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) July 1, 1997
RESIDENTIAL ACCREDIT LOANS, INC. (as company under a Pooling and
Servicing Agreement dated as of July 1, 1997 providing for, inter
alia, the issuance of Mortgage Asset-Backed Pass-Through
Certificates, Series 1997-QS7)
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
<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 Exhibits to the Form S-3 Registration
Statement of the Registrant are hereby filed:
Sequentially
Exhibit Numbered
Number Exhibit Page
10.1 Pooling and Servicing Agreement, dated as of July 1, 1997
among Residential Accredit Loans, Inc., as company,
Residential Funding Corporation, as master servicer, and
Bankers Trust Company, as trustee.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
RESIDENTIAL ACCREDIT LOANS, INC.
By: /s/ Randy Van Zee
Name: Randy Van Zee
Title: Vice President
Dated: July 30, 1997
<PAGE>
Exhibit 10.1
Pooling and Servicing Agreement, dated as of July 1, 1997
among Residential Accredit Loans, Inc., as company,
Residential Funding Corporation, as master servicer, and
Bankers Trust Company, as trustee.
EXECUTION COPY
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
RESIDENTIAL ACCREDIT LOANS, INC.,
Company,
RESIDENTIAL FUNDING CORPORATION,
Master Servicer,
and
BANKERS TRUST COMPANY,
Trustee
POOLING AND SERVICING AGREEMENT
Dated as of July 1, 1997
Mortgage Asset-Backed Pass-Through Certificates
Series 1997-QS7
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
NY1-220216.6
<PAGE>
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 ................................... 6
Bankruptcy Loss ................................... 6
Book-Entry Certificate ............................ 7
Business Day ...................................... 7
Buydown Funds ..................................... 7
Buydown Mortgage Loan ............................. 7
Cash Liquidation .................................. 7
Certificate ....................................... 7
Certificate Account ............................... 7
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 Certificate ............................... 9
Class A-8 Collection Shortfall .................... 10
Class A-8 Principal Distribution Amount ........... 10
Class A-9 Notional Amount ......................... 10
Class B Certificate ............................... 10
Class B Percentage ................................ 10
Class B-1 Percentage .............................. 10
Class B-1 Prepayment Distribution Trigger ......... 10
Class B-2 Percentage .............................. 10
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 ................................ 11
Class M-1 Percentage .............................. 11
Class M-2 Percentage .............................. 11
NY1-220216.6
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Page
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 .......................................... 12
Code .................................................. 12
Compensating Interest ................................. 12
Cooperative ........................................... 13
Cooperative Apartment ................................. 13
Cooperative Lease ..................................... 13
Cooperative Loans ..................................... 13
Cooperative Stock ..................................... 13
Cooperative Stock Certificate ......................... 13
Corporate Trust Office ................................ 13
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 ............................... 14
Deficient Valuation ................................... 15
Definitive Certificate ................................ 15
Deleted Mortgage Loan ................................. 15
Depository ............................................ 15
Depository Participant ................................ 15
Destroyed Mortgage Note ............................... 15
Determination Date .................................... 15
Discount Fraction ..................................... 15
Discount Mortgage Loan ................................ 15
Disqualified Organization ............................. 16
Distribution Date ..................................... 16
Due Date .............................................. 16
Due Period ............................................ 16
Eligible Account ...................................... 16
Eligible Funds ........................................ 17
Event of Default ...................................... 17
Excess Bankruptcy Loss ................................ 17
Excess Fraud Loss ..................................... 17
Excess Special Hazard Loss ............................ 17
Excess Subordinate Principal Amount ................... 17
Extraordinary Events .................................. 18
Extraordinary Losses .................................. 18
FASIT ................................................. 19
FDIC .................................................. 19
FHLMC ................................................. 19
Final Distribution Date ............................... 19
Fitch ................................................. 19
FNMA .................................................. 19
Foreclosure Profits ................................... 19
NY1-220216.6
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Fraud Loss Amount ..................................... 19
Fraud Losses .......................................... 20
Independent ........................................... 20
Initial Certificate Principal Balance ................. 20
Initial Class A-9 Notional Amount: .................... 20
Initial Monthly Payment Fund .......................... 20
Insurance Proceeds .................................... 20
Insurer ............................................... 21
Interest Accrual Period ............................... 21
International Borrower ................................ 21
Late Collections ...................................... 21
Liquidation Proceeds .................................. 21
Loan-to-Value Ratio ................................... 21
Lockout Prepayment Percentage ......................... 21
Lockout Scheduled Percentage .......................... 22
Maturity Date ......................................... 22
MLCC .................................................. 22
Modified Mortgage Loan ................................ 22
Modified Net Mortgage Rate ............................ 22
Monthly Payment ....................................... 22
Moody's ............................................... 22
Mortgage .............................................. 22
Mortgage 100SM Loan ................................... 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
Pass-Through Rate ..................................... 25
Paying Agent .......................................... 26
Percentage Interest ................................... 26
Permitted Investments ................................. 26
Permitted Transferee .................................. 28
Person ................................................ 28
Pledged Asset Mortgage Servicing Agreement ............ 28
Pool Stated Principal Balance ......................... 28
Pool Strip Rate ....................................... 28
Prepayment Assumption ................................. 28
Prepayment Distribution Percentage .................... 28
NY1-220216.6
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Page
Prepayment Distribution Trigger ....................... 30
Prepayment Interest Shortfall ......................... 30
Prepayment Period ..................................... 30
Primary Insurance Policy .............................. 30
Principal Prepayment .................................. 31
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 ....................................... 34
REO Disposition ....................................... 34
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 ........................ 35
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 .................................... 37
Servicing Fee ......................................... 37
Servicing Officer ..................................... 37
Special Hazard Amount ................................. 37
Special Hazard Loss ................................... 38
Standard & Poor's ..................................... 38
Stated Principal Balance .............................. 38
Subclass .............................................. 39
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
NY1-220216.6
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Page
Surety Bond ........................................... 40
Tax Returns ........................................... 41
Transfer .............................................. 41
Transferee ............................................ 41
Transferor ............................................ 41
Trust Fund ............................................ 41
Uncertificated REMIC Regular Interests ................ 41
Uniform Single Attestation Program for Mortgage
Bankers ..................................... 42
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................................... 49
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...................... 58
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...................... 62
Section 3.07 Collection of Certain Mortgage Loan
Payments; Deposits to
Custodial Account....................................... 62
Section 3.08 Subservicing Accounts; Servicing
Accounts................................................ 65
NY1-220216.6
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Page
Section 3.09 Access to Certain Documentation and
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
Section 3.12 Maintenance of Fire Insurance and
Omissions and Fidelity Coverage. ........................ 71
Section 3.13 Enforcement of Due-on-Sale Clauses;
Assumption and Modification Agreements;
Certain Assignments....................................... 72
Section 3.14 Realization Upon Defaulted Mortgage
Loans..................................................... 75
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. .......................... 83
Section 3.21 Administration of Buydown Funds........................... 83
ARTICLE IV
PAYMENTS TO CERTIFICATEHOLDERS
Section 4.01 Certificate Account........................................ 85
Section 4.02 Distributions.............................................. 85
Section 4.03 Statements to Certificateholders........................... 96
Section 4.04 Distribution of Reports to the
Trustee and the Company; Advances
by the Master Servicer..................................... 99
Section 4.05 Allocation of Realized Losses..............................101
Section 4.06 Reports of Foreclosures and Abandonment
of Mortgaged Property. ....................102
Section 4.07 Optional Purchase of Defaulted Mortgage
Loans. ....................103
Section 4.08 Surety Bond................................................103
ARTICLE V
THE CERTIFICATES
Section 5.01 The Certificates...........................................105
Section 5.02 Registration of Transfer and Exchange of
Certificates. ...........................................108
Section 5.03 Mutilated, Destroyed, Lost or Stolen
Certificates...............................................113
NY1-220216.6
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Page
Section 5.04 Persons Deemed Owners....................................114
Section 5.05 Appointment of Paying Agent..............................114
Section 5.06 Optional Purchase of Certificates........................114
ARTICLE VI
THE COMPANY AND THE MASTER SERVICER
Section 6.01 Respective Liabilities of the Company
and the Master Servicer..................................117
Section 6.02 Merger or Consolidation of the
Company or the Master Servicer;
Assignment of Rights and Delegation
of Duties by Master Servicer.............................117
Section 6.03 Limitation on Liability of the Company,
the Master Servicer and Others. ..................118
Section 6.04 Company and Master
Servicer Not to Resign...................................119
ARTICLE VII
DEFAULT
Section 7.01 Events of Default........................................120
Section 7.02 Trustee or Company to Act; Appointment
of Successor.............................................122
Section 7.03 Notification to Certificateholders.......................123
Section 7.04 Waiver of Events of Default..............................123
ARTICLE VIII
CONCERNING THE TRUSTEE
Section 8.01 Duties of Trustee........................................125
Section 8.02 Certain Matters Affecting the Trustee....................127
Section 8.03 Trustee Not Liable for Certificates or
Mortgage Loans...........................................129
Section 8.04 Trustee May Own Certificates.............................129
Section 8.05 Master Servicer to Pay Trustee's Fees
and Expenses; Indemnification. ...................129
Section 8.06 Eligibility Requirements for Trustee.....................130
Section 8.07 Resignation and Removal of the Trustee...................131
Section 8.08 Successor Trustee........................................132
Section 8.09 Merger or Consolidation of Trustee.......................132
Section 8.10 Appointment of Co-Trustee or Separate
Trustee..................................................133
Section 8.11 Appointment of Custodians................................134
Section 8.12 Appointment of Office or Agency..........................134
NY1-220216.6
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Page
ARTICLE IX
TERMINATION
Section 9.01 Termination Upon Purchase by the Master
Servicer or the Company or
Liquidation of All Mortgage Loans........................135
Section 9.02 Additional Termination Requirements......................138
ARTICLE X
REMIC PROVISIONS
Section 10.01 REMIC Administration.....................................139
Section 10.02 Master Servicer, REMIC Administrator and
Trustee Indemnification..................................143
ARTICLE XI
MISCELLANEOUS PROVISIONS
Section 11.01 Amendment................................................145
Section 11.02 Recordation of Agreement; Counterparts...................148
Section 11.03 Limitation on Rights
of Certificateholders....................................148
Section 11.04 Governing Law............................................149
Section 11.05 Notices..................................................149
Section 11.06 Notices to Rating Agency.................................150
Section 11.07 Severability of Provisions...............................151
Section 11.08 Supplemental Provisions
for Resecuritization...........................151
NY1-220216.6
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<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-1: Form of Investor Representation Letter
Exhibit J-2: Form of ERISA 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
NY1-220216.6
ix
<PAGE>
This is a Pooling and Servicing Agreement, dated as of July 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 BANKERS TRUST COMPANY, as Trustee (together
with its permitted successors and assigns, the "Trustee").
PRELIMINARY STATEMENT:
The Company intends to sell mortgage pass-through certificates
(collectively, the "Certificates"), to be issued hereunder in multiple classes,
which in the aggregate will evidence the entire beneficial ownership interest in
the Mortgage Loans (as defined herein). As provided herein, the Master Servicer
will make an election to treat the entire segregated pool of assets described in
the definition of 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 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-9
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.
NY1-220216.6
<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 7.50% $82,491,000.00 Senior July 25, 2027 AAA AAA
Class A-2 7.50% $20,984,000.00 Senior July 25, 2027 AAA AAA
Class A-3 7.50% $11,000,000.00 Senior July 25, 2027 AAA AAA
Class A-4 7.50% $ 4,000,000.00 Senior July 25, 2027 AAA AAA
Class A-5 7.75% $17,500,000.00 Lockout/Senior July 25, 2027 AAA AAA
Class A-6 7.25% $17,500,000.00 Lockout/Senior July 25, 2027
Class A-7 9.50% $21,925,000.00 Senior July 25, 2027
Class A-8 0.00% $ 156,262.27 Principal Only/Senior July 25, 2027 AAAr AAA
Class A-9 Variable Rate $ 0.00 Variable Strip/Senior July 25, 2027 AAAr AAA
Class R 7.75% $ 100.00 Residual/Senior July 25, 2027 AAA AAA
Class M-1 7.75% $ 6,697,000.00 Mezzanine July 25, 2027 N/A AA
Class M-2 7.75% $ 3,827,000.00 Mezzanine July 25, 2027 N/A A
Class M-3 7.75% $ 2,870,200.00 Mezzanine July 25, 2027 N/A BBB
Class B-1 7.75% $ 1,052,400.00 Subordinate July 25, 2027 N/A BB
Class B-2 7.75% $ 478,400.00 Subordinate July 25, 2027 N/A B
Class B-3 7.75% $ 861,188.35 Subordinate July 25, 2027 N/A N/A
</TABLE>
The Mortgage Loans have an aggregate Cut-off Date Principal Balance
equal to $191,342,550.62 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-8 Certificates and Class
A-9 Certificates), any Class M Certificate, any Class B Certificate or any Class
R Certificate, interest accrued during the related Interest Accrual Period at
the related Pass-Through Rate on the Certificate Principal Balance thereof
immediately prior to such Distribution Date.
NY1-220216.6
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<PAGE>
With respect to each Distribution Date, as to the Class A-9 Certificates in the
aggregate, interest accrued during the related Interest Accrual Period at the
related Pass-Through Rate on the Class A-9 Notional Amount. With respect to each
Distribution Date, as to any Subclass of Class A-9 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 (or the Modified Net Mortgage Rate in the case of a Modified
Mortgage Loan)) 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-9 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.
NY1-220216.6
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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
NY1-220216.6
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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 July 30, 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 prior to the first
anniversary of the Cut-off Date, an amount equal to the excess, if any, of (A)
$200,000 over (B) the aggregate amount of Bankruptcy Losses allocated solely to
one or more specific
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Classes of Certificates in accordance with Section 4.05. As of any date of
determination on or after the first anniversary of the Cut-off Date, an amount
equal to the excess, if any, of (1) the lesser of (a) the Bankruptcy Amount
calculated as of the close of business on the Business Day immediately preceding
the most recent anniversary of the Cut-off Date coinciding with or preceding
such date of determination (or, if such date of determination is an anniversary
of the Cut-off Date, the Business Day immediately preceding such date of
determination) (for purposes of this definition, the "Relevant Anniversary") and
(b) the greater of
(A) the greater of (i) 0.0006 times the aggregate principal balance of
all the Mortgage Loans in the Mortgage Pool as of the Relevant Anniversary
having a Loan-to-Value Ratio at origination which exceeds 75% and (ii) $100,000;
and (B) the greater of (i) the product of (x) an amount equal to the largest
difference in the related Monthly Payment for any Non-Primary Residence Loan
remaining in the Mortgage Pool (other than Additional Collateral Loans) which
had an original Loan-to-Value Ratio of 80% or greater that would result if the
Net Mortgage Rate thereof was equal to the weighted average (based on the
principal balance of the Mortgage Loans as of the Relevant Anniversary) of the
Net Mortgage Rates of all Mortgage Loans as of the Relevant Anniversary less
1.25% per annum, (y) a number equal to the weighted average remaining term to
maturity, in months, of all Non-Primary Residence Loans remaining in the
Mortgage Pool as of the Relevant Anniversary, and (z) one plus the quotient of
the number of all Non-Primary Residence Loans remaining in the Mortgage Pool
divided by the total number of Outstanding Mortgage Loans in the Mortgage Pool
as of the Relevant Anniversary, and (ii) $50,000,
over (2) the aggregate amount of Bankruptcy Losses allocated solely to one or
more specific Classes of Certificates in accordance with Section 4.05 since the
Relevant Anniversary.
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
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shall be deemed a Bankruptcy Loss hereunder so long as the Master Servicer has
notified the Trustee in writing that the Master Servicer is diligently pursuing
any remedies that may exist in connection with the representations and
warranties made regarding the related Mortgage Loan and either (A) the related
Mortgage Loan is not in default with regard to payments due thereunder or (B)
delinquent payments of principal and interest under the related Mortgage Loan
and any premiums on any applicable primary hazard insurance policy and any
related escrow payments in respect of such Mortgage Loan are being advanced on a
current basis by the Master Servicer or a Subservicer, in either case without
giving effect to any Debt Service Reduction.
Book-Entry Certificate: Any Certificate registered in the
name of the Depository or its nominee.
Business Day: Any day other than (i) a Saturday or a Sunday or (ii) a
day on which banking institutions in the State of New York, the State of
Michigan, the State of California or the State of Illinois (and such other state
or states in which the Custodial Account or the Certificate Account are at the
time located) are required or authorized by law or executive order to be closed.
Buydown Funds: Any amount contributed by the seller of a Mortgaged
Property, the Company or other source in order to enable the Mortgagor to reduce
the payments required to be made from the Mortgagor's funds in the early years
of a Mortgage Loan. Buydown Funds are not part of the Trust Fund prior to
deposit into the Custodial or Certificate Account.
Buydown Mortgage Loan: Any Mortgage Loan as to which a specified amount
of interest is paid out of related Buydown Funds in accordance with a related
buydown agreement.
Cash Liquidation: As to any defaulted Mortgage Loan other than a
Mortgage Loan as to which an REO Acquisition occurred, a 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 "Bankers Trust
Company, as trustee, in trust for the registered holders of Residential Accredit
Loans, Inc., Mortgage Asset-Backed Pass-Through Certificates, Series 1997-QS7"
and
which must be an Eligible Account.
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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-9 Certificate) and Class R Certificate, on any date of
determination, an amount equal to (i) the Initial Certificate Principal Balance
of such Certificate as specified on the face thereof, minus (ii) the sum of (x)
the aggregate of all amounts previously distributed with respect to such
Certificate (or any predecessor Certificate) and applied to reduce the
Certificate Principal Balance thereof pursuant to Section 4.02(a) and (y) the
aggregate of all reductions in Certificate Principal Balance deemed to have
occurred in connection with Realized Losses which were previously allocated to
such Certificate (or any predecessor Certificate) pursuant to Section 4.05. With
respect to each Class M Certificate, on any date of determination, an amount
equal to (i) the Initial Certificate Principal Balance of such Class M
Certificate as specified on the face thereof, minus (ii) the sum of (x) the
aggregate of all amounts previously distributed with respect to such Certificate
(or any predecessor Certificate) and applied to reduce the Certificate Principal
Balance thereof pursuant to Section 4.02(a) and (y) the aggregate of all
reductions in Certificate Principal Balance deemed to have occurred in
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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-9 Certificates will have no Certificate Principal Balance.
Certificate Register and Certificate Registrar: The
register maintained and the registrar appointed pursuant to
Section 5.02.
Class: Collectively, all of the Certificates bearing the
same designation.
Class A 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 or Class A-9 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-9 Certificates) evidencing an interest designated as a
"regular interest" in the REMIC for purposes of the REMIC Provisions. The Class
A-9 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-9 Certificates pursuant to Section 5.01(c), any such
Subclass will represent the Uncertificated
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REMIC Regular Interest or Interests specified by the initial Holder of the Class
A-9 Certificates pursuant to said Section.
Class A-8 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-8 Principal Distribution Amount: As defined in
Section 4.02(b)(i).
Class A-9 Certificates: The Class A Certificates designated
as Class A-9 Certificates, including any Subclass thereof.
Class A-9 Notional Amount: As of any Distribution Date, with respect to
the Class A-9 Certificates, the aggregate Stated Principal Balance of the
Mortgage Loans immediately prior to such Distribution Date.
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 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 1.25%.
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
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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 0.70%.
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 0.45%.
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
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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 4.75%.
Class M-3 Percentage: With respect to any Distribution Date, a
fraction, expressed as a percentage, the numerator of which is the aggregate
Certificate Principal Balance of the Class M-3 Certificates immediately prior to
such date and the denominator of which is the aggregate Stated Principal Balance
of all of the Mortgage Loans (or related REO Properties) (other than the related
Discount Fraction of each Discount Mortgage Loan) immediately prior to such
Distribution Date.
Class M-3 Prepayment Distribution Trigger: With respect to any
Distribution Date, a test that shall be satisfied if the fraction (expressed as
a percentage) equal to the sum of the Certificate Principal Balances of the
Class M-3 Certificates, Class B-1 Certificates, Class B-2 Certificates and Class
B-3 Certificates immediately prior to such Distribution Date divided by the
aggregate Stated Principal Balance of all of the Mortgage Loans (or related REO
Properties) immediately prior to such Distribution Date is greater than or equal
to 2.75%.
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: July 30, 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
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Fee, all income and gain on amounts held in the Custodial Account and the
Certificate Account and payable to the Certificateholders with respect to such
Distribution Date and servicing compensation to which the Master Servicer may be
entitled pursuant to Section 3.10(a)(v) and (vi); provided that for purposes of
this definition the amount of the Servicing Fee will not be reduced pursuant to
Section 7.02 except as may be required pursuant to the last sentence of such
Section.
Cooperative: A private, cooperative housing corporation organized under
the laws of, and headquartered in, the State of New York which owns or leases
land and all or part of a building or buildings located in the State of New
York, including apartments, spaces used for commercial purposes and common areas
therein and whose board of directors authorizes, among other things, the sale of
Cooperative Stock.
Cooperative Apartment: A dwelling unit in a multi-dwelling building
owned or leased by a Cooperative, which unit the Mortgagor has an exclusive
right to occupy pursuant to the terms of a proprietary lease or occupancy
agreement.
Cooperative Lease: With respect to a Cooperative Loan, the proprietary
lease or occupancy agreement with respect to the Cooperative Apartment occupied
by the Mortgagor and relating to the related Cooperative Stock, which lease or
agreement confers an exclusive right to the holder of such Cooperative Stock to
occupy such apartment.
Cooperative Loans: Any of the Mortgage Loans made in respect of a
Cooperative Apartment, evidenced by a Mortgage Note and secured by (i) a
Security Agreement, (ii) the related Cooperative Stock Certificate, (iii) an
assignment of the Cooperative Lease, (iv) financing statements and (v) a stock
power (or other similar instrument), and ancillary thereto, a recognition
agreement between the Cooperative and the originator of the Cooperative Loan,
each of which was transferred and assigned to the Trustee pursuant to Section
2.01 and are from time to time held as part of the Trust Fund.
Cooperative Stock: With respect to a Cooperative Loan, the
single outstanding class of stock, partnership interest or other
ownership instrument in the related Cooperative.
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 Four
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Albany Street, New York, New York 10006, Attention: Residential
Funding Corporation Series 1997-QS7.
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: July 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.
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.
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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.
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.
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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.
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
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to Permitted Investments) securing such funds that is superior to claims of any
other depositors or creditors of the depository institution with which such
account is maintained, or (iii) in the case of the Custodial Account, either (A)
a trust account or accounts maintained in the corporate trust department of The
First National Bank of Chicago or (B) an account or accounts maintained in the
corporate asset services department of The First National Bank of Chicago, as
long as its short term debt obligations are rated P-1 (or the equivalent) or
better by each Rating Agency and its long term debt obligations are rated A2 (or
the equivalent) or better, by each Rating Agency, or (iv) in the case of the
Certificate Account, a trust account or accounts maintained in the corporate
trust division of Bankers Trust Company, or (v) an account or accounts of a
depository institution acceptable to each Rating Agency (as evidenced in writing
by each Rating Agency that use of any such account as the Custodial Account or
the Certificate Account will not reduce the rating assigned to any Class of
Certificates by such Rating Agency below the lower of the then-current rating or
the rating assigned to such Certificates as of the Closing Date by such Rating
Agency).
Eligible Funds: On any Distribution Date, the portion, if any, of the
Available Distribution Amount 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-8
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.
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
NY1-220216.6
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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
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.
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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 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
outstanding principal balance of all of the Mortgage Loans as of the most recent
anniversary of the Cut-off Date minus (2) the aggregate amount of Fraud Losses
allocated solely to one or more
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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 principal balance of all of the
Mortgage Loans as of the most recent anniversary of the Cut-off Date minus (2)
the aggregate amount of 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 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-9 Notional Amount: With respect to any Class A-9
Certificate, the Cut-off Date Principal Balance of the Mortgage Loans
corresponding to the Uncertificated REMIC Regular Interests represented by such
Class A-9 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
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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,
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 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 Prepayment Percentage: For any Distribution Date occurring
prior to the Distribution Date in August 2002, 0%; for any Distribution Date
occurring after July 2002 but prior to August 2003, 30%; for any Distribution
Date occurring after July 2003 but prior to August 2004, 40%; for any
Distribution Date occurring after July 2004 but prior to August 2005, 60%; for
any Distribution Date occurring after July 2005 but prior to August 2006, 80%;
for any Distribution Date after July 2006, 100%.
NY1-220216.6
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Lockout Scheduled Percentage: For any Distribution Date
occurring prior to the Distribution Date in August 2002, 0% 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-9 Certificates which have no Certificate Principal Balance) representing
a regular interest in the REMIC would be reduced to zero, which is July 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 July 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.
Modified Mortgage Loan: Any Mortgage Loan that has been the
subject of a Servicing Modification.
Modified Net Mortgage Rate: As to any Mortgage Loan that is the subject
of a Servicing Modification, the Net Mortgage Rate minus the rate per annum by
which the Mortgage Rate on such Mortgage Loan was reduced.
Monthly Payment: With respect to any Mortgage Loan (including any REO
Property) and 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 and before any
Servicing Modification that constitutes a reduction of the interest rate on such
Mortgage Loan).
Moody's: Moody's Investors Service, Inc., or its successor
in interest.
Mortgage: With respect to each Mortgage Note related to a Mortgage Loan
which is not a Cooperative Loan, the mortgage, deed of trust or other comparable
instrument creating a first lien on an estate in fee simple or leasehold
interest in real property securing a Mortgage Note.
Mortgage 100SM Loan: A Mortgage Loan that has a Loan-to-Value Ratio at
origination in excess of 80.00% and that is secured by Additional Collateral and
does not have a Primary Mortgage Insurance Policy.
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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");
(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.
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Mortgage Loans: Such of the mortgage loans transferred and assigned to
the Trustee pursuant to Section 2.01 as from time to time are held or deemed to
be held as a part of the Trust Fund, the Mortgage Loans originally so held being
identified in the initial Mortgage Loan Schedule, and Qualified Substitute
Mortgage Loans held or deemed held as part of the Trust Fund including, without
limitation, (i) with respect to each Cooperative Loan, the related Mortgage
Note, Security Agreement, Assignment of Proprietary Lease, Cooperative Stock
Certificate, Cooperative Lease and Mortgage File and all rights appertaining
thereto, and (ii) with respect to each Mortgage Loan other than a Cooperative
Loan, each related Mortgage Note, Mortgage and Mortgage File and all rights
appertaining thereto.
Mortgage Note: The originally executed note or other evidence of
indebtedness evidencing the indebtedness of a Mortgagor under a Mortgage Loan,
together with any modification thereto.
Mortgage Rate: As to any Mortgage Loan, the interest rate
borne by the related Mortgage Note, or any modification thereto
other than a Servicing Modification.
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.
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
NY1-220216.6
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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-8 Certificates and Class A-9 Certificates), Class M Certificates,
Class B Certificates and Class R Certificates and any Distribution Date, the per
annum rates set forth in the Preliminary Statement hereto. With respect to the
Class A-9 Certificates (other than any Subclass thereof) 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
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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-9 Certificates and the initial
Distribution Date, the Pass-Through Rate is equal to 0.7890% per annum. With
respect to any Subclass of Class A-9 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-8
Certificates have no Pass-Through Rate and are not entitled to Accrued
Certificate Interest.
Paying Agent: Bankers Trust Company or any successor Paying
Agent appointed by the Trustee.
Percentage Interest: With respect to any Certificate (other than a
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-9 Notional Amount thereof (in the case of any Class A-9 Certificate) divided
by the aggregate Initial Certificate Principal Balance or the aggregate of the
Initial Class A-9 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 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;
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(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 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
NY1-220216.6
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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 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:
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(i) For any Distribution Date prior to the Distribution Date in
August 2002 (unless the Certificate Principal Balances of
the Class A Certificates (other than the Class A-8
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
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
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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 (or Modified Net Mortgage Rate in the case of a Modified Mortgage
Loan) on the Stated Principal Balance of such Mortgage Loan over the amount of
interest (adjusted to the Net Mortgage Rate (or Modified Net Mortgage Rate in
the case of a Modified Mortgage Loan)) paid by the Mortgagor for such Prepayment
Period to the date of such Principal Prepayment in Full or (b) a Curtailment
during the prior calendar month, an amount equal to one month's interest at the
Net Mortgage Rate (or Modified Net Mortgage Rate in the case of a Modified
Mortgage Loan) on the amount of such Curtailment.
Prepayment Period: As to any Distribution Date, the
calendar month preceding the month of distribution.
Primary Insurance Policy: Each primary policy of mortgage
guaranty insurance or any replacement policy therefor referred to
in Section 2.03(b)(iv) and (v).
NY1-220216.6
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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
Modified Net Mortgage Rate plus the rate per annum at which the Servicing Fee is
calculated in the case of a Modified Mortgage Loan) (or at the Net Mortgage Rate
(or Modified Net Mortgage Rate in the case of a Modified Mortgage Loan) 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
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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-9 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 is the subject
of a Servicing Modification, (a) the amount by which the interest portion of a
Monthly Payment or the principal balance of such Mortgage Loan was reduced, and
(b) any such amount with respect to a Monthly Payment that was or
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would have been due in the month immediately following the month in which a
Principal Prepayment or the Purchase Price of such Mortgage Loan is received or
is deemed to have been received. With respect to each Mortgage Loan which has
become the subject of a Deficient Valuation, the difference between the
principal balance of the Mortgage Loan outstanding immediately prior to such
Deficient Valuation and the principal balance of the Mortgage Loan as reduced by
the Deficient Valuation. With respect to each Mortgage Loan which has become the
object of a Debt Service Reduction, the amount of such Debt Service Reduction.
Notwithstanding the above, neither a Deficient Valuation nor a Debt Service
Reduction shall be deemed a Realized Loss hereunder so long as the Master
Servicer has notified the Trustee 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.
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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 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
NY1-220216.6
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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.
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
August 1997 through
July 2002............................................... 100%
August 2002 through
July 2003............................................... Senior Percentage,
plus 70% of the
Subordinate Percentage
August 2003 through
July 2004............................................... Senior Percentage,
plus 60% of the
Subordinate Percentage
August 2004 through
July 2005............................................... Senior Percentage,
plus 40% of the
Subordinate Percentage
August 2005 through
July 2006............................................... Senior Percentage,
plus 20% of the
Subordinate Percentage
August 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
NY1-220216.6
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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
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-8 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-8 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.
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Servicing Advances: All customary, reasonable and necessary "out of
pocket" costs and expenses incurred in connection with a default, delinquency or
other unanticipated event by the Master Servicer in the performance of its
servicing obligations, including, but not limited to, the cost of (i) the
preservation, restoration and protection of a Mortgaged Property 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 Modification: Any reduction of the interest rate on or the
outstanding principal balance of a Mortgage Loan that is in default or, in the
judgment of the Master Servicer, default is reasonably foreseeable pursuant to a
modification of such Mortgage Loan in accordance with Section 3.07(a).
Servicing Officer: Any officer of the Master Servicer involved in, or
responsible for, the administration and servicing of the Mortgage Loans whose
name and specimen signature appear on a list of servicing officers furnished to
the Trustee 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
$1,913,425 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
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Mortgage Loans in any single five-digit California zip code area with the
largest amount of Mortgage Loans by aggregate principal balance as of such
anniversary and (B) the greater of (i) the product of 0.50% multiplied by the
outstanding principal balance of all Mortgage Loans on the Distribution Date
immediately preceding such anniversary multiplied by a fraction, the numerator
of which is equal to the aggregate outstanding principal balance (as of the
immediately preceding Distribution Date) of all of the Mortgage Loans secured by
Mortgaged Properties located in the State of California divided by the aggregate
outstanding principal balance (as of the immediately preceding Distribution
Date) of all of the Mortgage Loans, expressed as a percentage, and the
denominator of which is equal to 20.79% (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
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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.
Subclass: With respect to the Class A-9 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-9 Certificates pursuant to Section 5.01(c).
Subclass Notional Amount: As of any Distribution Date, with respect to
any Subclass of Class A-9 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)
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any Excess Subordinate Principal Amount not payable to such Class on such
Distribution Date pursuant to the definition thereof; provided, however, that
such amount shall in no event exceed the outstanding Certificate Principal
Balance of such Class of Certificates immediately prior to such date.
Subserviced Mortgage Loan: Any Mortgage Loan that, at the
time of reference thereto, is subject to a Subservicing
Agreement.
Subservicer: Any Person with whom the Master Servicer has entered into
a Subservicing Agreement and who generally satisfied the requirements set forth
in the Program Guide in respect of the qualification of a Subservicer as of the
date of its approval as a Subservicer by the Master Servicer.
Subservicer Advance: Any delinquent installment of principal and
interest on a Mortgage Loan which is advanced by the related Subservicer (net of
its Subservicing Fee) pursuant to the Subservicing Agreement.
Subservicing Account: An account established by a
Subservicer in accordance with Section 3.08.
Subservicing Agreement: The written contract between the Master
Servicer and any Subservicer relating to servicing and administration of certain
Mortgage Loans as provided in Section 3.02, generally in the form of the
servicer contract referred to or contained in the Program Guide or in such other
form as has been approved by the Master Servicer and the Company. With respect
to Mortgage Loans subserviced by 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.
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Tax Returns: The federal income tax return on Internal Revenue Service
Form 1066, U.S. Real Estate Mortgage Investment Conduit Income Tax Return,
including Schedule Q thereto, Quarterly Notice to Residual Interest Holders of
REMIC Taxable Income or Net Loss Allocation, or any successor forms, to be filed
on behalf of the Trust Fund due to its classification as a REMIC under the REMIC
Provisions, together with any and all other information, reports or returns that
may be required to be furnished to the Certificateholders or filed with the
Internal Revenue Service or any other governmental taxing authority under any
applicable provisions of federal, state or local tax laws.
Transfer: Any direct or indirect transfer, sale, pledge,
hypothecation or other form of assignment of any Ownership
Interest in a Certificate.
Transferee: Any Person who is acquiring by Transfer any
Ownership Interest in a Certificate.
Transferor: Any Person who is disposing by Transfer of any
Ownership Interest in a Certificate.
Trust Fund: The segregated pool of assets, with respect to
which a REMIC election is 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 uncertificated partial
undivided beneficial ownership interests in the Trust Fund, numbered
sequentially from 1 to 1,706, each relating to the particular Mortgage Loan
identified by such sequential number on the Mortgage Loan Schedule, each having
no principal balance, and
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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.
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-9 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-9 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 Cutoff
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.
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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.
In the event that the Company delivers to the Trustee or Custodian any
Mortgage Note or Assignment of Mortgage in blank, the Company shall, or shall
cause the Custodian to, complete the endorsement of the Mortgage Note and the
Assignment of Mortgage in the name of the Trustee within 45 days after the
Closing Date, as contemplated by Section 2.02.
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.
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(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 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
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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 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 $190,801 (the "Initial Monthly Payment Fund"),
representing scheduled principal amortization and interest at the Net Mortgage
Rate for the Due Date in August 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 August 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.
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Section 2.02. Acceptance by Trustee.
The Trustee acknowledges receipt (or, with respect to Mortgage Loans
subject to a Custodial Agreement, and based solely upon a receipt or
certification executed by the Custodian, receipt by the respective Custodian as
the duly appointed agent of the Trustee) of the documents referred to in Section
2.01(b)(i) through (iii) above (except that for purposes of such acknowledgement
only, a Mortgage Note may be endorsed in blank and an Assignment of Mortgage may
be in blank) and declares that it, or a Custodian as its agent, holds and will
hold such documents and the other documents constituting a part of the Mortgage
Files delivered to it, or a Custodian as its agent, and the rights of
Residential Funding with respect to 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
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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 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;
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(iii) This Agreement, assuming due authorization, execution
and delivery by the Trustee and the Company, constitutes a valid, legal
and binding obligation of the Master Servicer, enforceable against it
in accordance with the terms hereof subject to applicable bankruptcy,
insolvency, reorganization, moratorium and other laws affecting the
enforcement of creditors' rights generally and to general principles of
equity, regardless of whether such enforcement is considered in a
proceeding in equity or at law;
(iv) The Master Servicer is not in default with respect to any
order or decree of any court or any order, regulation or demand of any
federal, state, municipal or governmental agency, which default might
have consequences that would materially and adversely affect the
condition (financial or other) or operations of the Master Servicer or
its properties or might have consequences that would materially
adversely affect its performance hereunder;
(v) No litigation is pending or, to the best of the Master
Servicer's knowledge, threatened against the Master Servicer which
would prohibit its entering into this Agreement or performing its
obligations under this Agreement;
(vi) The Master Servicer will comply in all material respects
in the performance of this Agreement with all reasonable rules and
requirements of each insurer under each Required Insurance Policy;
(vii) No information, certificate of an officer, statement
furnished in writing or report delivered to the Company, any Affiliate
of the Company or the Trustee by the Master Servicer will, to the
knowledge of the Master Servicer, contain any untrue statement of a
material fact or omit a material fact necessary to make the
information, certificate, statement or report not misleading; and
(viii) The Master Servicer has examined each existing, and
will examine each new, Subservicing Agreement and is or will be
familiar with the terms thereof. The terms of each existing
Subservicing Agreement and each designated Subservicer are acceptable
to the Master Servicer and any new Subservicing Agreements will comply
with the provisions of Section 3.02.
It is understood and agreed that the representations and warranties set forth in
this Section 2.03(a) shall survive delivery of the respective Mortgage Files to
the Trustee or any Custodian.
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Upon discovery by either the Company, the Master Servicer, the 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 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 nine Mortgage Loans representing approximately 0.64% of the
Mortgage Loans by aggregate Stated Principal Balance (two of which are
Additional Collateral Loans representing approximately 0.15% 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
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Mortgage Loan is the subject of a Primary Insurance Policy that insures
that portion of the principal balance thereof that exceeds the amount
equal to 75% of the Appraised Value of the related Mortgaged Property.
To the best of the Company's knowledge, each such Primary Insurance
Policy is in full force and effect and the Trustee is entitled to the
benefits thereunder;
(v) The issuers of the Primary Insurance Policies
are insurance companies whose claims-paying abilities are
currently acceptable to each Rating Agency;
(vi) No more than 0.5% 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 0.7% 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 26.72% 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 25.69% 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 32.7% 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) One Mortgage Loan, representing no more than 0.2% of the
aggregate Stated Principal Balance as of the Cut-off Date, will be a
Buy-Down Loan;
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(xii) Each Mortgage Loan constitutes a qualified
mortgage under Section 860G(a)(3)(A) of the Code and
Treasury Regulations Section 1.860G-2(a)(1);
(xiii) A policy of title insurance was effective as
of the closing of each Mortgage Loan and is valid and
binding and remains in full force and effect;
(xiv) With respect to a Mortgage Loan that is a Cooperative
Loan, the Cooperative Stock that is pledged as security for the
Mortgage Loan is held by a person as a tenant-stockholder (as defined
in Section 216 of the Code) in a cooperative housing corporation (as
defined in Section 216 of the Code);
(xv) Interest on each Mortgage Loan is calculated
on the basis of a 360-day year consisting of twelve 30-day
months;
(xvi) 0.1% of the Mortgage Loans by aggregate Stated Principal
Balance as of the Cut-off Date contain in the related Mortgage File a
Destroyed Mortgage Note;
(xvii) Not more than 2.4% 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; and
(xviii) No Mortgage Loan provides for payments that are
subject to reduction by withholding taxes levied by any foreign
(non-United States) sovereign government.
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
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shall have the option to substitute a Qualified Substitute Mortgage Loan or
Loans for such Mortgage Loan if such substitution occurs within two years
following the Closing Date; provided that if the omission or defect would cause
the Mortgage Loan to be other than a "qualified mortgage" as defined in Section
860G(a)(3) of the Code, any such cure or repurchase must occur within 90 days
from the date such breach was discovered. Any such substitution shall be
effected by the Company under the same terms and conditions as provided in
Section 2.04 for substitutions by Residential Funding. It is understood and
agreed that the obligation of the Company to cure such breach or to so purchase
or substitute for any Mortgage Loan as to which such a breach has occurred and
is continuing shall constitute the sole remedy respecting such breach available
to the Certificateholders 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
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substitute a Qualified Substitute Mortgage Loan or Loans for such Mortgage Loan
if such substitution occurs within two years following the Closing Date;
provided that if the breach would cause the Mortgage Loan to be other than a
"qualified mortgage" as defined in Section 860G(a)(3) of the Code, any such cure
or substitution must occur within 90 days from the date the breach was
discovered. In the event that Residential Funding elects to substitute a
Qualified Substitute Mortgage Loan or Loans for a Deleted Mortgage Loan pursuant
to this Section 2.04, Residential Funding shall deliver to the Trustee for the
benefit of the Certificateholders with respect to such Qualified Substitute
Mortgage Loan or Loans, the original Mortgage Note, the Mortgage, an Assignment
of the Mortgage in recordable form, and such other documents and agreements as
are required by Section 2.01, with the Mortgage Note endorsed as required by
Section 2.01. No substitution will be made in any calendar month after the
Determination Date for such month. Monthly Payments due with respect to
Qualified Substitute Mortgage Loans in the month of substitution shall not be
part of the Trust Fund and will be retained 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,
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the Master Servicer will determine the amount (if any) by which the aggregate
principal balance of all such Qualified Substitute Mortgage Loans as of the date
of substitution is less than the aggregate Stated Principal Balance of all such
Deleted Mortgage Loans (in each case after application of the principal portion
of the Monthly Payments due in the month of substitution that are to be
distributed to the Certificateholders in the month of substitution). Residential
Funding shall deposit the amount of such shortfall into the Custodial Account on
the day of substitution, without any reimbursement therefor. Residential Funding
shall give notice in writing to the Trustee of such event, which notice shall be
accompanied by an Officers' Certificate as to the calculation of such shortfall
and (subject to Section 10.01(f)) by an Opinion of Counsel to the effect that
such substitution will not cause (a) any federal tax to be imposed on the Trust
Fund, including without limitation, any federal tax imposed on "prohibited
transactions" under Section 860F(a)(1) of the Code or on "contributions after
the startup date" under Section 860G(d)(1) of the Code or (b) any portion of the
Trust Fund to fail to qualify as a REMIC at any time that any Certificate is
outstanding.
It is understood and agreed that the obligation of the Seller or
Residential Funding, as the case may be, to cure such breach or purchase (or in
the case of Residential Funding to substitute for) such Mortgage Loan as to
which such a breach has occurred and is continuing shall constitute the sole
remedy respecting such breach available to the Certificateholders 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.
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ARTICLE III
ADMINISTRATION AND SERVICING
OF MORTGAGE LOANS
Section 3.01. Master Servicer to Act as Servicer.
(a) The Master Servicer shall service and administer the Mortgage Loans
in accordance with the terms of this Agreement and the respective Mortgage Loans
and shall have full power and authority, acting alone or through Subservicers as
provided in Section 3.02, to do any and all things which it may deem necessary
or desirable in connection with such servicing and administration. Without
limiting the generality of the foregoing, the Master Servicer in its own name or
in the name of a Subservicer is hereby authorized and empowered by the Trustee
when the Master Servicer or the Subservicer, as the case may be, believes it
appropriate in its best judgment, to execute and deliver, on behalf of the
Certificateholders 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
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extent not inconsistent with this Agreement, comply with the Program Guide as if
it were the originator of such Mortgage Loan and had retained the servicing
rights and obligations in respect thereof. In connection with servicing and
administering the Mortgage Loans, the Master Servicer and any Affiliate of the
Master Servicer (i) may perform services such as appraisals and brokerage
services that are not customarily provided by servicers of mortgage loans, and
shall be entitled to reasonable compensation therefor in accordance with Section
3.10 and (ii) may, at its own discretion and on behalf of the Trustee, obtain
credit information in the form of a "credit score" from a credit repository.
(b) All costs incurred by the Master Servicer or by Subservicers in
effecting the timely payment of taxes and assessments on the properties subject
to the Mortgage Loans shall not, for the purpose of calculating monthly
distributions to the Certificateholders, 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
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Agreement will be upon such terms and conditions as are generally required or
permitted by the Program Guide and are not inconsistent with this Agreement and
as the Master Servicer and the Subservicer have agreed. A representative form of
Subservicing Agreement is attached to this Agreement as Exhibit G. With the
approval of the Master Servicer, a Subservicer may delegate its servicing
obligations to third-party servicers, but such Subservicer will remain obligated
under the related Subservicing Agreement. The Master Servicer and a Subservicer
may enter into amendments thereto or a different form of Subservicing Agreement,
and the form referred to or included in the Program Guide is merely provided for
information and shall not be deemed to limit in any respect the discretion of
the Master Servicer to modify or enter into different Subservicing Agreements;
provided, however, that any such amendments or different forms shall be
consistent with and not violate the provisions of either this Agreement or the
Program Guide in a manner which would materially and adversely affect the
interests of the Certificateholders.
(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
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either act as servicer of the related Mortgage Loan or enter into a Subservicing
Agreement with a successor Subservicer which will be bound by the terms of the
related Subservicing Agreement. If the Master Servicer or any Affiliate of
Residential Funding acts as servicer, it will not assume liability for the
representations and warranties of the Subservicer which it replaces. If the
Master Servicer enters into a Subservicing Agreement with a successor
Subservicer, the Master Servicer shall use reasonable efforts to have the
successor Subservicer assume liability for the representations and warranties
made by the terminated Subservicer in respect of the related Mortgage Loans and,
in the event of any such assumption by the successor Subservicer, the Master
Servicer may, in the exercise of its business judgment, release the terminated
Subservicer from liability for such representations and warranties.
Section 3.04. Liability of the Master Servicer.
Notwithstanding any Subservicing Agreement, any of the provisions of
this Agreement relating to agreements or arrangements between the Master
Servicer or a Subservicer or reference to actions taken through a Subservicer or
otherwise, the Master Servicer shall remain obligated and liable to the Trustee
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.
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Section 3.06. Assumption or Termination of Subservicing
Agreements by Trustee.
(a) In the event the Master Servicer shall for any reason no longer be
the master servicer (including by reason of an Event of Default), the Trustee,
its designee or its successor shall thereupon assume all of the rights and
obligations of the Master Servicer under each Subservicing Agreement that may
have been entered into. The Trustee, its designee or the successor servicer for
the Trustee shall be deemed to have assumed all of the Master Servicer's
interest therein and to have replaced the Master Servicer as a party to the
Subservicing Agreement to the same extent as if the Subservicing Agreement had
been assigned to the assuming party except that the Master Servicer shall not
thereby be relieved of any liability or obligations under the Subservicing
Agreement.
(b) The Master Servicer shall, upon request of the Trustee but at the
expense of the Master Servicer, deliver to the assuming party all documents and
records relating to each Subservicing Agreement and the Mortgage Loans then
being serviced and an accounting of amounts collected and held by it and
otherwise use its best efforts to effect the orderly and efficient transfer of
each Subservicing Agreement to the assuming party.
Section 3.07. Collection of Certain Mortgage Loan Payments;
Deposits to Custodial Account.
(a) The Master Servicer shall make reasonable efforts to collect all
payments called for under the terms and provisions of the Mortgage Loans, and
shall, to the extent such procedures shall be consistent with this Agreement and
the terms and provisions of any related Primary Insurance Policy, follow such
collection procedures as it would employ in its good faith business judgment and
which are normal and usual in its general mortgage servicing activities.
Consistent with the foregoing, the Master Servicer may in its discretion (i)
waive any late payment charge or any prepayment charge or penalty interest in
connection with the prepayment of a Mortgage Loan and (ii) extend the Due Date
for payments due on a Mortgage Loan in accordance with the Program Guide;
provided, however, that the Master Servicer shall first determine that any such
waiver or extension will not impair the coverage of any related Primary
Insurance Policy or materially adversely affect the lien of the related
Mortgage. In the event of any such arrangement, the Master Servicer shall make
timely advances on the related Mortgage Loan during the scheduled period in
accordance with the amortization schedule of such Mortgage Loan without
modification thereof by 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
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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, 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; and provided, further, that no such
modification shall reduce the interest rate on a Mortgage Loan below the sum of
the Pool Strip Rate and the sum of the rates at which the Servicing Fee and the
Subservicing Fee with respect to such Mortgage Loan accrues. 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;
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(iii) Insurance Proceeds and Liquidation Proceeds
(net of any related expenses of the Subservicer);
(iv) All proceeds of any Mortgage Loans purchased pursuant
to Section 2.02, 2.03, 2.04 or 4.07 and all amounts required to be
deposited in connection with the substitution of a Qualified Substitute
Mortgage Loan pursuant to Section 2.03 or 2.04;
(v) Any amounts required to be deposited pursuant to
Section 3.07(c) or 3.21;
(vi) All amounts transferred from the Certificate
Account to the Custodial Account in accordance with Section
4.02(a); and
(vii) Any amounts realized by MLCC and received by
the Master Servicer in respect of any Additional Collateral.
The foregoing requirements for deposit in the Custodial Account shall be
exclusive, it being understood and agreed that, without limiting the generality
of the foregoing, payments on the Mortgage Loans which are not part of the Trust
Fund (consisting of payments in respect of principal and interest on the
Mortgage Loans due on or before the Cut-off Date) and payments or collections in
the nature of prepayment charges or late payment charges or assumption fees may
but need not be deposited by the Master Servicer in the Custodial Account. In
the event any amount not required to be deposited in the Custodial Account is so
deposited, the Master Servicer may at any time withdraw such amount from the
Custodial Account, any provision herein to the contrary notwithstanding. The
Custodial Account may contain funds that belong to one or more trust funds
created for mortgage pass-through certificates of other series and may contain
other funds respecting payments on mortgage loans belonging to the Master
Servicer or serviced or master serviced by it on behalf of others.
Notwithstanding such commingling of funds, the Master Servicer shall keep
records that accurately reflect the funds on deposit in the Custodial Account
that have been identified by it as being attributable to the Mortgage Loans.
With respect to Insurance Proceeds, Liquidation Proceeds, REO Proceeds
and the proceeds of the purchase of any Mortgage Loan pursuant to Sections 2.02,
2.03, 2.04 and 4.07 received in any calendar month, the Master Servicer may
elect to treat such amounts as included in the Available Distribution Amount for
the Distribution Date in the month of receipt, but is not obligated to do so. If
the Master Servicer so elects, such amounts will be deemed to have been received
(and any related Realized Loss shall be deemed to have occurred) on the last day
of the month prior to the receipt thereof.
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(c) The Master Servicer shall use its best efforts to cause the
institution maintaining the Custodial Account to invest the funds in the
Custodial Account attributable to the Mortgage Loans in Permitted Investments
which shall mature not later than the Certificate Account Deposit Date next
following the date of such investment (with the exception of the Amount Held for
Future Distribution) and which shall not be sold or disposed of prior to their
maturities. All income and gain realized from any such investment shall be for
the benefit of the Master Servicer as additional servicing compensation and
shall be subject to its withdrawal or order from time to time. The amount of any
losses incurred in respect of any such investments attributable to the
investment of amounts in respect of the Mortgage Loans shall be deposited in the
Custodial Account by the Master Servicer out of its own funds immediately as
realized 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
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received by the Subservicer. This obligation to advance with respect to each
Mortgage Loan will continue up to and including the first of the month following
the date on which the related Mortgaged Property is sold at a foreclosure sale
or is acquired by the Trust Fund by deed in lieu of foreclosure or otherwise.
All such advances received by the Master Servicer shall be deposited promptly by
it in the Custodial Account.
(b) The Subservicer may also be required, pursuant to the Subservicing
Agreement, to remit to the Master Servicer for deposit in the Custodial Account
interest at the Adjusted Mortgage Rate (or Modified Net Mortgage Rate plus the
rate per annum at which the Servicing Fee accrues in the case of a Modified
Mortgage Loan) on any Curtailment received by such Subservicer in respect of a
Mortgage Loan from the related Mortgagor during any month that is to be applied
by the Subservicer to reduce the unpaid principal balance of the related
Mortgage Loan as of the first day of such month, from the date of application of
such Curtailment to the first day of the following month. Any amounts paid by a
Subservicer pursuant to the preceding sentence shall be for the benefit of the
Master Servicer as additional servicing compensation and shall be subject to its
withdrawal or order from time to time pursuant to Sections 3.10(a)(iv) and (v).
(c) In addition to the Custodial Account and the Certificate Account,
the Master Servicer shall for any Nonsubserviced Mortgage Loan, and shall cause
the Subservicers for Subserviced Mortgage Loans to, establish and maintain one
or more Servicing Accounts and deposit and retain therein all collections from
the Mortgagors (or advances from Subservicers) for the payment of taxes,
assessments, hazard insurance premiums, Primary Insurance Policy premiums, if
applicable, or comparable items for the account of the Mortgagors. Each
Servicing Account shall satisfy the requirements for a Subservicing Account and,
to the extent permitted by the Program Guide or as is otherwise acceptable to
the Master Servicer, may also function as a Subservicing Account. Withdrawals of
amounts related to the Mortgage Loans from the Servicing Accounts may be made
only to effect timely payment of taxes, assessments, hazard insurance premiums,
Primary Insurance Policy premiums, if applicable, or comparable items, to
reimburse the Master Servicer or Subservicer out of related collections for any
payments made pursuant to Sections 3.11 (with respect to the Primary Insurance
Policy) and 3.12(a) (with respect to hazard insurance), to refund to any
Mortgagors any sums as may be determined to be overages, to pay interest, if
required, to Mortgagors on balances in the Servicing Account or to clear and
terminate the Servicing Account at the termination of this Agreement in
accordance with Section 9.01 or in accordance with the Program Guide. As part of
its servicing duties, the Master Servicer shall, and the Subservicers will,
pursuant to the Subservicing Agreements, be required to pay to
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the Mortgagors interest on funds in this account to the extent
required by law.
(d) The Master Servicer shall advance the payments referred to in the
preceding subsection that are not timely paid by the Mortgagors or advanced by
the Subservicers on the date when the tax, premium or other cost for which such
payment is intended is due, but the Master Servicer shall be required so to
advance only to the extent that such advances, in the good faith judgment of the
Master Servicer, will be recoverable by the Master Servicer out of Insurance
Proceeds, Liquidation Proceeds or otherwise.
Section 3.09. Access to Certain Documentation and
Information Regarding the Mortgage Loans.
In the event that compliance with this Section 3.09 shall make any
Class of Certificates legal for investment by federally insured savings and loan
associations, the Master Servicer shall provide, or cause the Subservicers to
provide, to the Trustee, the Office of Thrift Supervision or the FDIC and the
supervisory agents and examiners thereof access to the documentation regarding
the Mortgage Loans required by applicable regulations of the Office of Thrift
Supervision, such access being afforded without charge but only upon reasonable
request and during normal business hours at the offices designated by the Master
Servicer. The Master Servicer shall permit such representatives to photocopy any
such documentation and shall provide equipment for that purpose at a charge
reasonably approximating the cost of such photocopying to the Master Servicer.
Section 3.10. Permitted Withdrawals from the
Custodial Account.
(a) The Master Servicer may, from time to time as provided herein, make
withdrawals from the Custodial Account of amounts on deposit therein pursuant to
Section 3.07 that are attributable to the Mortgage Loans for the following
purposes:
(i) to make deposits into the Certificate Account
in the amounts and in the manner provided for in Section
4.01;
(ii) to reimburse itself or the related Subservicer for
previously unreimbursed advances or expenses made pursuant to Sections
3.01, 3.07(a), 3.08, 3.11, 3.12(a), 3.14 and 4.04 or otherwise
reimbursable pursuant to the terms of this Agreement, such withdrawal
right being limited to amounts received on particular Mortgage Loans
(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
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Monthly Payments for which any such advance was made in the case of
Subservicer Advances or Advances pursuant to Section 4.04 and (B)
recoveries of amounts in respect of which such advances were made in
the case of Servicing Advances;
(iii) to pay to itself or the related Subservicer (if not
previously retained by such Subservicer) out of each payment received
by the Master Servicer on account of interest on a Mortgage Loan as
contemplated by Sections 3.14 and 3.16, an amount equal to that
remaining portion of any such payment as to interest (but not in excess
of the Servicing Fee and the Subservicing Fee, if not previously
retained) which, when deducted, will result in the remaining amount of
such interest being interest at the Net Mortgage Rate (or Modified Net
Mortgage Rate in the case of a Modified Mortgage Loan) 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, any Advance made in connection with a
modification of a Mortgage Loan that is in default or, in the judgment
of the Master Servicer, default is reasonably foreseeable pursuant to
Section 3.07(a), to the extent the amount of the Advance has been added
to the outstanding principal balance of the Mortgage Loan, or any
Advance reimbursable to the Master Servicer pursuant to Section
4.02(a)(iii);
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(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.
(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
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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 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.
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Section 3.12. Maintenance of Fire Insurance and
Omissions and Fidelity Coverage.
(a) The Master Servicer shall cause to be maintained for each Mortgage
Loan (other than a Cooperative Loan) fire insurance with extended coverage in an
amount which is equal to the lesser of the principal balance owing on such
Mortgage Loan or 100 percent of the insurable value of the improvements;
provided, however, that such coverage may not be less than the minimum amount
required to fully compensate for any loss or damage on a replacement cost basis.
To the extent it may do so without breaching the related Subservicing Agreement,
the Master Servicer shall replace any Subservicer that does not cause such
insurance, to the extent it is available, to be maintained. The Master Servicer
shall also cause to be maintained on property acquired upon foreclosure, or deed
in lieu of foreclosure, of any Mortgage Loan (other than a Cooperative Loan),
fire insurance with extended coverage in an amount which is at least equal to
the amount necessary to avoid the application of any co-insurance clause
contained in the related hazard insurance policy. Pursuant to Section 3.07, any
amounts collected by the Master Servicer under any such policies (other than
amounts to be applied to the restoration or repair of the related Mortgaged
Property or property thus acquired or amounts released to the Mortgagor in
accordance with the Master Servicer's normal servicing procedures) shall be
deposited in the Custodial Account, subject to withdrawal pursuant to Section
3.10. Any cost incurred by the Master Servicer in maintaining any such insurance
shall not, for the purpose of calculating monthly distributions to the
Certificateholders, be added to the amount owing under the Mortgage Loan,
notwithstanding that the terms of the Mortgage Loan so permit. Such costs shall
be recoverable by the Master Servicer out of related late payments by the
Mortgagor or out of Insurance Proceeds and Liquidation Proceeds to the extent
permitted by Section 3.10. It is understood and agreed that no earthquake or
other additional insurance is to be required of any Mortgagor or maintained on
property acquired in respect of a Mortgage Loan other than pursuant to such
applicable laws and regulations as shall at any time be in force and as shall
require such additional insurance. Whenever the improvements securing a Mortgage
Loan (other than a Cooperative Loan) are located at the time of origination of
such Mortgage Loan in a federally designated special flood hazard area, the
Master Servicer shall cause flood insurance (to the extent available) to be
maintained in respect thereof. Such flood insurance shall be in an amount equal
to the lesser of (i) the amount required to compensate for any loss or damage to
the Mortgaged Property on a replacement cost basis and (ii) the maximum amount
of such insurance available for the related Mortgaged Property under the
national flood insurance program (assuming that the area in which such Mortgaged
Property is located is participating in such program).
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In the event that the Master Servicer shall obtain and maintain a
blanket fire insurance policy with extended coverage insuring against hazard
losses on all of the Mortgage Loans, it shall conclusively be deemed to have
satisfied its obligations as set forth in the first sentence of this Section
3.12(a), it being understood and agreed that such policy may contain a
deductible clause, in which case the Master Servicer shall, in the event that
there shall not have been maintained on the related Mortgaged Property a policy
complying with the first sentence of this Section 3.12(a) and there shall have
been a loss which would have been covered by such policy, deposit in the
Certificate Account the amount not otherwise payable under the blanket policy
because of such deductible clause. Any such deposit by the Master Servicer shall
be made on the Certificate Account Deposit Date next preceding the Distribution
Date which occurs in the month following the month in which payments under any
such policy would have been deposited in the Custodial Account. In connection
with its activities as administrator and servicer of the Mortgage Loans, the
Master Servicer agrees to present, on behalf of itself, the Trustee 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 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:
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(i) the Master Servicer shall not be deemed to be in default
under this Section 3.13(a) by reason of any transfer or assumption
which the Master Servicer is restricted by law from preventing; and
(ii) if the Master Servicer determines that it is reasonably
likely that any Mortgagor will bring, or if any Mortgagor does bring,
legal action to declare invalid or otherwise avoid enforcement of a
due-on-sale clause contained in any Mortgage Note or Mortgage, the
Master Servicer shall not be required to enforce the due-on-sale clause
or to contest such action.
(b) Subject to the Master Servicer's duty to enforce any due-on-sale
clause to the extent set forth in Section 3.13(a), in any case in which a
Mortgaged Property is to be conveyed to a Person by a Mortgagor, and such Person
is to enter into an assumption or modification agreement or supplement to the
Mortgage Note or Mortgage which requires the signature of the Trustee, or if an
instrument of release signed by the Trustee is required releasing the Mortgagor
from liability on the Mortgage Loan, the Master Servicer is authorized, subject
to the requirements of the sentence next following, to execute and deliver, on
behalf of the Trustee, the assumption agreement with the Person to whom the
Mortgaged Property is to be conveyed and such modification agreement or
supplement to the Mortgage Note or Mortgage or other instruments as are
reasonable or necessary to carry out the terms of the Mortgage Note or Mortgage
or otherwise to comply with any applicable laws regarding assumptions or the
transfer of the Mortgaged Property to such Person; provided, however, none of
such terms and requirements shall both (i) constitute a "significant
modification" effecting an exchange or reissuance of such Mortgage Loan under
the Code (or final, temporary or proposed Treasury Regulations promulgated
thereunder) and (ii) cause 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
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changed and (E) if the seller/transferor of the Mortgaged Property is to be
released from liability on the Mortgage Loan, such release will not (based on
the Master Servicer's or Subservicer's good faith determination) adversely
affect the collectability of the Mortgage Loan. Upon receipt of appropriate
instructions from the Master Servicer in accordance with the foregoing, the
Trustee shall execute any necessary instruments for such assumption or
substitution of liability as directed in writing by the Master Servicer. Upon
the closing of the transactions contemplated by such documents, the Master
Servicer shall cause the originals or true and correct copies of the assumption
agreement, the release (if any), or the modification or supplement to the
Mortgage Note or Mortgage to be delivered to the Trustee or the Custodian and
deposited with the Mortgage File for such Mortgage Loan. Any fee collected by
the Master Servicer or such related Subservicer for entering into an assumption
or substitution of liability agreement will be retained by the Master Servicer
or such Subservicer as additional servicing compensation.
(c) The Master Servicer or the related Subservicer, as the case may be,
shall be entitled to approve a request from a Mortgagor for a partial release of
the related Mortgaged Property, the granting of an easement thereon in favor of
another Person, any alteration or demolition of the related Mortgaged Property
(or, 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
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under, the laws of such jurisdiction; (ii) that the substance of the assignment
is, and is intended to be, a refinancing of such Mortgage Loan and that the form
of the transaction is solely to comply with, or facilitate the transaction
under, such local laws; (iii) that the Mortgage Loan following the proposed
assignment will have a rate of interest at least 0.25 percent below or above the
rate of interest on such Mortgage Loan prior to such proposed assignment; and
(iv) that such assignment is at the request of the borrower under the related
Mortgage Loan. Upon approval of an assignment in lieu of satisfaction with
respect to any Mortgage Loan, the Master Servicer shall receive cash in an
amount equal to the unpaid principal balance of and accrued interest on such
Mortgage Loan and the Master Servicer shall treat such amount as a Principal
Prepayment in Full with respect to such Mortgage Loan for all purposes hereof.
Section 3.14. Realization Upon Defaulted Mortgage Loans.
(a) The Master Servicer shall foreclose upon or otherwise comparably
convert (which may include an REO Acquisition) the ownership of properties
securing such of the Mortgage Loans as come into and continue in default and as
to which no satisfactory arrangements can be made for collection of delinquent
payments pursuant to Section 3.07. In connection with such foreclosure or other
conversion, the Master Servicer shall, consistent with Section 3.11, follow such
practices and procedures as it shall deem necessary or advisable, as shall be
normal and usual in its general mortgage servicing activities and as shall be
required or permitted by the Program Guide; provided that the Master Servicer
shall not be liable in any respect hereunder if the Master Servicer is acting in
connection with any such foreclosure or other conversion in a manner that is
consistent with the provisions of this Agreement. The Master Servicer, however,
shall not be required to expend its own funds or incur other reimbursable
charges in connection with any foreclosure, or attempted foreclosure which is
not completed, or towards the restoration of any property unless it shall
determine (i) that such restoration and/or foreclosure will increase the
proceeds of liquidation of the Mortgage Loan to Holders of Certificates of one
or more Classes after reimbursement to itself for such expenses or charges and
(ii) that such expenses 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
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in default and as to which no satisfactory arrangements can be made for
collection of delinquent payments pursuant to Section 3.07; provided that the
Master Servicer shall not, on behalf of the Trustee, obtain title to any such
Additional Collateral as a result of or in lieu of the disposition thereof or
otherwise; and provided further that (i) the Master Servicer shall not proceed
with respect to such Additional Collateral in any manner that would impair the
ability to recover against the related Mortgaged Property, and (ii) the Master
Servicer shall proceed with any REO Acquisition in a manner that preserves the
ability to apply the proceeds of such Additional Collateral against amounts owed
under the defaulted Mortgage Loan. Any proceeds realized from such Additional
Collateral (other than amounts to be released to the Mortgagor or the related
guarantor in accordance with procedures that the Master Servicer would follow in
servicing loans held for its own account, subject to the terms and conditions of
the related Mortgage and Mortgage Note and to the terms and conditions of any
security agreement, guarantee agreement, mortgage or other agreement governing
the disposition of the proceeds of such Additional Collateral) shall be
deposited in the Custodial Account, subject to withdrawal pursuant to Section
3.10. Any other payment received by the Master Servicer in respect of such
Additional Collateral shall be deposited in the Custodial Account subject to
withdrawal pursuant to Section 3.10. Concurrently with the foregoing, the Master
Servicer may pursue any remedies that may be available in connection with a
breach of a representation and warranty with respect to any such Mortgage Loan
in accordance with Sections 2.03 and 2.04. However, the Master Servicer is not
required to continue to pursue both foreclosure (or similar remedies) with
respect to the Mortgage Loans and remedies in connection with a breach of a
representation and warranty if the Master Servicer determines in its reasonable
discretion that one such remedy is more likely to result in a greater recovery
as to the Mortgage Loan. Upon the occurrence of a Cash Liquidation or REO
Disposition, following the deposit in the Custodial Account of all Insurance
Proceeds, Liquidation Proceeds and other payments and recoveries referred to in
the definition of "Cash Liquidation" or "REO Disposition," as applicable, upon
receipt by the Trustee of written notification of such deposit signed by a
Servicing Officer, the Trustee or any Custodian, as the case may be, shall
release to the Master Servicer the related Mortgage File and the Trustee shall
execute and deliver such instruments of transfer or assignment prepared by the
Master Servicer, in each case without recourse, as shall be necessary to vest in
the Master Servicer or its designee, as the case may be, the related Mortgage
Loan, and thereafter such Mortgage Loan shall not be part of the Trust Fund.
