00
0410324362 05 03/01/97 0
410324362 N 02/01/27
0
1556564 E22/G02 F 69,375.00 ZZ
360 69,339.96 1
24654 OLDE ORCHARD 9.375 577.03 75
9.125 577.03 92,500.00
NOVI MI 48375 1 01/30/97 00
0410280333 01 03/01/97 0
410280333 O 02/01/27
0
1
1556565 E22/G02 F 56,250.00 ZZ
360 56,151.48 1
3508 BRIARWOOD DRIVE 9.500 472.98 90
9.250 472.98 62,500.00
FLINT MI 48507 1 12/05/96 04
0410166565 05 02/01/97 25
410166565 N 01/01/27
0
1556566 E22/G02 F 108,000.00 ZZ
360 107,737.13 1
22437 BEACH 9.625 917.99 80
9.375 917.99 135,000.00
ST. CLAIR SHORE MI 48081 1 12/20/96 04
0410306716 05 02/01/97 12
410306716 N 01/01/27
0
1556568 E22/G02 F 35,100.00 ZZ
360 35,084.89 2
221 FITZHUGH 10.125 311.27 90
9.875 311.27 39,000.00
BAY CITY MI 48708 1 01/24/97 04
0410343297 05 03/01/97 25
410343297 N 02/01/27
0
1556570 E22/G02 F 50,350.00 ZZ
360 50,289.04 1
312 HIGHLAND TRACE 8.875 400.61 95
8.625 400.61 53,000.00
HIGHLAND HEIGHT KY 41076 1 01/30/97 04
0410279053 01 03/01/97 30
410279053 O 02/01/27
0
1556573 E22/G02 F 32,300.00 ZZ
360 32,284.52 1
498 HARVEY CT 9.625 274.55 90
9.375 274.55 35,888.00
AKRON OH 44304 1 01/29/97 04
0410307474 05 03/01/97 30
410307474 N 02/01/27
0
1556575 E22/G02 F 152,000.00 ZZ
360 152,000.00 1
1
9529 BRONX PLACE UNIT #220 9.000 1,223.03 90
8.750 1,223.03 169,000.00
SKOKIE IL 60077 1 01/31/97 04
0410342455 01 04/01/97 25
410342455 N 03/01/27
0
1556580 E22/G02 F 187,000.00 ZZ
360 187,000.00 1
16453 OLALEE PLACE 8.500 1,437.87 80
8.250 1,437.87 234,000.00
APPLE VALLEY CA 92307 2 01/29/97 00
0410291967 05 04/01/97 0
410291967 O 03/01/27
0
1556582 E22/G02 F 117,950.00 ZZ
360 117,950.00 1
470 FRONT STREET SOUTH 9.000 949.05 70
8.750 949.05 168,500.00
ISSAQUAH WA 98027 5 01/29/97 00
0410219950 05 04/01/97 0
410219950 N 03/01/27
0
1556583 E22/G02 F 52,500.00 ZZ
360 52,470.57 1
4510 53RD AVENUE NORTH 8.875 417.71 75
8.625 417.71 70,000.00
ST PETERSBURG FL 33714 5 01/31/97 00
0410347736 05 03/01/97 0
410347736 O 02/01/27
0
1556584 E22/G02 F 320,000.00 ZZ
360 319,829.70 1
26 OSPREY LANE 9.125 2,603.63 80
8.875 2,603.63 402,091.00
OCEANPORT NJ 07757 5 01/30/97 00
0410256275 05 03/01/97 0
410256275 O 02/01/27
0
1556585 E22/G02 F 300,750.00 ZZ
360 300,576.97 1
9500 OLD SPRING ROAD 8.750 2,366.00 75
8.500 2,366.00 401,000.00
KENSINGTON MD 20895 5 01/31/97 00
0410348817 05 03/01/97 0
1
410348817 O 02/01/27
0
1556587 E22/G02 F 204,000.00 ZZ
360 203,894.24 1
4304 INTRACOASTAL DRIVE 9.250 1,678.26 37
9.000 1,678.26 560,000.00
HIGHLAND BEACH FL 33487 2 02/06/97 00
0410348791 05 03/01/97 0
410348791 N 02/01/27
0
1556588 E22/G02 F 76,950.00 ZZ
360 76,903.38 1
85 MAYFIELD ROAD 8.500 591.68 90
8.250 591.68 85,500.00
BEDMINSTER TOWN NJ 07921 1 02/05/97 04
0410338925 01 03/01/97 30
410338925 N 02/01/27
0
1556589 E22/G02 F 25,600.00 ZZ
360 25,586.73 1
1210 NORTH DORA AVENUE 9.250 210.60 80
9.000 210.60 32,000.00
TAVARES FL 32778 1 02/06/97 04
0410347652 05 03/01/97 12
410347652 N 02/01/27
0
1556591 E22/G02 F 31,400.00 ZZ
360 31,382.40 1
7309 WESTWIND DRIVE 8.875 249.83 90
8.625 249.83 34,900.00
PORT RICHEY FL 34668 1 02/06/97 04
0410338677 05 03/01/97 30
410338677 N 02/01/27
0
1556592 E22/G02 F 54,800.00 ZZ
360 54,768.47 1
301 SE 23 STREET 8.750 431.11 80
8.500 431.11 68,500.00
FT LAUDERDALE FL 33316 1 02/06/97 00
0410349146 05 03/01/97 0
410349146 O 02/01/27
0
1
1556596 377/377 F 105,300.00 ZZ
360 105,300.00 1
13336 GULF BOULEVARD 9.625 895.04 90
9.375 895.04 117,000.00
MADIERA BEACH FL 33708 1 02/07/97 01
UNKNOWN 08 04/01/97 25
UNKNOWN N 03/01/27
0
1556598 957/G02 F 46,000.00 ZZ
360 45,975.51 1
613 EAST AVENUE F 9.125 374.28 90
8.875 374.28 51,125.00
MIDLOTHIAN TX 76065 1 01/13/97 01
0430151100 05 03/01/97 25
0183037 N 02/01/27
0
1556607 180/G02 F 58,500.00 ZZ
360 58,468.86 1
2008 CARVER AVENUE 9.125 475.98 90
8.875 475.98 65,000.00
NORTH LAS VEGAS NV 89030 1 01/16/97 01
0430153395 05 03/01/97 25
4529202 N 02/01/27
0
1556608 180/G02 F 55,800.00 ZZ
360 55,770.30 1
2009 CARVER AVENUE 9.125 454.01 90
8.875 454.01 62,000.00
NORTH LAS VEGAS NV 89030 1 01/16/97 04
0430149294 05 03/01/97 25
4529186 N 02/01/27
0
1556609 B75/G02 F 93,500.00 ZZ
360 93,446.21 1
407 W 14TH AVENUE 8.750 735.56 80
8.500 735.56 116,900.00
POST FALLS ID 83854 1 01/20/97 00
0430149344 05 03/01/97 0
2862936 O 02/01/27
0
1556610 B75/G02 F 204,000.00 ZZ
360 203,888.57 1
4150 SW 106 TERRACE 9.000 1,641.43 80
8.750 1,641.43 255,000.00
1
DAVIE FL 33328 1 01/17/97 00
0430153734 03 03/01/97 0
2872869 O 02/01/27
0
1556611 405/405 F 92,350.00 ZZ
360 92,292.60 1
605 KENILWORTH 8.375 701.93 80
8.125 701.93 115,450.00
GRAYSLAKE IL 60030 1 01/27/97 00
004106621 05 03/01/97 0
004106621 O 02/01/27
0
1556622 129/G02 F 29,700.00 ZZ
360 29,684.61 1
243 E GIER STREET 9.250 244.33 90
9.000 244.33 33,000.00
LANSING MI 48906 1 01/14/97 10
0430150250 05 03/01/97 25
3817976 N 02/01/27
0
1556686 A38/G02 F 181,600.00 ZZ
360 181,232.00 1
4 STONEGATE PARK COURT 8.000 1,332.52 80
7.750 1,332.52 227,000.00
SPRING TX 77379 4 11/26/96 00
0430155770 05 01/01/97 0
960421 O 12/01/26
0
1556703 624/G02 F 73,500.00 ZZ
360 73,500.00 1
9112 HAZELHURST DRIVE 8.750 578.22 75
8.500 578.22 98,000.00
AUSTIN TX 78729 1 02/25/97 00
0430165415 05 04/01/97 0
82002670063 O 03/01/27
0
1556717 608/G02 F 176,000.00 ZZ
360 176,000.00 1
219 YARMOUTH LANE 9.000 1,416.14 64
8.750 1,416.14 275,000.00
MEDIA PA 19063 5 02/07/97 00
0430150508 05 04/01/97 0
95053 O 03/01/27
0
1
1556719 E22/G02 F 248,000.00 ZZ
360 248,000.00 1
216 LINCOLN AVENUE 9.000 1,995.46 73
8.750 1,995.46 343,000.00
HIGHLAND PARK NJ 08904 2 02/05/97 00
0410348924 05 04/01/97 0
410348924 O 03/01/27
0
1556720 E22/G02 F 120,000.00 ZZ
360 120,000.00 1
8701 MOURNING DOVE ROAD 9.000 965.55 62
8.750 965.55 194,000.00
RALEIGH NC 27615 5 02/07/97 00
0410349716 05 04/01/97 0
410349716 O 03/01/27
0
1556722 E22/G02 F 130,000.00 ZZ
360 130,000.00 1
4527 GOLD MINE ROAD 9.250 1,069.48 71
9.000 1,069.48 185,000.00
MOBILE AL 36619 5 02/07/97 00
0410349062 05 04/01/97 0
410349062 O 03/01/27
0
1556726 E22/G02 F 42,100.00 ZZ
360 42,100.00 1
5721 POOLSIDE DR 8.875 334.97 48
8.625 334.97 88,000.00
RALEIGH NC 27612 2 02/12/97 00
0410240311 09 04/01/97 0
410240311 N 03/01/27
0
1556728 201/G02 F 40,000.00 ZZ
360 39,976.99 1
807 CLOVER PARK DRIVE 8.750 314.68 80
8.500 314.68 50,000.00
ARLINGTON TX 76013 1 01/29/97 04
0430150391 05 03/01/97 12
8800963343 N 02/01/27
0
1556735 E22/G02 F 135,000.00 ZZ
360 135,000.00 4
1
8031-3087 SYCAMORE CIRCLE WEST 9.750 1,159.86 90
9.500 1,159.86 150,000.00
EULESS TX 76040 1 02/03/97 04
0410279012 05 04/01/97 25
410279012 N 03/01/27
0
1556736 E22/G02 F 135,000.00 ZZ
360 135,000.00 4
3072-3078 SYCAMORE CIRCLE WEST 9.750 1,159.86 90
9.500 1,159.86 150,000.00
EULESS TX 76040 1 02/03/97 04
0410278980 05 04/01/97 25
410278980 N 03/01/27
0
1556738 E22/G02 F 135,000.00 ZZ
360 135,000.00 4
3073-3079 SYCAMORE CIRCLE WEST 9.750 1,159.86 90
9.500 1,159.86 150,000.00
EULESS TX 76040 1 02/03/97 10
0410280077 05 04/01/97 25
410280077 N 03/01/27
0
1556743 E22/G02 F 157,500.00 ZZ
360 157,500.00 2
147 A & B ALTO MESA DRIVE 9.250 1,295.71 75
9.000 1,295.71 210,000.00
EL PASO TX 79912 2 02/06/97 00
0410324180 05 04/01/97 0
410324180 N 03/01/27
0
1556744 E22/G02 F 60,000.00 ZZ
360 60,000.00 1
228 E 14TH ST 9.250 493.61 75
9.000 493.61 81,000.00
ANDERSON IN 46016 5 02/03/97 00
0410355945 05 04/01/97 0
410355945 O 03/01/27
0
1556745 201/G02 F 307,550.00 ZZ
360 307,373.05 1
RT. 1, BOX 688S, 8.750 2,419.50 67
N. DILWORTH ROAD 8.500 2,419.50 460,000.00
HARLINGEN TX 78552 5 01/17/97 00
0430150342 05 03/01/97 0
1
455901029 O 02/01/27
0
1556750 129/G02 F 70,000.00 ZZ
360 69,960.76 1
7309 FRITH 8.875 556.95 36
8.625 556.95 195,000.00
ST CLAIR MI 48079 1 01/03/97 00
0430149138 05 03/01/97 0
3800078982 O 02/01/27
0
1556751 E22/G02 F 112,000.00 ZZ
360 112,000.00 1
753 HACIENDA DRIVE 9.000 901.18 80
8.750 901.18 140,000.00
CAMARILLO CA 93012 5 02/05/97 00
0410347363 05 04/01/97 0
410347363 O 03/01/27
0
1556762 E22/G02 F 183,000.00 ZZ
360 183,000.00 1
493 WEST NORTH STREET 8.125 1,358.77 61
7.875 1,358.77 300,000.00
HEALDSBURG CA 95448 2 02/04/97 00
0410305387 05 04/01/97 0
410305387 O 03/01/27
0
1556763 E22/G02 F 300,000.00 ZZ
360 300,000.00 1
2287 COBBLEHILL PLACE 8.375 2,280.22 74
8.125 2,280.22 410,000.00
SAN MATEO CA 94402 5 02/06/97 00
0410346183 05 04/01/97 0
410346183 O 03/01/27
0
1556764 G80/G80 F 120,000.00 ZZ
360 119,919.48 1
5447 STONEMOOR DRIVE 8.000 880.52 54
7.750 880.52 225,000.00
PUEBLO CO 81005 5 01/13/97 00
803449300 05 03/01/97 0
803449300 O 02/01/27
0
1
1556766 A06/G02 F 157,000.00 ZZ
360 157,000.00 1
6775 TAMERLANE 8.750 1,235.12 80
8.500 1,235.12 197,000.00
WEST BLOOMFIELD MI 48322 1 02/12/97 00
0430149187 05 04/01/97 0
1000009700101 O 03/01/27
0
1556767 253/253 F 54,000.00 ZZ
360 54,000.00 1
7640 W GREENWAY BLVD, #4E 8.750 424.82 90
8.500 424.82 60,000.00
DALLAS TX 75209 1 02/06/97 10
325219 01 04/01/97 25
325219 O 03/01/27
0
1556783 E67/G02 F 224,000.00 ZZ
360 224,000.00 1
1638 NW LARCH AVENUE 8.000 1,643.63 80
7.750 1,643.63 280,000.00
REDMOND OR 97756 4 02/10/97 00
0430152389 05 04/01/97 0
6149 O 03/01/27
0
1556795 830/830 F 116,800.00 ZZ
360 116,800.00 1
3552 NEW HAVEN COURT SOUTHEAST 8.500 898.09 80
8.250 898.09 146,000.00
KENTWOOD MI 49512 5 02/10/97 00
529369 05 04/01/97 0
529369 O 03/01/27
0
1556803 731/G02 F 91,800.00 ZZ
360 91,800.00 1
840 NW 98TH AVENUE 8.375 697.75 80
8.125 697.75 115,000.00
PLANTATION FL 33324 2 02/04/97 95
0430154278 03 04/01/97 0
8000247 N 03/01/27
0
1556804 731/G02 F 67,200.00 ZZ
360 67,200.00 1
534 WESTREE LANE 8.375 510.77 80
8.125 510.77 84,000.00
1
PLANTATION FL 33324 2 02/04/97 95
0430154252 09 04/01/97 0
8000246 N 03/01/27
0
1556815 766/G02 F 45,000.00 ZZ
360 45,000.00 1
3723 GURLEY ROAD 9.500 378.38 68
9.250 378.38 67,000.00
JACKSONVILLE FL 32277 1 02/07/97 04
0430154708 05 04/01/97 25
97DA0049 N 03/01/27
0
1556819 766/G02 F 59,250.00 ZZ
360 59,250.00 2
1244 NW 32 STREET 9.000 476.74 75
8.750 476.74 79,000.00
MIAMI FL 33142 1 02/04/97 00
0430166330 05 04/01/97 0
970Z0018 N 03/01/27
0
1556830 369/G02 F 103,100.00 ZZ
360 103,047.93 4
521 TELFORD AVENUE 9.375 857.54 75
9.125 857.54 137,500.00
DAYTON OH 45419 1 01/20/97 00
0430151498 05 03/01/97 0
49851496 N 02/01/27
0
1556832 B75/G02 F 45,000.00 ZZ
360 44,975.42 1
1105 SOUTH FRONT STREET 9.000 362.08 74
8.750 362.08 61,000.00
WILMINGTON NC 28401 5 01/28/97 00
0430150987 05 03/01/97 0
2898625 O 02/01/27
0
1556844 E22/G02 F 130,000.00 ZZ
360 130,000.00 2
65 & 67 CRABTREE LANE 8.750 1,022.71 65
8.500 1,022.71 200,000.00
JACKSON WY 83001 5 02/04/97 00
0410219687 05 04/01/97 0
410219687 N 03/01/27
0
1
1556845 E22/G02 F 64,400.00 ZZ
360 64,400.00 1
2493 CALLE CITA UNIT# 16 8.500 495.18 50
8.250 495.18 131,000.00
CAMARILLO CA 93010 1 01/30/97 00
0410294300 01 04/01/97 0
410294300 N 03/01/27
0
1556850 E22/G02 F 104,000.00 ZZ
360 104,000.00 1
166 ASBURY DRIVE 8.625 808.90 80
8.375 808.90 130,000.00
VACAVILLE CA 95687 1 02/12/97 00
0410277974 05 04/01/97 0
410277974 O 03/01/27
0
1556853 E22/G02 F 35,750.00 ZZ
360 35,750.00 1
1051 NICHOLS DRIVE UNIT# 4 8.875 284.44 37
8.625 284.44 98,000.00
RALEIGH NC 27606 2 02/12/97 00
0410240840 01 04/01/97 0
410240840 N 03/01/27
0
1556856 E22/G02 F 58,100.00 T
360 58,100.00 1
20335 WEST COUNTRY CLUB D 9.250 477.97 70
UNIT #408 9.000 477.97 83,000.00
NORTH MIAMI BEA FL 33180 1 02/12/97 00
0410349534 06 04/01/97 0
410349534 O 03/01/27
0
1556864 E22/G02 F 30,250.00 ZZ
360 30,250.00 1
1110 61ST AVENUE NORTH 9.500 254.36 55
9.250 254.36 55,000.00
ST. PETERSBURG FL 33703 5 02/13/97 00
0410350425 05 04/01/97 0
410350425 N 03/01/27
0
1556865 E22/G02 F 51,300.00 ZZ
360 51,300.00 2
1
212 MERCER STREET 9.250 422.03 90
9.000 422.03 57,000.00
PHILLIPSBURG NJ 08865 1 02/13/97 12
0410348643 05 04/01/97 25
410348643 N 03/01/27
0
1556868 E22/G02 F 31,350.00 ZZ
360 31,350.00 1
5939 MAGNOLIA STREET NORTH 9.500 263.61 55
9.250 263.61 57,000.00
ST. PETERSBURG FL 33703 5 02/13/97 00
0410252076 05 04/01/97 0
410252076 N 03/01/27
0
1556872 129/G02 F 105,750.00 ZZ
360 105,639.93 1
511 MARSHALL ROAD 9.250 869.98 90
9.000 869.98 118,000.00
EAST LANSING MI 48823 1 12/31/96 01
0430149526 05 02/01/97 25
3800017729 N 01/01/27
0
1556873 E22/G02 F 42,000.00 ZZ
360 42,000.00 1
670 DESOTO 9.500 353.16 70
9.250 353.16 60,000.00
YPSILANTI MI 48198 5 02/06/97 00
0410307979 05 04/01/97 0
410307979 N 03/01/27
0
1556874 E22/G02 F 90,000.00 ZZ
360 90,000.00 1
4403 LAPHAM 9.000 724.16 80
8.750 724.16 112,500.00
DEARBORN MI 48126 1 02/06/97 00
0410344212 05 04/01/97 0
410344212 O 03/01/27
0
1556875 E22/G02 F 46,000.00 ZZ
360 46,000.00 1
6620 STEADMAN 9.375 382.60 43
9.125 382.60 109,000.00
DEARBORN MI 48126 5 02/10/97 00
0410345102 05 04/01/97 0
1
410345102 N 03/01/27
0
1556879 E22/G02 F 150,800.00 ZZ
360 150,715.46 1
1418 WILDMINT COURT 8.875 1,199.84 80
8.250 1,199.84 188,538.00
ELGIN IL 60123 1 01/31/97 00
0410202832 03 03/01/97 0
410202832 O 02/01/27
0
1556881 E22/G02 F 96,500.00 ZZ
360 96,500.00 1
3345 W PENSACOLA 8.500 742.00 80
8.250 742.00 122,000.00
CHICAGO IL 60618 2 02/06/97 00
0410207740 05 04/01/97 0
410207740 O 03/01/27
0
1556883 E22/G02 F 135,000.00 ZZ
360 135,000.00 4
3008-3014 SYCAMORE CIRCLE WEST 9.750 1,159.86 90
9.500 1,159.86 150,000.00
EULESS TX 76040 1 02/03/97 01
0410278972 03 04/01/97 25
410278972 N 03/01/27
0
1556884 E22/G02 F 95,250.00 ZZ
360 95,196.60 1
2401 PLEASANT STREET 8.875 757.85 75
8.625 757.85 127,000.00
WEST DES MOINES IA 50266 5 02/03/97 00
0410204986 05 03/01/97 0
410204986 O 02/01/27
0
1556887 E22/G02 F 37,100.00 ZZ
360 37,100.00 1
1401 WENDEL 9.500 311.96 70
9.250 311.96 53,000.00
YPSILANTI MI 48197 5 02/06/97 00
0410307953 05 04/01/97 0
410307953 N 03/01/27
0
1
1556889 E22/G02 F 139,300.00 ZZ
360 139,225.87 1
9106 COURTLEY COURT 9.125 1,133.39 70
8.875 1,133.39 199,000.00
FAIRFAX VA 22031 5 01/23/97 00
0410165146 05 03/01/97 0
410165146 N 02/01/27
0
1556896 369/G02 F 103,100.00 ZZ
360 103,047.93 4
515 TELFORD AVENUE 9.375 857.54 75
9.125 857.54 137,500.00
DAYTON OH 45419 1 01/20/97 00
0430151894 05 03/01/97 0
0049851728 N 02/01/27
0
1556901 560/560 F 77,000.00 ZZ
360 76,959.02 3
399 EAST ROGER ROAD 1 2 3 9.125 626.50 67
8.875 626.50 115,000.00
TUCSON AZ 85710 5 01/24/97 00
450633698 05 03/01/97 0
450633698 N 02/01/27
0
1556904 180/G02 F 108,000.00 ZZ
360 107,944.01 4
808 STATION 9.250 888.49 90
9.000 888.49 120,000.00
CONVERSE TX 78109 1 01/28/97 04
0430160465 05 03/01/97 25
4679304 N 02/01/27
0
1556910 560/560 F 136,000.00 ZZ
360 136,000.00 1
25 ORCHARD TERRACE 8.875 1,082.08 78
8.625 1,082.08 176,000.00
BURLINGTON VT 05401 2 02/07/97 04
450639075 05 04/01/97 12
450639075 N 03/01/27
0
1556938 369/G02 F 94,500.00 ZZ
360 94,442.74 1
10836 POZA RICA COURT 8.500 726.63 90
8.250 726.63 105,000.00
1
EL PASO TX 79935 1 01/29/97 01
0430152702 09 03/01/97 25
60120748 N 02/01/27
0
1556941 560/560 F 175,000.00 ZZ
360 174,901.89 4
618 622 626 630 WILLOW 8.875 1,392.38 70
8.625 1,392.38 250,000.00
WHITELAND IN 46184 5 01/27/97 00
450634225 05 03/01/97 0
450634225 N 02/01/27
0
1556947 369/G02 F 47,600.00 ZZ
360 47,573.31 1
115 CHEYENNE TRAIL 8.875 378.73 80
8.625 378.73 59,500.00
EDENTON NC 27932 1 01/31/97 00
0430152660 03 03/01/97 0
60091402 O 02/01/27
0
1556954 369/G02 F 95,200.00 ZZ
360 95,143.79 1
5 LESLIE LANE 8.625 740.46 80
8.375 740.46 119,000.00
SILVER CREEK GA 30173 1 01/24/97 00
0430152603 05 03/01/97 0
60352002 O 02/01/27
0
1556959 889/G02 F 190,400.00 ZZ
360 190,293.26 1
1261 NUTCRACKER COURT 8.875 1,514.91 80
8.625 1,514.91 238,000.00
TRACY CA 95376 1 01/28/97 00
0430155200 05 03/01/97 0
51600431 O 02/01/27
0
1556961 455/G02 F 66,400.00 ZZ
360 66,400.00 1
2222 PEACHTREE ROAD #A 6 8.875 528.31 80
8.625 528.31 84,000.00
ATLANTA GA 30309 1 02/11/97 00
0430151977 01 04/01/97 0
54663 O 03/01/27
0
1
1556962 560/560 F 65,300.00 ZZ
360 65,259.41 1
89 MORROW DRIVE 8.375 496.33 84
8.125 496.33 78,000.00
BEDFORD TX 76021 2 01/28/97 04
450632294 03 03/01/97 20
450632294 N 02/01/27
0
1556965 B28/G02 F 45,000.00 ZZ
360 44,979.01 1
2160 MOUNT WERNER CIRCLE #3206 9.750 386.62 75
9.500 386.62 60,000.00
STEAMBOAT SPRIN CO 80477 1 01/29/97 00
0430152975 20 03/01/97 0
01967536 O 02/01/27
0
1556972 560/560 F 49,600.00 ZZ
360 49,572.19 1
96 MAIN STREET UNIT A-5 8.875 394.64 80
8.625 394.64 62,000.00
FOXBOROUGH MA 02035 1 01/30/97 04
450633151 01 03/01/97 12
450633151 N 02/01/27
0
1556976 560/560 F 131,250.00 ZZ
360 131,172.51 1
162 DUMONT AVE 8.625 1,020.85 75
8.375 1,020.85 175,000.00
DUMONT NJ 07628 1 01/24/97 00
450628094 05 03/01/97 0
450628094 O 02/01/27
0
1556992 405/405 F 50,000.00 ZZ
360 49,969.71 1
8425 PINE AVENUE 8.500 384.46 35
8.250 384.46 145,000.00
GARY IN 46403 5 01/24/97 00
4108163 05 03/01/97 0
4108163 O 02/01/27
0
1556993 963/G02 F 58,000.00 ZZ
360 58,000.00 1
1
7025 EDGEMERE TERRACE 8.500 445.97 54
8.250 445.97 107,500.00
PALM BEACH GARD FL 33410 1 02/27/97 00
0430165142 09 04/01/97 0
970044 O 03/01/27
0
1557026 965/G02 F 63,900.00 ZZ
360 63,900.00 1
8739 EAST LANCASTER ROAD 8.750 502.70 52
8.500 502.70 123,900.00
TUCSON AZ 85715 1 02/25/97 00
0430166645 05 04/01/97 0
CARNINE O 03/01/27
0
1557060 696/G02 F 148,800.00 ZZ
360 148,800.00 1
3327 LAKESIDE VIEW DRIVE 6-6 9.125 1,210.69 80
8.875 1,210.69 186,000.00
FALLS CHURCH VA 22041 1 02/13/97 00
0430151878 01 04/01/97 0
2319404 O 03/01/27
0
1557065 737/G02 F 161,100.00 ZZ
360 161,100.00 1
20671 N 16TH WAY 8.625 1,253.02 76
8.375 1,253.02 214,396.00
PHOENIX AZ 85024 1 02/06/97 00
0430153064 03 04/01/97 0
512316 O 03/01/27
0
1557067 180/G02 F 30,150.00 ZZ
360 30,133.96 1
219 CEDAR STREET 9.125 245.31 90
8.875 245.31 33,500.00
DUNCANVILLE TX 75137 1 01/28/97 04
0430154005 05 03/01/97 25
4723920 O 02/01/27
0
1557072 180/G02 F 65,250.00 ZZ
360 65,215.27 1
2615 FRIARWOOD TRAIL 9.125 530.90 90
8.875 530.90 72,500.00
KINGWOOD TX 77339 1 01/30/97 04
0430154039 05 03/01/97 25
1
4761799 N 02/01/27
0
1557076 B75/G02 F 47,500.00 ZZ
360 47,474.05 1
2620 W VEREDA AMARILLO 9.000 382.20 90
8.750 382.20 52,887.00
TUCSON AZ 85746 1 01/20/97 01
0430153361 05 03/01/97 25
2898575 N 02/01/27
0
1557078 B75/G02 F 65,000.00 ZZ
360 64,963.56 1
5439 W DESERT HILLS DRIVE 8.875 517.17 69
8.625 517.17 95,000.00
GLENDALE AZ 85304 1 01/23/97 00
0430153072 05 03/01/97 0
2919587 O 02/01/27
0
1557079 B75/G02 F 80,000.00 ZZ
360 79,951.54 1
1912 WEST RIVERS EDGE LANE 8.500 615.13 24
8.250 615.13 340,000.00
SAINT GEORGE UT 84770 2 01/22/97 00
0430152900 05 03/01/97 0
2898880 O 02/01/27
0
1557081 201/G02 F 70,600.00 ZZ
360 70,557.22 1
235 AUSTIN DRIVE 8.500 542.86 80
8.250 542.86 88,250.00
DOUGLASVILLE GA 30134 1 02/01/97 01
0430151845 05 03/01/97 12
910766 N 02/01/27
0
1557082 B75/G02 F 54,500.00 ZZ
360 54,468.65 1
4307 SW 129TH AVENUE 8.750 428.75 65
8.500 428.75 84,000.00
MIAMI FL 33175 5 01/23/97 00