Notwithstanding the foregoing or any other provision of this Agreement, in the
Master Servicer's sole discretion with respect to any defaulted Mortgage Loan or
REO Property as to either of the following provisions, (i) a Cash Liquidation or
REO Disposition may be deemed to have occurred if substantially all amounts
expected by the Master Servicer to be received in
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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 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
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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 (or the Modified Net Mortgage Rate in
the case of a Modified Mortgage Loan) to the Due Date prior to the Distribution
Date on which such amounts are to be distributed; third, to the
Certificateholders as a recovery of principal on the Mortgage Loan (or REO
Property)(provided that if any such Class of Certificates to which such Realized
Loss was allocated is no longer outstanding, such subsequent recovery shall be
distributed to the persons who were the Holders of such Class of Certificates
when it was retired); fourth, to all Servicing Fees and Subservicing Fees
payable therefrom (and the Master Servicer and the Subservicer shall have no
claims for any deficiencies with respect to such fees which result from the
foregoing allocation); and fifth, to Foreclosure Profits.
(e) In the event of a default on a Mortgage Loan one or more of whose
obligors is not a United States Person, in connection with any foreclosure or
acquisition of a deed in lieu of foreclosure (together, "foreclosure") in
respect of such Mortgage Loan, the Master Servicer will cause compliance with
the provisions of Treasury Regulation Section 1.1445-2(d)(3) (or any successor
thereto) necessary to assure that no withholding tax obligation arises with
respect to the proceeds of such foreclosure except to the extent, if any, that
proceeds of such foreclosure are required to be remitted to the obligors on such
Mortgage Loan.
Section 3.15. Trustee to Cooperate;
Release of Mortgage Files.
(a) Upon becoming aware of the payment in full of any Mortgage Loan, or
upon the receipt by the Master Servicer of a notification that payment in full
will be escrowed in a manner customary for such purposes, the Master Servicer
will immediately
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notify the Trustee (if it holds the related Mortgage File) or the Custodian by a
certification of a Servicing Officer (which certification shall include a
statement to the effect that all amounts received or to be received in
connection with such payment which are required to be deposited in the Custodial
Account pursuant to Section 3.07 have been or will be so deposited),
substantially in one of the forms attached hereto as Exhibit H requesting
delivery to it of the Mortgage File. Upon receipt of such certification and
request, the Trustee shall promptly release, or cause the Custodian to release,
the related Mortgage File to the Master Servicer. The Master Servicer is
authorized to execute and deliver to the Mortgagor the request for reconveyance,
deed of reconveyance or release or satisfaction of mortgage or such instrument
releasing the lien of the Mortgage, together with the Mortgage Note with, as
appropriate, written evidence of cancellation thereon. No expenses incurred in
connection with any instrument of satisfaction or deed of reconveyance shall be
chargeable to the Custodial Account or the Certificate Account.
(b) From time to time as is appropriate for the servicing or
foreclosure of any Mortgage Loan, the Master Servicer shall deliver to the
Custodian, with a copy to the Trustee, a certificate of a Servicing Officer
substantially in one of the forms attached as Exhibit H hereto, requesting that
possession of all, or any document constituting part of, the Mortgage File be
released to the Master Servicer and certifying as to the reason for such release
and that such release will not invalidate any insurance coverage provided in
respect of the Mortgage Loan under any Required Insurance Policy. Upon receipt
of the foregoing, the Trustee shall deliver, or cause the Custodian to deliver,
the Mortgage File or any document therein to the Master Servicer. The Master
Servicer shall cause each Mortgage File or any document therein so released to
be returned to the Trustee, or the Custodian as agent for the Trustee when the
need therefor by the Master Servicer no longer exists, unless (i) the Mortgage
Loan has been liquidated and the Liquidation Proceeds relating to the Mortgage
Loan have been deposited in the Custodial Account or (ii) the Mortgage File or
such document has been delivered directly or through a Subservicer to an
attorney, or to a public trustee or other public official as required by law,
for purposes of initiating or pursuing legal action or other proceedings for the
foreclosure of the Mortgaged Property either judicially or non-judicially, and
the Master Servicer has delivered directly or through a Subservicer to the
Trustee a certificate of a Servicing Officer certifying as to the name and
address of the Person to which such Mortgage File or such document was delivered
and the purpose or purposes of such delivery. In the event of the liquidation of
a Mortgage Loan, the Trustee shall deliver the Request for Release with respect
thereto to the Master Servicer upon deposit of the related Liquidation Proceeds
in the Custodial Account.
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(c) The Trustee or the Master Servicer on the Trustee's behalf shall
execute and deliver to the Master Servicer, if necessary, any court pleadings,
requests for trustee's sale or other documents necessary to the foreclosure or
trustee's sale in respect of a Mortgaged Property or to any legal action brought
to obtain judgment against any Mortgagor on the Mortgage Note or Mortgage or to
obtain a deficiency judgment, or to enforce any other remedies or rights
provided by the Mortgage Note or Mortgage or otherwise available at law or in
equity. Together with such documents or pleadings (if signed by the Trustee),
the Master Servicer shall deliver to the Trustee a certificate of a Servicing
Officer requesting that such pleadings or documents be executed by the Trustee
and certifying as to the reason such documents or pleadings are required and
that the execution and delivery thereof by the Trustee will not invalidate any
insurance coverage under any Required Insurance Policy or invalidate or
otherwise affect the lien of the Mortgage, except for the termination of such a
lien upon completion of the foreclosure or trustee's sale.
Section 3.16. Servicing and Other Compensation;
Compensating Interest.
(a) The Master Servicer, as compensation for its activities hereunder,
shall be entitled to receive on each Distribution Date the amounts provided for
by clauses (iii), (iv), (v) and (vi) of Section 3.10(a), subject to clause (e)
below. The amount of servicing compensation provided for in such clauses shall
be accounted for on a Mortgage Loan-by-Mortgage Loan basis. In the event that
Liquidation Proceeds, Insurance Proceeds and REO Proceeds (net of amounts
reimbursable therefrom pursuant to Section 3.10(a)(ii)) in respect of a Cash
Liquidation or REO Disposition exceed the unpaid principal balance of such
Mortgage Loan plus unpaid interest accrued thereon (including REO Imputed
Interest) at a per annum rate equal to the related Net Mortgage Rate (or the
Modified Net Mortgage Rate in the case of a Modified Mortgage Loan), the Master
Servicer shall be entitled to retain therefrom and to pay to itself and/or the
related Subservicer, any Foreclosure Profits and any Servicing Fee or
Subservicing Fee considered to be accrued but unpaid.
(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,
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and the fees and expenses of the Trustee and any Custodian) and shall not be
entitled to reimbursement therefor except as specifically provided in Sections
3.10 and 3.14.
(d) The Master Servicer's right to receive servicing compensation may
not be transferred in whole or in part except in connection with the transfer of
all of its responsibilities and obligations of the Master Servicer under this
Agreement.
(e) Notwithstanding any other provision herein, the amount of servicing
compensation that the Master Servicer shall be entitled to receive for its
activities hereunder for the period ending on each Distribution Date shall be
reduced (but not below zero) by an amount equal to Compensating Interest (if
any) for such Distribution Date. Such reduction shall be applied during such
period as follows: first, to any Servicing Fee or Subservicing Fee to which the
Master Servicer is entitled pursuant to Section 3.10(a)(iii); second, to any
income or gain realized from any investment of funds held in the Custodial
Account or the Certificate Account to which the Master Servicer is entitled
pursuant to Sections 3.07(c) or 4.01(b), respectively; and third, to any amounts
of servicing compensation to which the Master Servicer is entitled pursuant to
Section 3.10(a)(v) or (vi). In making such reduction, the Master Servicer (i)
will not withdraw from the Custodial Account any such amount representing all or
a portion of the Servicing Fee to which it is entitled pursuant to Section
3.10(a)(iii); (ii) will not withdraw from the Custodial Account or Certificate
Account any such amount to which it is entitled pursuant to Section 3.07(c) or
4.01(b) and (iii) will not withdraw from the Custodial Account any such amount
of servicing compensation to which it is entitled pursuant to Section 3.10(a)(v)
or (vi).
Section 3.17. Reports to the Trustee and the Company.
Not later than fifteen days after each Distribution Date, the Master
Servicer shall forward to the Trustee and the Company a statement, certified by
a Servicing Officer, setting forth the status of the Custodial Account as of the
close of business on such Distribution Date as it relates to the Mortgage Loans
and showing, for the period covered by such statement, the aggregate of deposits
in or withdrawals from the Custodial Account in respect of the Mortgage Loans
for each category of deposit specified in Section 3.07 and each category of
withdrawal specified in Section 3.10.
Section 3.18. Annual Statement as to Compliance.
The Master Servicer will deliver to the Company and the Trustee on or
before March 31 of each year, beginning with the first March 31 that occurs at
least six months after the Cut-off Date, an Officers' Certificate stating, as to
each signer thereof, that (i) a review of the activities of the Master
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Servicer during the preceding calendar year related to its servicing of mortgage
loans and its performance under pooling and servicing agreements, including this
Agreement, has been made under such officers' supervision, (ii) to the best of
such officers' knowledge, based on such review, the Master Servicer has complied
in all material respects with the minimum servicing standards set forth in the
Uniform Single Attestation Program for Mortgage Bankers and has fulfilled all of
its material obligations relating to this Agreement in all material respects
throughout such year, or, if there has been material noncompliance with such
servicing standards or a default in the fulfillment in all material respects of
any such obligation relating to this Agreement, such statement shall include a
description of such noncompliance or specify each such default, as the case may
be, known to such officer and the nature and status thereof and (iii) to the
best of such officers' knowledge, each Subservicer has complied in all material
respects with the minimum servicing standards set forth in the Uniform Single
Attestation Program for Mortgage Bankers and has fulfilled all of its material
obligations under its Subservicing Agreement in all material respects throughout
such year, or, if there has been material noncompliance with such servicing
standards or a material default in the fulfillment of such obligations relating
to this Agreement, such statement shall include a description of such
noncompliance or specify each such default, as the case may be, known to such
officer and the nature and status thereof.
Section 3.19. Annual Independent Public Accountants'
Servicing Report.
On or before March 31 of each year, beginning with the first March 31
that occurs at least six months after the Cut-off Date, the Master Servicer at
its expense shall cause a firm of independent public accountants, which shall be
members of the American Institute of Certified Public Accountants, to furnish a
report to the Company and the Trustee stating its opinion that, on the basis of
an examination conducted by such firm substantially in accordance with standards
established by the American Institute of Certified Public Accountants, the
assertions made pursuant to Section 3.18 regarding compliance with the minimum
servicing standards set forth in the Uniform Single Attestation Program for
Mortgage Bankers during the preceding calendar year are fairly stated in all
material respects, subject to such exceptions and other qualifications that, in
the opinion of such firm, such accounting standards require it to report. In
rendering such statement, such firm may rely, as to matters relating to the
direct servicing of mortgage loans by Subservicers, upon comparable statements
for examinations conducted by independent public accountants substantially in
accordance with standards established by the American Institute of Certified
Public Accountants (rendered within one year of such statement) with respect to
such Subservicers.
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Section 3.20. Rights of the Company in Respect
of the Master Servicer.
The Master Servicer shall afford the Company, upon reasonable notice,
during normal business hours access to all records maintained by the Master
Servicer in respect of its rights and obligations hereunder and access to
officers of the Master Servicer responsible for such obligations. Upon request,
the Master Servicer shall furnish the Company with its most recent financial
statements and such other information as the Master Servicer possesses regarding
its business, affairs, property and condition, financial or otherwise. The
Master Servicer shall also cooperate with all reasonable requests for
information including, but not limited to, notices, tapes and copies of files,
regarding itself, the Mortgage Loans or the Certificates from any Person or
Persons identified by the Company or Residential Funding. The Company may, but
is not obligated to, enforce the obligations of the Master Servicer hereunder
and may, but is not obligated to, perform, or cause a designee to perform, any
defaulted obligation of the Master Servicer hereunder or exercise the rights of
the Master Servicer hereunder; provided that the Master Servicer shall not be
relieved of any of its obligations hereunder by virtue of such performance by
the Company or its designee. The Company shall not have any responsibility or
liability for any action or failure to act by the Master Servicer and is not
obligated to supervise the performance of the Master Servicer under this
Agreement or otherwise.
Section 3.21. Administration of Buydown Funds.
(a) With respect to any Buydown Mortgage Loan, the Subservicer has
deposited Buydown Funds in an account that satisfies the requirements for a
Subservicing Account (the "Buydown Account"). The Master Servicer shall cause
the Subservicing Agreement to require that upon receipt from the Mortgagor of
the amount due on a Due Date for each Buydown Mortgage Loan, the Subservicer
will withdraw from the Buydown Account the predetermined amount that, when added
to the amount due on such date from the Mortgagor, equals the full Monthly
Payment and transmit that amount in accordance with the terms of the
Subservicing Agreement to the Master Servicer together with the related payment
made by the Mortgagor or advanced by the Subservicer.
(b) If the Mortgagor on a Buydown Mortgage Loan prepays such loan in
its entirety during the period (the "Buydown Period") when Buydown Funds are
required to be applied to such Buydown Mortgage Loan, the Subservicer shall be
required to withdraw from the Buydown Account and remit any Buydown Funds
remaining in the Buydown Account in accordance with the related buydown
agreement. The amount of Buydown Funds which may be remitted in accordance with
the related buydown agreement may
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reduce the amount required to be paid by the Mortgagor to fully prepay the
related Mortgage Loan. If the Mortgagor on a Buydown Mortgage Loan defaults on
such Mortgage Loan during the Buydown Period and the property securing such
Buydown Mortgage Loan is sold in the liquidation thereof (either by the Master
Servicer or the insurer under any related Primary Insurance Policy), the
Subservicer shall be required to withdraw from the Buydown Account the Buydown
Funds for such Buydown Mortgage Loan still held in the Buydown Account and remit
the same to the Master Servicer in accordance with the terms of the Subservicing
Agreement for deposit in the Custodial Account or, if instructed by the Master
Servicer, pay to the insurer under any related Primary Insurance Policy if the
Mortgaged Property is transferred to such insurer and such insurer pays all of
the loss incurred in respect of such default. Any amount so remitted pursuant to
the preceding sentence will be deemed to reduce the amount owed on the Mortgage
Loan.
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ARTICLE IV
PAYMENTS TO CERTIFICATEHOLDERS
Section 4.01. Certificate Account.
(a) The Master Servicer on behalf of the Trustee shall establish and
maintain a Certificate Account in which the Master Servicer shall cause to be
deposited on behalf of the Trustee on or before 2:00 P.M. New York time on each
Certificate Account Deposit Date by wire transfer of immediately available funds
an amount equal to the sum of (i) any Advance for the immediately succeeding
Distribution Date, (ii) any amount required to be deposited in the Certificate
Account pursuant to Section 3.12(a), (iii) any amount required to be deposited
in the Certificate Account pursuant to Section 3.16(e) or Section 4.07, (iv) any
amount required to be paid pursuant to Section 9.01 and (v) all other amounts
constituting the Available Distribution Amount for the immediately succeeding
Distribution Date.
(b) The Trustee shall, upon written request from the Master Servicer,
invest or cause the institution maintaining the Certificate Account to invest
the funds in the Certificate Account in Permitted Investments designated in the
name of the Trustee for the benefit of the Certificateholders, 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 any Subclass of the Class A-9 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 any Subclass
of the Class A-9 Certificates, shall be equal to the amount (if any) distributed
pursuant to Section 4.02(a)(i) below to each Holder of a Subclass thereof) 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-8 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-9 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-8 Certificateholders, the
Class A-8 Principal Distribution Amount; and
(Y) to the Class A Certificateholders (other
than the Class A-8 Certificateholders) and Class R Certificateholders,
in the priorities and amounts set forth in Section 4.02(b)(ii) through
(v) 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 related
Determination Date, minus the principal
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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 times the related unscheduled collections
(including
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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-8 Collection Shortfalls for such Distribution Date or
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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-8 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-8 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-8 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
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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-8 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-8 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-8 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 Available
Distribution Amount remaining after the Class A
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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 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-8 Certificates, until the
Certificate Principal Balance thereof is reduced to zero, an amount
(the "Class A-8 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-8 Collection
Shortfalls for such Distribution Date and the amount of any
Class A-8 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) 12.5% of the balance, if any, of the Senior Principal
Distribution Amount remaining after the distribution described in
clause 4.02(b)(ii) above shall be distributed to the Class A-7
Certificates until the Certificate Principal Balance thereof has been
reduced to zero;
(iv) from the balance, if any, of the Senior Principal
Distribution Amount remaining after the distributions described in
clauses 4.02(b)(ii) and (iii)
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above, there shall be distributed to the Class A-5 Certificates and
Class A-6 Certificates, on a pro rata basis in accordance with the
respective Certificate Principal Balances thereof, until the
Certificate Principal Balance of each such class has been reduced to
zero, an amount equal to the sum of the following:
(A) (i) the Senior Percentage
multiplied by (ii) the Lockout Scheduled Percentage
of the Class A-5 Certificates' and Class A-6
Certificates' pro rata share (based on the aggregate
Certificate Principal Balance thereof relative to
the aggregate Certificate Principal Balance of all
of the Senior Certificates (other than the Class A-7
Certificates and the Class A-8 Certificates)), of
the aggregate of the collections described in
Sections 4.02(a)(ii)(Y)(A), (B) and (E) without any
application of the Senior Percentage or the Senior
Accelerated Distribution Percentage; and
(B) (i) the Senior Percentage
multiplied by (ii) the Lockout Prepayment Percentage
of the Class A-5 Certificates and Class A-6
Certificates' pro rata share (based on the aggregate
Certificate Principal Balance thereof relative to
the aggregate Certificate Principal Balance of the
Senior Certificates (other than the Class A-7
Certificates and the Class A-8 Certificates)) of the
aggregate of the collections described in Section
4.02(a)(ii)(Y)(C) without any application of the
Senior Accelerated Distribution Percentage;
provided that, if the aggregate of the amounts set forth in
Section 4.02(a)(ii)(Y)(A) through (E) is more than the
balance of the Available Distribution Amount remaining after
the amounts set forth in Sections 4.02(a)(i) and 4.02(b)(i)
have been distributed, the amount paid to the Class A-5
Certificates and Class A-6 Certificates pursuant to this
clause (iv) shall be reduced by an amount equal to the Class
A-5 Certificates and Class A-6 Certificates' pro rata share
(based on the Certificate Principal Balance thereof relative
to the aggregate Certificate Principal Balance of the Class
A Certificates (other than the Class A-8 Certificates) of
such difference; and
(v) the balance, if any, of the Senior Principal
Distribution Amount remaining after the distributions described in
clauses (ii) through (iv) above shall be distributed as follows:
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(A) first, to the Class A-1 Certificates, until the
Certificate Principal Balance thereof has been reduced by
$34,651,000 pursuant to this clause (A);
(B) second, 50% and 50% of such amount concurrently
to each of the Class A-1 Certificates and Class A-2
Certificates, respectively, until the Certificate Principal
Balance of the Class A-2 Certificates has been reduced to
zero;
(C) third, to the Class A-1 Certificates, until
the Certificate Principal Balance thereof has been
reduced to zero;
(D) fourth, to the Class A-3 Certificates, until
the Certificate Principal Balance thereof has been
reduced to zero; and
(E) fifth, to the Class A-4 Certificates, until the
Certificate Principal Balance thereof has been reduced to
zero.
(F) sixth, to the Class A-5 Certificates and Class
A-6 Certificates on a pro rata basis in accordance with the
respective Certificate Principal Balances thereof, until the
Certificate Principal Balance of each such Class 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-8 Certificates) and Class R Certificates will be disregarded
and an amount equal to the Discount Fraction of the principal portion of
scheduled or unscheduled payments received or advanced in respect of Discount
Mortgage Loans will be distributed to the Class A-8 Certificates and the Senior
Principal Distribution Amount will be distributed among all classes of Class A
Certificates (other than the Class A-8 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-8 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-8 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-8, Class A-9, 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 (with the amounts
to be distributed allocated among such Classes in the same proportions as such
Realized Loss was allocated), and within each such Class to the
Certificateholders of record as of the Record Date immediately preceding the
date of such distribution (or if such Class of Certificates is no longer
outstanding, to the Certificateholders of record at the time that such Realized
Loss was allocated); provided that no such distribution to any Class of
Certificates of subsequent recoveries related to a Mortgage Loan shall exceed,
either individually or in the aggregate and together with any other amounts paid
in reimbursement therefor, the amount of the related Realized Loss that was
allocated to such Class of Certificates. 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-9 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-9
Certificates, to the Class A-9 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.
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(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 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;
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(iii) if the distribution to the Holders of such Class of
Certificates is less than the full amount that would be distributable
to such Holders if there were sufficient funds available therefor, the
amount of the shortfall;
(iv) the amount of any Advance by the Master Servicer
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-9 Certificates and each Subclass, if any, thereof;
(xiii) the Class A-9 Notional Amount and each
Subclass Notional Amount;
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(xiv) the occurrence of the Credit Support
Depletion Date;
(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
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Section 4.03 aggregated for such calendar year or applicable portion thereof
during which such Person was the Holder of a Class R Certificate. Such
obligation of the Master Servicer shall be deemed to have been satisfied to the
extent that substantially comparable information shall be provided by the Master
Servicer pursuant to any requirements of the Code.
(d) Upon the written request of any Certificateholder, the Master
Servicer, as soon as reasonably practicable, shall provide the requesting
Certificateholder with such information as is necessary and appropriate, in the
Master Servicer's sole discretion, for purposes of satisfying applicable
reporting requirements under Rule 144A.
Section 4.04. Distribution of Reports to the Trustee and
the Company; Advances by the Master Servicer.
(a) Prior to the close of business on the Business Day next succeeding
each Determination Date, the Master Servicer shall furnish a written statement
to the Trustee, any Paying Agent and the Company (the information in such
statement to be made available to Certificateholders 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 Servicing
Modifications, 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)
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aggregating the amount of such Advance. Any portion of the Amount Held for
Future Distribution so used shall be replaced by the Master Servicer by deposit
in the Certificate Account on or before 11:00 A.M. New York time on any future
Certificate Account Deposit Date to the extent that funds attributable to the
Mortgage Loans that are available in the Custodial Account for deposit in the
Certificate Account on such Certificate Account Deposit Date shall be less than
payments to Certificateholders required to be made on the following Distribution
Date. The Master Servicer shall be entitled to use any Advance made by a
Subservicer as described in Section 3.07(b) that has been deposited in the
Custodial Account on or before such Distribution Date as part of the Advance
made by the Master Servicer pursuant to this Section 4.04. The 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.
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The Trustee shall deposit all funds it receives pursuant to this
Section 4.04 into the Certificate Account.
Section 4.05. Allocation of Realized Losses.
Prior to each Distribution Date, the Master Servicer shall determine
the total amount of Realized Losses, if any, that resulted from any Cash
Liquidation, Servicing Modification, Debt Service Reduction, Deficient Valuation
or REO Disposition that occurred during the related Prepayment Period or, in the
case of a Servicing Modification that constitutes a reduction of the interest
rate on a Mortgage Loan, the amount of the reduction in the interest portion of
the Monthly Payment due in the month in which such Distribution Date occurs. The
amount of each Realized Loss shall be evidenced by an Officers' Certificate. All
Realized Losses, 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-8 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-8 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-8 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-8 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
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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 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; provided that if any Subclasses of the Class A-9 Certificates have been
issued pursuant to Section 5.01(c), all Realized Losses and other losses
allocated to the Class A-9 Certificates 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.
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Section 4.07. Optional Purchase of Defaulted Mortgage
Loans.
As to any Mortgage Loan which is delinquent in payment by 90 days or
more, the Master Servicer may, at its option, purchase such Mortgage Loan from
the Trustee at the Purchase Price therefor. If at any time the Master Servicer
makes a payment to the Certificate Account covering the amount of the Purchase
Price for such a Mortgage Loan, and the Master Servicer provides to the Trustee
a certification signed by a Servicing Officer stating that the amount of such
payment has been deposited in the Certificate Account, then the Trustee shall
execute the assignment of such Mortgage Loan at the request of the Master
Servicer without recourse to the Master Servicer which shall succeed to all the
Trustee's right, title and interest in and to such Mortgage Loan, and all
security and documents relative thereto. Such assignment shall be an assignment
outright and not for security. The Master Servicer will thereupon own such
Mortgage, and all such security and documents, free of any further obligation to
the Trustee or the Certificateholders with respect thereto. Notwithstanding
anything to the contrary in this Section 4.07, the Master Servicer shall
continue to service any such Mortgage Loan after the date of such purchase in
accordance with the terms of this Agreement and, if any Realized Loss with
respect to such Mortgage Loan occurs, allocate such Realized Loss to the Class
or Classes of Certificates that would have borne such Realized Loss in
accordance with the terms hereof as if such Mortgage Loan had not been so
purchased. For purposes of this Agreement, a payment of the Purchase Price by
the Master 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.
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(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-9 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-8 Certificates)
and $1,000 (in the case of the Class A-8, Class M and Class B Certificates) in
excess thereof, except that one Certificate of each of the Class A-8, 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-8 $ 25,262.27
Class M-3 $ 250,200.00
Class B-1 $ 250,400.00
Class B-2 $ 478,400.00
Class B-3 $ 250,188.35
The Class R Certificates and Class A-9 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-9 Certificates shall be issuable as a single certificate 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
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
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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-8 Certificates and
Class A-9 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-8 Certificates and
Class A-9 Certificates, through the book-entry facilities of the Depository and,
except as provided below, shall not be entitled to Definitive Certificates in
respect of such Ownership Interests. All transfers by Certificate Owners of
their respective Ownership Interests in the Book-Entry Certificates shall be
made in accordance with the procedures established by the Depository Participant
or brokerage firm representing such Certificate Owner. Each Depository
Participant shall transfer the Ownership Interests only in the Book-Entry
Certificates of Certificate Owners it represents or of brokerage firms for which
it acts as agent in accordance with the Depository's normal procedures.
The Trustee, the Master Servicer and the Company may for all purposes
(including the making of payments due on the respective Classes of Book-Entry
Certificates) deal with the Depository as the authorized representative of the
Certificate Owners with respect to the respective Classes of Book-Entry
Certificates for the purposes of exercising the rights of Certificateholders
hereunder. The rights of Certificate Owners with respect to the respective
Classes of Book-Entry Certificates shall be limited to those established by law
and agreements between such Certificate Owners and the Depository Participants
and brokerage firms representing such Certificate Owners. Multiple requests and
directions from, and votes of, the Depository as Holder of any Class of
Book-Entry Certificates with respect to any particular matter shall not be
deemed inconsistent if they are made with respect to different Certificate
Owners. The Trustee may establish a reasonable record date in connection with
solicitations of consents from or voting by Certificateholders and shall give
notice to the Depository of such record date.
If (i)(A) the Company advises the Trustee in writing that the
Depository is no longer willing or able to properly discharge its
responsibilities as Depository and (B) the Company is unable to locate a
qualified successor or (ii) the Company at its option advises the Trustee in
writing that it elects to terminate the book-entry system through the
Depository, the Trustee shall
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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-9 Certificates, may exchange such Holder's Class A-9 Certificates for
Subclasses of Class A-9 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-9 Certificates so surrendered for exchange. Any Subclass so issued shall
bear a numerical designation commencing with Class A-9-1 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 a 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 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
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A-9 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 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
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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 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
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certification to the effect set forth in paragraph six of Exhibit J-1 (with
respect to any Class B Certificate), Exhibit J-2 (with respect to any Class M
Certificate) or paragraph fourteen 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 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
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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 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
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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 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,
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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
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
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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.
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
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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
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,
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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 and the Custodial 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 Four Albany Street, New
York, New York, 10006, for the purpose of keeping the Certificate Register. The
Trustee will maintain an office at the address stated in Section 11.05(c) hereof
where notices and demands to or upon the Trustee in respect of this Agreement
may be served.
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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 (or Modified Net Mortgage
Rate in the case of any Modified Mortgage Loan) 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 Cutoff Date Principal Balance of the Mortgage Loans. If such
right
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is exercised by the Master Servicer, the Master Servicer shall be deemed to have
been reimbursed for the full amount of any unreimbursed Advances theretofore
made by it with respect to the Mortgage Loans. In addition, the Master Servicer
or the Company, as applicable, shall provide to the Trustee the certification
required by Section 3.15 and the Trustee and any Custodian shall, promptly
following payment of the purchase price, release to the Master Servicer or the
Company, as applicable, the Mortgage Files pertaining to the Mortgage Loans
being purchased.
(b) The Master Servicer or, in the case of a final distribution as a
result of the exercise by the Company of its right to purchase the assets of the
Trust Fund, the Company shall give the Trustee not less than 60 days' prior
notice of the Distribution Date on which the Master Servicer or the Company, as
applicable, anticipates that the final distribution will be made to
Certificateholders (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, Class B 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-9 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-9 Certificates) representing a regular interest in the REMIC would be
reduced to zero is July 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 July
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
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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
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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, 3
Park Plaza, Irvine, California 92714, Attention: Residential Accredit Loans,
Inc. Series 1997-QS7 or
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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
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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
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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).
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IN WITNESS WHEREOF, the Company, the Master Servicer and the Trustee
have caused their names to be signed hereto by their respective officers
thereunto duly authorized and their respective seals, duly attested, to be
hereunto affixed, all as of the day and year first above written.
RESIDENTIAL ACCREDIT LOANS, INC.
[Seal]
By:
Name:
Title:
Attest:
Name:
Title:
RESIDENTIAL FUNDING CORPORATION
[Seal]
By:
Name:
Title:
Attest:
Name:
Title:
BANKERS TRUST COMPANY,
as Trustee
[Seal]
By:
Name:
Title:
Attest:
Name:
Title:
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STATE OF MINNESOTA )
) ss.:
COUNTY OF HENNEPIN )
On the 30th day of July, 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]
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STATE OF MINNESOTA )
) ss.:
COUNTY OF HENNEPIN )
On the 30th day of July, 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]
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STATE OF CALIFORNIA )
) ss.:
COUNTY OF ORANGE )
On the 30th day of July, 1997 before me, a notary public in
and for said State, personally appeared ________________, known to me to be a
Vice President of Bankers Trust Company, the New York banking corporation that
executed the within instrument, and also known to me to be the person who
executed it on behalf of said 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]
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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 JULY 30, 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.]
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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: ___%]
July 1, 1997
Aggregate Initial [Certificate
Principal Balance] [Class A-9
Notional Amount] [Subclass
Notional Amount] of the Class A-
__ Certificates:
First Distribution Date:
July 25, 1997
Master Servicer: [Initial] [Certificate Principal
Residential Funding Balance] [[Class A-9] [Subclass]
Corporation Notional Amount] of this
Certificate: $_____________]
Assumed Final
Distribution Date: CUSIP 76110F-_____
[July 25, 2027]
MORTGAGE ASSET-BACKED PASS-THROUGH CERTIFICATE
SERIES 1997-QS7
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
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Principal Balance] [Initial Class A-9 Notional Amount] of this Certificate by
the aggregate [Initial Certificate Principal Balance of all Class A-___
Certificates] [Initial Class A-9 Notional Amounts of all Class A-9
Certificates], both as specified above)] in certain distributions with respect
to the Trust Fund consisting primarily of an interest in a pool of conventional
one- to four-family fixed interest rate first mortgage loans (the "Mortgage
Loans"), formed and sold by Residential Accredit Loans, Inc. (hereinafter called
the "Company," which term includes any successor entity under the Agreement
referred to below). The Trust Fund was created pursuant to a Pooling and
Servicing Agreement dated as specified above (the "Agreement") among the
Company, the Master Servicer and Bankers Trust Company, as trustee (the
"Trustee"), a summary of certain of the pertinent provisions of which is set
forth hereafter. To the extent not defined herein, the capitalized terms used
herein have the meanings assigned in the Agreement. This Certificate is issued
under and is subject to the terms, provisions and conditions of the Agreement,
to which Agreement the Holder of this Certificate by virtue of the acceptance
hereof assents and by which such Holder is bound.
Pursuant to the terms of the Agreement, a distribution will be
made on the 25th day of each month or, if such 25th day is not a Business Day,
the Business Day immediately following (the "Distribution Date"), commencing as
described in the Agreement, to the Person in whose name this Certificate is
registered at the close of business on the last day (or if such last day is not
a Business Day, the Business Day immediately preceding such last day) of the
month immediately preceding the month of such distribution (the "Record Date"),
from the Available Distribution Amount in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount [(of interest
and principal, if any)] required to be distributed to Holders of Class A-__
Certificates on such Distribution Date. [The Class A-9 Notional Amount of the
Class A-9 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-9
Certificates.] [The Subclass Notional Amount of the Class A-9-_ 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-9-_ Certificates immediately prior to such
date.] [The Class A-9[-_] 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
NY1-220216.6
A-3
<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-9 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.
NY1-220216.6
A-4
<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
NY1-220216.6
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 Cutoff 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.
NY1-220216.6
A-6
<PAGE>
IN WITNESS WHEREOF, the Trustee has caused this Certificate to
be duly executed.
Dated: BANKERS TRUST COMPANY,
as Trustee
By:
Authorized Signatory
CERTIFICATE OF AUTHENTICATION
This is one of the Class A-__ Certificates referred to in the
within-mentioned Agreement.
BANKERS TRUST COMPANY,
as Certificate Registrar
By:
Authorized Signatory
NY1-220216.6
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 JULY 30, 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.]
NY1-220216.6
<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:
July 1, 1997 Initial Certificate Principal
Balance of this Certificate:
First Distribution Date: $_______________
July 25, 1997
CUSIP: 76110F-_____
Master Servicer:
Residential Funding Corporation
Assumed Final Distribution Date:
July 25, 2027
MORTGAGE ASSET-BACKED PASS-THROUGH CERTIFICATE,
SERIES 1997-QS7
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
NY1-220216.6
B-2
<PAGE>
referred to below). The Trust Fund was created pursuant to a Pooling and
Servicing Agreement dated as specified above (the "Agreement") among the
Company, the Master Servicer and Bankers Trust Company, as trustee (the
"Trustee"), a summary of certain of the pertinent provisions of which is set
forth hereafter. To the extent not defined herein, the capitalized terms used
herein have the meanings assigned in the Agreement. This Certificate is issued
under and is subject to the terms, provisions and conditions of the Agreement,
to which Agreement the Holder of this Certificate by virtue of the acceptance
hereof assents and by which such Holder is bound.
Pursuant to the terms of the Agreement, a distribution will be
made on the 25th day of each month or, if such 25th day is not a Business Day,
the Business Day immediately following (the "Distribution Date"), commencing as
described in the Agreement, to the Person in whose name this Certificate is
registered at the close of business on the last day (or if such last day is not
a Business Day, the Business Day immediately preceding such last day) of the
month immediately preceding the month of such distribution (the "Record Date"),
from the Available Distribution Amount in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount (of interest
and principal, if any) required to be distributed to Holders of Class M-__
Certificates on such Distribution Date.
Distributions on this Certificate will be made either by the
Master Servicer acting on behalf of the Trustee or by a Paying Agent appointed
by the Trustee in immediately available funds (by wire transfer or otherwise)
for the account of the Person entitled thereto if such Person shall have so
notified the Master Servicer or such Paying Agent, or by check mailed to the
address of the Person entitled thereto, as such name and address shall appear on
the Certificate Register.
Notwithstanding the above, the final distribution on this
Certificate will be made after due notice of the pendency of such distribution
and only upon presentation and surrender of this Certificate at the office or
agency appointed by the Trustee for that purpose in the City and State of New
York. The Initial Certificate Principal Balance of this Certificate is set forth
above. The Certificate Principal Balance hereof will be reduced to the extent of
the distributions allocable to principal and any Realized Losses allocable
hereto.
No transfer of this Class M Certificate will be made unless
the Trustee has received either (i) an opinion of counsel acceptable to and in
form and substance satisfactory to the Trustee, the Company and the Master
Servicer with respect to the permissibility of such transfer under the Employee
Retirement Income Security Act of 1974, as amended ("ERISA"), and Section 4975
of the Internal Revenue Code (the "Code") and stating, among other things, that
the transferee's acquisition of a Class M Certificate
NY1-220216.6
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
NY1-220216.6
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
NY1-220216.6
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 Cutoff 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.
NY1-220216.6
B-6
<PAGE>
IN WITNESS WHEREOF, the Trustee has caused this Certificate to
be duly executed.
Dated: BANKERS TRUST COMPANY,
as Trustee
By:
Authorized Signatory
CERTIFICATE OF AUTHENTICATION
This is one of the Class M-__ Certificates referred to in the
within-mentioned Agreement.
BANKERS TRUST COMPANY,
as Certificate Registrar
By:
Authorized Signatory
<PAGE>
ASSIGNMENT
FOR VALUE RECEIVED, the undersigned hereby sell(s),
assign(s) and transfer(s) unto
(Please print or typewrite
name and address including postal zip code of assignee) a Percentage Interest
evidenced by the within Mortgage Asset-Backed Pass-Through Certificate and
hereby authorizes the transfer of registration of such interest to assignee on
the Certificate Register of the Trust Fund.
I (We) further direct the Certificate Registrar to issue a new
Certificate of a like denomination and Class, to the above named assignee and
deliver such Certificate to the following address:
Dated:
Signature by or on behalf of assignor
Signature Guaranteed
DISTRIBUTION INSTRUCTIONS
The assignee should include the following for purposes of
distribution:
Distributions shall be made, by wire transfer or
otherwise, in immediately available funds to_______________________________
_______________________________________________________________________for the
account of ____________________________________________________________account
number_____________________, or, if mailed by check, to_______________________
___________________________________________________________. Applicable
statements should be mailed to_________________________________________________
______________________________________________________________________________.
This information is provided by______________________________
______________________, the assignee named above, or___________________________
_________________________________________________________________, as its agent.
<PAGE>
EXHIBIT C
FORM OF CLASS B CERTIFICATE
THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS A
CERTIFICATES, CLASS R 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 JULY 30, 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.
NY1-220216.6
<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: $_______________
July 1, 1997
Initial Certificate Principal
Balance of this Certificate:
First Distribution Date: $_______________
July 25, 1997
Master Servicer:
Residential Funding Corporation
Assumed Final Distribution Date:
July 25, 2027
MORTGAGE ASSET-BACKED PASS-THROUGH CERTIFICATE,
SERIES 1997-QS7
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,"
NY1-220216.6
C-2
<PAGE>
which term includes any successor entity under the Agreement referred to below).
The Trust Fund was created pursuant to a Pooling and Servicing Agreement dated
as specified above (the "Agreement") among the Company, the Master Servicer and
Bankers Trust Company, as trustee (the "Trustee"), a summary of certain of the
pertinent provisions of which is set forth hereafter. To the extent not defined
herein, the capitalized terms used herein have the meanings assigned in the
Agreement. This Certificate is issued under and is subject to the terms,
provisions and conditions of the Agreement, to which Agreement the Holder of
this Certificate by virtue of the acceptance hereof assents and by which such
Holder is bound.
Pursuant to the terms of the Agreement, a distribution will be
made on the 25th day of each month or, if such 25th day is not a Business Day,
the Business Day immediately following (the "Distribution Date"), commencing on
the first Distribution Date specified above, to the Person in whose name this
Certificate is registered at the close of business on the last day (or if such
last day is not a Business Day, the Business Day immediately preceding such last
day) of the month next preceding the month of such distribution (the "Record
Date"), from the Available Distribution Amount in an amount equal to the product
of the Percentage Interest evidenced by this Certificate and the amount (of
interest and principal, if any) required to be distributed to Holders of Class B
Certificates on such Distribution Date.
Distributions on this Certificate will be made either by the
Master Servicer acting on behalf of the Trustee or by a Paying Agent appointed
by the Trustee in immediately available funds (by wire transfer or otherwise)
for the account of the Person entitled thereto if such Person shall have so
notified the Master Servicer or such Paying Agent, or by check mailed to the
address of the Person entitled thereto, as such name and address shall appear on
the Certificate Register.
Notwithstanding the above, the final distribution on this
Certificate will be made after due notice of the pendency of such distribution
and only upon presentation and surrender of this Certificate at the office or
agency appointed by the Trustee for that purpose in the City and State of New
York. The Initial Certificate Principal Balance of this Certificate is set forth
above. The Certificate Principal Balance hereof will be reduced to the extent of
the distributions allocable to principal and any Realized Losses allocable
hereto.
No transfer of this Class B Certificate will be made unless
such transfer is exempt from the registration requirements of the Securities Act
of 1933, as amended, and any applicable state securities laws or is made in
accordance with said Act and laws. In the event that such a transfer is to be
made, (i) the Trustee or the Company may require an opinion of counsel
acceptable to and in form and substance satisfactory to the Trustee and the
Company that
NY1-220216.6
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 Sections I
and 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
NY1-220216.6
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
NY1-220216.6
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 Cutoff 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.
NY1-220216.6
C-6
<PAGE>
IN WITNESS WHEREOF, the Trustee has caused this Certificate to
be duly executed.
Dated: BANKERS TRUST COMPANY,
as Trustee
By:
Authorized Signatory
CERTIFICATE OF AUTHENTICATION
This is one of the Class M-__ Certificates referred to in the
within-mentioned Agreement.
BANKERS TRUST COMPANY,
as Certificate Registrar
By:
Authorized Signatory
NY1-220216.6
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.
NY1-220216.6
<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:
July 1, 1997 Initial Certificate Principal
Balance of this Certificate:
First Distribution Date: $_______________
July 25, 1997
Percentage Interest:
Master Servicer: _______%
Residential Funding Corporation
CUSIP 76110F-_____
Assumed Final Distribution Date:
July 25, 2027
MORTGAGE ASSET-BACKED PASS-THROUGH CERTIFICATE,
SERIES 1997-QS7
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
NY1-220216.6
D-2
<PAGE>
above (the "Agreement") among the Company, the Master Servicer and Bankers Trust
Company, as trustee (the "Trustee"), a summary of certain of the pertinent
provisions of which is set forth hereafter. To the extent not defined herein,
the capitalized terms used herein have the meanings assigned in the Agreement.
This Certificate is issued under and is subject to the terms, provisions and
conditions of the Agreement, to which Agreement the Holder of this Certificate
by virtue of the acceptance hereof assents and by which such Holder is bound.
Pursuant to the terms of the Agreement, a distribution will be
made on the 25th day of each month or, if such 25th day is not a Business Day,
the Business Day immediately following (the "Distribution Date"), commencing as
described in the Agreement, to the Person in whose name this Certificate is
registered at the close of business on the last day (or if such last day is not
a Business Day, the Business Day immediately preceding such last day) of the
month immediately preceding the month of such distribution (the "Record Date"),
from the Available Distribution Amount in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount (of interest
and principal, if any) required to be distributed to Holders of Class R
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
NY1-220216.6
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
NY1-220216.6
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
NY1-220216.6
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 Cutoff 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.
NY1-220216.6
D-6
<PAGE>
IN WITNESS WHEREOF, the Trustee has caused this Certificate to
be duly executed.
Dated: BANKERS TRUST COMPANY
as Trustee
By:
Authorized Signatory
CERTIFICATE OF AUTHENTICATION
This is one of the Class R Certificates referred to in the
within-mentioned Agreement.
BANKERS TRUST COMPANY,
as Certificate Registrar
By:
Authorized Signatory
NY1-220216.6
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 July 1, 1997, by and among BANKERS
TRUST COMPANY, as Trustee (including its successors under the Pooling Agreement
defined below, the "Trustee"), RESIDENTIAL ACCREDIT LOANS, INC. (together with
any successor in interest, the "Company"), RESIDENTIAL FUNDING CORPORATION, as
master servicer (together with any successor in interest or successor under the
Pooling Agreement referred to below, the "Master Servicer"), and NORWEST BANK
MINNESOTA, NATIONAL ASSOCIATION (together with any successor in interest or any
successor appointed hereunder, the "Custodian").
W I T N E S S E T H T H A T :
WHEREAS, the Company, the Master Servicer, and the Trustee
have entered into a Pooling and Servicing Agreement dated as of July 1, 1997,
relating to the issuance of Residential Accredit Loans, Inc., Mortgage
Asset-Backed Pass-Through Certificates, Series 1997-QS7 (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.
NY1-220216.6
<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. In the
event that any Mortgage Note or Assignment of Mortgage has been delivered to the
Custodian by the Company in blank, the Custodian, upon the direction of the
Company, shall cause each such Mortgage Note to be endorsed to the Trustee and
each such Assignment of Mortgage to be completed in the name of the Trustee
prior to the date on which such Interim Certification is delivered to the
Trustee. 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
NY1-220216.6
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<PAGE>
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 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
NY1-220216.6
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<PAGE>
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 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 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 to the Master Servicer.
The Master Servicer shall cause each Mortgage File 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 any document therein 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. In addition, upon the request of the Master Servicer,
the Custodian will send to the Master Servicer copies of any documents contained
in the Mortgage File so requested.
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
NY1-220216.6
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<PAGE>
such Mortgage File to the same extent as all other documents and instruments
constituting parts thereof.
ARTICLE III
Concerning the Custodian
Section 3.1. Custodian a Bailee and Agent of the Trustee. With
respect to each Mortgage Note, Mortgage and other documents constituting each
Mortgage File which are delivered to the Custodian, the Custodian is exclusively
the bailee and agent of the Trustee and has no instructions to hold any Mortgage
Note or Mortgage for the benefit of any person other than the Trustee, 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
NY1-220216.6
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<PAGE>
expenses, disbursements and advances incurred or made by the Custodian in
accordance with any of the provisions of this Agreement (including the
reasonable compensation and the expenses and disbursements of its counsel and of
all persons not regularly in its employ), except any such expense, disbursement
or advance as may arise from its negligence or bad faith.
Section 3.5. Custodian May Resign; Trustee May Remove
Custodian. The Custodian may resign from the obligations and duties hereby
imposed upon it as such obligations and duties relate to its acting as Custodian
of the Mortgage Loans. Upon receiving such notice of resignation, the Trustee
shall either take custody of the Mortgage Files itself and give prompt notice
thereof to the Company, the Master Servicer and the Custodian, or promptly
appoint a successor Custodian by written instrument, in duplicate, one copy of
which instrument shall be delivered to the resigning Custodian and one copy to
the successor Custodian. If the Trustee shall not have taken custody of the
Mortgage Files and no successor Custodian shall have been so appointed and have
accepted appointment within 30 days after the giving of such notice of
resignation, the resigning Custodian may petition any court of competent
jurisdiction for the appointment of a successor Custodian.
The Trustee may remove the Custodian at any time. In
such event, the Trustee shall appoint, or petition a court of
competent jurisdiction to appoint, a successor Custodian hereunder.
Any successor Custodian shall be a depository institution subject
to supervision or examination by federal or state authority 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
NY1-220216.6
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<PAGE>
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.
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
NY1-220216.6
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<PAGE>
of which counterparts shall be deemed to be an original, and such counterparts
shall constitute but one and the same instrument.
Section 4.5. Severability of Provisions. If any one or more of
the covenants, agreements, provisions or terms of this Agreement shall be for
any reason whatsoever held invalid, then such covenants, agreements, provisions
or terms shall be deemed severable from the remaining covenants, agreements,
provisions or terms of this Agreement and shall in no way affect the validity or
enforceability of the other provisions of this Agreement or of the Certificates
or the rights of the holders thereof.
NY1-220216.6
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<PAGE>
IN WITNESS WHEREOF, this Agreement is executed as of the date
first above written.
Address: BANKERS TRUST COMPANY,
as Trustee
3 Park Plaza
Irvine, California 92714
Attention:
Residential Accredit Loans, Inc.
Series 1997-QS7 By:
Name:
Title:
Address: RESIDENTIAL ACCREDIT LOANS, INC.
8400 Normandale Lake Boulevard
Minneapolis, Minnesota 55437
By:
Name:
Title: Vice President
Address: RESIDENTIAL FUNDING
CORPORATION, as Master Servicer
8400 Normandale Lake Boulevard
Suite 700
Minneapolis, Minnesota 55437
By:
Name:
Title: Director
Address: NORWEST BANK MINNESOTA,
NATIONAL ASSOCIATION
401 Second Avenue South
Minneapolis, Minnesota 55479
By:
Name:
Title:
E-9
<PAGE>
STATE OF )
) ss.:
COUNTY OF )
On the 30th day of July, 1997, before me, a notary public in
and for said State, personally appeared _______________________, known to me to
be a ______________ of Bankers Trust Company, the New York banking corporation
that executed the within instrument, and also known to me to be the person who
executed it on behalf of said 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
[SEAL]
<PAGE>
STATE OF MINNESOTA )
) ss.:
COUNTY OF HENNEPIN )
On the 30th day of July, 1997, before me, a notary public in
and for said State, personally appeared ___________________, known to me to be a
Trust Officer of Norwest Bank Minnesota, National Association, a national
banking association that executed the within instrument, and also known to me to
be the person who executed it on behalf of said national banking association,
and acknowledged to me that such national banking association executed the
within instrument.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my
official seal the day and year in this certificate first above written.
Notary Public
[SEAL]
<PAGE>
STATE OF MINNESOTA )
) ss.:
COUNTY OF HENNEPIN )
On the 30th day of July, 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 30th day of July, 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
July 30, 1997
Bankers Trust Company
3 Park Plaza
Irvine, California 92714
Attention: Residential Accredit Loans, Inc., Series 1997-QS7
Re: Custodial Agreement dated as of July 1, 1997, by
and among Bankers Trust Company, Residential
Accredit Loans, Inc., Residential Funding
Corporation and Norwest Bank Minnesota, National
Association, relating to Residential Accredit
Loans, Inc., Mortgage Asset-Backed Pass-Through
Certificates, Series 1997-QS7
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
Bankers Trust Company
3 Park Plaza
Irvine, California 92714
Attention: Residential Accredit Loans, Inc., Series 1997-QS7
Re: Custodial Agreement dated as of July 1, 1997, by
and among Bankers Trust Company, Residential
Accredit Loans, Inc., Residential Funding
Corporation and Norwest Bank Minnesota, National
Association, relating to Residential Accredit
Loans, Inc., Mortgage Asset-Backed Pass-Through
Certificates, Series 1997-QS7
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
Bankers Trust Company
3 Park Plaza
Irvine, California 92714
Attention: Residential Accredit Loans, Inc., Series 1997-QS7
Re: Custodial Agreement dated as of July 1, 1997, by
and among Bankers Trust Company, Residential
Accredit Loans, Inc., Residential Funding
Corporation and Norwest Bank Minnesota, National
Association, relating to Residential Accredit
Loans, Inc., Mortgage Asset-Backed Pass-Through
Certificates, Series 1997-QS7
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;
<PAGE>
(iv) With respect to each Mortgage Loan other than a
Cooperative Loan, the original recorded assignment or assignments of
the Mortgage showing an unbroken chain of title from the originator
thereof to the Person assigning it 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
E-4
<PAGE>
the originator under the Security Agreement and the Assignment of
Proprietary Lease;
(viii) An executed assignment of the interest of the
originator in the Security Agreement, Assignment of Proprietary Lease and the
recognition agreement referenced in clause (iv) above, showing an unbroken chain
of title from the originator to the Trustee;
(ix) The original of each modification, assumption
agreement or preferred loan agreement, if any, relating to such
Cooperative Loan; and
(x) An executed UCC-1 financing statement showing the Master
Servicer as debtor, the Company as secured party and the Trustee as assignee and
an executed UCC-1 financing statement showing the Company as debtor and the
Trustee as secured party, each in a form sufficient for filing, evidencing the
interest of such debtors in the Cooperative Loans.
Capitalized words and phrases used herein shall have the
respective meanings assigned to them in the above-captioned Custodial Agreement.