0430153353 09 03/01/97 0
2898740 O 02/01/27
0
1
1557100 765/G02 F 188,000.00 ZZ
360 188,000.00 1
8921 YOUNGDALE STREET 8.750 1,479.00 79
8.500 1,479.00 240,000.00
SAN GABRIEL CA 91775 2 02/04/97 00
0430152264 05 04/01/97 0
320262 O 03/01/27
0
1557102 B74/G02 F 173,600.00 ZZ
360 173,600.00 1
1651 GRASSCREEK DRIVE 8.625 1,350.24 80
8.375 1,350.24 217,000.00
SAN DIMAS CA 91773 1 02/03/97 00
0430152744 05 04/01/97 0
970201 O 03/01/27
0
1557105 664/G02 F 48,900.00 ZZ
360 48,900.00 1
4137 NE GARFIELD AVENUE 9.875 424.63 90
9.625 424.63 54,350.00
PORTLAND OR 97211 1 01/30/97 14
0430154096 05 04/01/97 30
2247302 N 03/01/27
0
1557109 862/G02 F 81,000.00 ZZ
360 80,955.75 1
2348 ADLINE COURT N.E. 9.000 651.75 90
8.750 651.75 90,000.00
KEIZER OR 97303 1 01/22/97 01
0430154187 05 03/01/97 25
4361473 N 02/01/27
0
1557111 776/G02 F 70,000.00 ZZ
360 70,000.00 2
2001-2003 LINDBERGH BLVD 8.500 538.24 64
8.250 538.24 110,000.00
SPRINGFIELD IL 62704 5 02/03/97 00
0430153312 05 04/01/97 0
8240896 N 03/01/27
0
1557117 498/G02 F 65,000.00 ZZ
360 65,000.00 1
830 SMALLEY STREET 8.750 511.36 69
8.500 511.36 94,200.00
1
ALMA GA 31510 5 01/29/97 00
0430153007 05 04/01/97 0
1468153 O 03/01/27
0
1557128 776/G02 F 99,200.00 ZZ
360 99,135.11 1
608 NORTH BOZEMAN AVENUE 8.125 736.56 80
7.875 736.56 124,000.00
BOZEMAN MT 59715 5 01/22/97 00
0430153791 05 03/01/97 0
2540074 O 02/01/27
0
1557129 776/G02 F 63,750.00 ZZ
360 63,717.81 1
1228 WILDWOOD DRIVE 9.375 530.24 75
9.125 530.24 85,000.00
LOS ANGELES CA 90041 1 01/22/97 00
0430153601 05 03/01/97 0
2141157 N 02/01/27
0
1557130 776/G02 F 400,000.00 ZZ
360 400,000.00 1
12706 MILBANK STREET 9.000 3,218.49 77
8.750 3,218.49 520,000.00
STUDIO CITY ARE CA 91604 5 02/04/97 00
0430153304 05 04/01/97 0
2140322 O 03/01/27
0
1557141 766/G02 F 84,500.00 ZZ
360 84,500.00 1
1005 SW 172 STREET 9.000 679.91 65
8.750 679.91 130,000.00
MIAMI FL 33157 5 02/07/97 00
0430165274 09 04/01/97 0
96SG0307 N 03/01/27
0
1557363 E22/G02 F 131,100.00 T
360 131,100.00 1
2699 IRMA LAKE DRIVE 8.750 1,031.36 75
8.500 1,031.36 174,900.00
WEST PALM BEACH FL 33411 1 02/14/97 00
0410351266 03 04/01/97 0
410351266 O 03/01/27
0
1
1557378 E22/G02 F 68,000.00 ZZ
360 68,000.00 1
PO BOX 355 8.750 534.96 61
8.500 534.96 112,000.00
RED ROCK TX 78662 2 02/11/97 00
0410323562 05 04/01/97 0
410323562 O 03/01/27
0
1557383 E22/G02 F 135,000.00 ZZ
360 135,000.00 4
3017-3023 SYCAMORE CIRCLE WEST 9.750 1,159.86 90
9.500 1,159.86 150,000.00
EULESS TX 76040 1 02/03/97 10
0410279020 05 04/01/97 25
410279020 N 03/01/27
0
1557385 E22/G02 F 58,500.00 ZZ
360 58,500.00 1
14300 ALOHA STREET #K143 9.000 470.70 90
8.750 470.70 65,000.00
CORPUS CHRISTI TX 78418 1 02/10/97 04
0410323398 01 04/01/97 25
410323398 N 03/01/27
0
1557387 E22/G02 F 32,000.00 ZZ
360 32,000.00 1
4006 MORNING SPRINGS TRAIL 9.500 269.07 80
9.250 269.07 40,000.00
DALLAS TX 75224 1 02/07/97 10
0410312409 05 04/01/97 12
410312409 N 03/01/27
0
1557389 E22/G02 F 38,350.00 ZZ
360 38,329.06 1
8515 REPUBLIC 9.000 308.57 65
8.750 308.57 59,000.00
WARREN MI 48089 5 01/16/97 00
0410343388 05 03/01/97 0
410343388 N 02/01/27
0
1557391 498/G02 F 87,750.00 ZZ
360 87,699.51 1
1
12524 CUMBERLAND CREST DRIVE 8.750 690.33 90
8.500 690.33 97,500.00
HUNTERSVILLE NC 28078 1 01/27/97 01
0430163246 03 03/01/97 25
1471555 N 02/01/27
0
1557392 E22/G02 F 17,300.00 ZZ
360 17,300.00 1
7403 WOODLAND 8.000 126.94 90
7.750 126.94 19,255.00
CEDAR HILL MO 63049 1 02/10/97 04
0410343412 05 04/01/97 25
410343412 N 03/01/27
0
1557393 E22/G02 F 393,750.00 ZZ
360 393,750.00 1
8850 VINCENT AVENUE 9.000 3,168.20 75
8.750 3,168.20 525,000.00
ALTO MI 49302 2 02/05/97 00
0410343941 05 04/01/97 0
410343941 O 03/01/27
0
1557394 E22/G02 F 145,150.00 ZZ
360 145,150.00 1
1697 RIDGE ROAD 9.625 1,233.76 90
9.375 1,233.76 161,304.00
WHITE LAKE MI 48383 1 02/07/97 01
0410166532 05 04/01/97 25
410166532 N 03/01/27
0
1557427 687/G02 F 279,000.00 ZZ
360 278,862.77 1
945 ARNOW AVENUE 9.500 2,345.98 90
9.250 2,345.98 310,000.00
BRONX NY 10467 1 01/31/97 10
0430151787 05 03/01/97 25
552166 O 02/01/27
0
1557429 A06/G02 F 63,000.00 ZZ
360 63,000.00 1
26089 OAKLAND DR 9.250 518.29 90
9.000 518.29 70,000.00
ROSEVILLE MI 48066 1 02/13/97 01
0430151795 05 04/01/97 25
1
1000009701144 N 03/01/27
0
1557430 E88/G02 F 100,000.00 ZZ
360 100,000.00 1
5100 BROOKVIEW DRIVE 8.500 768.92 80
8.250 768.92 125,000.00
WEST DES MOINES IA 50265 1 02/03/97 00
0430151803 05 04/01/97 0
0200098119 O 03/01/27
0
1557434 967/G02 F 90,000.00 ZZ
360 90,000.00 1
114 NORTH 45TH AVENUE 9.000 724.16 90
8.750 724.16 100,000.00
YAKIMA WA 98908 1 02/03/97 04
0430151944 05 04/01/97 25
4169421 N 03/01/27
0
1557447 862/G02 F 40,500.00 ZZ
360 40,478.44 1
1002 NORTH 25TH STREET 9.125 329.53 90
8.875 329.53 45,000.00
PHOENIX AZ 85008 1 01/14/97 01
0430155895 05 03/01/97 25
004302808 N 02/01/27
0
1557482 227/G02 F 106,300.00 ZZ
360 106,238.83 1
14 DURANGO STATION DRIVE 8.750 836.27 80
8.500 836.27 132,887.00
HENDERSON NV 89014 1 01/27/97 00
0430152058 03 03/01/97 0
1701300 O 02/01/27
0
1557484 964/G02 F 138,000.00 ZZ
360 138,000.00 1
5441 NOBLE AVENUE 8.125 1,024.65 73
7.875 1,024.65 190,000.00
VAN NUYS AREA CA 91411 1 02/25/97 00
0430165423 05 04/01/97 0
23165 O 03/01/27
0
1
1557515 405/405 F 52,400.00 ZZ
360 52,369.84 1
7056 GREEN RIDGE TRAIL 8.750 412.24 75
8.500 412.24 70,000.00
NORTH RICHLAND TX 76180 2 02/07/97 00
4092896 05 03/01/97 0
4092896 N 02/01/27
0
1557543 575/G02 F 160,200.00 ZZ
360 160,200.00 1
4008 LIVINGSTON PLACE 8.375 1,217.64 90
8.125 1,217.64 178,000.00
DURHAM NC 27707 1 02/03/97 12
0430155010 05 04/01/97 25
962238954 N 03/01/27
0
1557584 405/405 F 96,000.00 ZZ
360 95,955.21 2
632 CENTRAL AVENUE 9.750 824.79 80
9.500 824.79 120,000.00
OCEAN CITY NJ 08226 1 01/31/97 10
004101267 05 03/01/97 12
004101267 N 02/01/27
0
1557604 A33/G02 F 38,700.00 ZZ
360 38,700.00 1
24152 MC DONALD 9.250 318.38 90
9.000 318.38 43,000.00
DEARBORN HEIGHT MI 48125 1 02/28/97 01
0430166397 05 04/01/97 25
HO01503664 N 03/01/27
0
1557608 003/G02 F 37,800.00 ZZ
360 37,779.88 1
2374 BRACKETT STREET 9.125 307.56 90
8.875 307.56 42,000.00
MARIETTA GA 30060 1 01/23/97 12
0430152793 05 03/01/97 25
3775632 N 02/01/27
0
1557610 687/G02 F 81,200.00 ZZ
360 81,200.00 1
7851 MELBOURNE ROAD 9.125 660.67 80
8.875 660.67 101,500.00
1
INDIANAPOLIS IN 46268 5 02/06/97 00
0430152355 05 04/01/97 0
1585649 O 03/01/27
0
1557629 180/G02 F 90,250.00 ZZ
360 90,250.00 2
3910 LAW STREET 8.625 701.96 95
8.375 701.96 95,000.00
HOUSTON TX 77005 1 02/01/97 10
0430156000 05 04/01/97 30
4725537 O 03/01/27
0
1557634 862/G02 F 129,750.00 ZZ
360 129,665.12 1
4729 ROOSEVELT WAY NORTHEAST 8.125 963.40 75
7.875 963.40 173,000.00
SEATTLE WA 98105 2 01/23/97 00
0430154690 05 03/01/97 0
4355053 O 02/01/27
0
1557636 862/G02 F 272,250.00 ZZ
360 272,093.36 1
750 BELLOMY STREET 8.750 2,141.80 75
8.500 2,141.80 363,000.00
SANTA CLARA CA 95050 1 01/02/97 00
0430155960 05 03/01/97 0
4335857 N 02/01/27
0
1557637 862/G02 F 72,000.00 ZZ
360 71,959.63 1
7920 RIVER MIST AVENUE 8.875 572.87 80
8.625 572.87 90,050.00
BAKERSFIELD CA 93313 1 01/28/97 00
0430157115 05 03/01/97 0
4363917 O 02/01/27
0
1557638 862/G02 F 98,000.00 ZZ
360 97,946.46 1
979 NORTH ALBERT DRIVE 9.000 788.54 80
8.750 788.54 122,500.00
CHANDLER AZ 85226 1 01/28/97 00
0430153098 03 03/01/97 0
4300182 O 02/01/27
0
1
1557639 862/G02 F 168,950.00 ZZ
360 168,857.71 1
8901 NORTHEAST 76TH STREET 9.000 1,359.42 59
8.750 1,359.42 290,000.00
VANCOUVER WA 98662 5 01/15/97 00
0430154609 05 03/01/97 0
4360319 O 02/01/27
0
1557642 074/G02 F 124,800.00 ZZ
360 124,720.41 1
190 SEARS ROAD 8.250 937.59 80
8.000 937.59 156,000.00
WEST ISLIP NY 11795 5 01/03/97 00
0430154898 05 03/01/97 0
1106039670 O 02/01/27
0
1557643 074/G02 F 183,750.00 ZZ
360 183,646.98 2
310 NAUGHTON AVENUE 8.875 1,462.00 75
8.625 1,462.00 245,000.00
STATEN ISLAND NY 10305 1 01/07/97 00
0430154906 05 03/01/97 0
1111085101 O 02/01/27
0
1557644 074/G02 F 164,000.00 ZZ
360 163,908.06 1
77 PACIFIC STREET 8.875 1,304.86 80
8.625 1,304.86 205,000.00
MASSAPEQUA PARK NY 11762 1 01/13/97 00
0430154914 05 03/01/97 0
1111085510 O 02/01/27
0
1557645 074/G02 F 45,800.00 ZZ
360 45,775.63 1
445 ATLANTA CT 9.125 372.64 90
8.875 372.64 50,900.00
SEWELL NJ 08080 1 01/03/97 10
0430156828 01 03/01/97 25
1161225982 N 02/01/27
0
1557646 074/G02 F 56,250.00 ZZ
360 56,214.13 2
1
372 BEVERLY BLVD 8.250 422.59 75
8.000 422.59 75,000.00
UPPER DARBY PA 19082 1 01/09/97 00
0430154922 05 03/01/97 0
1171160250 N 02/01/27
0
1557647 074/G02 F 80,000.00 ZZ
360 79,953.97 1
4410 E POE ST 8.750 629.36 80
8.500 629.36 100,000.00
TUCSON AZ 85711 1 01/03/97 00
0430154948 05 03/01/97 0
1221163870 O 02/01/27
0
1557648 074/G02 F 272,650.00 ZZ
360 272,504.91 1
1727 PORT STIRLING PLACE 9.125 2,218.37 65
8.875 2,218.37 419,500.00
NEWPORT BEACH CA 92660 1 01/06/97 00
0430156471 03 03/01/97 0
1230005010 N 02/01/27
0
1557649 074/G02 F 350,000.00 T
360 349,765.15 1
2258 CENTURY HILL 8.000 2,568.18 64
7.750 2,568.18 547,000.00
LOS ANGELES CA 90067 1 01/09/97 00
0430157032 01 03/01/97 0
1234003913 O 02/01/27
0
1557650 074/G02 F 93,700.00 T
360 93,644.68 1
3384 CLOVERDALE COURT 8.625 728.79 67
8.375 728.79 140,490.00
LAS VEGAS NV 89117 1 01/06/97 00
0430156406 05 03/01/97 0
1251128143 O 02/01/27
0
1557651 074/G02 F 107,550.00 ZZ
360 107,425.79 1
1851 DONOVAN DR 8.750 846.10 90
8.500 846.10 119,500.00
LONGMONT CO 80501 1 01/03/97 10
0430156414 05 02/01/97 25
1
1272084352 N 01/01/27
0
1557653 074/G02 F 87,000.00 ZZ
360 86,951.23 1
510 SW 69 AVENUE 8.875 692.21 65
8.625 692.21 134,000.00
MIAMI FL 33144 5 01/02/97 00
0430156422 05 03/01/97 0
1311270231 O 02/01/27
0
1557654 074/G02 F 30,550.00 ZZ
360 30,532.42 1
8277 SW 128 STREET APT 211 8.750 240.34 65
8.500 240.34 47,000.00
MIAMI FL 33156 5 01/15/97 00
0430156372 01 03/01/97 0
1311281420 N 02/01/27
0
1557656 074/G02 F 66,500.00 ZZ
360 66,458.66 1
3913 NW 14TH STREET 8.375 505.45 77
8.125 505.45 87,000.00
GAINESVILLE FL 32605 2 01/23/97 00
0430161323 05 03/01/97 0
1322017209 O 02/01/27
0
1557657 074/G02 F 38,600.00 T
360 38,577.79 1
11810-E SKYLAKE PLACE 8.750 303.67 65
8.500 303.67 59,400.00
TAMPA FL 33617 1 01/22/97 00
0430156380 01 03/01/97 0
1361075613 O 02/01/27
0
1557658 074/G02 F 81,600.00 ZZ
360 81,554.25 1
28615 DAWNS BREAK PT 8.875 649.25 80
8.625 649.25 102,000.00
WESLEY CHAPEL FL 33543 1 01/17/97 01
0430156448 03 03/01/97 12
1361075985 O 02/01/27
0
1
1557659 074/G02 F 140,000.00 ZZ
360 139,903.65 1
1501 MIDDLE GULF DR #I302 7.875 1,015.10 52
7.625 1,015.10 273,000.00
SANIBEL FL 33957 1 01/17/97 00
0430156398 01 03/01/97 0
1381100280 N 02/01/27
0
1557660 074/G02 F 43,200.00 ZZ
360 43,175.15 1
151 KILDARE AVE 8.750 339.85 90
8.500 339.85 48,000.00
SEBASTIAN FL 32958 1 01/10/97 04
0430156901 05 03/01/97 25
1391039743 N 02/01/27
0
1557661 074/G02 F 115,200.00 ZZ
360 115,137.07 1
240 FOURTH AVENUE 9.000 926.93 90
8.750 926.93 128,000.00
INDIALANTIC FL 32903 1 01/10/97 04
0430156455 05 03/01/97 25
1391040083 N 02/01/27
0
1557662 074/G02 F 83,300.00 ZZ
360 83,249.54 1
3501 S ATLANTIC AVE UNIT 602 8.500 640.50 70
8.250 640.50 119,000.00
NEW SMYRNA BEAC FL 32169 1 01/15/97 00
0430156489 01 03/01/97 0
1391040345 N 02/01/27
0
1557663 074/G02 F 39,650.00 ZZ
360 39,627.18 1
8559 N MAIN STREET 8.750 311.93 90
8.500 311.93 44,100.00
KANSAS CITY MO 64155 1 01/03/97 14
0430156893 01 03/01/97 25
1456005213 N 02/01/27
0
1557664 074/G02 F 58,750.00 ZZ
360 58,713.49 1
1619 NORTH 5TH STREET 8.375 446.54 90
8.125 446.54 65,300.00
1
BOISE ID 83702 1 01/15/97 04
0430156497 05 03/01/97 25
1492000960 N 02/01/27
0
1557665 074/G02 F 17,100.00 ZZ
360 17,079.98 1
101D BLUE LAKE STREET 9.000 137.59 90
8.750 137.59 19,000.00
RUNAWAY BAY TX 76426 1 12/31/96 04
0430156505 01 02/01/97 25
1525004411 O 01/01/27
0
1557666 074/G02 F 184,000.00 ZZ
360 183,879.64 1
3000 WOODED ACRES DRIVE 8.125 1,366.19 80
7.875 1,366.19 230,000.00
WACO TX 76710 1 01/08/97 00
0430156513 05 03/01/97 0
1529002156 O 02/01/27
0
1557667 074/G02 F 87,300.00 ZZ
360 87,249.77 1
426 23RD AVE 8.750 686.79 90
8.500 686.79 97,000.00
LONGVIEW WA 98632 1 01/03/97 10
0430156521 05 03/01/97 25
1565149329 N 02/01/27
0
1557670 074/G02 F 78,000.00 ZZ
360 77,953.95 1
2336 CIRCLE DRIVE 8.625 606.68 80
8.375 606.68 97,500.00
WHITE BEAR LAKE MN 55110 1 01/20/97 00
0430156885 05 03/01/97 0
1576034522 O 02/01/27
0
1557671 074/G02 F 45,500.00 ZZ
360 45,475.14 1
8920 MANNING 9.000 366.11 70
8.750 366.11 65,000.00
KANSAS CITY MO 64138 5 01/10/97 00
0430156554 05 03/01/97 0
1576034646 N 02/01/27
0
1
1557672 074/G02 F 74,750.00 ZZ
360 74,668.36 1
617 UNION STREET 9.375 621.74 65
9.125 621.74 115,000.00
NORTHFIELD MN 55057 1 01/10/97 00
0430156562 05 03/01/97 0
1576035434 N 02/01/27
0
1557673 074/G02 F 44,100.00 ZZ
360 44,050.37 1
812 BROWER STREET 8.875 350.88 90
8.625 350.88 49,000.00
MEMPHIS TN 38111 1 12/30/96 04
0430156877 05 02/01/97 25
1577060776 O 01/01/27
0
1557675 074/G02 F 70,400.00 ZZ
360 70,360.54 1
1613 ONSLOW DRIVE 8.875 560.13 88
8.625 560.13 80,000.00
CHARLOTTE NC 28205 2 01/07/97 01
0430156588 05 03/01/97 25
1577060903 N 02/01/27
0
1557676 074/G02 F 25,850.00 ZZ
360 25,835.12 1
4752-10 SEAHAWK COURT 8.750 203.37 75
8.500 203.37 34,500.00
WILMINGTON NC 28403 1 01/14/97 00
0430156596 01 03/01/97 0
1577061564 N 02/01/27
0
1557677 074/G02 F 54,000.00 ZZ
360 53,969.72 1
2315 MAPLECREST DRIVE 8.875 429.65 90
8.625 429.65 60,000.00
NASHVILLE TN 37214 1 01/14/97 04
0430161331 05 03/01/97 25
1577061746 N 02/01/27
0
1557679 074/G02 F 127,350.00 ZZ
360 127,280.44 1
1
16 ESSEX STREET 9.000 1,024.69 90
8.750 1,024.69 141,500.00
MEDFORD MA 02155 1 01/08/97 04
0430161380 05 03/01/97 25
1580043618 N 02/01/27
0
1557680 074/G02 F 152,000.00 ZZ
360 151,914.78 1
26488 HEATHERFORD 8.875 1,209.39 83
8.625 1,209.39 185,000.00
PERRYSBURG OH 43551 1 01/03/97 12
0430161398 05 03/01/97 12
1581082207 N 02/01/27
0
1557681 074/G02 F 63,900.00 ZZ
360 63,863.23 1
1957 TUDOR STREET 8.750 502.71 90
8.500 502.71 71,000.00
CUYAHOGA FALLS OH 44221 1 01/10/97 04
0430161406 05 03/01/97 25
1581082808 N 02/01/27
0
1557682 074/G02 F 154,700.00 ZZ
360 154,610.99 1
7732 THUNDERBAY DRIVE 8.750 1,217.03 85
8.500 1,217.03 182,000.00
PINCKNEY MI 48169 2 01/13/97 11
0430161414 01 03/01/97 12
1581082954 O 02/01/27
0
1557684 074/G02 F 155,800.00 ZZ
360 155,712.65 2
3303 3305 3307 3309 BETTY CT 8.875 1,239.62 85
8.625 1,239.62 183,300.00
COLUMBUS OH 43231 1 01/02/97 04
0430156612 05 03/01/97 25
1581084188 N 02/01/27
0
1557689 074/G02 F 260,000.00 ZZ
360 259,861.63 1
449 SOUTH GREEN BAY ROAD 9.125 2,115.45 80
8.875 2,115.45 325,000.00
LAKE FOREST IL 60045 1 01/14/97 00
0430156679 05 03/01/97 0
1
1583041211 O 02/01/27
0
1557691 074/G02 F 87,000.00 ZZ
360 86,952.48 1
1203 N OSCEOLA AVENUE 9.000 700.02 80
8.750 700.02 108,800.00
CLEARWATER FL 34618 1 01/10/97 01
0430156695 05 03/01/97 20
1589089651 N 02/01/27
0
1557693 074/G02 F 71,200.00 ZZ
360 71,156.86 1
17878 NORTH BAY ROAD, UNIT 605 8.500 547.47 80
8.250 547.47 89,000.00
MIAMI BEACH FL 33160 1 01/17/97 14
0430156703 01 03/01/97 12
1589091610 N 02/01/27
0
1557695 074/G02 F 63,200.00 ZZ
360 63,165.48 1
38063 LEE 9.000 508.52 80
8.750 508.52 79,000.00
SPRING GROVE IL 60081 1 01/07/97 10
0430156729 05 03/01/97 12
1606074047 N 02/01/27
0
1557696 074/G02 F 80,000.00 ZZ
360 79,953.97 1
825 EAST COURT ST 8.750 629.36 69
8.500 629.36 117,500.00
JANESVILLE WI 53545 1 01/10/97 00
0430156851 05 03/01/97 0
1606074648 O 02/01/27
0
1557697 074/G02 F 151,200.00 ZZ
360 151,115.23 1
585 CARRIAGE DRIVE 8.875 1,203.02 80
8.625 1,203.02 189,000.00
BATAVIA IL 60516 1 01/03/97 00
0430156836 05 03/01/97 0
1613020897 O 02/01/27
0
1
1557699 074/G02 F 122,300.00 ZZ
360 122,229.64 1
3513 PARK PLACE 8.750 962.13 80
8.500 962.13 152,900.00
FLOSSMOOR IL 60422 1 01/22/97 00
0430157057 09 03/01/97 0
1625010110 O 02/01/27
0
1557701 074/G02 F 49,050.00 ZZ
360 49,025.23 1
1673 RUDELLE 9.375 407.97 90
9.125 407.97 54,500.00
FLORISSANT MO 63031 1 01/16/97 01
0430156752 05 03/01/97 25
1632021172 N 02/01/27
0
1557703 074/G02 F 27,900.00 ZZ
360 27,858.35 1
136 CUNNINGHAM AVE 8.250 209.60 80
8.000 209.60 34,900.00
FERGUSON MO 63135 1 01/02/97 01
0430156927 05 02/01/97 12
1633008985 N 01/01/27
0
1557704 074/G02 F 91,600.00 ZZ
360 91,535.78 1
8436 WEST 88TH STREET 8.750 720.62 80
8.500 720.62 114,500.00
INDIANAPOLIS IN 46278 1 01/06/97 00
0430156935 05 03/01/97 0
1641051345 O 02/01/27
0
1557705 074/G02 F 104,550.00 ZZ
360 104,483.33 1
6702 37TH AVE N 8.250 785.45 85
8.000 785.45 123,000.00
CRYSTAL MN 55427 5 01/02/97 10
0430156950 05 03/01/97 12
1660050907 O 02/01/27
0
1557706 074/G02 F 27,000.00 ZZ
360 26,984.46 1
1609 TAYLOR STREET 8.750 212.41 90
8.500 212.41 30,000.00
1
RADFORD VA 24141 1 01/06/97 04
0430156968 05 03/01/97 25
1785009687 N 02/01/27
0
1557707 074/G02 F 47,950.00 ZZ
360 47,923.80 1
1209 B UNIVERSITY TERRACE 9.000 385.82 90
8.750 385.82 53,300.00
BLACKSBURG VA 24060 1 01/10/97 12
0430156984 01 03/01/97 25
1785010121 N 02/01/27
0
1557708 074/G02 F 39,050.00 ZZ
360 39,028.11 1
596 COTTAGE STREET 8.875 310.70 55
8.625 310.70 71,000.00
NEW BEDFORD MA 02740 1 01/06/97 00
0430156992 05 03/01/97 0
1814056850 N 02/01/27
0
1557709 074/G02 F 51,600.00 ZZ
360 51,568.74 1
8 BORDEN STREET 8.500 396.76 80
8.250 396.76 64,500.00
NEW BEDFORD MA 02740 1 01/14/97 00
0430157008 05 03/01/97 0
1814057284 O 02/01/27
0
1557710 074/G02 F 69,990.00 ZZ
360 69,909.17 1
1086 HOPE STREET 8.750 550.61 55
8.500 550.61 128,000.00
BRISTOL RI 02809 2 12/27/96 00
0430157073 05 02/01/97 0
1814058822 N 01/01/27
0
1557712 074/G02 F 40,000.00 ZZ
360 39,952.59 1
44 TOLLAND AVENUE 8.625 311.12 80
UNIT 53 8.375 311.12 50,000.00
STAFFORD CT 06076 1 01/03/97 00
0430161422 01 02/01/97 0
1817110918 O 01/01/27
0
1
1557805 E22/G02 F 57,350.00 ZZ
360 57,350.00 4
2304 MISSION HILL DRIVE 9.750 492.73 75
9.500 492.73 76,500.00
AUSTIN TX 78741 1 02/13/97 00
0410312342 05 04/01/97 0
410312342 N 03/01/27
0
1557808 E22/G02 F 39,600.00 ZZ
360 39,600.00 3
9900 PARKGATE AVENUE 10.125 351.19 90
9.875 351.19 44,000.00
CLEVELAND OH 44108 1 02/10/97 04
0410343578 05 04/01/97 25
410343578 N 03/01/27
0
1557809 E22/G02 F 47,700.00 ZZ
360 47,700.00 3
457 MAIN STREET 9.750 409.82 90
9.500 409.82 53,000.00
BATTLE CREEK MI 49017 1 02/13/97 10
0410344097 05 04/01/97 25
410344097 N 03/01/27
0
1557813 E22/G02 F 144,000.00 ZZ
360 144,000.00 1
203 HOLLY COURT 8.500 1,107.24 80
8.250 1,107.24 180,000.00
STEVENSVILLE MD 21666 1 02/14/97 00
0410349187 05 04/01/97 0
410349187 O 03/01/27
0
1557818 074/G02 F 84,000.00 ZZ
360 83,951.67 1
1027 & 1029 17TH AVE. 8.750 660.83 85
8.500 660.83 99,500.00
LONGVIEW WA 98632 1 01/02/97 04
0430161430 05 03/01/97 25
1565149330 N 02/01/27
0
1557819 074/G02 F 30,800.00 ZZ
360 30,782.73 1
1