NORWEST BANK MINNESOTA, NATIONAL
ASSOCIATION
By:
Name:
Title:
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<PAGE>
EXHIBIT F
MORTGAGE LOAN SCHEDULE
RUN ON : 07/29/97 RFC DISCLOSURE SYSTEM RFFSD177-01
AT : 14.51.06 FIXED RATE LOAN LISTING AMORTIZED BALANCE
SERIES : RALI 1997-QS7 30 YR CUTOFF : 07/01/97
POOL : 0004255
:
:
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 #
______________________________________________________________________________
1464507 051/G02 F 114,000.00 ZZ
360 112,323.21 2
46 SYLVAN STREET 8.125 846.45 95
7.875 846.45 120,000.00
WORCESTER MA 01603 1 09/29/95 10
0459913885 05 11/01/95 30
30101677 O 10/01/25
0
1516608 E20/G02 F 50,300.00 ZZ
360 50,059.70 1
602 TOWER RD 10.125 446.08 90
9.875 446.08 55,900.00
PEACHTREE CITY GA 30213 1 07/17/96 01
0430203281 05 09/01/96 25
UNKNOWN N 08/01/26
0
1541672 E45/G02 F 104,000.00 ZZ
360 103,526.07 1
4040 STONECYPHER ROAD 8.250 781.32 80
8.000 781.32 130,000.00
SUWANEE GA 30174 1 11/20/96 00
0430257576 05 01/01/97 0
UNKNOWN O 12/01/26
0
1543637 638/G02 F 44,800.00 ZZ
360 44,800.00 1
3201 CB LEWIS ROAD 9.125 364.51 44
8.875 364.51 102,500.00
COLUMBIA MO 65202 4 06/05/97 00
0430278598 05 08/01/97 0
1
08614247 O 07/01/27
0
1545000 590/G02 F 71,500.00 ZZ
360 71,500.00 1
358 SW 122ND AVENUE 8.750 562.49 90
8.500 562.49 79,491.00
PEMBROKE PINES FL 33028 1 06/06/97 12
0430260083 05 08/01/97 25
0501016343 N 07/01/27
0
1548854 964/G02 F 107,250.00 ZZ
360 107,250.00 1
5629 MESAGROVE AVENUE 9.250 882.32 65
9.000 882.32 165,000.00
WHITTIER CA 90601 5 06/03/97 00
0430257949 05 08/01/97 0
22123 N 07/01/27
0
1550038 E36/G02 F 200,000.00 ZZ
360 199,652.27 1
232 HELM LANE 8.750 1,573.40 69
8.500 1,573.40 290,000.00
BAYSHORE NY 11706 1 03/21/97 00
0430175604 03 05/01/97 0
192669 O 04/01/27
0
1552718 638/G02 F 145,450.00 ZZ
360 145,378.46 1
5701 HILTON HEAD DRIVE 9.500 1,223.02 90
9.250 1,223.02 161,647.00
GARLAND TX 75044 1 05/28/97 10
0430257758 05 07/01/97 25
08620794 N 06/01/27
0
1554151 455/G02 F 152,100.00 T
360 152,025.19 1
3400 OCEAN SHORE BLVD UNIT #3 9.500 1,278.94 90
9.250 1,278.94 169,000.00
ORMOND BEACH FL 32176 1 05/15/97 04
0430283440 01 07/01/97 25
55476 O 06/01/27
0
1
1555904 F42/G02 F 64,800.00 ZZ
360 64,708.54 2
404 MYRTLE AVENUE 9.750 556.74 90
9.500 556.74 72,000.00
NEPTUNE NJ 07753 1 03/21/97 01
0430206979 05 05/01/97 25
55000054 N 04/01/27
0
1558690 E83/E83 F 144,000.00 ZZ
360 143,736.42 1
537 BRIAR PATCH LANE 8.500 1,107.24 80
8.250 1,107.24 180,000.00
PLEASANT VALLEY NY 12569 1 03/19/97 00
97010027 05 05/01/97 0
97010027 O 04/01/27
0
1559013 E86/G02 F 128,000.00 ZZ
360 127,883.20 2
1308 EAST 98TH STREET 9.875 1,111.49 81
9.625 1,111.49 159,000.00
BROOKLYN NY 11236 1 04/04/97 10
0430214320 07 06/01/97 20
16164 N 05/01/27
0
1559120 313/G02 F 111,150.00 ZZ
360 110,935.89 1
1162 EAST GARFIELD AVENUE 8.250 835.04 90
8.000 835.04 123,500.00
SALT LAKE CITY UT 84105 1 03/01/97 01
0430259846 05 05/01/97 30
6241541 N 04/01/27
0
1560693 B75/G02 F 400,000.00 T
360 399,267.89 1
1250 SPRINGFIELD ROAD 8.500 3,075.65 89
8.250 3,075.65 450,000.00
SPRINGTOWN TX 76082 1 03/25/97 01
0430199877 05 05/01/97 20
2900108 O 04/01/27
0
1561133 129/G02 F 104,000.00 ZZ
360 103,764.19 1
20915 PARKCREST 8.875 827.47 79
8.625 827.47 133,000.00
1
HARPER WOODS MI 48236 1 02/14/97 00
0430280008 05 04/01/97 0
3600042422 O 03/01/27
0
1561244 771/G02 F 100,000.00 ZZ
360 99,945.38 1
14 SUNSET BLVD 9.000 804.62 76
8.750 804.62 132,000.00
ALBANY NY 12205 1 05/16/97 00
0430262816 05 07/01/97 0
9701476 O 06/01/27
0
1561745 225/225 F 107,100.00 ZZ
360 106,996.97 1
175 WILLIAM STREET 9.625 910.34 90
9.375 910.34 119,000.00
ENGLEWOOD NJ 07631 1 05/01/97 04
8040297 05 06/01/97 25
8040297 N 05/01/27
0
1561751 G41/G02 F 145,000.00 ZZ
360 144,922.83 1
61 DUTCH LANE ROAD 9.125 1,179.77 78
8.875 1,179.77 188,000.00
FREEHOLD NJ 07728 5 05/29/97 00
0430263749 05 07/01/97 0
UNKNOWN O 06/01/27
0
1562078 F27/G02 F 57,350.00 ZZ
360 57,239.51 1
1647 COOL SPRING ROAD 8.250 430.86 75
8.000 430.86 76,500.00
CHARLOTTESVILLE VA 22901 1 03/14/97 00
0430278523 09 05/01/97 0
6249833 N 04/01/27
0
1562929 225/225 F 64,800.00 ZZ
360 64,768.95 1
306 HARRISON STREET 9.625 550.80 90
9.375 550.80 72,000.00
FRENCHTOWN NJ 08825 1 05/12/97 04
8042197 05 07/01/97 25
8042197 N 06/01/27
0
1
1562983 A35/G02 F 255,900.00 ZZ
360 255,752.77 1
33 SUFFOLK LANE 8.750 2,013.17 80
8.500 2,013.17 319,900.00
WEST WINDSOR NJ 08550 1 05/23/97 00
0430257774 05 07/01/97 0
7093 O 06/01/27
0
1563848 912/G02 F 150,000.00 ZZ
360 149,913.70 1
6472 COPPER ANN DRIVE 8.750 1,180.05 54
8.500 1,180.05 281,500.00
SPARKS NV 89436 1 05/08/97 00
0430262618 03 07/01/97 0
198443 O 06/01/27
0
1563891 229/G02 F 108,100.00 ZZ
360 107,971.88 2
1227 N UTAH STREET 8.625 840.80 44
8.375 840.80 250,000.00
ARLINGTON VA 22201 5 04/09/97 00
0430252353 05 06/01/97 0
0007402795 N 05/01/27
0
1564031 180/G02 F 50,000.00 ZZ
360 49,968.92 1
508 LARK LANE 8.375 380.04 77
UNIT 306 8.125 380.04 65,000.00
OCEAN CITY MD 21842 5 05/16/97 00
0430258533 01 07/01/97 0
4798179 O 06/01/27
0
1564304 G51/G02 F 56,700.00 ZZ
360 56,669.02 2
590 WINSPEAR AVENUE 9.000 456.23 90
8.750 456.23 63,000.00
BUFFALO NY 14215 2 05/30/97 10
0430252585 05 07/01/97 25
0200842 N 06/01/27
0
1564537 A50/A50 F 99,900.00 ZZ
360 99,717.17 1
1
14 HILLCREST 8.500 768.14 75
8.250 768.14 133,250.00
TUSCALOOSA AL 35401 1 03/31/97 00
19427 05 05/01/97 0
19427 O 04/01/27
0
1565131 B75/G02 F 128,000.00 ZZ
360 127,855.95 1
6046 N WATERWAY DRIVE 8.875 1,018.43 80
8.625 1,018.43 160,000.00
MIAMI FL 33155 1 04/23/97 00
0430228239 05 06/01/97 0
2901320 O 05/01/27
0
1565440 F42/G02 F 81,600.00 ZZ
240 81,369.85 1
2816 FRANKLYNN DRIVE 9.500 760.62 80
9.250 760.62 102,000.00
ALLISON PARK PA 15101 5 04/21/97 00
0430225995 05 06/01/97 0
55000168 O 05/01/17
0
1565442 201/G02 F 53,950.00 ZZ
360 53,950.00 1
16 DARTMOUTH AVENUE 9.375 448.73 95
UNIT 1A 9.125 448.73 56,840.00
TOWNSHIP OF BRI NJ 08807 1 06/11/97 01
0430266775 01 08/01/97 30
1300976782 O 07/01/27
0
1565576 637/G02 F 121,500.00 ZZ
360 121,380.00 4
5401 NW 22 ST 9.500 1,021.64 90
9.250 1,021.64 135,000.00
LAUDERHILL FL 33313 3 04/11/97 01
0430211482 05 06/01/97 25
9457201 N 05/01/27
0
1565577 637/G02 F 121,500.00 ZZ
360 121,380.00 4
5411-17 NW 22 ST 9.500 1,021.64 90
9.250 1,021.64 135,000.00
LAUDERHILL FL 33313 3 04/11/97 04
0430211417 05 06/01/97 25
1
9457219 N 05/01/27
0
1565647 A91/G02 F 176,000.00 ZZ
360 175,908.76 2
19 14 24TH AVENUE 9.250 1,447.91 80
9.000 1,447.91 220,000.00
ASTORIA NY 11102 1 05/08/97 00
0430228940 05 07/01/97 0
UNKNOWN O 06/01/27
0
1565674 229/G02 F 111,000.00 ZZ
360 110,884.46 1
2000 SAN JOSE AVENUE 9.250 913.17 75
9.000 913.17 148,000.00
LAS VEGAS NV 89104 2 04/08/97 00
0430258350 05 06/01/97 0
0007425861 O 05/01/27
0
1565682 229/G02 F 116,000.00 ZZ
360 115,818.18 1
4642 ABBOTSWOOD CIRCLE 9.250 954.31 73
9.000 954.31 159,000.00
IRVINE CA 92604 1 03/26/97 00
0430208546 05 05/01/97 0
0007427354 O 04/01/27
0
1566094 590/G02 F 60,800.00 T
360 60,800.00 1
8210 NW 10TH STREET UNIT #4 9.000 489.21 70
8.750 489.21 86,900.00
MIAMI FL 33126 1 06/12/97 00
0430279281 01 08/01/97 0
501016352 O 07/01/27
0
1566149 964/G02 F 104,650.00 ZZ
360 104,535.25 1
6880 DAKOTA AVENUE 9.000 842.04 90
8.750 842.04 116,300.00
RANCHO CUCAMONG CA 91710 1 04/14/97 10
0430253203 05 06/01/97 25
24128 N 05/01/27
0
1
1566567 E86/G02 F 139,500.00 ZZ
360 139,500.00 2
19 APPLE STREET 9.250 1,147.63 90
9.000 1,147.63 155,000.00
SLOATSBURG NY 10974 1 06/24/97 10
0430283671 05 08/01/97 25
16559 N 07/01/27
0
1566696 225/225 F 126,400.00 ZZ
360 126,268.42 1
106 ELDERBERRY STREET 9.250 1,039.87 80
9.000 1,039.87 158,004.00
GEORGETOWN TX 78628 1 04/24/97 00
8044096 03 06/01/97 0
8044096 O 05/01/27
0
1566940 180/G02 F 119,000.00 T
360 118,869.51 1
462 SW SABLEWOOD COVE 9.000 957.50 70
8.750 957.50 170,000.00
PORT ST LUCIE FL 34986 1 04/18/97 00
0430257964 05 06/01/97 0
4825816 O 05/01/27
0
1567070 286/286 F 55,750.00 ZZ
360 55,682.22 1
1178 SOMERSET CIRCLE 8.500 428.67 78
8.250 428.67 71,500.00
DUNEDIN FL 34698 2 04/18/97 00
9168400 09 06/01/97 0
9168400 O 05/01/27
0
1567076 F03/G02 F 100,500.00 ZZ
360 100,442.18 1
2436 STEFANIE DRIVE 8.750 790.63 75
8.500 790.63 134,000.00
ROCKLIN CA 95765 1 05/08/97 00
0430251868 05 07/01/97 0
SAC10010 O 06/01/27
0
1567342 637/G02 F 136,000.00 ZZ
360 135,842.93 1
1295 NEVIS COURT 8.750 1,069.92 80
8.500 1,069.92 170,000.00
1
SARCAMENTO CA 95822 1 04/02/97 00
0430258061 05 06/01/97 0
9653551 O 05/01/27
0
1567351 B75/G02 F 400,000.00 ZZ
360 399,769.87 1
2015 LAS POSAS ROAD 8.750 3,146.80 79
8.500 3,146.80 510,000.00
AREA OF CORONA CA 91720 5 05/01/97 00
0430252098 05 07/01/97 0
2813798 O 06/01/27
0
1567856 229/G02 F 103,650.00 ZZ
360 103,591.89 1
9612 N TODD STREET 8.875 824.69 90
8.625 824.69 115,200.00
PORTLAND OR 97203 1 05/14/97 12
0430257899 05 07/01/97 25
7439383 N 06/01/27
0
1568040 B24/G02 F 30,750.00 ZZ
360 30,719.64 1
99 PROSPECT STREET 9.500 258.56 72
#4L 9.250 258.56 43,000.00
STAMFORD CT 06902 1 04/16/97 00
0430197269 08 06/01/97 0
193903 N 05/01/27
0
1568291 664/G02 F 205,000.00 ZZ
360 204,643.57 1
14215 114TH AVENUE EAST 8.750 1,612.74 70
8.500 1,612.74 295,000.00
PUYALLUP WA 98374 4 03/24/97 00
0430233486 05 05/01/97 0
2264042 O 04/01/27
0
1568689 225/225 F 16,200.00 ZZ
360 16,182.23 1
918 NORTH PINE STREET 9.000 130.35 90
8.750 130.35 18,000.00
DECATUR IL 62522 1 04/30/97 04
8043957 05 06/01/97 25
8043957 N 05/01/27
0
1
1568763 375/G02 F 195,000.00 ZZ
360 194,768.92 4
9871 GRANGE STREET 8.625 1,516.69 71
8.375 1,516.69 275,000.00
ANCHORAGE AK 99515 5 04/17/97 00
0430253054 05 06/01/97 0
649112 O 05/01/27
0
1568877 E45/G02 F 45,300.00 ZZ
360 43,944.10 1
205 207 NE SANCHEZ AVENUE 9.125 368.58 78
8.875 368.58 58,500.00
OCALA FL 34470 5 03/24/97 01
0430261511 05 05/01/97 12
32532 N 04/01/27
0
1568983 E86/G02 F 171,700.00 ZZ
360 171,700.00 1
152 DEPEW AVENUE 9.750 1,475.17 85
9.500 1,475.17 202,000.00
NYACK NY 10960 1 06/02/97 10
0430255927 05 08/01/97 25
16789 N 07/01/27
0
1568987 098/G02 F 129,600.00 ZZ
360 129,539.53 3
551 CHAUNCEY ST 9.750 1,113.47 90
9.500 1,113.47 144,000.00
BROOKLYN NY 11235 1 05/30/97 01
0430257782 07 07/01/97 25
975305009 N 06/01/27
0
1569295 498/G02 F 108,000.00 ZZ
360 107,875.27 1
682 DURANT PLACE 8.750 849.64 68
8.500 849.64 159,900.00
ATLANTA GA 30308 1 04/15/97 00
0430258434 05 06/01/97 0
1477819 N 05/01/27
0
1569453 180/G02 F 35,700.00 ZZ
360 35,663.82 1
1
11727 SPRING SONG DRIVE 9.375 296.93 70
9.125 296.93 51,000.00
SAN ANTONIO TX 78249 1 04/15/97 00
0430261271 05 06/01/97 0
4820551 N 05/01/27
0
1569464 E86/G02 F 51,000.00 ZZ
360 51,000.00 1
6 SIERRA VISTA LANE 9.250 419.56 85
UNIT #6 9.000 419.56 60,000.00
VALLEY COTTAGE NY 10989 1 06/20/97 04
0430265199 01 08/01/97 20
16596 N 07/01/27
0
1569645 405/405 F 125,000.00 ZZ
360 124,933.47 1
4365 L HONOAPIILANI RD 9.125 1,017.05 68
8.875 1,017.05 185,000.00
LAHAINA HI 96761 1 05/08/97 00
004195343 06 07/01/97 0
004195343 N 06/01/27
0
1569671 129/G02 F 91,000.00 ZZ
360 90,798.91 1
361 BAILEY ST 9.000 732.21 70
8.750 732.21 130,000.00
EAST LANSING MI 48823 5 02/10/97 00
0430253906 05 04/01/97 0
3460007143 N 03/01/27
0
1569753 H05/H05 F 217,600.00 ZZ
360 217,600.00 1
52 SETH LOW MOUNTAIN ROAD 9.125 1,770.47 80
8.750 1,770.47 272,000.00
RIDGEFIELD CT 06877 1 06/16/97 00
240140004 05 08/01/97 0
240140004 O 07/01/27
0
1569906 A22/G02 F 212,000.00 ZZ
360 212,000.00 1
165 BEACH 147TH STREET 8.250 1,592.69 55
8.000 1,592.69 390,620.00
ROCKAWAY NY 11694 2 06/17/97 00
0430280537 05 08/01/97 0
1
97058 O 07/01/27
0
1569908 638/G02 F 60,400.00 ZZ
360 60,370.29 2
191 HARMONY ROAD 9.500 507.88 80
9.250 507.88 75,500.00
SLIPPERY ROAD T PA 16057 1 05/30/97 10
0430262600 05 07/01/97 12
08632220 N 06/01/27
0
1569909 638/G02 F 26,100.00 ZZ
360 26,087.49 2
380 LARIMAR AVENUE 9.625 221.85 90
9.375 221.85 29,000.00
TURTLE CREEK BO PA 15145 1 05/30/97 04
0430255836 05 07/01/97 25
08633976 N 06/01/27
0
1570002 757/757 F 90,750.00 ZZ
360 90,750.00 1
7105 SAGINAW COURT 8.750 713.94 75
8.500 713.94 121,300.00
WILMINGTON NC 28405 1 06/04/97 00
2968808 05 08/01/97 0
2968808 O 07/01/27
0
1570010 705/G02 F 50,000.00 ZZ
360 50,000.00 1
1415 COMMONWEALTH AVENUE 9.125 406.82 53
UNIT 1-404 8.875 406.82 96,000.00
BRIGHTON MA 02135 1 06/05/97 00
0430259267 01 08/01/97 0
97030060 N 07/01/27
0
1570217 180/G02 F 66,400.00 ZZ
360 66,364.67 3
1712 EVANS AVENUE 9.125 540.25 80
8.875 540.25 83,000.00
CHEYENNE WY 82001 1 05/06/97 00
0430257600 05 07/01/97 0
4790911 O 06/01/27
0
1
1570355 375/G02 F 97,500.00 ZZ
360 97,231.84 1
1029 NE COCO COURT 8.000 715.43 75
7.750 715.43 130,000.00
BREMERTON WA 98311 5 02/14/97 00
0430257691 05 04/01/97 0
643793 O 03/01/27
0
1570359 B75/G02 F 222,000.00 ZZ
360 221,623.86 1
4633 OLMSTED COURT 8.875 1,766.33 74
8.625 1,766.33 301,000.00
RENO NV 89509 2 03/13/97 00
0430201236 03 05/01/97 0
2903599 N 04/01/27
0
1570386 E21/G02 F 136,000.00 ZZ
360 135,842.94 1
301 NORTH CALIFORNIA STREET 8.750 1,069.91 64
8.500 1,069.91 215,000.00
BURBANK CA 91505 2 04/24/97 00
0430265009 05 06/01/97 0
198220 O 05/01/27
0
1570595 637/G02 F 71,900.00 ZZ
360 71,771.74 1
9116 SE WASHINGTON SREET 8.625 559.23 80
8.375 559.23 89,900.00
PORTLAND OR 97216 1 03/27/97 00
0430199869 05 05/01/97 0
3526654 N 04/01/27
0
1570611 B75/G02 F 55,200.00 ZZ
360 55,145.49 1
4590 HOLLY LAKE DRIVE 9.500 464.15 79
9.250 464.15 70,000.00
LAKE WORTH FL 33463 1 04/22/97 00
0430220715 09 06/01/97 0
2816999 O 05/01/27
0
1570656 F03/G02 F 100,000.00 T
360 99,948.15 1
333 SOUTH DAVIS STREET 319/321 9.250 822.68 59
9.000 822.68 170,000.00
1
TELLURIDE CO 81435 5 05/19/97 00
0430259838 01 07/01/97 0
DEN10779 O 06/01/27
0
1570661 F03/G02 F 71,600.00 ZZ
360 71,517.30 1
424 1/4 PLEASANT HOLLOW COURT 8.750 563.28 80
8.500 563.28 89,500.00
GRAND JUNCTION CO 81503 1 04/30/97 00
0430229336 09 06/01/97 0
DEN10817 O 05/01/27
0
1570747 638/G02 F 37,550.00 ZZ
360 37,532.01 1
2101 SOUTH PACIFIC AVENUE 9.625 319.17 75
#48 9.375 319.17 50,100.00
SANTA ANA CA 92704 1 05/09/97 00
0430262733 01 07/01/97 0
08630961 N 06/01/27
0
1570750 225/225 F 45,000.00 ZZ
360 45,000.00 1
205 STAGE ROAD 9.375 374.29 30
9.125 374.29 155,000.00
LITTLE EGG HARB NJ 08087 5 06/09/97 00
6320 05 08/01/97 0
6320 O 07/01/27
0
1570782 624/G02 F 499,900.00 ZZ
360 499,597.16 1
1053 TELLEM DRIVE 8.500 3,843.80 75
8.250 3,843.80 670,000.00
PACIFIC PALISAD CA 90272 5 05/23/97 00
0430254078 05 07/01/97 0
34090070043F O 06/01/27
0
1570784 910/G02 F 58,000.00 ZZ
360 57,767.02 1
1538 ROOSEVELT AVENUE 8.875 461.47 35
8.625 461.47 170,000.00
SALT LAKE CITY UT 84105 5 05/02/97 00
0430229666 05 06/01/97 0
108988 N 05/01/27
0
1
1570818 E22/G02 F 32,400.00 ZZ
360 32,370.45 3
801 WEST 15TH STREET 9.875 281.34 90
9.625 281.34 36,000.00
DAVENPORT IA 52804 1 04/07/97 04
0410370340 05 06/01/97 25
410370340 N 05/01/27
0
1570853 180/G02 F 93,000.00 ZZ
360 92,908.16 2
4041 SW 25 STREET 9.500 781.99 89
9.250 781.99 105,000.00
HOLLYWOOD FL 33023 1 04/30/97 10
0430230284 05 06/01/97 25
4826657 N 05/01/27
0
1570949 F25/G02 F 207,000.00 ZZ
360 206,868.00 1
3201 VICTORIA DRIVE 8.250 1,555.13 80
8.000 1,555.13 260,000.00
MOUNT KISCO NY 10549 1 05/05/97 00
0430220954 09 07/01/97 0
R9704002 O 06/01/27
0
1570951 992/G02 F 101,700.00 ZZ
360 101,638.38 2
203 WEST AVENUE 8.500 781.99 90
8.250 781.99 113,000.00
PATCHOGUE NY 11772 1 05/19/97 01
0430232413 05 07/01/97 25
330558 N 06/01/27
0
1570984 B75/G02 F 106,800.00 ZZ
360 106,679.80 1
3654 NE 167 STREET 8.875 849.75 80
#28 8.625 849.75 133,500.00
NORTH MIAMI BEA FL 33160 1 04/30/97 00
0430225862 05 06/01/97 0
2888600 O 05/01/27
0
1570990 828/G02 F 66,000.00 ZZ
360 65,960.01 1
1
525 FM HIGHWAY 477 8.500 507.49 80
8.250 507.49 82,500.00
SEGUIN TX 78155 1 05/02/97 00
0430225300 05 07/01/97 0
76080002 O 06/01/27
0
1570997 405/405 F 109,000.00 ZZ
360 108,946.38 1
366 WIMBLETON DRIVE #8 9.500 916.54 73
9.250 916.54 151,000.00
BRANSON MO 65616 1 05/21/97 00
4195715 01 07/01/97 0
4195715 N 06/01/27
0
1571017 E22/G02 F 45,900.00 ZZ
360 45,858.13 2
2200 - 2202 AVON STREET 9.875 398.57 90
9.625 398.57 51,000.00
SAGINAW MI 48602 1 04/04/97 04
0410369102 05 06/01/97 25
410369102 N 05/01/27
0
1571033 E22/G02 F 42,300.00 ZZ
360 42,241.88 2
7740-36 EVERGREEN 9.875 367.31 90
9.625 367.31 47,000.00
DETROIT MI 48228 1 04/03/97 04
0410166813 05 05/01/97 25
410166813 O 04/01/27
0
1571034 E22/G02 F 94,500.00 ZZ
360 94,370.14 2
147 SOUTH HELLERTOWN AVEN 9.875 820.59 90
9.625 820.59 105,000.00
QUAKERTOWN PA 18951 1 03/27/97 12
0410378541 05 05/01/97 25
410378541 N 04/01/27
0
1571529 144/144 F 108,000.00 ZZ
360 108,000.00 1
MILL POND LANE 8.375 820.88 65
8.125 820.88 168,000.00
EAST MORICHES NY 11940 2 06/24/97 00
131600069 05 08/01/97 0
1
131600069 O 07/01/27
0
1571643 286/286 F 40,500.00 ZZ
360 40,479.00 1
3305 EAST BROAD ROCK RD 9.250 333.19 90
9.000 333.19 45,000.00
RICHMOND VA 23224 1 05/08/97 10
9169693 05 07/01/97 25
9169693 N 06/01/27
0
1571767 E83/E83 F 68,250.00 ZZ
360 68,209.71 1
7 GARY PLACE 8.625 530.84 65
8.375 530.84 105,000.00
WAPPINGERS FALL NY 12590 1 05/23/97 00
97030037 05 07/01/97 0
97030037 N 06/01/27
0
1571770 225/225 F 157,500.00 ZZ
360 157,418.34 1
6704 WEST 93RD STREET 9.250 1,295.72 75
9.000 1,295.72 210,000.00
OAK LAWN IL 60543 5 05/06/97 00
804453700 05 07/01/97 0
804453700 O 06/01/27
0
1572113 455/G02 F 180,000.00 ZZ
360 179,661.98 1
107 DRUM POINT WAY 8.375 1,368.14 80
8.125 1,368.14 225,000.00
MIDWAY GA 31320 1 03/31/97 00
0430257147 05 05/01/97 0
55092 O 04/01/27
0
1572164 140/G02 F 84,000.00 ZZ
360 83,950.41 1
636 WEST LINDNER AVENUE 8.625 653.34 80
8.375 653.34 105,000.00
MESA AZ 85210 1 05/20/97 00
0430251710 05 07/01/97 0
430610 O 06/01/27
0
1
1572181 927/G02 F 85,250.00 T
360 85,203.43 1
323 DESERT KNOLLS STREET 9.000 685.95 75
8.750 685.95 113,695.00
HENDERSON NV 89014 1 05/12/97 00
0430231415 03 07/01/97 0
313940 O 06/01/27
0
1572182 624/G02 F 93,500.00 ZZ
360 93,389.20 1
2866 MANDEVILLE LANE 8.625 727.23 85
8.375 727.23 110,000.00
PENSACOLA FL 32526 5 04/30/97 11
0430228015 05 06/01/97 12
37500170013 O 05/01/27
0
1572223 E53/G02 F 73,800.00 ZZ
360 73,763.70 4
311 W BLUE HERON BLVD 9.500 620.55 90
9.250 620.55 82,000.00
RIVIERA BEACH FL 33404 1 05/21/97 01
0430234534 05 07/01/97 25
11502056 N 06/01/27
0
1572237 A59/G02 F 117,600.00 ZZ
360 117,526.90 1
5813 BEARD AVENUE SOUTH 8.375 893.85 74
8.125 893.85 160,000.00
EDINA MN 55410 2 05/16/97 00
0430226308 05 07/01/97 0
1572237 O 06/01/27
0
1572259 E13/G02 F 141,000.00 ZZ
360 140,832.86 1
532 RUMPLE LANE 8.875 1,121.86 79
8.625 1,121.86 180,000.00
ADDISON IL 60101 2 04/29/97 00
0430222075 05 06/01/97 0
194243 O 05/01/27
0
1572520 225/225 F 122,400.00 ZZ
360 122,316.18 1
43116 HADLEY COURT 8.375 930.33 80
8.125 930.33 153,000.00
1
CANTON MI 48188 5 05/02/97 00
8046274 05 07/01/97 0
8046274 O 06/01/27
0
1572526 B24/G02 F 100,000.00 ZZ
360 99,939.42 1
205 SOUTHFIELD AVE 8.500 768.91 80
8.250 768.91 125,000.00
STAMFORD CT 06902 1 05/09/97 00
0430219261 05 07/01/97 0
200596 O 06/01/27
0
1572530 225/225 F 147,350.00 ZZ
360 147,188.43 4
530 532 SOUTH HIGHLAND AVENUE 9.000 1,185.61 75
8.750 1,185.61 196,500.00
OAK PARK IL 60304 1 04/30/97 00
8043521 05 06/01/97 0
8043521 N 05/01/27
0
1572564 561/G02 F 61,200.00 ZZ
360 61,098.96 1
158 ARMSTRONG DRIVE 9.000 492.43 90
8.750 492.43 68,000.00
HAMPTON VA 23669 2 03/24/97 10
0430203224 05 05/01/97 25
9008483 N 04/01/27
0
1572575 E22/G02 F 42,000.00 ZZ
360 41,960.66 1
2916 MANHATTAN BLVD UNIT #143 9.750 360.84 80
9.500 360.84 52,500.00
HARVEY LA 70058 1 04/11/97 00
0410390009 01 06/01/97 0
410390009 O 05/01/27
0
1572577 E22/G02 F 54,400.00 ZZ
360 54,095.73 1
1009 MONTROSE STREET 8.375 413.48 80
8.125 413.48 68,000.00
PHILADELPHIA PA 19147 1 03/31/97 00
0410352207 07 05/01/97 0
410352207 O 04/01/27
0
1
1572600 225/225 F 23,100.00 ZZ
360 23,075.95 1
2309 SW MOUNDVIEW DRIVE 9.250 190.04 90
9.000 190.04 25,700.00
TOPEKA KS 66614 1 04/29/97 04
8043763 05 06/01/97 25
8043763 N 05/01/27
0
1572605 637/G02 F 61,900.00 ZZ
360 61,838.86 1
230 SOUTHWEST 11TH TERRCE 9.500 520.49 90
9.250 520.49 68,807.00
CAPE CORAL FL 33991 1 04/29/97 14
0430257725 05 06/01/97 25
2834034 N 05/01/27
0
1572626 229/G02 F 93,950.00 ZZ
360 93,950.00 1
4427 TWEEDSMUIR CT 8.500 722.40 54
8.250 722.40 173,950.00
MOSELEY VA 23120 1 06/04/97 00
0430280891 05 08/01/97 0
7447832 O 07/01/27
0
1572628 A07/G02 F 112,500.00 ZZ
360 112,446.10 2
22-59 LORETTA PLACE 9.625 956.24 90
9.375 956.24 125,000.00
FAR ROCKAWAY NY 11691 1 05/09/97 01
0430219337 05 07/01/97 25
1572628 N 06/01/27
0
1572633 180/G02 F 80,750.00 ZZ
360 80,656.74 1
1080 E 650 NORTH 8.750 635.26 85
8.500 635.26 95,000.00
NEW CASTLE IN 47362 5 04/25/97 10
0430266940 05 06/01/97 12
4672127 O 05/01/27
0
1572724 B75/G02 F 85,450.00 ZZ
360 85,322.91 2
1
102 & 104 9TH STREET SOUTHWEST 9.500 718.51 90
9.250 718.51 94,950.00
PUYALLUP WA 98371 1 03/27/97 14
0430278069 05 05/01/97 25
2806891 N 04/01/27
0
1572768 907/907 F 127,500.00 T
360 127,500.00 1
114 BIRGE HILL ROAD 8.750 1,003.04 75
8.500 1,003.04 170,000.00
CHATHAM NY 12037 5 06/20/97 00
539684718 05 08/01/97 0
539684718 O 07/01/27
0
1572776 771/G02 F 60,775.00 ZZ
360 60,775.00 4
105 SOUTHERN BLVD 9.000 489.01 65
8.750 489.01 93,500.00
ALBANY NY 12209 1 06/18/97 00
0430263806 05 08/01/97 0
970266L N 07/01/27
0
1572777 B26/G02 F 144,000.00 ZZ
360 143,917.15 1
91 OSBORNE AVENUE 8.750 1,132.85 80
8.500 1,132.85 180,000.00
MOUNT SINAI NY 11766 5 05/29/97 00
0430254268 05 07/01/97 0
1572777 O 06/01/27
0
1572830 180/G02 F 384,000.00 ZZ
360 384,000.00 1
7040 WABASH CIRCLE 8.500 2,952.63 80
8.250 2,952.63 480,000.00
DALLAS TX 75214 1 06/12/97 00
0430280313 05 08/01/97 0
4882551 O 07/01/27
0
1572838 313/G02 F 70,600.00 ZZ
360 70,514.51 1
135 RIVERBREEZE DRIVE 8.625 549.12 80
8.375 549.12 88,250.00
CHARLESTON SC 29407 1 04/08/97 00
0430263574 05 06/01/97 0
1
6036271 N 05/01/27
0
1572910 225/225 F 92,400.00 ZZ
360 92,355.72 1
284 MCGEHEE DRIVE 9.625 785.40 80
9.375 785.40 115,500.00
BATON ROUGE LA 70815 1 05/06/97 00
8043971 09 07/01/97 0
8043971 O 06/01/27
0
1573073 286/286 F 66,600.00 ZZ
360 66,495.59 1
3113 LAS VEGAS TRAIL 9.250 547.91 80
9.000 547.91 83,750.00
FORT WORTH TX 76116 1 04/01/97 00
09168704 05 05/01/97 0
09168704 N 04/01/27
0
1573281 686/G02 F 91,500.00 ZZ
360 91,386.77 1
160 WOODLAND STREET 8.415 698.06 75
8.165 698.06 122,000.00
BRISTOL CT 06010 5 04/03/97 00
0430211789 05 06/01/97 0
818052508 O 05/01/27
0
1573423 229/G02 F 185,600.00 ZZ
360 185,508.70 4
13861 CEDAR STREET,A-D 9.500 1,560.63 80
9.250 1,560.63 232,500.00
WESTMINISTER CA 92683 1 05/21/97 00
0430255539 05 07/01/97 0
7451982 N 06/01/27
0
1573461 687/G02 F 81,050.00 ZZ
360 81,009.07 2
2609 ELIZABETH AVE 9.375 674.13 90
9.125 674.13 90,100.00
ZION IL 60099 3 06/03/97 12
0430263095 05 07/01/97 25
NG N 06/01/27
0
1
1573486 225/225 F 42,400.00 ZZ
360 42,377.43 1
1640 NORTH PRAIRIE AVENUE 9.125 344.99 80
8.875 344.99 53,000.00
CREST HILL IL 60435 1 05/14/97 00
8046027 07 07/01/97 0
8046027 O 06/01/27
0
1573494 638/G02 F 240,000.00 ZZ
360 240,000.00 1
43A ATWOOD STREET 9.375 1,996.20 80
9.125 1,996.20 300,000.00
WELLESLEY MA 02181 1 06/06/97 00
0430260638 05 08/01/97 0
8639013 O 07/01/27
0
1573532 225/225 F 48,600.00 ZZ
360 48,570.55 1
536 53RD STREET SW 8.500 373.70 65
8.250 373.70 75,000.00
ALBUQUERQUE NM 87105 2 05/06/97 00
8046152 05 07/01/97 0
8046152 N 06/01/27
0
1573668 B75/G02 F 220,000.00 ZZ
360 219,672.79 1
1325 WEST MORNINGSIDE DRIVE 9.500 1,849.88 80
9.250 1,849.88 275,000.00
BURBANK CA 91506 1 03/25/97 10
0430257683 05 05/01/97 12
2807543 N 04/01/27
0
1573746 225/225 F 350,000.00 ZZ
360 349,813.74 1
5211 EAST ARROYO ROAD 9.125 2,847.72 39
8.875 2,847.72 910,000.00
PARADISE VALLEY AZ 85253 5 05/05/97 00
8047054 05 07/01/97 0
8047054 O 06/01/27
0
1573749 001/G02 F 61,200.00 T
360 61,168.27 1
131 PARK DRIVE 9.250 503.48 90
UNIT 131-37 9.000 503.48 68,000.00
1
BOSTON MA 02215 1 05/09/97 23
0430255604 08 07/01/97 0
1514861 O 06/01/27
0
1573761 180/G02 F 528,000.00 T
360 527,719.02 1
1934-B VERMONT ROAD 9.125 4,295.98 80
8.875 4,295.98 660,000.00
VAIL CO 81657 2 05/27/97 23
0430266643 05 07/01/97 0
4818647 O 06/01/27
0
1573903 883/G02 F 140,000.00 T
360 139,915.19 1
12239 COUNTY ROAD 8.500 1,076.48 63
8.250 1,076.48 225,000.00
FAIRHOPE AL 36532 5 05/22/97 00
0430260604 05 07/01/97 0
34767 O 06/01/27
0
1573906 225/225 F 46,431.00 ZZ
360 46,406.93 1
5308 A & B LACASSINE DRIVE 9.250 381.98 90
9.000 381.98 51,590.00
ALEXANDRIA LA 71301 1 05/21/97 14
8042464 05 07/01/97 25
8042464 N 06/01/27
0
1573938 737/G02 F 69,700.00 ZZ
360 69,621.57 1
9654 WEST CHATFIELD AVENUE 8.875 554.56 85
#B 8.625 554.56 82,000.00
LITTLETON CO 80123 1 04/14/97 10
0430261966 05 06/01/97 12
573358 N 05/01/27
0
1573943 737/G02 F 65,000.00 ZZ
360 64,934.09 1
1808 EAST SANDRA TERRACE 9.375 540.64 85
9.125 540.64 76,500.00
PHOENIX AZ 85022 1 04/11/97 10
0430215517 05 06/01/97 25
512742 N 05/01/27
0
1
1573977 F03/G02 F 36,000.00 T
360 35,983.20 1
89 MARMOT DRIVE UNIT 8 9.750 309.30 75
9.500 309.30 48,000.00
RED FEATHER LAK CO 80545 1 05/05/97 00
0430227173 20 07/01/97 0
DEN10744 O 06/01/27
0
1574001 225/225 F 29,600.00 ZZ
360 29,584.65 4
3124-26 TEXAS 9.250 243.52 80
9.000 243.52 37,000.00
ST LOUIS MO 63118 1 05/13/97 00
8046994 05 07/01/97 0
8046994 N 06/01/27
0
1574003 225/225 F 44,000.00 ZZ
360 43,977.19 1
1245 ATCHESON STREET 9.250 361.98 85
9.000 361.98 52,000.00
COLUMBUS OH 43203 1 05/16/97 04
804676900 05 07/01/97 20
804676900 N 06/01/27
0
1574107 225/225 F 85,500.00 ZZ
360 85,457.95 3
614 PEAR STREET 9.500 718.93 90
9.250 718.93 95,000.00
VINELAND NJ 08360 1 05/13/97 04
08043824 05 07/01/97 25
08043824 N 06/01/27
0
1574201 227/G02 F 324,000.00 ZZ
360 323,291.99 1
40213 DOE RUN LANE 7.625 2,293.26 80
7.375 2,293.26 407,000.00
PAEONIAN SPRING VA 22139 1 03/26/97 00
0430253104 05 05/01/97 0
1703780 O 04/01/27
0
1574245 180/G02 F 164,700.00 ZZ
360 164,610.04 1
1
2612 A JEFFERSON AVENUE 9.000 1,325.21 90
8.750 1,325.21 183,000.00
AUSTIN TX 78703 1 05/02/97 10
0430263657 01 07/01/97 25
4320198 N 06/01/27
0
1574257 225/225 F 420,000.00 ZZ
360 420,000.00 1
15 BONWIT ROAD 8.375 3,192.31 80
8.125 3,192.31 525,000.00
RYEBROOK NY 10573 1 06/03/97 00
8047297 05 08/01/97 0
8047297 O 07/01/27
0
1574328 A33/G02 F 34,650.00 ZZ
360 34,650.00 1
1815 CADILLAC 9.500 291.36 90
9.250 291.36 38,500.00
FLINT MI 48504 1 06/11/97 10
0430265348 05 08/01/97 25
004037820 N 07/01/27
0
1574338 225/225 F 86,900.00 ZZ
360 86,852.53 1
494 DALGREEN PLACE 9.000 699.22 74
8.750 699.22 118,384.00
HENDERSON NV 89012 1 05/05/97 00
8047278 09 07/01/97 0
8047278 O 06/01/27
0
1574571 638/G02 F 88,200.00 ZZ
360 88,200.00 3
8 CARY STREET 9.375 733.60 90
9.125 733.60 98,000.00
BROCKTON MA 02402 1 06/13/97 14
0430279372 05 08/01/97 25
08640037 N 07/01/27
0
1574577 G35/G02 F 148,000.00 ZZ
360 147,921.24 1
822 WENWOOD DRIVE 9.125 1,204.18 80
8.875 1,204.18 185,000.00
EAST MEADOW NY 11554 1 05/23/97 00
0430282483 05 07/01/97 0
1
UNKNOWN O 06/01/27
0
1575451 129/G02 F 71,200.00 ZZ
360 71,164.04 1
22628 LINCOLN 9.375 592.21 80
9.125 592.21 89,000.00
ST CLAIR SHORES MI 48082 5 05/21/97 00
0430261610 05 07/01/97 0
3060066929 O 06/01/27
0
1575477 225/225 F 60,750.00 ZZ
360 60,719.32 1
3803-108 CHIMNEY RIDGE PLACE 9.375 505.29 90
9.125 505.29 67,500.00
DURHAM NC 27713 1 05/16/97 10
8045320 01 07/01/97 25
8045320 N 06/01/27
0
1575478 B43/G02 F 93,000.00 ZZ
360 92,943.66 1
2600 SOUTH OAKHURST 8.500 715.09 76
UNIT #23 8.250 715.09 123,000.00
GLENWOOD SPRING CO 81601 1 05/27/97 00
0430260554 09 07/01/97 0
1575478 O 06/01/27
0
1575485 747/G02 F 76,500.00 ZZ
360 76,462.38 2
616-618 6TH AVENUE 9.500 643.25 90
9.250 643.25 85,000.00
MARCO ISLAND FL 34135 1 05/09/97 01
0430257675 05 07/01/97 25
173969 N 06/01/27
0
1575532 637/G02 F 186,300.00 ZZ
360 186,192.81 1
12 CANTERBURY LANE 8.750 1,465.63 90
8.500 1,465.63 207,000.00
NEW MILFOR NJ 07646 1 05/19/97 01
0430254938 01 07/01/97 30
9680364 O 06/01/27
0
1
1575631 074/G02 F 50,000.00 ZZ
360 49,734.75 3
15923,15925&15925 1/2,VANOWEN 9.000 402.32 39
STREET 8.750 402.32 130,000.00
VAN NUYS CA 91406 1 04/02/97 00
0430213264 05 06/01/97 0
1596026888 N 05/01/27
0
1575958 225/225 F 107,100.00 ZZ
360 107,048.69 2
222 224 BENNETT STREET 9.625 910.34 90
9.375 910.34 119,000.00
BRIDGEPORT CT 06604 1 05/22/97 04
804614600 05 07/01/97 25
804614600 N 06/01/27
0
1576123 253/253 F 70,000.00 ZZ
360 70,000.00 1
25485 ROUTT COUNTY ROAD 56 8.500 538.24 24
8.250 538.24 295,000.00
STEAMBOAT SPRIN CO 80477 5 06/09/97 00
328448 05 08/01/97 0
328448 O 07/01/27
0
1576124 766/G02 F 39,500.00 ZZ
360 39,456.68 4
3110 NW 19 AVENUE 9.000 317.83 72
8.750 317.83 55,000.00
MIAMI FL 33142 1 04/23/97 00
0430285213 09 06/01/97 0
97SG0131 N 05/01/27
0
1576164 001/G02 F 43,400.00 ZZ
360 43,374.37 1
62-66 QUEENSBERRY STREET 8.625 337.57 70
UNIT 3 15 8.375 337.57 62,000.00
BOSTON MA 02215 1 05/13/97 00
0430255752 01 07/01/97 0
1514805 N 06/01/27
0
1576333 B43/G02 F 291,200.00 ZZ
360 291,045.03 1
197 ELK MOUNTAIN DRIVE 9.125 2,369.30 80
8.875 2,369.30 364,000.00
1
REDSTONE CO 81623 1 05/13/97 00
0430252619 05 07/01/97 0
1576333 O 06/01/27
0
1576342 637/G02 F 83,925.00 ZZ
360 83,925.00 4
4843 PENN GROVE 8.750 660.24 90
8.500 660.24 93,250.00
LAKE WORTH FL 33461 3 06/03/97 01
0430279976 05 08/01/97 25
9844366 N 07/01/27
0
1576344 286/286 F 183,000.00 ZZ
360 182,914.62 2
356 HOWLAND AVENUE 9.750 1,572.26 90
9.500 1,572.26 204,000.00
ENGLEWOOD NJ 07631 1 05/02/97 10
9171080 05 07/01/97 25
9171080 N 06/01/27
0
1576415 811/G02 F 52,000.00 T
360 51,974.43 1
15718 EAST WATERSIDE UNIT 106 9.500 437.24 80
9.250 437.24 65,000.00
FT LAUDERDALE FL 33321 1 05/16/97 00
0430251785 01 07/01/97 0
FM106148 O 06/01/27
0
1576422 377/377 F 35,000.00 ZZ
360 34,981.85 1
330 WALNUT STREET 9.250 287.94 75
9.000 287.94 46,750.00
ROCK HILL SC 29730 1 05/30/97 00
3659752 05 07/01/97 0
3659752 N 06/01/27
0
1576433 292/G02 F 127,000.00 ZZ
360 126,934.16 1
425 MIDLAND AVENUE 9.250 1,044.80 67
9.000 1,044.80 192,000.00
LITTLE ROCK AR 72205 1 05/29/97 00
0430252544 05 07/01/97 0
1278045 O 06/01/27
0
1
1576534 369/G02 F 57,600.00 ZZ
360 57,472.00 1
77 SOUTH FIFTH AVENUE 9.625 489.60 90
9.375 489.60 64,000.00
COATESVILLE PA 19320 1 03/12/97 01
0430220293 05 05/01/97 25
60399656 N 04/01/27
0
1576536 369/G02 F 63,000.00 ZZ
360 62,794.97 1
1200 NOLEN ROAD 9.125 512.59 74
8.875 512.59 86,000.00
ABINGTON PA 19001 1 12/09/96 01
0430220178 05 02/01/97 30
60305125 N 01/01/27
0
1576647 757/757 F 75,000.00 ZZ
360 74,959.03 1
5488 5TH STREET 9.000 603.47 69
8.750 603.47 109,000.00
ST AUGUSTINE FL 32084 1 05/27/97 00
8900559 05 07/01/97 0
8900559 O 06/01/27
0
1576653 F78/G02 F 40,100.00 ZZ
360 40,056.04 1
3858 GOPHER STREET 9.000 322.65 75
8.750 322.65 53,500.00
SARASOTA FL 34232 1 04/25/97 00
0430253153 05 06/01/97 0
UNKNOWN N 05/01/27
0
1576659 E20/G02 F 116,000.00 ZZ
360 115,939.86 1
9175 GULLATT ROAD 9.250 954.31 80
9.000 954.31 145,000.00
PALMETTO GA 30268 5 05/14/97 00
0430251835 05 07/01/97 0
UNKNOWN O 06/01/27
0
1576709 A38/G02 F 64,000.00 ZZ
360 63,965.94 1
1
9804 ELOICE ROAD 9.125 520.73 80
8.875 520.73 80,000.00
EL PASO TX 79924 1 05/20/97 00
0430263913 05 07/01/97 0
1910037 O 06/01/27
0
1576711 G51/G02 F 157,600.00 ZZ
360 157,513.91 1
2388 ALBION STREET 9.000 1,268.09 80
8.750 1,268.09 197,500.00
DENVER CO 80207 1 05/15/97 00
0430230805 05 07/01/97 0
UNKNOWN O 06/01/27
0
1576713 140/G02 F 107,200.00 ZZ
360 107,141.44 1
1209 SOUTH IDAHO STREET 9.000 862.56 68
8.750 862.56 159,000.00
APACHE JUNCTION AZ 85219 1 05/23/97 00
0430259317 05 07/01/97 0
433416 O 06/01/27
0
1576761 E67/G02 F 121,500.00 T
360 121,424.48 1
65465 CLINE FALLS ROAD 8.375 923.49 90
8.125 923.49 135,000.00
BEND OR 97701 1 05/09/97 01
0430231829 27 07/01/97 25
6219 O 06/01/27
0
1576784 B75/G02 F 178,000.00 ZZ
360 177,819.53 4
7101 N 8TH STREET 9.375 1,480.51 85
9.125 1,480.51 210,000.00
MCALLEN TX 78504 4 04/09/97 01
0430258301 05 06/01/97 25
2809697 N 05/01/27
0
1576786 B75/G02 F 139,500.00 ZZ
360 139,343.02 4
2704 N SALEM STREET 8.875 1,109.92 90
8.625 1,109.92 155,000.00
MESA AZ 85215 1 04/14/97 11
0430220772 05 06/01/97 25
1
2887958 O 05/01/27
0
1576794 H05/H05 F 161,500.00 ZZ
360 161,409.46 1
6411 BANNOCK ROAD 8.875 1,284.97 85
8.625 1,284.97 190,000.00
WESTMINSTER CA 92683 2 05/28/97 10
1500107040020 05 07/01/97 20
1500107040020 N 06/01/27
0
1576795 E83/E83 F 73,500.00 ZZ
360 73,458.79 1
11 SELENA COURT 8.875 584.80 60
8.500 584.80 123,500.00
WALDEN NY 12586 1 05/28/97 00
97040027 05 07/01/97 0
97040027 O 06/01/27
0
1576822 883/G02 F 66,200.00 T
360 66,168.29 1
1399 LEMON STREET 9.625 562.69 80
9.375 562.69 82,800.00
CLEARWATER FL 34616 1 05/28/97 00
0430264648 05 07/01/97 0
UNKNOWN O 06/01/27
0
1576823 F03/G02 F 190,000.00 ZZ
360 189,890.68 1
16138 EAST PRENTICE PLACE 8.750 1,494.74 80
8.500 1,494.74 237,500.00
AURORA CO 80015 1 05/22/97 00
0430259150 05 07/01/97 0
DEN10890 O 06/01/27
0
1576839 638/G02 F 337,500.00 ZZ
360 337,500.00 1
22322 LASSEN STREET 9.500 2,837.88 75
9.250 2,837.88 450,000.00
CHATSWORTH CA 91311 2 06/09/97 00
0430279687 05 08/01/97 0
08638722 N 07/01/27
0
1
1576913 A78/G02 F 105,000.00 ZZ
360 104,878.73 1
3142 EASTWOOD COURT 8.750 826.04 75
8.500 826.04 140,000.00
BOULDER CO 80304 1 04/23/97 00
0430251918 07 06/01/97 0
010051738 O 05/01/27
0
1576965 E83/E83 F 177,600.00 ZZ
240 177,316.75 1
2 TREELINE DRIVE 8.500 1,541.25 80
8.250 1,541.25 222,000.00
WAPPINGERS FALL NY 12590 1 05/28/97 00
97020034 05 07/01/97 0
97020034 O 06/01/17
0
1576966 E53/G02 F 84,000.00 ZZ
360 83,954.12 1
9775 SW 53RD TER 9.000 675.88 64
8.750 675.88 133,000.00
MIAMI FL 33165 5 05/28/97 00
0430256479 05 07/01/97 0
11108415 O 06/01/27
0
1576973 E46/G02 F 130,500.00 ZZ
360 130,500.00 2
73 ROSEDALE AVENUE 9.625 1,109.24 90
9.375 1,109.24 145,000.00
ELMWOOD PARK NJ 07407 1 06/05/97 04
0430252205 05 08/01/97 25
25140 N 07/01/27
0
1576991 G81/G02 F 95,200.00 ZZ
360 95,146.63 1
1200 WEST 61 PLACE 8.875 757.45 80
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HIALEAH FL 33012 1 05/13/97 00
0430257980 05 07/01/97 0
021704093 O 06/01/27
0
1577030 B75/G02 F 38,400.00 ZZ
360 38,379.02 1
1913 S OCEAN DRIVE 9.000 308.98 80
#322 8.750 308.98 48,000.00
1
HALLANDALE FL 33009 1 05/16/97 00
0430259606 01 07/01/97 0
2867810 O 06/01/27
0
1577043 965/G02 F 57,200.00 ZZ
360 57,147.80 1
3537 WEST LIBBY STREET 9.875 496.70 65
9.625 496.70 88,000.00
GLENDALES AZ 85308 5 04/29/97 00
0430258038 05 06/01/97 0
194251 N 05/01/27
0
1577086 001/G02 F 165,000.00 ZZ
360 164,894.79 4
241-43 SOUTH STREET 8.250 1,239.59 63
8.000 1,239.59 266,000.00
HINGHAM MA 02043 5 05/28/97 00
0430252551 07 07/01/97 0
1514961 N 06/01/27
0
1577090 992/G02 F 119,900.00 ZZ
360 119,834.50 1
345 CLARK ROAD 9.000 964.75 75
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SOUTHOLD NY 11971 1 05/27/97 00
0430251520 05 07/01/97 0
323246 N 06/01/27
0
1577131 377/377 F 54,000.00 ZZ
360 53,940.78 1
4130 COLERAIN AVENUE 9.000 434.50 90
8.750 434.50 60,000.00
CINCINNATI OH 45239 1 04/25/97 10
6492045 05 06/01/97 25
6492045 N 05/01/27
0
1577139 F27/G02 F 99,000.00 ZZ
360 98,943.04 1
1600 MULBERRY AVENUE 8.750 778.84 90
8.500 778.84 110,000.00
CHARLOTTESVILLE VA 22903 1 05/30/97 12
0430285783 05 07/01/97 25
6262166 N 06/01/27
0
1
1577150 253/253 F 93,750.00 ZZ
360 93,750.00 1
1844B OLD HIGHWAY 66 8.250 704.32 75
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EDGEWOOD NM 87015 2 06/11/97 00
328948 05 08/01/97 0
328948 O 07/01/27
0
1577152 H13/H13 F 47,200.00 T
360 46,504.50 1
335 FERNWOOD 9.500 396.88 80
9.250 396.88 59,000.00
WILLIAMSTOWN KY 41097 1 04/28/95 00
10118786 05 06/01/95 0
10118786 O 05/01/25
0
1577239 687/G02 F 156,750.00 ZZ
360 156,657.45 1
18803 HIGHWOOD ESTATES DRIVE 8.625 1,219.19 75
8.375 1,219.19 209,000.00
PACIFIC MO 63069 1 05/30/97 00
0430257584 05 07/01/97 0
NG O 06/01/27
0
1577296 140/G02 F 39,600.00 ZZ
360 39,600.00 1
104 WHITNEY AVENUE 9.250 325.78 90
9.000 325.78 44,000.00
HUNTSVILLE AL 35810 2 06/03/97 10
0430260539 05 08/01/97 25
426047 N 07/01/27
0
1577321 828/G02 F 43,200.00 ZZ
360 43,178.75 1
3622 ELVA AVENUE 9.500 363.25 90
9.250 363.25 48,000.00
DALLAS TX 75227 1 05/30/97 10
0430261081 05 07/01/97 25
75010008 N 06/01/27
0
1577325 B26/G02 F 272,000.00 ZZ
360 272,000.00 2
1
35 BAY 7TH STREET 8.750 2,139.83 80
8.500 2,139.83 340,000.00
BROOKLYN NY 11228 5 06/03/97 00
0430261008 05 08/01/97 0
1311012097R O 07/01/27
0
1577367 737/G02 F 55,250.00 ZZ
360 55,189.43 1
13500 EAST CORNELL AVENUE #203 9.000 444.55 65
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AURORA CO 80014 2 04/25/97 00
0430252734 01 06/01/97 0
573475 N 05/01/27
0
1577509 638/G02 F 98,900.00 ZZ
360 98,844.56 1
1113 DURBAN COURT 8.875 786.89 75
8.625 786.89 131,890.00
NORTH LAS VEGAS NV 89030 1 05/29/97 00
0430253401 03 07/01/97 0
08638917 O 06/01/27
0
1577511 687/G02 F 28,800.00 ZZ
360 28,785.83 1
340 WESTFIELD STREET 9.500 242.17 69
9.250 242.17 42,000.00
ROCHESTER NY 14619 1 05/23/97 00
0430258442 05 07/01/97 0
NG N 06/01/27
0
1577517 369/G02 F 239,200.00 ZZ
360 239,062.38 1
4926A LAUDERDALE AVE 8.750 1,881.79 80
8.500 1,881.79 299,000.00
VIRGINIA BEACH VA 23455 1 05/13/97 00
0430281568 01 07/01/97 0
60092368 O 06/01/27
0
1577543 069/G02 F 152,000.00 ZZ
360 151,900.57 1
1804 EAST 219TH STREET 8.125 1,128.60 80
7.875 1,128.60 190,000.00
CARSON CA 90745 2 05/28/97 00
0430258541 05 07/01/97 0
1
2178317 O 06/01/27
0
1577625 593/593 F 87,000.00 ZZ
360 86,896.89 1
824 DAKOTA STREET SOUTHEAST 8.625 676.68 80
8.375 676.68 109,000.00
ALBUQUERQUE NM 87108 1 04/16/97 00
6785927 05 06/01/97 0
6785927 O 05/01/27
0
1577700 882/G02 F 36,000.00 ZZ
360 36,000.00 1
2000 BIARRITZ DRIVE 9.250 296.16 90
#304 9.000 296.16 40,000.00
MIAMI BEACH FL 33141 1 06/17/97 10
0430280495 05 08/01/97 30
975104 N 07/01/27
0
1577707 G88/G02 F 93,600.00 ZZ
360 93,551.47 1
53 SUMMIT STREET 9.250 770.03 80
9.000 770.03 117,000.00
PORTLAND ME 04103 1 05/27/97 00
0430257360 05 07/01/97 0
09703034 O 06/01/27
0
1577713 561/G02 F 81,000.00 ZZ
360 80,924.11 1
9260 E 82ND STREET 9.750 695.92 90
9.500 695.92 90,000.00
INDIANAPOLIS IN 46256 1 04/25/97 10
0430221523 05 06/01/97 25
9027657 N 05/01/27
0
1577741 144/144 F 146,000.00 ZZ
360 146,000.00 1
30 JACOBS ROAD 8.250 1,096.85 80
8.000 1,096.85 182,500.00
T/HAVERSTRAW NY 10984 1 06/25/97 00
111564189 05 08/01/97 0
111564189 O 07/01/27
0
1
1577744 561/G02 F 300,000.00 ZZ
360 299,827.39 1
18 VISTA VIEW COURT 8.750 2,360.11 75
8.500 2,360.11 400,000.00
KINGSVILLE MD 21087 5 05/21/97 00
0430263459 05 07/01/97 0
9045543 O 06/01/27
0
1577747 705/G02 F 148,500.00 ZZ
360 148,500.00 3
2511 CLARENDON ROAD 9.000 1,194.86 90
8.750 1,194.86 165,000.00
BROOKLYN NY 11226 1 06/26/97 01
0430284299 05 08/01/97 25
97300004 O 07/01/27
0
1577789 180/G02 F 495,000.00 T
360 494,736.58 1
1934 A VERMONT ROAD 9.125 4,027.48 75
8.875 4,027.48 660,000.00
VAIL CO 81657 2 05/27/97 00
0430265058 05 07/01/97 0
4818639 O 06/01/27
0
1577795 129/G02 F 44,100.00 ZZ
360 44,036.10 1
4257 CLEVELAND AVENUE 9.625 374.85 90
9.375 374.85 49,000.00
DAYTON OH 45410 1 03/05/97 01
0430255505 05 05/01/97 25
3800021887 N 04/01/27
0
1577796 225/225 F 92,800.00 ZZ
360 92,740.82 1
2421 R 75 ROAD 8.250 697.18 80
8.000 697.18 116,000.00
CERAREDGE CO 81413 5 05/20/97 04
8045614 05 07/01/97 12
8045614 O 06/01/27
0
1577828 229/G02 F 189,000.00 ZZ
360 188,904.55 1
3518 MOBERLY 9.375 1,572.01 90
9.125 1,572.01 210,000.00
1
COMMERCE MI 48382 3 05/28/97 10
0430254425 05 07/01/97 30
7475783 N 06/01/27
0
1577874 E53/G02 F 83,995.00 T
360 83,947.91 1
3025 STILLWATER DRIVE 8.875 668.30 80
8.625 668.30 105,000.00
KISSIMMEE FL 34743 1 06/02/97 00
0430259242 03 07/01/97 0
0011401029 O 06/01/27
0
1577900 F03/G02 F 577,500.00 ZZ
360 577,200.61 1
124 SOUTH MARTIN STREET 9.250 4,750.95 75
9.000 4,750.95 770,000.00
ANAHEIM CA 92808 1 05/16/97 00
0430259549 05 07/01/97 0
LAG10309 O 06/01/27
0
1577908 B75/G02 F 136,200.00 ZZ
360 136,129.39 2
3426 NORTH CLAREMONT AVENUE 9.250 1,120.48 90
9.000 1,120.48 151,350.00
CHICAGO IL 60618 1 05/27/97 04
0430262667 05 07/01/97 25
2867794 N 06/01/27
0
1577926 608/G02 F 88,500.00 ZZ
360 88,449.08 2
203 N HARVARD AVENUE 8.750 696.23 75
8.500 696.23 118,000.00
VENTNOR NJ 08406 1 05/15/97 00
0430253187 05 07/01/97 0
96379 N 06/01/27
0
1577962 G60/G02 F 50,850.00 ZZ
360 50,825.64 2
6336 GARDENIA STREET 9.625 432.22 90
9.375 432.22 56,500.00
PHILADELPHIA PA 19144 1 05/27/97 01
0430253682 07 07/01/97 25
1008521 N 06/01/27
0
1
1578010 F34/G02 F 376,000.00 ZZ
360 375,480.78 1
5812 MADAKET ROAD 7.875 2,726.26 80
7.625 2,726.26 470,000.00
BETHESDA MD 20816 1 04/18/97 00
0430234658 03 06/01/97 0
102814 O 05/01/27
0
1578052 E22/G02 F 296,000.00 ZZ
360 295,675.43 1
27 WATERS EDGE 9.000 2,381.68 80
8.750 2,381.68 370,000.00
SPARTA NJ 07871 2 04/25/97 00
0410376974 05 06/01/97 0
410376974 O 05/01/27
0
1578092 568/G02 F 67,500.00 ZZ
360 67,461.17 3
41933 A, B & C DRIVE 8.750 531.02 90
8.500 531.02 75,000.00
HEMET CA 92544 1 05/23/97 12
0430262352 05 07/01/97 25
808662A O 06/01/27
0
1578095 E91/G02 F 239,200.00 ZZ
360 239,055.09 4
1208 EMERYWOOD COURT 8.500 1,839.24 75
8.250 1,839.24 318,950.00
LAS VEGAS NV 89128 1 05/14/97 00
0430234617 05 07/01/97 0
1578095 N 06/01/27
0
1578098 637/G02 F 60,000.00 ZZ
360 59,965.48 1
3246 TROUT RIVER BLVD 8.750 472.02 67
8.500 472.02 90,000.00
JACKSONVILLE FL 32208 1 05/23/97 00
0430250829 05 07/01/97 0
9858796 O 06/01/27
0
1578131 180/G02 F 112,000.00 ZZ
360 111,937.21 1
1
1005 WILSON ROAD 8.875 891.12 80
8.625 891.12 140,000.00
LANCASTER TX 75146 1 05/16/97 00
0430253849 05 07/01/97 0
3956844 O 06/01/27
0
1578136 225/225 F 70,400.00 ZZ
360 70,360.53 1
3002 OLD GATE ROAD 8.875 560.14 80
8.625 560.14 88,000.00
MOREHEAD CITY NC 28557 1 06/02/97 00
8047983 05 07/01/97 0
8047983 O 06/01/27
0
1578139 225/225 F 22,500.00 ZZ
360 22,488.02 1
1518 MCCONNELL ROAD 9.125 183.07 90
8.875 183.07 25,000.00
GREENSBORO NC 27406 1 05/27/97 10
8045398 05 07/01/97 25
8045398 N 06/01/27
0
1578148 405/405 F 135,800.00 ZZ
360 135,639.07 1
532 SOUTH ALFRED STREET 8.625 1,056.24 85
8.375 1,056.24 159,800.00
ALEXANDRIA VA 22314 1 04/25/97 04
4211991 09 06/01/97 12
4211991 N 05/01/27
0
1579037 369/G02 F 63,000.00 ZZ
360 62,936.11 1
10909 YOGI BERRA DRIVE 9.375 524.01 90
9.125 524.01 70,000.00
EL PASO TX 79934 2 04/12/97 01
0430251959 05 06/01/97 25
60121589 N 05/01/27
0
1579041 B75/G02 F 110,400.00 ZZ
360 110,272.50 1
407 NORTH NORTON AVENUE 8.750 868.52 80
8.500 868.52 138,000.00
LOS ANGELES CA 90004 1 04/10/97 00
0430262691 05 06/01/97 0
1
2888345 O 05/01/27
0
1579045 369/G02 F 93,000.00 ZZ
360 92,892.58 1
118 NORTH MARTINDALE AVE 8.750 731.64 75
8.500 731.64 124,000.00
VENTNOR NJ 08406 5 04/15/97 00
0430251579 05 06/01/97 0
60411220 O 05/01/27
0
1579051 369/G02 F 72,000.00 ZZ
360 71,928.88 2
3 CAROL COURT 9.500 605.42 90
9.250 605.42 80,000.00
BROOKSHIRE TX 77423 1 04/04/97 01
0430251595 05 06/01/97 25
60444494 N 05/01/27
0
1579054 H45/H45 F 150,000.00 ZZ
360 149,904.35 1
12 ADAMS LANE 8.250 1,126.90 67
8.000 1,126.90 226,000.00
SUFFERN NY 10901 2 05/30/97 00
900158808 05 07/01/97 0
900158808 O 06/01/27
0
1579133 638/G02 F 94,000.00 ZZ
360 93,945.92 4
481 MAE STREET #1 #4 8.750 739.50 80
8.500 739.50 117,500.00
CLIFTON CO 81520 1 05/29/97 00
0430255802 05 07/01/97 0
8641259 N 06/01/27
0
1579135 225/225 F 30,600.00 ZZ
360 30,584.54 2
4035 CONNECTICUT STREET 9.375 254.52 90
9.125 254.52 34,000.00
ST LOUIS MO 63116 1 05/30/97 10
8046369 05 07/01/97 25
8046369 N 06/01/27
0
1
1579154 624/G02 F 68,000.00 ZZ
360 67,964.75 1
13031 LINCOLN WAY, #109 9.250 559.42 85
9.000 559.42 80,000.00
AUBURN CA 95603 2 05/23/97 95
0430250662 01 07/01/97 0
88400170406 O 06/01/27
0
1579161 811/G02 F 52,000.00 T
360 51,970.09 1
16421 BLATT BOULEVARD 8.750 409.08 78
UNIT 104 8.500 409.08 67,000.00
FT LAUDERDALE FL 33326 1 05/14/97 23
0430279638 01 07/01/97 0
FM00105772 O 06/01/27
0
1579174 225/225 F 146,400.00 ZZ
360 146,317.92 1
1342 WEST SEASHORE DRIVE 8.875 1,164.83 80
8.625 1,164.83 183,000.00
GILBERT AZ 85233 1 05/21/97 00
8047374 03 07/01/97 0
8047374 O 06/01/27
0
1579201 180/G02 F 73,000.00 ZZ
360 72,958.00 1
4208 LEEDS AVENUE 8.750 574.29 78
8.500 574.29 94,000.00
BALTIMORE MD 21229 2 05/27/97 00
0430278804 05 07/01/97 0
4802252 N 06/01/27
0
1579206 229/G02 F 52,000.00 ZZ
360 51,973.74 1
3923 MARTHA STREET 9.375 432.51 80
9.125 432.51 65,000.00
OMAHA NE 68105 1 05/29/97 04
0430255976 05 07/01/97 12
7456692 N 06/01/27
0
1579208 140/G02 F 100,200.00 ZZ
360 100,140.84 1
15537 ROYAL OAK COURT 8.625 779.35 80
8.375 779.35 125,305.00
1
CLERMONT FL 34711 1 05/30/97 00
0430262261 05 07/01/97 0
435851 O 06/01/27
0
1579373 F03/G02 F 145,000.00 T
360 144,924.83 1
3311 JUNIPER DRIVE 9.250 1,192.88 63
9.000 1,192.88 231,000.00
MOAB UT 84532 5 05/16/97 00