10601 EAST 71ST TERRACE 8.875 245.06 70
8.625 245.06 44,000.00
RAYTOWN MO 64133 5 01/10/97 00
0430161448 05 03/01/97 0
1576035478 N 02/01/27
0
1557820 074/G02 F 43,500.00 ZZ
360 43,476.24 1
1207 N. OSCEOLA AVENUE 9.000 350.01 81
8.750 350.01 54,000.00
CLEARWATER FL 34618 1 01/10/97 01
0430161455 05 03/01/97 20
1589089684 N 02/01/27
0
1557821 074/G02 F 87,000.00 ZZ
360 86,952.48 1
1201 N OSCEOLA AVENUE 9.000 700.02 80
8.750 700.02 108,800.00
CLEARWATER FL 34618 1 01/10/97 01
0430157321 05 03/01/97 20
1589089979 N 02/01/27
0
1557822 F34/G02 F 40,000.00 T
360 40,000.00 1
22272 WOODBORN DRIVE 8.750 314.68 50
8.500 314.68 80,000.00
BOCA RATON FL 33428 1 02/14/97 00
0430152983 05 04/01/97 0
9700067 O 03/01/27
0
1557825 253/253 F 44,190.00 ZZ
360 44,190.00 1
1712 BAIRD FARM CIRCLE BLDG B 8.000 324.26 90
UNIT #209 7.750 324.26 49,100.00
ARLINGTON TX 76011 1 02/10/97 14
326137 01 04/01/97 25
326137 O 03/01/27
0
1557856 624/G02 F 80,000.00 ZZ
360 80,000.00 1
1915 SAN JUAN ROAD 8.500 615.13 33
8.250 615.13 245,000.00
WATSONVILLE CA 95076 1 02/20/97 00
0430166744 05 04/01/97 0
1
21101870053 O 03/01/27
0
1557874 E19/G02 F 217,500.00 ZZ
360 217,500.00 1
452 SOUTH COVERED WAGON DR 8.500 1,672.39 75
8.250 1,672.39 290,000.00
DIAMOND BAR CA 91765 5 02/18/97 00
0430161232 05 04/01/97 0
100017915 O 03/01/27
0
1557901 526/G02 F 39,200.00 ZZ
360 39,178.58 1
7101 FARRALONE AVENUE #148 9.000 315.42 80
8.750 315.42 49,000.00
CANOGA PARK CA 91303 1 01/27/97 00
0430156844 01 03/01/97 0
160957 O 02/01/27
0
1557905 201/G02 F 58,300.00 ZZ
360 58,300.00 1
350 SCHOLFIELD ROAD 8.375 443.13 80
8.125 443.13 72,900.00
ROCHESTER NY 14617 1 02/07/97 00
0430153023 05 04/01/97 0
2800960961 O 03/01/27
0
1557914 405/405 F 140,160.00 ZZ
360 140,079.36 4
9225 35TH AVENUE SOUTHWEST 8.750 1,102.64 80
8.500 1,102.64 175,200.00
SEATTLE WA 98126 1 01/29/97 01
4109138 05 03/01/97 12
4109138 N 02/01/27
0
1557932 E22/G02 F 48,750.00 ZZ
360 48,750.00 2
2705 LITTLE VALLEY COVE 9.750 418.84 75
9.500 418.84 65,000.00
AUSTIN TX 78741 1 02/11/97 00
0410323778 05 04/01/97 0
410323778 N 03/01/27
0
1
1557934 E22/G02 F 94,300.00 ZZ
360 94,300.00 1
3956 PAM STREET 8.625 733.46 80
8.375 733.46 117,900.00
EUGENE OR 97402 1 02/10/97 01
0410356679 05 04/01/97 12
410356679 N 03/01/27
0
1557935 E22/G02 F 92,300.00 ZZ
360 92,300.00 1
29124 HIGHMORE AVENUE 9.125 750.98 65
8.875 750.98 142,000.00
RANCHO PALOS VE CA 90275 1 02/04/97 00
0410294466 05 04/01/97 0
410294466 N 03/01/27
0
1557938 E22/G02 F 50,000.00 ZZ
360 50,000.00 1
4817 ST LYNN LANE 8.750 393.35 50
8.500 393.35 100,000.00
CARMICHAEL CA 95608 5 02/12/97 00
0410277933 05 04/01/97 0
410277933 O 03/01/27
0
1557945 E22/G02 F 81,900.00 ZZ
360 81,900.00 1
2205 118TH STREET 8.625 637.01 65
8.375 637.01 126,000.00
ALEGAN MI 49010 5 02/10/97 00
0410344063 05 04/01/97 0
410344063 O 03/01/27
0
1557948 E22/G02 F 50,400.00 ZZ
360 50,400.00 1
14926 SOUTH CENTER AVENUE 9.375 419.20 70
9.125 419.20 72,000.00
HARVEY IL 60426 5 02/10/97 00
0410206361 05 04/01/97 0
410206361 N 03/01/27
0
1557949 E22/G02 F 53,900.00 ZZ
360 53,900.00 1
421 S 15TH STREET 10.000 473.01 90
9.750 473.01 59,900.00
1
NILES MI 49120 1 02/13/97 10
0410344931 05 04/01/97 25
410344931 N 03/01/27
0
1557950 E26/G02 F 36,000.00 ZZ
360 35,979.81 1
7219 FAIRFAX AVENUE 8.875 286.44 90
8.625 286.44 40,000.00
SPARTANBURG SC 29303 1 02/04/97 04
0430166769 05 03/01/97 25
52700032 N 02/01/27
0
1557962 369/G02 F 102,000.00 ZZ
360 101,941.31 1
7929 EAST MEDLOCK DRIVE 8.750 802.44 75
8.500 802.44 136,000.00
SCOTTSDALE AZ 85250 1 01/21/97 00
0430155069 09 03/01/97 0
0049725690 O 02/01/27
0
1557963 003/G02 F 37,600.00 T
360 37,580.50 1
900 TWIN LAKES DR #8 A 9.250 309.33 80
9.000 309.33 47,000.00
CORAL SPRINGS FL 33071 1 01/29/97 10
0430156307 01 03/01/97 12
3780707 O 02/01/27
0
1557967 369/G02 F 64,650.00 ZZ
360 64,615.59 1
837 WHALEBONE BAY DRIVE 9.125 526.02 63
8.875 526.02 104,000.00
KISSIMMEE FL 34741 2 01/29/97 00
0430153536 03 03/01/97 0
60430295 O 02/01/27
0
1557970 967/G02 F 71,400.00 ZZ
360 71,400.00 1
711 EAST HANCOCK AVENUE 8.875 568.09 70
8.625 568.09 102,000.00
TEMPE AZ 85281 1 02/10/97 00
0430153163 05 04/01/97 0
4172391 N 03/01/27
0
1
1557973 003/G02 F 22,650.00 ZZ
360 22,638.25 1
416 LAKESIDE DR, UNIT #127 9.250 186.34 90
UNIT 127 9.000 186.34 25,220.00
MARGATE FL 33063 1 01/31/97 10
0430153957 05 03/01/97 25
0003780657 N 02/01/27
0
1557981 253/253 F 60,000.00 ZZ
360 60,000.00 2
4359 4361 S LINCOLN ST 9.000 482.78 47
8.750 482.78 129,094.00
ENGLEWOOD CO 80110 1 02/04/97 00
323246 05 04/01/97 0
323246 O 03/01/27
0
1557983 180/G02 F 52,400.00 ZZ
360 52,371.37 1
2606 CRESTMOOR COURT 9.000 421.63 75
8.750 421.63 69,900.00
ARLINGTON TX 76016 1 02/03/97 00
0430153981 05 03/01/97 0
UNKNOWN N 02/01/27
0
1557997 E19/G02 F 112,000.00 ZZ
360 112,000.00 1
3274 CACTUS SPRING DRIVE 8.500 861.18 75
8.250 861.18 150,000.00
LAUGHLIN NV 89029 5 02/06/97 00
0430153965 05 04/01/97 0
100017487 O 03/01/27
0
1558007 961/G02 F 227,200.00 ZZ
360 227,065.86 1
626 SOUTH JUNEWOOD PLACE 8.625 1,767.14 80
8.375 1,767.14 284,000.00
DIAMOND BAR CA 91765 1 01/28/97 00
0430153783 05 03/01/97 0
09109681 O 02/01/27
0
1558023 664/G02 F 25,200.00 ZZ
360 25,200.00 1
1
1008 OAKLEY AVENUE 8.875 200.51 90
8.625 200.51 28,000.00
ROCKFORD IL 61101 1 02/12/97 01
0430153825 05 04/01/97 25
2257616 N 03/01/27
0
1558025 664/G02 F 121,500.00 ZZ
360 121,500.00 2
1021-1023 NORTHWEST 25TH ST 8.875 966.71 90
8.625 966.71 135,000.00
CORVALLIS OR 97330 1 02/05/97 01
0430154021 05 04/01/97 25
2248334 N 03/01/27
0
1558027 664/G02 F 116,550.00 ZZ
360 116,550.00 1
141 30TH AVENUE 9.000 937.79 90
8.750 937.79 129,500.00
SEATTLE WA 98122 1 02/07/97 10
0430154195 05 04/01/97 25
2262293 N 03/01/27
0
1558051 369/G02 F 64,800.00 ZZ
360 64,800.00 1
1339 E DAVA DRIVE 9.125 527.24 90
8.875 527.24 72,158.00
TEMPE AZ 85283 1 02/03/97 01
0430156117 05 04/01/97 30
0060115557 N 03/01/27
0
1558055 514/G02 F 158,000.00 ZZ
360 157,913.70 1
2841 EAST FAIRWAY VILLAGE DRIV 9.000 1,271.30 60
8.750 1,271.30 265,000.00
GREENFIELD IN 46140 5 01/27/97 00
0430160341 05 03/01/97 0
359700 O 02/01/27
0
1558056 514/G02 F 149,100.00 ZZ
360 149,007.32 1
6882 HIDDEN GLADE PLACE 8.375 1,133.27 80
8.125 1,133.27 186,404.00
SANFORD FL 32771 1 02/05/97 00
0430154369 03 03/01/97 0
1
359613 O 02/01/27
0
1558057 003/G02 F 99,000.00 ZZ
360 98,947.31 1
286 HOLT RD 9.125 805.50 90
8.875 805.50 110,000.00
MARIETTA GA 30068 1 01/08/97 10
0430154013 05 03/01/97 25
0003769106 N 02/01/27
0
1558058 003/G02 F 112,500.00 ZZ
360 112,440.13 1
266 HOLT ROAD 9.125 915.34 90
8.875 915.34 125,000.00
MARIETTA GA 30068 1 01/08/97 10
0430163238 05 03/01/97 25
0003771003 N 02/01/27
0
1558059 003/G02 F 46,800.00 ZZ
360 46,775.09 1
3185 JACKSON STREET 9.125 380.79 90
8.875 380.79 52,000.00
HAPEVILLE GA 30354 1 01/07/97 12
0430154930 05 03/01/97 25
0003772829 O 02/01/27
0
1558063 369/G02 F 66,800.00 ZZ
360 66,762.54 1
1620 DUFFY GRIZZLE RD 8.875 531.50 70
8.625 531.50 95,500.00
DAHLONEGA GA 30533 2 01/31/97 00
0430153932 05 03/01/97 0
0060355518 O 02/01/27
0
1558064 369/G02 F 100,050.00 ZZ
360 99,995.35 1
2400 SHENANDOAH AVENUE 9.000 805.03 90
8.750 805.03 111,200.00
CHARLOTTE NC 28205 1 02/05/97 01
0430153882 05 03/01/97 25
0060082757 N 02/01/27
0
1
1558066 E45/G02 F 38,000.00 ZZ
360 38,000.00 1
602 S COLUMBIA STREET 8.750 298.95 80
8.500 298.95 48,000.00
LAKE CITY FL 32055 1 02/14/97 00
0430157867 05 04/01/97 0
UNKNOWN O 03/01/27
0
1558067 180/G02 F 72,000.00 ZZ
360 71,961.68 1
230 EASTERN POINT ROAD 9.125 585.82 90
8.875 585.82 80,000.00
GROTON CT 06340 1 01/28/97 04
0430157743 05 03/01/97 25
4723946 N 02/01/27
0
1558071 B75/G02 F 64,000.00 ZZ
360 64,000.00 1
6852 LISTER FERRY ROAD 9.000 514.96 80
8.750 514.96 80,000.00
RAINBOW CITY AL 35906 1 02/06/97 00
0430154377 05 04/01/97 0
2929537 O 03/01/27
0
1558072 737/G02 F 83,250.00 ZZ
360 83,250.00 1
102 104 106 EAST MAPLE AVENUE 8.875 662.37 75
8.625 662.37 111,000.00
DENVER CO 80209 2 02/14/97 00
0430159996 05 04/01/97 0
573158 O 03/01/27
0
1558073 B75/G02 F 155,000.00 T
360 154,915.33 1
431 WEST FAIRWAY CIRCLE 9.000 1,247.17 65
8.750 1,247.17 240,000.00
SAINT GEORGE UT 84770 2 01/23/97 00
0430154385 03 03/01/97 0
2898864 O 02/01/27
0
1558087 455/G02 F 110,450.00 ZZ
360 110,450.00 1
5905 VIRGINIA DRIVE 8.875 878.79 80
8.625 878.79 138,100.00
1
CUMMING GA 30131 1 02/18/97 00
0430155127 05 04/01/97 0
54664 O 03/01/27
0
1558088 F34/G02 F 48,750.00 ZZ
360 48,750.00 1
11750 SW 18 STREET #314 9.125 396.65 75
8.875 396.65 65,000.00
MIAMI FL 33175 5 02/11/97 00
0430155051 08 04/01/97 0
9700037 O 03/01/27
0
1558118 B28/G02 F 35,500.00 ZZ
360 35,500.00 1
10200 RYAN GULCH ROAD 9.125 288.84 20
UNIT G 315 8.750 288.84 180,000.00
SILVERTHORNE CO 80498 1 02/05/97 00
0430160358 01 04/01/97 0
02969275 N 03/01/27
0
1558129 405/405 F 49,000.00 ZZ
360 48,975.25 1
2913 BLUERIDGE LANE 9.375 407.56 70
9.125 407.56 70,000.00
GARLAND TX 75042 5 01/31/97 00
004108817 05 03/01/97 0
004108817 N 02/01/27
0
1558154 E22/G02 F 51,200.00 ZZ
360 51,200.00 1
14300 ALOHA #202 8.750 402.79 80
8.500 402.79 64,000.00
CORPUS CHRISTI TX 78418 1 02/14/97 00
0410356752 01 04/01/97 0
410356752 O 03/01/27
0
1558156 E22/G02 F 68,000.00 ZZ
360 68,000.00 1
2471 SE ALDEN STREET 8.625 528.90 80
8.375 528.90 85,000.00
PORT ST. LUCIE FL 34984 1 02/18/97 00
0410349567 05 04/01/97 0
410349567 O 03/01/27
0
1
1558158 E22/G02 F 35,200.00 ZZ
360 35,200.00 1
30 HOLLAND AVE NE 9.625 299.20 80
9.375 299.20 44,000.00
GRAND RAPIDS MI 49503 1 02/14/97 04
0410168306 05 04/01/97 12
410168306 N 03/01/27
0
1558159 E45/G02 F 107,500.00 ZZ
360 107,500.00 1
6380 COUNTY ROAD 252 8.625 836.12 71
8.375 836.12 153,000.00
WELLBORN FL 32094 1 02/03/97 00
0430157776 05 04/01/97 0
UNKNOWN O 03/01/27
0
1558160 E22/G02 F 26,950.00 ZZ
360 26,950.00 1
32520 NEWAGO COURT 9.500 226.61 70
9.250 226.61 38,500.00
WESTLAND MI 48185 5 02/13/97 00
0410168017 05 04/01/97 0
410168017 N 03/01/27
0
1558162 E22/G02 F 142,500.00 ZZ
360 142,500.00 1
8409 SHERMER ROAD 9.000 1,146.59 75
8.750 1,146.59 190,000.00
NILES IL 60714 5 02/11/97 00
0410356786 05 04/01/97 0
410356786 O 03/01/27
0
1558163 E22/G02 F 93,400.00 ZZ
360 93,400.00 1
4403 JASON COURT 8.625 726.46 80
8.375 726.46 118,000.00
WILMINGTON NC 28405 1 02/19/97 00
0410352124 05 04/01/97 0
410352124 O 03/01/27
0
1558166 E22/G02 F 173,500.00 ZZ
360 173,500.00 1
1
12 FOURTH AVENUE 8.750 1,364.93 74
8.500 1,364.93 237,000.00
WESTWOOD NJ 07675 2 02/11/97 00
0410339519 05 04/01/97 0
410339519 O 03/01/27
0
1558248 560/560 F 188,000.00 ZZ
360 188,000.00 4
3454-60 S DOWNING ST 9.000 1,512.70 80
8.750 1,512.70 235,000.00
ENGLEWOOD CO 80110 1 02/12/97 04
450640966 05 04/01/97 12
450640966 N 03/01/27
0
1558251 313/G02 F 49,500.00 ZZ
360 49,500.00 1
1152 JULIAN CLARK ROAD 8.750 389.42 90
8.500 389.42 55,000.00
CHARLESTON SC 29412 1 02/28/97 04
0430166587 01 04/01/97 25
6035844 N 03/01/27
0
1558293 E26/G02 F 18,400.00 ZZ
360 18,400.00 2
120 SOUTH LEE COURT 9.375 153.05 80
9.125 153.05 23,000.00
HAZLETON PA 18201 1 02/13/97 10
0430156240 05 04/01/97 12
60700028 N 03/01/27
0
1558311 737/G02 F 98,100.00 ZZ
360 98,100.00 1
676 678 GREENVALE ROAD 9.250 807.04 90
9.000 807.04 109,000.00
LAWRENCEVILLE GA 30243 1 02/13/97 04
0430159798 05 04/01/97 25
559302 N 03/01/27
0
1558324 731/G02 F 290,000.00 ZZ
360 290,000.00 1
32009 COAST HIGHWAY 8.875 2,307.37 45
8.625 2,307.37 650,000.00
LAGUNA BEACH CA 92677 5 02/11/97 00
0430154757 05 04/01/97 0
1
411510981 O 03/01/27
0
1558325 766/G02 F 75,100.00 T
360 75,057.90 1
530 OCEAN DRIVE, UNIT #309 8.875 597.53 80
8.625 597.53 93,900.00
MIAMI BEACH FL 33139 1 01/31/97 11
0430157107 01 03/01/97 12
970Z0044 O 02/01/27
0
1558326 664/G02 F 44,900.00 ZZ
360 44,900.00 1
149 WINONA DRIVE 8.875 357.25 90
8.625 357.25 49,900.00
MACHESNEY PARK IL 61115 1 02/13/97 01
0430154849 05 04/01/97 25
2276426 N 03/01/27
0
1558327 664/G02 F 90,000.00 ZZ
360 90,000.00 1
1317 KENWOOD AVENUE 9.375 748.58 90
9.125 748.58 100,000.00
AUSTIN TX 78744 1 02/13/97 01
0430154807 05 04/01/97 25
2149375 N 03/01/27
0
1558330 G80/G80 F 132,000.00 ZZ
360 131,924.05 1
616 MIRKES PARKWAY 8.750 1,038.45 80
8.500 1,038.45 165,000.00
DESOTO TX 75115 1 01/22/97 00
803485400 05 03/01/97 0
803485400 O 02/01/27
0
1558337 688/G02 F 80,000.00 ZZ
360 80,000.00 1
6 EDGEWATER DRIVE 9.000 643.70 49
8.750 643.70 165,000.00
LAKEVILLE MA 02347 1 02/13/97 00
0430156265 05 04/01/97 0
0040741 N 03/01/27
0
1
1558350 074/G02 F 45,500.00 ZZ
360 45,473.14 1
10039 W 95TH STREET 8.625 353.89 65
8.375 353.89 70,000.00
OVERLAND PARK KS 66212 1 01/15/97 00
0430157354 09 03/01/97 0
1456003262 N 02/01/27
0
1558351 074/G02 F 88,100.00 ZZ
360 88,045.24 2
5930-5932 CYPRESS AVENUE 8.375 669.62 90
8.125 669.62 97,900.00
KANSAS CITY MO 64130 1 01/17/97 10
0430157339 05 03/01/97 25
1456003488 N 02/01/27
0
1558352 074/G02 F 30,600.00 ZZ
360 30,582.84 3
4156-4158 OAK 8.875 243.47 90
8.625 243.47 34,000.00
KANSAS CITY MO 64111 1 01/10/97 04
0430157347 05 03/01/97 30
1456004527 N 02/01/27
0
1558353 074/G02 F 86,000.00 ZZ
360 85,950.52 1
182 COUNTY ROAD 4693 8.750 676.56 64
8.500 676.56 136,000.00
GRAND LAKE CO 80447 1 01/17/97 00
0430158642 03 03/01/97 0
1461098847 N 02/01/27
0
1558354 074/G02 F 46,900.00 ZZ
360 46,873.70 1
226 MAIN STREET 8.875 373.16 70
8.625 373.16 67,000.00
GIRARD PA 16417 5 01/22/97 00
0430155283 05 03/01/97 0
1581084938 N 02/01/27
0
1558355 074/G02 F 307,000.00 ZZ
360 306,844.96 1
53093 ALYSSA COURT 9.375 2,553.48 80
9.125 2,553.48 384,000.00
1
SHELBY TOWNSHIP MI 48315 2 01/17/97 00
0430155218 05 03/01/97 0
1581085078 O 02/01/27
0
1558356 074/G02 F 72,000.00 ZZ
360 71,956.38 1
1724 ANNA AVENUE 8.500 553.62 62
8.250 553.62 118,000.00
FEASTERVILLE PA 19053 5 01/14/97 00
0430157362 05 03/01/97 0
1587053573 O 02/01/27
0
1558357 074/G02 F 145,350.00 ZZ
360 145,272.65 1
63-63A WILSON AVENUE 9.125 1,182.62 95
8.875 1,182.62 153,000.00
IVYLAND PA 18974 1 01/10/97 01
0430155184 05 03/01/97 30
1587053890 O 02/01/27
0
1558359 074/G02 F 90,000.00 ZZ
360 81,900.66 1
1245 WEST 31ST STREET 8.625 700.02 70
8.375 700.02 130,000.00
HIALEAH FL 33012 1 01/21/97 00
0430161463 05 03/01/97 0
1589091187 O 02/01/27
0
1558360 074/G02 F 56,000.00 ZZ
360 55,967.77 4
935 6TH STREET NORTH 8.750 440.56 90
8.500 440.56 62,250.00
SAINT PETERSBUR FL 33701 1 01/23/97 14
0430161471 05 03/01/97 25
1589092543 O 02/01/27
0
1558361 074/G02 F 101,700.00 ZZ
360 101,644.45 1
10234 S 81ST COURT 9.000 818.30 90
8.750 818.30 113,000.00
PALOS HILLS IL 60465 1 01/14/97 04
0430161489 05 03/01/97 25
1621135486 N 02/01/27
0
1
1558362 074/G02 F 87,000.00 ZZ
360 86,949.94 1
142 TERRILL RD 8.750 684.43 75
8.500 684.43 116,000.00
PLAINFIELD NJ 07060 1 01/30/97 00
0430158659 05 03/01/97 0
1101207177 N 02/01/27
0
1558363 074/G02 F 116,200.00 ZZ
360 116,133.14 1
57 TEABERRY DRIVE 8.750 914.15 70
8.500 914.15 166,000.00
EDISON NJ 08820 1 01/31/97 00
0430155390 07 03/01/97 0
1101207654 O 02/01/27
0
1558364 074/G02 F 126,000.00 ZZ
360 125,921.68 1
234 GLEN STREET 8.375 957.70 80
8.125 957.70 157,500.00
GLEN COVE NY 11542 1 01/29/97 00
0430157420 05 03/01/97 0
1111084696 O 02/01/27
0
1558365 074/G02 F 33,250.00 ZZ
360 33,220.80 1
520 BRISTOL PK UNIT 24 8.625 258.62 95
8.375 258.62 35,000.00
BENSALEM PA 19020 1 01/29/97 14
0430155176 01 03/01/97 30
1175037776 O 02/01/27
0
1558366 074/G02 F 52,000.00 ZZ
360 51,936.76 1
1446 CRESTON ST 8.500 399.84 84
8.250 399.84 62,500.00
PHILADELPHIA PA 19149 2 12/30/96 04
0430157396 05 02/01/97 20
1175040249 N 01/01/27
0
1558367 074/G02 F 64,000.00 ZZ
360 63,965.04 1
1
112 BIRCH AVE 9.000 514.96 80
8.750 514.96 80,000.00
WILMINGTON DE 19805 2 01/29/97 04
0430157404 05 03/01/97 12
1181079442 N 02/01/27
0
1558368 074/G02 F 223,250.00 ZZ
360 222,978.55 1
5541 EAST MURIEL DRIVE 8.500 1,716.60 80
8.250 1,716.60 279,070.00
SCOTTSDALE AZ 85254 1 12/27/96 00
0430157412 05 02/01/97 0
1203004489 O 01/01/27
0
1558369 074/G02 F 140,000.00 ZZ
360 139,915.19 1
3118 N EDITH LN 8.500 1,076.48 70
8.250 1,076.48 200,000.00
NOGALES AZ 85621 1 01/29/97 00
0430155424 05 03/01/97 0
1221164476 O 02/01/27
0
1558370 074/G02 F 148,500.00 ZZ
360 148,414.56 1
6386 WINONA AVENUE 8.750 1,168.25 90
8.500 1,168.25 165,000.00
SAN DIEGO CA 92120 1 01/16/97 10
0430157438 05 03/01/97 25
1235001979 N 02/01/27
0
1558376 074/G02 F 113,600.00 ZZ
360 113,532.93 1
555 RIDGE VIEW DR 8.625 883.57 80
8.375 883.57 142,000.00
LOUISVILLE CO 80027 1 01/30/97 00
0430157545 03 03/01/97 0
1272083961 O 02/01/27
0
1558377 074/G02 F 153,600.00 ZZ
360 153,502.05 1
922 LOXAHATCHEE DRIVE 8.250 1,153.95 80
8.000 1,153.95 192,000.00
JUPITER FL 33458 1 01/29/97 00
0430157552 05 03/01/97 0
1
1301119620 O 02/01/27
0
1558378 074/G02 F 99,375.00 ZZ
360 99,251.03 1
21928 HOLLY TREE WAY 8.375 755.32 75
8.125 755.32 132,500.00
BOCA RATON FL 33428 1 12/18/96 00
0430157560 05 02/01/97 0
1301120028 O 01/01/27
0
1558379 074/G02 F 12,675.00 ZZ
360 12,667.32 1
127 NORMANDY C 8.500 97.46 65
8.250 97.46 19,500.00
DELRAY BEACH FL 33484 1 01/29/97 00
0430157578 01 03/01/97 0
1301121290 N 02/01/27
0
1558380 074/G02 F 112,000.00 ZZ
360 111,935.57 4
1840 LINCOLN ST 8.750 881.10 90
8.500 881.10 124,500.00
HOLLYWOOD FL 33020 1 01/27/97 12
0430157586 05 03/01/97 25
1312025299 O 02/01/27
0
1558381 074/G02 F 125,000.00 ZZ
360 124,926.20 1
19 NW 22ND DRIVE 8.625 972.24 80
8.375 972.24 156,300.00
GAINESVILLE FL 32603 1 01/27/97 00
0430157594 05 03/01/97 0
1322017901 O 02/01/27
0
1558382 074/G02 F 111,500.00 ZZ
360 111,364.42 1
5608 FAIRHAVEN DRIVE 8.500 857.34 90
8.250 857.34 123,900.00
NASHVILLE TN 37211 1 12/17/96 01
0430157602 03 02/01/97 25
1341025601 N 01/01/27
0
1
1558383 074/G02 F 80,000.00 ZZ
360 79,902.73 1
5032 ENGLISH VILLAGE DRIVE 8.500 615.13 69
8.250 615.13 117,000.00
NASHVILLE TN 37211 2 12/17/96 00
0430157610 03 02/01/97 0
1341025612 N 01/01/27
0
1558384 074/G02 F 91,200.00 ZZ
360 91,147.53 1
813 BISHOPSGATE ROAD 8.750 717.47 80
8.500 717.47 114,000.00
ANTIOCH TN 37013 1 01/24/97 00
0430157628 03 03/01/97 0
1341026070 O 02/01/27
0
1558385 074/G02 F 67,500.00 T
360 67,463.13 1
539 GARLAND CIRCLE 9.000 543.12 60
8.750 543.12 112,500.00
INDIAN ROCKS BE FL 37785 1 01/31/97 00
0430157644 03 03/01/97 0
1381083884 O 02/01/27
0
1558386 074/G02 F 35,000.00 ZZ
360 34,976.51 1
8490 ROSE TERRACE N 8.000 256.82 50
7.750 256.82 70,000.00
LARGO FL 33777 1 01/31/97 00
0430157651 05 03/01/97 0
1381100633 O 02/01/27
0
1558387 074/G02 F 73,800.00 ZZ
360 73,755.29 1
3584 EGRET DRIVE 8.500 567.46 90
8.250 567.46 82,000.00
MELBOURNE FL 32901 1 01/31/97 04
0430157669 03 03/01/97 25
1391041075 N 02/01/27
0
1558388 074/G02 F 48,750.00 ZZ
360 48,665.77 1
7531 EATON 8.750 383.52 75
8.500 383.52 65,000.00
1
PRAIRIE VILLAGE KS 66208 2 12/10/96 00
0430157685 05 02/01/97 0
1456003320 N 01/01/27
0
1558389 074/G02 F 58,800.00 ZZ
360 58,732.09 1
19416 CRESCENT DRIVE EAST 8.750 462.58 70
8.500 462.58 84,000.00
SPANAWAY WA 98387 5 12/13/96 00
0430157693 05 02/01/97 0
1472002577 N 01/01/27
0
1558391 074/G02 F 128,100.00 ZZ
360 127,835.31 1
3001 RIVIERA ROAD 9.125 1,042.26 70
8.875 1,042.26 183,000.00
AUSTIN TX 78733 5 11/27/96 00
0430155382 05 01/01/97 0
1520005111 N 12/01/26
0
1558392 074/G02 F 136,000.00 ZZ
360 135,923.75 1
1180 DENTWOOD DRIVE 8.875 1,082.08 80
8.625 1,082.08 170,000.00
BRIGHAM CITY UT 84302 1 01/27/97 00
0430157701 05 03/01/97 0
1552000774 O 02/01/27
0
1558393 074/G02 F 336,000.00 T
360 335,642.28 1
14 PINON RIDGE LANE 9.125 2,733.81 70
8.875 2,733.81 480,000.00
SANTA FE NM 87501 1 01/31/97 00
0430155408 05 03/01/97 0
1563143547 O 02/01/27
0
1558394 074/G02 F 51,900.00 ZZ
360 51,872.38 2
738 PINE STREET 9.125 422.28 90
8.875 422.28 57,700.00
SLIDELL LA 70460 1 02/04/97 01
0430157719 05 03/01/97 25
1566087759 N 02/01/27
0
1
1558395 074/G02 F 100,000.00 ZZ
360 99,946.78 1
2499 PEACHTREE RD #208 9.125 813.64 80
8.875 813.64 125,000.00
ATLANTA GA 30305 1 01/29/97 00
0430155358 01 03/01/97 0
1566088274 O 02/01/27
0
1558396 074/G02 F 148,000.00 ZZ
360 147,914.85 1
17963 REMLAP DRIVE 8.750 1,164.32 80
8.500 1,164.32 185,000.00
REMLAP AL 35133 1 02/03/97 00
0430158295 05 03/01/97 0
1566088321 O 02/01/27
0
1558397 074/G02 F 74,250.00 ZZ
360 74,212.50 1
412-414 LEXINGTON DRIVE 9.375 617.58 90
9.125 617.58 82,500.00
LAWRENCEVILLE GA 30245 1 02/05/97 12
0430158303 05 03/01/97 25
1566088503 N 02/01/27
0
1558398 074/G02 F 144,000.00 ZZ
360 143,914.98 1
305 LISMORE TERRACE 8.625 1,120.02 80
8.375 1,120.02 180,000.00
WOODSTOCK GA 30189 1 01/17/97 00
0430158311 03 03/01/97 0
1566088605 O 02/01/27
0
1558400 074/G02 F 61,200.00 ZZ
360 61,200.00 2
1922 BURGUNDY STREET 9.375 509.04 90
9.125 509.04 68,000.00
NEW ORLEANS LA 70116 1 02/06/97 01
0430158329 05 04/01/97 25
1566089380 N 03/01/27
0
1558401 074/G02 F 55,800.00 ZZ
360 55,771.82 2
1
1354 BEECHER STREET 9.375 464.12 90
9.125 464.12 62,000.00
ATLANTA GA 30310 1 02/03/97 04
0430158337 05 03/01/97 25
1566090072 N 02/01/27
0
1558402 074/G02 F 52,000.00 ZZ
360 51,971.59 1
159 NORTH BROWN AVEN 9.000 418.41 80
8.750 418.41 65,000.00
TUCSON AZ 85710 1 01/24/97 01
0430158345 03 03/01/97 12
1569159517 N 02/01/27
0
1558403 074/G02 F 95,100.00 ZZ
360 95,100.00 2
2955 PORTSMOUTH DRIVE 9.250 782.37 90
9.000 782.37 105,700.00
RANCHO CORDOVA CA 95670 1 02/07/97 10
0430158352 05 04/01/97 25
1573168216 N 03/01/27
0
1558404 074/G02 F 35,200.00 ZZ
360 35,133.40 1
117 SOUTH GRANGE AVENUE 8.750 276.92 90
8.500 276.92 39,140.00
SIOUX FALLS SD 57105 1 12/13/96 01
0430158360 05 02/01/97 25
1576034872 N 01/01/27
0
1558405 074/G02 F 81,750.00 T
360 81,706.49 1
206 MAIN STREET, UNIT #4 9.125 665.15 75
8.875 665.15 109,000.00
LA POINTE WI 54850 1 01/29/97 00
0430158576 01 03/01/97 0
1576035208 O 02/01/27
0
1558406 074/G02 F 27,000.00 ZZ
360 26,936.55 2
404 EAST ELM 8.500 207.61 90
8.250 207.61 30,000.00
INDEPENDENCE MO 64050 1 02/06/97 04
0430158378 05 03/01/97 30
1
1576036357 N 02/01/27
0
1558407 074/G02 F 32,000.00 T
360 31,982.52 1
419-B FOURTH AVENUE WEST 9.000 257.48 56
8.750 257.48 58,000.00
HENDERSONVILLE NC 28739 1 01/24/97 00
0430155432 01 03/01/97 0
1577061054 O 02/01/27
0
1558408 074/G02 F 62,900.00 ZZ
360 62,864.73 1
2624 KENDRICK DRIVE 8.875 500.47 90
8.625 500.47 69,900.00
CHARLOTTE NC 28214 1 01/24/97 10
0430155291 05 03/01/97 25
1577061371 N 02/01/27
0
1558409 074/G02 F 107,900.00 ZZ
360 107,841.06 1
315 C 71ST AVENUE NORTH 9.000 868.19 85
8.750 868.19 127,000.00
MYRTLE BEACH SC 29572 5 01/21/97 11
0430158584 01 03/01/97 12
1577061430 O 02/01/27
0
1558410 074/G02 F 35,100.00 ZZ
360 35,080.82 1
489 WHITMIRE STREET 9.000 282.43 90
8.750 282.43 39,000.00
BREVARD NC 28712 1 01/31/97 04
0430162750 05 03/01/97 25
1577064020 N 02/01/27
0
1558411 074/G02 F 420,000.00 ZZ
360 419,752.03 1
7 BOWMAN DRIVE 8.625 3,266.72 80
8.375 3,266.72 525,000.00
GREENWICH CT 06831 1 02/03/97 00
0430155333 05 03/01/97 0
1580043298 O 02/01/27
0
1
1558412 074/G02 F 612,500.00 ZZ
360 612,156.62 1
1 CROFTDALE ROAD 8.875 4,873.33 52
8.625 4,873.33 1,187,500.00
NEWTON MA 02159 1 01/29/97 00
0430155440 05 03/01/97 0
1580043527 O 02/01/27
0
1558413 074/G02 F 124,000.00 ZZ
360 123,930.48 1
121 STONY LANE 8.875 986.60 80
8.625 986.60 155,000.00
EXETER RI 02822 1 01/31/97 00
0430158212 05 03/01/97 0
1580044461 O 02/01/27
0
1558414 074/G02 F 80,100.00 ZZ
360 80,100.00 1
75 NEW ROAD 9.375 666.24 90
9.125 666.24 89,000.00
HAMDEN CT 06518 1 02/07/97 10
0430158634 05 04/01/97 25
1580044790 N 03/01/27
0
1558415 074/G02 F 80,750.00 ZZ
360 80,750.00 1
288 ONSET AVENUE 9.000 649.74 85
8.750 649.74 95,000.00
ONSET MA 02558 5 02/05/97 11
0430158600 05 04/01/97 12
1580045103 O 03/01/27
0
1558416 074/G02 F 60,300.00 ZZ
360 60,228.54 1
700-702 KOLPING AVENUE 8.625 469.01 90
8.375 469.01 67,000.00
DAYTON OH 45410 1 12/31/96 01
0430158220 05 02/01/97 25
1581082230 N 01/01/27
0
1558418 074/G02 F 94,250.00 ZZ
360 94,188.34 1
8733 HUGH 8.125 699.81 75
7.875 699.81 125,700.00
1
WESTLAND MI 48185 1 01/28/97 00
0430158246 05 03/01/97 0
1581083040 N 02/01/27
0
1558419 074/G02 F 32,000.00 ZZ
360 31,982.52 1
3561 WEST 136 STREET 9.000 257.48 80
8.750 257.48 40,000.00
CLEVELAND OH 44111 1 01/24/97 04
0430158253 05 03/01/97 12
1581083265 N 02/01/27
0
1558422 074/G02 F 111,750.00 ZZ
360 111,687.34 1
1523-25 GENESEE ROAD 8.875 889.14 90
8.625 889.14 124,200.00
SOUTH EUCLID OH 44121 1 01/25/97 04
0430158626 05 03/01/97 25
1581084585 N 02/01/27
0
1558423 074/G02 F 48,600.00 ZZ
360 48,600.00 1
4218 MEMPHIS AVENUE 9.375 404.24 90
9.125 404.24 54,000.00
CLEVELAND OH 44109 1 02/04/97 04
0430158279 05 04/01/97 25
1581085114 N 03/01/27
0
1558425 074/G02 F 49,500.00 ZZ
360 49,473.66 1
107 S 8TH STREET 9.125 402.75 90
8.875 402.75 55,000.00
GOSHEN IN 46526 1 01/30/97 12
0430155309 05 03/01/97 25
1581085205 N 02/01/27
0
1558427 074/G02 F 101,700.00 ZZ
360 101,648.64 1
3132 VAN ALSTYNE 9.375 845.89 90
9.125 845.89 113,000.00
WYANDOTTE MI 48192 1 01/30/97 12
0430158287 05 03/01/97 25
1581086445 N 02/01/27
0
1
1558428 074/G02 F 35,000.00 ZZ
360 34,981.85 1
260 HAZEL ROAD 9.250 287.94 64
9.000 287.94 55,000.00
PITTSBURGH PA 15235 1 01/31/97 00
0430158386 05 03/01/97 0
1581086886 O 02/01/27
0
1558429 074/G02 F 38,750.00 ZZ
360 38,728.82 1
1722 SUMAN AVENUE 9.000 311.80 90
8.750 311.80 43,100.00
DAYTON OH 45403 1 01/31/97 01
0430158394 05 03/01/97 25
1581087335 N 02/01/27
0
1558430 074/G02 F 60,000.00 T
360 59,930.69 1
12 A 83 ROOSEVELT LANE 8.750 472.03 34
8.500 472.03 179,000.00
APPLE RIVER IL 61001 5 12/16/96 00
0430158402 03 02/01/97 0
1583039796 O 01/01/27
0
1558431 074/G02 F 46,800.00 ZZ
360 46,800.00 1
1307 - RAWSON AVE 8.875 372.37 90
8.625 372.37 52,000.00
SOUTH MILWAUKEE WI 53172 1 02/07/97 04
0430158410 05 04/01/97 30
1583039854 N 03/01/27
0
1558432 074/G02 F 90,000.00 ZZ
360 89,887.72 1
2301 LESLIE AVENUE 8.375 684.07 30
8.125 684.07 310,000.00
ALEXANDRIA VA 22301 5 12/19/96 00
0430158428 05 02/01/97 0
1587052628 O 01/01/27
0
1558433 074/G02 F 140,000.00 ZZ
360 139,923.52 1
1
1006 BELGRADE ROAD S 9.000 1,126.48 80
8.750 1,126.48 175,000.00
SILVER SPRING MD 20902 2 01/24/97 00
0430158436 05 03/01/97 0
1587055998 O 02/01/27
0
1558434 074/G02 F 180,000.00 ZZ
360 179,781.13 1
1918 GREEN MEADOW DRIVE 8.500 1,384.05 80
8.250 1,384.05 225,000.00
LUTZ FL 33549 1 12/31/96 00
0430155341 05 02/01/97 0
1589090628 O 01/01/27
0
1558435 074/G02 F 69,600.00 T
360 69,560.98 1
530 OCEAN DRIVE UNIT 208 8.875 553.77 80
8.625 553.77 87,000.00
MIAMI BEACH FL 33139 1 01/30/97 01
0430155374 01 03/01/97 12
1589090934 O 02/01/27
0
1558436 074/G02 F 206,250.00 ZZ
360 206,250.00 1
15 SANTILLANE AVENUE 8.750 1,622.57 75
8.500 1,622.57 275,000.00
CORAL GABLES FL 33134 1 02/04/97 12
0430156430 05 04/01/97 12
1589091846 N 03/01/27
0
1558437 074/G02 F 40,900.00 ZZ
360 40,877.07 1
4633 COURTWOOD DRIVE 8.875 325.42 89
8.625 325.42 46,000.00
BATAVIA OH 45103 1 01/31/97 01
0430158451 03 03/01/97 25
1597001124 N 02/01/27
0
1558438 074/G02 F 91,800.00 ZZ
360 91,749.86 1
1043 SPAFFORD 9.000 738.64 90
8.750 738.64 102,000.00
ANTIOCH IL 60002 1 01/31/97 14
0430158469 05 03/01/97 30
1
1606074772 N 02/01/27
0
1558439 074/G02 F 36,900.00 ZZ
360 36,841.93 1
14301 S KIMBARK 8.625 287.00 90
8.375 287.00 41,000.00
DOLTON IL 60419 1 12/31/96 04
0430158477 05 02/01/97 25
1621138586 N 01/01/27
0
1558440 074/G02 F 103,200.00 ZZ
360 103,077.70 1
365 RINDERER RD 8.625 802.68 80
8.375 802.68 129,000.00
TRENTON IL 62293 2 12/12/96 00
0430158485 05 02/01/97 0
1634012220 O 01/01/27
0
1558441 074/G02 F 136,800.00 ZZ
360 136,708.21 1
1788 CRUET LANE 8.000 1,003.79 80
7.750 1,003.79 171,000.00
SEVERN MD 21144 1 01/30/97 00
0430158493 03 03/01/97 0
1701131043 O 02/01/27
0
1558442 074/G02 F 85,000.00 ZZ
360 84,952.35 1
1507 AINSLEY RD 8.875 676.30 42
8.625 676.30 205,000.00
SILVER SPRING MD 20904 5 01/27/97 00
0430158501 05 03/01/97 0
1731145750 O 02/01/27
0
1558443 074/G02 F 45,000.00 ZZ
360 44,974.77 1
207 CAROLINE AVENUE 8.875 358.04 71
8.625 358.04 63,500.00
RIDGELY MD 21660 2 01/24/97 00
0430158519 05 03/01/97 0
1751100631 N 02/01/27
0
1
1558444 074/G02 F 58,500.00 ZZ
360 58,468.86 4
1248 DECATUR STREET 9.125 475.98 90
8.875 475.98 65,000.00
CHESAPEAKE VA 23324 1 01/17/97 12
0430158527 05 03/01/97 25
1781061652 N 02/01/27
0
1558445 074/G02 F 77,400.00 ZZ
360 77,356.61 1
157 CONGRESS STREET 8.875 615.83 90
8.625 615.83 86,000.00
PORTLAND ME 04101 1 01/27/97 04
0430158535 05 03/01/97 30
1809001156 N 02/01/27
0
1558446 074/G02 F 91,800.00 ZZ
360 91,744.39 1
15 PINEHURST ROAD 8.500 705.86 90
8.250 705.86 102,000.00
EDGARTOWN MA 02539 1 01/24/97 04
0430158543 05 03/01/97 25
1811067292 N 02/01/27
0
1558447 074/G02 F 91,000.00 ZZ
360 90,948.98 1
32 CRYSTAL COVE AVE 8.875 724.04 80
8.625 724.04 115,000.00
WINTHROP MA 02152 2 01/27/97 04
0430155366 05 03/01/97 12
1811069436 N 02/01/27
0
1558448 074/G02 F 107,200.00 ZZ
360 107,141.44 1
384 LINCOLN STREET 9.000 862.56 80
8.750 862.56 134,000.00
SEEKONK MA 02771 1 01/30/97 12
0430158550 05 03/01/97 12
1814060085 N 02/01/27
0
1558700 F22/G02 F 96,600.00 T
360 96,549.92 1
15757 S. W. 90TH TERRACE 9.250 794.70 70
9.000 794.70 138,000.00
1
MIAMI FL 33196 1 02/04/97 00
0430153874 05 03/01/97 0
68006140 O 02/01/27
0
1558705 514/G02 F 54,000.00 ZZ
360 54,000.00 1
1632 6TH AVENUE NORTH 8.875 429.65 78
8.625 429.65 70,000.00
JACKSONVILLE BE FL 32250 1 02/06/97 00
0430157677 05 04/01/97 0
359855 O 03/01/27
0
1558714 514/G02 F 54,900.00 ZZ
360 54,900.00 1
625 COOLWOOD LANE 8.875 436.81 90
8.625 436.81 61,000.00
MESQUITE TX 75149 1 02/10/97 10
0430160333 05 04/01/97 25
359859 N 03/01/27
0
1558721 560/560 F 78,000.00 ZZ
360 78,000.00 1
15 EAST LINCOLN WAY 8.750 613.63 65
8.500 613.63 120,000.00
SPARKS NV 89431 5 02/12/97 00
450642475 05 04/01/97 0
450642475 N 03/01/27
0
1558730 560/560 F 300,000.00 ZZ
360 300,000.00 1
14042 RUE MONACO 8.375 2,280.22 63
8.125 2,280.22 481,000.00
DEL MAR CA 92014 1 02/14/97 00
450644851 05 04/01/97 0
450644851 O 03/01/27
0
1558733 560/560 F 45,000.00 ZZ
360 45,000.00 1
7118 BOND 9.000 362.09 61
8.750 362.09 74,000.00
SHAWNEE KS 66216 5 02/13/97 00
450641956 03 04/01/97 0
450641956 N 03/01/27
0
1
1558736 560/560 F 50,400.00 ZZ
360 50,400.00 1
3442 ROSAMOND AVENUE 8.875 401.01 90
8.625 401.01 56,000.00
MEMPHIS TN 38122 1 02/13/97 04
450641964 05 04/01/97 25
450641964 N 03/01/27
0
1558762 964/G02 F 191,000.00 ZZ
360 191,000.00 1
654 ALAMO DRIVE 8.750 1,502.60 80
8.500 1,502.60 239,000.00
SAN JOSE CA 95123 2 02/13/97 00
0430155994 05 04/01/97 0
22855 O 03/01/27
0
1558789 526/G02 F 197,700.00 ZZ
360 197,600.16 1
1505 MONARCH DRIVE 9.375 1,644.37 80
9.125 1,644.37 250,000.00
MARIETTA GA 30062 1 01/30/97 00
0430166579 03 03/01/97 0
0166537 O 02/01/27
0
1558793 526/G02 F 34,200.00 ZZ
360 34,183.17 1
3503 STANFORD 9.500 287.58 90
9.250 287.58 38,000.00
HOUSTON TX 77006 1 01/31/97 12
0430159475 07 03/01/97 25
00165202 N 02/01/27
0
1558799 526/G02 F 74,250.00 ZZ
360 74,213.47 2
5-7 HOPE STREET 9.500 624.34 90
9.250 624.34 82,500.00
ATTLEBORO MA 02703 1 02/05/97 10
0430164293 05 03/01/97 25
163456 N 02/01/27
0
1558818 E22/G02 F 180,000.00 BB
360 180,000.00 4
1
521 4TH STREET SE 9.125 1,464.54 90
8.875 1,464.54 200,000.00
MINNEAPOLIS MN 55414 1 02/14/97 04
0410206718 05 04/01/97 25
410206718 O 03/01/27
0
1558819 E22/G02 F 56,700.00 ZZ
360 56,700.00 2
206 W 113 STREET 9.500 476.76 90
9.250 476.76 63,000.00
CHICAGO IL 60628 1 02/14/97 10
0410278394 05 04/01/97 25
410278394 N 03/01/27
0
1558822 E22/G02 F 99,000.00 ZZ
360 99,000.00 1
609 MAYO ROAD 8.625 770.01 77
8.375 770.01 129,500.00
GLEN BURNIE MD 21061 5 02/11/97 00
0410251565 05 04/01/97 0
410251565 O 03/01/27
0
1558823 E22/G02 F 75,600.00 ZZ
360 75,600.00 4
441 ESPANOLA ST. SE 9.750 649.52 70
9.500 649.52 108,000.00
ALBUQUERQUE NM 87108 5 02/13/97 00
0410325484 05 04/01/97 0
410325484 N 03/01/27
0
1558824 E22/G02 F 42,600.00 T
360 42,600.00 1
2457 NW 56 AVENUE UNIT# 204 8.875 338.94 75
8.625 338.94 56,900.00
LAUDERHILL FL 33313 1 02/13/97 00
0410347538 01 04/01/97 0
410347538 O 03/01/27
0
1558825 E22/G02 F 75,600.00 ZZ
360 75,600.00 4
445 ESPANOLA ST. SE 9.750 649.52 70
9.500 649.52 108,000.00
ALBUQUERQUE NM 87108 5 02/13/97 00
0410325492 05 04/01/97 0
1
410325492 N 03/01/27
0
1558826 E22/G02 F 43,400.00 ZZ
360 43,400.00 1
3204 EUCLID STREET 8.750 341.43 70
8.500 341.43 62,000.00
GREENSBORO NC 27407 2 02/19/97 00
0410339113 05 04/01/97 0
410339113 N 03/01/27
0
1558827 E22/G02 F 78,400.00 ZZ
360 78,400.00 1
13792 52ND COURT NORTH 8.875 623.79 80
8.625 623.79 98,000.00
ROYAL PALM BEAC FL 33411 5 02/13/97 00
0410350730 05 04/01/97 0
410350730 O 03/01/27
0
1558828 E22/G02 F 490,000.00 ZZ
360 490,000.00 1
7429 DULANY DRIVE 8.875 3,898.66 70
8.625 3,898.66 700,000.00
MCLEAN VA 22101 1 02/19/97 00
0410350995 05 04/01/97 0
410350995 O 03/01/27
0
1558830 E22/G02 F 64,800.00 ZZ
360 64,800.00 1
5003 CREEK SHADOWS DRIVE 8.500 498.26 80
8.250 498.26 81,000.00
KINGWOOD TX 77339 1 02/18/97 00
0410323000 03 04/01/97 0
410323000 O 03/01/27
0
1558832 E22/G02 F 40,500.00 ZZ
360 40,500.00 1
526 CLANCY N E 9.625 344.25 90
9.375 344.25 45,000.00
GRAND RAPIDS MI 49503 1 02/14/97 04
0410168314 05 04/01/97 25
410168314 N 03/01/27
0
1
1558834 E22/G02 F 19,800.00 ZZ
360 19,800.00 1
219 N OAKLAND 9.375 164.69 90
9.125 164.69 22,000.00
INDIANAPOLIS IN 46201 1 02/17/97 10
0410344568 05 04/01/97 25
410344568 N 03/01/27
0
1558836 E22/G02 F 33,300.00 ZZ
360 33,283.63 1
2002 CRESCENT AVENUE 9.500 280.00 90
9.250 280.00 37,000.00
MIDDLETOWN OH 45042 1 01/30/97 04
0410278386 05 03/01/97 25
410278386 N 02/01/27
0
1558837 B75/G02 F 198,000.00 ZZ
360 198,000.00 4
536 CARIBOU DRIVE 9.000 1,593.15 90
8.750 1,593.15 220,000.00
MOUNTAIN HOME ID 83647 1 02/03/97 01
0430160572 05 04/01/97 25
2918340 N 03/01/27
0
1558839 E22/G02 F 60,400.00 ZZ
360 60,400.00 1
4405 SEA MIST DRIVE UNIT #117 8.875 480.57 80
8.625 480.57 75,500.00
NEW SMYRNA BEAC FL 32169 1 02/18/97 00
0410352330 01 04/01/97 0
410352330 O 03/01/27
0
1558848 E22/G02 F 43,000.00 T
360 43,000.00 1
2451 NW 56TH AVENUE UNIT #204 8.875 342.13 75
8.625 342.13 57,400.00
LAUDERHILL FL 33313 1 02/12/97 00
0410340814 01 04/01/97 0
410340814 O 03/01/27
0
1558849 E22/G02 F 40,500.00 ZZ
360 40,500.00 1
1791 COMBES AVENUE 8.625 315.00 90
8.375 315.00 45,000.00
1
SAN BENITO TX 78586 1 02/14/97 10
0410279681 05 04/01/97 25
410279681 N 03/01/27
0
1558850 E22/G02 F 180,000.00 ZZ
360 180,000.00 1
11004 HURON DRIVE 8.875 1,432.16 80
8.625 1,432.16 225,000.00
SPRING GROVE IL 60081 1 02/17/97 00
0410206619 05 04/01/97 0
410206619 O 03/01/27
0
1558855 757/757 F 214,400.00 ZZ
360 214,400.00 1
786 RIVERBEND ROAD 8.375 1,629.60 80
8.125 1,629.60 268,000.00
DAWSONVILLE GA 30534 2 02/11/97 00
2879856 05 04/01/97 0
2879856 O 03/01/27
0
1558857 757/757 F 89,000.00 ZZ
360 89,000.00 1
WEST CANAL DRIVE 8.625 692.24 57
8.375 692.24 158,000.00
GULF SHORES AL 36542 4 02/18/97 00
2879757 05 04/01/97 0
2879757 O 03/01/27
0
1558868 514/G02 F 63,200.00 T
360 63,163.64 1
1180 NORTH HIATUS ROAD 8.750 497.19 80
8.500 497.19 79,000.00
PEMBROKE PINES FL 33026 1 01/31/97 95
0430158824 01 03/01/97 0
359665 O 02/01/27
0
1558877 608/G02 F 134,700.00 ZZ
360 134,700.00 2
365 KALMIA STREET 9.000 1,083.83 80
8.750 1,083.83 170,000.00
WARMINSTER PA 18974 2 02/17/97 00
0430157081 05 04/01/97 0
95041 O 03/01/27
0
1
1558878 074/G02 F 144,000.00 ZZ
360 143,923.36 1
283 EAST MAIN STREET 9.125 1,171.64 90
8.875 1,171.64 160,000.00
SOMERVILLE NJ 08876 1 01/21/97 01
0430158568 05 03/01/97 25
1587053813 O 02/01/27
0
1558880 F13/F13 F 93,750.00 ZZ
360 93,750.00 2
7813 BRADFORD STREET 7.750 671.64 75
7.500 671.64 125,000.00
PHILADELPHIA PA 19152 2 02/19/97 00
112250868 05 04/01/97 0
112250868 N 03/01/27
0
1558882 F13/F13 F 93,750.00 ZZ
360 93,750.00 2
7811 BRADFORD STREET 7.750 671.64 75
7.500 671.64 125,000.00
PHILADELPHIA PA 19152 2 02/19/97 00
112250876 05 04/01/97 0
112250876 N 03/01/27
0
1558889 731/G02 F 231,000.00 ZZ
360 231,000.00 1
5121 BEACHCOMBER STREET 8.500 1,776.19 80
8.250 1,776.19 290,500.00
OXNARD CA 93035 2 02/12/97 00
0430157198 05 04/01/97 0
411213089 O 03/01/27
0
1558893 731/G02 F 57,750.00 ZZ
360 57,750.00 1
125 BUCKEYE LANE 9.000 464.67 75
8.750 464.67 77,000.00
FAYETTEVILLE GA 30214 1 02/17/97 00
0430156190 05 04/01/97 0
3140863453 N 03/01/27
0
1558894 E09/G02 F 67,500.00 ZZ
360 67,500.00 1
1
414 NORTH WHITMORE STREET 9.125 549.20 90
8.875 549.20 75,000.00
OVERTON NV 89040 1 02/06/97 01
0430155853 05 04/01/97 25
1002469 N 03/01/27
0
1558895 F13/F13 F 93,750.00 ZZ
360 93,750.00 2
7815 BRADFORD STREET 7.750 671.64 75
7.500 671.64 125,000.00
PHILADELPHIA PA 19152 2 02/19/97 00
112250884 05 04/01/97 0
112250884 N 03/01/27
0
1558902 560/560 F 34,200.00 ZZ
360 34,200.00 1
608 FIFTH ST 8.750 269.06 90
8.500 269.06 38,000.00
BETHLEHEM PA 18015 1 02/13/97 04
450641980 05 04/01/97 25
450641980 N 03/01/27
0
1558903 731/G02 F 66,750.00 ZZ
360 66,750.00 1
1116 CENTER STREET 9.000 537.09 75
8.750 537.09 89,000.00
ATLANTA GA 30318 1 02/18/97 00
0430156216 05 04/01/97 0
3140663489 N 03/01/27
0
1558904 731/G02 F 115,200.00 ZZ
360 115,200.00 1
95 VALLEY BROOK DRIVE 8.875 916.58 80
8.625 916.58 144,000.00
DAWSONVILLE GA 30534 2 02/18/97 00
0430156331 05 04/01/97 0
3140663458 O 03/01/27
0
1558905 731/G02 F 94,400.00 ZZ
360 94,400.00 1
569 RIVULETT COURT 8.875 751.09 90
8.625 751.09 104,900.00
LAWRENCEVILLE GA 30243 1 02/14/97 01
0430161158 05 04/01/97 25
1
3140663497 N 03/01/27
0
1558907 776/G02 F 60,300.00 ZZ
360 60,300.00 1
3823 TERRAZZO AVENUE 9.500 507.04 90
9.250 507.04 67,000.00
LAS VEGAS NV 89115 1 02/05/97 01
0430157727 09 04/01/97 25
6337998 N 03/01/27
0
1558911 E46/G02 F 56,700.00 ZZ