0430251678 05 07/01/97 0
DEN10383 O 06/01/27
0
1579433 F03/G02 F 63,750.00 ZZ
360 63,715.18 1
310 E BROOKSIDE STREET 9.000 512.95 75
8.750 512.95 85,000.00
COLORADO SPRING CO 80906 5 05/29/97 00
0430259028 05 07/01/97 0
CSC10069 N 06/01/27
0
1579460 405/405 F 168,000.00 ZZ
240 167,764.01 2
2942 KINGSLAND AVENUE 9.500 1,565.99 70
9.250 1,565.99 240,000.00
BRONX NY 10469 5 05/30/97 00
4177754 05 07/01/97 0
4177754 N 06/01/17
0
1579475 E91/G02 F 239,175.00 ZZ
360 239,175.00 4
1308 EMERYWOOD COURT 8.750 1,881.59 75
8.500 1,881.59 318,925.00
LAS VEGAS NV 89128 1 06/03/97 00
0430260992 05 08/01/97 0
1579475 N 07/01/27
0
1579550 668/G02 F 158,000.00 ZZ
360 157,792.58 1
5355 SILVER POINT WAY 8.125 1,173.15 48
7.875 1,173.15 332,481.00
SAN JOSE CA 95138 1 04/21/97 00
0430258780 01 06/01/97 0
200618 O 05/01/27
0
1
1579589 225/225 F 44,000.00 ZZ
360 43,975.33 1
16 HARCOURT AVE 8.875 350.09 80
8.625 350.09 55,000.00
SOUTH KINGSTOWN RI 02879 1 05/23/97 00
8043938 05 07/01/97 0
8043938 N 06/01/27
0
1579607 225/225 F 55,800.00 ZZ
360 55,771.06 1
1551 GENESSEE AVENUE 9.250 459.06 90
9.000 459.06 62,000.00
COLUMBUS OH 43211 1 05/19/97 10
8048533 05 07/01/97 25
8048533 N 06/01/27
0
1579613 225/225 F 60,300.00 ZZ
360 60,270.34 3
5520-22 ARTS STREET 9.500 507.04 90
9.250 507.04 67,000.00
NEW ORLEANS LA 70122 1 05/27/97 10
8045247 05 07/01/97 25
8045247 N 06/01/27
0
1579634 229/G02 F 160,000.00 ZZ
360 159,900.55 3
1312 EAST HARVARD A, B, AND C 8.375 1,216.12 80
8.125 1,216.12 200,000.00
GLENDALE CA 91205 1 05/22/97 00
0430264861 05 07/01/97 0
7479694 O 06/01/27
0
1579687 E86/G02 F 46,710.00 ZZ
360 46,688.77 2
6 WASHINGTON AVENUE 9.875 405.61 90
9.625 405.61 51,900.00
TORRINGTON CT 06790 1 05/30/97 04
0430251652 05 07/01/97 25
17647 N 06/01/27
0
1579723 E22/G02 F 19,500.00 ZZ
360 19,481.72 1
1
10615 HAZLEHURST LANE 9.750 167.54 65
9.500 167.54 30,000.00
HOUSTON TX 77043 5 05/01/97 00
0410317473 09 06/01/97 0
410317473 N 05/01/27
0
1579761 003/G02 F 88,400.00 ZZ
360 88,354.17 2
5676 HERON COURT 9.250 727.25 85
9.000 727.25 104,000.00
NORCROSS GA 30071 1 05/06/97 12
0430252684 05 07/01/97 30
0003811239 N 06/01/27
0
1579802 A78/G02 F 123,750.00 ZZ
360 123,684.15 1
7195 WEST FREMONT PLACE 9.125 1,006.87 90
8.875 1,006.87 137,500.00
LITTLETON CO 80123 1 05/28/97 01
0430253823 05 07/01/97 25
060450882 N 06/01/27
0
1579809 811/G02 F 110,000.00 T
360 109,942.98 1
773 VISTA MEADOWS DRIVE 9.250 904.94 72
9.000 904.94 153,497.00
FORT LAUDERDALE FL 33327 1 05/16/97 00
0430279489 03 07/01/97 0
FM00104206 O 06/01/27
0
1579811 225/225 F 66,600.00 ZZ
360 66,564.56 1
1407 SHEPPARD LANE 9.125 541.88 90
8.875 541.88 74,000.00
WYLIE TX 75098 1 05/27/97 04
8048658 05 07/01/97 25
8048658 N 06/01/27
0
1579812 638/G02 F 46,800.00 ZZ
360 46,774.44 2
6435 VINE STREET 9.000 376.56 90
8.750 376.56 52,000.00
PHILADELPHIA PA 19151 1 05/30/97 04
0430252130 05 07/01/97 25
1
8642909 N 06/01/27
0
1579813 638/G02 F 106,500.00 ZZ
360 106,435.48 1
401 MCKEEVER LANE 8.500 818.89 83
8.250 818.89 128,500.00
NORTHAMPTON PA 18067 5 05/29/97 04
0430262592 05 07/01/97 12
08642856 O 06/01/27
0
1579822 624/G02 F 82,800.00 ZZ
360 82,758.19 1
30 OAKS PLACE 9.375 688.69 90
9.125 688.69 92,500.00
LAGO VISTA TX 78645 1 05/23/97 10
0430251496 05 07/01/97 35
82002670153 N 06/01/27
0
1579860 G52/G02 F 124,450.00 ZZ
360 124,302.52 1
7147 EAST NATAL AVENUE 8.625 967.96 80
8.375 967.96 155,577.00
MESA AZ 85208 1 04/16/97 00
0430227439 03 06/01/97 0
200891 O 05/01/27
0
1579872 E22/G02 F 68,300.00 ZZ
360 68,228.91 1
2701 NORTH 6TH STREET 9.250 561.89 95
9.000 561.89 71,900.00
ROGERS AR 72756 1 05/02/97 04
0410316509 05 06/01/97 30
410316509 O 05/01/27
0
1579971 180/G02 F 107,000.00 ZZ
360 106,940.01 1
1715 WOODSIDE COURT 8.875 851.34 75
8.625 851.34 142,750.00
KISSIMME FL 34744 1 05/29/97 00
0430262832 05 07/01/97 0
4953626 O 06/01/27
0
1
1580018 E46/G02 F 82,000.00 ZZ
360 82,000.00 1
1377 SHERIDAN AVENUE 8.750 645.09 74
8.500 645.09 111,000.00
VINELAND NJ 08360 2 06/03/97 00
0430253955 05 08/01/97 0
25106 O 07/01/27
0
1580105 918/G02 F 108,450.00 ZZ
360 108,450.00 2
86-25 77TH STREET 9.375 902.03 90
9.125 902.03 120,500.00
WOODHAVEN NY 11421 1 06/12/97 01
0430256941 05 08/01/97 25
30138 N 07/01/27
0
1580302 604/G02 F 75,000.00 ZZ
360 75,000.00 1
1050 SMETHWYCK PLACE 9.375 623.81 89
9.125 623.81 85,000.00
BENSALEM TOWNSH PA 19020 1 06/20/97 10
0430281915 05 08/01/97 25
54100771 N 07/01/27
0
1580348 E45/G02 F 59,500.00 ZZ
360 59,463.96 1
104 ANJUL COURT 8.500 457.50 48
8.250 457.50 124,000.00
WARNER ROBINS GA 31093 2 06/02/97 00
0430260943 05 07/01/97 0
32989 O 06/01/27
0
1580379 180/G02 F 40,500.00 ZZ
360 40,500.00 1
2800 SOUTH JEFFERSON STREET 9.125 329.52 90
8.875 329.52 45,000.00
MUNCIE IN 47302 1 06/02/97 12
0430264416 05 08/01/97 25
4969077 N 07/01/27
0
1580384 F30/G02 F 108,450.00 ZZ
360 108,395.24 2
1919 11TH AVENUE 9.375 902.03 90
9.125 902.03 120,500.00
1
GREELEY CO 80631 1 05/23/97 10
0430246959 05 07/01/97 30
300814 N 06/01/27
0
1580390 533/G02 F 80,000.00 T
360 79,958.52 1
421 SOUTH CLEMENTINE STREET 9.250 658.15 64
9.000 658.15 125,000.00
OCEANSIDE CA 92054 1 05/15/97 00
0430237081 05 07/01/97 0
2223493 O 06/01/27
0
1580391 E91/G02 F 207,300.00 ZZ
360 207,174.41 1
1101 EMERYWOOD COURT 8.500 1,593.96 65
8.250 1,593.96 319,000.00
LAS VEGAS NV 89128 1 05/23/97 00
0430262378 05 07/01/97 0
1580391 N 06/01/27
0
1580397 180/G02 F 74,700.00 ZZ
360 74,660.25 2
3622 WEST DICKENS AVENUE 9.125 607.78 90
8.875 607.78 83,000.00
CHICAGO IL 60647 1 05/29/97 10
0430258962 05 07/01/97 25
4969184 N 06/01/27
0
1580404 896/G02 F 126,700.00 ZZ
360 126,639.30 2
1170 ATLANTIC DRIVE NW 9.625 1,076.94 70
9.375 1,076.94 181,000.00
ATLANTA GA 30318 5 06/02/97 00
0430262014 05 07/01/97 0
UNKNOWN N 06/01/27
0
1580411 A26/G02 F 35,000.00 ZZ
360 35,000.00 1
330 KENNEDY DRIVE 8.750 275.35 67
8.500 275.35 52,500.00
SPRING VALLEY NY 10977 1 06/19/97 00
0430265363 01 08/01/97 0
8701 N 07/01/27
0
1
1580475 F03/G02 F 136,000.00 T
360 135,925.71 1
76340 HONEYSUCKLE DRIVE 9.000 1,094.29 80
8.750 1,094.29 170,000.00
PALM DESERT CA 92211 1 05/20/97 23
0430261933 01 07/01/97 0
SAN10036 O 06/01/27
0
1580491 G17/G02 F 75,000.00 ZZ
360 74,959.03 1
3180 CHICAGO STREET 9.000 603.47 37
8.750 603.47 203,000.00
SAN DIEGO CA 92117 5 05/19/97 00
0430251314 05 07/01/97 0
275905 N 06/01/27
0
1580505 E22/G02 F 73,800.00 ZZ
360 73,732.67 1
11485 KOTH DRIVE 9.875 640.84 90
9.625 640.84 82,000.00
LINDEN MI 48451 1 04/30/97 04
0410363550 05 06/01/97 25
410363550 N 05/01/27
0
1580523 201/G02 F 409,000.00 ZZ
360 408,787.96 1
HCO2 BOX 415L 9.250 3,364.75 70
9.000 3,364.75 585,000.00
CYPRESS SPRINGS TX 78654 2 05/28/97 00
0430258756 05 07/01/97 0
4200993337 O 06/01/27
0
1580527 E13/G02 F 80,750.00 ZZ
360 80,704.72 1
3660 PEACHTREE ROAD 8.875 642.49 95
#A-6 8.625 642.49 85,000.00
ATLANTA GA 30319 1 05/27/97 01
0430256982 01 07/01/97 30
203472 O 06/01/27
0
1580544 E86/G02 F 84,600.00 ZZ
360 84,600.00 1
1
80 BOUFFARD AVENUE 9.250 695.98 90
9.000 695.98 94,000.00
WATERBURY CT 06705 1 06/16/97 10
0430263673 05 08/01/97 30
17918 N 07/01/27
0
1580555 H29/G02 F 97,200.00 ZZ
360 97,149.60 3
23 FREDERICK STREET 9.250 799.65 90
9.000 799.65 108,000.00
PORTLAND ME 04101 1 05/30/97 01
0430263228 05 07/01/97 25
2365217197 N 06/01/27
0
1580563 225/225 F 150,000.00 ZZ
360 150,000.00 1
20 HOLLY BERRY LANE 8.875 1,193.47 89
8.625 1,193.47 170,000.00
HILTON HEAD ISL SC 29928 1 06/06/97 10
8047810 03 08/01/97 25
8047810 N 07/01/27
0
1580566 638/G02 F 57,600.00 ZZ
360 57,570.14 3
39-41 COLONIAL STREET 9.250 473.86 90
9.000 473.86 64,000.00
HARTFORD CT 06106 1 06/03/97 14
0430255612 05 07/01/97 25
08643169 N 06/01/27
0
1580568 638/G02 F 50,850.00 ZZ
360 50,850.00 1
172 SKILLINGS ST 9.500 427.57 90
9.250 427.57 56,500.00
SOUTH PORTLAND ME 04106 1 06/11/97 10
0430262758 05 08/01/97 25
564 N 07/01/27
0
1580569 638/G02 F 178,000.00 ZZ
360 177,897.59 1
12 OLD MAILCOACH ROAD 8.750 1,400.33 80
8.500 1,400.33 222,500.00
REDDING CT 06896 1 05/29/97 00
0430252080 05 07/01/97 0
1
08643175 O 06/01/27
0
1580572 638/G02 F 220,000.00 ZZ
360 219,882.93 1
35 MACADAM TERRACE 9.125 1,789.99 73
8.875 1,789.99 305,000.00
MILFORD CT 06460 2 05/30/97 00
0430261347 05 07/01/97 0
08634151 O 06/01/27
0
1580573 638/G02 F 50,400.00 ZZ
360 50,375.21 3
217 PROSPECT STREET 9.500 423.79 90
9.250 423.79 56,000.00
LAWRENCE MA 01843 1 06/05/97 14
0430261420 05 07/01/97 25
08643255 O 06/01/27
0
1580577 F41/G02 F 80,000.00 T
360 79,952.77 1
1741 BEACH PARKWAY #209 8.625 622.23 80
8.375 622.23 100,000.00
CAPE CORAL FL 33904 1 05/23/97 00
0430257790 01 07/01/97 0
52217 O 06/01/27
0
1580859 964/G02 F 260,000.00 ZZ
360 260,000.00 1
20332 BRENTSTONE LANE 8.500 1,999.18 80
8.250 1,999.18 327,000.00
HUNTINGTON BEAC CA 92646 1 06/04/97 00
0430259556 03 08/01/97 0
24841 O 07/01/27
0
1580861 964/G02 F 78,750.00 ZZ
360 78,706.99 1
2811 WEST LANTANA STREET 9.000 633.64 75
8.750 633.64 105,000.00
COMPTON CA 90220 1 05/30/97 00
0430253211 05 07/01/97 0
25199 N 06/01/27
0
1
1580888 638/G02 F 63,000.00 ZZ
360 62,965.59 3
270 AUBURN STREET 9.000 506.91 90
8.750 506.91 70,000.00
MANCHESTER NH 03103 1 05/30/97 14
0430255646 05 07/01/97 25
08641829 N 06/01/27
0
1580910 A33/G02 F 50,000.00 ZZ
360 50,000.00 1
26770 HOLLY HILL DR 8.625 388.89 33
8.375 388.89 152,000.00
FARMINGTON HILL MI 48334 5 05/29/97 00
0430252171 05 08/01/97 0
15039262 O 07/01/27
0
1580918 638/G02 F 69,300.00 ZZ
360 69,300.00 1
3965 ARTHUR TERRACE COURT 9.375 576.40 90
9.125 576.40 77,000.00
MARKHAM IL 60426 1 06/06/97 10
0430278572 05 08/01/97 25
8638104 N 07/01/27
0
1580924 747/G02 F 300,000.00 T
360 300,000.00 1
25170 PENNYROYAL DRIVE 9.000 2,413.87 75
8.750 2,413.87 400,000.00
BONITA SPRINGS FL 34134 1 06/02/97 00
0430253120 03 08/01/97 0
174014 O 07/01/27
0
1580989 698/G02 F 176,250.00 ZZ
360 176,148.60 1
22426 ESTALLENS 8.750 1,386.56 75
8.500 1,386.56 235,000.00
MISSION VIEJO CA 92692 5 05/07/97 00
0430259515 01 07/01/97 0
10803123 O 06/01/27
0
1581024 229/G02 F 57,700.00 ZZ
360 57,667.65 1
1153 41ST STREET 8.875 459.09 80
8.625 459.09 72,200.00
1
CAPE CORAL FL 33914 1 05/23/97 00
0430252320 05 07/01/97 0
7477748 O 06/01/27
0
1581267 E22/G02 F 49,500.00 ZZ
360 49,453.63 2
1113 HARKER STREET 9.750 425.28 90
9.500 425.28 55,000.00
PORT HURON MI 48060 1 05/05/97 04
0410366470 05 06/01/97 25
410366470 N 05/01/27
0
1581291 A78/G02 F 280,000.00 ZZ
360 279,851.00 1
1019 11TH STREET 9.125 2,278.17 69
8.875 2,278.17 408,000.00
BOULDER CO 80302 5 05/22/97 00
0430251983 05 07/01/97 0
10051979 O 06/01/27
0
1581297 G21/G02 F 153,000.00 ZZ
360 152,914.22 2
339 AND 341 SOUTH PARKER 8.875 1,217.34 90
STREET 8.625 1,217.34 170,000.00
ORANGE CA 92868 1 05/29/97 10
0430254086 05 07/01/97 25
9705002782 N 06/01/27
0
1581303 604/G02 F 70,320.00 ZZ
360 70,279.54 1
136 BRENTWOOD STREET 8.750 553.21 80
8.500 553.21 87,900.00
PORTLAND ME 04101 1 05/30/97 00
0430252346 05 07/01/97 0
32100344 O 06/01/27
0
1581544 G51/G02 F 221,500.00 ZZ
360 221,372.55 1
4700 N 95TH STREET 8.750 1,742.55 68
8.500 1,742.55 330,000.00
LAFAYETTE CO 80026 5 05/22/97 00
0430251124 05 07/01/97 0
00200854 O 06/01/27
0
1
1581560 816/G02 F 54,000.00 ZZ
360 53,973.44 1
1728 EAST PALM LANE 9.500 454.06 90
9.250 454.06 60,000.00
PHOENIX AZ 85006 1 05/28/97 04
0430251017 05 07/01/97 25
900204 N 06/01/27
0
1581570 D03/G02 F 275,000.00 ZZ
360 275,000.00 1
723 LAUREL AVENUE 8.250 2,065.98 60
8.000 2,065.98 460,000.00
MENLO PARK CA 94025 5 05/29/97 00
0430263467 05 08/01/97 0
25181 O 07/01/27
0
1581581 896/G02 F 130,000.00 ZZ
360 129,921.24 1
7020 HUNTERS KNOLL 8.500 999.59 47
8.250 999.59 280,000.00
ATLANTA GA 30328 5 05/30/97 00
0430262139 05 07/01/97 0
13409 N 06/01/27
0
1581584 180/G02 F 105,000.00 ZZ
360 105,000.00 4
4670-4676 SCHALL ROAD 9.000 844.85 70
8.750 844.85 150,000.00
WEST PALM BEACH FL 33417 5 06/06/97 00
0430278614 05 08/01/97 0
4953873 N 07/01/27
0
1581621 B24/G02 F 71,250.00 ZZ
360 71,214.95 3
176 WEBSTER AVENUE 9.500 599.11 72
9.250 599.11 100,000.00
YONKERS NY 10701 1 05/29/97 00
0430265298 05 07/01/97 0
1581621 N 06/01/27
0
1581655 074/G02 F 364,000.00 ZZ
360 363,630.92 4
1
351 6TH AVENUE 9.375 3,027.57 70
9.125 3,027.57 520,000.00
BROOKLYN NY 11215 5 04/18/97 00
0430239251 07 06/01/97 0
1111085214 N 05/01/27
0
1581691 074/G02 F 152,000.00 ZZ
360 151,810.38 1
2025 NE 198TH TERR 8.375 1,155.31 80
8.125 1,155.31 190,000.00
MIAMI FL 33179 1 04/28/97 00
0430239905 05 06/01/97 0
1302020528 O 05/01/27
0
1581783 074/G02 F 97,600.00 ZZ
360 97,489.32 3
906 WHITE PINE DRIVE 9.250 802.94 80
9.000 802.94 122,000.00
HENDERSONVILLE NC 28739 1 04/28/97 00
0430240929 07 06/01/97 0
1577071513 O 05/01/27
0
1581837 074/G02 F 33,300.00 ZZ
360 33,267.11 1
15738 FERGUSON 9.500 280.01 90
9.250 280.01 37,000.00
DETROIT MI 48219 1 04/25/97 10
0430241455 05 06/01/97 25
1581097907 N 05/01/27
0
1581859 074/G02 F 62,300.00 ZZ
360 62,233.43 1
602 STEVENSON AVENUE 9.125 506.90 70
8.875 506.90 89,000.00
SEBASTIAN FL 32958 1 04/30/97 00
0430241679 05 06/01/97 0
1590040649 O 05/01/27
0
1582018 074/G02 F 40,500.00 ZZ
360 40,461.03 2
90-92 LIVINGSTON STREET 9.625 344.25 90
9.375 344.25 45,000.00
SAUGERTIES NY 12477 1 04/24/97 14
0430238451 05 06/01/97 25
1
1111102459 N 05/01/27
0
1582019 074/G02 F 86,400.00 ZZ
360 86,305.27 3
555 W 30TH ST/3001 DENISON 9.000 695.19 90
8.750 695.19 96,000.00
LOS ANGELES CA 90731 1 04/24/97 10
0430238469 05 06/01/97 25
1234005850 N 05/01/27
0
1582029 074/G02 F 80,640.00 ZZ
360 80,551.57 2
2012 AND 2014 OCEAN STREET 9.000 648.85 84
8.750 648.85 96,000.00
OCEANO CA 93445 1 04/24/97 22
0430238592 07 06/01/97 20
1480002030 N 05/01/27
0
1582038 074/G02 F 62,100.00 ZZ
360 62,040.25 1
1401 WARREN LANE 9.625 527.85 90
9.375 527.85 69,000.00
FORT WORTH TX 76112 1 04/30/97 01
0430238683 05 06/01/97 25
1563152050 N 05/01/27
0
1582043 074/G02 F 120,500.00 ZZ
360 120,345.79 1
12444 SHROPSHIRE LANE 8.250 905.28 50
8.000 905.28 241,000.00
SAN DIEGO CA 92128 1 04/25/97 00
0430238741 03 06/01/97 0
1567188809 O 05/01/27
0
1582177 766/G02 F 113,400.00 ZZ
360 113,344.22 1
620 SW 13TH AVE 9.500 953.53 90
9.250 953.53 126,000.00
MIAMI FL 33135 1 05/13/97 04
0430263632 05 07/01/97 25
97OZ0273 N 06/01/27
0
1
1582179 E46/G02 F 81,000.00 ZZ
360 80,961.20 2
4819 WALNUT STREET 9.625 688.49 90
9.375 688.49 90,000.00
PHILADELPHIA PA 19139 1 05/29/97 01
0430251603 07 07/01/97 25
25238 N 06/01/27
0
1582184 480/G02 F 49,500.00 ZZ
360 49,453.63 1
2391 18TH AVENUE SW 9.750 425.28 90
9.500 425.28 55,000.00
LARGO FL 33774 1 04/30/97 12
0430236885 05 06/01/97 25
2058154 N 05/01/27
0
1582187 967/G02 F 112,000.00 ZZ
360 112,000.00 1
561 EVERETT LANE 9.250 921.40 59
9.000 921.40 193,000.00
CLARKDALE AZ 86324 2 06/03/97 00
0430259374 05 08/01/97 0
4213062 O 07/01/27
0
1582213 811/G02 F 64,800.00 T
360 64,764.60 1
7401 NW 16TH ST,#304A 9.000 521.40 80
8.750 521.40 81,000.00
PLANTATION FL 33313 1 05/27/97 00
0430282525 08 07/01/97 0
FM00105956 O 06/01/27
0
1582235 225/225 F 76,000.00 ZZ
360 75,958.48 1
16616 EAST PALISADES UNIT #109 9.000 611.52 80
8.750 611.52 95,000.00
FOUNTAIN HILLS AZ 85268 1 05/27/97 00
804894200 01 07/01/97 0
804894200 O 06/01/27
0
1582246 E22/G02 F 133,550.00 T
360 133,480.77 1
9400 SW 164TH COURT 9.250 1,098.68 80
9.000 1,098.68 166,990.00
1
MIAMI FL 33196 1 04/29/97 00
0410383699 03 07/01/97 0
410383699 O 06/01/27
0
1582272 180/G02 F 216,000.00 ZZ
360 216,000.00 1
8340 SOUTH KACHINA DRIVE 8.750 1,699.27 80
8.500 1,699.27 270,000.00
TEMPE AZ 85284 1 06/04/97 00
0430281253 05 08/01/97 0
4576468 O 07/01/27
0
1582286 405/405 F 101,200.00 ZZ
360 101,200.00 4
707 VASSAR COURT 9.500 850.95 80
9.250 850.95 126,500.00
COLLEGE STATION TX 77840 1 06/03/97 00
4214854 05 08/01/97 0
4214854 N 07/01/27
0
1582287 405/405 F 101,200.00 ZZ
360 101,200.00 4
705 VASSAR COURT 9.500 850.95 80
9.250 850.95 126,500.00
COLLEGE STATION TX 77840 1 06/03/97 01
4214839 05 08/01/97 12
4214839 N 07/01/27
0
1582289 405/405 F 35,750.00 ZZ
360 35,730.97 2
315 15TH STREET 9.125 290.88 65
8.875 290.88 55,000.00
PORT HURON MI 48060 5 06/02/97 00
4177788 05 07/01/97 0
4177788 N 06/01/27
0
1582291 405/405 F 52,000.00 ZZ
360 52,000.00 1
4205 NAGLE STREET 9.375 432.51 65
9.125 432.51 80,000.00
COLLEGE STATION TX 77840 5 06/03/97 00
4183315 05 08/01/97 0
4183315 N 07/01/27
0
1
1582293 405/405 F 36,400.00 ZZ
360 36,380.62 2
3825 MILITARY 9.125 296.17 70
8.875 296.17 52,000.00
PORT HURON MI 48060 5 06/02/97 00
4177770 05 07/01/97 0
4177770 N 06/01/27
0
1582303 637/G02 F 131,250.00 ZZ
360 131,109.77 1
420 AUTUMN COURT 9.125 1,067.90 75
8.875 1,067.90 175,000.00
SAN JOSE CA 95110 5 04/15/97 00
0430279778 05 06/01/97 0
9653924 O 05/01/27
0
1582311 129/G02 F 135,000.00 ZZ
360 134,866.65 3
6-R SACKVILLE ST 9.500 1,135.16 90
9.250 1,135.16 150,000.00
CHARLESTOWN MA 02129 1 04/15/97 01
0430253922 05 06/01/97 25
3900072822 N 05/01/27
0
1582318 480/G02 F 145,080.00 ZZ
360 145,002.79 1
462 SW 200 TERRACE 9.125 1,180.42 80
8.875 1,180.42 181,350.00
PEMBROKE PINES FL 33029 1 05/08/97 00
0430263236 03 07/01/97 0
1573815 O 06/01/27
0
1582323 G20/G02 F 56,000.00 ZZ
360 55,973.18 1
3216 ALTAWOOD COURT 9.625 475.99 70
9.375 475.99 80,000.00
SACRAMENTO CA 95827 5 05/05/97 00
0430258632 05 07/01/97 0
200453 N 06/01/27
0
1582373 638/G02 F 76,500.00 ZZ
360 76,500.00 3
1
845 CONGRESS STREET 9.500 643.25 90
9.250 643.25 85,000.00
PORTLAND ME 04101 1 06/11/97 14
0430267542 05 08/01/97 25
08643974 N 07/01/27
0
1582378 225/225 F 89,550.00 ZZ
360 89,507.10 3
4539 4541 FOREST AVENUE 9.625 761.17 90
9.375 761.17 99,500.00
NORWOOD OH 45212 1 05/30/97 10
8047080 05 07/01/97 25
8047080 N 06/01/27
0
1582382 A46/G02 F 31,050.00 ZZ
360 31,033.04 1
2020 DOROTHY AVENUE 9.000 249.84 90
8.750 249.84 34,500.00
SEALY TX 77474 1 05/29/97 10
0430260513 05 07/01/97 25
UNKNOWN N 06/01/27
0
1582412 F03/G02 F 162,800.00 ZZ
360 162,696.18 1
9954 SOUTH SILVER MAPLE WAY 8.250 1,223.07 80
8.000 1,223.07 205,000.00
HIGHLANDS RANCH CO 80126 2 05/27/97 00
0430259382 05 07/01/97 0
DEN10917 O 06/01/27
0
1582425 201/G02 F 42,000.00 ZZ
360 41,978.79 1
4232 MCKINNEY AVENUE #108 9.375 349.34 74
9.125 349.34 57,000.00
DALLAS TX 75205 1 05/21/97 00
0430258244 01 07/01/97 0
4304630 N 06/01/27
0
1582458 F34/G02 F 130,000.00 ZZ
360 129,934.35 1
7539 RIDGEFIELD LANE 9.375 1,081.28 80
9.125 1,081.28 162,691.00
LAKE WORTH FL 33467 1 05/08/97 00
0430282020 03 07/01/97 0
1
9610466 O 06/01/27
0
1582470 766/G02 F 69,550.00 ZZ
360 69,484.84 1
11807 SW 273 LANE 9.750 597.54 65
9.500 597.54 107,000.00
MIAMI FL 33032 2 05/01/97 00
0430257915 03 06/01/97 0
97SG0177 N 05/01/27
0
1582475 B75/G02 F 46,150.00 ZZ
360 46,101.98 1
1137 ELROD AVENUE 9.250 379.66 65
9.000 379.66 71,500.00
COOS BAY OR 97420 5 04/22/97 00
0430231522 05 06/01/97 0
2814218 O 05/01/27
0
1582487 E22/G02 F 144,950.00 ZZ
360 144,884.15 4
1232 WEST 8TH AVENUE 9.875 1,258.67 65
9.625 1,258.67 223,000.00
EUGENE OR 97402 5 05/07/97 00
0410217996 05 07/01/97 0
410217996 N 06/01/27
0
1582529 229/G02 F 73,550.00 ZZ
360 73,510.86 1
3792-B SOUTH GENOA CIRCLE 9.125 598.43 80
8.875 598.43 91,950.00
AURORA CO 80013 1 05/30/97 00
0430254987 03 07/01/97 0
7494982 O 06/01/27
0
1582565 098/G02 F 63,000.00 ZZ
360 63,000.00 1
22 ELEANOR STREET 8.750 495.63 90
8.500 495.63 70,000.00
HAMDEN CT 06514 1 06/05/97 01
0430260364 05 08/01/97 25
070407010 N 07/01/27
0
1
1582575 874/G02 F 44,650.00 ZZ
360 44,626.24 1
2927 TIERRA VERDE EAST 9.125 363.29 95
8.875 363.29 47,000.00
RENO NV 89512 1 05/21/97 10
0430249516 03 07/01/97 30
3714428 O 06/01/27
0
1582589 F03/G02 F 36,750.00 ZZ
360 36,750.00 1
12544 EAST CORNELL AVENUE 9.250 302.34 75
#201 9.000 302.34 49,000.00
AURORA CO 80014 2 06/09/97 00
0430258970 01 08/01/97 0
DEN10970 N 07/01/27
0
1582599 638/G02 F 67,500.00 ZZ
360 67,466.80 1
2880 VALLEY GREEN DRIVE 9.500 567.58 90
9.250 567.58 75,000.00
COLUMBUS OH 43207 1 06/03/97 04
0430251686 05 07/01/97 25
8644113 N 06/01/27
0
1582612 F30/G02 F 262,500.00 ZZ
360 262,352.84 1
1470 EAST SPRINGDELL DRIVE 8.875 2,088.57 70
8.625 2,088.57 375,000.00
PROVO UT 84604 2 05/13/97 00
0430231548 05 07/01/97 0
10926 O 06/01/27
0
1582667 B75/G02 F 280,000.00 ZZ
360 279,825.97 1
8195 KENSBROOK LANE 8.375 2,128.20 50
8.125 2,128.20 560,000.00
GRANITE BAY CA 95746 1 05/23/97 00
0430266882 05 07/01/97 0
2892586 O 06/01/27
0
1582677 638/G02 F 44,900.00 ZZ
360 44,878.49 2
225 EAST 22ND STREET 9.625 381.65 90
9.375 381.65 49,900.00
1
CHICAGO HEIGHTS IL 60411 1 06/04/97 10
0430262709 05 07/01/97 25
08644181 N 06/01/27
0
1582679 A17/G02 F 156,000.00 ZZ
360 156,000.00 2
10 OAK STREET 9.625 1,325.98 65
9.375 1,325.98 240,000.00
DANVERS MA 01923 1 06/27/97 00
0430281436 05 08/01/97 0
UNKNOWN N 07/01/27
0
1582680 896/G02 F 77,850.00 ZZ
360 77,807.48 1
1740 ROSE GARDEN LANE 9.000 626.40 90
8.750 626.40 86,500.00
LOGANVILLE GA 30249 1 06/02/97 01
0430261727 05 07/01/97 25
UNKNOWN N 06/01/27
0
1582682 811/G02 F 45,200.00 ZZ
360 45,200.00 1
523 TIVOLI CIRCLE UNIT #105 9.000 363.69 80
BLDG #9 8.750 363.69 56,500.00
DEERFIELD BEACH FL 33441 1 06/09/97 00
0430284679 01 08/01/97 0
FM00106296 O 07/01/27
0
1582695 A38/G02 F 40,500.00 ZZ
360 40,500.00 1
8100 CAMBRIDGE 9.250 333.18 90
#87 9.000 333.18 45,000.00
HOUSTON TX 77054 1 06/05/97 01
0430266171 01 08/01/97 25
UNKNOWN O 07/01/27
0
1582698 561/G02 F 124,950.00 ZZ
360 124,819.94 2
1060103 W GARFIELD AVENUE 9.250 1,027.94 85
9.000 1,027.94 147,000.00
WAUWATOSA WI 53228 1 04/30/97 10
0430237297 05 06/01/97 12
9031774 N 05/01/27
0
1
1582699 828/G02 F 54,600.00 ZZ
360 54,566.92 1
209 AMHURST 8.500 419.83 70
8.250 419.83 78,000.00
VICTORIA TX 77904 1 05/27/97 00
0430257048 05 07/01/97 0
76180046 O 06/01/27
0
1582718 559/G02 F 221,600.00 ZZ
360 221,469.16 1
1437 LANSING AVENUE 8.625 1,723.59 80
8.375 1,723.59 277,000.00
SAN JOSE CA 95118 1 05/02/97 00
0430254060 05 07/01/97 0
5436662 O 06/01/27
0
1582721 559/G02 F 241,500.00 ZZ
360 241,357.41 3
7620 ROSANNA STREET 8.625 1,878.37 70
8.375 1,878.37 345,000.00
GILROY CA 95020 5 05/06/97 00
0430251975 05 07/01/97 0
5433750 O 06/01/27
0
1582722 H22/G02 F 210,000.00 ZZ
360 210,000.00 1
43 WINTERCRESS LANE 8.625 1,633.36 75
8.375 1,633.36 280,000.00
EAST NORTHPORT NY 11731 1 06/25/97 00
0430280719 05 08/01/97 0
9704021 O 07/01/27
0
1582760 387/387 F 118,500.00 ZZ
360 118,288.61 1
2903 FOUR PINES DRIVE 8.625 921.69 75
8.375 921.69 158,000.00
KINGWOOD TX 77345 1 03/24/97 00
1089952 03 05/01/97 0
1089952 O 04/01/27
0
1582957 E22/G02 F 333,750.00 T
360 333,576.98 1
1
4268 BOCAIRE BLVD. 9.250 2,745.68 75
9.000 2,745.68 445,000.00
BOCA RATON FL 33487 1 05/14/97 00
0410401343 03 07/01/97 0
410401343 O 06/01/27
0
1582985 A46/G02 F 29,750.00 ZZ
360 29,729.52 1
2121 FOUNTAINVIEW DRIVE 7.875 215.71 80
#74 7.625 215.71 37,200.00
HOUSTON TX 77057 1 05/30/97 00
0430262147 01 07/01/97 0
UNKNOWN O 06/01/27
0
1583009 G81/G02 F 150,000.00 ZZ
360 149,911.45 1
10505 SW 56 STREET 8.625 1,166.68 80
8.375 1,166.68 187,500.00
MIAMI FL 33165 1 05/30/97 00
0430256610 05 07/01/97 0
21705079 O 06/01/27
0
1583021 638/G02 F 115,650.00 ZZ
360 115,588.45 1
2008 HALLWOOD DRIVE 9.125 940.97 90
8.875 940.97 128,500.00
LAS VEGAS NV 89119 1 05/29/97 04
0430252254 05 07/01/97 25
8636484 N 06/01/27
0
1583048 637/G02 F 50,400.00 ZZ
360 50,371.74 1
1413 MCALLISTER AVENUE 8.875 401.01 70
8.625 401.01 72,000.00
SACRAMENTO CA 95822 5 05/28/97 00
0430261115 05 07/01/97 0
9742289 N 06/01/27
0
1583075 225/225 F 39,600.00 ZZ
360 39,600.00 2
6138 SOUTH GRAND 9.250 325.78 90
9.000 325.78 44,000.00
ST LOUIS MO 63111 1 06/02/97 10
8048316 05 08/01/97 25
1
8048316 N 07/01/27
0
1583079 F19/G02 F 130,000.00 ZZ
360 129,923.25 1
29 CORAL STREET 8.625 1,011.13 26
8.375 1,011.13 500,000.00
PACIFIC GROVE CA 93950 2 05/28/97 00
0430263152 05 07/01/97 0
1583079 O 06/01/27
0
1583080 964/G02 F 68,000.00 ZZ
360 68,000.00 1
2455 SNEDDON WAY 8.625 528.90 80
8.375 528.90 85,000.00
CARSON CITY NV 89706 5 06/05/97 00
0430266221 27 08/01/97 0
25312 O 07/01/27
0
1583109 967/G02 F 75,600.00 ZZ
360 75,600.00 1
5300 DESERT LANE 9.250 621.94 90
9.000 621.94 84,000.00
PRESCOTT VALLEY AZ 86314 2 06/02/97 04
0430257089 05 08/01/97 25
4218186 N 07/01/27
0
1583224 286/286 F 51,050.00 ZZ
360 50,999.58 1
4704 ABBOTT #101 9.500 429.26 90
9.250 429.26 56,750.00
HIGHLAND PARK TX 75205 1 04/29/97 12
9171070 01 06/01/97 25
9171070 O 05/01/27
0
1583280 E22/G02 F 45,000.00 ZZ
360 44,979.55 1
707 SOUTHWEST FIRST STREET 9.875 390.76 90
9.625 390.76 50,000.00
RICHMOND IN 47374 1 05/09/97 04
0410395834 05 07/01/97 25
410395834 N 06/01/27
0
1
1583351 313/G02 F 115,000.00 ZZ
360 114,932.10 1
2317 NE 158TH AVENUE 8.625 894.46 70
8.375 894.46 165,000.00
PORTLAND OR 97230 1 05/30/97 00
0430256008 03 07/01/97 0
6014534 O 06/01/27
0
1583373 H69/G02 F 86,900.00 ZZ
360 86,900.00 1
14232 SOUTH NEWBERG COURT 8.250 652.86 75
8.000 652.86 115,870.00
PLAINFIELD IL 60544 1 06/25/97 00
0430278051 09 08/01/97 0
0031058 O 07/01/27
0
1583378 811/G02 F 40,000.00 T
360 39,976.99 1
90 NW 36 ST 8.750 314.68 50
8.500 314.68 81,500.00
OAKLAND PARK FL 33309 1 05/29/97 00
0430263293 05 07/01/97 0
UNKNOWN O 06/01/27
0
1583395 225/225 F 106,200.00 ZZ
360 106,143.48 1
3655 S HALIFAX WAY 9.125 864.08 90
8.875 864.08 118,000.00
AURORA CO 80013 1 05/30/97 04
8048812 05 07/01/97 25
8048812 N 06/01/27
0
1583397 480/G02 F 123,750.00 ZZ
360 123,750.00 4
1446 S AVERS AVENUE 9.750 1,063.20 75
9.500 1,063.20 165,000.00
CHICAGO IL 60651 2 06/12/97 00
0430262683 05 08/01/97 0
2100113 N 07/01/27
0
1583403 638/G02 F 135,000.00 ZZ
360 135,000.00 1
1642 ARNELL PLACE 8.500 1,038.03 78
8.250 1,038.03 175,000.00
1
MANTECA CA 95337 1 05/30/97 00
0430261453 05 08/01/97 0
8644689 O 07/01/27
0
1583421 G81/G02 F 178,600.00 ZZ
360 178,600.00 2
396 398 TAMIAMI CANAL ROAD 9.125 1,453.15 95
8.875 1,453.15 188,000.00
MIAMI FL 33144 1 06/05/97 10
0430259796 05 08/01/97 30
UNKNOWN O 07/01/27
0
1583488 744/G02 F 78,200.00 ZZ
360 78,158.39 1
47 MASSOLD DRIVE #H 9.125 636.26 85
8.875 636.26 92,000.00
PLEASANT HILL CA 94523 1 05/28/97 11
0430253666 01 07/01/97 20
22411 N 06/01/27
0
1583507 E75/G02 F 45,000.00 ZZ
360 45,000.00 2
922 NORWOOD AVENUE 9.500 378.39 90
9.250 378.39 50,000.00
SCHENECTADY NY 12308 1 06/06/97 10
0430257378 05 08/01/97 25
079665340 N 07/01/27
0
1583514 F84/G02 F 195,750.00 ZZ
360 195,750.00 3
36 MAPLE AVENUE 9.375 1,628.15 90
9.125 1,628.15 217,500.00
CEDARHURST NY 11516 1 06/18/97 10
0430266536 05 08/01/97 25
201343 O 07/01/27
0
1583528 637/G02 F 100,700.00 ZZ
360 100,099.00 2
829 NEW LOT AVE. 9.250 828.44 95
9.000 828.44 106,000.00
BROOKLYN NY 11212 1 09/26/96 04
0430253690 05 11/01/96 30
9379702 O 10/01/26
0
1
1583529 001/G02 F 157,250.00 ZZ
360 157,250.00 3
8 HAVEN STREET 8.750 1,237.09 85
8.500 1,237.09 185,000.00
MEDWAY MA 02053 1 06/02/97 01
0430258020 05 08/01/97 20
1516050 N 07/01/27
0
1583534 637/G02 F 265,000.00 ZZ
360 263,909.09 2
1560 EAST 55TH STREET 8.750 2,084.76 90
8.500 2,084.76 295,000.00
BROOKLYN NY 11234 1 11/19/96 04
0430232595 05 01/01/97 25
9147117 O 12/01/26
0
1583535 637/G02 F 169,575.00 ZZ
360 168,202.45 2
71-61 68TH PLACE 8.875 1,349.22 95
8.625 1,349.22 178,500.00
GLENDALE NY 11385 1 10/28/96 04
0430232504 05 12/01/96 30
9379272 O 11/01/26
0
1583537 377/377 F 71,100.00 ZZ
360 71,065.03 1
160 STILL AVENUE 9.500 597.85 90
9.250 597.85 79,000.00
FORT MILL SC 29715 1 05/16/97 01
3658176 05 07/01/97 25
3658176 N 06/01/27
0
1583605 201/G02 F 128,000.00 ZZ
360 128,000.00 3
1104 HAMILTON BOULEVARD 8.750 1,006.98 80
8.500 1,006.98 160,000.00
SOUTH PLAINFIEL NJ 07080 1 06/18/97 01
0430284711 05 08/01/97 12
1300986419 N 07/01/27
0
1583699 003/G02 F 83,150.00 ZZ
360 83,108.01 2
1
1517 S 17TH AVE 9.375 691.60 90
9.125 691.60 92,400.00
HOLLYWOOD FL 33020 1 05/14/97 10
0430258368 05 07/01/97 25
3809118 N 06/01/27
0
1583721 E22/G02 F 64,050.00 ZZ
360 64,016.80 1
1405 DORIS DRIVE 9.250 526.92 70
9.000 526.92 91,500.00
MESQUITE TX 75149 5 05/16/97 00
0410390033 05 07/01/97 0
410390033 N 06/01/27
0
1583722 E22/G02 F 247,900.00 ZZ
360 247,655.16 2
150-44 125TH STREET 9.500 2,084.48 95
9.250 2,084.48 261,000.00
SOUTH OZONE PAR NY 11420 1 04/30/97 01
0410401301 05 06/01/97 30
410401301 O 05/01/27
0
1583728 E22/G02 F 26,400.00 ZZ
360 26,388.32 1
1820 MILLER DRIVE 10.000 231.68 74
9.750 231.68 36,000.00
NILES MI 49120 1 05/08/97 04
0410371751 05 07/01/97 12
410371751 N 06/01/27
0
1583750 F03/G02 F 130,000.00 ZZ
360 129,928.99 1
44 SPIKE LANE 9.000 1,046.01 59
8.750 1,046.01 223,000.00
WINTER PARK CO 80478 4 05/30/97 00
0430252825 05 07/01/97 0
DEN10031 O 06/01/27
0
1583759 G81/G02 F 55,000.00 ZZ
360 55,000.00 1
13772 KENDALE LAKES DRIVE 8.750 432.69 74
8.500 432.69 75,000.00
MIAMI FL 33183 1 06/03/97 00
0430253641 09 08/01/97 0
1
021705097 O 07/01/27
0
1583761 180/G02 F 48,600.00 ZZ
360 48,574.13 2
145 CAROLINA AVENUE 9.125 395.43 90
8.875 395.43 54,000.00
MELBOURNE FL 32935 1 06/03/97 10
0430263251 05 07/01/97 25
4954160 N 06/01/27
0
1583764 E53/G02 F 101,520.00 ZZ
360 101,464.55 2
535 SE 5TH AVE 9.000 816.85 80
8.750 816.85 126,900.00
CAPE CORAL FL 33990 1 05/30/97 00
0430261099 05 07/01/97 0
11401046 O 06/01/27
0
1583765 180/G02 F 100,000.00 ZZ
360 99,945.38 1
9395 SOUTH PEACOCK DRIVE 9.000 804.62 75
8.750 804.62 135,000.00
SANDY UT 84093 1 05/29/97 00
0430260059 05 07/01/97 0
4962262 O 06/01/27
0
1583788 498/G02 F 41,000.00 ZZ
360 40,858.69 1
222 EDGE AVEUNE 9.500 344.76 84
9.250 344.76 49,000.00
VALPARAISO FL 32580 1 05/01/97 04
0430279521 05 06/01/97 20
1479157 N 05/01/27
0
1583789 A02/G02 F 136,000.00 ZZ
360 135,921.76 1
5708 WASHINGTON 8.750 1,069.91 80
8.500 1,069.91 170,000.00
DOWNERS GROVE IL 60515 1 06/05/97 00
0430253997 05 07/01/97 0
3970067C O 06/01/27
0
1
1583800 E38/G02 F 180,000.00 ZZ
360 180,000.00 4
2263 SOUTH 800 EAST 9.375 1,497.15 80
9.125 1,497.15 225,000.00
SALT LAKE CITY UT 84106 3 06/03/97 00
0430285627 05 08/01/97 0
972297 N 07/01/27
0
1583801 F32/G02 F 80,100.00 ZZ
360 80,058.48 1
4151 KEHELEY ROAD 9.250 658.96 90
9.000 658.96 89,000.00
MARIETTA GA 30066 1 05/15/97 12
0430252296 05 07/01/97 25
UNKNOWN N 06/01/27
0
1583824 E23/G02 F 165,000.00 ZZ
360 165,000.00 1
938 SOUTH HILDA STREET 8.250 1,239.59 71
8.000 1,239.59 235,000.00
ANAHEIM CA 92806 2 06/11/97 00
0430262337 05 08/01/97 0
50500337 O 07/01/27
0
1583871 638/G02 F 58,950.00 ZZ
360 58,950.00 2
7007 14TH AVENUE 9.625 501.07 90
9.375 501.07 65,500.00
KENOSHA WI 53143 1 06/11/97 10
0430267179 05 08/01/97 25
8641976 N 07/01/27
0
1583873 638/G02 F 50,400.00 ZZ
360 50,400.00 1
33 ST GEORGES PLACE 9.625 428.39 90
9.375 428.39 56,000.00
WEBSTER GROVES MO 63119 1 06/06/97 11
0430266361 05 08/01/97 25
08641992 N 07/01/27
0
1583882 638/G02 F 90,400.00 ZZ
360 90,350.62 1
17 DAVIS ROAD 9.000 727.38 80
8.750 727.38 113,000.00
1
AUBURN MA 01501 1 06/05/97 00
0430261412 05 07/01/97 0
8645124 O 06/01/27
0
1583884 A46/G02 F 73,800.00 ZZ
360 73,757.55 1
5114 CHEROKEE ROAD NE 8.750 580.58 90
8.500 580.58 82,000.00
ALBUQUERQUE NM 87110 1 05/30/97 01
0430260125 05 07/01/97 25
UNKNOWN O 06/01/27
0
1583903 B68/G02 F 68,200.00 ZZ
360 68,200.00 1
7890 EAST SPRING STREET 8.875 542.63 55
APT 14F 8.625 542.63 125,000.00
LONG BEACH CA 90815 2 06/01/97 00
0430257402 01 08/01/97 0
57027028 O 07/01/27
0
1583926 229/G02 F 58,635.00 ZZ
360 58,606.15 1
2014 NORTH 49TH AVENUE 9.500 493.04 90
9.250 493.04 65,150.00
OMAHA NE 68104 1 06/02/97 04
0430261750 05 07/01/97 25
0007479959 N 06/01/27
0
1583983 B75/G02 F 98,900.00 ZZ
360 98,847.37 1
1362 WEST 100TH PLACE 9.125 804.68 90
8.875 804.68 109,900.00
DENVER CO 80221 1 05/08/97 10
0430281618 05 07/01/97 25
2803096 N 06/01/27
0
1583999 225/225 F 129,600.00 ZZ
360 129,532.81 2
1701 - 1703 AZALEA DRIVE 9.250 1,066.19 80
9.000 1,066.19 162,000.00
FORT COLLINS CO 80526 1 05/30/97 00
8050119 05 07/01/97 0
8050119 N 06/01/27
0
1
1584058 F30/G02 F 84,000.00 ZZ
360 84,000.00 2
721 SOUTH JEREMY STREET 9.250 691.05 70
9.000 691.05 120,000.00
SALT LAKE CITY UT 84104 5 06/04/97 00
0430259135 05 08/01/97 0
10474 N 07/01/27
0
1584065 F30/G02 F 53,100.00 ZZ
360 53,100.00 1
1219 WEST 500 SOUTH 9.375 441.66 90
9.125 441.66 59,000.00
SALT LAKE CITY UT 84104 1 06/02/97 12
0430255554 05 08/01/97 30
11638 N 07/01/27
0
1584088 405/405 F 53,750.00 ZZ
360 53,719.87 1
5329 ORCHARD PLACE 8.875 427.66 90
8.625 427.66 59,750.00
LAKE CITY GA 30260 1 06/05/97 14
4229274 05 07/01/97 25
4229274 N 06/01/27
0
1584091 731/G02 F 119,200.00 ZZ
360 119,134.89 2
3964 & 3968 ARROWHEAD DRIVE 9.000 959.11 73
8.750 959.11 165,000.00
MEDFORD OR 97504 2 05/06/97 00
0430252023 05 07/01/97 0
220333003 N 06/01/27
0
1584110 638/G02 F 80,900.00 ZZ
360 80,900.00 2
516 WEST 15TH PLACE 9.500 680.25 86
9.250 680.25 95,000.00
CHICAGO HEIGHTS IL 60411 1 06/10/97 10
0430267336 05 08/01/97 25
8647159 N 07/01/27
0
1584111 F03/G02 F 97,400.00 ZZ
360 97,400.00 1
1
3605 MEAD STREET 8.500 748.93 75
8.250 748.93 129,900.00
FT COLLINS CO 80526 5 06/10/97 00
0430266635 05 08/01/97 0
DEN10990 O 07/01/27
0
1584280 227/G02 F 227,000.00 ZZ
360 226,862.48 1
5 COLBY DRIVE 8.500 1,745.44 75
8.250 1,745.44 303,000.00
DIX HILLS NY 11746 5 05/07/97 00
0430258426 05 07/01/97 0
1704513 O 06/01/27
0
1584289 377/377 F 68,250.00 ZZ
360 68,250.00 4
531 GRESHAM PARK DRIVE 9.375 567.67 65
9.125 567.67 105,000.00
MARIETTA GA 30060 2 06/13/97 00
3662822 05 08/01/97 0
3662822 N 07/01/27
0
1584297 883/G02 F 39,600.00 ZZ
360 39,600.00 1
3840 NE 4TH STREET 9.625 336.60 90
9.375 336.60 44,000.00
OCALA FL 34470 1 06/18/97 01
0430280875 05 08/01/97 25
50000006 N 07/01/27
0
1584667 120/G02 F 48,600.00 ZZ
360 48,572.04 1
447 MONTCLAIR AVENUE 8.750 382.34 90
8.500 382.34 54,000.00
BETHLEHEM PA 18015 1 05/30/97 01
0430265249 07 07/01/97 25
7017445 N 06/01/27
0
1584669 180/G02 F 52,200.00 ZZ
360 52,200.00 1
328 CALLAN 8.875 415.33 90
#2S 8.625 415.33 58,000.00
EVANSTON IL 60202 1 06/11/97 10
0430267609 01 08/01/97 25
1
4969408 N 07/01/27
0
1584672 F64/G02 F 70,750.00 ZZ
360 70,750.00 1
6916 MONTAUK DRIVE 8.375 537.76 80
8.125 537.76 88,475.00
RICHMOND VA 23225 1 06/13/97 00
0430263889 05 08/01/97 0
206348 N 07/01/27
0
1584683 074/G02 F 88,400.00 ZZ
360 88,314.94 1
35-20 147TH STREET 9.625 751.40 65
9.375 751.40 136,000.00
FLUSHING NY 11354 5 04/28/97 00
0430242032 01 06/01/97 0
1111093507 N 05/01/27
0
1584685 074/G02 F 77,000.00 T
360 76,925.91 1
200 EAST 58TH STREET 9.625 654.50 70
UNIT 10C 9.375 654.50 110,000.00
NEW YORK NY 10022 1 04/28/97 00
0430242057 01 06/01/97 0
1111097235 O 05/01/27
0
1584686 074/G02 F 70,000.00 ZZ
360 69,929.04 1
1549-B STONEY LN 9.375 582.22 85
9.125 582.22 83,000.00
PHILADELPHIA PA 19115 1 04/29/97 01
0430242065 05 06/01/97 20
1175042346 N 05/01/27
0
1584687 074/G02 F 116,500.00 ZZ
360 116,350.91 1
8461 SW 5TH STREET 8.250 875.23 50
8.000 875.23 233,000.00
MIAMI FL 33144 1 04/30/97 00
0430242073 05 06/01/97 0
1311287030 O 05/01/27
0
1
1584701 074/G02 F 28,800.00 ZZ
360 28,770.79 1
355 WEST LAUREL DRIVE #11-N 9.375 239.55 90
9.125 239.55 32,000.00
MARGATE FL 33063 1 04/30/97 12
0430242214 01 06/01/97 25
1589106626 N 05/01/27
0
1584712 074/G02 F 163,000.00 ZZ
360 162,830.35 1
445 AND 447 STEVENS CIR 9.250 1,340.96 83
9.000 1,340.96 197,000.00
PLATTEVILLE CO 80651 1 04/28/97 21
0430239475 05 06/01/97 20
1272086325 N 05/01/27
0
1584722 074/G02 F 147,900.00 ZZ
360 147,656.91 3
2891 HECKMAN ROAD 9.625 1,257.14 85
9.375 1,257.14 174,000.00
UNIONTOWN OH 44685 1 04/30/97 01
0430239715 05 06/01/97 20
1581099403 N 05/01/27
0
1584729 074/G02 F 58,300.00 ZZ
360 58,240.91 1
1575 & 1585 ROSA STREET 9.625 495.55 90
9.375 495.55 64,800.00
COCOA FL 32926 1 04/25/97 04
0430239855 05 06/01/97 30
1590038818 N 05/01/27
0
1584731 074/G02 F 157,250.00 ZZ
360 157,082.00 3
1904,1906,1908 EAST, 9.125 1,279.44 85
ROSE AVENUE 8.875 1,279.44 185,000.00
ORANGE CA 92867 1 04/21/97 04
0430239921 05 06/01/97 20
1595032965 N 05/01/27
0
1584740 A91/G02 F 223,250.00 ZZ
360 223,114.75 2
150 96 CROSS ISLAND PARKWAY 8.500 1,716.60 95
8.250 1,716.60 235,000.00
1
WHITESTONE NY 11357 1 05/22/97 04
0430251231 05 07/01/97 30
UNKNOWN O 06/01/27
0
1584771 H13/G02 F 47,600.00 ZZ
360 47,575.33 2
3425 WEST EIGHTH STREET 9.250 391.59 70
9.000 391.59 68,000.00
CINCINNATI OH 45225 5 05/30/97 00
0430254466 05 07/01/97 0
19711 N 06/01/27
0
1584787 E22/G02 F 380,000.00 ZZ
360 379,775.65 1
2293 BALD HILL ROAD 8.625 2,955.60 95
8.375 2,955.60 400,000.00
AUBURN CA 95603 1 05/20/97 04
0410373096 05 07/01/97 30
410373096 O 06/01/27
0
1584802 E22/G02 F 200,000.00 ZZ
360 199,896.32 1
12213 WOODGLEN DRIVE 9.250 1,645.35 80
9.000 1,645.35 250,000.00
FORT WAYNE IN 46804 1 05/13/97 00
0410394431 03 07/01/97 0
410394431 O 06/01/27
0
1584835 387/387 F 262,000.00 T
360 261,154.23 1
2550 32ND AVENUE 8.125 1,945.34 80
7.875 1,945.34 328,000.00
SAN FRANCISCO CA 94116 1 02/24/97 00
1080696 05 04/01/97 0
1080696 O 03/01/27
0
1584841 405/405 F 70,450.00 ZZ
360 70,450.00 3
2314 EUTAW PLACE 9.750 605.28 90
9.500 605.28 78,300.00
BALITMORE MD 21217 1 06/06/97 01
4205415 05 08/01/97 25
4205415 N 07/01/27
0
1
1584862 688/G02 F 47,600.00 ZZ
360 47,574.00 1
2753 D ROAD 9.000 383.00 70
8.750 383.00 68,000.00
GRAND JUNCTION CO 81501 5 05/13/97 00
0430252148 05 07/01/97 0
45944 N 06/01/27
0
1584878 003/G02 F 183,600.00 ZZ
360 183,512.03 4
789 BARNETT STREET 9.625 1,560.59 90
9.375 1,560.59 204,000.00
ATLANTA GA 30306 1 05/19/97 12
0430258897 05 07/01/97 25
3810348 N 06/01/27
0
1584891 225/225 F 68,650.00 ZZ
360 68,650.00 1
816 PLUMMER DRIVE 8.500 527.86 90
8.250 527.86 76,300.00
CEDAR HILL TX 75104 2 06/06/97 14
8049929 05 08/01/97 25
8049929 O 07/01/27
0
1584893 638/G02 F 55,250.00 ZZ
360 55,250.00 2
670-672 HANFORD STREET 9.125 449.53 85
8.875 449.53 65,000.00
COLUMBUS OH 43206 1 06/05/97 14
0430279844 05 08/01/97 20
8644585 N 07/01/27
0
1584895 559/G02 F 90,000.00 ZZ
360 89,878.82 1
3081 OAKMONT DRIVE 8.000 660.39 35
7.750 660.39 260,000.00
SAN BRUNO CA 94066 2 04/21/97 00
0430257923 05 06/01/97 0
5433784 O 05/01/27
0
1584896 638/G02 F 22,400.00 ZZ
360 22,400.00 1
1
631 GREGG AVENUE 9.000 180.24 90
8.750 180.24 24,900.00
READING PA 19605 1 06/13/97 04
0430283176 05 08/01/97 25
08641044 N 07/01/27
0
1584903 638/G02 F 81,400.00 ZZ
360 81,400.00 1
105 RUSSELL STREET 8.750 640.37 64
8.500 640.37 128,000.00
BOROUGH OF RIDL PA 19078 5 06/06/97 00
0430283887 05 08/01/97 0
08643069 O 07/01/27
0
1584919 638/G02 F 31,500.00 ZZ
360 31,500.00 1
1207 GRACE STREET 9.500 264.87 86
9.250 264.87 37,000.00
WEATHERFORD TX 76086 1 06/09/97 14
0430278473 05 08/01/97 25
08636488 N 07/01/27
0
1584928 225/225 F 65,115.00 ZZ
360 65,115.00 4
4235 THOLOZAN 9.375 541.60 90
9.125 541.60 72,350.00
ST LOUIS MO 63116 1 06/16/97 04
8046694 05 08/01/97 25
8046694 N 07/01/27
0
1584929 A46/G02 F 55,850.00 ZZ
360 55,850.00 1
56 CASA VERDE 8.750 439.37 75
8.500 439.37 74,500.00
AUSTIN TX 78734 1 06/06/97 00
0430262196 01 08/01/97 0
UNKNOWN O 07/01/27
0
1584931 225/225 F 150,000.00 ZZ
360 150,000.00 1
151 LAKES ROAD 8.750 1,180.06 69
8.500 1,180.06 218,000.00
BETHLEHEM CT 06751 5 06/10/97 00
8050166 05 08/01/97 0
1
8050166 O 07/01/27
0
1584936 561/G02 F 326,250.00 ZZ
360 326,080.86 1
6915 S. VIRGINIA DARE TRAIL 9.250 2,683.98 75
9.000 2,683.98 435,000.00
NAGS HEAD NC 27959 2 05/23/97 00
0430249375 05 07/01/97 0
8888604 N 06/01/27
0
1584943 209/G02 F 98,000.00 ZZ
360 98,000.00 1
6608 JUPITER HILLS CIRCLE 9.000 788.54 70
UNIT B 8.750 788.54 140,000.00
ALEXANDRIA VA 22312 1 06/11/97 00
0430260372 01 08/01/97 0
971728385 O 07/01/27
0
1584944 683/G02 F 75,000.00 ZZ
360 75,000.00 1
104 FORREST STREET 8.375 570.05 60
8.125 570.05 125,000.00
PLAISTOW NH 03865 1 06/16/97 00
0430264259 05 08/01/97 0
153325362 O 07/01/27
0
1585001 480/G02 F 117,600.00 ZZ
360 117,539.03 1
176 EARL STREET 9.250 967.47 70
9.000 967.47 168,000.00
TARPON SPRINGS FL 34689 5 05/20/97 00
0430249169 05 07/01/97 0
1911148 O 06/01/27
0
1585020 E45/G02 F 22,950.00 ZZ
360 22,900.58 1
713 SW 69TH STREET 9.125 186.73 85
8.875 186.73 27,000.00
GAINESVILLE FL 32607 1 03/04/97 01
0430280438 05 04/01/97 20
UNKNOWN N 03/01/27
0
1
1585029 286/286 F 66,500.00 ZZ
360 66,463.67 3
48-50 GARFIELD AVE 9.000 535.08 70
8.750 535.08 95,000.00
PROVIDENCE RI 02908 5 05/06/97 00
9162634 05 07/01/97 0
9162634 N 06/01/27
0
1585034 253/253 F 105,300.00 ZZ
360 105,245.41 4
405 DORADO PLACE SE 9.250 866.28 44
9.000 866.28 242,000.00
ALBUQUERQUE NM 87123 1 05/21/97 14
328900 05 07/01/97 25
328900 N 06/01/27
0
1585076 405/405 F 170,000.00 ZZ
360 169,902.18 4
2939-41 HARRISON STREET 8.750 1,337.40 90
AND 93-95 GARLAND AVENUE 8.500 1,337.40 190,000.00
OAKLAND CA 94611 1 05/01/97 01
4212965 05 07/01/97 25
4212965 O 06/01/27
0
1585077 253/253 F 135,900.00 ZZ
360 135,900.00 1
33320 N COEUR D'ALENE DRIVE 8.375 1,032.94 80
8.125 1,032.94 169,900.00
SPIRIT LAKE ID 83869 1 06/06/97 00
330095 03 08/01/97 0
330095 O 07/01/27
0
1585083 638/G02 F 64,800.00 ZZ
360 64,800.00 2
2341 CANDACE STREET 9.250 533.09 90
9.000 533.09 72,000.00
PITTSBURGH PA 15216 1 06/10/97 04
0430264283 05 08/01/97 25
08637811 N 07/01/27
0
1585101 B75/G02 F 164,000.00 ZZ
360 164,000.00 1
3758 GLENFELIZ BOULEVARD 8.500 1,261.02 80
8.250 1,261.02 205,000.00
1
LOS ANGELES CA 90039 1 06/02/97 00
0430282053 05 08/01/97 0
2871150 O 07/01/27
0
1585135 405/405 F 65,000.00 ZZ
360 64,814.84 1
5618 REGIS AVENUE 9.500 546.56 83
9.250 546.56 79,000.00
PORT RICHEY FL 34668 1 05/02/97 12
4217071 05 06/01/97 25
4217071 N 05/01/27
0
1585146 B93/G02 F 47,400.00 ZZ
360 47,400.00 1
2101 WEST YUKON DRIVE 9.000 381.40 90
8.750 381.40 52,700.00
PHOENIX AZ 85027 1 06/06/97 01
0430260950 09 08/01/97 25
1000023124 N 07/01/27
0
1585152 E57/G02 F 124,950.00 ZZ
360 124,950.00 1
10906 MALLISON AVENUE 8.500 960.76 85
8.250 960.76 147,000.00
LYNWOOD CA 90262 5 06/06/97 01
0430280636 05 08/01/97 12
96802005245 O 07/01/27
0
1585153 964/G02 F 100,000.00 ZZ
360 100,000.00 1
8744 CRUSHEEN WAY 8.375 760.07 80
8.125 760.07 125,900.00
SACRAMENTO CA 95828 1 06/04/97 00
0430257931 05 08/01/97 0
25430 N 07/01/27
0
1585193 964/G02 F 127,600.00 ZZ
360 127,526.59 1
643 MANOR DRIVE 8.750 1,003.83 80
8.500 1,003.83 159,500.00
RENO NV 89502 1 05/09/97 00
0430259408 05 07/01/97 0
24711 O 06/01/27
0
1
1585205 638/G02 F 69,200.00 ZZ
360 69,200.00 2
414 GRANADA BLVD 9.250 569.29 90
9.000 569.29 76,923.00
WARM MINERAL SP FL 34287 1 06/10/97 14
0430266429 05 08/01/97 25
8645825 N 07/01/27
0
1585208 896/G02 F 94,000.00 ZZ
360 94,000.00 1
5346 PICKWICK LANE 8.625 731.12 80
8.375 731.12 117,500.00
LILBURN GA 30247 1 06/12/97 00
0430262907 09 08/01/97 0
13489 O 07/01/27
0
1585249 A33/G02 F 100,000.00 ZZ
360 100,000.00 1
1912 SPINNING WHEEL LANE 8.625 777.79 50
8.375 777.79 202,000.00
BLOOMFIELD HILL MI 48304 1 06/11/97 00
0430280420 05 08/01/97 0
H0015036793 O 07/01/27
0
1585265 731/G02 F 85,000.00 ZZ
360 84,955.94 1
35747 BEAUTIVISTA LANE 9.250 699.27 44
9.000 699.27 195,000.00
AGUA DULCE CA 91350 5 05/05/97 00
0430264184 05 07/01/97 0
413713593 N 06/01/27
0
1585268 676/G02 F 284,000.00 ZZ
360 283,823.47 1
3030 HOLUA PLACE 8.375 2,158.61 80
8.125 2,158.61 355,000.00
HONOLULU HI 96819 5 05/16/97 00
0430262162 05 07/01/97 0
790100291377 O 06/01/27
0
1585272 737/G02 F 83,200.00 ZZ
360 83,157.98 3
1
25-27A YORKSHIRE ROAD 9.375 692.02 80
9.125 692.02 104,000.00
PUEBLO CO 81001 1 05/21/97 00
0430255703 05 07/01/97 0
573536 N 06/01/27
0
1585273 737/G02 F 83,200.00 ZZ
360 83,157.98 3
21-23A YORKSHIRE ROAD 9.375 692.02 80
9.125 692.02 104,000.00
PUEBLO CO 81001 1 05/21/97 00
0430253369 05 07/01/97 0
573535 N 06/01/27
0
1585283 G22/G02 F 225,000.00 ZZ
360 224,860.15 1
1724 AMARELLE STREET 8.375 1,710.16 79
8.125 1,710.16 284,825.00
THOUSAND OAKS CA 91320 1 05/21/97 00
0430261230 03 07/01/97 0
310149 O 06/01/27
0
1585360 227/G02 F 64,800.00 ZZ
360 64,684.40 1
1044 WEDGEWOOD DR 8.625 504.01 72
8.375 504.01 90,000.00
PLAINWELL MI 49080 1 03/28/97 00
0430252809 05 05/01/97 0
1708164 O 04/01/27
0
1585362 A78/G02 F 45,000.00 ZZ
360 44,975.42 1
2522 14TH AVENUE 9.000 362.08 44
8.750 362.08 103,500.00
GREELEY CO 80631 5 05/14/97 00
0430253435 05 07/01/97 0
010052007 N 06/01/27
0
1585401 638/G02 F 51,900.00 ZZ
360 51,900.00 1
3008 SHARON AVENUE 9.125 422.28 80
8.875 422.28 64,900.00
INDIANAPOLIS IN 46222 1 06/09/97 00
0430278515 05 08/01/97 0
1
08646642 O 07/01/27
0
1585420 A22/G02 F 124,000.00 ZZ
360 124,000.00 1
7 KENSWICK LANE 8.750 975.51 80
8.500 975.51 155,000.00
HUNTINGTON STAT NY 11746 1 06/30/97 00
0430284018 05 08/01/97 0
97126 O 07/01/27
0
1585422 560/560 F 75,000.00 ZZ
360 74,954.56 1
76 GOVENERS AVENUE 8.500 576.69 45
8.250 576.69 168,000.00
MILFORD CT 06460 5 05/12/97 00
450717301 05 07/01/97 0
450717301 N 06/01/27
0
1585476 F88/G02 F 168,000.00 ZZ
360 167,908.23 1
1239 SILVER AVENUE 9.000 1,351.77 70
8.750 1,351.77 240,000.00
SAN FRANCISCO CA 94134 2 05/20/97 00
0430248815 05 07/01/97 0
97328205 N 06/01/27
0
1585486 140/G02 F 55,500.00 ZZ
360 55,500.00 1
301 SOMERSET ROAD 9.125 451.57 90