360 56,668.21 1
125 CALDWELL AVENUE 8.875 451.13 90
8.625 451.13 63,000.00
LACEY TOWNSHIP NJ 08731 1 01/31/97 01
0430155887 05 03/01/97 25
24431 N 02/01/27
0
1559101 526/G02 F 139,300.00 ZZ
360 139,221.90 1
1040 RYMER COURT 8.875 1,108.34 89
8.625 1,108.34 158,000.00
SAN JOSE CA 95133 1 01/09/97 10
0430159889 09 03/01/97 25
163384 N 02/01/27
0
1559102 405/405 F 65,150.00 ZZ
360 65,110.53 1
2629 BENTLEY DRIVE 8.500 500.95 75
8.250 500.95 86,900.00
PALM HARBOR FL 34684 1 02/04/97 00
004118212 09 03/01/97 0
004118212 O 02/01/27
0
1559104 526/G02 F 45,000.00 ZZ
360 45,000.00 1
6 LAMBERT STREET 8.875 358.05 90
8.625 358.05 50,000.00
COVENTRY RI 02816 1 02/05/97 10
0430159756 05 04/01/97 25
166263 N 03/01/27
0
1
1559121 568/G02 F 96,250.00 ZZ
360 96,250.00 1
7585 KERR LAKE COURT 9.500 809.32 90
9.250 809.32 106,950.00
LAS VEGAS NV 89128 1 02/06/97 01
0430156299 03 04/01/97 25
808327 N 03/01/27
0
1559122 E22/G02 F 119,500.00 ZZ
360 119,500.00 1
8241 SILVERSIDE DRIVE 8.125 887.28 89
7.875 887.28 135,000.00
ANTELOPE CA 95843 2 02/10/97 04
0410276570 05 04/01/97 25
410276570 N 03/01/27
0
1559124 E22/G02 F 85,000.00 ZZ
360 85,000.00 3
13821, 13823 & 13825 LOCUST ST 8.875 676.30 48
8.625 676.30 180,000.00
WESTMINSTER CA 92683 5 02/11/97 00
0410294284 05 04/01/97 0
410294284 N 03/01/27
0
1559130 526/G02 F 64,000.00 ZZ
360 63,963.18 1
199 TAVISTOCK ROAD 8.750 503.49 80
8.500 503.49 80,000.00
CHERRY HILL NJ 08034 1 02/01/97 00
0430159632 01 03/01/97 0
0166271 O 02/01/27
0
1559137 526/G02 F 141,600.00 ZZ
360 141,048.35 2
7220 ALDEA DRIVE 8.375 1,076.27 92
8.125 1,076.27 153,910.00
AUSTIN TX 78745 1 09/26/96 21
0430160424 05 11/01/96 25
0121402 O 10/01/26
0
1559141 E22/G02 F 118,150.00 ZZ
360 118,150.00 1
20845 WILLAMETTE DRIVE 8.750 929.49 80
8.500 929.49 147,700.00
1
WEST LINN OR 97068 1 02/14/97 00
0410219455 05 04/01/97 0
410219455 O 03/01/27
0
1559143 E22/G02 F 63,000.00 ZZ
360 63,000.00 1
267 CLARA DRIVE 9.500 529.74 70
9.250 529.74 90,000.00
BATON ROUGE LA 70808 5 02/17/97 00
0410320667 05 04/01/97 0
410320667 N 03/01/27
0
1559151 E22/G02 F 252,000.00 ZZ
360 252,000.00 1
538 BAYLOR AVENUE 8.750 1,982.49 80
8.500 1,982.49 315,000.00
RIVER VALE NJ 07675 2 02/14/97 00
0410348650 05 04/01/97 0
410348650 O 03/01/27
0
1559154 526/G02 F 119,000.00 ZZ
360 119,000.00 3
746 LEONARD AVENUE 9.500 1,000.62 70
9.250 1,000.62 170,000.00
LOS ANGELES CA 90022 1 02/03/97 00
0430163592 05 04/01/97 0
0165800 N 03/01/27
0
1559157 E22/G02 F 100,000.00 ZZ
360 100,000.00 1
6711 WEST 5TH PLACE 8.875 795.64 80
8.625 795.64 125,000.00
LAKEWOOD CO 80226 2 02/12/97 00
0410320329 05 04/01/97 0
410320329 O 03/01/27
0
1559159 E22/G02 F 134,000.00 ZZ
360 133,935.80 2
2146 NORTH CAMPBELL AVENUE 9.625 1,138.99 90
9.375 1,138.99 148,895.00
CHICAGO IL 60647 1 01/31/97 10
0410207807 05 03/01/97 25
410207807 N 02/01/27
0
1
1559165 405/405 F 119,250.00 ZZ
360 119,250.00 2
416 NORTH CENTRAL 8.875 948.81 75
8.625 948.81 159,000.00
HIGHWOOD IL 60040 1 02/17/97 00
4114484 05 04/01/97 0
4114484 N 03/01/27
0
1559169 927/G02 F 121,500.00 ZZ
360 121,500.00 1
5201 EAST LE MARCHE AVENUE 9.000 977.62 90
8.750 977.62 135,000.00
SCOTTSDALE AZ 85254 1 02/07/97 01
0430160515 05 04/01/97 25
252502 N 03/01/27
0
1559170 927/G02 F 50,700.00 ZZ
360 50,673.01 1
3732 WEST DENTON LANE 9.125 412.52 90
8.875 412.52 56,350.00
PHOENIX AZ 85019 1 01/27/97 01
0430162529 05 03/01/97 25
252718 N 02/01/27
0
1559173 688/G02 F 41,800.00 ZZ
360 41,800.00 1
14020 DESERT LILLY PLACE 8.125 310.36 63
7.875 310.36 66,800.00
HORIZON CITY TX 79927 1 02/11/97 00
0430165845 05 04/01/97 0
0039908 O 03/01/27
0
1559174 559/G02 F 288,750.00 ZZ
360 288,750.00 1
237 JUANITA WAY 8.250 2,169.29 75
8.000 2,169.29 385,000.00
SAN FRANCISCO CA 94127 2 02/10/97 00
0430166108 05 04/01/97 0
5422977 O 03/01/27
0
1559189 B75/G02 F 67,500.00 ZZ
360 67,463.13 1
1
5221 MONARCH DRIVE 9.000 543.12 75
8.750 543.12 90,000.00
FORT WAYNE IN 46815 2 01/31/97 00
0430160507 05 03/01/97 0
2922953 O 02/01/27
0
1559192 405/405 F 84,000.00 ZZ
360 84,000.00 2
433 SOUTH DELAWARE AVENUE 8.875 668.35 70
8.625 668.35 120,000.00
LINDENHURST NY 11757 5 02/10/97 00
4096236 05 04/01/97 0
4096236 N 03/01/27
0
1559193 B75/G02 F 165,000.00 ZZ
360 165,000.00 4
535 CARIBOU DRIVE 9.000 1,327.63 75
8.750 1,327.63 220,000.00
MOUNTAIN HOME ID 83647 1 02/03/97 00
0430163105 05 04/01/97 0
2858041 N 03/01/27
0
1559196 757/757 F 55,900.00 ZZ
360 55,900.00 1
503 VICKSBURG PLACE 8.875 444.77 70
8.625 444.77 81,000.00
DUNWOODY GA 30350 1 02/20/97 00
2879831 01 04/01/97 0
2879831 O 03/01/27
0
1559200 B75/G02 F 33,000.00 ZZ
360 33,000.00 1
704 COLLINS STREET, UNIT C 9.625 280.50 75
9.375 280.50 44,000.00
DENTON TX 76062 1 02/18/97 00
0430162487 01 04/01/97 0
2925212 N 03/01/27
0
1559222 201/G02 F 150,400.00 ZZ
360 150,317.84 1
811 LAUREL HILLS COURT 9.000 1,210.16 80
8.750 1,210.16 188,000.00
CEDAR HILL TX 75104 2 01/29/97 00
0430156166 05 03/01/97 0
1
8800945951 O 02/01/27
0
1559354 526/G02 F 50,850.00 ZZ
360 50,850.00 4
3312 4TH STREET 9.500 427.58 90
9.250 427.58 56,500.00
DES MOINES IA 50313 1 02/10/97 10
0430159681 05 04/01/97 25
00165298 N 03/01/27
0
1559388 E22/G02 F 95,200.00 ZZ
360 95,200.00 1
820 EAST 39TH AVENUE 8.875 757.45 58
8.625 757.45 166,000.00
EUGENE OR 97405 5 02/13/97 00
0410355747 05 04/01/97 0
410355747 O 03/01/27
0
1559389 E22/G02 F 144,000.00 ZZ
360 144,000.00 1
2417 188TH PLACE SOUTHEAST 8.625 1,120.02 75
8.375 1,120.02 192,000.00
BOTHELL WA 98012 5 02/17/97 00
0410356638 05 04/01/97 0
410356638 O 03/01/27
0
1559390 E22/G02 F 62,900.00 ZZ
360 62,871.41 1
3232 PERRY CT 9.875 546.20 90
9.625 546.20 69,900.00
GRAND BLANC MI 48439 1 01/28/97 04
0410166359 05 03/01/97 25
410166359 N 02/01/27
0
1559391 526/G02 F 64,800.00 ZZ
360 64,800.00 1
267 BUNKER DRIVE #12 9.375 538.98 90
9.125 538.98 72,000.00
BRANSON MO 65616 1 02/07/97 10
0430163212 01 04/01/97 25
0164290 N 03/01/27
0
1
1559398 E22/G02 F 66,300.00 ZZ
360 66,300.00 1
1040 E 6 COURT 8.625 515.67 65
8.375 515.67 102,000.00
HIALEAH FL 33010 5 02/14/97 00
0410348783 05 04/01/97 0
410348783 O 03/01/27
0
1559399 E22/G02 F 40,500.00 ZZ
360 40,500.00 1
3336 30TH AVE SOUTH 9.500 340.55 90
9.250 340.55 45,000.00
MINNEAPOLIS MN 55406 1 02/18/97 04
0410207625 05 04/01/97 25
410207625 N 03/01/27
0
1559400 E22/G02 F 53,950.00 ZZ
360 53,884.40 1
1022 GOLDEN TROPHY DRIVE 8.500 414.83 70
8.250 414.83 77,500.00
DALLAS TX 75232 2 12/26/96 00
0410323745 05 02/01/97 0
410323745 N 01/01/27
0
1559406 E22/G02 F 43,650.00 ZZ
360 43,650.00 1
6645 SW MONTARA NORTHWAY 8.875 347.30 90
8.625 347.30 48,500.00
TOPEKA KS 66619 1 02/18/97 04
0410312557 05 04/01/97 25
410312557 N 03/01/27
0
1559407 E22/G02 F 74,250.00 ZZ
360 74,250.00 1
533 7TH AVENUE 9.250 610.84 90
9.000 610.84 82,500.00
RIO RANCHO NM 87124 2 02/17/97 10
0410323257 05 04/01/97 25
410323257 N 03/01/27
0
1559432 664/G02 F 136,500.00 ZZ
360 136,500.00 1
10075 BUTTE FALLS HIGHWAY 8.375 1,037.50 80
8.125 1,037.50 172,575.00
1
EAGLE POINT OR 97524 4 02/13/97 00
0430162560 05 04/01/97 0
2171288 O 03/01/27
0
1559433 F16/G02 F 38,000.00 ZZ
360 38,000.00 1
8857 WHEELER AVENUE 9.000 305.76 64
8.750 305.76 60,000.00
FONTANA CA 92335 5 02/12/97 00
0430162362 05 04/01/97 0
97816430 N 03/01/27
0
1559441 862/G02 F 85,500.00 ZZ
360 85,454.50 1
3045 PLEASANT VALLEY CIRCLE 9.125 695.66 90
8.875 695.66 95,000.00
PRESCOTT AZ 86301 1 01/29/97 01
0430163378 05 03/01/97 25
4303475 N 02/01/27
0
1559443 862/G02 F 335,200.00 ZZ
360 335,200.00 1
2682 EAST COQUINA COURT 8.250 2,518.25 80
8.000 2,518.25 419,000.00
SALT LAKE CITY UT 84121 1 02/11/97 00
0430163121 05 04/01/97 0
4371654 O 03/01/27
0
1559447 559/G02 F 269,200.00 ZZ
360 269,200.00 1
18352 CLEMSON AVENUE 8.625 2,093.81 80
8.375 2,093.81 336,500.00
SARATOGA CA 95070 1 01/16/97 00
0430163931 05 04/01/97 0
5421979 O 03/01/27
0
1559449 559/G02 F 268,000.00 ZZ
360 267,841.77 1
3461 KETTMANN ROAD 8.625 2,084.48 80
8.375 2,084.48 335,000.00
SAN JOSE CA 95121 1 01/17/97 00
0430163972 05 03/01/97 0
5421201 O 02/01/27
0
1
1559454 526/G02 F 67,500.00 ZZ
360 67,463.12 1
1501 JIM COLBERT LANE 9.000 543.13 89
8.750 543.13 76,000.00
EL PASO TX 79936 1 02/01/97 04
0430163030 05 03/01/97 25
0160972 N 02/01/27
0
1559461 201/G02 F 117,000.00 ZZ
360 117,000.00 1
6302 ST. TROPEZ STREET 8.625 910.02 75
8.375 910.02 156,000.00
CORPUS CHRISTI TX 78414 2 02/12/97 00
0430159145 03 04/01/97 0
4200968644 O 03/01/27
0
1559462 757/757 F 35,000.00 ZZ
360 35,000.00 1
308 MERCER STREET 8.875 278.48 54
8.625 278.48 66,000.00
BLACK CREEK NC 27813 1 02/20/97 00
2879898 05 04/01/97 0
2879898 O 03/01/27
0
1559669 201/G02 F 100,000.00 ZZ
360 100,000.00 1
1601 SHAW STREET 8.625 777.79 80
8.375 777.79 125,000.00
BROWNWOOD TX 76801 2 02/03/97 00
0430159897 05 04/01/97 0
8800929500 O 03/01/27
0
1559675 664/G02 F 117,000.00 ZZ
360 117,000.00 1
526 GEARY STREET SOUTHEAST 8.875 930.91 90
8.625 930.91 130,000.00
ALBANY OR 97321 1 02/10/97 01
0430163154 05 04/01/97 25
2248425 N 03/01/27
0
1559717 377/377 F 115,000.00 ZZ
360 115,000.00 1
1
UNIT 3 BLDG 20 2003 SCARLETT 8.750 904.71 80
DRIVE 8.500 904.71 143,900.00
WASHINGTON TOWN NJ 07853 1 02/19/97 00
6173355 01 04/01/97 0
6173355 O 03/01/27
0
1559726 G34/G02 F 72,000.00 ZZ
360 72,000.00 1
440 442 BRYN MAWR DRIVE 9.250 592.33 90
9.000 592.33 80,000.00
SAN ANTONIO TX 78209 1 02/06/97 01
0430162495 05 04/01/97 25
7018555 O 03/01/27
0
1559730 B28/G02 F 108,000.00 ZZ
360 108,000.00 1
1213 6TH STREET 9.500 908.13 90
9.250 908.13 120,000.00
GOLDEN CO 80403 1 02/18/97 10
0430162586 01 04/01/97 25
11970119 N 03/01/27
0
1559742 964/G02 F 487,000.00 ZZ
360 487,000.00 1
332 WHITING STREET 8.250 3,658.67 80
8.000 3,658.67 609,000.00
EL SEGUNDO CA 90245 1 02/18/97 00
0430159483 05 04/01/97 0
22917 O 03/01/27
0
1559793 405/405 F 124,200.00 ZZ
360 124,200.00 1
2692 68TH AVENUE 9.250 1,021.77 90
9.000 1,021.77 138,000.00
OAKLAND CA 94605 1 02/05/97 10
4125282 05 04/01/97 25
4125282 N 03/01/27
0
1559838 F30/G02 F 75,000.00 ZZ
360 74,957.96 1
220 NORTH 70 EAST 8.875 596.73 75
8.625 596.73 101,000.00
MALAD ID 83252 5 01/28/97 00
0430163287 05 03/01/97 0
1
103048 O 02/01/27
0
1559840 E09/G02 F 96,750.00 ZZ
360 96,750.00 1
907 CARNIVAL AVENUE 8.625 752.51 90
8.375 752.51 107,500.00
LAS VEGAS NV 89123 1 02/20/97 12
0430164681 05 04/01/97 25
01002487 N 03/01/27
0
1559843 G80/G80 F 68,050.00 ZZ
360 68,014.71 1
1916 PEBBLEBROOK LANE 9.250 559.84 80
9.000 559.84 85,100.00
SHERMAN TX 75092 1 01/29/97 00
803551700 05 03/01/97 0
803551700 O 02/01/27
0
1559847 F34/G02 F 111,400.00 ZZ
360 111,400.00 1
1321 NW 159TH AVENUE 8.375 846.72 74
8.125 846.72 151,400.00
PEMBROKE PINES FL 33028 1 02/24/97 00
0430160499 03 04/01/97 0
9610601 O 03/01/27
0
1559851 909/G02 F 204,000.00 ZZ
360 204,000.00 1
1020 LAS OVEJAS AVENUE 7.875 1,479.14 80
7.625 1,479.14 255,000.00
SAN RAFAEL CA 94903 1 02/10/97 00
0430163667 05 04/01/97 0
6004020 O 03/01/27
0
1559852 731/G02 F 56,250.00 ZZ
360 56,250.00 1
401 GREEN COVE LANE, SE 8.625 437.51 70
8.375 437.51 81,000.00
ATLANTA GA 30316 5 02/20/97 00
0430163576 05 04/01/97 0
3140663503 N 03/01/27
0
1
1559856 140/G02 F 45,000.00 ZZ
360 45,000.00 2
714 716 MAZANT STREET 9.750 386.62 60
9.500 386.62 76,000.00
NEW ORLEANS LA 70117 5 02/18/97 00
0430162610 05 04/01/97 0
432380 N 03/01/27
0
1559879 286/286 F 39,800.00 ZZ
360 39,778.26 1
122B LONGWOOD DR 9.000 320.24 90
8.750 320.24 44,250.00
CHARLOTTESVILLE VA 22903 1 01/31/97 10
8597787 07 03/01/97 25
8597787 N 02/01/27
0
1559880 965/G02 F 172,000.00 ZZ
360 172,000.00 1
5491 SOUTH YOUNGFIELD COURT 8.500 1,322.53 80
8.250 1,322.53 215,000.00
LITTLETON CO 80127 1 02/12/97 00
0430164806 03 04/01/97 0
188852 O 03/01/27
0
1559922 131/G02 F 108,000.00 ZZ
360 108,000.00 1
1460 HAWKRIDGE ROAD 8.500 830.43 52
8.250 830.43 208,000.00
EATON CO 80615 1 02/07/97 00
0430159467 05 04/01/97 0
3247168 O 03/01/27
0
1559948 E22/G02 F 248,500.00 ZZ
360 248,500.00 1
281 WEST MATHESON STREET 8.875 1,977.18 70
8.625 1,977.18 355,000.00
HEALDSBURG CA 95448 5 02/21/97 00
0410357511 05 04/01/97 0
410357511 O 03/01/27
0
1559954 E22/G02 F 46,200.00 ZZ
360 46,200.00 2
2402 - 2404 MILBURN BLVD 9.500 388.47 70
9.250 388.47 66,000.00
1
MISHAWAKA IN 46544 5 02/07/97 00
0410308365 05 04/01/97 0
410308365 N 03/01/27
0
1559956 E22/G02 F 35,100.00 ZZ
360 35,083.63 1
2405 BERWYCK AVENUE 9.750 301.56 90
9.500 301.56 39,000.00
DAYTON OH 45414 1 01/31/97 04
0410168124 05 03/01/97 25
410168124 N 02/01/27
0
1559957 E22/G02 F 27,000.00 ZZ
360 27,000.00 1
768 LINDSAY AVENUE 9.250 222.12 78
9.000 222.12 35,000.00
AKRON OH 44306 1 02/19/97 04
0410355580 05 04/01/97 25
410355580 N 03/01/27
0
1559959 E22/G02 F 95,000.00 ZZ
360 95,000.00 1
513 LAGUNA 8.875 755.86 71
8.625 755.86 135,000.00
WALLED LAKE MI 48390 2 02/14/97 00
0410345110 05 04/01/97 0
410345110 O 03/01/27
0
1559962 E22/G02 F 39,200.00 ZZ
360 39,200.00 1
10073 BALFOUR 9.000 315.41 70
8.750 315.41 56,000.00
DETROIT MI 48224 5 02/21/97 00
0410352843 05 04/01/97 0
410352843 N 03/01/27
0
1559965 E22/G02 F 114,500.00 T
360 114,500.00 1
85 SAN JUAN DRIVE 8.375 870.28 79
8.125 870.28 144,921.00
PALM COAST FL 32137 1 02/17/97 95
0410349682 03 04/01/97 0
410349682 O 03/01/27
0
1
1559967 E22/G02 F 81,250.00 ZZ
360 81,250.00 1
3145 WHITESELL DR. 8.750 639.19 65
8.500 639.19 125,000.00
BURLINGTON NC 27215 5 02/21/97 00
0410351316 05 04/01/97 0
410351316 N 03/01/27
0
1559968 E22/G02 F 420,000.00 ZZ
360 420,000.00 1
5501 SHERWOOD DRIVE 9.000 3,379.41 75
8.750 3,379.41 560,000.00
MOUND MN 55364 5 02/18/97 00
0410206858 05 04/01/97 0
410206858 O 03/01/27
0
1559977 E22/G02 F 112,500.00 ZZ
360 112,500.00 1
46 BAIRD ST. 8.750 885.04 75
8.500 885.04 150,000.00
ASHEVILLE NC 28801 5 02/19/97 00
0410340046 05 04/01/97 0
410340046 O 03/01/27
0
1559992 405/405 F 94,500.00 ZZ
360 94,449.70 1
14 ASPEN COURT 9.125 768.89 90
8.875 768.89 105,000.00
BOYNTON BEACH FL 33434 1 02/04/97 04
4120721 03 03/01/97 25
4120721 N 02/01/27
0
1559993 405/405 F 73,600.00 ZZ
360 73,557.65 1
13 RONEK DRIVE 8.750 579.02 80
8.500 579.02 92,000.00
AMITYVILLE NY 11701 5 02/03/97 00
4112926 05 03/01/97 0
4112926 O 02/01/27
0
1560006 405/405 F 74,000.00 ZZ
360 73,957.42 1
1
1307 MOCKINGBIRD 8.750 582.16 72
8.500 582.16 104,000.00
GRAPEVINE TX 76051 2 02/07/97 00
4092920 05 03/01/97 0
4092920 N 02/01/27
0
1560010 514/G02 F 170,000.00 ZZ
360 170,000.00 1
66 WOODCREEK ROAD 8.250 1,277.15 77
8.000 1,277.15 223,000.00
BURLINGTON CT 06013 2 02/12/97 00
0430163204 05 04/01/97 0
359806 O 03/01/27
0
1560013 514/G02 F 168,000.00 ZZ
360 168,000.00 1
1931 E JOY RD 9.000 1,351.77 80
8.750 1,351.77 210,000.00
ANN ARBOR MI 48105 2 02/13/97 00
0430166272 05 04/01/97 0
1000009610304 O 03/01/27
0
1560014 369/G02 F 116,000.00 ZZ
360 115,942.94 2
2019 SPRINGWOOD PLACE A & B 9.500 975.39 60
9.250 975.39 195,000.00
CARROLLTON TX 75006 1 01/28/97 00
0430163709 05 03/01/97 0
60415999 N 02/01/27
0
1560015 369/G02 F 300,000.00 ZZ
360 299,822.88 1
12150 MEADOWS LANE 8.625 2,333.37 75
8.375 2,333.37 400,000.00
ALPHARETTA GA 30202 1 02/05/97 00
0430164459 03 03/01/97 0
604307900 O 02/01/27
0
1560037 377/377 F 39,600.00 ZZ
360 39,600.00 1
1793 SHEFFIELD AVE 9.125 322.20 90
8.875 322.20 44,000.00
AKRON OH 44320 1 02/22/97 04
960776 05 04/01/97 25
1
960776 N 03/01/27
0
1560039 757/757 F 46,600.00 ZZ
360 46,600.00 1
487 ROSCOE ROAD 9.000 374.96 80
8.750 374.96 58,300.00
NEWNAN GA 30263 1 02/25/97 01
2880037 05 04/01/97 12
2880037 N 03/01/27
0
1560042 253/253 F 104,000.00 ZZ
360 104,000.00 1
7307 S DUDLEY COURT 8.500 799.68 80
8.250 799.68 130,000.00
LITTLETON CO 80123 1 02/19/97 00
326468 05 04/01/97 0
326468 O 03/01/27
0
1560046 377/377 F 37,350.00 ZZ
360 37,350.00 1
1829 SHEFFIELD AVE 9.125 303.90 90
8.875 303.90 41,500.00
AKRON OH 44320 1 02/22/97 04
960706 05 04/01/97 25
960706 N 03/01/27
0
1560060 737/G02 F 82,000.00 ZZ
360 82,000.00 1
32 DESERT WILLOW LN 8.500 630.51 80
8.250 630.51 102,582.00
SEDONA AZ 86336 1 02/14/97 00
0430162412 03 04/01/97 0
512203 O 03/01/27
0
1560065 737/G02 F 132,850.00 ZZ
360 132,850.00 1
5679 E PERDIDO DRIVE 8.625 1,033.29 41
8.375 1,033.29 330,000.00
CAREFREE AZ 85377 2 02/11/97 00
0430163055 03 04/01/97 0
512393 O 03/01/27
0
1
1560278 B75/G02 F 132,000.00 ZZ
360 132,000.00 1
15812 ERWIN COURT 8.500 1,014.97 80
8.250 1,014.97 165,000.00
BOWIE MD 20716 2 02/13/97 00
0430166926 09 04/01/97 0
2909687 O 03/01/27
0
1560282 737/G02 F 44,100.00 ZZ
360 44,100.00 1
2811 HERRING DRIVE 9.375 366.80 90
9.125 366.80 49,000.00
TALLAHASSEE FL 32303 1 02/21/97 01
0430164962 09 04/01/97 25
559287 O 03/01/27
0
1560297 E22/G02 F 89,050.00 ZZ
360 89,050.00 1
6630 LEMON HILL AVENUE 9.000 716.52 65
8.750 716.52 137,000.00
SACRAMENTO CA 95824 5 02/14/97 00
0410277966 05 04/01/97 0
410277966 O 03/01/27
0
1560298 E22/G02 F 151,000.00 ZZ
360 151,000.00 1
6347 DALTON STREET 8.500 1,161.06 78
8.250 1,161.06 195,000.00
CHINO CA 91710 2 02/18/97 00
0410357651 05 04/01/97 0
410357651 O 03/01/27
0
1560300 E22/G02 F 67,500.00 ZZ
360 67,500.00 1
1137 NE GALLOWAY STREET 9.000 543.12 90
8.750 543.12 75,000.00
MCMINNVILLE OR 97128 1 02/07/97 10
0410219737 05 04/01/97 25
410219737 N 03/01/27
0
1560302 664/G02 F 57,300.00 ZZ
360 57,300.00 1
220 S. ROSELLE ROAD, UNIT #106 9.125 466.22 90
8.875 466.22 63,700.00
1
SCHAUMBURG IL 60193 1 02/20/97 11
0430163584 08 04/01/97 25
2256287 N 03/01/27
0
1560306 E22/G02 F 52,500.00 ZZ
360 52,500.00 1
2006 MAYWOOD STREET 8.750 413.02 66
8.500 413.02 80,000.00
GREENSBORO NC 27403 2 02/24/97 00
0410349021 05 04/01/97 0
410349021 N 03/01/27
0
1560307 E22/G02 F 52,500.00 ZZ
360 52,500.00 1
2000 MAYWOOD STREET 8.750 413.02 66
8.500 413.02 80,000.00
GREENSBORO NC 27403 2 02/24/97 00
0410348999 05 04/01/97 0
410348999 N 03/01/27
0
1560308 A78/G02 F 50,000.00 ZZ
360 50,000.00 1
806 WEST MULBERRY STREET 8.625 388.89 55
8.375 388.89 91,900.00
FORT COLLINS CO 80521 1 02/19/97 00
0430161182 05 04/01/97 0
NG O 03/01/27
0
1560317 E22/G02 F 27,200.00 ZZ
360 27,200.00 1
6486 CENTRAL AVENUE 8.250 204.34 75
8.000 204.34 36,320.00
N. RICHMOND HIL TX 76180 1 02/18/97 00
0410355655 09 04/01/97 0
410355655 N 03/01/27
0
1560318 E22/G02 F 52,500.00 ZZ
360 52,500.00 1
2004 MAYWOOD STREET 8.750 413.02 65
8.500 413.02 82,000.00
GREENSBORO NC 27403 2 02/24/97 00
0410349013 05 04/01/97 0
410349013 N 03/01/27
0
1
1560319 E22/G02 F 52,500.00 ZZ
360 52,500.00 1
2002 MAYWOOD STREET 8.750 413.02 66
8.500 413.02 80,000.00
GREENSBORO NC 27403 2 02/24/97 00
0410349005 05 04/01/97 0
410349005 N 03/01/27
0
1560323 E22/G02 F 49,500.00 ZZ
360 49,500.00 1
727 MULHOLLEN DRIVE 9.625 420.74 90
9.375 420.74 55,000.00
MONROE MI 48161 1 02/19/97 10
0410343917 05 04/01/97 25
410343917 N 03/01/27
0
1560329 A78/G02 F 193,750.00 ZZ
240 193,445.81 1
13595 LARIAT PLACE 8.625 1,696.77 75
8.375 1,696.77 260,000.00