8.875 451.57 61,700.00
SLIDELL LA 70461 1 06/10/97 04
0430265165 05 08/01/97 25
431849 N 07/01/27
0
1585497 E19/G02 F 138,800.00 ZZ
360 138,724.18 3
1451-1455 1/2 LAKE SHORE AVENU 9.000 1,116.82 78
8.750 1,116.82 178,000.00
LOS ANGELES CA 90026 2 05/16/97 00
0430249813 05 07/01/97 0
200011464 N 06/01/27
0
1
1585516 638/G02 F 81,000.00 ZZ
360 81,000.00 1
1937 ROBINWOOD ROAD 9.375 673.72 90
9.125 673.72 90,000.00
BALTIMORE MD 21222 1 06/16/97 04
0430279307 05 08/01/97 25
8643722 N 07/01/27
0
1585518 F03/G02 F 65,150.00 ZZ
360 65,150.00 1
307 E LAKE STREET 9.500 547.82 75
9.250 547.82 86,900.00
WOODLAND PARK CO 80863 1 06/06/97 00
0430260000 05 08/01/97 0
CSC10078 O 07/01/27
0
1585519 638/G02 F 46,800.00 ZZ
360 46,800.00 3
513 NORTH 11TH STREET 9.375 389.26 80
9.125 389.26 58,500.00
ALLENTOWN PA 18102 1 06/12/97 04
0430281055 05 08/01/97 12
08646022 N 07/01/27
0
1585529 561/G02 F 91,000.00 ZZ
360 90,948.98 1
2040 WOODLAND TRAIL 8.875 724.04 83
8.625 724.04 110,000.00
SUFFOLK VA 23434 5 05/15/97 12
0430264879 05 07/01/97 12
9049685 O 06/01/27
0
1585542 638/G02 F 38,700.00 ZZ
360 38,700.00 1
51 MURRAY STREET 9.625 328.95 90
9.375 328.95 43,000.00
PROVIDENCE RI 02909 1 06/13/97 04
0430278481 05 08/01/97 25
08645925 N 07/01/27
0
1585567 E26/G02 F 208,800.00 ZZ
360 208,670.21 1
15010 HUNTER MOUNTAIN LANE 8.375 1,587.04 79
8.125 1,587.04 265,000.00
1
SILVER SPRING MD 20906 2 05/19/97 00
0430253971 03 07/01/97 0
45700107 O 06/01/27
0
1585624 208/G02 F 214,000.00 ZZ
360 213,860.02 1
761 ASPEN COMPOUND DRIVE 8.125 1,588.94 65
7.875 1,588.94 330,000.00
SANTA FE NM 87501 5 05/20/97 00
0430264002 05 07/01/97 0
34213 N 06/01/27
0
1585637 661/661 F 130,000.00 ZZ
360 129,580.13 1
4521 WEST AMHERST AVENUE 8.500 999.58 100
8.250 999.58 130,000.00
DALLAS TX 75209 1 04/28/97 92
2910321 05 06/01/97 30
2910321 O 05/01/27
0
1585649 661/661 F 155,000.00 T
360 154,811.53 1
11840 LEEWARD WALK CIRCLE 8.500 1,191.82 100
8.250 1,191.82 155,000.00
ALPHARETTA GA 30202 1 04/29/97 92
2898229 03 06/01/97 30
2898229 O 05/01/27
0
1585666 E58/G02 F 47,250.00 ZZ
360 47,250.00 1
4952 NORWALDO AVENUE 9.000 380.19 90
8.750 380.19 52,500.00
INDIANAPOLIS IN 46205 1 06/06/97 12
0430260109 05 08/01/97 25
9059601 N 07/01/27
0
1585669 591/G02 F 46,000.00 ZZ
360 46,000.00 1
603 MARION QUIMBY DRIVE 8.750 361.89 61
8.500 361.89 75,500.00
STEVENSVILLE MD 21666 1 06/12/97 00
0430263178 01 08/01/97 0
105701245 O 07/01/27
0
1
1585683 661/661 F 125,000.00 ZZ
360 124,929.92 1
412 PECK LANE 8.875 994.56 50
8.625 994.56 253,000.00
ORANGE CT 06477 5 05/01/97 00
2857894 05 07/01/97 0
2857894 O 06/01/27
0
1585738 229/G02 F 39,600.00 ZZ
360 39,600.00 2
1117 SOUTH 30TH AVENUE 9.500 332.98 90
9.250 332.98 44,000.00
OMAHA NE 68105 1 06/12/97 04
0430279745 05 08/01/97 25
7472988 N 07/01/27
0
1585753 964/G02 F 152,000.00 ZZ
360 152,000.00 1
1918 LOS ALAMITOS DRIVE 8.375 1,155.31 80
8.125 1,155.31 190,000.00
PLACENTIA CA 92870 1 06/05/97 00
0430253229 05 08/01/97 0
25293 O 07/01/27
0
1585765 950/G02 F 108,000.00 ZZ
360 108,000.00 1
2320 NORTH 187TH STREET 8.500 830.43 80
8.250 830.43 136,000.00
SEATTLE WA 98133 5 06/10/97 00
0430263079 05 08/01/97 0
059737 O 07/01/27
0
1585805 H05/H05 F 80,000.00 ZZ
360 79,958.53 1
9 CAROL ANN DRIVE 9.250 658.14 76
9.000 658.14 106,500.00
ALBANY NY 12205 1 05/30/97 00
240140004 05 07/01/97 0
240140004 O 06/01/27
0
1585813 E08/G02 F 57,600.00 ZZ
360 57,600.00 1
1
11251 N KENDALL DRIVE 9.000 463.46 90
#114 8.750 463.46 64,000.00
MIAMI FL 33176 1 06/16/97 12
0430265330 01 08/01/97 25
213541 O 07/01/27
0
1585819 638/G02 F 47,900.00 ZZ
360 47,900.00 1
49 EAST WOOD STREET 9.250 394.06 80
9.000 394.06 59,900.00
NORRISTOWN BOUR PA 19401 1 06/18/97 00
0430279075 07 08/01/97 0
8646309 N 07/01/27
0
1585821 638/G02 F 47,900.00 ZZ
360 47,900.00 1
620 CHERRY STREET 9.250 394.06 80
9.000 394.06 59,900.00
NORRISTOWN BORO PA 19401 1 06/18/97 04
0430279117 07 08/01/97 12
8646305 N 07/01/27
0
1585827 E22/G02 F 114,000.00 ZZ
360 113,954.70 2
6-8 ORCHARD STREET 10.500 1,042.80 90
10.250 1,042.80 127,000.00
MATAWAN NJ 07747 1 05/20/97 10
0410378384 05 07/01/97 25
410378384 N 06/01/27
0
1585830 E22/G02 F 200,000.00 ZZ
360 199,884.93 1
273 ROUTE 35 NORTH 8.750 1,573.40 77
8.500 1,573.40 260,000.00
BRICK TOWNSHIP NJ 08723 1 05/22/97 00
0410400162 05 07/01/97 0
410400162 O 06/01/27
0
1585874 731/G02 F 171,200.00 ZZ
360 171,098.92 1
6309 WESTVIEW DRIVE 8.625 1,331.58 80
8.375 1,331.58 214,000.00
RIVERSIDE CA 92506 1 05/14/97 00
0430279836 05 07/01/97 0
1
411613770 O 06/01/27
0
1586059 A46/G02 F 175,500.00 ZZ
360 175,500.00 1
2623 CANDELARIA ROAD NW 8.750 1,380.66 65
8.500 1,380.66 270,000.00
ALBUQUERQUE NM 87107 5 06/10/97 00
0430264101 05 08/01/97 0
UNKNOWN O 07/01/27
0
1586062 638/G02 F 94,300.00 ZZ
360 94,300.00 1
1029 FLAIR COURT 9.250 775.78 80
9.000 775.78 117,900.00
ST LOUIS MO 63146 1 06/16/97 00
0430279000 03 08/01/97 0
8645529 O 07/01/27
0
1586070 638/G02 F 50,800.00 ZZ
360 50,800.00 1
1916 39TH AVENUE 8.875 404.19 80
8.625 404.19 63,500.00
VERO BEACH FL 32960 1 06/13/97 00
0430281717 05 08/01/97 0
08642434 O 07/01/27
0
1586076 638/G02 F 76,750.00 ZZ
360 76,750.00 2
4-6 UNION STREET 9.375 638.37 90
9.125 638.37 85,280.00
NASHUA NH 03060 1 06/20/97 14
0430281691 05 08/01/97 25
08646265 N 07/01/27
0
1586086 A38/G02 F 50,400.00 T
360 50,400.00 1
4212 MEDICAL DRIVE 8.500 387.53 90
#306 8.250 387.53 56,000.00
SAN ANTONIO TX 78229 1 06/11/97 10
0430262899 01 08/01/97 30
8110411 O 07/01/27
0
1
1586093 105/G02 F 109,500.00 ZZ
360 109,444.70 1
5308 STINGRAY COURT 9.375 910.77 90
9.125 910.77 121,700.00
WALDORF MD 20603 1 05/23/97 12
0430264176 03 07/01/97 25
UNKNOWN N 06/01/27
0
1586105 E22/G02 F 400,000.00 ZZ
360 399,775.75 1
10615 FELTON WAY 8.875 3,182.58 77
8.625 3,182.58 525,000.00
CUPERTINO CA 95014 5 05/14/97 00
0410362420 05 07/01/97 0
410362420 O 06/01/27
0
1586119 E22/G02 F 36,600.00 ZZ
360 36,583.37 3
17 SEYMOUR STREET 9.875 317.82 70
9.625 317.82 52,320.00
WATERBURY CT 06708 5 05/21/97 00
0410412936 05 07/01/97 0
410412936 N 06/01/27
0
1586129 E22/G02 F 108,000.00 ZZ
360 107,937.86 1
1587 LIGHTHOUSE DRIVE 8.750 849.64 90
8.500 849.64 120,000.00
NAPERVILLE IL 60540 1 05/08/97 04
0410326755 09 07/01/97 25
410326755 N 06/01/27
0
1586153 E45/G02 F 41,250.00 ZZ
360 41,229.17 1
988 BLVD OF THE ARTS #316 9.375 343.10 25
9.125 343.10 165,000.00
SARASOTA FL 34236 1 05/23/97 00
0430255471 05 07/01/97 0
UNKNOWN N 06/01/27
0
1586158 H93/G02 F 182,000.00 ZZ
360 182,000.00 1
921 OAK HILL DRIVE 8.625 1,415.58 65
8.375 1,415.58 284,000.00
1
HARRISONBURG VA 22801 5 06/17/97 00
0430284737 05 08/01/97 0
9717792 O 07/01/27
0
1586167 766/G02 F 45,000.00 T
360 44,977.87 1
10024 WINDING LAKE RD 9.500 378.38 75
#201 9.250 378.38 60,000.00
SUNRISE FL 33351 1 05/21/97 00
0430258129 01 07/01/97 0
97AJ0002 O 06/01/27
0
1586198 638/G02 F 56,250.00 ZZ
360 56,250.00 1
44 NEPTUNE STREET 9.250 462.75 90
9.000 462.75 62,800.00
LYNN MA 01905 1 06/19/97 14
0430281675 05 08/01/97 25
08646562 N 07/01/27
0
1586228 E22/G02 F 132,000.00 ZZ
360 131,926.00 1
1356 CARINTHIA LANE 8.875 1,050.25 80
8.625 1,050.25 166,000.00
INCLINE VILLAGE NV 89451 2 05/22/97 00
0410374656 03 07/01/97 0
410374656 O 06/01/27
0
1586244 003/G02 F 93,250.00 ZZ
360 93,202.91 4
3402 FOX STREET 9.375 775.61 65
9.125 775.61 143,500.00
DULUTH GA 30136 5 05/27/97 00
0430251777 05 07/01/97 0
3816378 N 06/01/27
0
1586252 687/G02 F 37,700.00 ZZ
360 37,700.00 1
2450 39TH AVENUE N 9.625 320.45 90
9.375 320.45 41,900.00
ST PETERSBURG FL 33714 1 06/06/97 01
0430259010 05 08/01/97 25
3Y1707 N 07/01/27
0
1
1586253 638/G02 F 134,100.00 ZZ
360 134,100.00 4
2301 STEWART AVENUE 9.250 1,103.21 90
9.000 1,103.21 149,000.00
LAS VEGAS NV 89101 1 06/18/97 04
0430282376 05 08/01/97 25
8646470 N 07/01/27
0
1586255 604/G02 F 58,800.00 ZZ
360 58,800.00 1
34 GALVIN STREET 8.500 452.12 80
8.250 452.12 73,500.00
PORTLAND ME 04101 1 06/13/97 00
0430267047 05 08/01/97 0
32100501 O 07/01/27
0
1586260 105/G02 F 80,000.00 ZZ
360 79,953.97 1
317 TORONTO AVENUE 8.750 629.36 77
8.500 629.36 105,000.00
MCALLEN TX 78503 1 05/09/97 00
0430255265 07 07/01/97 0
0825406 O 06/01/27
0
1586278 624/G02 F 121,500.00 T
360 121,500.00 1
238 RHODA NIDEROST LANE 8.875 966.71 90
8.625 966.71 135,000.00
WEST POINT CA 95255 1 06/11/97 11
0430282400 05 08/01/97 25
88001070016 O 07/01/27
0
1586304 E46/G02 F 262,500.00 ZZ
360 262,500.00 1
6424 SAW MILL ROAD 9.500 2,207.24 78
9.250 2,207.24 340,000.00
NEW HOPE PA 18938 2 06/16/97 00
0430266759 05 08/01/97 0
25237 O 07/01/27
0
1586318 757/757 F 67,600.00 ZZ
360 67,564.02 1
1
100 ROLLING ROCK ROAD 9.125 550.02 80
8.875 550.02 84,500.00
COLUMBIA SC 29212 1 05/20/97 00
2952430 05 07/01/97 0
2952430 O 06/01/27
0
1586328 E19/G02 F 103,500.00 ZZ
360 103,441.98 1
7629 SOUTHEAST WOODWARD STREET 8.875 823.49 73
8.625 823.49 143,000.00
PORTLAND OR 97206 5 05/20/97 00
0430249086 05 07/01/97 0
100023223 O 06/01/27
0
1586338 B27/G02 F 160,000.00 ZZ
360 159,907.94 4
31 BEECHCROFT STREET 8.750 1,258.73 66
8.500 1,258.73 245,000.00
BRIGHTON MA 02135 5 05/23/97 00
0430254193 05 07/01/97 0
110208388 N 06/01/27
0
1586339 637/G02 F 180,000.00 ZZ
360 179,911.46 1
4862 KENSINGTON CIRCLE 9.500 1,513.54 70
9.250 1,513.54 257,500.00
CORAL SPRINGS FL 33076 1 05/23/97 00
0430267849 03 07/01/97 0
9455809 O 06/01/27
0
1586342 688/G02 F 52,000.00 ZZ
360 51,970.09 2
2320 & 2322 COOPER TERRACE 8.750 409.08 80
8.500 409.08 65,000.00
NASHVILLE TN 37216 1 05/21/97 01
0430251454 05 07/01/97 12
48299 N 06/01/27
0
1586345 765/G02 F 220,000.00 ZZ
360 219,876.66 1
5720 NAPA COURT 8.875 1,750.42 80
8.625 1,750.42 275,000.00
RANCHO CUCAMONG CA 91701 1 05/09/97 00
0430282830 05 07/01/97 0
1
322703 O 06/01/27
0
1586348 731/G02 F 131,000.00 ZZ
360 130,924.63 1
744 SYCAMORE LANE 8.750 1,030.58 63
8.500 1,030.58 210,000.00
DAVIS CA 95616 5 05/23/97 00
0430263509 05 07/01/97 0
115254161 N 06/01/27
0
1586351 731/G02 F 200,000.00 ZZ
360 199,878.84 1
5933 CANYON HEIGHTS LANE 8.500 1,537.83 56
8.250 1,537.83 360,000.00
LOS ANGELES CA 90068 5 05/22/97 00
0430255307 05 07/01/97 0
411213818 O 06/01/27
0
1586357 E19/G02 F 198,900.00 ZZ
360 198,791.35 1
929 GLENFINNAN WAY 9.000 1,600.40 90
8.750 1,600.40 221,000.00
SAN JOSE CA 95122 2 05/23/97 10
0430258178 05 07/01/97 25
200024672 N 06/01/27
0
1586455 227/G02 F 71,200.00 ZZ
360 71,076.19 1
32 WHISTLER VILLAGE SEQUOUA 7 8.750 560.14 75
PO BOX 771632 8.500 560.14 95,000.00
STEAMBOAT SPRIN CO 80477 1 03/28/97 00
0430251694 09 05/01/97 0
1700827 O 04/01/27
0
1586488 E22/G02 F 249,900.00 ZZ
360 249,759.90 1
661 EDNA WAY 8.875 1,988.32 85
8.625 1,988.32 294,000.00
SAN MATEO CA 94402 5 05/27/97 23
0410408363 05 07/01/97 0
410408363 O 06/01/27
0
1
1586489 E22/G02 F 129,500.00 ZZ
360 129,419.51 1
2648 BEST AVENUE 8.375 984.29 80
8.125 984.29 162,000.00
OAKLAND CA 94619 5 05/22/97 00
0410399893 05 07/01/97 0
410399893 O 06/01/27
0
1586493 E22/G02 F 63,900.00 ZZ
360 63,872.48 2
913 - 915 CENTENNIAL DR 10.125 566.68 80
9.875 566.68 79,900.00
LAWRENCE KS 66049 1 05/15/97 04
0410394209 05 07/01/97 12
410394209 N 06/01/27
0
1586494 E22/G02 F 58,500.00 ZZ
360 58,471.98 1
4232 GENESSEE 9.625 497.24 90
9.375 497.24 65,000.00
KANSAS CITY MO 64111 1 05/23/97 10
0410412001 05 07/01/97 25
410412001 N 06/01/27
0
1586496 E22/G02 F 74,700.00 ZZ
360 74,655.90 1
430 QUEENS ROAD UNIT # 111 8.625 581.01 90
8.375 581.01 83,000.00
CHARLOTTE NC 28207 1 05/22/97 01
0410405641 01 07/01/97 25
410405641 O 06/01/27
0
1586499 E22/G02 F 480,000.00 ZZ
360 479,730.90 1
6040 SOUTH BELLAIRE WAY 8.875 3,819.10 80
8.625 3,819.10 600,000.00
LITTLETON CO 80121 2 05/21/97 00
0410388201 03 07/01/97 0
410388201 O 06/01/27
0
1586507 E22/G02 F 107,100.00 ZZ
360 107,041.50 1
6348 MILL POINT CIRCLE 9.000 861.75 73
8.750 861.75 148,000.00
1
DELRAY BEACH FL 33484 5 05/19/97 00
0410411656 01 07/01/97 0
410411656 O 06/01/27
0
1586508 E22/G02 F 96,000.00 ZZ
360 95,917.79 1
1431 EAST 88TH STREET 9.125 781.09 75
8.875 781.09 129,000.00
NEWAYGO MI 49337 5 05/15/97 00
0410367247 05 07/01/97 0
410367247 O 06/01/27
0
1586510 E22/G02 F 45,000.00 ZZ
360 44,980.62 1
7284 CHALMERS 10.125 399.07 90
9.875 399.07 50,000.00
WARREN MI 48091 1 05/21/97 04
0410392286 05 07/01/97 25
410392286 N 06/01/27
0
1586512 E22/G02 F 60,000.00 ZZ
360 59,965.48 1
421 WEST 32ND PLACE 8.750 472.02 45
8.500 472.02 134,000.00
HIALEAH FL 33012 5 05/19/97 00
0410403471 05 07/01/97 0
410403471 O 06/01/27
0
1586513 E22/G02 F 148,000.00 ZZ
360 147,927.21 1
1979 EAGLE POINTE UNIT #721 9.500 1,244.46 75
9.250 1,244.46 197,500.00
BLOOMFIELD HILL MI 48304 1 05/20/97 00
0410391577 01 07/01/97 0
410391577 O 06/01/27
0
1586518 E22/G02 F 156,000.00 ZZ
360 155,923.27 1
16242 NW 12 STREET 9.500 1,311.73 80
9.250 1,311.73 195,000.00
PEMBROKE PINES FL 33028 1 05/22/97 00
0410382030 03 07/01/97 0
410382030 O 06/01/27
0
1
1586571 731/G02 F 186,400.00 ZZ
360 186,400.00 1
28809 DEODAR PLACE 8.000 1,367.74 80
7.750 1,367.74 233,000.00
SANGUS AREA CA 91350 1 06/12/97 00
0430278416 05 08/01/97 0
413713842 O 07/01/27
0
1586573 638/G02 F 219,600.00 ZZ
360 219,600.00 1
1079 WEST RIDGESIDE COURT 8.500 1,688.53 80
8.250 1,688.53 274,500.00
SOUTH JORDAN UT 84095 1 06/17/97 00
0430285718 05 08/01/97 0
08646412 O 07/01/27
0
1586590 F64/G02 F 182,000.00 ZZ
360 182,000.00 1
38 BLACK GUM LANE 8.500 1,399.43 80
8.250 1,399.43 229,000.00
HILTON HEAD ISL SC 29926 1 06/20/97 00
0430280560 05 08/01/97 0
1192 O 07/01/27
0
1586609 F03/G02 F 132,000.00 ZZ
360 132,000.00 1
2004 MINER STREET 8.750 1,038.45 63
8.500 1,038.45 210,000.00
IDAHO SPRINGS CO 80452 5 06/11/97 00
0430279588 05 08/01/97 0
DEN11013 O 07/01/27
0
1586617 907/907 F 195,000.00 ZZ
360 195,000.00 2
317 78TH STREET 8.750 1,534.07 75
8.500 1,534.07 260,000.00
NORTH BERGEN NJ 07047 2 06/24/97 00
119461626 05 08/01/97 0
119461626 O 07/01/27
0
1586622 637/G02 F 67,500.00 ZZ
360 67,500.00 3
1
5935 GULF DRIVE 8.750 531.03 90
8.500 531.03 75,000.00
NEW PORT RICHEY FL 34652 1 05/19/97 01
0430252239 05 08/01/97 25
2835908 O 07/01/27
0
1586629 937/G02 F 200,000.00 ZZ
360 199,896.32 2
660-662 COLUMBUS STREET 9.250 1,645.35 74
9.000 1,645.35 271,000.00
SALT LAKE CITY UT 84103 5 05/29/97 00
0430251066 05 07/01/97 0
7546070 O 06/01/27
0
1586631 965/G02 F 59,850.00 ZZ
360 59,821.33 1
10402 NORTH 7TH AVENUE 9.625 508.72 90
9.375 508.72 66,500.00
PHOENIX AZ 85021 1 05/29/97 01
0430261289 05 07/01/97 25
205271 N 06/01/27
0
1586635 B68/G02 F 136,000.00 ZZ
360 135,936.55 3
17-19 ELTON STREET 9.750 1,168.45 80
9.500 1,168.45 170,000.00
PROVIDENCE RI 02906 1 05/28/97 00
0430286054 05 07/01/97 0
410170555 N 06/01/27
0
1586641 683/G02 F 59,900.00 ZZ
360 59,900.00 1
1 BOISVERT STREET 8.750 471.23 64
CASABLANCA #1 8.500 471.23 94,900.00
OLD ORCHARD BEA ME 04064 1 06/13/97 00
0430264200 01 08/01/97 0
029834 O 07/01/27
0
1586654 E23/G02 F 78,750.00 ZZ
360 78,702.29 1
11862 EAST SORREL LANE 8.500 605.52 75
8.250 605.52 105,000.00
SCOTTSDALE AZ 85259 1 05/28/97 00
0430255489 03 07/01/97 0
1
112131 O 06/01/27
0
1586656 927/G02 F 120,600.00 ZZ
360 120,539.10 2
1715 "C" STREET SOUTHEAST 9.375 1,003.09 90
9.125 1,003.09 134,000.00
AUBURN WA 98002 1 05/21/97 04
0430252692 05 07/01/97 25
317396 N 06/01/27
0
1586658 561/G02 F 140,000.00 ZZ
360 139,915.19 1
39 DEMAREST ROAD 8.500 1,076.48 52
8.250 1,076.48 270,000.00
PARAMUS NJ 07652 1 05/27/97 00
0430257477 05 07/01/97 0
0195571 O 06/01/27
0
1586689 B75/G02 F 80,000.00 ZZ
360 79,960.65 3
2638, 2640 & 2642 N HARRISON 9.500 672.68 80
BLVD 9.250 672.68 100,000.00
OGDEN UT 84401 1 05/07/97 00
0430283507 05 07/01/97 0
2873545 O 06/01/27
0
1586694 286/286 F 104,000.00 ZZ
360 102,884.03 1
8715 HICKORYWOOD LANE 9.250 855.59 80
9.000 855.59 130,000.00
TAMPA FL 33615 1 05/01/97 00
8645281 05 06/01/97 0
8645281 O 05/01/27
0
1586695 253/253 F 112,500.00 ZZ
360 112,438.54 1
4189 CAPRICE WAY 9.000 905.21 75
8.750 905.21 150,000.00
CRESTONE CO 81131 5 05/21/97 00
329370 05 07/01/97 0
329370 O 06/01/27
0
1
1586702 253/253 F 138,150.00 ZZ
360 138,076.48 1
1230 E ASCOT AVE 9.125 1,124.04 90
8.875 1,124.04 153,500.00
LITTLETON CO 80126 1 05/27/97 10
329900 05 07/01/97 25
329900 N 06/01/27
0
1586703 B28/G02 F 98,000.00 ZZ
360 97,942.14 1
1311 LA VETA WAY 8.625 762.24 56
8.375 762.24 178,000.00
COLORADO SPRING CO 80906 5 05/15/97 00
0430251736 05 07/01/97 0
05970521 O 06/01/27
0
1586732 E22/G02 F 72,900.00 ZZ
360 72,865.08 2
3512 33RD AVENUE SOUTH 9.625 619.64 90
9.375 619.64 81,000.00
MINNEAPOLIS MN 55406 1 05/23/97 10
0410391619 05 07/01/97 25
410391619 N 06/01/27
0
1586735 E22/G02 F 62,000.00 ZZ
360 61,964.33 1
5622 SHERATON OAKS DRIVE 8.750 487.75 80
8.500 487.75 77,500.00
HOUSTON TX 77091 1 05/21/97 00
0410412597 03 07/01/97 0
410412597 O 06/01/27
0
1586736 E22/G02 F 81,000.00 ZZ
360 80,958.00 1
2331 N.W. 93RD LANE 9.250 666.37 90
9.000 666.37 90,000.00
SUNRISE FL 33322 1 05/23/97 04
0410405385 05 07/01/97 25
410405385 N 06/01/27
0
1586737 E22/G02 F 24,550.00 ZZ
360 24,538.55 1
11101 ROYAL PALM BLVD UNIT 217 9.750 210.92 75
9.500 210.92 32,776.00
1
CORAL SPRINGS FL 33065 1 05/23/97 00
0410405948 01 07/01/97 0
410405948 N 06/01/27
0
1586741 E22/G02 F 57,000.00 T
360 56,970.45 1
1702 SOUTH RIVERSIDE DRIVE 9.250 468.92 65
9.000 468.92 88,000.00
NEW SMYRNA BEAC FL 32168 1 05/21/97 00
0410400634 05 07/01/97 0
410400634 O 06/01/27
0
1586743 E22/G02 F 56,600.00 ZZ
360 56,569.08 1
5565 PRESTON OAKS RD #170 9.000 455.42 95
8.750 455.42 59,625.00
DALLAS TX 75240 1 05/06/97 01
0410319933 01 07/01/97 30
410319933 O 06/01/27
0
1586748 E22/G02 F 51,300.00 ZZ
360 51,272.70 1
900 OCEAN AVENUE UNIT #402 9.125 417.39 90
8.875 417.39 57,000.00
OCEAN CITY NJ 08226 1 05/23/97 04
0410400311 01 07/01/97 30
410400311 O 06/01/27
0
1586754 E22/G02 F 125,600.00 ZZ
360 125,523.91 1
2155 DICKINSON PLACE 8.500 965.76 80
8.250 965.76 157,000.00
OXNARD CA 93033 1 05/23/97 00
0410303200 05 07/01/97 0
410303200 O 06/01/27
0
1586760 E22/G02 F 108,000.00 ZZ
360 107,939.45 2
3236-3238 32ND STREET 8.875 859.30 80
8.625 859.30 135,000.00
SAN DIEGO CA 92104 1 05/22/97 00
0410398283 05 07/01/97 0
410398283 O 06/01/27
0
1
1586763 450/450 F 110,175.00 ZZ
360 110,111.61 1
7383 LUGANO DRIVE 8.750 866.75 75
8.500 866.75 146,900.00
BOYNTON BEACH FL 33309 1 05/29/97 00
3787041 03 07/01/97 0
3787041 O 06/01/27
0
1586776 828/G02 F 128,000.00 ZZ
360 128,000.00 1
6111 E UNIVERSITY BOULEVARD 8.750 1,006.98 80
8.500 1,006.98 160,000.00
DALLAS TX 75214 1 06/16/97 00
0430262881 05 08/01/97 0
75070027 O 07/01/27
0
1586788 G17/G02 F 133,000.00 ZZ
360 133,000.00 1
13711 MCKENZIE AVENUE 8.500 1,022.65 74
8.250 1,022.65 180,000.00
POWAY CA 92064 2 06/18/97 00
0430285452 05 08/01/97 0
277105 O 07/01/27
0
1586798 637/G02 F 38,400.00 ZZ
360 38,400.00 3
232-234 BAILEY STREET 9.125 312.44 80
8.875 312.44 48,000.00
LAWRENCE MA 01843 1 06/18/97 00
0430282988 05 08/01/97 0
9872938 N 07/01/27
0
1586816 313/G02 F 94,400.00 ZZ
360 94,400.00 1
660 CARROLLS WAY 8.875 751.09 80
8.625 751.09 118,000.00
BUFORD GA 30518 1 06/16/97 00
0430267658 05 08/01/97 0
6228688 O 07/01/27
0
1586832 E67/G02 F 264,750.00 ZZ
360 264,597.68 1
1
64455 OLD BEND REDMOND HWY 8.750 2,082.79 75
8.500 2,082.79 353,000.00
BEND OR 97701 1 05/23/97 00
0430254110 05 07/01/97 0
6354 O 06/01/27
0
1586837 G17/G02 F 276,900.00 ZZ
360 276,732.25 1
667 POMONA AVENUE 8.500 2,129.12 78
8.250 2,129.12 355,000.00
CORONADO CA 92118 1 05/28/97 00
0430254375 05 07/01/97 0
276305 O 06/01/27
0
1586838 731/G02 F 104,400.00 ZZ
360 104,341.47 1
8352 SEENO AVENUE 8.875 830.65 90
8.625 830.65 116,000.00
GRANITE BAY CA 95746 1 05/28/97 10
0430251660 05 07/01/97 25
114141492 N 06/01/27
0
1586862 664/G02 F 90,000.00 ZZ
360 89,945.47 1
369 PAYSON CIRCLE 8.500 692.03 79
8.250 692.03 114,000.00
GLENDALE HEIGHT IL 60139 5 05/23/97 00
0430252197 05 07/01/97 0
2305100 O 06/01/27
0
1586876 637/G02 F 215,850.00 ZZ
360 215,722.56 1
5115 GENOVESIO DRIVE 8.625 1,678.86 75
8.375 1,678.86 291,000.00
PLEASANTON CA 94588 1 05/07/97 00
0430254995 03 07/01/97 0
9654377 O 06/01/27
0
1586889 375/G02 F 295,000.00 ZZ
360 294,609.37 1
2150 25TH AVENUE 8.500 2,268.30 80
8.250 2,268.30 369,000.00
SAN FRANCISCO CA 94116 1 04/02/97 00
0430249458 05 06/01/97 0
1
653819 O 05/01/27
0
1586894 375/G02 F 408,000.00 ZZ
360 407,000.77 1
728 LUNALILO HOME ROAD 8.500 3,137.17 80
8.250 3,137.17 510,000.00
HONOLULU HI 96825 1 02/06/97 00
0430259507 03 04/01/97 0
643617 O 03/01/27
0
1586896 375/G02 F 100,000.00 T
360 99,826.11 1
7213 PLEASURE AVENUE #NORT 8.750 786.71 27
8.500 786.71 375,000.00
SEAL ISLE CITY NJ 08243 5 03/31/97 00
0430256388 01 05/01/97 0
649949 O 04/01/27
0
1586897 375/G02 F 111,650.00 ZZ
360 111,510.70 1
24020 129TH COURT SE 8.375 848.63 51
8.125 848.63 220,000.00
KENT WA 98031 2 04/03/97 00
0430250035 03 06/01/97 0
651384 O 05/01/27
0
1586900 375/G02 F 202,000.00 ZZ
360 201,772.66 1
6524 16TH AVENUE NE 8.875 1,607.21 80
8.625 1,607.21 252,500.00
SEATTLE WA 98115 1 05/06/97 00
0430249532 05 06/01/97 0
653253 O 05/01/27
0
1586901 375/G02 F 114,400.00 ZZ
360 114,185.17 1
5213 200TH STREET NE 8.375 869.53 80
8.125 869.53 143,000.00
ARLINGTON WA 98290 1 03/26/97 00
0430253864 05 05/01/97 0
651196 O 04/01/27
0
1
1586903 375/G02 F 100,066.00 ZZ
360 99,941.16 1
6932 GEMINI DRIVE 8.375 760.58 67
8.125 760.58 150,000.00
ANCHORAGE AK 99504 2 04/07/97 00
0430259580 27 06/01/97 0
651301 N 05/01/27
0
1586904 375/G02 F 259,500.00 ZZ
360 259,071.56 1
1105 FLINTWOOD ROAD 9.000 2,088.00 75
8.750 2,088.00 350,000.00
FRANKTOWN CO 80118 2 04/01/97 00
0430250761 05 05/01/97 0
653778 O 04/01/27
0
1586905 375/G02 F 40,000.00 ZZ
360 39,932.22 1
93 WOODWAY DRIVE 8.875 318.26 73
8.625 318.26 55,000.00
WEST DEPTFORD T NJ 08086 1 03/20/97 00
0430256420 01 05/01/97 0
650633 N 04/01/27
0
1586906 375/G02 F 221,300.00 ZZ
360 221,030.91 1
28216 128TH STREET SE 8.500 1,701.61 68
8.250 1,701.61 330,000.00
MONROE WA 98272 5 04/04/97 00
0430249474 05 06/01/97 0
654600 O 05/01/27
0
1586908 375/G02 F 97,500.00 ZZ
360 97,321.53 1
801 NEWBERG ROAD 8.500 749.70 65
8.250 749.70 150,000.00
SNOHOMISH WA 98290 5 03/26/97 00
0430260356 27 05/01/97 0
651297 N 04/01/27
0
1586975 369/G02 F 36,000.00 ZZ
360 35,956.23 1
5813 MONONA DRIVE 8.500 276.81 90
8.250 276.81 40,000.00
1
KOKOMO IN 46902 1 04/29/97 01
0430253724 05 06/01/97 25
60038833 N 05/01/27
0
1586982 369/G02 F 100,000.00 ZZ
360 99,884.50 1
115 RIDGE ROAD 8.750 786.71 77
8.500 786.71 130,000.00
CHADDS FORD PA 19317 1 04/28/97 00
0430252783 05 06/01/97 0
60627239 O 05/01/27
0
1586987 369/G02 F 58,500.00 ZZ
360 58,415.23 1
805 A GAEL DRIVE 9.625 497.25 90
9.375 497.25 65,000.00
JOLIET IL 60435 1 03/10/97 01
0430255661 01 05/01/97 25
60377421 N 04/01/27
0
1586990 369/G02 F 78,750.00 ZZ
360 78,672.21 1
1635 GOOD INTENT ROAD 9.500 662.18 75
9.250 662.18 105,000.00
DEPTFORD NJ 08096 2 05/07/97 00
0430254961 05 06/01/97 0
60635885 N 05/01/27
0
1586992 E29/G02 F 126,300.00 ZZ
360 126,223.48 1
6068 SOUTH KINGSTON CIRCLE 8.500 971.14 80
8.250 971.14 157,900.00
ENGLEWOOD CO 80111 1 05/16/97 00
0430257626 05 07/01/97 0
9704066 O 06/01/27
0
1586993 369/G02 F 132,200.00 ZZ
360 132,069.43 1
9960 HOYT LANE 9.500 1,111.61 90
9.250 1,111.61 146,900.00
BROOMFIELD CO 80021 1 04/18/97 01
0430253740 03 06/01/97 25
60503745 N 05/01/27
0
1
1587007 687/G02 F 29,250.00 ZZ
360 29,232.73 2
2338 MAPLE AVENUE 8.625 227.50 90
8.375 227.50 32,500.00
PITTSBURGH PA 15214 3 05/23/97 01
0430250274 05 07/01/97 25
1601903 N 06/01/27
0
1587009 G34/G02 F 138,000.00 ZZ
360 137,928.45 3
66 ABORN STREET 9.250 1,135.30 77
9.000 1,135.30 181,000.00
PEABODY MA 01960 2 05/23/97 00
0430255083 05 07/01/97 0
7058514 N 06/01/27
0
1587026 E20/G02 F 61,600.00 ZZ
360 60,967.22 1
8015 MOUNT TABOR ROAD 9.125 501.20 80
8.875 501.20 77,000.00
CUMMING GA 30130 1 05/16/97 00
0430252122 05 07/01/97 0
UNKNOWN O 06/01/27
0
1587097 H19/G02 F 123,050.00 ZZ
360 123,050.00 1
11855 SOUTH POULTRY DRIVE 9.375 1,023.47 90
9.125 1,023.47 136,900.00
DRAPER UT 84020 1 06/23/97 10
0430282350 05 08/01/97 25
2019305 N 07/01/27
0
1587170 965/G02 F 116,550.00 ZZ
360 116,550.00 1
1820 NORTH WRIGHTSTOWN PLACE 9.125 948.29 90
8.875 948.29 129,500.00
TUCSON AZ 85715 1 06/13/97 04
0430259333 03 08/01/97 25
4936 N 07/01/27
0
1587172 G52/G02 F 336,000.00 ZZ
360 336,000.00 1
1
1225 SASSASFRAS STREET 8.500 2,583.55 80
8.250 2,583.55 420,000.00
SAN DIEGO CA 92103 2 06/13/97 00
0430284968 05 08/01/97 0
12255 O 07/01/27
0
1587255 A37/G02 F 40,000.00 ZZ
360 40,000.00 2
157 EAST 116TH STREET 9.750 343.66 67
9.500 343.66 60,500.00
CHICAGO IL 60628 5 06/04/97 00
0430252304 05 08/01/97 0
97W45119 N 07/01/27
0
1587259 G22/G02 F 248,000.00 ZZ
360 248,000.00 1
19920 BEAR VALLEY LANE 8.375 1,884.98 79
8.125 1,884.98 316,383.00
NORTHRIDGE CA 91326 1 05/28/97 00
0430252601 03 08/01/97 0
310136 O 07/01/27
0
1587262 E57/G02 F 245,200.00 ZZ
360 245,069.51 4
7259 #A,#B,#D,#E PICKERING AVE 9.125 1,995.03 90
8.875 1,995.03 272,500.00
WHITTIER CA 90602 1 05/22/97 11
0430252676 05 07/01/97 30
95542005413 O 06/01/27
0
1587292 G51/G02 F 55,300.00 ZZ
360 55,300.00 2
137 EIGHTH AVENUE 9.500 465.00 70
9.250 465.00 79,000.00
NORTH TONAWANDA NY 14120 5 06/19/97 00
0430279885 05 08/01/97 0
1587292 N 07/01/27
0
1587301 638/G02 F 90,000.00 ZZ
360 90,000.00 1
39 NICHOLSON CRESCENT 9.000 724.16 80
8.750 724.16 113,000.00
MIDDLETOWN RI 02840 2 06/17/97 00
0430281972 05 08/01/97 0
1
08647082 O 07/01/27
0
1587311 E22/G02 F 83,000.00 ZZ
360 82,953.46 1
334 UTAH ROAD 8.875 660.39 60
8.625 660.39 138,500.00
STEVENSVILLE MD 21666 2 05/21/97 00
0410393888 05 07/01/97 0
410393888 O 06/01/27
0
1587312 E22/G02 F 103,400.00 ZZ
360 103,346.39 1
1 LIGGETT BLVD. 9.250 850.65 90
9.000 850.65 114,900.00
POHATCONG TOWNS NJ 08865 1 05/27/97 01
0410376834 05 07/01/97 25
410376834 N 06/01/27
0
1587317 E22/G02 F 68,800.00 ZZ
360 68,760.42 1
1600 S. MAIN STREET 8.750 541.25 80
8.500 541.25 86,000.00
HOLDEN MO 64040 1 05/28/97 00
0410319867 05 07/01/97 0
410319867 O 06/01/27
0
1587318 E22/G02 F 90,000.00 ZZ
360 89,954.56 1
3248 OAKSHIRE 9.375 748.57 90
9.125 748.57 100,000.00
BERKLEY MI 48072 1 05/16/97 04
0410395123 05 07/01/97 25
410395123 N 06/01/27
0
1587320 E22/G02 F 152,100.00 ZZ
360 152,025.19 1
4429 HARRISON STREET N.W. 9.500 1,278.94 90
9.250 1,278.94 169,000.00
WASHINGTON DC 20015 1 05/28/97 10
0410410674 05 07/01/97 25
410410674 N 06/01/27
0
1
1587323 E22/G02 F 56,450.00 ZZ
360 56,425.03 1
456 SEMINOLE 10.000 495.39 90
9.750 495.39 62,750.00
BOLINGBROOK IL 60440 1 05/21/97 10
0410391825 09 07/01/97 25
410391825 N 06/01/27
0
1587331 E22/G02 F 104,500.00 ZZ
360 104,447.23 2
4764 DOZIER AVENUE 9.375 869.18 95
9.125 869.18 110,000.00
LOS ANGELES CA 90022 1 05/22/97 04
0410301337 05 07/01/97 30
410301337 O 06/01/27
0
1587466 G51/G02 F 144,000.00 ZZ
360 144,000.00 1
1 EARLDOM WAY 8.875 1,145.73 80
8.625 1,145.73 180,000.00
AMHERST NY 14068 1 06/13/97 00
0430263129 05 08/01/97 0
0205423 O 07/01/27
0
1587467 B99/G02 F 158,400.00 ZZ
360 158,400.00 1
1845 WASHINGTON STREET 8.250 1,190.01 80
8.000 1,190.01 198,000.00
HOLLISTON MA 01746 1 06/16/97 00
0430252668 05 08/01/97 0
LC975791 O 07/01/27
0
1587472 E29/G02 F 119,800.00 ZZ
360 119,719.62 1
5216 SOUTH JERICHO WAY 8.000 879.05 80
7.750 879.05 149,790.00
AURORA CO 80015 1 05/29/97 00
0430263707 03 07/01/97 0
9705054 O 06/01/27
0
1587475 286/286 F 35,600.00 ZZ
360 35,579.51 1
7575 CAMBRIDGE STREET #2802 8.750 280.07 80
8.500 280.07 44,500.00
1
HOUSTON TX 77054 1 05/14/97 00
09174270 01 07/01/97 0
09174270 O 06/01/27
0
1587478 286/286 F 40,000.00 ZZ
360 39,958.34 1
82 APRIL POINT SOUTH 9.250 329.08 90
9.000 329.08 44,500.00
MONTGOMERY TX 77356 1 04/30/97 10
9170363 01 06/01/97 25
9170363 O 05/01/27
0
1587484 A46/G02 F 53,900.00 ZZ
360 53,900.00 2
822 & 820 W FOREST DRIVE 9.000 433.69 90
8.750 433.69 59,900.00
MUSTANG OK 73064 1 06/13/97 01
0430266163 05 08/01/97 25
UNKNOWN N 07/01/27
0
1587492 377/377 F 67,900.00 ZZ
360 67,857.04 1
134 VAN HAS LANE 8.875 540.25 70
8.625 540.25 97,000.00
WINCHESTER TN 37398 5 05/23/97 00
3659737 05 07/01/97 0
3659737 O 06/01/27
0
1587570 369/G02 F 88,000.00 ZZ
360 87,910.77 1
187 LOVER JONESTOWN ROAD 9.375 731.94 80
9.125 731.94 110,000.00
FALLOWFIELD TOW PA 15022 1 04/22/97 00
0430252965 05 06/01/97 0
60627411 O 05/01/27
0
1587571 369/G02 F 41,300.00 ZZ
360 41,258.11 1
628 EAST C STREET 9.375 343.52 70
9.125 343.52 59,000.00
JENKS OK 74037 5 04/30/97 00
0430254417 05 06/01/97 0
60223039 N 05/01/27
0
1
1587573 369/G02 F 81,000.00 ZZ
360 78,297.55 1
1422 YORKSHIRE DRIVE 9.375 673.72 90
9.125 673.72 90,000.00
AUSTIN TX 78723 1 04/03/97 01
0430253708 05 06/01/97 25
520235 N 05/01/27
0
1587575 369/G02 F 61,600.00 ZZ
360 61,570.49 4
663 PACHECO ROAD 9.625 523.59 80
9.375 523.59 77,000.00
BAKERSFIELD CA 93307 1 05/08/97 00
0430253732 05 07/01/97 0
49334899 N 06/01/27
0
1587577 369/G02 F 63,900.00 ZZ
360 63,838.52 2
28 DIVISION STREET 9.625 543.15 90
9.375 543.15 71,000.00
CITY OF TRENTON NJ 08610 1 04/24/97 01
0430255919 07 06/01/97 25
60630183 N 05/01/27
0
1587580 003/G02 F 296,000.00 ZZ
360 295,820.68 1
11241 WILLOW GARDENS DRIVE 8.500 2,275.99 80
8.250 2,275.99 370,000.00
WINDERMERE FL 34786 1 05/29/97 00
0430253609 03 07/01/97 0
3786050 O 06/01/27
0
1587592 731/G02 F 116,000.00 ZZ
360 115,936.64 1
13561 WOOLSEY ROAD 9.000 933.36 61
8.750 933.36 191,000.00
AGUA DULCE AREA CA 91350 1 05/05/97 00
0430252486 05 07/01/97 0
413713594 O 06/01/27
0
1587596 E91/G02 F 200,000.00 ZZ
360 200,000.00 1
1
695 LYNNMERE DRIVE 8.250 1,502.53 46
8.000 1,502.53 435,000.00
THOUSAND OAKS CA 91360 5 06/20/97 00
0430284851 05 08/01/97 0
1587596 O 07/01/27
0
1587598 964/G02 F 98,250.00 ZZ
360 98,194.92 1
31456 WEST NINE DRIVE 8.875 781.72 75
8.625 781.72 131,000.00
LAGUNA NIGUEL CA 92677 1 05/08/97 00
0430249912 01 07/01/97 0
24527 O 06/01/27
0
1587694 375/G02 F 140,000.00 ZZ
360 139,829.78 1
8439 WEST HARVARD DRIVE 8.500 1,076.48 80
8.250 1,076.48 175,000.00
LAKEWOOD CO 80227 1 04/28/97 00
0430253674 05 06/01/97 0
652713 O 05/01/27
0
1587695 375/G02 F 71,500.00 ZZ
360 71,456.68 1
8989 N W RYEGRASS ROAD 8.500 549.78 55
8.250 549.78 130,000.00
PRINEVILLE OR 97754 1 05/02/97 00
0430250571 05 07/01/97 0
656633 N 06/01/27
0
1587697 375/G02 F 321,750.00 ZZ
360 321,423.77 3
3418 NORTH SEMINARY 9.375 2,676.15 65
9.125 2,676.15 495,000.00
CHICAGO IL 60657 5 04/07/97 00
0430251967 05 06/01/97 0
UNKNOWN O 05/01/27
0
1587698 375/G02 F 33,100.00 ZZ
360 33,068.99 1
9710 WIND FLOWER 9.750 284.38 65
9.500 284.38 51,000.00
HOUSTON TX 77086 1 04/14/97 00
0430251801 03 06/01/97 0
1
655120 N 05/01/27
0
1587702 375/G02 F 29,200.00 ZZ
360 29,172.65 1
9623 WIND FLOWER 9.750 250.87 65
9.500 250.87 45,000.00
HOUSTON TX 77086 1 04/14/97 00
0430252312 03 06/01/97 0
UNKNOWN N 05/01/27
0
1587707 375/G02 F 110,000.00 ZZ
360 109,813.63 1
12128 SE 104TH COURT 8.875 875.21 80
#28 8.625 875.21 137,500.00
PORTLAND OR 97266 1 03/24/97 00
0430251769 01 05/01/97 0
650127 O 04/01/27
0
1587710 375/G02 F 91,300.00 ZZ
360 91,197.26 1
10725 SUNSET BOULEVARD 8.875 726.42 74
8.625 726.42 125,000.00
THE VILLAGE OK 73120 2 04/25/97 00
0430251751 05 06/01/97 0
UNKNOWN O 05/01/27
0
1587711 375/G02 F 73,500.00 ZZ
360 73,358.40 1
12635 S W PENINSULA DRIVE 8.250 552.19 70
8.000 552.19 105,000.00
CROOKED RIVER R OR 97760 1 03/03/97 00
0430251843 03 05/01/97 0
646981 O 04/01/27
0
1587712 375/G02 F 29,670.00 ZZ
360 29,637.47 1
1013 PINECREST ST 9.000 238.73 43
8.750 238.73 69,670.00
NORMAN OK 73071 1 04/29/97 00
0430251744 03 06/01/97 0
646900 O 05/01/27
0
1
1587713 375/G02 F 99,960.00 ZZ
360 99,757.92 1
31435 50TH AVENUE S W 8.375 759.77 80
8.125 759.77 124,950.00
FEDERAL WAY WA 98023 1 04/11/97 00
0430251728 05 06/01/97 0
653870 O 05/01/27
0
1587715 375/G02 F 127,000.00 ZZ
360 126,784.28 1
39480 KIOWA-BENNETT ROAD 8.875 1,010.47 73
8.625 1,010.47 175,000.00
KIOWA CO 80117 2 03/21/97 00
0430251645 05 05/01/97 0
UNKNOWN O 04/01/27
0
1587726 A78/G02 F 107,625.00 ZZ
360 107,563.08 1
1500 KNOTWOOD COURT 8.750 846.69 75
8.500 846.69 143,500.00
FORT COLLINS CO 80521 5 05/23/97 00
0430252338 05 07/01/97 0
020013441 O 06/01/27
0
1587730 B68/G02 F 71,150.00 ZZ
360 71,117.68 4
43 LINCOLN STREET 9.875 617.83 75
9.625 617.83 94,900.00
LOWELL MA 01853 1 05/30/97 00
0430258186 05 07/01/97 0
51027004 N 06/01/27
0
1587755 687/G02 F 121,600.00 ZZ
360 121,600.00 1
14116 DUNCAN PLAINS ROAD 8.750 956.63 80
8.500 956.63 152,000.00
JOHNSTOWN OH 43031 2 06/16/97 00
0430282178 05 08/01/97 0
NG O 07/01/27
0
1587761 560/560 F 80,000.00 ZZ
360 79,952.76 1
2761 E 7350 SOUTH 8.625 622.24 58
8.375 622.24 138,500.00
1
SALT LAKE CITY UT 84121 5 05/27/97 00
450729108 05 07/01/97 0
450729108 N 06/01/27
0
1587768 560/560 F 71,900.00 ZZ
360 71,859.69 1
1727 W 14TH AVENUE 8.875 572.07 90
8.625 572.07 79,900.00
SPOKANE WA 99204 1 05/23/97 04
450737606 05 07/01/97 25
450737606 N 06/01/27
0
1587776 E22/G02 F 65,000.00 ZZ
360 64,963.56 1
1010 SAWMILL RD. N.W. 8.875 517.17 65
8.625 517.17 100,000.00
ALBUQUERQUE NM 87104 5 05/23/97 00
0410426266 05 07/01/97 0
410426266 O 06/01/27
0
1587777 560/560 F 124,200.00 ZZ
360 124,124.75 1
62 BRIARWOOD COURT 8.500 955.00 90
8.250 955.00 138,000.00
STREAMWOOD IL 60107 1 05/29/97 04
450732979 01 07/01/97 25
450732979 N 06/01/27
0
1587778 E22/G02 F 155,600.00 ZZ
360 155,510.47 1
4656 HIDDEN RIVER ROAD 8.750 1,224.11 80
8.500 1,224.11 194,900.00
SARASOTA FL 34240 1 05/28/97 00
0410410856 03 07/01/97 0
410410856 O 06/01/27
0
1587780 E22/G02 F 56,000.00 ZZ
360 55,972.45 2
6101 S.W. 18TH STREET 9.500 470.88 70
9.250 470.88 80,000.00
MIRAMAR FL 33023 5 05/27/97 00
0410405989 05 07/01/97 0
410405989 N 06/01/27
0
1
1587786 E22/G02 F 126,000.00 ZZ
360 125,934.68 1
6214 MEMORIAL DRIVE 9.250 1,036.57 70
9.000 1,036.57 180,000.00
HOUSTON TX 77007 5 05/23/97 00
0410389852 05 07/01/97 0
410389852 N 06/01/27
0
1587794 B75/G02 F 148,650.00 ZZ
360 148,564.48 1
1050 NW 117 AVENUE 8.750 1,169.43 75
8.500 1,169.43 198,250.00
CORAL SPRINGS FL 33071 1 06/02/97 00
0430254441 03 07/01/97 0
2866853 O 06/01/27
0
1587798 E22/G02 F 131,200.00 ZZ
360 131,200.00 1
6003 OLIVA AVENUE 8.625 1,020.46 80
8.375 1,020.46 164,000.00
LAKEWOOD CA 90712 2 05/28/97 00
0410303234 05 08/01/97 0
410303234 O 07/01/27
0
1587799 560/560 F 43,700.00 T
360 43,676.74 1
17011 N BAY ROAD NO 111 9.125 355.56 70
8.875 355.56 62,740.00
N MIAMI BEACH FL 33160 1 05/23/97 00
450726260 06 07/01/97 0
450726260 O 06/01/27
0
1587801 E22/G02 F 51,200.00 ZZ
360 51,200.00 1
1911 OREGON AVENUE 8.750 402.79 80
8.500 402.79 64,000.00
BUTTE MT 59701 1 06/04/97 00
0410217087 05 08/01/97 0
410217087 O 07/01/27
0
1587802 E22/G02 F 143,650.00 ZZ
360 143,650.00 1
1
14216 75TH AVENUE NE 8.625 1,117.29 85
8.375 1,117.29 169,000.00
BOTHELL WA 98011 5 05/28/97 10
0410217095 05 08/01/97 12
410217095 O 07/01/27
0
1587804 E22/G02 F 36,650.00 ZZ
360 36,629.99 1
2215 POST ROAD, #2065 9.000 294.89 95
8.750 294.89 38,600.00
AUSTIN TX 78704 1 05/23/97 04
0410425144 01 07/01/97 30
410425144 O 06/01/27
0
1587806 E22/G02 F 43,700.00 ZZ
360 43,678.51 1
2220 WOODRIDGE LANE UNIT #M 9.500 367.45 95
9.250 367.45 46,000.00
FLORENCE SC 29501 1 05/28/97 04
0410450050 01 07/01/97 30
410450050 O 06/01/27
0
1587807 E22/G02 F 76,000.00 ZZ
360 75,958.49 1
9043 CREEKVIEW COURT 9.000 611.51 72
8.750 611.51 106,000.00
GRAND BLANC MI 48439 1 05/23/97 00
0410396311 05 07/01/97 0
410396311 O 06/01/27
0
1587808 E22/G02 F 38,400.00 ZZ
360 38,382.08 2
9506 A & B NIGHT STAR DRIVE 9.750 329.92 64
9.500 329.92 60,500.00
DEL VALLE TX 78617 1 05/15/97 00
0410391049 05 07/01/97 0
410391049 N 06/01/27
0
1587809 E22/G02 F 29,600.00 ZZ
360 29,584.66 1
1112 LILAC DR 9.250 243.51 71
9.000 243.51 42,000.00
BELLEVILLE IL 62220 5 05/19/97 00
0410411284 05 07/01/97 0
1
410411284 O 06/01/27
0
1587814 E22/G02 F 153,000.00 ZZ
360 152,916.43 1
6577 SANDWEDGE COURT 9.000 1,231.07 90
8.750 1,231.07 170,000.00
ALEXANDRIA VA 22312 1 06/02/97 04
0410413207 05 07/01/97 25
410413207 N 06/01/27
0
1587820 E22/G02 F 108,750.00 ZZ
360 108,690.60 4
407 RAINBOW COURT SE 9.000 875.03 75
8.750 875.03 145,000.00
ALBUQUERQUE NM 87123 1 05/29/97 00
0410413777 05 07/01/97 0
410413777 N 06/01/27
0
1587821 E29/G02 F 205,500.00 ZZ
360 205,362.11 1
2492 WEST SUNSET DRIVE 8.000 1,507.89 80
7.750 1,507.89 256,885.00
LITTLETON CO 80120 1 05/29/97 00
0430254433 03 07/01/97 0
59609010 O 06/01/27
0
1587824 E22/G02 F 63,700.00 ZZ
360 63,568.67 1
3365 CONWAY BOULEVARD 9.500 535.62 65
9.250 535.62 98,000.00
PORT CHARLOTTE FL 33952 5 05/28/97 00
0410405963 05 07/01/97 0
410405963 N 06/01/27
0
1587825 E22/G02 F 79,900.00 ZZ
360 79,855.21 1
32 ERNA DRIVE 8.875 635.72 85
8.625 635.72 94,000.00
CORAM NY 11727 5 05/22/97 10
0410382972 05 07/01/97 12
410382972 O 06/01/27
0
1
1587826 E22/G02 F 200,000.00 ZZ
240 199,681.02 1
2314 TIMBER GROVE DRIVE 8.500 1,735.65 85
8.250 1,735.65 236,000.00
VALRICO FL 33594 2 05/23/97 04
0410403257 05 07/01/97 12
410403257 O 06/01/17
0
1587828 688/G02 F 52,800.00 ZZ
360 52,770.40 2
624 MAPLEWOOD LANE 8.875 420.10 80
8.625 420.10 66,000.00
NASHVILLE TN 37216 1 05/30/97 00
0430256438 05 07/01/97 0
0048356 N 06/01/27
0
1587831 E45/G02 F 92,000.00 ZZ
360 91,948.43 1
18145 PALM BREEZE DRIVE 8.875 731.99 80
8.625 731.99 115,000.00
TAMPA FL 33647 1 05/30/97 00
0430279497 03 07/01/97 0
UNKNOWN O 06/01/27
0
1587839 560/560 F 53,100.00 ZZ
360 53,069.45 1
1650 PRIMROSE AVENUE 8.750 417.74 90
8.500 417.74 59,000.00
MERCED CA 95340 1 05/30/97 05
450736962 05 07/01/97 25
450736962 N 06/01/27
0
1587840 375/G02 F 135,000.00 ZZ
360 134,782.85 1
6758 WEST PORTLAND AVENUE 9.125 1,098.40 90
8.875 1,098.40 150,000.00
LITTLETON CO 80123 1 03/31/97 01
0430252452 05 05/01/97 25
650018 N 04/01/27
0
1587844 375/G02 F 80,100.00 ZZ
360 80,012.15 2
855 & 857 TYLER STREET 9.000 644.51 90
8.750 644.51 89,000.00
1
TWIN FALLS ID 83301 1 04/14/97 01
0430253781 05 06/01/97 25
650686 N 05/01/27
0
1587845 375/G02 F 131,900.00 ZZ
360 131,682.23 1
1647 NE PARKRIDGE DRIVE 9.000 1,061.30 80
8.750 1,061.30 164,900.00
BEND OR 97701 1 03/21/97 14
0430259184 05 05/01/97 12
651255 N 04/01/27
0
1587847 375/G02 F 56,250.00 ZZ
360 56,191.44 2
6518 NEW JERSEY AVE 9.250 462.76 90
9.000 462.76 62,500.00
WILDWOOD CREST NJ 08260 1 04/04/97 14
0430253831 05 06/01/97 25
UNKNOWN N 05/01/27
0
1587849 375/G02 F 68,400.00 ZZ
360 68,332.43 1
305 307 BROAD AVENUE NW 9.500 575.15 90
9.250 575.15 76,000.00
CANTON OH 44708 1 04/09/97 01
0430253088 05 06/01/97 25
6523860 N 05/01/27
0
1587850 375/G02 F 44,100.00 ZZ
360 44,002.55 1
616 EAST COLLEGE AVE 9.000 354.84 70
8.750 354.84 63,000.00
STATE COLLEGE PA 16801 1 03/05/97 00
0430252155 06 04/01/97 0
644354 N 03/01/27
0
1587855 375/G02 F 49,400.00 ZZ
360 49,324.59 2
1509 AND 1509 1/2 HIGH STREET 9.375 410.88 90
9.125 410.88 54,900.00
COUNCIL BLUFFS IA 51503 1 03/31/97 04
0430253799 05 05/01/97 25
651460 N 04/01/27
0
1
1587856 375/G02 F 85,500.00 ZZ
360 85,296.97 4
1512 F STREET NE 9.625 726.74 90
9.375 726.74 95,000.00
WASHINGTON DC 20002 1 02/28/97 04
0430253070 05 04/01/97 25
646628 N 03/01/27
0
1587859 375/G02 F 52,500.00 ZZ
360 52,446.77 1
5210 W 71ST TERRACE 9.375 436.67 70
9.125 436.67 75,000.00
PRAIRIE VILLAGE KS 66208 5 04/16/97 00
0430257543 03 06/01/97 0
655420 N 05/01/27
0
1587861 375/G02 F 243,500.00 ZZ
360 243,239.84 1
5413 43RD AVENUE NW 9.125 1,981.20 80
8.875 1,981.20 305,000.00
GIG HARBOR WA 98335 5 04/10/97 00
0430253815 05 06/01/97 0
654312 O 05/01/27
0
1587880 560/560 F 77,550.00 ZZ
360 77,506.52 2
1017-1019 WESLEYVILLE STREET 8.875 617.03 85
8.625 617.03 91,250.00
NASHVILLE TN 37217 1 05/16/97 04
450721493 05 07/01/97 25
450721493 N 06/01/27
0
1587891 737/G02 F 58,240.00 ZZ
360 58,209.01 1
631 KAREN LEE DRIVE 9.125 473.86 80
8.875 473.86 72,800.00
GRAND JUNCTION CO 81504 1 05/30/97 00
0430263921 05 07/01/97 0
573516 O 06/01/27
0
1587906 737/G02 F 101,600.00 ZZ
360 100,282.43 1
1
3205 IVY STATION DRIVE 8.750 799.29 80
8.500 799.29 127,000.00
DULUTH GA 30136 2 05/23/97 00
0430255133 03 07/01/97 0
950022 O 06/01/27
0
1587910 737/G02 F 49,700.00 ZZ
360 49,675.56 1
3087 N. SPARKMAN BOULEVARD 9.500 417.90 70
9.250 417.90 71,000.00
TUCSON AZ 85716 5 05/29/97 00
0430254474 01 07/01/97 0
512972 N 06/01/27
0
1587924 098/G02 F 88,000.00 ZZ
360 88,000.00 1
7065 WOODMONT WAY 8.625 684.46 80
8.375 684.46 110,000.00
TAMARAC FL 33321 1 06/03/97 00
0430255620 09 08/01/97 0
975412015 N 07/01/27
0
1587928 664/G02 F 66,500.00 ZZ
360 66,463.67 1
286 NAUTICAL WAY 9.000 535.08 74
8.750 535.08 91,000.00
ELGIN IL 60123 1 05/30/97 00
0430253930 01 07/01/97 0
2309995 O 06/01/27
0
1587931 664/G02 F 144,800.00 ZZ
360 144,709.99 1
214 ILLINOIS STREET 8.375 1,100.59 80
8.125 1,100.59 182,000.00
CRYSTAL LAKE IL 60014 2 05/24/97 00
0430252650 05 07/01/97 0
203784 O 06/01/27
0
1587942 575/G02 F 74,700.00 ZZ
360 74,659.20 1
427 CATALPA AVE 9.000 601.05 90
8.750 601.05 83,000.00
HAMPTON VA 23661 1 05/30/97 10
0430257444 05 07/01/97 25
1
972323434 N 06/01/27
0
1587954 E26/G02 F 133,000.00 ZZ
360 132,931.05 4
548-550 BROAD STREET 9.250 1,094.16 95
9.000 1,094.16 140,000.00
TATAMY PA 18085 1 05/28/97 19
0430254599 05 07/01/97 30
60700306 O 06/01/27
0
1587959 377/377 F 38,000.00 ZZ
360 37,979.24 1
3942 LEACH ROAD 9.000 305.76 70
8.750 305.76 55,000.00
GAINESVILLE GA 30506 2 05/28/97 00
3662103 05 07/01/97 0
3662103 O 06/01/27
0
1587985 B57/G02 F 58,400.00 ZZ
360 58,370.50 1
8715 JOHN AVENUE 9.375 485.75 80
9.125 485.75 73,000.00
LOS ANGELES CA 90002 1 05/23/97 00
0430253898 05 07/01/97 0
9720230 N 06/01/27
0
1587989 638/G02 F 52,800.00 ZZ
360 52,800.00 1
3868 NW 21ST COURT 8.375 401.32 73
8.125 401.32 72,800.00
COCONUT CREEK FL 33066 1 06/18/97 00
0430279158 09 08/01/97 0
8646944 O 07/01/27
0
1587993 828/G02 F 94,950.00 ZZ
360 94,950.00 1
9005 LANSHIRE DRIVE 9.625 807.07 90
9.375 807.07 105,500.00
DALLAS TX 75238 1 06/16/97 11
0430264754 05 08/01/97 30
75070024 N 07/01/27
0
1
1588010 286/286 F 100,350.00 ZZ
360 100,300.64 2
31 33 BORDEN AVENUE 9.500 843.80 90
9.250 843.80 111,500.00
ASBURY PARK NJ 07712 1 05/08/97 10
9170387 05 07/01/97 25
9170387 N 06/01/27
0
1588011 286/286 F 10,725.00 ZZ
360 10,719.85 1
3081 NW 47TH TERRACE 9.625 91.17 55
9.375 91.17 19,500.00
LAUDERDALE LAKE FL 33313 1 05/14/97 00
9170306 01 07/01/97 0
9170306 N 06/01/27
0
1588012 286/286 F 67,500.00 ZZ
360 67,424.02 1
13231 LARKBROOK DRIVE 8.875 537.07 90
8.625 537.07 75,000.00
SAN ANTONIO TX 78233 1 04/18/97 10
9170184 05 06/01/97 25
9170184 N 05/01/27
0
1588013 286/286 F 25,600.00 ZZ
360 25,573.34 1
4639 S HUGHES STREET 9.250 210.61 90
9.000 210.61 28,500.00
AMARILLO TX 79110 1 04/30/97 12
9170152 05 06/01/97 25
9170152 N 05/01/27
0
1588014 286/286 F 64,000.00 T
360 63,968.52 1
3355 CORONET CT 9.500 538.15 80
9.250 538.15 80,000.00
SPRING HILL FL 34609 1 05/22/97 00
9165165 05 07/01/97 0
9165165 O 06/01/27
0
1588015 286/286 F 67,500.00 ZZ
360 67,465.90 1
1416 WALDEN OAKS PL 9.375 561.44 90
9.125 561.44 75,000.00
1
PLANT CITY FL 33566 1 05/15/97 10
8645363 03 07/01/97 25
8645363 N 06/01/27
0
1588016 286/286 F 75,000.00 ZZ
360 74,955.71 1
N93 HUPPERT DRIVE 8.625 583.35 63
8.375 583.35 120,000.00
BRICK TWP NJ 08723 5 05/12/96 00
9173018 05 07/01/97 0
9173018 O 06/01/27
0
1588017 286/286 F 72,250.00 ZZ
360 72,178.64 3
141 CHESTER AVENUE 9.500 607.52 85
9.250 607.52 85,000.00
PROVIDENCE RI 02909 2 04/30/97 10
9172922 05 06/01/97 20
9172922 N 05/01/27
0
1588019 B28/G02 F 60,200.00 ZZ
360 60,167.96 1
6479 A SOUTH HAVANA STREET 9.125 489.81 70
8.875 489.81 86,000.00
ENGLEWOOD CO 80111 5 05/29/97 00
0430256362 01 07/01/97 0
02970023 N 06/01/27
0
1588023 696/G02 F 220,000.00 ZZ
360 219,840.77 1
3126 N STREET NW 7.625 1,557.15 80
7.375 1,557.15 275,000.00
WASHINGTON DC 20007 5 05/30/97 00
0430251876 07 07/01/97 0
22810091 O 06/01/27
0
1588043 561/G02 F 66,300.00 ZZ
360 66,267.39 1
3368 N 98TH AVE 9.500 557.49 85
9.250 557.49 78,000.00
MILWAUKEE WI 53222 1 05/30/97 01
0430277996 05 07/01/97 20
9046525 N 06/01/27
0
1
1588046 455/G02 F 140,000.00 ZZ
360 139,925.49 1
6673 BRIGHT STAR LANE 9.125 1,139.09 80
8.875 1,139.09 175,000.00
BARTLETT TN 38135 1 05/27/97 00
0430257493 05 07/01/97 0
UNKNOWN O 06/01/27
0
1588047 B75/G02 F 233,950.00 ZZ
360 233,818.85 1
12120 N 76TH PLACE 8.875 1,861.41 76
8.625 1,861.41 310,000.00
SCOTTSDALE AZ 85260 5 05/13/97 00
0430258475 05 07/01/97 0
2879971 O 06/01/27
0
1588048 561/G02 F 78,200.00 ZZ
360 78,156.15 1
847 ALMA DRIVE 8.875 622.20 85
8.625 622.20 92,000.00
NORFOLK VA 23518 5 05/16/97 10
0430252411 05 07/01/97 12
9046400 O 06/01/27
0
1588051 561/G02 F 46,800.00 ZZ
360 46,777.57 2
2005 FERRY STREET 9.625 397.80 90
9.375 397.80 52,000.00
EASTON PA 18042 1 05/27/97 10
0430252569 07 07/01/97 25
9032855 N 06/01/27
0
1588055 B75/G02 F 56,850.00 ZZ
360 56,818.95 1
2716 PARKHAVEN DRIVE 9.000 457.43 65
8.750 457.43 87,500.00
PLANO TX 75075 1 05/19/97 00
0430264846 05 07/01/97 0
2880946 N 06/01/27
0
1588070 591/G02 F 81,250.00 ZZ
360 81,250.00 2
1
1616-1618 WINDSOR AVENUE S.W. 8.750 639.20 65
8.500 639.20 125,000.00
ROANOKE VA 24015 5 06/25/97 00
0430284323 05 08/01/97 0
103305198 N 07/01/27
0
1588088 A33/G02 F 44,900.00 ZZ
360 44,900.00 1
613 LAVINA ST 9.625 381.65 90
9.375 381.65 49,900.00
FORT WAYNE IN 46802 3 06/13/97 04
0430280503 05 08/01/97 30
009038312 N 07/01/27
0
1588114 405/405 F 99,000.00 ZZ
360 98,950.00 1
725 YALE AVENUE 9.375 823.44 90
9.125 823.44 110,000.00
WEBSTER GROVES MO 63119 1 05/15/97 04
004220224 05 07/01/97 25
004220224 N 06/01/27
0
1588153 A80/G02 F 50,000.00 ZZ
360 50,000.00 1
540 BRICKELL KEY DRIVE 8.875 397.83 40
#1025 8.625 397.83 125,000.00
MIAMI FL 33131 1 06/23/97 00
0430284232 06 08/01/97 0
9750846 N 07/01/27
0
1588169 731/G02 F 75,600.00 ZZ
360 75,563.78 1
2292 BURCH CIRCLE 9.625 642.59 90
9.375 642.59 84,000.00
ATLANTA GA 30319 1 05/29/97 01
0430262964 05 07/01/97 25
3140864290 N 06/01/27
0
1588170 731/G02 F 164,000.00 ZZ
360 163,912.72 1
9770 MIRA DEL RIO DRIVE 9.125 1,334.36 80
8.875 1,334.36 205,000.00
SACRAMENTO CA 95827 1 05/29/97 00
0430263681 05 07/01/97 0
1
114141500 O 06/01/27
0
1588179 E11/G02 F 393,750.00 ZZ
360 393,750.00 1
2429 GREYSOLON ROAD 8.125 2,923.58 75
7.875 2,923.58 525,000.00
DULUTH MN 55812 5 06/25/97 00
0430285023 05 08/01/97 0
NG O 07/01/27
0
1588180 F30/G02 F 85,000.00 ZZ
360 84,951.09 1
1977 EAST TERRA LINDA DRIVE 8.750 668.70 49
8.500 668.70 175,000.00
SALT LAKE CITY UT 84124 1 05/28/97 00
0430255323 05 07/01/97 0
11377 O 06/01/27
0
1588185 664/G02 F 94,000.00 ZZ
360 94,000.00 1
10226 1ST AVENUE S. 8.250 706.20 80
8.000 706.20 117,500.00
SEATTLE WA 98168 1 06/02/97 00
0430255075 05 08/01/97 0
2318749 O 07/01/27
0
1588189 405/405 F 114,850.00 ZZ
360 114,785.61 1
1887 CHRYSLER DRIVE 8.875 913.80 80
8.625 913.80 143,600.00
ATLANTA GA 30345 1 05/22/97 00
4200838 05 07/01/97 0
4200838 O 06/01/27
0
1588190 731/G02 F 94,500.00 ZZ
360 94,454.73 2
2816 N. DESHONG ROAD 9.625 803.24 90
9.375 803.24 105,000.00
STONE MOUNTAIN GA 30087 1 05/29/97 01
0430255000 05 07/01/97 25
3140864363 N 06/01/27
0
1
1588191 201/G02 F 51,000.00 ZZ
360 50,971.41 1
117 EIDER COURT 8.875 405.78 50
8.625 405.78 104,000.00
ROYAL PALM BEAC FL 33411 5 05/23/97 00
0430253468 05 07/01/97 0
3500988906 O 06/01/27
0
1588192 700/G02 F 45,600.00 ZZ
360 45,572.38 1
1404 8TH AVENUE 8.500 350.62 80
8.250 350.62 57,000.00
STERLING IL 61081 5 05/23/97 00
0430252924 05 07/01/97 0
123578 O 06/01/27
0
1588195 608/G02 F 156,400.00 ZZ
360 156,316.77 1
6001 SPLIT LOG DRIVE 9.125 1,272.52 80
8.875 1,272.52 195,500.00
PIPERSVILLE PA 18947 1 05/20/97 00
0430253427 03 07/01/97 0
96690 O 06/01/27
0
1588198 700/G02 F 42,750.00 ZZ
360 42,750.00 1
815 SOUTH 17TH STREET 9.000 343.98 75
8.750 343.98 57,000.00
QUINCY IL 62301 5 06/03/97 00
0430252445 05 08/01/97 0
123201 O 07/01/27
0
1588199 356/G02 F 278,000.00 ZZ
360 277,827.20 1
4200 PEREGRINE WAY 8.375 2,113.01 79
8.125 2,113.01 355,000.00
FREMONT CA 94555 2 05/22/97 00
0430255828 05 07/01/97 0
2415602 O 06/01/27
0
1588200 776/G02 F 160,000.00 ZZ
360 159,917.05 1
422 SAN JUAN AVENUE 9.250 1,316.28 80
9.000 1,316.28 200,000.00
1
SANTA CRUZ CA 95062 1 05/28/97 00
0430255034 05 07/01/97 0
6245643 N 06/01/27
0
1588218 696/G02 F 156,200.00 ZZ
360 156,114.68 1
812 N EDGEWOOD STREET 9.000 1,256.82 55
8.750 1,256.82 284,000.00
ARLINGTON VA 22201 5 05/28/97 00
0430253534 05 07/01/97 0
23710126 N 06/01/27
0
1588220 375/G02 F 53,950.00 ZZ
360 53,896.71 1
8604 ENGLAND STREET 9.500 453.64 90
9.250 453.64 59,950.00
OVERLAND PARK KS 66212 1 04/29/97 04
0430253500 05 06/01/97 25
656564 N 05/01/27
0
1588222 375/G02 F 71,550.00 ZZ
360 71,443.59 1
201 WASHINGTON SQUARE C 9.500 601.63 90
9.250 601.63 79,500.00
ELK GROVE VILLA IL 60007 1 04/04/97 01
0430252247 01 05/01/97 25
652376 N 04/01/27
0
1588223 375/G02 F 211,800.00 ZZ
360 211,528.95 4
2341 40TH ST NW 8.250 1,591.19 71
8.000 1,591.19 300,000.00
WASHINGTON DC 20007 2 04/15/97 00
0430252957 05 06/01/97 0
651057 N 05/01/27
0
1588225 375/G02 F 109,200.00 ZZ
360 109,000.11 1
10981 NW BARRETT WAY 8.500 839.66 61
8.250 839.66 180,000.00
PORTLAND OR 97229 1 03/19/97 00
0430253450 05 05/01/97 0
649227 N 04/01/27
0
1
1588229 E22/G02 F 36,900.00 ZZ
360 36,882.78 1
317 WILLARD STREET 9.750 317.03 90
9.500 317.03 41,000.00
JOLIET IL 60432 1 05/23/97 04
0410394308 05 07/01/97 25
410394308 N 06/01/27
0
1588230 375/G02 F 132,650.00 T
360 132,500.71 1
125 BOXWOOD DRIVE 8.875 1,055.43 75
8.625 1,055.43 176,920.00
DAVENPORT FL 33837 1 04/11/97 00
0430253476 03 06/01/97 0
655146 O 05/01/27
0
1588232 E22/G02 F 176,000.00 ZZ
360 175,908.76 2
115 PARK STREET 9.250 1,447.91 80
9.000 1,447.91 220,000.00
MONTCLAIR NJ 07042 1 05/30/97 00
0410392039 05 07/01/97 0
410392039 O 06/01/27
0
1588234 375/G02 F 84,500.00 ZZ
360 84,349.23 1
3023 SUMMIT AVENUE 8.625 657.24 65
8.375 657.24 130,000.00
BALTIMORE MD 21234 5 03/24/97 00
0430257741 05 05/01/97 0
53187 N 04/01/27
0
1588239 E22/G02 F 39,000.00 ZZ
360 38,981.81 2
2310-12 E BROOKSIDE AVENUE 9.750 335.07 80
9.500 335.07 48,750.00
INDIANAPOLIS IN 46222 1 05/30/97 04
0410396212 05 07/01/97 12
410396212 N 06/01/27
0
1588244 E22/G02 F 54,000.00 T
360 53,969.72 1
1
201 EDGEWATER DRIVE 8.875 429.65 90
8.625 429.65 60,000.00
WIMBERLEY TX 78676 1 05/20/97 10
0410318299 05 07/01/97 25
410318299 O 06/01/27
0
1588250 A37/G02 F 87,750.00 ZZ
360 87,750.00 2
6711 W VISTA AVE 9.625 745.87 90
9.375 745.87 97,500.00
WAUWATOSA WI 53213 1 06/06/97 04
0430255273 05 08/01/97 25
97122 N 07/01/27
0
1588475 227/G02 F 108,000.00 ZZ
360 107,937.86 1
3242 SOUTH LOGAN 8.750 849.64 80
8.500 849.64 136,000.00
ENGLEWOOD CO 80110 1 05/23/97 00
0430252460 05 07/01/97 0
1709749 O 06/01/27
0
1588586 E22/G02 F 126,000.00 ZZ
360 125,929.36 1
2195 SW RANCH TRAIL 8.875 1,002.51 60
8.625 1,002.51 210,000.00
STUART FL 34997 5 05/22/97 00
0410400865 05 07/01/97 0
410400865 O 06/01/27
0
1588985 E22/G02 F 20,700.00 ZZ
360 20,691.09 1
6581 FORRER 10.125 183.57 90
9.875 183.57 23,000.00
DETROIT MI 48228 1 05/23/97 04
0410392419 05 07/01/97 25
410392419 N 06/01/27
0
1588999 E22/G02 F 105,800.00 ZZ
360 105,737.54 1
2539 LAURELWOOD LANE 8.625 822.90 80
8.375 822.90 132,250.00
VALRICO FL 33594 1 05/30/97 00
0410411649 05 07/01/97 0
1
410411649 O 06/01/27
0
1589001 E22/G02 F 50,400.00 T
360 50,372.47 1
608 BELLVIEW ROAD 9.000 405.53 90
8.750 405.53 56,000.00
ROBBINS NC 27325 1 05/30/97 04
0410401905 05 07/01/97 25
410401905 O 06/01/27
0
1589003 E22/G02 F 50,450.00 ZZ
360 50,425.19 2
3305 & 3307 LAS VEGAS TRAIL 9.500 424.21 90
9.250 424.21 56,100.00
FT WORTH TX 76116 1 05/23/97 10
0410319529 05 07/01/97 25
410319529 N 06/01/27
0
1589006 E22/G02 F 96,000.00 ZZ
360 95,941.84 1
14508 SW 156TH TERRACE 8.500 738.16 80
8.250 738.16 120,000.00
MIAMI FL 33177 2 05/23/97 00
0410401814 05 07/01/97 0
410401814 O 06/01/27
0
1589010 E22/G02 F 17,600.00 ZZ
360 17,591.57 1
2412 WEST YONGE STREET 9.625 149.60 80
9.375 149.60 22,000.00
PENSACOLA FL 32505 5 05/23/97 00
0410411367 05 07/01/97 0
410411367 O 06/01/27
0
1589018 560/560 F 62,900.00 ZZ
360 62,864.73 1
1015 MITCHELL STREET 8.875 500.47 90
8.625 500.47 69,900.00
GREENBRIER TN 37073 1 05/16/97 04
450721923 05 07/01/97 25
450721923 N 06/01/27
0
1
1589021 E22/G02 F 76,500.00 ZZ
360 76,458.21 1
8929 FASHION DRIVE 9.000 615.54 75
8.750 615.54 102,000.00
SACRAMENTO CA 95826 5 05/29/97 00
0410415566 05 07/01/97 0
410415566 O 06/01/27
0
1589025 E22/G02 F 441,000.00 ZZ
360 441,000.00 1
627 NORTH LUCIA AVENUE 9.375 3,668.01 90
UNIT # B 9.125 3,668.01 490,000.00
REDONDO BEACH CA 90277 1 05/30/97 04
0410362040 01 08/01/97 25
410362040 O 07/01/27
0
1589030 E22/G02 F 193,500.00 ZZ
360 193,500.00 1
210 NALOMELI PLACE 8.625 1,505.02 79
8.375 1,505.02 245,000.00
KAPAA HI 96746 2 05/28/97 00
0410399927 05 08/01/97 0
410399927 O 07/01/27
0
1589031 560/560 F 53,650.00 ZZ
360 53,619.13 1
C-7 OYSTER SHELL ROAD 8.750 422.07 95
8.500 422.07 56,500.00
SAVANNAH GA 31410 1 05/29/97 21
450732755 01 07/01/97 30
450732755 O 06/01/27
0
1589034 E22/G02 F 108,500.00 ZZ
360 108,435.94 1
169 OAK FOREST CIRCLE 8.625 843.90 70
8.375 843.90 155,000.00
GLENDORA CA 91741 1 06/03/97 00
0410407589 01 07/01/97 0
410407589 O 06/01/27
0
1589036 E22/G02 F 119,200.00 ZZ
360 119,200.00 1
5965 CIRRUS STREET 8.625 927.13 80
8.375 927.13 150,000.00
1
SAN DIEGO CA 92110 1 05/29/97 00
0410302996 01 08/01/97 0
410302996 O 07/01/27
0
1589038 560/560 F 113,400.00 ZZ
360 113,336.42 3
106-108 GOVERNOR STREET 8.875 902.27 90
8.625 902.27 126,000.00
PROVIDENCE RI 02906 1 05/30/97 04
450737754 05 07/01/97 30
450737754 N 06/01/27
0
1589040 560/560 F 69,300.00 ZZ
360 69,261.14 1
1 CAITLIN COURT 8.875 551.39 90
8.625 551.39 77,000.00
FRANKLIN PARK NJ 08823 1 05/30/97 04
450736798 01 07/01/97 25
450736798 N 06/01/27
0
1589041 E58/G02 F 83,000.00 ZZ
360 83,000.00 1
5911 EDSALL ROAD #1206 8.250 623.56 90
8.000 623.56 93,000.00
ALEXANDRIA VA 22304 2 06/17/97 12
0430283903 06 08/01/97 25
9046673 N 07/01/27
0
1589077 638/G02 F 123,300.00 ZZ
360 123,300.00 1
4222 TOPSAIL COURT 9.250 1,014.36 90
9.000 1,014.36 137,000.00
SOQUEL CA 95073 1 06/17/97 10
0430279240 01 08/01/97 25
08646485 N 07/01/27
0
1589125 737/G02 F 54,750.00 ZZ
360 54,750.00 1
389 RIO COLORADO DRIVE 9.000 440.53 65
8.750 440.53 84,750.00
YUMA AZ 95365 1 06/02/97 00
0430280404 03 08/01/97 0
512880 O 07/01/27
0
1
1589126 455/G02 F 180,000.00 ZZ
360 179,916.02 1
325 GRANT ROAD 9.750 1,546.48 77
9.500 1,546.48 235,000.00
ARMUCHEE GA 30105 1 05/30/97 00
0430258905 05 07/01/97 0
55675 O 06/01/27
0
1589127 G10/G02 F 39,600.00 ZZ
360 39,581.52 1
1030 LINDO DRIVE 9.750 340.23 90
9.500 340.23 44,000.00
MESQUITE TX 75149 1 05/15/97 10
0430251413 05 07/01/97 25
970353 N 06/01/27
0
1589128 201/G02 F 125,250.00 ZZ
360 125,174.12 1
6030 SADDLE BRIDGE LANE 8.500 963.07 80
8.250 963.07 156,600.00
ALPHARETTA GA 30202 1 05/30/97 00
0430253393 05 07/01/97 0
201 O 06/01/27
0
1589129 B75/G02 F 86,700.00 ZZ
360 86,641.83 1
4842 ARROWHEAD TRAIL WEST 8.000 636.17 90
7.750 636.17 96,400.00
LILBURN GA 30247 1 05/15/97 12
0430256974 05 07/01/97 25
2867679 N 06/01/27
0
1589131 B75/G02 F 40,000.00 ZZ
360 39,976.99 1
967 PAINTED DESERT COURT 8.750 314.68 26
8.500 314.68 153,850.00
SPARKS NV 89436 1 05/16/97 00
0430264192 05 07/01/97 0
2867703 O 06/01/27
0
1589137 B75/G02 F 167,450.00 ZZ
360 167,358.54 3
1
2015 SOUTH HIGH STREET 9.000 1,347.34 85
8.750 1,347.34 197,000.00
DENVER CO 80210 1 05/28/97 04
0430259226 05 07/01/97 20
2880672 N 06/01/27
0
1589144 F34/G02 F 143,200.00 ZZ
360 143,117.61 1
10880 SW 126 STREET 8.750 1,126.56 80
8.500 1,126.56 179,000.00
MIAMI FL 33176 1 06/05/97 00
0430253914 05 07/01/97 0
9700391 O 06/01/27
0
1589150 766/G02 F 63,000.00 ZZ
360 62,969.82 2
2132 ADAM STREET 9.625 535.49 70
9.375 535.49 90,000.00
HOLLYWOOD FL 33020 5 05/23/97 00
0430259663 05 07/01/97 0
97DA0181 N 06/01/27
0
1589154 766/G02 F 67,500.00 ZZ
360 67,463.13 1
5962 MORNINGSTAR CIR 9.000 543.12 90
#203 8.750 543.12 75,000.00
DELARAY BEACH FL 33484 1 05/22/97 11
0430256883 01 07/01/97 25
97DA0182 O 06/01/27
0
1589167 E45/G02 F 94,800.00 ZZ
360 94,800.00 1
6706 ROXBURY DRIVE 8.875 754.27 80
8.625 754.27 118,500.00
SARASOTA FL 34231 1 06/04/97 00
0430258640 05 08/01/97 0
UNKNOWN O 07/01/27
0
1589170 560/560 F 54,600.00 ZZ
360 54,568.59 1
805 N 5TH ST 8.750 429.54 66
8.500 429.54 83,000.00
PHILADELPHIA PA 19123 2 05/21/97 00
450724216 07 07/01/97 0
1
450724216 N 06/01/27
0
1589172 560/560 F 292,500.00 ZZ
360 292,327.30 4
935 BOULEVARD EAST 8.625 2,275.04 90
8.375 2,275.04 325,000.00
WEEHAWKEN NJ 07087 1 05/15/97 21
450719893 05 07/01/97 25
450719893 O 06/01/27
0
1589179 560/560 F 52,100.00 ZZ
360 52,070.78 1
1144 W FRONT ST 8.875 414.54 90
8.625 414.54 57,901.00
PLAINFIELD NJ 07060 1 05/20/97 04
450723622 05 07/01/97 25
450723622 N 06/01/27
0
1589182 560/560 F 46,800.00 ZZ
360 46,774.43 3
1020 LAKE AVENUE 9.000 376.57 90
8.750 376.57 52,000.00
FORT WAYNE IN 46805 1 05/30/97 04
450737168 05 07/01/97 25
450737168 N 06/01/27
0
1589189 766/G02 F 121,100.00 ZZ
360 121,026.64 1
8852 NW 147 LANE 8.500 931.15 80
8.250 931.15 151,500.00
MIAMI FL 33016 1 05/30/97 00
0430262519 05 07/01/97 0
97FL0014 O 06/01/27
0
1589192 003/G02 F 100,000.00 ZZ
360 100,000.00 1
1453 GARDEN ROAD 9.250 822.68 80
9.000 822.68 125,000.00
FORT LAUDERDALE FL 33326 1 06/05/97 00
0430258947 03 08/01/97 0
0003796752 O 07/01/27
0
1
1589196 757/757 F 40,500.00 ZZ
360 40,500.00 1
18369 EAST ILLINOIS STREET 9.000 325.88 90
8.750 325.88 45,000.00
ROBERTSDALE AL 36567 1 06/03/97 10
2952448 05 08/01/97 25
2952448 N 07/01/27
0
1589197 286/286 F 234,400.00 ZZ
360 234,284.70 1
20219 WINDING TRL 9.500 1,970.97 80
9.250 1,970.97 295,000.00
STRONGSVILLE OH 44136 2 05/20/97 00
9167476 05 07/01/97 0
9167476 N 06/01/27
0
1589200 B28/G02 F 50,000.00 ZZ
360 49,975.40 1
20280 HIGHWAY 160 WEST 9.500 420.43 64
#C-103 9.250 420.43 78,900.00
DURANGO CO 81301 1 05/27/97 00
0430253658 01 07/01/97 0
05970429 N 06/01/27
0
1589206 F34/G02 F 88,500.00 ZZ
360 88,346.13 1
7536 NW 3RD COURT 8.750 696.23 80
8.500 696.23 110,665.00
PLANTATION FL 33317 1 03/11/97 00
0430279562 03 05/01/97 0
9700090 O 04/01/27
0
1589340 074/G02 F 105,300.00 ZZ
360 105,245.41 4
200 EASTON AVE 9.250 866.28 90
9.000 866.28 117,000.00
NEW BRUNSWICK NJ 08901 1 05/28/97 10
0430274118 05 07/01/97 25
1101210637 N 06/01/27
0
1589341 074/G02 F 62,250.00 ZZ
360 62,217.72 1
206 EASTON AVE 9.250 512.12 75
9.000 512.12 83,000.00
1
NEW BRUNSWICK NJ 08901 1 05/28/97 00
0430274126 05 07/01/97 0
1101210648 N 06/01/27
0
1589342 074/G02 F 99,000.00 ZZ
360 98,948.68 2
33 HUNTINGTON ST 9.250 814.45 90
9.000 814.45 110,000.00
NEW BRUNSWICK NJ 08901 1 05/16/97 21
0430274134 05 07/01/97 25
1101210660 N 06/01/27
0
1589343 074/G02 F 239,200.00 ZZ
360 239,072.71 1
1925 LANES MILL RD 9.125 1,946.21 80
8.875 1,946.21 299,000.00
LAKEWOOD NJ 08701 1 05/30/97 00
0430274142 05 07/01/97 0
1101212621 O 06/01/27
0
1589344 074/G02 F 400,000.00 ZZ
360 399,492.85 1
7 BARBERRY ROW 8.875 3,182.58 55
8.625 3,182.58 735,000.00
CHESTER NJ 07930 1 05/01/97 00
0430274159 03 06/01/97 0
1101212905 O 05/01/27
0
1589345 074/G02 F 320,000.00 ZZ
360 319,820.60 1
60 EAST SUNNYSIDE LANE 8.875 2,546.07 80
8.625 2,546.07 400,000.00
IRVINGTON NY 10533 1 05/21/97 00
0430274167 05 07/01/97 0
1106060098 O 06/01/27
0
1589346 074/G02 F 45,000.00 ZZ
360 44,972.02 1
46 CADMAN AVENUE 8.375 342.04 30
8.125 342.04 151,000.00
BABYLON NY 11702 5 05/08/97 00
0430274175 05 07/01/97 0
1106060940 O 06/01/27
0
1
1589354 074/G02 F 175,000.00 ZZ
360 174,896.67 1
39 ANN DRIVE EAST 8.625 1,361.14 70
8.375 1,361.14 250,000.00
FREEPORT NY 11520 1 05/21/97 00
0430274258 05 07/01/97 0
1111097177 O 06/01/27
0
1589355 074/G02 F 30,600.00 ZZ
360 30,583.28 2
36-38 FERNDALE CRESCENT 9.000 246.22 90
8.750 246.22 34,000.00
ROCHESTER NY 14609 1 05/08/97 04
0430274266 05 07/01/97 25
1111098249 N 06/01/27
0
1589359 074/G02 F 40,500.00 ZZ
360 40,476.69 1
72 LORIMER STREET 8.750 318.62 90
8.500 318.62 45,000.00
ROCHESTER NY 14608 1 05/05/97 04
0430274308 05 07/01/97 30
1111100114 N 06/01/27
0
1589361 074/G02 F 73,500.00 T
360 73,461.89 1
222 WEST 14TH STREET, UNIT 3F 9.250 604.67 70
9.000 604.67 105,000.00
NEW YORK NY 10011 1 05/06/97 00
0430274324 01 07/01/97 0
1111101300 O 06/01/27
0
1589362 074/G02 F 164,000.00 ZZ
360 163,900.65 2
27 CHESTNUT STREET 8.500 1,261.02 80
8.250 1,261.02 205,000.00
GLEN COVE NY 11542 1 05/12/97 00
0430274332 05 07/01/97 0
1111101864 O 06/01/27
0
1589363 074/G02 F 60,800.00 ZZ
360 60,768.48 1
1
541 LINCOLN AVENUE 9.250 500.19 80
9.000 500.19 76,000.00
STATEN ISLAND NY 10306 1 05/02/97 00
0430274340 05 07/01/97 0
1111102211 O 06/01/27
0
1589365 074/G02 F 220,500.00 ZZ
360 220,373.13 3
16 ST MARKS PLACE 8.750 1,734.68 90
8.500 1,734.68 245,000.00
BROOKLYN NY 11217 1 05/20/97 21
0430274365 05 07/01/97 25
1111103156 O 06/01/27
0
1589366 074/G02 F 108,000.00 ZZ
360 107,807.50 1
2668 MILES AVENUE APT #2 8.250 811.37 80
8.000 811.37 135,000.00
BRONX NY 10465 1 05/27/97 00
0430274373 08 07/01/97 0
1111104181 O 06/01/27
0
1589367 074/G02 F 155,000.00 ZZ
360 154,901.16 1
151 CONCORD AVENUE 8.250 1,164.47 77
8.000 1,164.47 203,000.00
OCEANSIDE NY 11572 1 05/09/97 00
0430274381 05 07/01/97 0
1111104261 O 06/01/27
0
1589368 074/G02 F 132,000.00 ZZ
360 131,915.82 1
218 TAFT CRESCENT 8.250 991.68 80
8.000 991.68 165,000.00
CENTERPORT NY 11721 1 05/28/97 00
0430274399 05 07/01/97 0
1111104443 O 06/01/27
0
1589370 074/G02 F 142,200.00 ZZ
360 142,120.28 1
55 CEDAR RIDGE DRIVE 8.875 1,131.41 80
8.625 1,131.41 177,775.00
EAST HAMPTON NY 11937 1 05/14/97 00
0430274415 05 07/01/97 0
1
1111105140 O 06/01/27
0
1589371 074/G02 F 70,000.00 ZZ
360 69,957.59 1
3 LINCOLN AVENUE 8.500 538.24 27
8.250 538.24 267,000.00
GLEN HEAD NY 11545 5 05/19/97 00
0430274423 05 07/01/97 0
1111105366 O 06/01/27
0
1589372 074/G02 F 30,000.00 ZZ
360 29,984.04 1
7 MARTIN AVENUE T/O BALLSTON 9.125 244.09 75
8.875 244.09 40,000.00
BALLSTON SPA NY 12020 1 05/28/97 00
0430274431 05 07/01/97 0
1111110402 N 06/01/27
0
1589373 074/G02 F 100,000.00 ZZ
360 99,884.52 1
238 CENTRAL PARK RD 8.750 786.70 63
8.500 786.70 160,000.00
PLAINVIEW NY 11803 5 04/28/97 00
0430274449 05 06/01/97 0
1116013800 N 05/01/27
0
1589381 074/G02 F 37,700.00 ZZ
360 37,678.86 1
273-275 E DOROTHY LN 8.875 299.96 65
8.625 299.96 58,000.00
TUCSON AZ 85705 1 05/01/97 00
0430274514 05 07/01/97 0
1221166799 O 06/01/27
0
1589383 074/G02 F 220,000.00 ZZ
360 219,876.66 1
7757 N ARTESIANO RD 8.875 1,750.42 69
8.625 1,750.42 322,500.00
TUCSON AZ 85743 1 05/05/97 00
0430274522 05 07/01/97 0
1221167180 O 06/01/27
0
1
1589384 074/G02 F 58,050.00 ZZ
360 57,914.84 1
918 S BRIGHTON AVE 8.500 446.35 80
8.250 446.35 72,600.00
TUCSON AZ 85711 1 05/16/97 00
0430274530 05 07/01/97 0
1221167270 O 06/01/27
0
1589385 074/G02 F 57,600.00 ZZ
360 57,565.11 1
810 N BELVEDERE AVE 8.500 442.89 80
8.250 442.89 72,000.00
TUCSON AZ 85711 1 05/20/97 00
0430274548 05 07/01/97 0
1221167951 O 06/01/27
0
1589387 074/G02 F 62,400.00 ZZ
360 62,362.20 1
1022 SANTA ANITA STREET 8.500 479.80 80
8.250 479.80 78,000.00
OCEANSIDE CA 92054 1 05/05/97 00
0430274563 05 07/01/97 0
1243004939 O 06/01/27
0
1589388 074/G02 F 129,000.00 ZZ
360 128,923.84 1
3585 PRESTWICK CIRCLE 8.625 1,003.35 75
8.375 1,003.35 172,000.00
OCEANSIDE CA 92056 1 05/05/97 00
0430274571 05 07/01/97 0
1243005807 N 06/01/27
0
1589389 074/G02 F 111,950.00 ZZ
360 111,880.42 1
5445 BARSTOW COURT 8.375 850.90 80
8.125 850.90 139,990.00
LAS VEGAS NV 89122 1 05/13/97 00
0430274589 03 07/01/97 0
1251129204 O 06/01/27
0
1589390 074/G02 F 90,900.00 ZZ
360 90,842.04 1
1050 GARDEN PRINCE CIRCLE 8.250 682.90 75
8.000 682.90 121,400.00
1
LAS VEGAS NV 89102 1 05/07/97 00
0430274597 05 07/01/97 0
1251134850 O 06/01/27
0
1589396 074/G02 F 101,900.00 ZZ
360 101,838.27 1
625 S 40TH ST 8.500 783.52 60
8.250 783.52 169,900.00
BOULDER CO 80303 1 05/09/97 00
0430274654 05 07/01/97 0
1272086609 O 06/01/27
0
1589402 074/G02 F 44,000.00 ZZ
360 43,972.65 1
30156 SW 161 AVENUE 8.375 334.43 60
8.125 334.43 74,000.00
MIAMI FL 33033 1 05/28/97 00
0430274712 05 07/01/97 0
1311295582 O 06/01/27
0
1589404 074/G02 F 32,800.00 ZZ
360 32,780.13 1
2853 SARAZEN CT 8.500 252.20 40
8.250 252.20 82,500.00
MELBOURNE FL 32935 1 05/13/97 00
0430274720 03 07/01/97 0
1331159113 N 06/01/27
0
1589405 074/G02 F 27,200.00 ZZ
360 27,149.02 1
3242 SEMORAN BLVD UN 25 8.875 216.42 80
8.625 216.42 34,000.00
ORLANDO FL 32822 1 05/09/97 00
0430274738 01 07/01/97 0
1331159260 O 06/01/27
0
1589406 074/G02 F 49,950.00 ZZ
360 49,919.74 1
2022 IVY DR 8.500 384.07 90
8.250 384.07 55,500.00
COCOA FL 32926 1 05/29/97 21
0430274746 05 07/01/97 25
1331159656 N 06/01/27
0
1
1589407 074/G02 F 168,000.00 ZZ
360 167,905.82 1
108 STONEHOLLOW WAY 8.875 1,336.68 80
8.625 1,336.68 210,572.00
HENDERSONVILLE TN 37075 1 05/14/97 00
0430274753 03 07/01/97 0
1341026149 O 06/01/27
0
1589408 074/G02 F 113,600.00 ZZ
360 113,525.69 1
258 MATILDA 8.125 843.48 75
7.875 843.48 151,500.00
MEMPHIS TN 38117 1 05/19/97 00
0430274761 05 07/01/97 0
1345001434 O 06/01/27
0
1589409 074/G02 F 53,000.00 ZZ
360 52,967.90 1
1563 JOSEPH LANE 8.500 407.52 40
8.250 407.52 133,000.00
MIDDLEBURG FL 32068 1 05/15/97 00
0430274779 05 07/01/97 0
1351016458 O 06/01/27
0
1589410 074/G02 F 29,700.00 ZZ
360 29,683.78 1
3367 WYOMING CR 9.000 238.97 90
8.750 238.97 33,000.00
TAMPA FL 33611 1 05/15/97 01
0430274787 01 07/01/97 25
1361078564 N 06/01/27
0
1589411 074/G02 F 51,000.00 T
360 50,969.10 1
7703 DELTA QUEEN LANE 8.500 392.15 68
8.250 392.15 76,000.00
TAMPA FL 33637 1 05/15/97 00
0430274795 05 07/01/97 0
1361079964 O 06/01/27
0
1589413 074/G02 F 110,000.00 ZZ
360 109,935.06 1
1
28306 GLADE FERN COURT 8.625 855.57 79
8.375 855.57 140,000.00
WESLEY CHAPEL FL 33543 1 05/30/97 00
0430274811 05 07/01/97 0
1361081037 O 06/01/27
0
1589420 074/G02 F 61,200.00 ZZ
360 61,162.92 1
224 JOHNS STREET 8.500 470.58 90
8.250 470.58 68,000.00
WELLINGTON OH 44090 1 05/15/97 21
0430274886 05 07/01/97 25
1402037920 N 06/01/27
0
1589421 074/G02 F 85,050.00 ZZ
360 84,951.78 4
708 E 26TH STREET 8.750 669.09 90
8.500 669.09 94,500.00
KANSAS CITY MO 64108 1 04/30/97 14
0430274894 05 06/01/97 25
1456002270 O 05/01/27
0
1589422 074/G02 F 25,200.00 ZZ
360 25,185.88 1
7803 SUMMIT STREET 8.875 200.50 90
8.625 200.50 28,000.00
KANSAS CITY MO 64114 1 05/05/97 04
0430274902 05 07/01/97 25
1456005439 N 06/01/27
0
1589423 074/G02 F 71,100.00 ZZ
360 71,022.03 2
10019 AND 10021 E 78TH STREET 9.000 572.09 90
8.750 572.09 79,000.00
RAYTOWN MO 64133 1 04/29/97 04
0430274910 03 06/01/97 25
1456005461 N 05/01/27
0
1589428 074/G02 F 185,250.00 ZZ
360 185,131.87 1
6222 LAKEVIEW CIRCLE 8.250 1,391.72 75
8.000 1,391.72 247,000.00
SAN RAMON CA 94583 1 05/19/97 00
0430274951 01 07/01/97 0
1
1470003717 O 06/01/27
0
1589429 074/G02 F 170,000.00 ZZ
360 169,891.60 1
3154 OLYMPIC BLVD WEST 8.250 1,277.15 76
8.000 1,277.15 225,000.00
UNIVERSITY PLAC WA 98466 1 05/08/97 00
0430274969 05 07/01/97 0
1472010451 O 06/01/27
0
1589431 074/G02 F 157,600.00 ZZ
360 157,496.90 1
1148 FRANCISCO STREET 8.125 1,170.18 77
7.875 1,170.18 205,000.00
BERKELEY CA 94702 2 05/13/97 00
0430274985 05 07/01/97 0
1479001550 O 06/01/27
0
1589432 074/G02 F 260,000.00 ZZ
360 259,437.35 1
2215 ADOBE ROAD 8.375 1,976.19 68
8.125 1,976.19 385,000.00
PASO ROBLES CA 93446 1 05/21/97 00
0430274993 05 07/01/97 0
1480001977 O 06/01/27
0
1589433 074/G02 F 216,000.00 ZZ
360 215,882.02 4
1396 NORTH 625 WEST 9.000 1,737.98 80
8.750 1,737.98 270,000.00
CEDAR CITY UT 84720 2 05/13/97 10
0430275008 05 07/01/97 12
1497003489 N 06/01/27
0
1589434 074/G02 F 214,400.00 ZZ
360 214,282.89 4
1381 NORTH CEDAR BOULEVARD 9.000 1,725.11 80
8.750 1,725.11 268,000.00
CEDAR CITY UT 84720 2 05/13/97 10
0430275016 05 07/01/97 12
1497003490 N 06/01/27
0
1
1589435 074/G02 F 150,000.00 ZZ
360 149,817.62 4
3601 SOUTH PALISADE LANE 8.500 1,153.37 80
8.250 1,153.37 187,500.00
SIOUX FALLS SD 57106 1 05/01/97 10
0430275024 05 06/01/97 12
1504134770 N 05/01/27
0
1589436 074/G02 F 212,000.00 ZZ
360 211,728.69 1
5946 COPPERFIELD AVENUE 8.250 1,592.69 80
8.000 1,592.69 265,000.00
RIVERSIDE CA 92506 1 04/11/97 00
0430275032 05 06/01/97 0
1506217448 O 05/01/27
0
1589441 074/G02 F 63,000.00 ZZ
360 62,936.13 1
217 SOUTH 57TH STREET 9.375 524.00 90
9.125 524.00 70,000.00
TACOMA WA 98408 1 04/15/97 04
0430275081 05 06/01/97 25
1513125135 N 05/01/27
0
1589445 074/G02 F 68,750.00 ZZ
360 68,707.27 2
2219 CREEKSIDE LANE 8.375 522.55 55
8.125 522.55 125,000.00
GEORGETOWN TX 78626 1 05/22/97 00
0430275115 05 07/01/97 0
1520009917 N 06/01/27
0
1589446 074/G02 F 201,600.00 ZZ
360 201,484.01 1
6205 SOTOL COVE 8.750 1,585.99 80
8.500 1,585.99 252,000.00
AUSTIN TX 78759 1 05/29/97 00
0430275123 03 07/01/97 0
1520013029 O 06/01/27
0
1589447 074/G02 F 27,600.00 ZZ
360 27,565.58 1
5778 MAPLE HILL DRIVE 8.375 209.78 80
8.125 209.78 34,500.00
1
HOUSTON TX 77088 1 04/24/97 10
0430275131 03 06/01/97 12
1521035480 N 05/01/27
0
1589448 074/G02 F 56,700.00 T
360 56,665.66 1
11916 MANUEL ACOSTA DRIVE 8.500 435.97 70
8.250 435.97 81,000.00
EL PASO TX 79936 1 05/23/97 00
0430275149 05 07/01/97 0
1524008778 O 06/01/27
0
1589449 074/G02 F 55,350.00 T
360 55,317.32 1
708 GRAHAM PLACE UNIT 101 8.625 430.51 90
8.375 430.51 61,500.00
AUSTIN TX 78705 1 05/21/97 12
0430275156 01 07/01/97 25
1525006097 O 06/01/27
0
1589450 074/G02 F 64,800.00 ZZ
360 64,655.05 1
12507 MOUNT DEFIANCE 8.500 498.26 90
8.250 498.26 72,000.00
SAN ANTONIO TX 78233 1 04/25/97 10
0430275164 05 06/01/97 25
1526002896 N 05/01/27
0
1589452 074/G02 F 85,800.00 ZZ
360 85,748.02 1
400 TRAVERTINE LANE 8.500 659.73 75
8.250 659.73 114,400.00
SAN ANTONIO TX 78213 1 05/02/97 00
0430275172 05 07/01/97 0
1526004337 O 06/01/27
0
1589455 074/G02 F 96,000.00 ZZ
360 95,943.32 1
10521-10527 STARCREST DRIVE 8.625 746.68 80
8.375 746.68 120,000.00
SAN ANTONIO TX 78217 1 05/30/97 04
0430275206 05 07/01/97 0
1526005770 N 06/01/27
0
1
1589456 074/G02 F 34,200.00 ZZ
360 34,180.83 1
4142 SUNRISE CREEK DRIVE 8.875 272.11 90
8.625 272.11 38,000.00
SAN ANTONIO TX 78244 1 05/28/97 04
0430275214 05 07/01/97 25
1526006081 N 06/01/27
0
1589457 074/G02 F 80,000.00 ZZ
360 79,951.54 1
204 OLD BRIDGE LAKE 8.500 615.13 80
8.250 615.13 100,000.00
HOUSTON TX 77069 1 05/21/97 00
0430275222 03 07/01/97 0
1532008842 O 06/01/27
0
1589458 074/G02 F 122,400.00 ZZ
360 122,336.55 1
4209 T STREET 9.250 1,006.95 90
9.000 1,006.95 136,000.00
SACRAMENTO CA 95819 1 05/19/97 10
0430275230 05 07/01/97 25
1550004468 N 06/01/27
0
1589459 074/G02 F 184,000.00 ZZ
360 180,691.80 1
38887 NORTHERN COMMON 9.000 1,480.51 80
8.750 1,480.51 230,000.00
FREMONT CA 94536 2 05/12/97 00
0430275248 03 07/01/97 0
1561349144 O 06/01/27
0
1589460 074/G02 F 83,000.00 ZZ
360 82,947.07 1
2461 OLIVE STREET 8.250 623.56 56
8.000 623.56 150,000.00
MARTINEZ STREET CA 94553 2 05/27/97 00
0430275255 05 07/01/97 0
1561350530 N 06/01/27
0
1589461 074/G02 F 130,500.00 ZZ
360 130,426.84 1
1
1928 FIFTH STREET 8.875 1,038.32 90
8.625 1,038.32 145,000.00
LIVERMORE CA 94550 1 05/21/97 10
0430275263 05 07/01/97 25
1561351929 N 06/01/27
0
1589462 074/G02 F 26,850.00 ZZ
360 26,824.16 1
4712 ABBOTT AVENUE UNIT 207 9.625 228.23 90
9.375 228.23 29,870.00
DALLAS TX 75205 1 05/05/97 10
0430275271 01 06/01/97 25
1563150258 N 05/01/27
0
1589463 074/G02 F 43,650.00 ZZ
360 43,628.52 1
1049 LANDING'S LOOP 9.500 367.04 90
9.250 367.04 48,500.00
WORTHINGTON OH 43085 1 05/16/97 12
0430275289 01 07/01/97 25
1563150746 N 06/01/27
0
1589464 074/G02 F 39,600.00 ZZ
360 39,576.62 1
1022 EAST VEDRAL PLACE 8.625 308.01 90
8.375 308.01 44,000.00
CEDAR HILL TX 75104 1 05/08/97 04
0430275297 01 07/01/97 25
1563151079 O 06/01/27
0
1589465 074/G02 F 78,300.00 ZZ
360 78,259.40 1
9724 MEMPHIS AVENUE 9.250 644.16 90
9.000 644.16 87,000.00
LUBBOCK TX 79423 1 05/16/97 01
0430275305 05 07/01/97 25
1563151567 N 06/01/27
0
1589466 074/G02 F 46,800.00 ZZ
360 46,776.37 1
709 LIVE OAK COURT 9.375 389.26 90
9.125 389.26 52,000.00
RED OAK TX 75038 1 05/28/97 01
0430275313 05 07/01/97 25
1
1563151953 N 06/01/27
0
1589469 074/G02 F 124,000.00 ZZ
360 123,918.88 1
3950 CR 597 & CR 566 8.125 920.70 80
7.875 920.70 155,000.00
FARMERSVILLE TX 75442 1 05/29/97 00
0430275339 05 07/01/97 0
1563153813 O 06/01/27
0
1589470 074/G02 F 103,500.00 ZZ
360 103,443.46 1
6238 PENROSE AVENUE 9.000 832.79 90
8.750 832.79 115,000.00
DALLAS TX 75214 1 05/23/97 01
0430275347 05 07/01/97 25
1563154420 N 06/01/27
0
1589471 074/G02 F 40,550.00 ZZ
360 40,527.26 1
427 E THIRD ST 8.875 322.64 90
8.625 322.64 45,100.00
EDMOND OK 73034 1 05/20/97 12
0430275354 05 07/01/97 25
1563154656 N 06/01/27
0
1589472 074/G02 F 58,500.00 ZZ
360 58,468.86 2
423 425 WILD WIND ROAD 9.125 475.98 75
8.875 475.98 78,000.00
EDMOND OK 73034 2 05/29/97 00
0430275362 05 07/01/97 0
1563154871 N 06/01/27
0
1589473 074/G02 F 88,800.00 ZZ
360 88,741.91 1
1353 MARKEN COURT 8.125 659.34 80
7.875 659.34 111,000.00
CARROLLTON TX 75007 1 05/28/97 00
0430275370 03 07/01/97 0
1563155240 O 06/01/27
0
1
1589480 074/G02 F 108,450.00 ZZ
360 108,389.20 1
27 95TH AVE SE 8.875 862.88 90
8.625 862.88 120,500.00
EVERETT WA 98205 1 05/29/97 10
0430275438 03 07/01/97 25
1565161277 N 06/01/27
0
1589491 074/G02 F 156,750.00 ZZ
360 156,652.56 1
2919-2925 N SPARKMAN BLVD 8.375 1,191.42 95
8.125 1,191.42 165,000.00
TUCSON AZ 85716 1 05/07/97 10
0430275545 05 07/01/97 30
1569164153 O 06/01/27
0
1589492 074/G02 F 76,600.00 ZZ
360 76,558.15 4
4814 EAST WILLETTA STREET 9.000 616.35 80
8.750 616.35 95,750.00
PHOENIX AZ 85008 1 05/21/97 01
0430275552 05 07/01/97 12
1569166319 N 06/01/27
0
1589493 074/G02 F 76,500.00 ZZ
360 76,437.70 1
3219 EAST OAK STREET 9.500 643.26 90
9.250 643.26 85,000.00
PHOENIX AZ 85008 1 05/08/97 10
0430275560 05 07/01/97 30
1569166512 N 06/01/27
0
1589499 074/G02 F 600,000.00 ZZ
360 599,697.00 1
100 GRANITE CREST 9.375 4,990.50 25
9.125 4,990.50 2,400,000.00
STATELINE NV 89449 2 05/06/97 00
0430275628 05 07/01/97 0
1573167494 O 06/01/27
0
1589500 074/G02 F 32,900.00 ZZ
360 32,880.18 1
3202 33RD STREET 9.125 267.69 70
8.875 267.69 47,000.00
1
SACRAMENTO CA 95817 2 05/09/97 00
0430275636 05 07/01/97 0
1573173770 N 06/01/27
0
1589502 074/G02 F 204,000.00 ZZ
360 203,894.24 1
9404 N W 78TH STREET 9.250 1,678.26 80
9.000 1,678.26 255,000.00
WEATHERBY LAKE MO 64152 2 05/09/97 00
0430275651 03 07/01/97 0
1576035911 O 06/01/27
0
1589504 074/G02 F 44,900.00 ZZ
360 44,873.49 1
56 REIGEL DRIVE 8.625 349.23 90
8.375 349.23 49,900.00
HUBERT NC 28539 1 05/08/97 01
0430275677 05 07/01/97 25
1577071230 N 06/01/27
0
1589505 074/G02 F 88,650.00 ZZ
360 88,600.30 1
247 ROCKY MOUNTAIN WAY 8.875 705.34 90
8.625 705.34 98,500.00
ARDEN NC 28704 2 05/14/97 01
0430275685 03 07/01/97 25
1577071820 N 06/01/27
0
1589506 074/G02 F 40,050.00 ZZ
360 40,027.54 1
2005 GREENS BLVD 8.875 318.66 90
QUAIL MARSH UNIT C-304 8.625 318.66 44,500.00
MYRTLE BEACH SC 29577 1 05/19/97 01
0430275693 01 07/01/97 25
1577072312 N 06/01/27
0
1589507 074/G02 F 52,500.00 ZZ
360 52,440.90 1
9120 HOLLY SPRINGS ROAD 8.875 417.72 75
8.625 417.72 70,000.00
HOLLY SPRINGS NC 27540 1 05/02/97 04
0430275701 05 06/01/97 6
1577072480 N 05/01/27
0
1
1589509 074/G02 F 66,600.00 ZZ
360 66,532.46 1
19428 ZION AVENUE 9.375 553.95 90
9.125 553.95 74,000.00
CORNELIUS NC 28031 1 04/29/97 01
0430275727 05 06/01/97 25
1577074840 N 05/01/27
0
1589513 074/G02 F 72,000.00 ZZ
360 71,958.57 1
324 GREENWICH DRIVE 8.750 566.43 90
8.500 566.43 80,000.00
AIKEN SC 29803 1 05/28/97 04
0430275768 05 07/01/97 25
1577075321 N 06/01/27
0
1589515 074/G02 F 95,200.00 ZZ
360 95,146.62 1
ROUTE 1 WOODS HILL ROAD 8.875 757.46 85
8.625 757.46 112,000.00
HELENWOOD TN 37755 2 05/07/97 11
0430275784 05 07/01/97 12
1577075718 O 06/01/27
0
1589516 074/G02 F 105,000.00 ZZ
360 104,938.01 1
113 OSTENBARKER STREET 8.625 816.68 60
8.375 816.68 176,000.00
MARYVILLE TN 37804 1 05/09/97 00
0430275792 05 07/01/97 0
1577076288 O 06/01/27
0
1589517 074/G02 F 107,200.00 ZZ
360 107,141.44 1
1469 HARDWOOD CIRCLE 9.000 862.56 80
8.750 862.56 134,000.00
NEWTON NC 28658 1 05/09/97 00
0430275800 05 07/01/97 0
1577076459 O 06/01/27
0
1589518 074/G02 F 82,800.00 ZZ
360 82,757.07 1
1
3428 FORTIS LANE 9.250 681.18 90
9.000 681.18 92,000.00
CHARLOTTE NC 28227 1 05/23/97 04
0430275818 05 07/01/97 25
1577076481 N 06/01/27
0
1589519 074/G02 F 104,500.00 ZZ
360 104,444.39 1
12719 CUMBERLAND CREST DRIVE 9.125 850.25 90
8.875 850.25 116,150.00
HUNTERSVILLE NC 28078 1 05/20/97 01
0430275826 05 07/01/97 25
1577076517 N 06/01/27
0
1589520 074/G02 F 195,600.00 ZZ
360 195,484.52 1
468 FORREST PARK CIRCLE 8.625 1,521.36 80
8.375 1,521.36 244,500.00
FRANKLIN TN 37064 1 05/07/97 00
0430275834 03 07/01/97 0
1577076867 O 06/01/27
0
1589521 074/G02 F 68,850.00 ZZ
360 68,814.30 1
120 DANIEL DRIVE; DANIEL 9.250 566.42 89
SQUARE #50 9.000 566.42 78,000.00
CLEMSON SC 29631 2 05/30/97 04
0430275842 01 07/01/97 25
1577076890 N 06/01/27
0
1589522 074/G02 F 77,000.00 ZZ
360 76,954.54 1
80 AMERICA STREET 8.625 598.90 62
8.375 598.90 125,000.00
CHARLESTON SC 29403 5 05/16/97 00
0430275859 05 07/01/97 0
1577077010 N 06/01/27
0
1589523 074/G02 F 66,300.00 ZZ
360 66,264.72 1
1025 PAGE AVENUE 9.125 539.44 85
8.875 539.44 78,000.00
WILMINGTON NC 28403 1 05/16/97 01
0430275867 05 07/01/97 20
1
1577077440 N 06/01/27
0
1589524 074/G02 F 75,000.00 ZZ
360 74,957.95 1
40 TUSCARORA AVENUE 8.875 596.74 70
8.625 596.74 107,500.00
BEAUFORT SC 29902 1 05/30/97 00
0430275875 03 07/01/97 0
1577077473 O 06/01/27
0
1589525 074/G02 F 128,250.00 ZZ
360 128,183.50 2
137&139 MCKENDREE ROAD 9.250 1,055.09 90
9.000 1,055.09 142,500.00
MOORESVILLE NC 28115 1 05/23/97 04
0430275883 05 07/01/97 25
1577080300 N 06/01/27
0
1589526 074/G02 F 75,200.00 ZZ
360 75,155.60 1
30 LANTERN LANE 8.625 584.90 80
8.375 584.90 94,000.00
GREER SC 29650 1 05/29/97 00
0430275891 05 07/01/97 0
1577080503 O 06/01/27
0
1589527 074/G02 F 56,000.00 T
360 55,966.07 1
1501 CHARLES DRIVE 8.500 430.60 75
8.250 430.60 75,000.00
KNOXVILLE TN 37918 5 05/30/97 00
0430275909 05 07/01/97 0
1577080784 O 06/01/27
0
1589531 074/G02 F 205,600.00 ZZ
360 205,493.40 4
1560 WEST 3395 SOUTH 9.250 1,691.43 80
9.000 1,691.43 257,000.00
WEST VALLEY CIT UT 84119 2 05/23/97 01
0430275933 05 07/01/97 0
1579049366 N 06/01/27
0
1
1589532 074/G02 F 46,400.00 ZZ
360 46,375.94 1
1615 COTTONWOOD DRIVE #4 9.250 381.73 80
9.000 381.73 58,000.00
LOUISVILLE CO 80027 1 05/15/97 01
0430275941 01 07/01/97 12
1579050503 N 06/01/27
0
1589542 074/G02 F 139,900.00 ZZ
360 139,823.58 1
596 NATICK ROAD 9.000 1,125.67 80
8.750 1,125.67 174,900.00
CRANSTON RI 02910 1 05/12/97 00
0430276048 05 07/01/97 0
1580049115 O 06/01/27
0
1589543 074/G02 F 99,900.00 ZZ
360 99,790.45 2
10 WHITTEMORE DRIVE 9.000 803.82 90
8.750 803.82 111,000.00
DERRY NH 03038 1 05/05/97 04
0430276055 05 06/01/97 25
1580049272 N 05/01/27
0
1589544 074/G02 F 38,700.00 ZZ
360 38,679.40 1
81 EAST BRIARWOOD LANE 9.125 314.88 90
8.875 314.88 43,000.00
BRANFORD CT 06405 1 05/30/97 01
0430276063 01 07/01/97 25
1580049443 O 06/01/27
0
1589546 074/G02 F 94,500.00 ZZ
360 94,390.85 4
75-77 CLIFF STREET 8.750 743.44 90
8.500 743.44 105,000.00
SHELTON CT 06484 1 05/02/97 01
0430276089 05 06/01/97 25
1580049534 N 05/01/27
0
1589547 074/G02 F 46,800.00 ZZ
360 46,747.31 1
UNIT 15-5 CHAPEL HILL DRIVE 8.875 372.37 90
8.625 372.37 52,000.00
1
PLYMOUTH MA 02360 1 05/06/97 01
0430276097 01 06/01/97 25
1580049647 O 05/01/27
0
1589549 074/G02 F 65,000.00 ZZ
360 64,968.02 3
95-97 CHATHAM STREET 9.500 546.56 69
9.250 546.56 95,000.00
NEW HAVEN CT 06513 5 05/14/97 00
0430276113 05 07/01/97 0
1580050034 N 06/01/27
0
1589553 074/G02 F 36,800.00 ZZ
360 36,761.69 1
289 GROVE AVENUE 9.250 302.75 90
9.000 302.75 40,900.00
WARWICK RI 02886 1 05/02/97 01
0430276154 05 06/01/97 25
1580050318 N 05/01/27
0
1589556 074/G02 F 33,750.00 ZZ
360 33,732.50 1
150 RUMFORD AVENUE, UNIT 110 9.250 277.66 75
9.000 277.66 45,000.00
MANSFIELD MA 02048 1 05/29/97 00
0430276188 01 07/01/97 0
1580050475 N 06/01/27
0
1589557 074/G02 F 30,000.00 ZZ
360 29,984.44 1
150 RUMFORD AVENUE 9.250 246.81 75
UNIT 14 9.000 246.81 40,000.00
MANSFIELD MA 02048 1 05/29/97 00
0430276196 01 07/01/97 0
1580050486 N 06/01/27
0
1589558 074/G02 F 211,100.00 ZZ
360 210,965.38 3
194 ATHENS STREET 8.250 1,585.93 80
8.000 1,585.93 265,000.00
BOSTON MA 02127 2 05/28/97 01
0430276204 07 07/01/97 12
1580051208 N 06/01/27
0
1
1589559 074/G02 F 269,500.00 ZZ
360 269,348.91 1
7 MARY LANE 8.875 2,144.27 70
8.625 2,144.27 385,000.00
GREENWICH CT 06830 2 05/14/97 00
0430276212 05 07/01/97 0
1580051365 O 06/01/27
0
1589560 074/G02 F 63,000.00 ZZ
360 62,969.01 2
48 PARK STREET 9.500 529.74 90
9.250 529.74 70,000.00
WINDHAM CT 06226 1 05/28/97 10
0430276220 05 07/01/97 25
1580051398 N 06/01/27
0
1589561 074/G02 F 26,900.00 ZZ
360 26,884.92 1
513 ELMWOOD DRIVE 8.875 214.03 90
8.625 214.03 29,900.00
HUDSON NH 03051 1 05/30/97 01
0430276238 01 07/01/97 25
1580051456 O 06/01/27
0
1589562 074/G02 F 61,200.00 ZZ
360 61,169.89 1
8 POST OAK LANE UNIT #13 9.500 514.61 90
9.250 514.61 68,000.00
NATICK MA 01760 1 05/15/97 01
0430276246 01 07/01/97 25
1580051810 O 06/01/27
0
1589565 074/G02 F 261,600.00 ZZ
360 261,464.38 2
56 LINDEN STREET UNIT 1 & 2 9.250 2,152.12 80
9.000 2,152.12 327,000.00
BROOKLINE MA 02146 1 05/30/97 00
0430276253 05 07/01/97 0
1580052594 O 06/01/27
0
1589566 074/G02 F 78,200.00 ZZ
360 78,114.23 1
1
4101 INVERNESS 9.000 629.22 90
8.750 629.22 86,900.00
DEXTER MI 48130 1 05/05/97 14
0430276261 01 06/01/97 25
1581091842 N 05/01/27
0
1589568 074/G02 F 29,250.00 ZZ
360 29,219.54 1
19211 GODDARD 9.250 240.64 90
9.000 240.64 32,500.00
DETROIT MI 48234 1 05/06/97 12
0430276287 05 06/01/97 25
1581093430 N 05/01/27
0
1589569 074/G02 F 76,500.00 ZZ
360 76,455.98 1
20451 20455 MOROSS 8.750 601.83 90
8.500 601.83 85,000.00
DETROIT MI 48224 1 05/13/97 14
0430276295 05 07/01/97 25
1581094760 N 06/01/27
0
1589570 074/G02 F 30,150.00 ZZ
360 30,133.53 1
267 NOAH AVENUE 9.000 242.60 90
8.750 242.60 33,500.00
AKRON OH 44320 1 05/23/97 14
0430276303 05 07/01/97 25
1581095548 N 06/01/27
0
1589571 074/G02 F 133,000.00 ZZ
360 129,623.47 1
43381 PECK WADSWORTH ROAD 8.750 1,046.32 69
8.500 1,046.32 195,000.00
WELLINGTON OH 44090 5 05/21/97 00
0430276311 05 07/01/97 0
1581095989 O 06/01/27
0
1589572 074/G02 F 89,100.00 ZZ
360 89,052.58 1
629 LATHERS 9.125 724.95 90
8.875 724.95 99,000.00
GARDEN CITY MI 48135 1 05/09/97 14
0430276329 05 07/01/97 25
1
1581096631 N 06/01/27
0
1589573 074/G02 F 49,500.00 ZZ
360 49,473.66 1
805 17TH STREET N 9.125 402.75 90
8.875 402.75 55,000.00
SEBRING OH 44672 1 05/07/97 10
0430276337 05 07/01/97 25
1581096653 N 06/01/27
0
1589574 074/G02 F 58,950.00 ZZ
360 58,885.35 2
4409 BUCYRUS AVENUE 9.000 474.33 90
8.750 474.33 65,500.00
CLEVELAND OH 44109 1 05/01/97 01
0430276345 05 06/01/97 25
1581096970 N 05/01/27
0
1589576 074/G02 F 32,400.00 ZZ
360 32,381.83 3
810 ARLINGTON STREET 8.875 257.79 90
8.625 257.79 36,000.00
AKRON OH 44306 1 05/09/97 14
0430276360 05 07/01/97 25
1581097725 N 06/01/27
0
1589578 074/G02 F 33,750.00 ZZ
360 33,732.95 1
10802 DALE AVENUE 9.375 280.72 90
9.125 280.72 37,500.00
CLEVELAND OH 44111 1 05/22/97 04
0430276386 05 07/01/97 25
1581098025 N 06/01/27
0
1589579 074/G02 F 96,750.00 ZZ
360 96,698.51 2
501 WASHTENAW 9.125 787.19 90
8.875 787.19 107,500.00
YPSILANTI MI 48197 1 05/12/97 14
0430276394 05 07/01/97 25
1581098580 N 06/01/27
0
1
1589580 074/G02 F 29,250.00 ZZ
360 29,234.83 2
232-234KELLY AVENUE 9.250 240.64 90
9.000 240.64 32,500.00
AKRON OH 44306 1 05/06/97 14
0430276402 05 07/01/97 25
1581098739 N 06/01/27
0
1589581 074/G02 F 57,150.00 ZZ
360 57,120.37 1
1106 E TROY 9.250 470.16 90
9.000 470.16 63,500.00
FERNDALE MI 48220 1 05/06/97 14
0430276410 05 07/01/97 25
1581098896 N 06/01/27
0
1589584 074/G02 F 76,400.00 ZZ
360 76,361.42 4
186-188 SECOND STREET SW 9.375 635.46 90
9.125 635.46 84,900.00
BARBERTON OH 44203 1 05/14/97 14
0430276444 05 07/01/97 25
1581099630 N 06/01/27
0
1589585 074/G02 F 40,500.00 ZZ
360 40,479.00 1
2783 GRACE 9.250 333.19 67
9.000 333.19 61,000.00
MELVIDALE MI 48122 5 05/13/97 00
0430276451 05 07/01/97 0
1581099924 N 06/01/27
0
1589586 074/G02 F 75,150.00 ZZ
360 75,056.24 1
4198 COLONY ROAD 8.375 571.20 89
8.125 571.20 85,000.00
SOUTH EUCLID OH 44121 1 05/02/97 14
0430276469 05 06/01/97 25
1581099957 N 05/01/27
0
1589587 074/G02 F 325,600.00 ZZ
360 325,431.19 1
32 WINDWARD WAY 9.250 2,678.64 80
9.000 2,678.64 407,000.00
1
AUBURN LAKES OH 44023 5 05/13/97 00
0430276477 01 07/01/97 0
1581100047 O 06/01/27
0
1589588 074/G02 F 60,700.00 ZZ
360 60,668.53 1
1515 SOUTH CAMPBELL 9.250 499.37 90
9.000 499.37 67,450.00
ROYAL OAK MI 48067 1 05/09/97 12
0430276485 05 07/01/97 25
1581100193 N 06/01/27
0
1589589 074/G02 F 78,750.00 ZZ
360 78,709.17 1
3169 HOSPERS ROAD 9.250 647.86 90
9.000 647.86 87,500.00
GRAND BLANC MI 48437 1 05/08/97 14
0430276493 05 07/01/97 25
1581100240 N 06/01/27
0
1589590 074/G02 F 50,350.00 ZZ
360 50,316.00 2
6913 CLAASEN AVENUE 8.750 396.11 95
8.500 396.11 53,000.00
CLEVELAND OH 44105 1 05/30/97 14
0430276501 05 07/01/97 30
1581100433 O 06/01/27
0
1589591 074/G02 F 24,300.00 ZZ
360 24,287.06 1
890 PROUTY STREET 9.125 197.72 90
8.875 197.72 27,000.00
TOLEDO OH 43609 1 05/29/97 12
0430276519 05 07/01/97 25
1581100444 N 06/01/27
0
1589592 074/G02 F 18,900.00 ZZ
360 18,889.94 1
889 PROUTY STREET 9.125 153.78 90
8.875 153.78 21,000.00
TOLEDO OH 43609 1 05/29/97 12
0430276527 05 07/01/97 25
1581100455 N 06/01/27
0
1
1589594 074/G02 F 150,000.00 ZZ
360 149,915.90 1
804 DEWEY 8.875 1,193.47 90
8.625 1,193.47 167,500.00
ANN ARBOR MI 48104 1 05/15/97 14
0430276535 05 07/01/97 25
1581100590 N 06/01/27
0
1589595 074/G02 F 74,400.00 ZZ
360 74,360.40 1
2670 GREENFIELD 9.125 605.35 90
8.875 605.35 82,700.00
BERKLEY MI 48072 1 05/05/97 14
0430276543 05 07/01/97 25
1581100670 N 06/01/27
0
1589596 074/G02 F 58,500.00 ZZ
360 58,469.67 1
18721 FAIRWAY AVENUE 9.250 481.27 90
9.000 481.27 65,000.00
MAPLE HEIGHTS OH 44137 1 05/20/97 14
0430276550 05 07/01/97 25
1581100885 N 06/01/27
0
1589597 074/G02 F 73,700.00 ZZ
360 73,659.74 1
32529 UTICA ROAD 9.000 593.01 90
8.750 593.01 81,900.00
FRASER MI 48026 1 05/16/97 14
0430276568 05 07/01/97 25
1581100965 N 06/01/27
0
1589598 074/G02 F 58,500.00 ZZ
360 58,443.71 2
3021 BATHGATE STREET 9.625 497.25 90
9.375 497.25 65,000.00
CINCINNATI OH 45229 1 05/05/97 14
0430276576 05 06/01/97 25
1581101120 N 05/01/27
0
1589599 074/G02 F 41,500.00 ZZ
360 41,477.33 1
1
27843 BRETTONWOODS 9.000 333.92 73
8.750 333.92 57,500.00
MADISON HEIGHTS MI 48071 2 05/28/97 00
0430276584 05 07/01/97 0
1581101196 N 06/01/27
0
1589600 074/G02 F 16,850.00 ZZ
360 16,841.03 1
28950 POWERS 9.125 137.10 47
8.875 137.10 36,000.00
WESTLAND MI 48185 5 05/14/97 00
0430276592 05 07/01/97 0
1581101447 N 06/01/27
0
1589602 074/G02 F 25,300.00 ZZ
360 25,287.55 1
302 WEST WILKES BARRE STREET 9.500 212.74 90
A 9.250 212.74 28,200.00
EASTON PA 18042 1 05/23/97 14
0430276618 05 07/01/97 25
1581101662 N 06/01/27
0
1589604 074/G02 F 54,000.00 ZZ
360 53,973.43 1
1018 SEARLES AVENUE 9.500 454.07 90
9.250 454.07 60,000.00
COLUMBUS OH 43223 1 05/18/97 01
0430276634 05 07/01/97 25
1581102348 N 06/01/27
0
1589605 074/G02 F 61,100.00 ZZ
360 61,065.75 3
519 HEATON STREET 8.875 486.14 90
8.625 486.14 67,900.00
HAMILTON OH 45011 1 05/29/97 14
0430276642 05 07/01/97 25
1581102734 N 06/01/27
0
1589607 074/G02 F 37,800.00 ZZ
360 37,778.80 1
20452 MOROSS 8.875 300.76 90
8.625 300.76 42,000.00
DETROIT MI 48224 1 05/13/97 14
0430276667 05 07/01/97 25
1
1581103271 N 06/01/27
0
1589611 074/G02 F 68,400.00 ZZ
360 68,360.64 1
24413 CHICAGO 8.750 538.11 90
8.500 538.11 76,000.00
DEARBORN MI 48124 1 05/28/97 14
0430276709 05 07/01/97 25
1581103748 N 06/01/27
0
1589613 074/G02 F 145,800.00 ZZ
360 145,716.12 1
2608 ASHTON ROAD 8.750 1,147.01 75
8.500 1,147.01 194,500.00
CLEVELAND HEIGH OH 44118 1 05/29/97 00
0430276725 05 07/01/97 0
1581104220 O 06/01/27
0
1589619 074/G02 F 252,500.00 T
360 252,343.05 1
106 GRAND POINT 8.375 1,919.19 73
8.125 1,919.19 350,000.00
SUNRISE BEACH MO 65079 2 05/20/97 00
0430276782 03 07/01/97 0
1583046656 O 06/01/27
0
1589620 074/G02 F 127,200.00 ZZ
360 125,935.76 1
874 BRANDENBURG DRIVE 9.375 1,057.99 80
9.125 1,057.99 159,000.00
CHASKA MN 55318 1 05/30/97 00
0430276790 05 07/01/97 0
1583046667 O 06/01/27
0
1589622 074/G02 F 52,200.00 ZZ
360 52,172.93 4
4604 QUINCY ST 9.250 429.44 90
9.000 429.44 58,000.00
SAINT LOUIS MO 63116 1 05/09/97 01
0430276808 05 07/01/97 25
1583046689 N 06/01/27
0
1
1589623 074/G02 F 84,000.00 ZZ
360 83,563.06 4
3136 HENNEPIN AVENUE SOUTH 8.250 631.06 80
8.000 631.06 105,000.00
MINNEAPOLIS MN 55408 1 04/30/97 14
0430276816 05 06/01/97 12
1583046816 N 05/01/27
0
1589624 074/G02 F 68,000.00 ZZ
360 67,966.54 1
1326 WEST HOLT AVENUE 9.500 571.79 80
9.250 571.79 85,000.00
MILWAUKEE WI 53215 1 05/19/97 10
0430276824 05 07/01/97 12
1583047546 N 06/01/27
0
1589626 074/G02 F 39,500.00 ZZ
360 39,478.42 1
353 LAWSON AVENUE EAST 9.000 317.83 90
8.750 317.83 43,900.00
ST. PAUL MN 55101 1 05/19/97 10
0430276840 05 07/01/97 25
1583048039 N 06/01/27
0
1589627 074/G02 F 47,250.00 ZZ
360 47,224.85 1
2538 SOUTH LOGAN AVENUE 9.125 384.45 90
8.875 384.45 52,500.00
MILWAUKEE WI 53207 1 05/15/97 14
0430276857 05 07/01/97 25
1583048618 N 06/01/27
0
1589630 074/G02 F 140,000.00 ZZ
360 139,854.28 2
575 YALE AVENUE 9.250 1,151.75 80
9.000 1,151.75 175,000.00
HILLSIDE NJ 07205 1 05/01/97 00
0430276881 05 06/01/97 0
1587060091 O 05/01/27
0
1589633 074/G02 F 136,000.00 ZZ
360 135,929.49 1
228 LITTLE STREET 9.250 1,118.84 80
9.000 1,118.84 170,000.00
1
BELLEVILLE NJ 07109 2 05/23/97 00
0430276915 05 07/01/97 0
1587061866 O 06/01/27
0
1589635 074/G02 F 154,800.00 ZZ
360 154,701.28 1
550 WILLIAM PENN WAY 8.250 1,162.97 80
8.000 1,162.97 193,500.00