ELBERT CO 80106 2 01/21/97 00
0430164343 05 03/01/97 0
NG O 02/01/17
0
1560345 E45/G02 F 45,600.00 ZZ
360 45,600.00 1
727 ROBERTS DRIVE 9.250 375.14 80
9.000 375.14 57,000.00
ROYSTON GA 30662 2 02/13/97 00
0430164764 05 04/01/97 0
70450 O 03/01/27
0
1560355 526/G02 F 42,750.00 ZZ
360 42,750.00 1
16 S.W. OLINDA AVENUE 9.375 355.58 90
9.125 355.58 47,500.00
DES MOINES IA 50315 1 02/05/97 04
0430163865 05 04/01/97 25
0160709 N 03/01/27
0
1560357 A83/G02 F 196,000.00 ZZ
360 195,871.79 1
1
6384 LILLIAN WAY 8.125 1,455.29 80
7.875 1,455.29 245,000.00
SAN JOSE CA 95120 1 01/15/97 00
0430164269 05 03/01/97 0
152249 O 02/01/27
0
1560359 526/G02 F 80,550.00 ZZ
360 80,550.00 1
7542 MUIRFIELD PLACE 8.500 619.36 90
8.250 619.36 89,500.00
INDIANAPOLIS IN 46237 1 02/10/97 04
0430164004 05 04/01/97 25
0166333 N 03/01/27
0
1560361 A83/G02 F 312,000.00 ZZ
360 311,820.49 1
467 OYSTER DRIVE 8.750 2,454.51 80
8.500 2,454.51 390,000.00
LA SELVA BEACH CA 95076 1 01/07/97 00
0430162701 09 03/01/97 0
152677 O 02/01/27
0
1560390 E22/G02 F 49,000.00 ZZ
360 49,000.00 1
2935 SHADOW LANE 8.125 363.82 70
7.875 363.82 70,000.00
POLLOCK PINES CA 95726 1 02/20/97 00
0410277230 05 04/01/97 0
410277230 N 03/01/27
0
1560391 E22/G02 F 135,200.00 ZZ
360 135,200.00 1
21866 IRON HORSE DRIVE 8.625 1,051.57 80
8.375 1,051.57 169,049.00
GRASS VALLEY CA 95949 2 02/19/97 00
0410276844 03 04/01/97 0
410276844 O 03/01/27
0
1560398 E22/G02 F 62,550.00 ZZ
360 62,550.00 1
5651 SOUTH JUNETT STREET 8.750 492.08 90
8.500 492.08 69,500.00
TACOMA WA 98409 1 02/20/97 04
0410356562 05 04/01/97 25
1
410356562 N 03/01/27
0
1560400 E22/G02 F 54,750.00 ZZ
360 54,750.00 1
13744 MARVIN 9.375 455.38 75
9.125 455.38 73,000.00
TAYLOR MI 48180 5 02/03/97 00
0410343438 05 04/01/97 0
410343438 O 03/01/27
0
1560404 E22/G02 F 84,700.00 ZZ
360 84,700.00 1
372 RUTH AVENUE 9.375 704.49 84
9.125 704.49 102,000.00
MANSFIELD OH 44907 2 02/21/97 04
0410343545 05 04/01/97 20
410343545 N 03/01/27
0
1560405 526/G02 F 145,000.00 ZZ
360 145,000.00 2
675 ELIZABETH STREET 8.750 1,140.72 80
8.500 1,140.72 183,000.00
PERTH AMBOY NJ 08861 2 02/10/97 04
0430163949 05 04/01/97 12
162996 N 03/01/27
0
1560406 E22/G02 F 48,500.00 ZZ
360 48,500.00 1
25103 DALE 9.375 403.40 75
9.125 403.40 65,000.00
ROSEVILLE MI 48066 2 02/20/97 00
0410355960 05 04/01/97 0
410355960 N 03/01/27
0
1560409 E22/G02 F 217,500.00 ZZ
360 217,500.00 1
108 LONG POND ROAD 8.750 1,711.07 75
8.500 1,711.07 290,000.00
WEST MILFORD NJ 07421 2 02/18/97 00
0410338370 05 04/01/97 0
410338370 O 03/01/27
0
1
1560410 E22/G02 F 105,500.00 ZZ
360 105,500.00 1
9019 ELSIE LANE 8.875 839.41 79
8.625 839.41 135,000.00
HOUSTON TX 77064 2 02/17/97 00
0410270326 05 04/01/97 0
410270326 O 03/01/27
0
1560411 E22/G02 F 67,100.00 ZZ
360 67,100.00 1
1317 PARSIFAL STREET NE 8.625 521.90 65
8.375 521.90 104,000.00
ALBUQUERQUE NM 87112 2 02/17/97 00
0410323380 05 04/01/97 0
410323380 O 03/01/27
0
1560418 E22/G02 F 96,300.00 ZZ
360 96,300.00 1
21 CEDAR AVENUE 8.750 757.59 90
8.500 757.59 107,000.00
HIGHLAND PARK NJ 08904 1 02/24/97 04
0410337208 05 04/01/97 25
410337208 N 03/01/27
0
1560423 E22/G02 F 77,500.00 ZZ
360 77,500.00 1
4200 N OCEAN DRIVE, UNIT #1803 9.125 630.57 52
8.875 630.57 150,000.00
SINGER ISLAND FL 33404 5 02/19/97 00
0410352371 06 04/01/97 0
410352371 O 03/01/27
0
1560447 731/G02 F 93,900.00 ZZ
360 93,900.00 1
10217 MONOGRAM AVENUE 9.000 755.54 65
(GRANDA HILLS AREA) 8.750 755.54 145,000.00
LOS ANGELES CA 91344 2 02/11/97 00
0430164913 03 04/01/97 0
413510689 O 03/01/27
0
1560454 561/G02 F 150,000.00 ZZ
360 150,000.00 1
1310 MARYLAND AVENUE 9.000 1,206.94 64
8.750 1,206.94 235,000.00
1
CAPE MAY NJ 08204 5 02/12/97 00
0430164749 05 04/01/97 0
8981029 O 03/01/27
0
1560456 766/G02 F 61,250.00 T
360 61,250.00 1
11010 SW 154 STREET 9.125 498.35 70
8.875 498.35 87,500.00
MIAMI FL 33157 1 02/26/97 00
0430164848 05 04/01/97 0
97JL0002 O 03/01/27
0
1560459 975/G02 F 288,000.00 ZZ
360 288,000.00 1
1611 RODEO ROAD 8.250 2,163.65 80
8.000 2,163.65 360,000.00
ARCADIA CA 91006 1 02/20/97 00
0430165910 05 04/01/97 0
970275 O 03/01/27
0
1560465 731/G02 F 232,000.00 ZZ
360 232,000.00 1
331 62ND STREET 7.875 1,682.16 80
7.625 1,682.16 290,000.00
NEWPORT BEACH CA 92663 2 02/11/97 00
0430163683 03 04/01/97 0
412610450 O 03/01/27
0
1560466 731/G02 F 99,200.00 BB
360 99,200.00 2
1639 & 1641 105TH STREET SOUTH 8.625 771.57 80
8.375 771.57 124,000.00
TACOMA WA 98444 1 02/14/97 00
0430164830 05 04/01/97 0
23033181 O 03/01/27
0
1560471 766/G02 F 38,400.00 ZZ
360 38,400.00 1
6207 MT PLYMOUTH RD 9.000 308.98 80
8.750 308.98 48,000.00
APOPKA FL 32712 1 02/21/97 00
0430164418 05 04/01/97 0
UNKNOWN O 03/01/27
0
1
1560509 420/G02 F 64,750.00 ZZ
360 64,750.00 1
757 WAUGH LANE 8.000 475.12 70
7.750 475.12 92,500.00
UKIAH CA 95482 1 02/20/97 00
0430165977 05 04/01/97 0
348094 N 03/01/27
0
1560511 776/G02 F 137,000.00 ZZ
360 137,000.00 1
12662 YANKEE HILL ROAD 8.250 1,029.24 60
8.000 1,029.24 230,000.00
COLUMBIA CA 95310 2 02/12/97 00
0430166124 05 04/01/97 0
6239453 O 03/01/27
0
1560536 975/G02 F 197,350.00 ZZ
360 197,350.00 1
7967 EAST SAFFRON STREET 8.375 1,500.00 80
8.125 1,500.00 247,000.00
ANAHEIM CA 92808 2 02/19/97 00
0430166827 03 04/01/97 0
970285 O 03/01/27
0
1560566 455/G02 F 152,250.00 ZZ
360 152,250.00 1
155 SHELLI LANE 8.875 1,211.37 80
8.625 1,211.37 190,500.00
ROSWELL GA 30075 1 02/25/97 00
0430163758 05 04/01/97 0
54750 O 03/01/27
0
1560570 003/G02 F 76,000.00 ZZ
360 76,000.00 1
4750 PINEFIELD DRIVE 9.250 625.24 80
9.000 625.24 95,000.00
ACWORTH GA 30102 1 02/10/97 00
0430166918 05 04/01/97 0
0003787173 O 03/01/27
0
1560571 B75/G02 F 138,400.00 ZZ
360 138,400.00 1
1
9669 ODDA WAY 8.750 1,088.79 80
8.500 1,088.79 173,000.00
LAS VEGAS NV 89117 2 02/10/97 00
0430163923 05 04/01/97 0
2918910 O 03/01/27
0
1560575 B75/G02 F 65,350.00 ZZ
360 65,350.00 1
2708 24TH STREET WEST 9.000 525.82 80
8.750 525.82 81,700.00
BRADENTON FL 34205 1 02/14/97 00
0430164426 05 04/01/97 0
2915122 O 03/01/27
0
1560583 964/G02 F 200,000.00 ZZ
360 200,000.00 1
10 MOHAWK AVENUE 8.250 1,502.53 80
8.000 1,502.53 250,000.00
CORTE MADERA CA 94925 1 02/20/97 00
0430163535 05 04/01/97 0
22911 O 03/01/27
0
1560602 B27/G02 F 157,250.00 ZZ
360 157,250.00 1
437 D STREET, UNIT 6C 8.500 1,209.12 85
8.250 1,209.12 185,000.00
SOUTH BOSTON MA 02210 1 02/26/97 10
0430165894 08 04/01/97 20
324447826 N 03/01/27
0
1560642 E22/G02 F 190,000.00 ZZ
360 190,000.00 1
3467 MILTON STREET 8.250 1,427.41 67
8.000 1,427.41 285,000.00
PASADENA CA 91107 5 02/21/97 00
0410367650 05 04/01/97 0
410367650 O 03/01/27
0
1560646 E22/G02 F 70,000.00 ZZ
360 70,000.00 1
371 PHILLIPSVILLE ROAD 8.500 538.24 59
8.250 538.24 120,000.00
PHILLIPSVILLE CA 95559 1 02/20/97 00
0410359665 05 04/01/97 0
1
410359665 O 03/01/27
0
1560656 E22/G02 F 74,700.00 ZZ
360 74,700.00 1
401 41ST AVE NE 9.500 628.12 90
9.250 628.12 83,000.00
COLUMBIA HIEGHT MN 55421 1 02/26/97 10
0410367718 05 04/01/97 25
410367718 N 03/01/27
0
1560659 E22/G02 F 60,300.00 ZZ
360 60,300.00 1
925 DIVISION AVENUE 9.375 501.54 81
9.125 501.54 75,000.00
IDAHO FALLS ID 83404 2 02/24/97 10
0410321137 05 04/01/97 12
410321137 N 03/01/27
0
1560661 E22/G02 F 162,500.00 ZZ
360 162,500.00 1
9220 VILLA DRIVE 8.750 1,278.39 65
8.500 1,278.39 250,000.00
BETHESDA MD 20814 2 02/24/97 00
0410353395 05 04/01/97 0
410353395 N 03/01/27
0
1560662 E22/G02 F 130,150.00 ZZ
360 130,150.00 4
125 7TH AVENUE SE 9.375 1,082.52 95
9.125 1,082.52 137,000.00
OSSEO MN 55369 1 02/28/97 04
0410209001 05 04/01/97 30
410209001 O 03/01/27
0
1560673 E22/G02 F 118,450.00 ZZ
360 118,450.00 1
1377 PERRY LAKE ROAD 8.875 942.44 80
8.625 942.44 148,100.00
BRANDON MI 48322 1 02/25/97 00
0410344253 05 04/01/97 0
410344253 O 03/01/27
0
1
1560675 E22/G02 F 206,250.00 ZZ
360 206,250.00 1
3424 CHELLINGTON DRIVE 8.875 1,641.02 75
8.625 1,641.02 275,000.00
MCHENRY IL 60050 2 02/26/97 00
0410207609 05 04/01/97 0
410207609 O 03/01/27
0
1560683 964/G02 F 225,000.00 ZZ
360 225,000.00 1
10 BALMORAL WAY 7.875 1,631.41 64
7.625 1,631.41 355,000.00
INVERNESS CA 94937 5 02/14/97 00
0430163493 05 04/01/97 0
22948 O 03/01/27
0
1560695 964/G02 F 125,000.00 ZZ
360 125,000.00 1
35281 SOUTH HIGHWAY ONE 8.625 972.24 65
8.375 972.24 192,500.00
GUALALA CA 95445 5 02/13/97 00
0430164079 05 04/01/97 0
22747 O 03/01/27
0
1560709 776/G02 F 87,200.00 ZZ
360 87,200.00 1
409 CHELSEA DRIVE 9.250 717.37 80
9.000 717.37 109,000.00
ST. CHARLES MO 63304 1 02/10/97 00
0430166306 05 04/01/97 0
8440973 O 03/01/27
0
1560712 E67/G02 F 340,000.00 ZZ
360 340,000.00 1
61470 TAM MCARTHUR LOOP 9.125 2,766.35 70
8.875 2,766.35 486,000.00
BEND OR 97702 2 02/24/97 00
0430164673 03 04/01/97 0
6030 N 03/01/27
0
1560717 267/267 F 400,000.00 ZZ
360 400,000.00 1
38 CORAL REEF 7.750 2,865.65 59
7.500 2,865.65 681,490.00
1
NEWPORT COAST CA 92657 1 02/06/97 00
4425422 03 04/01/97 0
4425422 O 03/01/27
0
1560722 731/G02 F 152,000.00 ZZ
360 152,000.00 1
18675 MAIN STREET 8.625 1,182.24 80
8.375 1,182.24 190,000.00
CITRONELLE AL 36522 5 02/24/97 00
0430166157 05 04/01/97 0
3153663466 O 03/01/27
0
1560744 480/G02 F 92,900.00 ZZ
360 92,900.00 1
3949 ALCOTT STREET 9.625 789.64 90
9.375 789.64 103,250.00
DENVER CO 80211 1 02/20/97 01
0430164699 05 04/01/97 25
2105518 N 03/01/27
0
1560749 480/G02 F 68,000.00 ZZ
360 68,000.00 1
3410 E DE BAZAN AVE 9.000 547.14 60
8.750 547.14 115,000.00
ST PETERSBURG B FL 33706 1 02/17/97 00
0430164517 05 04/01/97 0
2056505 O 03/01/27
0
1560772 F34/G02 F 50,000.00 T
360 50,000.00 1
1280 S ALHAMBRA CIRCLE 9.500 420.43 46
9.250 420.43 110,000.00
CORAL GABLES FL 33146 1 02/19/97 00
0430164384 01 04/01/97 0
9790001 O 03/01/27
0
1560812 227/G02 F 125,800.00 ZZ
360 125,800.00 1
1738 EAST MARQUETTE DRIVE 8.625 978.46 80
8.375 978.46 157,500.00
GILBERT AZ 85234 1 02/06/97 00
0430166637 03 04/01/97 0
1687569 O 03/01/27
0
1
1560877 E22/G02 F 55,200.00 ZZ
360 55,200.00 1
49 PINE HAVEN DRIVE 8.875 439.20 73
8.625 439.20 76,000.00
PALM COAST FL 32164 5 02/20/97 00
0410350144 03 04/01/97 0
410350144 O 03/01/27
0
1560879 E22/G02 F 78,750.00 ZZ
360 78,750.00 1
4555 EAST MEADOW DRIVE 8.875 626.57 90
8.625 626.57 87,500.00
LAKE CHARLES LA 70605 1 02/24/97 04
0410323125 05 04/01/97 25
410323125 O 03/01/27
0
1560880 E22/G02 F 62,400.00 ZZ
360 62,400.00 1
864 NW 81ST WAY 8.500 479.80 80
8.250 479.80 78,000.00
PLANTATION FL 33324 1 02/25/97 00
0410350300 01 04/01/97 0
410350300 O 03/01/27
0
1560884 E22/G02 F 74,000.00 ZZ
360 74,000.00 1
508 SE 8 AVENUE 8.875 588.78 62
8.625 588.78 120,000.00
DEERFIELD BEACH FL 33441 5 02/21/97 00
0410350193 05 04/01/97 0
410350193 O 03/01/27
0
1560889 E22/G02 F 140,000.00 ZZ
360 140,000.00 1
401 ACORN DRIVE 8.500 1,076.48 37
8.250 1,076.48 379,000.00
LAFAYETTE LA 70507 1 02/26/97 00
0410323141 05 04/01/97 0
410323141 O 03/01/27
0
1560890 E22/G02 F 293,000.00 ZZ
360 293,000.00 1
1
33 OHIO DRIVE 8.875 2,331.24 80
8.625 2,331.24 370,000.00
MYSTIC ISLANDS NJ 08087 2 02/21/97 00
0410351977 05 04/01/97 0
410351977 O 03/01/27
0
1560895 E22/G02 F 44,000.00 T
360 44,000.00 1
921 PEBBLE CREEK CIRCLE 9.125 358.00 80
8.875 358.00 55,000.00
ORLANDO FL 32824 1 02/13/97 95
0410349690 09 04/01/97 0
410349690 O 03/01/27
0
1560898 E22/G02 F 125,600.00 ZZ
360 125,600.00 1
12753 N.W. 6TH LANE 8.250 943.59 80
8.000 943.59 157,000.00
MIAMI FL 33182 5 02/21/97 00
0410257109 05 04/01/97 0
410257109 O 03/01/27
0
1560899 405/405 F 148,000.00 ZZ
360 148,000.00 1
16755 CORLISS PLACE NORTH 8.375 1,124.91 80
8.125 1,124.91 185,000.00
SEATTLE WA 98133 5 02/12/97 00
4128773 05 04/01/97 0
4128773 O 03/01/27
0
1560903 E22/G02 F 55,100.00 ZZ
360 55,100.00 1
221 SYLVIA ROAD 9.000 443.35 75
8.750 443.35 73,500.00
WEST MELBOURNE FL 32904 5 02/21/97 00
0410352256 05 04/01/97 0
410352256 O 03/01/27
0
1560908 E22/G02 F 100,750.00 ZZ
360 100,750.00 1
2732 JONES LAKE ROAD 8.875 801.61 65
8.625 801.61 155,000.00
GRAYLING MI 49738 5 02/19/97 00
0410345003 05 04/01/97 0
1
410345003 O 03/01/27
0
1560911 E22/G02 F 64,800.00 T
360 64,800.00 1
400 20TH AVENUE NORTH UNIT#302 8.000 475.48 58
7.750 475.48 112,500.00
NORTH MYRTLE BE SC 29577 5 02/18/97 00
0410343842 06 04/01/97 0
410343842 O 03/01/27
0
1561065 575/G02 F 48,000.00 ZZ
360 48,000.00 1
6044 HARMON PLACE 9.125 390.54 90
8.875 390.54 53,500.00
FAYETTEVILLE NC 28314 1 02/24/97 12
0430165852 05 04/01/97 25
409000795 N 03/01/27
0
1561120 737/G02 F 134,800.00 ZZ
360 134,800.00 1
1110 CALLS CREEK CIRCLE 8.875 1,072.53 80
8.625 1,072.53 168,500.00
WATKINSVILLE GA 30677 1 02/26/97 00
0430166538 03 04/01/97 0
559255 O 03/01/27
0
1561129 003/G02 F 118,800.00 ZZ
360 118,800.00 1
1 LAS OLAS CIRCLE, #12B 9.375 988.12 90
9.125 988.12 132,000.00
FORT LAUDERDALE FL 33301 1 02/18/97 10
0430165241 06 04/01/97 25
0003783297 N 03/01/27
0
1561146 526/G02 F 23,850.00 ZZ
360 23,850.00 1
7737 JEFFERSON 9.250 196.21 90
9.000 196.21 26,500.00
KANSAS CITY MO 64114 1 02/07/97 10
0430166553 05 04/01/97 25
0165411 N 03/01/27
0
1
1561175 E22/G02 F 31,000.00 ZZ
360 31,000.00 1
5410 LONGBOW DR 9.500 260.66 54
9.250 260.66 58,000.00
KOKOMO IN 46902 5 02/26/97 00
0410367767 05 04/01/97 0
410367767 N 03/01/27
0
1561176 E22/G02 F 67,900.00 ZZ
360 67,900.00 1
1117 ALEXANDRIA DRIVE 8.500 522.09 70
8.250 522.09 97,000.00
CORPUS CHRISTI TX 78412 5 02/25/97 00
0410323810 05 04/01/97 0
410323810 N 03/01/27
0
1561177 E22/G02 F 32,600.00 ZZ
360 32,600.00 1
302 COURT RIDGE UNIT# M 9.125 265.24 75
8.875 265.24 43,500.00
GREENVILLE SC 29605 1 02/27/97 00
0410255269 01 04/01/97 0
410255269 N 03/01/27
0
1561178 E22/G02 F 32,600.00 ZZ
360 32,600.00 1
301 COURT RIDGE UNIT #K 9.125 265.24 75
8.875 265.24 43,500.00
GREENVILLE SC 29605 1 02/27/97 00
0410339865 01 04/01/97 0
410339865 N 03/01/27
0
1561196 E22/G02 F 324,000.00 ZZ
360 324,000.00 1
34 W 335 COUNTRY CLUB ROAD 9.000 2,606.98 80
8.750 2,606.98 405,000.00
WAYNE IL 60184 5 02/26/97 00
0410207583 05 04/01/97 0
410207583 O 03/01/27
0
1561197 E22/G02 F 52,000.00 ZZ
360 52,000.00 1
2422 SIMS AVE 8.875 413.74 78
8.625 413.74 67,500.00
1
OVERLAND MO 63114 5 02/21/97 00
0410344436 05 04/01/97 0
410344436 O 03/01/27
0
1561199 E22/G02 F 108,750.00 ZZ
360 108,750.00 1
2412 MATHEWS STREET 9.000 875.03 75
8.750 875.03 145,000.00
FORT COLLINS CO 80525 5 02/14/97 00
0410323273 05 04/01/97 0
410323273 O 03/01/27
0
1561200 E22/G02 F 31,500.00 ZZ
360 31,500.00 1
5 SOUTH WATCHORN STREET 8.500 242.21 75
8.250 242.21 42,000.00
SAPULPA OK 74066 1 02/26/97 00
0410357073 05 04/01/97 0
410357073 N 03/01/27
0
1561202 E22/G02 F 154,400.00 ZZ
360 154,400.00 2
780 CENTURY LANE 8.875 1,228.48 80
8.625 1,228.48 193,000.00
MONUMENT CO 80132 1 02/27/97 10
0410322879 05 04/01/97 12
410322879 N 03/01/27
0
1561206 E22/G02 F 58,400.00 ZZ
360 58,400.00 1
38520 LANSE CREUSE 9.625 496.39 95
9.375 496.39 61,500.00
HARRISON TOWNSH MI 48045 2 02/19/97 04
0410165922 01 04/01/97 30
410165922 O 03/01/27
0
1561211 E22/G02 F 45,900.00 ZZ
360 45,900.00 1
34477 JOHN STREET 9.625 390.15 90
9.375 390.15 51,000.00
WAYNE MI 48184 1 02/25/97 04
0410362610 05 04/01/97 25
410362610 N 03/01/27
0
1
1561221 E22/G02 F 212,000.00 ZZ
360 212,000.00 1
89 PROSPECT AVENUE 8.500 1,630.10 80
8.250 1,630.10 265,000.00
HAWORTH NJ 07641 1 02/25/97 00
0410350565 05 04/01/97 0
410350565 O 03/01/27
0
1561222 E22/G02 F 32,000.00 ZZ
360 32,000.00 1
5824 COUNCIL RING BLVD 9.500 269.07 61
9.250 269.07 53,000.00
KOKOMO IN 46902 5 02/26/97 00
0410362693 05 04/01/97 0
410362693 N 03/01/27
0
1561223 E22/G02 F 82,800.00 ZZ
360 82,800.00 1
9805 111TH STREET COURT 9.250 681.18 90
SOUTHWEST 9.000 681.18 92,000.00
TACOMA WA 98498 1 02/20/97 04
0410219323 05 04/01/97 25
410219323 N 03/01/27
0
1561470 526/G02 F 101,500.00 ZZ
360 101,438.51 2
617-617 1/2 EAST 97TH STREET 8.500 780.45 70
8.250 780.45 145,000.00
LOS ANGELES CA 90747 5 01/09/97 00
0430166488 05 03/01/97 0
0162703 N 02/01/27
0
1561548 E22/G02 F 120,000.00 ZZ
360 120,000.00 1
30 EAST HAMILTON AVENUE 8.750 944.04 42
8.500 944.04 290,000.00
MASSAPEQUA NY 11758 5 02/13/97 00
0410350235 05 04/01/97 0
410350235 O 03/01/27
0
1561559 E22/G02 F 139,700.00 T
360 139,700.00 1
1
185 CEDAR DRIVE 9.250 1,149.28 65
9.000 1,149.28 215,000.00
DURANGO CO 81301 1 02/21/97 00
0410356463 05 04/01/97 0
410356463 O 03/01/27
0
1561566 E22/G02 F 82,000.00 ZZ
360 82,000.00 1
6043 SNOW HILL DRIVE 8.875 652.43 72
8.625 652.43 114,900.00
HAMILTON OH 45011 1 02/27/97 00
0410343677 05 04/01/97 0
410343677 O 03/01/27
0
1561631 526/G02 F 39,150.00 ZZ
360 39,150.00 1
5958 WEST AUGUSTA AVENUE 9.000 315.01 90
8.750 315.01 43,500.00
GLENDALE AZ 85301 1 02/03/97 04
0430166520 09 04/01/97 25
0165007 N 03/01/27
0
TOTAL NUMBER OF LOANS : 1,513
TOTAL ORIGINAL BALANCE : 164,516,326.00
TOTAL PRINCIPAL BALANCE : 164,383,983.57
TOTAL ORIGINAL P+I : 1,303,512.32
TOTAL CURRENT P+I : 1,303,512.32
***************************
* END OF REPORT *
***************************
RUN ON : 03/26/97 RFC DISCLOSURE SYSTEM RFFSDFIX-01
AT : 12.25.23 FIXED PASSTHRU REPORT AMORTIZED BALANCE
SERIES : RALI 1997-QS2 30 YEAR CUTOFF : 03/01/97
POOL : 0004240
:
:
POOL STATUS: F
RFC LOAN NUMBER SUB SERV FEE
PRINCIPAL BALANCE MSTR SERV FEE
CURR NOTE RATE ALL EXP
RFC NET RATE MISC EXP
NET MTG RATE(INVSTR RATE) SPREAD
POST STRIP RATE STRIP
-------------------------------------------------------------------------
1508021 .2500
81,523.15 .0800
8.9900 .0000
8.7400 .0000
8.6600 .0000
7.7500 .9100
1509953 .2500
70,118.94 .0800
8.7500 .0000
8.5000 .0000
8.4200 .0000
7.7500 .6700
1520102 .2500
139,330.02 .0300
8.0000 .0000
7.7500 .0000
7.7200 .0000
7.7200 .0000
1521963 .2500
95,719.79 .0800
8.7500 .0000
8.5000 .0000
8.4200 .0000
7.7500 .6700
1524210 .2500
419,022.78 .0800
8.7500 .0000
8.5000 .0000
8.4200 .0000
7.7500 .6700
1526868 .2500
35,613.09 .0800
9.6250 .0000
9.3750 .0000
9.2950 .0000
7.7500 1.5450
1
1530217 .2500
239,441.61 .0800
8.7500 .0000
8.5000 .0000
8.4200 .0000
7.7500 .6700
1530282 .2500
37,762.65 .0800
9.5000 .0000
9.2500 .0000
9.1700 .0000
7.7500 1.4200
1530425 .2500
89,945.48 .0800
8.5000 .0000
8.2500 .0000
8.1700 .0000
7.7500 .4200
1531009 .2500
60,053.43 .0800
9.6250 .0000
9.3750 .0000
9.2950 .0000
7.7500 1.5450
1531235 .2500
49,892.53 .0800
8.5000 .0000
8.2500 .0000
8.1700 .0000
7.7500 .4200
1533094 .2500
106,775.50 .0800
9.2500 .0000
9.0000 .0000
8.9200 .0000
7.7500 1.1700
1533595 .2500
76,383.19 .0800
9.3750 .0000
9.1250 .0000
9.0450 .0000
7.7500 1.2950
1535196 .2500
51,750.00 .0800
9.3750 .0000
9.1250 .0000
9.0450 .0000
7.7500 1.2950
1
1535265 .2500
120,405.96 .0800
9.1250 .0000
8.8750 .0000
8.7950 .0000
7.7500 1.0450
1535586 .2500
126,275.16 .0800
9.5000 .0000
9.2500 .0000
9.1700 .0000
7.7500 1.4200
1535597 .2500
71,892.90 .0800
9.5000 .0000
9.2500 .0000
9.1700 .0000
7.7500 1.4200
1535600 .2500
71,892.90 .0800
9.5000 .0000
9.2500 .0000
9.1700 .0000
7.7500 1.4200