LANSDALE PA 19446 1 05/30/97 00
0430276931 05 07/01/97 0
1587064150 O 06/01/27
0
1589637 074/G02 F 152,000.00 ZZ
360 151,916.97 1
1509 SUMMIT DRIVE 9.000 1,223.03 80
8.750 1,223.03 190,000.00
HAYMARKET VA 22069 2 05/07/97 00
0430276956 05 07/01/97 0
1587065153 O 06/01/27
0
1589638 074/G02 F 280,000.00 ZZ
360 279,730.63 1
115-30 TOWER HILL LANE 9.625 2,379.98 70
9.375 2,379.98 400,000.00
KINNELON NJ 07405 5 05/01/97 00
0430276964 05 06/01/97 0
1587065517 O 05/01/27
0
1589639 074/G02 F 240,000.00 ZZ
360 239,858.30 1
9800 SQUAW VALLEY DRIVE 8.625 1,866.70 80
8.375 1,866.70 300,000.00
VIENNA VA 22182 1 05/30/97 00
0430276972 05 07/01/97 0
1587066225 O 06/01/27
0
1589640 074/G02 F 128,000.00 ZZ
360 127,930.08 1
10115 FRIENDSHIP ROAD 9.000 1,029.92 74
8.750 1,029.92 173,500.00
BERLIN MD 21811 5 05/15/97 00
0430276980 05 07/01/97 0
1587066768 O 06/01/27
0
1
1589641 074/G02 F 38,500.00 ZZ
360 38,480.55 1
231 ARKANSAS AVENUE 9.375 320.23 49
9.125 320.23 79,000.00
TOMS RIVER NJ 08753 2 05/09/97 00
0430276998 05 07/01/97 0
1587067738 N 06/01/27
0
1589643 074/G02 F 100,000.00 ZZ
360 99,939.41 1
1 VILLAGE COURT 8.500 768.92 49
8.250 768.92 206,000.00
FLEMINGTON NJ 08822 2 05/23/97 00
0430277012 05 07/01/97 0
1587068038 O 06/01/27
0
1589675 074/G02 F 146,400.00 ZZ
360 146,320.03 1
22332 MODINA 9.000 1,177.97 80
8.750 1,177.97 183,000.00
LAGUNA HILLS CA 92653 2 05/01/97 04
0430277327 05 07/01/97 12
1595030620 N 06/01/27
0
1589678 074/G02 F 153,000.00 ZZ
360 152,918.58 1
7199 ISLAND VILLAGE DRIVE 9.125 1,244.86 90
8.875 1,244.86 170,000.00
LONG BEACH CA 90803 1 05/02/97 04
0430277343 03 07/01/97 25
1595034596 N 06/01/27
0
1589679 074/G02 F 150,000.00 ZZ
360 149,915.90 1
41457 MANZANITA DRIVE 8.875 1,193.47 79
8.625 1,193.47 190,000.00
PALMDALE CA 93551 1 05/19/97 00
0430277350 05 07/01/97 0
1595035238 O 06/01/27
0
1589680 074/G02 F 388,800.00 ZZ
360 388,564.46 1
1
20412 ROCA CHICA DRIVE 8.500 2,989.54 80
8.250 2,989.54 486,000.00
MALIBU CA 90265 1 05/07/97 00
0430277368 05 07/01/97 0
1595037211 O 06/01/27
0
1589681 074/G02 F 130,600.00 ZZ
360 130,518.82 1
30000 PINE CANYON ROAD 8.375 992.66 55
8.125 992.66 237,500.00
LAKE HUGHES CA 93532 1 05/23/97 00
0430277376 05 07/01/97 0
1596027031 N 06/01/27
0
1589682 074/G02 F 433,300.00 ZZ
360 433,037.50 1
10549 17TH AVENUE 8.500 3,331.71 62
8.250 3,331.71 700,000.00
LEMOORE CA 93245 2 05/21/97 00
0430277384 05 07/01/97 0
1596027224 O 06/01/27
0
1589684 074/G02 F 130,000.00 ZZ
360 129,927.12 1
3815 LOUISIANA STREET 8.875 1,034.34 90
8.625 1,034.34 145,000.00
SAN DIEGO CA 92104 2 05/22/97 04
0430277400 05 07/01/97 25
1596030692 N 06/01/27
0
1589689 074/G02 F 87,000.00 ZZ
360 86,956.07 1
42558 N LAKE AVE 9.375 723.62 70
9.125 723.62 126,000.00
ANTIOCH IL 60002 2 05/20/97 00
0430277459 05 07/01/97 0
1606078456 N 06/01/27
0
1589690 074/G02 F 73,800.00 ZZ
360 73,757.54 1
1904 HOREB AVE 8.750 580.58 90
8.500 580.58 82,000.00
ZION IL 60099 1 05/23/97 14
0430277467 05 07/01/97 25
1
1606080119 N 06/01/27
0
1589691 074/G02 F 126,400.00 ZZ
360 126,325.37 1
9934 1ST AVE 8.625 983.13 80
8.375 983.13 158,000.00
PLEASANT PRARIE WI 53143 1 05/30/97 00
0430277475 05 07/01/97 0
1606080185 O 06/01/27
0
1589692 074/G02 F 144,700.00 ZZ
360 144,618.88 1
720 NORTH BELLEFORTE 8.875 1,151.30 75
8.625 1,151.30 193,000.00
OAK PARK IL 60302 1 05/29/97 00
0430277483 05 07/01/97 0
1609072729 O 06/01/27
0
1589696 074/G02 F 157,200.00 ZZ
360 157,120.62 4
2628 W POTOMAC 9.375 1,307.51 85
9.125 1,307.51 185,000.00
CHICAGO IL 60622 1 05/23/97 21
0430277525 05 07/01/97 20
1617014660 N 06/01/27
0
1589697 074/G02 F 45,000.00 ZZ
360 44,976.06 1
4361 WEST 26TH STREET 9.125 366.13 30
8.875 366.13 155,000.00
CHICAGO IL 60623 5 05/07/97 00
0430277533 05 07/01/97 0
1621135861 O 06/01/27
0
1589698 074/G02 F 55,200.00 ZZ
360 55,172.12 1
592 SOUTH 5TH AVENUE 9.375 459.13 80
9.125 459.13 69,000.00
KANKAKEE IL 60901 1 05/28/97 04
0430277541 05 07/01/97 12
1621146019 N 06/01/27
0
1
1589699 074/G02 F 88,000.00 ZZ
360 87,749.37 1
204 MATTESON 8.750 692.30 80
8.500 692.30 111,000.00
ELWOOD IL 60421 1 05/23/97 00
0430277558 05 07/01/97 0
1625011871 O 06/01/27
0
1589700 074/G02 F 100,000.00 ZZ
360 99,436.04 1
8008 SOUTH AUSTIN BOULEVARD 8.750 786.70 67
8.500 786.70 150,000.00
BURBANK IL 60459 2 05/23/97 00
0430277566 05 07/01/97 0
1626008056 O 06/01/27
0
1589702 074/G02 F 37,800.00 ZZ
360 37,781.41 4
3731-33 DUNNICA 9.500 317.84 90
9.250 317.84 42,000.00
ST LOUIS MO 63116 1 05/16/97 04
0430277582 05 07/01/97 30
1632022572 N 06/01/27
0
1589703 074/G02 F 34,400.00 ZZ
360 34,382.63 1
3753 ST GREGORY 9.375 286.12 85
9.125 286.12 40,500.00
ST ANN MO 63074 2 05/29/97 01
0430277590 05 07/01/97 25
1632022583 N 06/01/27
0
1589704 074/G02 F 38,700.00 ZZ
360 38,680.45 1
16 ST CELESTE DR 9.375 321.89 90
9.125 321.89 43,000.00
FLORISSANT MO 63031 1 05/22/97 01
0430277608 05 07/01/97 25
1632022867 N 06/01/27
0
1589705 074/G02 F 29,300.00 ZZ
360 29,285.59 3
2833 VICTOR ST 9.500 246.37 90
9.250 246.37 32,600.00
1
ST LOUIS MO 63104 1 05/30/97 10
0430277616 05 07/01/97 25
1632023156 N 06/01/27
0
1589706 074/G02 F 49,200.00 ZZ
360 49,175.80 1
1202 CREVE COEUR CROSSING J 9.500 413.70 80
9.250 413.70 61,500.00
CHESTERFIELD MO 63537 1 05/30/97 10
0430277624 01 07/01/97 12
1632023214 O 06/01/27
0
1589707 074/G02 F 31,850.00 ZZ
360 31,832.15 1
9419 TRESCOTT AVE 8.875 253.41 90
8.625 253.41 35,400.00
OVERLAND MO 63114 1 05/14/97 01
0430277632 05 07/01/97 25
1633011855 N 06/01/27
0
1589708 074/G02 F 9,900.00 ZZ
360 9,894.45 1
2219 ALEXANDER 8.875 78.77 90
8.625 78.77 11,000.00
GRANITE CITY IL 62040 1 05/08/97 10
0430277640 05 07/01/97 25
1634016752 N 06/01/27
0
1589709 074/G02 F 66,200.00 ZZ
360 66,166.57 1
11685 LANGFORD CIRCLE 9.375 550.62 70
9.125 550.62 94,635.00
BURNSVILLE MN 55337 1 05/23/97 00
0430277657 01 07/01/97 0
1660048144 O 06/01/27
0
1589710 074/G02 F 40,000.00 ZZ
360 39,974.49 1
7306 157TH ST W 8.250 300.51 35
8.000 300.51 115,000.00
APPLE VALLEY MN 55124 1 05/28/97 00
0430277665 05 07/01/97 0
1660054114 O 06/01/27
0
1
1589711 074/G02 F 60,200.00 ZZ
360 60,163.53 1
8332 W CAPITOL DR 8.500 462.89 90
8.250 462.89 66,900.00
MILWAUKEE WI 53222 1 05/30/97 04
0430277673 05 07/01/97 25
1671084401 N 06/01/27
0
1589714 074/G02 F 475,850.00 ZZ
360 475,530.71 1
317 PRIESTFORD RD 8.000 3,491.62 80
7.750 3,491.62 594,850.00
CHURCHVILLE MD 21028 1 05/16/97 00
0430277707 05 07/01/97 0
1741162290 O 06/01/27
0
1589715 074/G02 F 54,000.00 ZZ
360 53,970.50 1
3948 3RD ST 9.000 434.50 90
8.750 434.50 60,000.00
NORTH BEACH MD 20714 1 05/27/97 14
0430277715 05 07/01/97 25
1751102488 N 06/01/27
0
1589716 074/G02 F 132,750.00 ZZ
360 132,684.71 1
13926 BATON ROUGE COUR 9.500 1,116.23 90
9.250 1,116.23 147,500.00
CENTREVILLE VA 20121 2 05/30/97 21
0430277723 03 07/01/97 25
1761102906 N 06/01/27
0
1589717 074/G02 F 488,000.00 ZZ
360 486,767.53 1
2987 WESTHURST LANE 9.500 4,103.37 80
9.250 4,103.37 610,000.00
OAKTON VA 22124 1 05/15/97 00
0430277731 05 07/01/97 0
1761103590 O 06/01/27
0
1589718 074/G02 F 60,000.00 ZZ
360 59,961.73 1
1
408 CORNWALL DRIVE 8.250 450.76 75
8.000 450.76 79,999.00
RUTHER GLEN VA 22546 1 05/30/97 00
0430277749 03 07/01/97 0
1761106157 O 06/01/27
0
1589719 074/G02 F 43,500.00 ZZ
360 43,473.64 1
125-M CLUBHOUSE DRIVE NO-9 8.500 334.48 75
8.250 334.48 58,000.00
LEESBURG VA 20175 1 05/30/97 00
0430277756 01 07/01/97 0
1761107320 N 06/01/27
0
1589720 074/G02 F 141,000.00 ZZ
360 140,920.95 1
3807 FOXWOOD NOOK 8.875 1,121.86 85
8.625 1,121.86 165,900.00
FALLS CHURCH VA 22041 1 05/23/97 10
0430277764 05 07/01/97 20
1761107808 N 06/01/27
0
1589721 074/G02 F 49,410.00 ZZ
360 49,382.30 1
1400A SENECA DRIVE 8.875 393.13 90
8.625 393.13 54,900.00
BLACKSBURG VA 24060 1 05/09/97 12
0430277772 01 07/01/97 25
1785011747 N 06/01/27
0
1589722 074/G02 F 24,300.00 ZZ
360 24,286.73 1
1613 LEE HIGHWAY 9.000 195.52 90
8.750 195.52 27,000.00
PULASKI VA 24301 1 05/22/97 04
0430277780 05 07/01/97 30
1785011871 N 06/01/27
0
1589723 074/G02 F 21,600.00 ZZ
360 21,588.20 1
ROUTE 1 BOX 250B 9.000 173.80 90
8.750 173.80 24,000.00
PULASKI VA 24301 1 05/23/97 04
0430277798 05 07/01/97 30
1
1785011882 N 06/01/27
0
1589724 074/G02 F 114,750.00 ZZ
360 114,687.32 4
22 WEST PLEASANT STREET 9.000 923.30 90
8.750 923.30 127,500.00
WESTBROOK ME 04092 1 05/09/97 04
0430277806 05 07/01/97 25
1809002884 N 06/01/27
0
1589727 074/G02 F 63,000.00 ZZ
360 62,936.13 2
372 374 POST ROAD 9.375 524.00 60
9.125 524.00 105,000.00
WARWICK RI 02888 5 05/05/97 00
0430277830 05 06/01/97 0
1814061769 O 05/01/27
0
1589728 074/G02 F 152,750.00 ZZ
360 152,595.12 3
12 HIGH STREET 9.375 1,270.50 65
9.125 1,270.50 235,000.00
NEWPORT RI 02840 5 05/01/97 00
0430277848 05 06/01/97 0
1814065602 N 05/01/27
0
1589732 074/G02 F 83,610.00 ZZ
360 83,565.50 2
1780 CARROLLS TRACT RD 9.125 680.28 90
8.875 680.28 92,900.00
ORRTANNA PA 17353 1 05/30/97 21
0430277871 05 07/01/97 25
1821116372 N 06/01/27
0
1589733 074/G02 F 51,300.00 ZZ
360 51,223.78 2
1719 SHERWOOD ST 9.125 417.39 90
8.875 417.39 57,000.00
GREENSBORO NC 27403 1 05/21/97 01
0430277889 05 07/01/97 25
1841110233 N 06/01/27
0
1
1589734 074/G02 F 140,000.00 ZZ
360 139,923.53 2
1812 HANOVER AVENUE 9.000 1,126.47 80
8.750 1,126.47 175,000.00
RICHMOND VA 23220 1 05/29/97 00
0430277897 05 07/01/97 0
1861015610 O 06/01/27
0
1589757 405/405 F 85,500.00 ZZ
360 85,450.58 3
24 ALPINE STREET 9.750 734.58 90
9.500 734.58 95,000.00
ROXBURY MA 02121 1 05/28/97 01
4129698 05 07/01/97 25
4129698 N 06/01/27
0
1589762 744/G02 F 52,500.00 ZZ
360 52,469.00 1
2146 LAWSON CREEK 8.625 408.34 70
8.375 408.34 75,000.00
DOUGLAS AK 99824 1 05/13/97 00
0430255851 01 07/01/97 0
222202 N 06/01/27
0
1589765 731/G02 F 207,000.00 ZZ
360 206,883.96 1
5535 STATE BRIDGE ROAD 8.875 1,646.98 90
8.625 1,646.98 230,000.00
ALPHARETTA GA 30202 1 05/30/97 01
0430255315 05 07/01/97 25
3140664369 N 06/01/27
0
1589767 731/G02 F 55,000.00 ZZ
360 55,000.00 1
2897 MARBROOK DRIVE 9.000 442.54 62
8.750 442.54 90,000.00
MARIETTA GA 30066 5 06/04/97 00
0430260190 05 08/01/97 0
3140664386 N 07/01/27
0
1589771 G52/G02 F 88,000.00 ZZ
360 87,946.69 1
75 TOHO TRAIL 8.500 676.64 80
8.250 676.64 110,000.00
1
FLAGSTAFF AZ 86001 1 05/28/97 00
0430257022 05 07/01/97 0
204911 O 06/01/27
0
1589778 E67/G02 F 108,500.00 ZZ
360 108,500.00 1
16740 SW STEELHEAD ROAD 8.500 834.27 75
8.250 834.27 145,000.00
CROOKED RIVER R OR 97760 2 06/03/97 00
0430254409 27 08/01/97 0
6424 O 07/01/27
0
1589779 927/G02 F 33,700.00 ZZ
360 33,681.59 1
124 W ROCKRIMMON #104 9.000 271.16 52
8.750 271.16 65,000.00
COLORADO SPRING CO 80918 5 06/02/97 00
0430255588 01 07/01/97 0
298919 N 06/01/27
0
1589784 637/G02 F 87,300.00 ZZ
360 87,249.77 3
14 LONGFELLOW STREET 8.750 686.79 90
8.500 686.79 97,000.00
WESTBROOK ME 04092 1 05/28/97 04
0430255711 05 07/01/97 25
4225538 N 06/01/27
0
1589788 375/G02 F 75,600.00 ZZ
360 75,487.55 2
1248 HAMILTON AVENUE S W 9.500 635.69 90
9.250 635.69 84,000.00
ROANOKE VA 24015 1 03/31/97 04
0430255547 05 05/01/97 25
650627 N 04/01/27
0
1589790 E57/G02 F 98,250.00 ZZ
360 98,250.00 1
15323 FAYSMITH AVENUE 8.875 781.72 75
8.625 781.72 131,000.00
GARDENA AREA CA 90249 1 06/02/97 00
0430256792 05 08/01/97 0
96662005124 O 07/01/27
0
1
1589792 664/G02 F 90,250.00 ZZ
360 90,200.70 2
10604 TOPPERWEIN DRIVE 9.000 726.18 95
8.750 726.18 95,000.00
AUSTIN TX 78758 1 05/30/97 14
0430261438 05 07/01/97 30
2311835 O 06/01/27
0
1589816 375/G02 F 70,200.00 ZZ
360 70,095.59 1
1223 EAST PEBBLE BEACH 9.500 590.28 90
9.250 590.28 78,000.00
TEMPE AZ 85282 1 03/28/97 04
0430253013 05 05/01/97 25
651692 N 04/01/27
0
1589823 560/560 F 129,675.00 ZZ
360 129,590.17 1
29 RIVERWALK DRIVE 8.125 962.84 95
7.875 962.84 136,500.00
SIMSBURY CT 06070 1 05/15/97 21
450719729 05 07/01/97 30
450719729 O 06/01/27
0
1589835 560/560 F 78,300.00 ZZ
360 78,256.10 1
8174 S FILLMORE WAY 8.875 622.99 90
8.625 622.99 87,000.00
LITTLETON CO 80122 1 05/23/97 04
450728118 09 07/01/97 25
450728118 N 06/01/27
0
1589836 560/560 F 51,900.00 T
360 51,851.67 1
74 VARNEY POINT ROAD RIGHT 1 8.875 412.94 65
8.625 412.94 79,900.00
GILFORD NH 03246 1 05/16/97 00
450721808 05 07/01/97 0
450721808 O 06/01/27
0
1589838 405/405 F 58,500.00 ZZ
360 58,463.75 2
1
3 HESTIA STREET 9.750 502.61 90
9.500 502.61 65,000.00
ROXBURY MA 02119 1 05/28/97 01
4219671 05 07/01/97 25
4219671 N 06/01/27
0
1589841 E22/G02 F 191,250.00 ZZ
360 191,250.00 1
5740 NORTHEAST CRYSTAL LANE 8.625 1,487.52 74
8.375 1,487.52 260,000.00
BAINBRIDGE ISLA WA 98110 5 06/02/97 00
0410216980 05 08/01/97 0
410216980 O 07/01/27
0
1589848 E22/G02 F 196,000.00 ZZ
360 196,000.00 1
29702 ANA MARIA LANE 8.375 1,489.74 80
8.125 1,489.74 245,000.00
LAGUNA NIGUEL CA 92677 2 05/27/97 00
0410302319 05 08/01/97 0
410302319 O 07/01/27
0
1589850 E22/G02 F 102,400.00 ZZ
360 102,400.00 1
8839 LANCE AVENUE 8.375 778.31 80
8.125 778.31 128,000.00
ORANGEVALE CA 95662 5 05/29/97 00
0410416259 05 08/01/97 0
410416259 O 07/01/27
0
1589854 E22/G02 F 202,500.00 ZZ
360 202,500.00 1
1846 NORTH KELLY ROAD 8.500 1,557.05 80
8.250 1,557.05 255,000.00
NAPA CA 94558 2 05/29/97 00
0410409221 05 08/01/97 0
410409221 O 07/01/27
0
1589855 E22/G02 F 108,000.00 ZZ
360 107,946.88 4
708 INDIANA STREET 9.500 908.12 80
9.250 908.12 135,000.00
VALLEJO CA 94590 1 05/27/97 00
0410398135 05 07/01/97 0
1
410398135 N 06/01/27
0
1589857 E22/G02 F 92,500.00 ZZ
360 92,449.47 1
1045 WEST IRVING PARK ROAD 9.000 744.28 67
8.750 744.28 140,000.00
BENSENVILLE IL 60106 2 05/23/97 00
0410326938 05 07/01/97 0
410326938 O 06/01/27
0
1589860 E22/G02 F 105,000.00 ZZ
360 104,951.02 1
115 BEAKES ST 9.750 902.11 69
9.500 902.11 153,000.00
ANN ARBOR MI 48104 5 05/15/97 00
0410395511 05 07/01/97 0
410395511 N 06/01/27
0
1589861 E22/G02 F 74,700.00 ZZ
360 74,653.57 1
7235 NORTH HAMILTON 8.375 567.77 90
UNIT #3D 8.125 567.77 83,000.00
CHICAGO IL 60645 1 05/30/97 04
0410327159 01 07/01/97 25
410327159 O 06/01/27
0
1589864 E22/G02 F 72,000.00 ZZ
360 71,959.64 3
1346-1350 KIRK ROAD 8.875 572.86 75
8.625 572.86 96,000.00
WEST PALM BEACH FL 33406 1 05/28/97 00
0410404958 05 07/01/97 0
410404958 N 06/01/27
0
1589865 E22/G02 F 147,800.00 ZZ
360 147,710.47 1
492 ALINOLE LOOP 8.500 1,136.45 80
8.250 1,136.45 184,781.00
LAKE MARY FL 32746 1 05/29/97 00
0410382956 03 07/01/97 0
410382956 O 06/01/27
0
1
1589873 E22/G02 F 37,500.00 ZZ
360 37,481.56 1
9887 EAST PEAKVIEW AVE. BLDG F 9.500 315.32 75
#5 9.250 315.32 50,000.00
ENGLEWOOD CO 80111 1 05/30/97 00
0410388870 01 07/01/97 0
410388870 N 06/01/27
0
1589875 E22/G02 F 100,600.00 ZZ
360 100,543.60 1
6021 CANYON SPRINGS ROAD 8.875 800.42 80
8.625 800.42 125,750.00
DALLAS TX 75248 1 05/30/97 00
0410426555 05 07/01/97 0
410426555 O 06/01/27
0
1589878 E22/G02 F 156,000.00 ZZ
360 155,912.54 4
4017 N HALL STREET 8.875 1,241.21 80
8.625 1,241.21 195,000.00
DALLAS TX 75219 1 05/30/97 00
0410318406 05 07/01/97 0
410318406 O 06/01/27
0
1589880 E22/G02 F 69,300.00 ZZ
360 69,263.12 1
831 SOUTHERN CHARM DRIVE 9.125 563.85 90
8.875 563.85 77,000.00
WILMINIGTON NC 28412 1 05/28/97 10
0410404628 03 07/01/97 25
410404628 N 06/01/27
0
1589883 E22/G02 F 57,300.00 ZZ
360 57,274.65 2
2452-2454 CEDARWOOD DR 10.000 502.85 75
9.750 502.85 76,500.00
LAWRENCE KS 66047 1 05/16/97 00
0410410799 05 07/01/97 0
410410799 N 06/01/27
0
1589884 E22/G02 F 132,700.00 ZZ
360 132,615.38 1
11229 NW 59 TERRACE 8.250 996.93 80
8.000 996.93 165,990.00
1
MIAMI FL 33178 1 05/29/97 00
0410406243 03 07/01/97 0
410406243 O 06/01/27
0
1589887 E22/G02 F 63,000.00 ZZ
360 62,969.01 1
2325 E BAILEY ROAD 9.500 529.74 90
9.250 529.74 70,000.00
CUYAHOGA FALLS OH 44221 1 05/27/97 01
0410392351 05 07/01/97 25
410392351 N 06/01/27
0
1589889 E22/G02 F 64,950.00 ZZ
360 64,913.59 1
22402 WOODROSE DRIVE 8.875 516.77 80
8.625 516.77 81,300.00
KATY TX 77450 2 06/03/97 04
0410411250 05 07/01/97 12
410411250 N 06/01/27
0
1589919 964/G02 F 184,000.00 ZZ
360 183,885.64 1
6291 KILLARNEY AVENUE 8.375 1,398.53 80
8.125 1,398.53 230,000.00
GARDEN GROVE CA 92845 1 05/20/97 00
0430253252 05 07/01/97 0
25209 O 06/01/27
0
1589922 405/405 F 76,500.00 ZZ
360 76,456.33 3
26 ALPINE STREET 9.750 657.26 90
9.500 657.26 85,000.00
ROXBURY MA 02121 1 05/28/97 01
004219663 05 07/01/97 25
004219663 N 06/01/27
0
1589924 696/G02 F 560,000.00 ZZ
360 559,660.75 1
ROUTE 641 BOX 4268 8.500 4,305.92 58
8.250 4,305.92 975,000.00
BERRYVILLE VA 22611 5 05/29/97 00
0430252361 05 07/01/97 0
5011029 O 06/01/27
0
1
1589927 907/907 F 308,000.00 ZZ
360 308,000.00 4
7 FARM COTTAGE ROAD 9.250 2,533.84 80
8.875 2,533.84 385,000.00
GLADSTONE NJ 07934 1 06/18/97 00
060381555 05 08/01/97 0
060381555 O 07/01/27
0
1589993 439/G02 F 25,000.00 ZZ
360 24,972.30 1
300 NE 12TH AVE 106 8.950 200.26 75
8.700 200.26 33,400.00
HALLANDALE FL 33009 1 04/29/97 00
0430267799 08 06/01/97 0
1900686 O 05/01/27
0
1590019 439/G02 F 237,000.00 ZZ
360 236,840.97 1
2712 WOODSTOCK ROAD 8.000 1,739.03 77
7.750 1,739.03 310,000.00
LOS ALAMITOS CA 90720 2 05/02/97 00
0430279554 05 07/01/97 0
1902843 O 06/01/27
0
1590067 561/G02 F 46,650.00 ZZ
360 46,627.05 1
8021 W WINFIELD AVENUE 9.500 392.26 85
9.250 392.26 54,900.00
MILWAUKEE WI 53218 1 05/23/97 04
0430253880 05 07/01/97 25
9045444 N 06/01/27
0
1590070 561/G02 F 44,900.00 ZZ
360 44,876.71 1
4008 PATRICIA STREET 9.250 369.39 90
9.000 369.39 49,900.00
INDIANAPOLIS IN 46222 1 05/29/97 10
0430253583 05 07/01/97 25
9000886 N 06/01/27
0
1590072 561/G02 F 76,000.00 ZZ
360 75,961.62 4
1
7702-04 S AVALON AVENUE 9.375 632.13 59
9.125 632.13 130,000.00
CHICAGO IL 60619 5 05/23/97 00
0430258707 05 07/01/97 0
9042573 N 06/01/27
0
1590076 964/G02 F 300,000.00 ZZ
360 299,818.26 1
4309 GOLD RUN DRIVE 8.500 2,306.74 75
8.250 2,306.74 400,000.00
OAKLEY CA 94561 5 05/21/97 00
0430253245 05 07/01/97 0
24822 O 06/01/27
0
1590085 253/253 F 135,900.00 ZZ
360 135,827.68 4
404 CENTRAL PARK DRIVE 9.125 1,105.73 90
#A,B,C,D 8.875 1,105.73 151,000.00
ARLINGTON TX 76014 1 05/30/97 14
329480 05 07/01/97 25
329480 N 06/01/27
0
1590086 253/253 F 150,000.00 ZZ
360 150,000.00 1
6046 NORTH FAIRVIEW DRIVE 8.875 1,193.47 75
8.625 1,193.47 200,000.00
PARK CITY UT 84098 1 06/02/97 00
329897 05 08/01/97 0
329897 N 07/01/27
0
1590088 253/253 F 47,600.00 ZZ
360 47,571.16 1
9257 US HIGHWAY 277 S 8.500 366.01 80
8.250 366.01 59,500.00
HAWLEY TX 79525 1 05/30/97 00
330157 05 07/01/97 0
330157 O 06/01/27
0
1590095 637/G02 F 65,000.00 ZZ
360 64,964.49 1
8 EUSTON STREET 9.000 523.01 50
UNIT 6 8.750 523.01 132,000.00
BROOKLINE MA 02146 2 05/30/97 00
0430256776 01 07/01/97 0
1
9869645 N 06/01/27
0
1590145 575/G02 F 166,000.00 ZZ
360 166,000.00 1
33 BRAY WOOD ROAD 8.875 1,320.77 80
8.625 1,320.77 207,500.00
WILLIAMSBURG VA 23185 1 06/02/97 00
0430255760 03 08/01/97 0
972314961 O 07/01/27
0
1590279 E22/G02 F 110,000.00 ZZ
360 110,000.00 1
200 BROADVIEW ROAD 8.250 826.39 80
8.000 826.39 137,500.00
ELLENSBURG WA 98926 1 05/30/97 00
0410217038 05 08/01/97 0
410217038 O 07/01/27
0
1590283 E22/G02 F 195,600.00 ZZ
360 195,600.00 1
12074 DOGWOOD ROAD 8.625 1,521.36 80
8.375 1,521.36 244,500.00
GRASS VALLEY CA 95945 5 06/03/97 00
0410416242 05 08/01/97 0
410416242 O 07/01/27
0
1590285 E22/G02 F 336,000.00 ZZ
360 336,000.00 1
1653 CARNEGIE WAY 8.250 2,524.26 41
8.000 2,524.26 830,000.00
EL DORADO HILLS CA 95762 5 06/05/97 00
0410416614 03 08/01/97 0
410416614 O 07/01/27
0
1590289 964/G02 F 200,000.00 ZZ
360 199,881.92 1
17560 REDWOOD SPRINGS DRIVE 8.625 1,555.58 77
8.375 1,555.58 260,000.00
FORT BRAGG CA 95437 1 05/29/97 00
0430253765 05 07/01/97 0
24898 O 06/01/27
0
1
1590293 E22/G02 F 261,600.00 ZZ
360 261,600.00 1
1428 ORCHARD ROAD 8.375 1,988.35 80
8.125 1,988.35 327,000.00
GARDNERVILLE NV 89410 1 06/03/97 00
0410416051 05 08/01/97 0
410416051 O 07/01/27
0
1590299 E13/G02 F 123,700.00 ZZ
360 123,700.00 1
5703 WOODBERRY ROAD 8.750 973.15 75
8.500 973.15 165,000.00
DURHAM NC 27707 1 06/24/97 00
0430282665 05 08/01/97 0
0208249 O 07/01/27
0
1590313 E22/G02 F 124,800.00 ZZ
360 124,722.43 1
302 S. CYPRESS ESTATES CIRCLE 8.375 948.57 80
8.125 948.57 156,000.00
SPRING TX 77388 1 05/30/97 00
0410453559 03 07/01/97 0
410453559 O 06/01/27
0
1590314 E22/G02 F 37,400.00 T
360 37,379.03 1
14921 WINDWARD DRIVE #114 8.875 297.57 75
8.625 297.57 49,900.00
CORPUS CHRISTI TX 78418 1 05/23/97 95
0410413157 01 07/01/97 0
410413157 O 06/01/27
0
1590331 638/G02 F 95,400.00 ZZ
360 95,400.00 1
4520 AMHERST LANE 8.750 750.51 90
8.500 750.51 106,000.00
LAS VEGAS NV 89107 1 06/19/97 04
0430280099 05 08/01/97 25
8648318 N 07/01/27
0
1590332 637/G02 F 72,500.00 ZZ
360 72,459.35 2
4303-5 SW SANTA BARBARA PL 8.875 576.85 90
8.625 576.85 80,647.00
1
CAPE CORAL FL 33914 1 05/31/97 01
0430261180 05 07/01/97 25
2835452 N 06/01/27
0
1590333 E22/G02 F 132,000.00 ZZ
360 131,917.95 1
7005 W. KENTUCKY AVENUE 8.375 1,003.30 80
8.125 1,003.30 165,000.00
LAKEWOOD CO 80226 1 05/30/97 00
0410453484 05 07/01/97 0
410453484 O 06/01/27
0
1590340 637/G02 F 72,500.00 ZZ
360 72,459.35 2
3227-9 SW SANTA BARBARA PLACE 8.875 576.85 90
8.625 576.85 80,647.00
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2835270 N 06/01/27
0
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0
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410337109 O 06/01/27
0
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9169707 01 07/01/97 25
9169707 O 06/01/27
0
1
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0410319966 05 07/01/97 25
410319966 N 06/01/27
0
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360 108,697.91 4
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0
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0
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410391858 N 06/01/27
0
1590397 286/286 F 57,950.00 ZZ
360 57,918.35 1
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09174769 01 07/01/97 30
09174769 O 06/01/27
0
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1
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410413793 O 06/01/27
0
1590408 E22/G02 F 69,000.00 ZZ
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410425177 O 06/01/27
0
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410394738 N 06/01/27
0
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0
1590457 286/286 F 46,100.00 ZZ
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5701 GASTON 9.500 387.64 75
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DALLAS TX 75214 1 05/15/97 00
09172339 01 07/01/97 0
1
09172339 N 06/01/27
0
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360 74,210.48 1
4552 WEST 5135 SOUTH 9.125 604.13 90
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0
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0
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4408654 O 06/01/27
0
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4378873 N 06/01/27
0
1590470 862/G02 F 77,000.00 ZZ
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4459780 O 06/01/27
0
1
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360 57,119.59 1
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FT. LAUDERDALE FL 33309 1 05/16/97 10
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0430971161A N 06/01/27
0
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7050199 O 06/01/27
0
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LYNDHURST NJ 07071 5 05/15/97 00
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0
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DENVER CO 80237 1 05/30/97 00
0430258376 07 07/01/97 0
1717455 O 06/01/27
0
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PLYMOUTH MN 55442 1 06/05/97 00
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1702591 O 06/01/27
0
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7007 NEW POST DRIVE 9.000 256.84 80
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1
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0060628419 O 05/01/27
0
1590499 700/G02 F 294,650.00 ZZ
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1010 CALLE MALAGA 8.250 2,213.61 80
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SANTA BARBARA CA 93109 1 05/21/97 00
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97014 O 06/01/27
0
1590503 369/G02 F 101,500.00 ZZ
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AUSTIN TX 78749 1 04/29/97 00
0430259291 05 06/01/97 0
0049912793 O 05/01/27
0
1590514 369/G02 F 103,500.00 ZZ
360 103,400.44 4
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MESA AZ 85204 1 04/28/97 01
0430259929 05 06/01/97 25
0060116662 N 05/01/27
0
1
1590517 369/G02 F 92,700.00 ZZ
360 92,610.80 4
512 S BELLVIEW 9.625 787.95 90
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MESA AZ 85208 1 04/28/97 01
0430259937 05 06/01/97 25
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0
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0
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360 119,275.81 1
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THORNTON CO 80134 1 05/30/97 00
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19705011 O 06/01/27
0
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LONGMONT CO 80501 2 05/30/97 00
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19705026 N 06/01/27
0
1590701 E22/G02 F 81,700.00 ZZ
360 81,657.64 1
28 BARCLAY COURT 9.250 672.13 95
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LAWRENCE NJ 08648 1 05/29/97 04
0410403067 01 07/01/97 30
410403067 O 06/01/27
0
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360 104,696.92 3
1
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410413314 O 06/01/27
0
1590708 E22/G02 F 54,600.00 ZZ
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JOLLIET IL 60435 1 05/30/97 00
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410392583 N 06/01/27
0
1590710 E22/G02 F 341,000.00 ZZ
360 340,818.53 1
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BIRMINGHAM MI 48009 2 05/23/97 00
0410414296 05 07/01/97 0
410414296 O 06/01/27
0
1590713 E22/G02 F 111,200.00 ZZ
360 111,137.66 1
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FT LAUDERDALE FL 33308 1 05/30/97 00
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410403976 O 06/01/27
0
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360 108,640.63 1
11031 N.W. 1ST STREET 9.000 874.62 80
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PLANTATION FL 33324 1 05/08/97 95
0410375455 03 07/01/97 0
410375455 O 06/01/27
0
1590721 E22/G02 F 26,250.00 ZZ
360 26,236.75 1
2705 NORTHEAST DRIVE 9.375 218.33 75
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AUSTIN TX 78723 1 06/02/97 00
0410425466 01 07/01/97 0
1
410425466 N 06/01/27
0
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360 132,400.00 1
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SANTA ROSA CA 95404 1 06/23/97 00
0430284828 05 08/01/97 0
206005 O 07/01/27
0
1590731 E22/G02 F 58,500.00 ZZ
360 58,465.46 1
3105 STEDMAN DRIVE 8.625 455.01 74
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RALEIGH NC 27607 2 05/23/97 00
0410411748 05 07/01/97 0
410411748 O 06/01/27
0
1590736 E22/G02 F 194,400.00 ZZ
360 194,299.22 4
2960 NORTH HARDING AVENUE 9.250 1,599.28 90
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CHICAGO IL 60618 1 06/02/97 04
0410411946 05 07/01/97 25
410411946 O 06/01/27
0
1590737 E22/G02 F 166,500.00 ZZ
360 166,418.11 1
104 KIMOTHY DRIVE 9.500 1,400.02 90
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WESTERVILLE OH 43081 2 05/30/97 04
0410396592 05 07/01/97 25
410396592 N 06/01/27
0
1590742 B57/G02 F 189,100.00 ZZ
360 189,100.00 1
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(WOODLAND HILLS AREA) 8.625 1,504.57 222,500.00
LOS ANGELES CA 91367 1 06/24/97 10
0430285296 05 08/01/97 20
9711142 N 07/01/27
0
1
1590764 560/560 F 74,100.00 ZZ
360 74,057.36 1
3831 WEST END AVENUE 6 8.750 582.95 95
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NASHVILLE TN 37205 1 05/30/97 21
450737499 01 07/01/97 30
450737499 O 06/01/27
0
1590781 560/560 F 36,900.00 ZZ
360 36,879.31 1
69 HAMPSHIRE COURT 8.875 293.60 90
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MERIDEN CT 06450 1 05/16/97 04
450721022 01 07/01/97 25
450721022 N 06/01/27
0
1590784 637/G02 F 76,500.00 ZZ
360 76,500.00 1
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SOUTH PORTLAND ME 04106 1 06/03/97 01
0430258814 05 08/01/97 25
4226452 N 07/01/27
0
1590786 637/G02 F 189,000.00 ZZ
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14 MYRTLE AVENUE 9.125 1,537.77 90
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PORTLAND ME 04106 1 06/03/97 04
0430258772 05 08/01/97 25
4226460 N 07/01/27
0
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44347 O 06/01/27
0
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50 PARKWAY DRIVE 9.000 3,717.36 71
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1
DOBBS FERRY NY 10522 1 06/10/97 00
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240140004 O 07/01/27
0
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3880 MOUNTAIN VIEW DRIVE 8.750 1,888.08 73
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LOOMIS CA 95650 1 06/06/97 00
0430260869 05 08/01/97 0
205928 O 07/01/27
0
1590803 830/G02 F 155,600.00 ZZ
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852 WEST CLOVER BLOSSOM CIRCLE 8.500 1,196.43 75
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MURRAY UT 84123 5 05/19/97 00
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1877745 O 06/01/27
0
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326 135TH AVENUE S.E. 8.375 1,169.75 90
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LAKE STEVENS WA 98258 1 06/06/97 04
0410216634 05 08/01/97 25
410216634 N 07/01/27
0
1590829 450/450 F 138,750.00 ZZ
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204 OAK ISLAND DR 8.875 1,103.96 78
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WOLVERINE LAKE MI 48390 5 06/03/97 00
4298311 05 08/01/97 0
4298311 O 07/01/27
0
1590838 369/G02 F 99,000.00 ZZ
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4500 04 ANCHOR COURT 9.375 823.43 90
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FORT WORTH TX 76135 1 03/28/97 01
0430264762 05 05/01/97 25
60173507 N 04/01/27
0
1
1590847 369/G02 F 63,700.00 T
360 63,638.72 1
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KISSIMMEE FL 34744 1 04/25/97 00
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0
1590868 480/G02 F 253,000.00 T
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302 SW 159 DRIVE 9.250 2,081.37 70
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1575166 O 06/01/27
0
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0
1590879 731/G02 F 63,000.00 ZZ
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413313596 O 07/01/27
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0
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EAST HARTFORD CT 06118 1 06/10/97 00
7050120 05 08/01/97 0
7050120 O 07/01/27
0
1590897 480/G02 F 70,000.00 T
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683 PINE LANE 9.250 575.87 28
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BIG PINE KEY FL 33043 1 05/28/97 00
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0
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3800983292 N 06/01/27
0
1591272 003/G02 F 158,300.00 ZZ
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0
1591276 286/286 F 101,700.00 ZZ
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09174940 05 07/01/97 25
09174940 N 06/01/27
0
1591279 766/G02 F 236,800.00 ZZ
360 236,800.00 1
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KEY BISCAYNE FL 33149 1 06/06/97 00
0430259903 05 08/01/97 0
1
97OZ0397 O 07/01/27
0
1591280 766/G02 F 70,000.00 ZZ
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MIAMI FL 33165 1 05/30/97 00
0430261156 01 07/01/97 0
970Z0351 O 06/01/27
0
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0
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SMITHVILLE NJ 08201 5 05/27/97 00
0430259671 03 07/01/97 0
9054487 O 06/01/27
0
1591314 560/560 F 45,000.00 ZZ
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POTTSTOWN PA 19464 1 05/14/97 04
450718390 05 07/01/97 25
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0
1591316 687/G02 F 50,000.00 ZZ
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1604180 O 07/01/27
0
1
1591351 568/G02 F 260,000.00 ZZ
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15086 OAKCREEK ROAD 8.250 1,953.29 80
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EL CAJON CA 92021 1 05/30/97 00
0430259457 05 07/01/97 0
808725 O 06/01/27
0
1591352 462/G02 F 54,750.00 ZZ
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420 S.E. 14 COURT 8.500 420.99 75
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FT LAUDERDALE FL 33316 1 05/30/97 00
0430267898 05 07/01/97 0
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0
1591353 731/G02 F 85,000.00 ZZ
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CLAREMONT CA 91711 5 06/02/97 00
0430263939 05 08/01/97 0
414611017 O 07/01/27
0
1591355 731/G02 F 73,600.00 ZZ
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220333630 N 06/01/27
0
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0
1591375 685/G02 F 280,000.00 ZZ
360 280,000.00 1
3675 BERRY DRIVE 8.625 2,177.81 80
367 8.375 2,177.81 350,000.00
1
LOS ANGELES CA 91604 2 06/02/97 00
0430259424 05 08/01/97 0
107918 O 07/01/27
0
1591378 664/G02 F 90,000.00 ZZ
360 89,950.83 3
7737 S ESSEX 9.000 724.17 49
8.750 724.17 187,000.00
CHICAGO IL 60649 5 05/30/97 00
0430259127 05 07/01/97 0
2304822 O 06/01/27
0
1591396 E22/G02 F 151,400.00 ZZ
360 151,317.30 1
968 MARGRET STREET 9.000 1,218.20 80
8.750 1,218.20 189,300.00
DES PLAINES IL 60616 1 05/28/97 00
0410210629 05 07/01/97 0
410210629 O 06/01/27
0
1591408 292/G02 F 80,500.00 ZZ
360 80,500.00 1
700 AUTUMNBROOK CIRCLE 8.750 633.29 68
8.500 633.29 119,000.00
SHERWOOD AR 72120 2 06/19/97 00
0430281311 05 08/01/97 0
UNKNOWN N 07/01/27
0
1591420 E22/G02 F 172,000.00 ZZ
360 171,903.57 1
8290 UNIONHILL BOULEVARD 8.875 1,368.51 80
8.625 1,368.51 215,000.00
BELLE PLAINE MN 56011 2 05/23/97 00
0410327621 05 07/01/97 0
410327621 O 06/01/27
0
1591421 E22/G02 F 78,350.00 ZZ
360 78,304.92 1
833 KOKOMO KEY LANE 8.750 616.38 80
8.500 616.38 97,950.00
DELRAY BEACH FL 33483 1 05/30/97 00
0410407274 09 07/01/97 0
410407274 O 06/01/27
0
1
1591423 377/377 F 82,400.00 ZZ
360 82,359.46 1
205 QUEENS CROSSING 9.500 692.87 80
9.250 692.87 103,000.00
CENTERVILLE OH 45458 2 05/22/97 00
6492425 01 07/01/97 0
6492425 O 06/01/27
0
1591428 E22/G02 F 416,850.00 ZZ
360 416,610.17 1
108 PEBBLE BROOK LANE 8.750 3,279.36 90
8.500 3,279.36 463,204.00
MOORESVILLE NC 28115 1 05/30/97 04
0410405633 03 07/01/97 25
410405633 O 06/01/27
0
1591430 E22/G02 F 58,500.00 ZZ
360 58,474.12 2
1050-52 OAKLAND PARK AVENUE 10.000 513.38 90
9.750 513.38 65,000.00
COLUMBUS OH 43206 2 05/30/97 04
0410395669 05 07/01/97 25
410395669 N 06/01/27
0
1591433 E22/G02 F 100,000.00 ZZ
360 99,943.94 1
10648 AVENIDA SANTA ANA 8.875 795.64 37
8.625 795.64 277,000.00
BOCA RATON FL 33498 5 05/27/97 00
0410411763 03 07/01/97 0
410411763 O 06/01/27
0
1591440 E22/G02 F 45,750.00 ZZ
360 45,726.89 1
90 HIGHLAND AVENUE UNIT # 306 9.375 380.53 75
9.125 380.53 61,000.00
TARPON SPRINGS FL 34689 1 06/06/97 00
0410383954 01 07/01/97 0
410383954 O 06/01/27
0
1591446 E22/G02 F 37,000.00 ZZ
360 36,981.31 1
1
1525 N.W. 41ST ST. 9.375 307.75 80
9.125 307.75 46,250.00
OKLAHOMA CITY OK 73118 1 06/05/97 04
0410453757 05 07/01/97 12
410453757 N 06/01/27
0
1591447 E22/G02 F 231,500.00 ZZ
360 231,376.80 1
7352 FLAMINGO 9.125 1,883.56 80
8.875 1,883.56 289,900.00
ALGONAC MI 48001 1 06/03/97 00
0410414882 05 07/01/97 0
410414882 O 06/01/27
0
1591455 E29/G02 F 118,050.00 ZZ
360 118,050.00 1
3215 SOUTH WILLIAMS STREET 9.375 981.88 90
9.125 981.88 131,200.00
ENGLEWOOD CO 80110 1 06/06/97 04
0430264713 05 08/01/97 25
9704031 N 07/01/27
0
1591461 E22/G02 F 89,600.00 ZZ
360 89,549.77 1
606 SUMMERWOOD DRIVE 8.875 712.90 80
8.625 712.90 112,000.00
NEW BRAUNSELS TX 78130 1 05/20/97 00
0410412167 03 07/01/97 0
410412167 O 06/01/27
0
1591462 E22/G02 F 35,000.00 ZZ
360 34,980.37 1
801 SW 17TH ST 8.875 278.48 64
8.625 278.48 55,400.00
BLUE SPRINGS MO 64015 1 05/15/97 00
0410411508 05 07/01/97 0
410411508 O 06/01/27
0
1591463 E22/G02 F 36,000.00 ZZ
360 35,978.75 1
5840 SPRING VALLEY ROAD 8.625 280.00 90
#307 8.375 280.00 40,000.00
DALLAS TX 75240 1 06/02/97 04
0410425425 01 07/01/97 25
1
410425425 O 06/01/27
0
1591464 E22/G02 F 29,700.00 ZZ
360 29,686.14 1
451 41ST STREET NORTH 9.750 255.17 90
9.500 255.17 33,000.00
ST. PETERSBURG FL 33713 1 06/02/97 04
0410400964 05 07/01/97 25
410400964 N 06/01/27
0
1591469 003/G02 F 60,000.00 T
360 59,968.07 1
6176 WINTERGREEN ROAD 9.125 488.18 80
8.875 488.18 75,000.00
NORCROSS GA 30093 1 05/30/97 00
0430262063 01 07/01/97 0
0003836871 O 06/01/27
0
1591473 664/G02 F 63,000.00 ZZ
360 62,967.33 4
111 N PEARL STREET 9.250 518.29 53
9.000 518.29 120,000.00
TECUMSEH MI 49286 5 06/04/97 00
0430264358 05 07/01/97 0
2284081 N 06/01/27
0
1591475 664/G02 F 63,000.00 ZZ
360 62,967.33 3
216 S UNION STREET 9.250 518.29 59
9.000 518.29 107,000.00
TECUMSEH MI 49286 5 06/04/97 00
0430263137 05 07/01/97 0
2284099 N 06/01/27
0
1591476 664/G02 F 135,900.00 ZZ
360 135,900.00 1
2656 SW WILLOWBROOK AVENUE 9.000 1,093.49 80
8.750 1,093.49 169,900.00
GRESHAM OR 97080 1 06/02/97 00
0430259218 05 08/01/97 0
2288140 O 07/01/27
0
1
1591497 286/286 F 30,800.00 ZZ
360 30,784.84 1
2307-2309 CHESTNUT PL 9.500 258.99 80
9.250 258.99 38,500.00
LAKELAND FL 33805 1 05/15/97 00
0009171339 03 07/01/97 0
0009171339 N 06/01/27
0
1591559 286/286 F 380,900.00 ZZ
360 380,900.00 1
1559 ELGIN CT 9.125 3,099.13 65
8.875 3,099.13 586,000.00
KESWICK VA 22947 5 06/05/97 00
8597907 05 08/01/97 0
8597907 O 07/01/27
0
1591565 E45/G02 F 43,000.00 ZZ
360 42,974.61 1
101 ABINGDON WAY 8.625 334.45 54
8.375 334.45 79,900.00
ATLANTA GA 30328 1 06/02/97 00
0430268219 01 07/01/97 0
32965 O 06/01/27
0
1591572 286/286 F 128,000.00 ZZ
360 127,926.35 1
631 COUNTY ROAD 336 8.750 1,006.98 64
8.500 1,006.98 200,000.00
BERTRAM TX 78605 2 05/16/97 00
8619882 05 07/01/97 0
8619882 O 06/01/27
0
1591627 A59/G02 F 53,380.00 ZZ
360 53,380.00 1
4707 FREMONT AVENUE NORTH 8.375 405.73 85
8.125 405.73 62,800.00
MINNEAPOLIS MN 55430 5 06/24/97 14
0430264697 05 08/01/97 12
1591627 O 07/01/27
0
1591634 498/G02 F 35,000.00 ZZ
360 34,983.67 1
1712 25TH STREET 9.750 300.71 90
9.500 300.71 38,900.00
1
NICEVILLE FL 32578 1 05/09/97 04
0430262915 05 07/01/97 25
1481086 N 06/01/27
0
1591682 450/450 F 180,000.00 ZZ
360 180,000.00 1
54792 FLAMINGO DR 8.375 1,368.13 57
8.125 1,368.13 320,000.00
SHELBY TWP MI 48315 1 06/13/97 00
4296505 05 08/01/97 0
4296505 O 07/01/27
0
1591717 E22/G02 F 70,000.00 ZZ
360 69,960.76 1
124 OAK DRIVE 8.875 556.95 80
8.625 556.95 88,000.00
TAYLORS SC 29687 1 05/30/97 00
0410406680 05 07/01/97 0
410406680 O 06/01/27
0
1591720 E22/G02 F 109,200.00 ZZ
360 109,138.78 1
19 HUNTING LODGE DRIVE 8.875 868.84 80
8.625 868.84 136,500.00
BLACK MOUNTAIN NC 28711 1 05/30/97 00
0410405278 05 07/01/97 0
410405278 O 06/01/27
0
1591724 E22/G02 F 112,500.00 T
360 112,448.89 1
17200 GULF BLVD UNIT #404 9.875 976.89 75
9.625 976.89 150,000.00
NO REDINGTON BE FL 33708 1 05/29/97 00
0410375646 06 07/01/97 0
410375646 O 06/01/27
0
1591725 E22/G02 F 74,000.00 ZZ
360 73,959.58 2
7001 IVORY KEY COURT 9.000 595.42 80
8.750 595.42 92,500.00
AUSTIN TX 78745 1 05/30/97 04
0410412498 05 07/01/97 25
410412498 N 06/01/27
0
1
1591727 E22/G02 F 42,300.00 ZZ
360 42,279.20 1
811 N. CRESTWAY 9.500 355.68 90
9.250 355.68 47,000.00
WICHITA KS 67208 1 06/03/97 04
0410410880 05 07/01/97 25
410410880 N 06/01/27
0
1591731 E22/G02 F 54,000.00 ZZ
360 53,973.44 2
4320 & 4322 E. MURDOCK 9.500 454.06 90
9.250 454.06 60,000.00
WICHITA KS 67208 1 06/03/97 10
0410410872 05 07/01/97 25
410410872 N 06/01/27
0
1591734 E22/G02 F 48,550.00 ZZ
360 48,550.00 1
4321 AMHERST DRIVE 9.125 395.02 90
8.875 395.02 53,950.00
CORPUS CHRISTI TX 78412 1 06/04/97 10
0410425490 05 08/01/97 25
410425490 N 07/01/27
0
1591738 E22/G02 F 30,600.00 ZZ
360 30,583.72 1
602 FITZHUGH STREET 9.125 248.97 90
8.875 248.97 34,000.00
BAY CITY MI 48708 1 05/30/97 04
0410397459 05 07/01/97 25
410397459 N 06/01/27
0
1591739 E22/G02 F 90,900.00 ZZ
360 90,858.70 2
135 70TH STREET 9.875 789.33 90
9.625 789.33 101,000.00
GUTTENBERG NJ 07093 1 05/29/97 04
0410379028 05 07/01/97 25
410379028 N 06/01/27
0
1591741 286/286 F 22,500.00 ZZ
360 22,489.50 1
1
853 BUTLER ST 9.750 193.31 90
9.500 193.31 25,000.00
TOLEDO OH 43605 1 05/14/97 10
8630809 05 07/01/97 25
8630809 N 06/01/27
0
1591742 E22/G02 F 44,550.00 ZZ
360 44,529.76 1
3127 CALVERT AVENUE 9.875 386.85 90
9.625 386.85 49,500.00
BRECKENRIDGE HI MO 63114 1 05/30/97 04
0410412126 05 07/01/97 25
410412126 N 06/01/27
0
1591743 E22/G02 F 58,950.00 ZZ
360 58,923.22 2
1117-1119 WESTWARD TRAILS 9.875 511.89 90
9.625 511.89 65,500.00
IMPERIAL MO 63052 1 05/29/97 04
0410397046 05 07/01/97 25
410397046 N 06/01/27
0
1591744 E22/G02 F 53,350.00 ZZ
360 53,325.77 1
9745 LILLY JEAN DRIVE 9.875 463.26 90
9.625 463.26 59,300.00
WOODSON TERRACE MO 63134 1 05/30/97 10
0410412118 05 07/01/97 25
410412118 N 06/01/27
0
1591746 E22/G02 F 47,300.00 ZZ
360 47,273.48 1
321 N.E. 59TH COURT 8.875 376.34 55
8.625 376.34 86,000.00
FORT LAUDERDALE FL 33334 5 06/02/97 00
0410406557 05 07/01/97 0
410406557 N 06/01/27
0
1591747 E22/G02 F 29,100.00 ZZ
360 29,085.69 1
15 Q FERNWOOD UNIT#Q 9.500 244.69 60
9.250 244.69 48,500.00
BOLINGBROOK IL 60440 1 05/31/97 00
0410327803 01 07/01/97 0
1
410327803 N 06/01/27
0
1591749 E22/G02 F 52,500.00 ZZ
360 52,470.57 1
15 SOUTH GRAND STREET 8.875 417.71 70
8.625 417.71 75,000.00
HAMMONTON NJ 08037 1 05/30/97 00
0410407001 05 07/01/97 0
410407001 O 06/01/27
0
1591752 E22/G02 F 86,400.00 ZZ
360 86,305.25 1
41731 BROQUET 9.000 695.20 80
8.750 695.20 108,000.00
NOVI MI 48377 1 04/18/97 00
0410364772 01 06/01/97 0
410364772 N 05/01/27
0
1591753 E22/G02 F 42,900.00 ZZ
360 42,875.95 1
310 N.E. 59TH COURT 8.875 341.33 55
8.625 341.33 78,000.00
FORT LAUDERDALE FL 33334 5 06/02/97 00
0410406565 05 07/01/97 0
410406565 N 06/01/27
0
1591757 E22/G02 F 73,600.00 ZZ
360 73,558.74 1
10 MEADOWLAWN DR. UNIT#2 8.875 585.59 95
8.625 585.59 77,500.00
MENTOR OH 44060 1 05/30/97 04
0410414833 01 07/01/97 30
410414833 O 06/01/27
0
1591758 E22/G02 F 63,900.00 ZZ
360 63,864.17 1
718 ELM STREET 8.875 508.42 80
8.625 508.42 79,900.00
UEHLING NE 68063 1 05/30/97 00
0410327183 05 07/01/97 0
410327183 O 06/01/27
0
1
1591761 E22/G02 F 35,100.00 ZZ
360 35,083.63 1
411 WHITNEY AVENUE 9.750 301.56 90
9.500 301.56 39,000.00
AKRON OH 44306 1 05/30/97 04
0410394571 05 07/01/97 25
410394571 N 06/01/27
0
1591776 286/286 F 47,900.00 ZZ
360 47,871.71 1
1037 E PROSPECT ST 8.625 372.57 80
8.375 372.57 59,900.00
YORK PA 17403 1 05/29/97 00
8618913 05 07/01/97 0
8618913 O 06/01/27
0
1591781 498/G02 F 70,000.00 ZZ
360 69,959.72 1
1108 CARLISLE ST 8.750 550.70 77
8.500 550.70 91,000.00
ALBERTVILLE AL 35950 1 05/16/97 00
0430267765 05 07/01/97 0
1483678 O 06/01/27
0
1591785 498/G02 F 44,100.00 ZZ
360 44,100.00 1
1914 HARDIE STREET 9.750 378.89 90
9.500 378.89 49,000.00
GREENSBORO NC 27403 1 06/06/97 01
0430267690 05 08/01/97 25
1483727 N 07/01/27
0
1591800 737/G02 F 22,050.00 ZZ
360 22,050.00 2
2726, 2728 ST ANN ST 9.250 181.40 90
9.000 181.40 24,500.00
NEW ORLEANS LA 70119 1 06/05/97 01
0430262568 05 08/01/97 25
558522 N 07/01/27
0
1591802 737/G02 F 42,400.00 ZZ
360 42,400.00 1
1666 W VILLAGE WAY 9.375 352.66 80
9.125 352.66 53,000.00
1
TEMPE AZ 85282 1 06/04/97 00
0430262360 09 08/01/97 0
513037 N 07/01/27
0
1591809 E22/G02 F 112,800.00 ZZ
360 112,800.00 1
2791 GALENA AVENUE 8.375 857.36 80
8.125 857.36 141,000.00
SIMI VALLEY CA 93065 1 06/09/97 00
0410424352 05 08/01/97 0
410424352 O 07/01/27
0
1591810 E22/G02 F 91,600.00 ZZ
360 91,600.00 1
6 CHART COURT 8.875 728.81 80
8.625 728.81 114,500.00
SACRAMENTO CA 95831 1 06/03/97 00
0410416184 05 08/01/97 0
410416184 N 07/01/27
0
1591817 E22/G02 F 93,600.00 ZZ
360 93,600.00 1
1924 SW 110TH STREET 8.875 744.72 90
8.625 744.72 104,000.00
SEATTLE WA 98146 1 06/06/97 04
0410413892 05 08/01/97 25
410413892 N 07/01/27
0
1591819 E22/G02 F 131,250.00 ZZ
360 131,250.00 4
760 NORTH CASWELL AVENUE 8.875 1,044.28 75
8.625 1,044.28 175,000.00
POMONA CA 91767 1 06/05/97 00
0410424972 05 08/01/97 0
410424972 N 07/01/27
0
1591905 201/G02 F 163,500.00 ZZ
360 163,393.04 1
8625 HIGH MEADOWS DRIVE 8.125 1,213.99 80
7.875 1,213.99 204,430.00
PLANO TX 75025 1 05/29/97 00
0430278291 05 07/01/97 0
4302667 O 06/01/27
0
1
1591909 201/G02 F 38,250.00 ZZ
360 38,148.87 1
12755 MILL RIDGE DRIVE 9.125 311.22 90
8.875 311.22 42,500.00
CYPRESS TX 77429 1 05/29/97 11
0430260703 01 07/01/97 25