1535993 .2500
122,711.23 .0800
8.8750 .0000
8.6250 .0000
8.5450 .0000
7.7500 .7950
1537146 .2500
74,911.12 .0800
8.6250 .0000
8.3750 .0000
8.2950 .0000
7.7500 .5450
1537192 .2500
45,309.60 .0800
9.5000 .0000
9.2500 .0000
9.1700 .0000
7.7500 1.4200
1537220 .2500
81,517.26 .0800
9.3750 .0000
9.1250 .0000
9.0450 .0000
7.7500 1.2950
1
1537313 .2500
73,024.85 .0800
8.5000 .0000
8.2500 .0000
8.1700 .0000
7.7500 .4200
1537738 .2500
127,000.00 .0800
8.5000 .0000
8.2500 .0000
8.1700 .0000
7.7500 .4200
1537909 .2500
58,293.00 .0800
8.5000 .0000
8.2500 .0000
8.1700 .0000
7.7500 .4200
1538265 .2500
178,824.06 .0800
9.2500 .0000
9.0000 .0000
8.9200 .0000
7.7500 1.1700
1538353 .2500
105,000.00 .0800
9.0000 .0000
8.7500 .0000
8.6700 .0000
7.7500 .9200
1538389 .2500
106,641.71 .0800
9.0000 .0000
8.7500 .0000
8.6700 .0000
7.7500 .9200
1538475 .2500
227,693.00 .0300
8.0000 .0000
7.7500 .0000
7.7200 .0000
7.7200 .0000
1538519 .2500
89,895.68 .0800
8.8750 .0000
8.6250 .0000
8.5450 .0000
7.7500 .7950
1
1538751 .2500
181,705.74 .0800
9.2500 .0000
9.0000 .0000
8.9200 .0000
7.7500 1.1700
1538752 .2500
39,916.04 .0800
9.2500 .0000
9.0000 .0000
8.9200 .0000
7.7500 1.1700
1538772 .2500
60,205.50 .0800
9.2500 .0000
9.0000 .0000
8.9200 .0000
7.7500 1.1700
1538806 .2500
270,000.00 .0800
9.2500 .0000
9.0000 .0000
8.9200 .0000
7.7500 1.1700
1538847 .2500
54,305.41 .0800
8.7500 .0000
8.5000 .0000
8.4200 .0000
7.7500 .6700
1539112 .2500
86,617.92 .0800
9.2500 .0000
9.0000 .0000
8.9200 .0000
7.7500 1.1700
1539183 .2500
65,960.02 .0800
8.5000 .0000
8.2500 .0000
8.1700 .0000
7.7500 .4200
1539280 .2500
44,976.06 .0800
9.1250 .0000
8.8750 .0000
8.7950 .0000
7.7500 1.0450
1
1539764 .2500
44,873.15 .0800
8.6250 .0000
8.3750 .0000
8.2950 .0000
7.7500 .5450
1539843 .2500
34,945.13 .0800
9.2500 .0000
9.0000 .0000
8.9200 .0000
7.7500 1.1700
1539892 .2500
174,829.43 .0800
8.5000 .0000
8.2500 .0000
8.1700 .0000
7.7500 .4200
1540287 .2500
202,750.00 .0800
8.5000 .0000
8.2500 .0000
8.1700 .0000
7.7500 .4200
1540397 .2500
82,050.00 .0800
8.8750 .0000
8.6250 .0000
8.5450 .0000
7.7500 .7950
1540990 .3750
70,126.92 .0800
9.2500 .0000
8.8750 .0000
8.7950 .0000
7.7500 1.0450
1541368 .2500
35,014.03 .0800
8.5000 .0000
8.2500 .0000
8.1700 .0000
7.7500 .4200
1541512 .2500
123,761.16 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.7500 .1700
1
1541629 .2500
233,165.78 .0800
8.7500 .0000
8.5000 .0000
8.4200 .0000
7.7500 .6700
1541724 .2500
244,000.00 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0000
7.7500 .2950
1541893 .2500
243,000.00 .0800
9.0000 .0000
8.7500 .0000
8.6700 .0000
7.7500 .9200
1541944 .2500
144,618.88 .0800
8.8750 .0000
8.6250 .0000
8.5450 .0000
7.7500 .7950
1542234 .2500
24,273.34 .0800
9.0000 .0000
8.7500 .0000
8.6700 .0000
7.7500 .9200
1542598 .2500
112,431.84 .0800
8.5000 .0000
8.2500 .0000
8.1700 .0000
7.7500 .4200
1542908 .2500
42,235.41 .0800
9.3750 .0000
9.1250 .0000
9.0450 .0000
7.7500 1.2950
1542930 .2500
41,953.95 .0800
9.0000 .0000
8.7500 .0000
8.6700 .0000
7.7500 .9200
1
1542932 .2500
140,932.80 .0800
8.6250 .0000
8.3750 .0000
8.2950 .0000
7.7500 .5450
1543000 .2500
110,086.02 .0800
9.5000 .0000
9.2500 .0000
9.1700 .0000
7.7500 1.4200
1543009 .2500
45,929.78 .0800
9.3750 .0000
9.1250 .0000
9.0450 .0000
7.7500 1.2950
1543109 .2500
229,778.66 .0800
8.5000 .0000
8.2500 .0000
8.1700 .0000
7.7500 .4200
1543114 .2500
144,000.00 .0800
8.7500 .0000
8.5000 .0000
8.4200 .0000
7.7500 .6700
1543721 .2500
100,790.00 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0000
7.7500 .2950
1543784 .2500
203,879.55 .0800
8.6250 .0000
8.3750 .0000
8.2950 .0000
7.7500 .5450
1543876 .2500
49,473.66 .0800
9.1250 .0000
8.8750 .0000
8.7950 .0000
7.7500 1.0450
1
1543926 .2500
317,000.00 .0800
8.1250 .0000
7.8750 .0000
7.7950 .0000
7.7500 .0450
1543955 .2500
101,548.74 .0800
9.5000 .0000
9.2500 .0000
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8.6700 .0000
7.7500 .9200
1559461 .2500
117,000.00 .0800
8.6250 .0000
8.3750 .0000
8.2950 .0000
7.7500 .5450
1559462 .2500
35,000.00 .0800
8.8750 .0000
8.6250 .0000
8.5450 .0000
7.7500 .7950
1559669 .2500
100,000.00 .0800
8.6250 .0000
8.3750 .0000
8.2950 .0000
7.7500 .5450
1
1559675 .2500
117,000.00 .0800
8.8750 .0000
8.6250 .0000
8.5450 .0000
7.7500 .7950
1559717 .2500
115,000.00 .0800
8.7500 .0000
8.5000 .0000
8.4200 .0000
7.7500 .6700
1559726 .2500
72,000.00 .0800
9.2500 .0000
9.0000 .0000
8.9200 .0000
7.7500 1.1700
1559730 .2500
108,000.00 .0800
9.5000 .0000
9.2500 .0000
9.1700 .0000
7.7500 1.4200
1559742 .2500
487,000.00 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.7500 .1700
1559793 .2500
124,200.00 .0800
9.2500 .0000
9.0000 .0000
8.9200 .0000
7.7500 1.1700
1559838 .2500
74,957.96 .0800
8.8750 .0000
8.6250 .0000
8.5450 .0000
7.7500 .7950
1559840 .2500
96,750.00 .0800
8.6250 .0000
8.3750 .0000
8.2950 .0000
7.7500 .5450
1
1559843 .2500
68,014.71 .0800
9.2500 .0000
9.0000 .0000
8.9200 .0000
7.7500 1.1700
1559847 .2500
111,400.00 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0000
7.7500 .2950
1559851 .2500
204,000.00 .0300
7.8750 .0000
7.6250 .0000
7.5950 .0000
7.5950 .0000
1559852 .2500
56,250.00 .0800
8.6250 .0000
8.3750 .0000
8.2950 .0000
7.7500 .5450
1559856 .2500
45,000.00 .0800
9.7500 .0000
9.5000 .0000
9.4200 .0000
7.7500 1.6700
1559879 .2500
39,778.26 .0800
9.0000 .0000
8.7500 .0000
8.6700 .0000
7.7500 .9200
1559880 .2500
172,000.00 .0800
8.5000 .0000
8.2500 .0000
8.1700 .0000
7.7500 .4200
1559922 .2500
108,000.00 .0800
8.5000 .0000
8.2500 .0000
8.1700 .0000
7.7500 .4200
1
1559948 .2500
248,500.00 .0800
8.8750 .0000
8.6250 .0000
8.5450 .0000
7.7500 .7950
1559954 .2500
46,200.00 .0800
9.5000 .0000
9.2500 .0000
9.1700 .0000
7.7500 1.4200
1559956 .2500
35,083.63 .0800
9.7500 .0000
9.5000 .0000
9.4200 .0000
7.7500 1.6700
1559957 .2500
27,000.00 .0800
9.2500 .0000
9.0000 .0000
8.9200 .0000
7.7500 1.1700
1559959 .2500
95,000.00 .0800
8.8750 .0000
8.6250 .0000
8.5450 .0000
7.7500 .7950
1559962 .2500
39,200.00 .0800
9.0000 .0000
8.7500 .0000
8.6700 .0000
7.7500 .9200
1559965 .2500
114,500.00 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0000
7.7500 .2950
1559967 .2500
81,250.00 .0800
8.7500 .0000
8.5000 .0000
8.4200 .0000
7.7500 .6700
1
1559968 .2500
420,000.00 .0800
9.0000 .0000
8.7500 .0000
8.6700 .0000
7.7500 .9200
1559977 .2500
112,500.00 .0800
8.7500 .0000
8.5000 .0000
8.4200 .0000
7.7500 .6700
1559992 .2500
94,449.70 .0800
9.1250 .0000
8.8750 .0000
8.7950 .0000
7.7500 1.0450
1559993 .2500
73,557.65 .0800
8.7500 .0000
8.5000 .0000
8.4200 .0000
7.7500 .6700
1560006 .2500
73,957.42 .0800
8.7500 .0000
8.5000 .0000
8.4200 .0000
7.7500 .6700
1560010 .2500
170,000.00 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.7500 .1700
1560013 .2500
168,000.00 .0800
9.0000 .0000
8.7500 .0000
8.6700 .0000
7.7500 .9200
1560014 .2500
115,942.94 .0800
9.5000 .0000
9.2500 .0000
9.1700 .0000
7.7500 1.4200
1
1560015 .2500
299,822.88 .0800
8.6250 .0000
8.3750 .0000
8.2950 .0000
7.7500 .5450
1560037 .2500
39,600.00 .0800
9.1250 .0000
8.8750 .0000
8.7950 .0000
7.7500 1.0450
1560039 .2500
46,600.00 .0800
9.0000 .0000
8.7500 .0000
8.6700 .0000
7.7500 .9200
1560042 .2500
104,000.00 .0800
8.5000 .0000
8.2500 .0000
8.1700 .0000
7.7500 .4200
1560046 .2500
37,350.00 .0800
9.1250 .0000
8.8750 .0000
8.7950 .0000
7.7500 1.0450
1560060 .2500
82,000.00 .0800
8.5000 .0000
8.2500 .0000
8.1700 .0000
7.7500 .4200
1560065 .2500
132,850.00 .0800
8.6250 .0000
8.3750 .0000
8.2950 .0000
7.7500 .5450
1560278 .2500
132,000.00 .0800
8.5000 .0000
8.2500 .0000
8.1700 .0000
7.7500 .4200
1
1560282 .2500
44,100.00 .0800
9.3750 .0000
9.1250 .0000
9.0450 .0000
7.7500 1.2950
1560297 .2500
89,050.00 .0800
9.0000 .0000
8.7500 .0000
8.6700 .0000
7.7500 .9200
1560298 .2500
151,000.00 .0800
8.5000 .0000
8.2500 .0000
8.1700 .0000
7.7500 .4200
1560300 .2500
67,500.00 .0800
9.0000 .0000
8.7500 .0000
8.6700 .0000
7.7500 .9200
1560302 .2500
57,300.00 .0800
9.1250 .0000
8.8750 .0000
8.7950 .0000
7.7500 1.0450
1560306 .2500
52,500.00 .0800
8.7500 .0000
8.5000 .0000
8.4200 .0000
7.7500 .6700
1560307 .2500
52,500.00 .0800
8.7500 .0000
8.5000 .0000
8.4200 .0000
7.7500 .6700
1560308 .2500
50,000.00 .0800
8.6250 .0000
8.3750 .0000
8.2950 .0000
7.7500 .5450
1
1560317 .2500
27,200.00 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.7500 .1700
1560318 .2500
52,500.00 .0800
8.7500 .0000
8.5000 .0000
8.4200 .0000
7.7500 .6700
1560319 .2500
52,500.00 .0800
8.7500 .0000
8.5000 .0000
8.4200 .0000
7.7500 .6700
1560323 .2500
49,500.00 .0800
9.6250 .0000
9.3750 .0000
9.2950 .0000
7.7500 1.5450
1560329 .2500
193,445.81 .0800
8.6250 .0000
8.3750 .0000
8.2950 .0000
7.7500 .5450
1560345 .2500
45,600.00 .0800
9.2500 .0000
9.0000 .0000
8.9200 .0000
7.7500 1.1700
1560355 .2500
42,750.00 .0800
9.3750 .0000
9.1250 .0000
9.0450 .0000
7.7500 1.2950
1560357 .2500
195,871.79 .0800
8.1250 .0000
7.8750 .0000
7.7950 .0000
7.7500 .0450
1
1560359 .2500
80,550.00 .0800
8.5000 .0000
8.2500 .0000
8.1700 .0000
7.7500 .4200
1560361 .2500
311,820.49 .0800
8.7500 .0000
8.5000 .0000
8.4200 .0000
7.7500 .6700
1560390 .2500
49,000.00 .0800
8.1250 .0000
7.8750 .0000
7.7950 .0000
7.7500 .0450
1560391 .2500
135,200.00 .0800
8.6250 .0000
8.3750 .0000
8.2950 .0000
7.7500 .5450
1560398 .2500
62,550.00 .0800
8.7500 .0000
8.5000 .0000
8.4200 .0000
7.7500 .6700
1560400 .2500
54,750.00 .0800
9.3750 .0000
9.1250 .0000
9.0450 .0000
7.7500 1.2950
1560404 .2500
84,700.00 .0800
9.3750 .0000
9.1250 .0000
9.0450 .0000
7.7500 1.2950
1560405 .2500
145,000.00 .0800
8.7500 .0000
8.5000 .0000
8.4200 .0000
7.7500 .6700
1
1560406 .2500
48,500.00 .0800
9.3750 .0000
9.1250 .0000
9.0450 .0000
7.7500 1.2950
1560409 .2500
217,500.00 .0800
8.7500 .0000
8.5000 .0000
8.4200 .0000
7.7500 .6700
1560410 .2500
105,500.00 .0800
8.8750 .0000
8.6250 .0000
8.5450 .0000
7.7500 .7950
1560411 .2500
67,100.00 .0800
8.6250 .0000
8.3750 .0000
8.2950 .0000
7.7500 .5450
1560418 .2500
96,300.00 .0800
8.7500 .0000
8.5000 .0000
8.4200 .0000
7.7500 .6700
1560423 .2500
77,500.00 .0800
9.1250 .0000
8.8750 .0000
8.7950 .0000
7.7500 1.0450
1560447 .2500
93,900.00 .0800
9.0000 .0000
8.7500 .0000
8.6700 .0000
7.7500 .9200
1560454 .2500
150,000.00 .0800
9.0000 .0000
8.7500 .0000
8.6700 .0000
7.7500 .9200
1
1560456 .2500
61,250.00 .0800
9.1250 .0000
8.8750 .0000
8.7950 .0000
7.7500 1.0450
1560459 .2500
288,000.00 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.7500 .1700
1560465 .2500
232,000.00 .0300
7.8750 .0000
7.6250 .0000
7.5950 .0000
7.5950 .0000
1560466 .2500
99,200.00 .0800
8.6250 .0000
8.3750 .0000
8.2950 .0000
7.7500 .5450
1560471 .2500
38,400.00 .0800
9.0000 .0000
8.7500 .0000
8.6700 .0000
7.7500 .9200
1560509 .2500
64,750.00 .0300
8.0000 .0000
7.7500 .0000
7.7200 .0000
7.7200 .0000
1560511 .2500
137,000.00 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.7500 .1700
1560536 .2500
197,350.00 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0000
7.7500 .2950
1
1560566 .2500
152,250.00 .0800
8.8750 .0000
8.6250 .0000
8.5450 .0000
7.7500 .7950
1560570 .2500
76,000.00 .0800
9.2500 .0000
9.0000 .0000
8.9200 .0000
7.7500 1.1700
1560571 .2500
138,400.00 .0800
8.7500 .0000
8.5000 .0000
8.4200 .0000
7.7500 .6700
1560575 .2500
65,350.00 .0800
9.0000 .0000
8.7500 .0000
8.6700 .0000
7.7500 .9200
1560583 .2500
200,000.00 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.7500 .1700
1560602 .2500
157,250.00 .0800
8.5000 .0000
8.2500 .0000
8.1700 .0000
7.7500 .4200
1560642 .2500
190,000.00 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.7500 .1700
1560646 .2500
70,000.00 .0800
8.5000 .0000
8.2500 .0000
8.1700 .0000
7.7500 .4200
1
1560656 .2500
74,700.00 .0800
9.5000 .0000
9.2500 .0000
9.1700 .0000
7.7500 1.4200
1560659 .2500
60,300.00 .0800
9.3750 .0000
9.1250 .0000
9.0450 .0000
7.7500 1.2950
1560661 .2500
162,500.00 .0800
8.7500 .0000
8.5000 .0000
8.4200 .0000
7.7500 .6700
1560662 .2500
130,150.00 .0800
9.3750 .0000
9.1250 .0000
9.0450 .0000
7.7500 1.2950
1560673 .2500
118,450.00 .0800
8.8750 .0000
8.6250 .0000
8.5450 .0000
7.7500 .7950
1560675 .2500
206,250.00 .0800
8.8750 .0000
8.6250 .0000
8.5450 .0000
7.7500 .7950
1560683 .2500
225,000.00 .0300
7.8750 .0000
7.6250 .0000
7.5950 .0000
7.5950 .0000
1560695 .2500
125,000.00 .0800
8.6250 .0000
8.3750 .0000
8.2950 .0000
7.7500 .5450
1
1560709 .2500
87,200.00 .0800
9.2500 .0000
9.0000 .0000
8.9200 .0000
7.7500 1.1700
1560712 .2500
340,000.00 .0800
9.1250 .0000
8.8750 .0000
8.7950 .0000
7.7500 1.0450
1560717 .2500
400,000.00 .0800
7.7500 .0000
7.5000 .0000
7.4200 .0000
7.4200 .0000
1560722 .2500
152,000.00 .0800
8.6250 .0000
8.3750 .0000
8.2950 .0000
7.7500 .5450
1560744 .2500
92,900.00 .0800
9.6250 .0000
9.3750 .0000
9.2950 .0000
7.7500 1.5450
1560749 .2500
68,000.00 .0800
9.0000 .0000
8.7500 .0000
8.6700 .0000
7.7500 .9200
1560772 .2500
50,000.00 .0800
9.5000 .0000
9.2500 .0000
9.1700 .0000
7.7500 1.4200
1560812 .2500
125,800.00 .0800
8.6250 .0000
8.3750 .0000
8.2950 .0000
7.7500 .5450
1
1560877 .2500
55,200.00 .0800
8.8750 .0000
8.6250 .0000
8.5450 .0000
7.7500 .7950
1560879 .2500
78,750.00 .0800
8.8750 .0000
8.6250 .0000
8.5450 .0000
7.7500 .7950
1560880 .2500
62,400.00 .0800
8.5000 .0000
8.2500 .0000
8.1700 .0000
7.7500 .4200
1560884 .2500
74,000.00 .0800
8.8750 .0000
8.6250 .0000
8.5450 .0000
7.7500 .7950
1560889 .2500
140,000.00 .0800
8.5000 .0000
8.2500 .0000
8.1700 .0000
7.7500 .4200
1560890 .2500
293,000.00 .0800
8.8750 .0000
8.6250 .0000
8.5450 .0000
7.7500 .7950
1560895 .2500
44,000.00 .0800
9.1250 .0000
8.8750 .0000
8.7950 .0000
7.7500 1.0450
1560898 .2500
125,600.00 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.7500 .1700
1
1560899 .2500
148,000.00 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0000
7.7500 .2950
1560903 .2500
55,100.00 .0800
9.0000 .0000
8.7500 .0000
8.6700 .0000
7.7500 .9200
1560908 .2500
100,750.00 .0800
8.8750 .0000
8.6250 .0000
8.5450 .0000
7.7500 .7950
1560911 .2500
64,800.00 .0300
8.0000 .0000
7.7500 .0000
7.7200 .0000
7.7200 .0000
1561065 .2500
48,000.00 .0800
9.1250 .0000
8.8750 .0000
8.7950 .0000
7.7500 1.0450
1561120 .2500
134,800.00 .0800
8.8750 .0000
8.6250 .0000
8.5450 .0000
7.7500 .7950
1561129 .2500
118,800.00 .0800
9.3750 .0000
9.1250 .0000
9.0450 .0000
7.7500 1.2950
1561146 .2500
23,850.00 .0800
9.2500 .0000
9.0000 .0000
8.9200 .0000
7.7500 1.1700
1
1561175 .2500
31,000.00 .0800
9.5000 .0000
9.2500 .0000
9.1700 .0000
7.7500 1.4200
1561176 .2500
67,900.00 .0800
8.5000 .0000
8.2500 .0000
8.1700 .0000
7.7500 .4200
1561177 .2500
32,600.00 .0800
9.1250 .0000
8.8750 .0000
8.7950 .0000
7.7500 1.0450
1561178 .2500
32,600.00 .0800
9.1250 .0000
8.8750 .0000
8.7950 .0000
7.7500 1.0450
1561196 .2500
324,000.00 .0800
9.0000 .0000
8.7500 .0000
8.6700 .0000
7.7500 .9200
1561197 .2500
52,000.00 .0800
8.8750 .0000
8.6250 .0000
8.5450 .0000
7.7500 .7950
1561199 .2500
108,750.00 .0800
9.0000 .0000
8.7500 .0000
8.6700 .0000
7.7500 .9200
1561200 .2500
31,500.00 .0800
8.5000 .0000
8.2500 .0000
8.1700 .0000
7.7500 .4200
1
1561202 .2500
154,400.00 .0800
8.8750 .0000
8.6250 .0000
8.5450 .0000
7.7500 .7950
1561206 .2500
58,400.00 .0800
9.6250 .0000
9.3750 .0000
9.2950 .0000
7.7500 1.5450
1561211 .2500
45,900.00 .0800
9.6250 .0000
9.3750 .0000
9.2950 .0000
7.7500 1.5450
1561221 .2500
212,000.00 .0800
8.5000 .0000
8.2500 .0000
8.1700 .0000
7.7500 .4200
1561222 .2500
32,000.00 .0800
9.5000 .0000
9.2500 .0000
9.1700 .0000
7.7500 1.4200
1561223 .2500
82,800.00 .0800
9.2500 .0000
9.0000 .0000
8.9200 .0000
7.7500 1.1700
1561470 .2500
101,438.51 .0800
8.5000 .0000
8.2500 .0000
8.1700 .0000
7.7500 .4200
1561548 .2500
120,000.00 .0800
8.7500 .0000
8.5000 .0000
8.4200 .0000
7.7500 .6700
1
1561559 .2500
139,700.00 .0800
9.2500 .0000
9.0000 .0000
8.9200 .0000
7.7500 1.1700
1561566 .2500
82,000.00 .0800
8.8750 .0000
8.6250 .0000
8.5450 .0000
7.7500 .7950
1561631 .2500
39,150.00 .0800
9.0000 .0000
8.7500 .0000
8.6700 .0000
7.7500 .9200
TOTAL NUMBER OF LOANS: 1513
TOTAL BALANCE........: 164,383,983.57
RUN ON : 03/26/97 RFC DISCLOSURE SYSTEM RFFSDFIX-01
AT : 12.25.23 INITIAL SECURITY FEES AMORTIZED BALANCE
SERIES : RALI 1997-QS2 30 Y FIXED SUMMARY REPORT CUTOFF : 03/01/97
POOL : 0004240
:
:
POOL STATUS: F
WEIGHTED AVERAGES FROM TO
--------------------------------------------------------------------------
CURR NOTE RATE 8.8203 7.7500 10.3750
RFC NET RATE 8.5692 7.5000 10.1250
NET MTG RATE(INVSTR RATE) 8.4907 7.4200 10.0450
POST STRIP RATE 7.7438 7.4200 7.7500
SUB SERV FEE .2511 .2500 .6250
MSTR SERV FEE .0785 .0300 .0800
ALL EXP .0000 .0000 .0000
MISC EXP .0000 .0000 .0000
SPREAD .0000 .0000 .0000
STRIP .7469 .0000 2.2950
TOTAL NUMBER OF LOANS: 1513
TOTAL BALANCE........: 164,383,983.57
***************************
* 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
1997-QS2, 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
Chicago, Illinois 60670
Attention: Residential Funding Corporation Series 1997-QS2
Re: Mortgage Asset-Backed Pass-Through Certificates,
Series 1997-QS2, 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 1997-QS2, Class R (the "Certificates"), pursuant to Section
5.02 of the Pooling and Servicing Agreement (the "Pooling and Servicing
Agreement"), dated as of March 1, 1997 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
Chicago, Illinois 60670
Attention: Residential Funding Corporation Series 1997-QS2
RE: Mortgage Asset-Backed Pass-Through Certificates,
Series 1997-QS2, [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 1997-QS2, Class __ (the "Certificates"), issued pursuant to
the Pooling and Servicing Agreement (the "Pooling and Servicing Agreement"),
dated as of March 1, 1997 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
Chicago, Illinois 60670
Attention: Residential Funding Corporation Series 1997-QS2
Re: Mortgage Asset-Backed Pass-Through Certificates,
Series 1997-QS2, [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 1997-QS2, Class (the "Certificates"), issued
pursuant to the Pooling and Servicing Agreement (the "Pooling and Servicing
Agreement"), dated as of March 1, 1997 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 Seller
will not act, in any manner set forth in the foregoing sentence with respect to
any Certificate. The Seller has not and
<PAGE>
will not sell or otherwise transfer any of the Certificates, except in
compliance with the provisions of the Pooling and Servicing Agreement.
Very truly yours,
(Seller)
By:
Name:
Title:
K-2
<PAGE>
EXHIBIT L
[FORM OF RULE 144A INVESTMENT REPRESENTATION]
Description of Rule 144A Securities, including
numbers:
===============================================
===============================================
The undersigned seller, as registered holder (the "Seller"),
intends to transfer the Rule 144A Securities described above to the undersigned
buyer (the "Buyer").
1. In connection with such transfer and in accordance with the
agreements pursuant to which the Rule 144A Securities were issued, the Seller
hereby certifies the following facts: Neither the Seller nor anyone acting on
its behalf has offered, transferred, pledged, sold or otherwise disposed of the
Rule 144A Securities, any interest in the Rule 144A Securities or any other
similar security to, or solicited any offer to buy or accept a transfer, pledge
or other disposition of the Rule 144A Securities, any interest in the Rule 144A
Securities or any other similar security from, or otherwise approached or
negotiated with respect to the Rule 144A Securities, any interest in the Rule
144A Securities or any other similar security with, any person in any manner, or
made any general solicitation by means of general advertising or in any other
manner, or taken any other action, that would constitute a distribution of the
Rule 144A Securities under the Securities Act of 1933, as amended (the "1933
Act"), or that would render the disposition of the Rule 144A Securities a
violation of Section 5 of the 1933 Act or require registration pursuant thereto,
and that the Seller has not offered the Rule 144A Securities to any person other
than the Buyer or another "qualified institutional buyer" as defined in Rule
144A under the 1933 Act.
2. The Buyer warrants and represents to, and covenants with,
the Seller, the Trustee and the Master Servicer (as defined in the Pooling and
Servicing Agreement (the "Agreement"), dated as of March 1, 1997 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.
----------------------------------
L-4
<PAGE>
___ Savings and Loan. The Buyer (a) is a savings and loan
----------------
association, building and loan association, cooperative
bank, homestead association or similar institution, which
is supervised and examined by a State or Federal
authority having supervision over any such institutions
or is a foreign savings and loan association or
equivalent institution and (b) has an audited net worth
of at least $25,000,000 as demonstrated in its latest
annual financial statements.
___ Broker-Dealer. The Buyer is a dealer registered pursuant
to Section 15 of the Securities Exchange Act of 1934.
___ Insurance Company. The Buyer is an insurance company
-----------------
whose primary and predominant business activity is the
writing of insurance or the reinsuring of risks
underwritten by insurance companies and which is subject
to supervision by the insurance commissioner or a similar
official or agency of a State or territory or the
District of Columbia.
___ State or Local Plan. The Buyer is a plan established and
maintained by a State, its political subdivisions, or any
agency or instrumentality of the State or its political
subdivisions, for the benefit of its employees.
___ ERISA Plan. The Buyer is an employee benefit plan within the
meaning of Title I of the Employee Retirement Income Security Act
of 1974.
___ Investment Adviser. The Buyer is an investment adviser
registered under the Investment Advisers Act of 1940.
___ SBIC. The Buyer is a Small Business Investment Company
licensed by the U.S. Small Business Administration under
Section 301(c) or (d) of the Small Business Investment
Act of 1958.
___ Business Development Company. The Buyer is a business
development company as defined in Section 202(a)(22) of
the Investment Advisers Act of 1940.
___ Trust Fund. The Buyer is a trust fund whose trustee is a
----------
bank or trust company and whose participants are
exclusively (a) plans established and maintained by a
State, its political subdivisions, or any agency or
instrumentality of the State or its political
subdivisions, for the benefit of its employees, or
(b) employee benefit plans within the meaning of Title I
of the Employee Retirement Income Security Act of 1974,
but is not a trust fund that includes as participants
individual retirement accounts or H.R. 10 plans.
3. The term "securities" as used herein does not
include (i) securities of issuers that are affiliated with the
L-5
<PAGE>
Buyer, (ii) securities that are part of an unsold allotment to or subscription
by the Buyer, if the Buyer is a dealer, (iii) bank deposit notes and
certificates of deposit, (iv) loan participations, (v) repurchase agreements,
(vi) securities owned but subject to a repurchase agreement and (vii) currency,
interest rate and commodity swaps.
4. For purposes of determining the aggregate amount of securities
owned and/or invested on a discretionary basis by the Buyer, the Buyer used the
cost of such securities to the Buyer and did not include any of the securities
referred to in the preceding paragraph. Further, in determining such aggregate
amount, the Buyer may have included securities owned by subsidiaries of the
Buyer, but only if such subsidiaries are consolidated with the Buyer in its
financial statements prepared in accordance with generally accepted accounting
principles and if the investments of such subsidiaries are managed under the
Buyer's direction. However, such securities were not included if the Buyer is a
majority-owned, consolidated subsidiary of another enterprise and the Buyer is
not itself a reporting company under the Securities Exchange Act of 1934.
5. The Buyer acknowledges that it is familiar with Rule 144A and
understands that the seller to it and other parties related to the Certificates
are relying and will continue to rely on the statements made herein because one
or more sales to the Buyer may be in reliance on Rule 144A.
___ ___ Will the Buyer be purchasing the Rule 144A
Yes No Securities only for the Buyer's own account?
6. If the answer to the foregoing question is "no", the Buyer
agrees that, in connection with any purchase of securities sold to the Buyer for
the account of a third party (including any separate account) in reliance on
Rule 144A, the Buyer will only purchase for the account of a third party that at
the time is a "qualified institutional buyer" within the meaning of Rule 144A.
In addition, the Buyer agrees that the Buyer will not purchase securities for a
third party unless the Buyer has obtained a current representation letter from
such third party or taken other appropriate steps contemplated by Rule 144A to
conclude that such third party independently meets the definition of "qualified
institutional buyer" set forth in Rule 144A.
7. The Buyer will notify each of the parties to which
this certification is made of any changes in the information and
conclusions herein. Until such notice is given, the Buyer's
L-6
<PAGE>
purchase of Rule 144A Securities will constitute a reaffirmation of this
certification as of the date of such purchase.
Print Name of Buyer
By:
Name:
Title:
Date:
L-7
<PAGE>
ANNEX 2 TO EXHIBIT L
QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A
[For Buyers That Are Registered Investment Companies]
The undersigned hereby certifies as follows in connection with
the Rule 144A Investment Representation to which this Certification is attached:
1. As indicated below, the undersigned is the President,
Chief Financial Officer or Senior Vice President of the Buyer or, if the Buyer
is a "qualified institutional buyer" as that term is defined in Rule 144A under
the Securities Act of 1933 ("Rule 144A") because Buyer is part of a Family of
Investment Companies (as defined below), is such an officer of the Adviser.
2. In connection with purchases by Buyer, the Buyer is a
"qualified institutional buyer" as defined in SEC Rule 144A because (i) the
Buyer is an investment company registered under the Investment Company Act of
1940, and (ii) as marked below, the Buyer alone, or the Buyer's Family of
Investment Companies, owned at least $100,000,000 in securities (other than the
excluded securities referred to below) as of the end of the Buyer's most recent
fiscal year. For purposes of determining the amount of securities owned by the
Buyer or the Buyer's Family of Investment Companies, the cost of such securities
was used.
____ The Buyer owned $___________________ in securities
(other than the excluded securities referred to below)
as of the end of the Buyer's most recent fiscal year
(such amount being calculated in accordance with
Rule 144A).
____ The Buyer is part of a Family of Investment Companies
which owned in the aggregate $______________ in
securities (other than the excluded securities referred
to below) as of the end of the Buyer's most recent
fiscal year (such amount being calculated in accordance
with Rule 144A).
3. The term "Family of Investment Companies" as used herein
means two or more registered investment companies (or series thereof) that have
the same investment adviser or investment advisers that are affiliated (by
virtue of being majority owned subsidiaries of the same parent or because one
investment adviser is a majority owned subsidiary of the other).
4. The term "securities" as used herein does not include (i)
securities of issuers that are affiliated with the Buyer or are part of the
Buyer's Family of Investment Companies, (ii) bank deposit notes and certificates
of deposit, (iii) loan
L-8
<PAGE>
participations, (iv) repurchase agreements, (v) securities owned but subject to
a repurchase agreement and (vi) currency, interest rate and commodity swaps.
5. The Buyer is familiar with Rule 144A and understands that
each of the parties to which this certification is made are relying and will
continue to rely on the statements made herein because one or more sales to the
Buyer will be in reliance on Rule 144A. In addition, the Buyer will only
purchase for the Buyer's own account.
6. The undersigned will notify each of the parties to which
this certification is made of any changes in the information and conclusions
herein. Until such notice, the Buyer's purchase of Rule 144A Securities will
constitute a reaffirmation of this certification by the undersigned as of the
date of such purchase.
Print Name of Buyer
By:
Name:
Title:
IF AN ADVISER:
Print Name of Buyer
Date:
L-9
<PAGE>
EXHIBIT M
[TEXT OF AMENDMENT TO POOLING AND SERVICING
AGREEMENT PURSUANT TO SECTION 11.01(E) FOR A
LIMITED GUARANTY]
ARTICLE XII
Subordinate Certificate Loss Coverage; Limited Guaranty
Section 12.01. Subordinate Certificate Loss Coverage; Limited
Guaranty. (a) Subject to subsection (c) below, prior to the later of the third
Business Day prior to each Distribution Date or the related Determination Date,
the Master Servicer shall determine whether it or any Subservicer will be
entitled to any reimbursement pursuant to Section 4.02(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 12.02. Residential Funding's
obligations as described in this Section are referred to herein as the
"Subordinate Certificate Loss Obligation."
(d) The Trustee will promptly notify General Motors Acceptance
Corporation of any failure of Residential Funding to make any payments hereunder
and shall demand payment pursuant to the limited guaranty (the "Limited
Guaranty"), executed by General Motors Acceptance Corporation, of Residential
Funding's obligation to make payments pursuant to this Section, in an amount
equal to the lesser of (i) the Amount Available and (ii) such required payments,
by delivering to General Motors Acceptance Corporation a written demand for
payment by wire transfer, not later than the second Business Day prior to the
Distribution Date for such month, with a copy to the Master Servicer.
(e) All payments made by Residential Funding pursuant to this
Section or amounts paid under the Limited Guaranty shall be deposited directly
in the Certificate Account, for distribution on the Distribution Date for such
month to the Class 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 12.02. Amendments Relating to the Limited Guaranty.
Notwithstanding Sections 11.01 or 12.01: (i) the provisions of this Article XII
may be amended, superseded or deleted, (ii) the Limited Guaranty or Subordinate
Certificate Loss Obligation may be amended, reduced or canceled, and (iii) any
other provision of this Agreement which is related or incidental to the matters
described in this Article 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 12.02.
M-4
<PAGE>
EXHIBIT N
[FORM OF LIMITED GUARANTY]
LIMITED GUARANTY
RESIDENTIAL ACCREDIT LOANS, INC.
Mortgage Asset-Backed Pass-Through Certificates
Series 1997-QS2
, 199__
The First National Bank of Chicago
One First National Plaza
Chicago, Illinois 60670
Attention: Residential Funding Corporation Series 1997-QS2
Ladies and Gentlemen:
WHEREAS, Residential Funding Corporation, a Delaware
corporation ("Residential Funding"), an indirect wholly-owned subsidiary of
General Motors Acceptance Corporation, a New York corporation ("GMAC"), plans to
incur certain obligations as described under Section 12.01 of the Pooling and
Servicing Agreement dated as of March 1, 1997 (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 1997-QS2 (the "Certificates"); and
WHEREAS, pursuant to Section 12.01 of the Servicing Agreement,
Residential Funding agrees to make payments to the Holders of the Class B
Certificates with respect to certain losses on the Mortgage Loans as described
in the Servicing Agreement; and
WHEREAS, GMAC desires to provide certain assurances with
respect to the ability of Residential Funding to secure sufficient funds and
faithfully to perform its Subordinate Certificate Loss Obligation;
NOW THEREFORE, in consideration of the premises herein
contained and certain other good and valuable consideration, the receipt of
which is hereby acknowledged, GMAC agrees as follows:
1. Provision of Funds. (a) GMAC agrees to contribute and
deposit in the Certificate Account on behalf of Residential Funding (or
otherwise provide to Residential Funding, or to cause to be made available to
Residential Funding), either directly or through a subsidiary, in any case prior
to the related Distribution Date, such moneys as may be required by Residential
Funding to perform its Subordinate Certificate Loss Obligation
<PAGE>
when and as the same arises from time to time upon the demand of the Trustee in
accordance with Section 12.01 of the Servicing Agreement.
(b) The agreement set forth in the preceding clause (a) shall
be absolute, irrevocable and unconditional and shall not be affected by the
transfer by GMAC or any other person of all or any part of its or their interest
in Residential Funding, by any insolvency, bankruptcy, dissolution or other
proceeding affecting Residential Funding or any other person, by any defense or
right of counterclaim, set-off or recoupment that GMAC may have against
Residential Funding or any other person or by any other fact or circumstance.
Notwithstanding the foregoing, GMAC's obligations under clause (a) shall
terminate upon the earlier of (x) substitution for this Limited Guaranty
pursuant to Section 12.01(f) of the Servicing Agreement, or (y) the termination
of the Trust Fund pursuant to the Servicing Agreement.
2. Waiver. GMAC hereby waives any failure or delay on the part
of Residential Funding, the Trustee or any other person in asserting or
enforcing any rights or in making any claims or demands hereunder. Any defective
or partial exercise of any such rights shall not preclude any other or further
exercise of that or any other such right. GMAC further waives demand,
presentment, notice of default, protest, notice of acceptance and any other
notices with respect to this Limited Guaranty, including, without limitation,
those of action or nonaction on the part of Residential Funding or the Trustee.
3. Modification, Amendment and Termination. This
---------------------------------------
Limited Guaranty may be modified, amended or terminated only by
the written agreement of GMAC and the Trustee and only if such
modification, amendment or termination is permitted under Section
12.02 of the Servicing Agreement. The obligations of GMAC under
this Limited Guaranty shall continue and remain in effect so long
as the Servicing Agreement is not modified or amended in any way
that might affect the obligations of GMAC under this Limited
Guaranty without the prior written consent of GMAC.
4. Successor. Except as otherwise expressly provided
herein, the guarantee herein set forth shall be binding upon GMAC
and its respective successors.
5. Governing Law. This Limited Guaranty shall be
governed by the laws of the State of New York.
6. Authorization and Reliance. GMAC understands that
a copy of this Limited Guaranty shall be delivered to the Trustee
in connection with the execution of Amendment No. 1 to the
Servicing Agreement and GMAC hereby authorizes the Company and
the Trustee to rely on the covenants and agreements set forth
herein.
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:
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<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
Chicago, Illinois 60670
Attention: Residential Funding Corporation Series 1997-QS2
Re: Mortgage Asset-Backed Pass-Through Certificates,
Series 1997-QS2 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 March 1, 1997 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
<PAGE>
EXHIBIT Q
FORM OF REQUEST FOR EXCHANGE
[DATE]
The First National Bank of Chicago
One First National Plaza
Chicago, Illinois 60670
Re: Residential Accredit Loans, Inc.,
Mortgage Asset-Backed Pass-Through Certificates,
Series 1997-QS2
Residential Funding Corporation, as the Holder of a ___%
Percentage Interest of the Class A-10[-1] Certificates, hereby requests the
Trustee to exchange the above-referenced Certificates for the Subclasses
referred to below:
1. Class A-10-_ Certificates, corresponding to the
following Uncertificated REMIC Regular Interests:
[List numbers corresponding to the related loans
and Pool Strip Rates from the Mortgage Loan
Schedule]. The initial Subclass Notional Amount
and the Initial Pass-Through Rate on the Class A-
10-_ Certificates will be $__________ and ____%,
respectively.
[2. Repeat as appropriate.]
The Subclasses requested above will represent in the aggregate
all of the Uncertificated REMIC Regular Interests represented by the Class
A-10[-1] Certificates surrendered for exchange.
All capitalized terms used but not defined herein shall have
the meanings set forth in the Pooling and Servicing Agreement, dated as of March
1, 1997, among Residential Accredit Loans, Inc., Residential Funding Corporation
and The First National Bank of Chicago, as trustee.
RESIDENTIAL FUNDING CORPORATION
By:______________________________
Name:
Title:
R-1
<PAGE>