7800995388 O 06/01/27
0
1591917 562/562 F 138,400.00 ZZ
360 138,400.00 1
209 SPINNAKER WAY 9.000 1,113.60 80
8.750 1,113.60 173,000.00
NEPTUNE NJ 07753 1 06/04/97 00
539247 01 08/01/97 0
539247 O 07/01/27
0
1591952 G52/G02 F 59,400.00 ZZ
360 59,400.00 1
1521 NORTH WINSTEL BOULEVARD 9.000 477.95 90
8.750 477.95 66,000.00
TUCSON AZ 85716 1 06/06/97 04
0430259655 05 08/01/97 30
202498 N 07/01/27
0
1591955 776/G02 F 60,500.00 ZZ
360 60,470.24 1
192 TORTUNA DRIVE 9.500 508.72 52
9.250 508.72 118,500.00
BALLWIN MO 63021 1 05/29/97 00
0430261206 05 07/01/97 0
8242218 O 06/01/27
0
1591957 776/G02 F 57,500.00 ZZ
360 57,471.72 1
4318 BLOW ST. 9.500 483.49 90
9.250 483.49 63,900.00
ST. LOUIS MO 63116 1 05/28/97 10
0430260299 05 07/01/97 25
8742717 N 06/01/27
0
1591958 776/G02 F 42,100.00 ZZ
360 42,079.83 1
1
2957 WASHINGTON AVE 9.625 357.85 90
9.375 357.85 46,800.00
GRANITE CITY IL 62040 1 05/09/97 10
0430260281 05 07/01/97 25
8142124 N 06/01/27
0
1591972 286/286 F 18,150.00 ZZ
360 18,139.82 1
10341 WOOD HEIGHTS DRIVE 8.875 144.41 65
8.625 144.41 27,940.00
DALLAS TX 75227 1 05/20/97 00
09175033 05 07/01/97 0
09175033 N 06/01/27
0
1591973 286/286 F 34,200.00 ZZ
360 34,182.73 1
372 RUSLING ST 9.375 284.46 90
9.125 284.46 38,000.00
TRENTON NJ 08611 1 05/27/97 10
9173206 09 07/01/97 25
9173206 N 06/01/27
0
1591982 253/253 F 125,250.00 ZZ
360 125,250.00 1
7811 WINTERCRESS LANE 8.250 940.97 75
8.000 940.97 167,000.00
SPRINGFIELD VA 22150 1 06/06/97 00
328934 07 08/01/97 0
328934 N 07/01/27
0
1591985 253/253 F 247,600.00 ZZ
360 247,600.00 2
73-75 MELROSE ST 9.750 2,127.27 80
9.500 2,127.27 309,500.00
ARLINGTON MA 02174 1 06/06/97 00
327501 05 08/01/97 0
327501 O 07/01/27
0
1591997 A91/G02 F 179,000.00 ZZ
360 179,000.00 1
35-09 156TH STREET 8.875 1,424.20 64
8.625 1,424.20 280,000.00
FLUSHING NY 11354 2 06/16/97 00
0430263418 05 08/01/97 0
1
0000 O 07/01/27
0
1592011 776/G02 F 51,000.00 ZZ
360 50,972.14 1
1697 CALLE DIAMONTE 9.000 410.36 75
8.750 410.36 68,000.00
THOUSAND OAKS CA 91320 1 05/27/97 00
0430260265 01 07/01/97 0
6164101 N 06/01/27
0
1592013 776/G02 F 185,400.00 ZZ
360 185,400.00 1
615 CAYUGA DRIVE 8.250 1,392.85 80
8.000 1,392.85 231,800.00
SAN JOSE CA 95123 1 06/02/97 00
0430260224 05 08/01/97 0
6245661 O 07/01/27
0
1592015 776/G02 F 176,000.00 ZZ
360 175,901.34 2
6520-6522 WEST 86TH PLACE 8.875 1,400.33 80
8.625 1,400.33 220,000.00
LOS ANGELES CA 90045 1 05/28/97 00
0430264077 05 07/01/97 0
2145842 N 06/01/27
0
1592019 776/G02 F 269,050.00 ZZ
360 268,910.52 1
2318 GIANERA STREET 9.250 2,213.41 80
9.000 2,213.41 336,310.00
SANTA CLARA CA 95054 1 05/19/97 00
0430260448 03 07/01/97 0
6239447 O 06/01/27
0
1592049 830/830 F 209,000.00 T
360 208,876.61 1
863 IRONWOOD DRIVE 8.625 1,625.58 75
8.375 1,625.58 279,000.00
MESQUITE NV 89027 1 05/28/97 00
1877885 03 07/01/97 0
1877885 O 06/01/27
0
1
1592055 E67/G02 F 102,250.00 ZZ
360 102,250.00 1
3815 SW BEN HOGAN DRIVE 8.500 786.21 68
8.250 786.21 152,280.00
REDMOND OR 97756 1 06/04/97 00
0430259432 03 08/01/97 0
201588 O 07/01/27
0
1592146 E22/G02 F 50,000.00 T
360 50,000.00 1
6021 STATE HIGHWAY 361, #308 9.625 424.99 63
9.375 424.99 79,500.00
PORT ARANSAS TX 78373 1 06/02/97 00
0410413439 20 08/01/97 0
410413439 O 07/01/27
0
1592147 E22/G02 F 132,000.00 ZZ
360 132,000.00 1
4006 CHERT DRIVE 8.625 1,026.68 80
8.375 1,026.68 165,000.00
ROUND ROCK TX 78681 1 06/05/97 00
0410425045 05 08/01/97 0
410425045 O 07/01/27
0
1592151 E22/G02 F 48,300.00 ZZ
360 48,276.87 1
6671 E. 17TH STREET 9.625 410.54 70
9.375 410.54 69,000.00
INDIANAPOLIS IN 46219 5 06/04/97 00
0410412969 05 07/01/97 0
410412969 N 06/01/27
0
1592153 E22/G02 F 27,400.00 ZZ
360 27,388.20 1
145 FREMONT STREET 10.125 242.99 90
9.875 242.99 30,500.00
ELKHART IN 46516 1 05/14/97 04
0410393235 05 07/01/97 25
410393235 N 06/01/27
0
1592155 E22/G02 F 140,000.00 ZZ
360 140,000.00 1
3805 PLATTE DRIVE 8.750 1,101.38 80
8.500 1,101.38 175,000.00
1
FORT COLLINS CO 80526 1 06/04/97 00
0410388813 05 08/01/97 0
410388813 O 07/01/27
0
1592160 E22/G02 F 67,500.00 ZZ
360 67,470.14 4
1101 MCCARTNEY STREET 10.000 592.36 90
9.750 592.36 75,000.00
SOUTH BEND IN 46616 1 05/30/97 14
0410413496 05 07/01/97 25
410413496 N 06/01/27
0
1592161 E22/G02 F 95,200.00 ZZ
360 95,145.23 1
51 CREEKSIDE DRIVE 8.750 748.94 80
8.500 748.94 119,000.00
FLORENCE KY 41042 1 05/30/97 00
0410393078 05 07/01/97 0
410393078 O 06/01/27
0
1592162 E22/G02 F 112,500.00 T
360 112,441.68 1
1278 SW 5TH STREET 9.250 925.51 75
9.000 925.51 150,000.00
BOCA RATON FL 33486 2 06/03/97 00
0410382907 05 07/01/97 0
410382907 O 06/01/27
0
1592169 E22/G02 F 196,000.00 ZZ
360 188,840.44 1
333 CARDINAL DR. 9.000 1,577.06 77
8.750 1,577.06 255,000.00
BLOOMINGDALE IL 60108 5 05/28/97 00
0410327373 05 07/01/97 0
410327373 O 06/01/27
0
1592173 E22/G02 F 35,000.00 ZZ
360 34,982.78 1
804 COLLINS AVENUE 9.500 294.30 70
9.250 294.30 50,000.00
CLOVIS NM 88101 5 06/03/97 00
0410414924 05 07/01/97 0
410414924 N 06/01/27
0
1
1592177 E22/G02 F 125,000.00 ZZ
360 124,928.08 1
923 SHILOH BLVD. 8.750 983.38 54
8.500 983.38 234,000.00
ZION IL 60099 2 05/27/97 00
0410327605 05 07/01/97 0
410327605 O 06/01/27
0
1592178 E22/G02 F 195,000.00 ZZ
360 194,893.49 1
200 RIVER EDGE DRIVE 9.000 1,569.01 80
8.750 1,569.01 245,000.00
CHATHAM NJ 07928 1 06/02/97 00
0410402259 01 07/01/97 0
410402259 O 06/01/27
0
1592179 E22/G02 F 140,000.00 ZZ
360 139,923.53 1
1164 AUTUMN CREEK CIR. 9.000 1,126.47 80
8.750 1,126.47 175,000.00
WESTERVILLE OH 43081 1 06/03/97 00
0410414585 05 07/01/97 0
410414585 O 06/01/27
0
1592181 E22/G02 F 36,000.00 ZZ
360 35,967.15 2
401 403 EAST HIGHLAND AVENUE 9.875 312.61 90
9.625 312.61 40,000.00
MUNCIE IN 47303 1 04/30/97 04
0410389928 05 06/01/97 25
410389928 N 05/01/27
0
1592184 E22/G02 F 67,900.00 ZZ
360 67,900.00 1
2664 W. 17TH SOUTH 8.750 534.17 80
8.500 534.17 84,900.00
IDAHO FALLS ID 83402 1 06/03/97 00
0410388912 05 08/01/97 0
410388912 O 07/01/27
0
1592209 B75/G02 F 92,250.00 ZZ
360 92,198.29 1
1
2348 SE 154TH AVENUE 8.875 733.98 90
8.625 733.98 102,500.00
PORTLAND OR 97233 1 05/22/97 04
0430263640 05 07/01/97 25
2880748 N 06/01/27
0
1592221 H37/G02 F 68,000.00 ZZ
360 67,958.81 1
1817 CARWITHAN STREET 8.500 522.86 80
8.250 522.86 86,000.00
PHILADELPHIA PA 19152 5 05/22/97 00
0430280271 07 07/01/97 0
970289 O 06/01/27
0
1592226 638/G02 F 111,600.00 ZZ
360 111,600.00 1
1885 EAST MOORMONT DRIVE 8.500 858.11 80
8.250 858.11 139,500.00
SALT LAKE CITY UT 84117 1 06/25/97 00
0430285676 05 08/01/97 0
08648498 O 07/01/27
0
1592246 907/907 F 68,000.00 ZZ
360 68,000.00 3
226-228 CITY TERRACE 8.625 528.90 80
8.375 528.90 85,000.00
NEWBURGH NY 12551 1 06/26/97 00
146448889 05 08/01/97 0
146448889 N 07/01/27
0
1592259 H93/G02 F 133,000.00 ZZ
360 133,000.00 3
718 W OCEAN VIEW AVE 8.750 1,046.31 70
8.500 1,046.31 190,000.00
NORFOLK VA 23503 1 06/24/97 00
0430284695 05 08/01/97 0
H93 O 07/01/27
0
1592556 B75/G02 F 88,700.00 ZZ
360 88,651.55 1
846 WEST 3600 SOUTH 9.000 713.70 80
8.750 713.70 110,900.00
BOUNTIFUL UT 84010 1 05/19/97 00
0430264382 05 07/01/97 0
1
2880623 N 06/01/27
0
1592886 201/G02 F 56,700.00 ZZ
360 56,670.60 1
5817 DOLIVER 9.250 466.46 90
9.000 466.46 63,000.00
HOUSTON TX 77057 1 06/02/97 04
0430263111 01 07/01/97 25
7800997608 N 06/01/27
0
1592974 937/G02 F 71,800.00 ZZ
360 71,800.00 1
470 EAST 1100 SOUTH #22 8.750 564.85 80
8.500 564.85 89,900.00
ST GEORGE UT 84790 3 06/09/97 00
0430261537 03 08/01/97 0
7834070 N 07/01/27
0
1592975 559/G02 F 204,800.00 ZZ
360 204,800.00 4
3521 WEST 2670 SOUTH 8.750 1,611.17 80
8.500 1,611.17 256,000.00
WEST VALLEY CIT UT 84119 2 06/03/97 00
0430262543 05 08/01/97 0
5438619 N 07/01/27
0
1592977 559/G02 F 214,500.00 ZZ
360 214,379.75 1
19120 EDEN PATH 8.875 1,706.66 70
8.625 1,706.66 307,000.00
SALINAS CA 93907 1 05/19/97 00
0430262824 03 07/01/97 0
5436290 O 06/01/27
0
1592984 E67/G02 F 253,000.00 ZZ
360 253,000.00 1
19634 BLUE SKY LANE 8.375 1,922.98 88
8.125 1,922.98 290,000.00
BEND OR 97702 2 06/13/97 04
0430259895 03 08/01/97 25
6382 O 07/01/27
0
1
1593000 A80/G02 F 104,000.00 T
360 104,000.00 1
14335 SW 50TH STREET 8.875 827.47 80
8.625 827.47 130,000.00
MIAMI FL 33175 1 06/20/97 00
0430281402 05 08/01/97 0
9715437 O 07/01/27
0
1593007 E82/G02 F 91,000.00 ZZ
360 90,941.98 1
2226 EMBRO SOUTHEAST 8.250 683.65 80
8.000 683.65 115,000.00
KENTWOOD MI 49508 2 05/14/97 00
0400036489 05 07/01/97 0
400036489 O 06/01/27
0
1593011 E82/G02 F 138,000.00 ZZ
360 137,916.40 1
1531 AUTUMN CHASE DRIVE 8.500 1,061.10 65
8.250 1,061.10 213,000.00
FENTON MO 63026 5 05/14/97 00
0400034195 05 07/01/97 0
400034195 O 06/01/27
0
1593025 369/G02 F 87,750.00 ZZ
360 87,704.51 1
16422 N DESERT HOLLY DR 9.250 721.90 75
9.000 721.90 117,000.00
SUN CITY AZ 85351 1 05/13/97 00
0430262329 03 07/01/97 0
60133790 O 06/01/27
0
1593072 623/623 F 110,000.00 ZZ
360 109,840.27 1
531 S PLYMOUTH COURT 7.625 778.57 75
UNIT 402 7.375 778.57 148,000.00
CHICAGO IL 60605 5 04/28/97 00
918964 08 06/01/97 0
918964 N 05/01/27
0
1593079 623/623 F 72,000.00 ZZ
360 71,962.67 3
232 UNION AVENUE SE 9.250 592.33 65
9.000 592.33 111,000.00
1
GRAND RAPIDS MI 49503 5 05/12/97 00
919819 05 07/01/97 0
919819 N 06/01/27
0
1593081 623/623 F 58,500.00 ZZ
360 58,472.70 1
5870 REMBRANDT 9.750 502.61 75
UNIT C 9.500 502.61 78,500.00
HANOVER PARK IL 60103 1 05/15/97 00
919989 01 07/01/97 0
919989 N 06/01/27
0
1593088 623/623 F 58,400.00 ZZ
360 58,334.27 1
217 SOUTH SYCAMORE STREET 8.875 464.66 80
8.625 464.66 73,000.00
HARRISON OH 45030 2 04/29/97 00
921348 05 06/01/97 0
921348 N 05/01/27
0
1593089 623/623 F 52,650.00 ZZ
360 52,563.09 1
1615 PARK PLACE 9.000 423.63 90
8.750 423.63 58,500.00
WESTERVILLE OH 43081 2 03/31/97 10
921364 07 05/01/97 25
921364 N 04/01/27
0
1593111 623/623 F 132,800.00 ZZ
360 132,729.33 4
107 HARBOR DRIVE 9.125 1,080.50 80
8.875 1,080.50 166,000.00
OSWEGO IL 60543 1 05/14/97 00
922109 03 07/01/97 0
922109 N 06/01/27
0
1593114 623/623 F 54,750.00 ZZ
360 54,721.62 1
5359 CLAUDIA SE 9.250 450.41 75
9.000 450.41 73,000.00
KENTWOOD MI 49508 2 05/02/97 00
922587 05 07/01/97 0
922587 N 06/01/27
0
1
1593115 623/623 F 60,000.00 ZZ
360 59,968.89 1
4865 MARSHALL AVE SE 9.250 493.61 75
9.000 493.61 80,000.00
KENTWOOD MI 49508 5 05/21/97 00
922588 05 07/01/97 0
922588 N 06/01/27
0
1593123 623/623 F 75,500.00 ZZ
360 75,463.83 1
5026 TIMBER RIDGE TRAIL 9.625 641.74 90
9.375 641.74 83,900.00
OCOEE FL 34761 1 05/14/97 10
923396 03 07/01/97 25
923396 N 06/01/27
0
1593128 623/623 F 450,000.00 ZZ
360 449,727.39 3
2917 NORTH HALSTEAD 8.500 3,460.11 80
8.250 3,460.11 565,000.00
CHICAGO IL 60657 5 05/02/97 00
923709 05 07/01/97 0
923709 O 06/01/27
0
1593129 623/623 F 128,000.00 ZZ
360 127,859.64 1
1475-1485-1495 DIVISION STREET 9.000 1,029.92 80
8.750 1,029.92 160,000.00
NOBLESVILLE IN 46060 1 04/30/97 00
923863 01 06/01/97 0
923863 N 05/01/27
0
1593134 623/623 F 54,000.00 ZZ
360 53,972.01 1
123 BOARDWALK 9.250 444.24 80
UNIT 2E 9.000 444.24 67,500.00
ELK GROVE VILLA IL 60007 1 05/09/97 00
924273 01 07/01/97 0
924273 N 06/01/27
0
1593136 623/623 F 33,600.00 ZZ
360 33,583.47 1
1
626 ALAMETOS STREET 9.500 282.53 70
9.250 282.53 48,000.00
SAN ANTONIO TX 78212 5 05/08/97 00
924325 05 07/01/97 0
924325 N 06/01/27
0
1593137 623/623 F 23,100.00 ZZ
360 23,088.64 1
1434 PASADENA STREET 9.500 194.24 70
9.250 194.24 33,000.00
SAN ANTONIO TX 78201 5 05/08/97 00
924326 05 07/01/97 0
924326 N 06/01/27
0
1593141 623/623 F 54,000.00 ZZ
360 53,972.01 1
4245 NORTH AVENUE 9.250 444.24 75
9.000 444.24 72,000.00
CINCINNATI OH 45236 5 05/15/97 00
924502 05 07/01/97 0
924502 N 06/01/27
0
1593142 623/623 F 68,250.00 ZZ
360 68,214.61 1
4244 NORTH AVENUE 9.250 561.48 75
9.000 561.48 91,000.00
CINCINNATI OH 45236 5 05/15/97 00
924517 05 07/01/97 0
924517 N 06/01/27
0
1593148 623/623 F 68,000.00 ZZ
360 67,917.32 2
1034 - 1036 MEADOWVIEW AVENUE 8.500 522.86 80
8.250 522.86 85,000.00
LANCASTER OH 43130 1 05/01/97 00
925648 05 06/01/97 0
925648 N 05/01/27
0
1593152 623/623 F 32,490.00 ZZ
360 32,450.50 1
2844 BOTANY PLACE 8.500 249.82 90
8.250 249.82 36,500.00
TALLAHASSEE FL 32301 1 05/05/97 10
926062 05 06/01/97 25
1
926062 N 05/01/27
0
1593153 623/623 F 79,200.00 ZZ
360 79,156.74 4
1505 SUMMIT STREET 9.000 637.26 80
8.750 637.26 99,000.00
COLUMBUS OH 43201 1 05/23/97 00
926074 01 07/01/97 0
926074 N 06/01/27
0
1593155 623/623 F 65,000.00 ZZ
360 64,963.56 2
3401 SOUTH OAK DRIVE 8.875 517.17 64
8.625 517.17 102,000.00
AUSTIN TX 78704 5 05/20/97 00
926233 01 07/01/97 0
926233 N 06/01/27
0
1593161 623/623 F 58,500.00 ZZ
360 58,434.17 1
12605 SINGING ARROW AVENUE SE 8.875 465.45 75
8.625 465.45 78,000.00
ALBUQUERQUE NM 87123 5 04/23/97 00
6211057 09 06/01/97 0
6211057 N 05/01/27
0
1593167 623/623 F 81,000.00 ZZ
360 80,919.98 1
14602 LIGHTHOUSE LANE 9.500 681.10 66
9.250 681.10 124,000.00
HELENDALE AREA CA 92342 2 04/01/97 00
6224396 03 06/01/97 0
6224396 N 05/01/27
0
1593177 623/623 F 168,000.00 ZZ
360 167,810.92 1
220 BLACKBERRY LANE 8.875 1,336.69 80
8.625 1,336.69 210,000.00
ANAHEIM CA 92808 2 04/22/97 00
6234013 05 06/01/97 0
6234013 N 05/01/27
0
1
1593178 623/623 F 69,000.00 ZZ
360 68,931.85 2
270 -272 EAST OLIVE STREET 9.500 580.19 75
9.250 580.19 92,000.00
COLTON CA 92324 2 04/10/97 00
6234020 05 06/01/97 0
6234020 N 05/01/27
0
1593179 623/623 F 152,100.00 ZZ
360 151,815.05 3
1185 NORTH HOOVER STREET 8.500 1,169.52 90
8.250 1,169.52 169,000.00
LOS ANGELES CA 90029 1 04/07/97 10
6234029 05 06/01/97 25
6234029 O 05/01/27
0
1593180 623/623 F 112,500.00 ZZ
360 112,443.19 1
4354 EAST EMELITA AVENUE 9.375 935.72 75
9.125 935.72 150,000.00
MESA AZ 85206 5 05/05/97 00
6235621 05 07/01/97 0
6235621 N 06/01/27
0
1593183 623/623 F 98,550.00 ZZ
360 98,493.29 1
4562 EAST MEADOW DRIVE 8.750 775.30 80
8.500 775.30 123,190.00
PHOENIX AZ 85032 1 05/21/97 00
6235752 05 07/01/97 0
6235752 N 06/01/27
0
1593185 623/623 F 84,000.00 ZZ
360 83,952.90 4
5847 SOUTH 6TH AVENUE 8.875 668.35 75
UNIT 1, 2, 3 8.625 668.35 112,000.00
TUCSON AZ 85714 5 05/20/97 00
6235807 01 07/01/97 0
6235807 N 06/01/27
0
1593186 623/623 F 75,600.00 ZZ
360 75,557.61 1
825 MADEIRA DRIVE SE 8.875 601.51 90
8.625 601.51 84,000.00
1
ALBUQUERQUE NM 87108 1 05/22/97 10
6235820 05 07/01/97 25
6235820 N 06/01/27
0
1593189 623/623 F 196,000.00 ZZ
360 194,196.19 4
1110 LEWIS STREET 9.000 1,577.06 80
8.750 1,577.06 245,000.00
KINGSBURG CA 93631 1 04/14/97 00
6274677 05 06/01/97 0
6274677 N 05/01/27
0
1593196 623/623 F 256,000.00 ZZ
360 255,848.86 1
2491 NUTMEG AVENUE 8.625 1,991.14 80
8.375 1,991.14 320,000.00
MORRO BAY CA 93442 2 05/20/97 00
6285717 05 07/01/97 0
6285717 N 06/01/27
0
1593198 623/623 F 127,200.00 ZZ
360 127,126.81 1
637 NORTH SPARKS STREET 8.750 1,000.69 80
8.500 1,000.69 159,000.00
BURBANK CA 91506 1 05/07/97 00
6286941 05 07/01/97 0
6286941 N 06/01/27
0
1593206 623/623 F 40,050.00 ZZ
360 39,983.86 1
925A SOUTH ACAPULCO LANE 9.000 322.26 90
8.750 322.26 44,500.00
TEMPE AZ 85281 1 03/20/97 10
6297780 09 05/01/97 25
6297780 N 04/01/27
0
1593208 623/623 F 65,000.00 ZZ
360 64,922.96 1
2410 WYOMING BOULEVARD NE 8.625 505.57 57
8.375 505.57 115,000.00
ALBUQUERQUE NM 87112 5 04/25/97 00
6297838 05 06/01/97 0
6297838 N 05/01/27
0
1
1593210 623/623 F 55,800.00 ZZ
360 55,735.56 1
361 WEST CALLE DE LAS PROFETAS 8.750 438.98 90
8.500 438.98 62,000.00
GREEN VALLEY AZ 85614 1 04/25/97 10
6297911 05 06/01/97 25
6297911 N 05/01/27
0
1593213 623/623 F 67,900.00 ZZ
360 67,808.57 1
13361 NORTH 82ND DRIVE 8.000 498.23 70
7.750 498.23 97,000.00
PEORIA AZ 85381 1 04/23/97 00
6297950 05 06/01/97 0
6297950 N 05/01/27
0
1593215 623/623 F 68,600.00 ZZ
360 68,561.53 1
3125 EAST MONTEROSA STREET 8.875 545.82 70
8.625 545.82 98,000.00
PHOENIX AZ 85016 1 05/08/97 00
6297974 05 07/01/97 0
6297974 O 06/01/27
0
1593216 623/623 F 44,000.00 ZZ
360 43,954.20 2
420 WEST MULLAN 9.250 361.98 80
9.000 361.98 55,000.00
KELLOGG ID 83837 1 04/28/97 00
7004741 01 06/01/97 0
7004741 N 05/01/27
0
1593217 623/623 F 75,000.00 ZZ
360 74,917.75 1
5049 W LOTUS BLOSSOM DR 9.000 603.47 69
8.750 603.47 110,000.00
WEST VALLEY CIT UT 84120 5 04/11/97 00
7066716 05 06/01/97 0
7066716 N 05/01/27
0
1593218 623/623 F 76,790.00 ZZ
360 76,699.01 1
1
737 EAST 750 NORTH 8.625 597.26 70
# 12 8.375 597.26 109,700.00
PROVO UT 84606 1 04/23/97 00
7109507 01 06/01/97 0
7109507 N 05/01/27
0
1593220 623/623 F 54,000.00 ZZ
360 53,945.26 1
706 FILLMORE STREET 9.375 449.14 75
9.125 449.14 72,000.00
CALDWELL ID 83605 5 04/25/97 00
7116432 05 06/01/97 0
7116432 N 05/01/27
0
1593222 623/623 F 103,050.00 ZZ
360 102,948.22 1
1216 OWYHEE AVENUE 9.500 866.50 79
9.250 866.50 132,000.00
NAMPA ID 83651 2 04/29/97 00
7122430 05 06/01/97 0
7122430 N 05/01/27
0
1593226 623/623 F 92,000.00 ZZ
360 91,949.75 1
980 EAST 4000 SOUTH 9.000 740.25 80
8.750 740.25 115,000.00
OGDEN UT 84403 1 05/09/97 00
7247611 05 07/01/97 0
7247611 N 06/01/27
0
1593229 623/623 F 219,000.00 ZZ
360 218,726.81 4
228 SOUTH DOUGLAS STREET 8.375 1,664.56 90
8.125 1,664.56 245,000.00
SALT LAKE CITY UT 84102 1 04/30/97 04
7400019 01 06/01/97 25
7400019 O 05/01/27
0
1593253 623/623 F 106,400.00 ZZ
360 106,267.26 1
439 SUMMIT RIDGE DRIVE 8.375 808.72 80
8.125 808.72 133,992.00
LEANDER TX 78645 4 04/30/97 00
896188 03 06/01/97 0
1
896188 O 05/01/27
0
1593254 623/623 F 206,750.00 ZZ
360 206,631.05 1
2003 SAVANNAH COURT 8.750 1,626.50 63
8.500 1,626.50 330,000.00
ROUND ROCK TX 78681 4 05/23/97 00
898355 05 07/01/97 0
898355 O 06/01/27
0
1593255 623/623 F 251,150.00 ZZ
360 250,550.45 1
21674 FALL RIVER DRIVE 8.625 1,953.42 80
8.375 1,953.42 313,990.00
BOCA RATON FL 33428 4 02/26/97 00
913054 05 04/01/97 0
913054 O 03/01/27
0
1593257 623/623 F 95,250.00 ZZ
360 95,199.31 1
110 E CORRY STREET 9.125 774.99 75
8.875 774.99 127,000.00
CINCINNATI OH 45219 5 05/08/97 00
914519 05 07/01/97 0
914519 O 06/01/27
0
1593258 623/623 F 253,200.00 ZZ
360 253,046.61 1
8 ABERDEEN 8.500 1,946.89 80
8.250 1,946.89 316,500.00
HAWTHORN WOODS IL 60047 1 05/15/97 00
914761 03 07/01/97 0
914761 O 06/01/27
0
1593260 623/623 F 70,750.00 ZZ
360 70,678.27 1
631 CAHILL LANE 9.375 588.46 65
9.125 588.46 108,900.00
INDIANAPOLIS IN 46214 1 05/06/97 00
916972 03 06/01/97 0
916972 O 05/01/27
0
1
1593262 623/623 F 62,000.00 ZZ
360 61,916.53 1
7320 LEXINGTON LANE 8.000 454.93 47
7.750 454.93 132,000.00
CLEARWATER FL 34624 5 04/18/97 00
917850 05 06/01/97 0
917850 O 05/01/27
0
1593263 623/623 F 66,000.00 ZZ
360 65,917.67 1
3827 BEGONIA STREET 8.375 501.65 75
8.125 501.65 88,000.00
PALM BEACH GARD FL 33410 1 04/14/97 00
919057 05 06/01/97 0
919057 O 05/01/27
0
1593264 623/623 F 307,500.00 ZZ
360 307,323.09 1
9N735 CHAPMAN ROAD 8.750 2,419.10 73
8.500 2,419.10 425,000.00
HAMPSHIRE IL 60140 5 05/13/97 00
919692 05 07/01/97 0
919692 O 06/01/27
0
1593265 623/623 F 100,000.00 ZZ
360 99,945.38 1
6215 MCCORDS AVENUE SE 9.000 804.62 67
8.750 804.62 150,000.00
ALTO MI 49302 1 05/12/97 00
919818 05 07/01/97 0
919818 O 06/01/27
0
1593266 623/623 F 74,400.00 ZZ
360 74,351.33 1
1026 LAKE AVOCA DRIVE 8.125 552.42 80
7.875 552.42 93,000.00
TARPON SPRINGS FL 34689 1 05/05/97 00
919908 05 07/01/97 0
919908 O 06/01/27
0
1593267 623/623 F 67,600.00 ZZ
360 67,549.83 1
38599 DRAPER LANE 7.500 472.67 49
7.250 472.67 140,000.00
1
WESTLAND MI 48186 5 05/15/97 00
919956 05 07/01/97 0
919956 O 06/01/27
0
1593268 623/623 F 102,000.00 ZZ
360 101,888.14 1
409 E BROWN STREET 9.000 820.72 75
8.750 820.72 136,000.00
WEST CHICAGO IL 60185 5 04/25/97 00
919982 05 06/01/97 0
919982 O 05/01/27
0
1593269 623/623 F 185,000.00 ZZ
360 184,786.34 1
4021 RADCLIFFE DRIVE 8.750 1,455.40 57
8.500 1,455.40 330,000.00
NORTHBROOK IL 60062 5 04/29/97 00
919985 05 06/01/97 0
919985 O 05/01/27
0
1593270 623/623 F 348,000.00 ZZ
360 347,565.89 1
673 BRIDGEWAY LANE 8.375 2,645.05 80
8.125 2,645.05 435,000.00
NAPLES FL 34108 1 05/01/97 00
920095 03 06/01/97 0
920095 O 05/01/27
0
1593271 623/623 F 68,600.00 ZZ
360 68,516.58 1
3419 PHILLIPS AVENUE 8.500 527.48 70
8.250 527.48 98,000.00
STEGER IL 60475 5 04/24/97 00
920194 05 06/01/97 0
920194 O 05/01/27
0
1593272 623/623 F 356,250.00 ZZ
360 355,838.58 1
999 SHIRLEY 8.750 2,802.62 75
8.500 2,802.62 475,000.00
BIRMINGHAM MI 48009 5 04/28/97 00
921391 05 06/01/97 0
921391 O 05/01/27
0
1
1593273 623/623 F 70,000.00 ZZ
360 69,961.76 1
4353 OLD LINCOLNTON ROAD 9.000 563.24 69
8.750 563.24 102,500.00
CROUSE NC 28033 5 05/05/97 00
921768 05 07/01/97 0
921768 O 06/01/27
0
1593275 623/623 F 104,000.00 ZZ
360 103,937.00 1
515 N THIRD AVENUE 8.500 799.67 80
8.250 799.67 130,000.00
MAYWOOD IL 60153 1 05/21/97 00
921874 05 07/01/97 0
921874 O 06/01/27
0
1593277 623/623 F 122,900.00 ZZ
360 122,836.28 1
1830 HICKORY LANE 9.250 1,011.07 75
9.000 1,011.07 163,931.00
BROADVIEW HEIGH OH 44147 1 05/08/97 00
923025 09 07/01/97 0
923025 O 06/01/27
0
1593278 623/623 F 71,000.00 ZZ
360 70,918.00 1
4155 FINCH LANE 8.750 558.56 70
8.500 558.56 101,500.00
DELAVAN WI 53115 5 04/24/97 00
923717 05 06/01/97 0
923717 O 05/01/27
0
1593279 623/623 F 335,000.00 ZZ
360 334,830.83 1
4740 PINTAIL LANE 9.375 2,786.36 67
9.125 2,786.36 500,000.00
HIGHLAND MI 48357 5 05/14/97 00
923807 05 07/01/97 0
923807 O 06/01/27
0
1593280 623/623 F 240,000.00 ZZ
360 239,708.19 1
1
4310 WATSON ROAD 8.500 1,845.39 46
8.250 1,845.39 530,000.00
GREEENWOOD IN 46143 5 04/29/97 00
924008 05 06/01/97 0
924008 O 05/01/27
0
1593281 623/623 F 247,500.00 ZZ
360 247,221.47 1
3764 WAVERLY PLACE DRIVE 8.875 1,969.22 75
8.625 1,969.22 330,000.00
LEWIS CENTER OH 43035 1 04/22/97 00
924023 05 06/01/97 0
924023 O 05/01/27
0
1593282 623/623 F 63,750.00 ZZ
360 63,713.32 1
5575 JACKSON AVENUE 8.750 501.52 75
8.500 501.52 85,000.00
ORANGE PARK FL 32065 1 05/14/97 00
924155 05 07/01/97 0
924155 O 06/01/27
0
1593283 623/623 F 74,600.00 ZZ
360 74,560.30 1
418 BELLE CLAIRE 9.125 606.97 75
8.875 606.97 99,500.00
TEMPLE TERRACE FL 33617 1 05/15/97 00
924217 05 07/01/97 0
924217 O 06/01/27
0
1593284 623/623 F 201,000.00 ZZ
360 200,881.33 1
6808 NW 290TH STREET 8.625 1,563.36 77
8.375 1,563.36 262,500.00
HIGH SPRINGS FL 32643 2 05/23/97 00
924241 05 07/01/97 0
924241 O 06/01/27
0
1593285 623/623 F 60,000.00 ZZ
360 59,965.48 1
6416 3RD AVENUE 8.750 472.02 36
8.500 472.02 170,000.00
KENOSHA WI 53143 5 05/02/97 00
924260 05 07/01/97 0
1
924260 O 06/01/27
0
1593287 623/623 F 41,000.00 ZZ
360 40,980.88 1
10916 S TALMAN 9.750 352.25 34
9.500 352.25 122,000.00
CHICAGO IL 60655 5 05/07/97 00
924403 05 07/01/97 0
924403 O 06/01/27
0
1593288 623/623 F 350,000.00 ZZ
360 349,803.78 1
1516 LAWRENCE LANE 8.875 2,784.76 47
8.625 2,784.76 755,000.00
NORTHBROOK IL 60062 2 05/12/97 00
924423 05 07/01/97 0
924423 O 06/01/27
0
1593289 623/623 F 76,000.00 ZZ
360 75,912.24 1
919 SE 30TH STREET 8.750 597.89 80
8.500 597.89 95,000.00
CAPE CORAL FL 33904 2 04/30/97 00
924488 05 06/01/97 0
924488 O 05/01/27
0
1593291 623/623 F 76,500.00 ZZ
360 76,413.90 1
10843 NORTH RUCKLE 8.875 608.67 80
8.625 608.67 95,700.00
INDIANAPOLIS IN 46280 1 04/30/97 00
924543 05 06/01/97 0
924543 O 05/01/27
0
1593292 623/623 F 44,100.00 ZZ
360 44,075.28 1
811 BARKER DRIVE 8.875 350.88 75
8.625 350.88 58,900.00
SPRINGFIELD OH 45505 1 05/09/97 00
924555 05 07/01/97 0
924555 O 06/01/27
0
1
1593293 623/623 F 131,250.00 ZZ
360 131,176.42 1
9775 OLD COLUMBUS RD 8.875 1,044.28 74
8.625 1,044.28 178,000.00
SOUTH VIENNA OH 45369 5 05/16/97 00
924596 05 07/01/97 0
924596 O 06/01/27
0
1593294 623/623 F 90,000.00 ZZ
360 89,945.48 1
246 RALPH STREET 8.500 692.02 75
8.250 692.02 120,000.00
JACKSON OH 45640 5 05/16/97 00
924597 05 07/01/97 0
924597 O 06/01/27
0
1593295 623/623 F 287,900.00 ZZ
360 287,738.60 1
1736 N WINNEBAGO 8.875 2,290.66 80
UNIT 109 8.625 2,290.66 359,956.00
CHICAGO IL 60647 1 05/27/97 00
924734 01 07/01/97 0
924734 O 06/01/27
0
1593296 623/623 F 112,100.00 ZZ
360 112,032.09 1
1793 SHELLEY COURT 8.500 861.95 80
8.250 861.95 140,150.00
MARIETTA GA 30062 1 05/09/97 00
925622 05 07/01/97 0
925622 O 06/01/27
0
1593298 623/623 F 97,600.00 ZZ
360 97,554.47 1
520 34TH STREET 9.750 838.53 80
9.500 838.53 122,000.00
WEST PALM BEACH FL 33407 1 05/13/97 00
925721 05 07/01/97 0
925721 O 06/01/27
0
1593299 623/623 F 185,000.00 T
360 184,896.29 1
720 GEORGIA STREET 8.875 1,471.94 65
8.625 1,471.94 285,000.00
1
KEY WEST FL 33040 2 05/16/97 00
925975 05 07/01/97 0
925975 O 06/01/27
0
1593300 623/623 F 90,000.00 ZZ
360 89,950.84 1
2053 DETROIT STREET 9.000 724.16 75
8.750 724.16 120,000.00
DEARBORN MI 48124 5 05/19/97 00
926043 05 07/01/97 0
926043 O 06/01/27
0
1593301 623/623 F 50,000.00 ZZ
360 49,968.92 1
628 CHAMPAIGN 8.375 380.04 57
8.125 380.04 88,000.00
LINCOLN PARK MI 48146 5 05/07/97 00
926044 05 07/01/97 0
926044 O 06/01/27
0
1593303 623/623 F 121,950.00 ZZ
360 121,876.12 1
2378 FOX CHASE CIRCLE 8.500 937.69 75
8.250 937.69 162,900.00
ROUND LAKE BEAC IL 60073 1 05/16/97 00
926300 05 07/01/97 0
926300 O 06/01/27
0
1593304 623/623 F 140,000.00 ZZ
360 139,921.52 1
1902 HARTLAND WOODS 8.875 1,113.90 64
8.625 1,113.90 221,000.00
HOWELL MI 48843 5 05/20/97 00
927153 05 07/01/97 0
927153 O 06/01/27
0
1593305 623/623 F 55,500.00 ZZ
360 55,309.85 1
7112 EAST 47TH STREET 8.875 441.58 75
8.625 441.58 74,000.00
INDIANAPOLIS IN 46226 5 05/21/97 00
927725 05 07/01/97 0
927725 O 06/01/27
0
1
1593306 623/623 F 337,000.00 ZZ
360 336,811.08 1
60 KEY HVEN ROAD 8.875 2,681.32 75
8.625 2,681.32 450,000.00
KEY WEST FL 33040 2 05/19/97 00
928238 05 07/01/97 0
928238 O 06/01/27
0
1593307 623/623 F 114,400.00 ZZ
360 114,334.18 1
2900 EAGLE LANE 8.750 899.99 80
8.500 899.99 143,000.00
WEST PALM BEACH FL 33409 1 05/23/97 00
928281 03 07/01/97 0
928281 O 06/01/27
0
1593308 623/623 F 87,200.00 ZZ
360 87,151.12 1
454 WEST WRIGHTWOOD 8.875 693.80 80
UNIT 1C 8.625 693.80 109,000.00
CHICAGO IL 60614 1 05/28/97 00
928341 01 07/01/97 0
928341 O 06/01/27
0
1593310 623/623 F 124,000.00 ZZ
360 123,928.66 1
737 CALICO LANE 8.750 975.51 80
8.500 975.51 155,000.00
LAWRENCEVILLE GA 30246 1 05/28/97 00
928838 05 07/01/97 0
928838 O 06/01/27
0
1593312 623/623 F 165,200.00 ZZ
360 164,971.87 1
12220 CAMINITO DEL MAR SANDS 7.875 1,197.82 80
7.625 1,197.82 206,500.00
SAN DIEGO CA 92130 1 04/10/97 00
6210772 01 06/01/97 0
6210772 O 05/01/27
0
1593314 623/623 F 437,400.00 ZZ
360 437,141.76 1
1
301 IRON MOUNTAIN BOULEVARD 8.625 3,402.05 70
8.375 3,402.05 624,900.00
LAKE OSWEGO OR 97034 1 05/07/97 00
6211200 05 07/01/97 0
6211200 O 06/01/27
0
1593316 623/623 F 185,000.00 ZZ
360 184,887.93 1
1956 NORTHWEST LANTANA DRIVE 8.500 1,422.49 69
8.250 1,422.49 268,500.00
CORVALLIS OR 97330 1 05/21/97 00
6211290 05 07/01/97 0
6211290 O 06/01/27
0
1593317 623/623 F 93,750.00 ZZ
360 93,305.20 1
4709 CREEK ROAD 8.750 737.54 75
8.500 737.54 125,000.00
SACRAMENTO CA 95841 2 03/23/97 00
6213653 05 06/01/97 0
6213653 N 05/01/27
0
1593318 623/623 F 129,000.00 ZZ
360 128,919.81 1
17249 VIA ANDETA 8.375 980.50 79
8.125 980.50 165,000.00
SAN LORENZO CA 94580 2 05/09/97 00
6213766 03 07/01/97 0
6213766 O 06/01/27
0
1593319 623/623 F 300,000.00 ZZ
360 299,265.28 1
28404 SEAMOUNT DRIVE 8.500 2,306.74 66
8.250 2,306.74 455,000.00
RANCHO PALOS VE CA 90275 5 02/27/97 00
6224240 05 04/01/97 0
6224240 O 03/01/27
0
1593322 623/623 F 214,600.00 ZZ
360 214,179.69 1
3550 HEATHER CIRCLE 8.875 1,707.46 80
8.625 1,707.46 270,000.00
SEAL BEACH CA 90740 1 05/20/97 00
6234732 05 07/01/97 0
1
6234732 O 06/01/27
0
1593323 623/623 F 207,200.00 ZZ
360 206,948.07 1
3655 EAST PARK AVENUE 8.500 1,593.19 80
8.250 1,593.19 259,000.00
PHOENIX AZ 85044 2 04/28/97 00
6235593 05 06/01/97 0
6235593 O 05/01/27
0
1593324 623/623 F 334,400.00 ZZ
360 334,207.60 1
6031 EAST PARADISE DRIVE 8.750 2,630.73 80
8.500 2,630.73 418,000.00
SCOTTSDALE AZ 85254 2 05/01/97 00
6235627 03 07/01/97 0
6235627 O 06/01/27
0
1593325 623/623 F 98,000.00 ZZ
360 97,945.05 1
3135 WEST KIMBERLY WAY 8.875 779.74 75
8.625 779.74 132,000.00
PHOENIX AZ 85027 5 05/01/97 00
6235630 05 07/01/97 0
6235630 O 06/01/27
0
1593326 623/623 F 260,000.00 ZZ
360 259,846.49 1
4624 EAST CALLE DEL NORTE 8.625 2,022.26 71
8.375 2,022.26 370,000.00
PHOENIX AZ 85018 5 05/19/97 00
6235688 05 07/01/97 0
6235688 O 06/01/27
0
1593328 623/623 F 89,250.00 ZZ
360 89,197.30 1
4804 SOUTH HEATHER DRIVE 8.625 694.18 75
8.375 694.18 119,000.00
TEMPE AZ 85282 5 05/15/97 00
6235726 05 07/01/97 0
6235726 O 06/01/27
0
1
1593330 623/623 F 56,000.00 ZZ
360 55,966.07 1
3444 NORTH 84TH LANE 8.500 430.60 80
8.250 430.60 70,000.00
PHOENIX AZ 85037 5 05/16/97 00
6235739 05 07/01/97 0
6235739 O 06/01/27
0
1593331 623/623 F 89,925.00 T
360 89,873.26 1
4330 EAST WILD ELK TRAIL 8.750 707.44 75
8.500 707.44 119,900.00
FLAGSTAFF AZ 86004 1 05/23/97 00
6235761 09 07/01/97 0
6235761 O 06/01/27
0
1593332 623/623 F 133,200.00 ZZ
360 133,125.32 3
1220-1224-1230 EAST DIVISION 8.875 1,059.80 78
STREET 8.625 1,059.80 172,000.00
NATIONAL CITY CA 91950 2 05/19/97 00
6269674 05 07/01/97 0
6269674 N 06/01/27
0
1593333 623/623 F 156,000.00 ZZ
360 155,900.52 1
280 EUCALYPTUS COURT 8.250 1,171.98 80
8.000 1,171.98 195,000.00
CHULA VISTA CA 91910 2 05/16/97 00
6269675 05 07/01/97 0
6269675 O 06/01/27
0
1593334 623/623 F 140,750.00 ZZ
360 140,662.52 1
5486 WEST BLUFF AVENUE 8.375 1,069.80 80
8.125 1,069.80 175,988.00
FRESNO CA 93722 1 05/01/97 00
6274599 05 07/01/97 0
6274599 O 06/01/27
0
1593335 623/623 F 232,600.00 ZZ
360 232,174.25 1
6 AVENTINE 8.500 1,788.50 95
8.250 1,788.50 244,848.00
1
ALISO VIEJO CA 92656 1 03/17/97 04
6275833 01 05/01/97 30
6275833 O 04/01/27
0
1593336 623/623 F 225,000.00 ZZ
360 224,746.79 1
556 EAST CORONADO ROAD 8.875 1,790.20 70
8.625 1,790.20 325,000.00
SANTA FE NM 87501 5 04/04/97 00
6297784 05 06/01/97 0
6297784 O 05/01/27
0
1593337 623/623 F 38,000.00 ZZ
360 37,978.13 1
14154 SPRING LANE 8.750 298.95 80
8.500 298.95 47,500.00
MAYER AZ 86333 1 05/01/97 00
6297873 27 07/01/97 0
6297873 O 06/01/27
0
1593339 623/623 F 95,600.00 ZZ
360 95,452.53 1
3220 CALLE DE MOLINA 8.375 726.63 80
8.125 726.63 119,500.00
SANTA FE NM 87505 1 04/22/97 00
6297925 05 06/01/97 0
6297925 O 05/01/27
0
1593340 623/623 F 335,000.00 ZZ
360 334,571.31 1
6409 S HEUGHS CANYON DRIVE 8.250 2,516.74 70
8.000 2,516.74 484,616.00
SALT LAKE CITY UT 84121 4 04/28/97 00
7014316 05 06/01/97 0
7014316 O 05/01/27
0
1593341 623/623 F 70,950.00 ZZ
360 70,911.25 1
2229 EAST 400 NORTH 9.000 570.88 80
8.750 570.88 88,700.00
ST ANTHONY ID 83445 1 05/14/97 00
7039534 05 07/01/97 0
7039534 O 06/01/27
0
1
1593342 623/623 F 109,550.00 ZZ
360 109,486.97 1
9582 HAWAIIAN SUMMER STREET 8.750 861.83 80
8.500 861.83 136,950.00
LAS VEGAS NV 89123 1 05/08/97 00
7108053 05 07/01/97 0
7108053 O 06/01/27
0
1593343 623/623 F 105,000.00 ZZ
360 104,938.01 1
932 NORTH CHAVANO DRIVE 8.625 816.68 60
8.375 816.68 175,000.00
IVINS UT 84738 1 05/06/97 00
7112988 05 07/01/97 0
7112988 O 06/01/27
0
1593344 623/623 F 171,750.00 T
360 171,646.05 1
3724 DORRINGTON DRIVE 9.000 1,381.94 75
8.750 1,381.94 229,050.00
LAS VEGAS NV 89129 1 05/09/97 00
7225320 05 07/01/97 0
7225320 O 06/01/27
0
1593345 623/623 F 100,000.00 ZZ
360 99,943.94 1
5520 SOUTH 225 EAST 8.875 795.64 55
8.625 795.64 185,000.00
WASHINGTON TERR UT 84405 5 05/08/97 00
7228011 05 07/01/97 0
7228011 O 06/01/27
0
1593346 623/623 F 55,000.00 ZZ
360 54,969.17 1
2235 EAST CARRIAGE LANE 8.875 437.60 52
UNIT 14 8.625 437.60 106,000.00
SALT LAKE CITY UT 84117 1 05/09/97 00
7399919 01 07/01/97 0
7399919 O 06/01/27
0
1593379 B28/G02 F 105,000.00 ZZ
360 105,000.00 1
1
1125 PINE RIDGE ROAD 8.875 835.43 67
8.625 835.43 157,000.00
WOODLAND PARK CO 80863 1 06/13/97 00
0430260216 05 08/01/97 0
05970587 O 07/01/27
0
1593381 455/G02 F 60,000.00 ZZ
360 59,968.89 1
943 CONFEDERATE AVENUE 9.250 493.61 49
9.000 493.61 123,000.00
ATLANTA GA 30312 2 05/30/97 00
0430264747 05 07/01/97 0
55674 N 06/01/27
0
1593382 480/G02 F 62,900.00 ZZ
360 62,866.52 1
1420 HOLLLAND DRIVE 9.125 511.78 90
8.875 511.78 69,900.00
DALLAS GA 30132 1 06/06/97 12
0430264952 05 07/01/97 25
2137412 N 06/01/27
0
1593389 E22/G02 F 84,000.00 ZZ
360 84,000.00 1
909 EAST 3RD AVENUE 8.375 638.46 80
8.125 638.46 105,000.00
POST FALLS ID 83854 2 06/10/97 00
0410217533 05 08/01/97 0
410217533 O 07/01/27
0
1593409 E22/G02 F 32,900.00 ZZ
360 32,900.00 1
1711 PALMER STREET 9.500 276.64 70
9.250 276.64 47,000.00
KALAMAZOO MI 49001 5 06/04/97 00
0410396188 05 08/01/97 0
410396188 N 07/01/27
0
1593411 E22/G02 F 150,000.00 ZZ
360 149,915.90 1
310 N. OAK AVENUE 8.875 1,193.47 57
8.625 1,193.47 265,000.00
MOUNT PROSPECT IL 60056 1 05/30/97 00
0410326714 05 07/01/97 0
1
410326714 O 06/01/27
0
1593412 E22/G02 F 44,100.00 ZZ
360 44,079.97 2
1201 & 1203 LYON STREET 9.875 382.94 90
9.625 382.94 49,000.00
SAGINAW MI 48602 1 06/05/97 01
0410396451 05 07/01/97 25
410396451 N 06/01/27
0
1593420 E22/G02 F 68,000.00 ZZ
360 67,961.88 1
122 DIXWOOD AVENUE 8.875 541.04 80
8.625 541.04 85,000.00
EDGEWATER FL 32132 1 06/04/97 00
0410407357 05 07/01/97 0
410407357 O 06/01/27
0
1593422 E22/G02 F 300,000.00 ZZ
360 299,831.82 1
2882 N.E. 24 COURT 8.875 2,386.93 80
8.625 2,386.93 375,000.00
FT LAUDERDALE FL 33305 1 06/06/97 00
0410405872 05 07/01/97 0
410405872 O 06/01/27
0
1593597 F96/G02 F 337,500.00 ZZ
360 337,500.00 1
703 BEECHWOOD DRIVE 8.250 2,535.52 75
8.000 2,535.52 450,000.00
WASHINGTON TOWN NJ 07675 1 06/30/97 00
0430284844 05 08/01/97 0
1538 O 07/01/27
0
1593626 105/G02 F 69,250.00 ZZ
360 69,250.00 1
2907 SOUTH WOODLEY STREET #D 7.875 502.11 85
7.625 502.11 81,500.00
ARLINGTON VA 22206 2 06/12/97 12
0430264721 01 08/01/97 20
1075548 N 07/01/27
0
1
1593629 286/286 F 78,300.00 ZZ
360 78,260.46 1
1058 GARDENIA DRIVE 9.375 651.26 90
9.125 651.26 87,000.00
HOUSTON TX 77018 1 05/20/97 10
09171469 05 07/01/97 25
09171469 N 06/01/27
0
1593632 405/405 F 112,500.00 ZZ
360 112,438.54 4
900 NORTH MEADOWS DRIVE 9.000 905.21 90
8.750 905.21 125,000.00
AUSTIN TX 78758 1 05/29/97 14
4229233 05 07/01/97 25
4229233 N 06/01/27
0
1593637 209/G02 F 258,400.00 ZZ
360 258,258.85 1
4287 OAKVALE LANE 9.000 2,079.15 85
8.750 2,079.15 304,000.00
KENNESAW GA 30157 5 05/28/97 11
0430265082 05 07/01/97 12
975952239 O 06/01/27
0
1593640 744/G02 F 230,600.00 ZZ
360 230,452.96 1
77 SANDPOINT DRIVE 8.250 1,732.42 90
8.000 1,732.42 258,211.00
RICHMOND CA 94804 1 05/21/97 04
0430263202 03 07/01/97 25
21805 O 06/01/27
0
1593643 405/405 F 54,000.00 ZZ
360 53,973.43 1
1907 PLACE ONE LANE 9.500 454.07 90
9.250 454.07 60,000.00
GARLAND TX 75043 1 05/30/97 12
4226767 09 07/01/97 25
4226767 N 06/01/27
0
1593742 201/G02 F 99,900.00 ZZ
360 99,839.47 1
10813 LEE'S COURT 8.500 768.15 80
8.250 768.15 124,900.00
1
JONESBORO GA 30236 1 05/23/97 00
0430260984 05 07/01/97 0
303266 O 06/01/27
0
1593746 209/G02 F 53,910.00 ZZ
360 53,910.00 1
2460 GODWIN BLVD 8.750 424.12 90
8.500 424.12 59,900.00
SUFFOLK VA 23434 1 06/12/97 04
0430261669 04 08/01/97 25
971734508 N 07/01/27
0
1593861 354/354 F 104,800.00 ZZ
360 104,665.88 1
2613 FAYETTEVILLE HIGHWAY 8.250 787.33 77
8.000 787.33 137,000.00
BELFAST TN 37019 4 04/23/97 00
24618282 05 06/01/97 0
24618282 O 05/01/27
0
1593922 354/354 F 210,000.00 ZZ
360 209,717.24 1
120 CAMERON MEWS 8.000 1,540.91 59
7.750 1,540.91 360,000.00
ALEXANDRIA VA 22314 1 04/30/97 00
25133976 09 06/01/97 0
25133976 O 05/01/27
0
1593930 354/354 F 71,100.00 ZZ
360 71,048.53 1
10913 NEWLANDS AVENUE 7.625 503.25 66
7.375 503.25 108,000.00
RICHMOND VA 23233 2 05/08/97 00
25167099 05 07/01/97 0
25167099 O 06/01/27
0
1593962 731/G02 F 110,700.00 ZZ
360 110,700.00 1
6045 5TH AVENUE NORTHEAST 8.500 851.19 76
8.250 851.19 147,000.00
SEATTLE WA 98115 2 06/09/97 00
0430262220 05 08/01/97 0
230333695 N 07/01/27
0
1
1593963 731/G02 F 264,650.00 ZZ
360 264,650.00 1
4735 LINCOLN AVENUE 8.625 2,058.42 79
8.375 2,058.42 335,000.00
GLENEDEN BEACH OR 97388 1 06/10/97 00
0430263798 05 08/01/97 0
225333696 O 07/01/27
0
1593973 862/G02 F 236,800.00 ZZ
360 236,632.86 1
718 VISTA PALACIO 7.750 1,696.47 80
7.500 1,696.47 296,000.00
CAMARILLO CA 93012 1 05/16/97 00
0430267716 05 07/01/97 0
4465860 O 06/01/27
0
1593998 286/286 F 92,000.00 ZZ
360 91,944.26 1
38 WEST NEPTUNE AVE 8.500 707.41 57
8.250 707.41 163,000.00
LINDENHURST NY 11757 2 05/22/97 00
9171895 05 07/01/97 0
9171895 O 06/01/27
0
1594015 687/G02 F 47,100.00 ZZ
360 47,077.43 1
67 PALMER AVENUE 9.625 400.35 80
9.375 400.35 58,900.00
COATESVILLE PA 19320 1 05/30/97 00
0430265405 05 07/01/97 0
511697 N 06/01/27
0
1594017 369/G02 F 39,950.00 ZZ
360 39,928.18 1
405 HENRY STREET 9.000 321.45 80
8.750 321.45 49,950.00
EDEN NC 27288 1 05/08/97 00
0430262311 05 07/01/97 0
60146024 N 06/01/27
0
1594022 369/G02 F 88,600.00 ZZ
360 88,546.32 1
1
RR4 BOX 502 8.500 681.26 84
8.250 681.26 105,500.00
TOWN OF LAUREL DE 19956 5 05/01/97 01
0430261693 05 07/01/97 12
60635463 O 06/01/27
0
1594029 369/G02 F 146,000.00 ZZ
360 145,915.99 1
110 BRUSEN DRIVE 8.750 1,148.59 59
8.500 1,148.59 249,000.00
LITITZ PA 17543 5 05/13/97 00
0430265074 05 07/01/97 0
60636784 O 06/01/27
0
1594033 377/377 F 32,000.00 ZZ
360 32,000.00 2
1114-1116 37TH AVENUE EAST 9.375 266.16 80
9.125 266.16 40,000.00
BRADENTON FL 34208 1 06/13/97 00
3663747 05 08/01/97 0
3663747 N 07/01/27
0
1594034 369/G02 F 61,650.00 ZZ
360 61,620.46 1
625 CLARKSON AVENUE 9.625 524.02 90
9.375 524.02 68,500.00
CITY OF ELIZABE NJ 07202 1 05/19/97 01
0430266791 05 07/01/97 25
60412897 O 06/01/27
0
1594043 560/560 F 76,500.00 ZZ
360 76,457.11 3
25 N FOURTEENTH STREET 8.875 608.67 90
8.625 608.67 85,000.00
ALLENTOWN PA 18102 1 05/30/97 04
450734801 05 07/01/97 25
450734801 N 06/01/27
0
1594056 405/405 F 36,000.00 ZZ
360 35,982.29 2
132-134 WHITEHOUSE AVENUE 9.500 302.71 90
9.250 302.71 40,000.00
COLUMBUS OH 43223 1 05/19/97 02
4198644 05 07/01/97 25
1
4198644 N 06/01/27
0
1594060 405/405 F 111,500.00 ZZ
360 111,434.17 1
913 RIPPLINGBROOK DRIVE 8.625 867.24 80
8.375 867.24 139,398.00
SEABROOK TX 77586 1 05/28/97 00
4235289 05 07/01/97 0
4235289 O 06/01/27
0
1594074 992/G02 F 49,500.00 ZZ
360 49,500.00 1
71 GRISWOLD STREET 8.875 393.85 90
8.625 393.85 55,000.00
WALTON NY 13856 1 06/03/97 02
0430262576 05 08/01/97 25
323173 O 07/01/27
0
1594106 E22/G02 F 36,600.00 ZZ
360 36,600.00 1
2339 SW 15 STREET UNIT #U20 9.375 304.42 60
9.125 304.42 61,000.00
DEERFIELD BEACH FL 33442 2 06/09/97 00
0410405435 01 08/01/97 0
410405435 N 07/01/27
0
1594107 E22/G02 F 80,000.00 ZZ
360 80,000.00 1
18238 131ST COURT NE 8.750 629.36 50
8.500 629.36 163,000.00
BOTHELL WA 98011 5 06/11/97 00
0410454565 05 08/01/97 0
410454565 O 07/01/27
0
1594112 E22/G02 F 80,000.00 ZZ
360 80,000.00 1
5055 WEST LAKE MEAD BOULEVARD 8.625 622.23 53
8.375 622.23 151,000.00
LAS VEGAS NV 89108 5 06/11/97 00
0410416317 05 08/01/97 0
410416317 O 07/01/27
0
1
1594114 E22/G02 F 280,000.00 ZZ
360 280,000.00 2
62-64 BAKER STREET 9.500 2,354.39 61
9.250 2,354.39 460,000.00
SAN FRANCISCO CA 94117 2 06/10/97 00
0410392005 05 08/01/97 0
410392005 O 07/01/27
0
1594117 E22/G02 F 269,600.00 ZZ
360 269,600.00 1
37007 RUSSELL BOULEVARD 8.375 2,049.15 80
8.125 2,049.15 337,000.00
DAVIS CA 95616 2 06/10/97 00
0410373112 05 08/01/97 0
410373112 O 07/01/27
0
1594119 E22/G02 F 80,000.00 ZZ
360 80,000.00 1
1494 ORMSBY DRIVE 8.375 608.06 75
8.125 608.06 107,000.00
SOUTH LAKE TAHO CA 96150 1 06/10/97 00
0410416762 05 08/01/97 0
410416762 O 07/01/27
0
1594123 E22/G02 F 83,100.00 ZZ
360 83,056.92 1
6055 CARLTON FRANCE ROAD 9.250 683.64 95
9.000 683.64 87,500.00
LAKE SHORE MS 39558 1 06/03/97 01
0410413991 05 07/01/97 30
410413991 O 06/01/27
0
1594126 E22/G02 F 194,800.00 ZZ
360 194,800.00 1
14641 LAKECREST DRIVE 8.625 1,515.13 80
8.375 1,515.13 243,500.00
ADDISON TX 75244 1 06/12/97 00
0410425870 05 08/01/97 0
410425870 O 07/01/27
0
1594127 964/G02 F 65,000.00 ZZ
360 65,000.00 1
33251 FROG POND ROAD 8.750 511.36 50
8.500 511.36 130,000.00
1
LITTLE RIVER CA 95460 5 06/03/97 00
0430261636 05 08/01/97 0
24830 O 07/01/27
0
1594130 E22/G02 F 174,250.00 ZZ
360 174,250.00 1
3216 CHANDRA LANE S.E. 8.750 1,370.83 85
8.500 1,370.83 205,000.00
RIO RANCHO NM 87124 5 06/09/97 23
0410319388 05 08/01/97 0
410319388 O 07/01/27
0
1594132 E22/G02 F 69,000.00 ZZ
360 69,000.00 1
1518 SOLANO N.E. 8.375 524.45 51
8.125 524.45 137,000.00
ALBUQUERQUE NM 87110 1 06/12/97 00
0410455539 05 08/01/97 0
410455539 N 07/01/27
0
1594135 E22/G02 F 47,250.00 ZZ
360 47,250.00 1
2602 LECLAIRE STREET 9.250 388.71 90
9.000 388.71 52,500.00
DAVENPORT IA 52803 1 06/06/97 10
0410327845 05 08/01/97 25
410327845 N 07/01/27
0
1594136 964/G02 F 256,000.00 ZZ
360 256,000.00 1
9315 PARROT AVENUE 8.750 2,013.95 80
8.500 2,013.95 320,000.00
DOWNEY CA 90240 1 06/13/97 00
0430261735 05 08/01/97 0
25374 O 07/01/27
0
1594140 E22/G02 F 162,000.00 ZZ
360 162,000.00 2
1954 NORTH DAMEN AVENUE 9.500 1,362.18 90
9.250 1,362.18 180,000.00
CHICAGO IL 60647 1 06/06/97 10
0410327324 05 08/01/97 25
410327324 N 07/01/27
0
1
1594149 369/G02 F 121,500.00 ZZ
360 121,430.10 1
1619 KAMAMALU AVENUE 8.750 955.84 75
#111 8.500 955.84 162,000.00
HONOLULU HI 96813 1 04/30/97 00
0430264028 08 07/01/97 0
60103868 O 06/01/27
0
1594150 E22/G02 F 57,600.00 ZZ
360 57,571.66 2
3464 WEST 52ND STREET 9.500 484.34 90
9.250 484.34 64,000.00
CLEVELAND OH 44102 1 05/23/97 04
0410394449 05 07/01/97 25
410394449 N 06/01/27
0
1594152 E22/G02 F 27,900.00 ZZ
360 27,900.00 1
3282 TARA LANE 9.750 239.70 90
9.500 239.70 31,000.00
INDIANAPOLIS IN 46224 1 06/13/97 04
0410418545 01 08/01/97 25
410418545 N 07/01/27
0
1594155 E22/G02 F 45,600.00 ZZ
360 45,600.00 1
600 E BROCKTON 9.625 387.60 80
9.375 387.60 57,000.00
MADISON HEIGHTS MI 48071 1 06/06/97 04
0410411441 05 08/01/97 12
410411441 N 07/01/27
0
1594157 E22/G02 F 66,800.00 ZZ
360 66,800.00 1
13414 DENVER CIRCLE 9.250 549.55 80
9.000 549.55 83,500.00
STERLING HEIGHT MI 48312 1 06/09/97 00
0410411037 01 08/01/97 0
410411037 O 07/01/27
0
1594158 E22/G02 F 51,750.00 ZZ
360 51,750.00 2
1
601 DUEBER AVENUE SOUTHWEST 9.500 435.14 90
9.250 435.14 57,500.00
CANTON OH 44706 1 06/06/97 04
0410397004 05 08/01/97 25
410397004 N 07/01/27
0
1594160 E22/G02 F 170,000.00 ZZ
360 169,902.19 1
4020 OLD DOMINION 8.750 1,337.39 85
8.500 1,337.39 200,000.00
WEST BLOOMFIELD MI 48323 1 06/05/97 10
0410396956 05 07/01/97 17
410396956 O 06/01/27
0
1594161 E22/G02 F 26,000.00 ZZ
360 26,000.00 1
2910 S. FLEMING STREET 9.250 213.90 39
9.000 213.90 68,000.00
INDIANAPOLIS IN 46241 1 06/12/97 00
0410418040 05 08/01/97 0
410418040 N 07/01/27
0
1594162 E22/G02 F 81,500.00 ZZ
360 81,500.00 1
340 E.TROY 9.500 685.30 90
9.250 685.30 90,640.00
FERNDALE MI 48220 1 06/13/97 04
0410396980 05 08/01/97 25
410396980 N 07/01/27
0
1594166 E22/G02 F 135,900.00 ZZ
360 135,900.00 1
1654 DANCER DRIVE 9.125 1,105.73 80
8.875 1,105.73 169,900.00
ROCHESTER HILLS MI 48307 1 06/06/97 00
0410413884 05 08/01/97 0
410413884 O 07/01/27
0
1594172 E22/G02 F 27,450.00 ZZ
360 27,450.00 2
1327 MILLS STREET 9.375 228.32 90
9.125 228.32 30,500.00
KALAMAZOO MI 49001 1 06/09/97 04
0410395917 05 08/01/97 25
1
410395917 N 07/01/27
0
1594176 E22/G02 F 138,000.00 ZZ
360 137,924.62 1
683 LONE PINE LANE 9.000 1,110.38 80
8.750 1,110.38 173,250.00
FT LAUDERDALE FL 33327 1 06/05/97 00
0410380331 03 07/01/97 0
410380331 O 06/01/27
0
1594177 E22/G02 F 196,650.00 ZZ
360 196,650.00 4
171-177 COKEDALE DRIVE 9.500 1,653.54 95
9.250 1,653.54 207,000.00
PUEBLO WEST CO 81007 1 06/06/97 04
0410388664 05 08/01/97 30
410388664 O 07/01/27
0
1594178 E22/G02 F 134,000.00 ZZ
360 134,000.00 1
8620 CHIPITA PARK ROAD 8.625 1,042.24 80
8.375 1,042.24 167,500.00
CASCADE CO 80809 5 06/04/97 00
0410388987 05 08/01/97 0
410388987 O 07/01/27
0
1594179 E22/G02 F 103,900.00 ZZ
360 103,840.22 1
15380 WILL-LEW LANE 8.750 817.38 80
8.500 817.38 129,900.00
FORT MYERS FL 33908 1 06/06/97 00
0410414304 05 07/01/97 0
410414304 O 06/01/27
0
1594180 E22/G02 F 95,550.00 ZZ
360 95,507.73 2
4133 S ALBANY AVENUE 10.000 838.52 65
9.750 838.52 147,000.00
CHICAGO IL 60632 5 06/06/97 00
0410383434 05 07/01/97 0
410383434 N 06/01/27
0
1
1594184 E22/G02 F 120,000.00 ZZ
360 119,925.41 2
3359 NOTTINGHAM WAY 8.375 912.09 75
8.125 912.09 160,000.00
HAMILTON TWP NJ 08690 1 06/02/97 00
0410405757 05 07/01/97 0
410405757 O 06/01/27
0
1594186 E22/G02 F 120,000.00 ZZ
360 120,000.00 2
3423 S. FLAGLER DRIVE 9.000 965.55 80
8.750 965.55 150,000.00
WEST PALM BEACH FL 33405 1 06/11/97 00
0410407258 05 08/01/97 0
410407258 O 07/01/27
0
1594188 E22/G02 F 44,100.00 ZZ
360 44,100.00 1
901 S. EDISTO DRIVE 9.125 358.81 90
8.875 358.81 49,000.00
FLORENCE SC 29501 1 06/11/97 04
0410450381 05 08/01/97 25
410450381 N 07/01/27
0
1594189 E22/G02 F 90,000.00 ZZ
360 90,000.00 1
507 EAST CHICAGO 9.125 732.27 75
8.875 732.27 120,000.00
ELGIN IL 60120 5 06/05/97 00
0410414114 05 08/01/97 0
410414114 O 07/01/27
0
1594192 E22/G02 F 83,450.00 ZZ
360 83,450.00 1
126 SAN ANTONIO AVENUE 9.250 686.52 90
9.000 686.52 92,750.00
NUTLEY NJ 07110 1 06/13/97 04
0410402317 05 08/01/97 25
410402317 N 07/01/27
0
1594195 E22/G02 F 60,000.00 ZZ
360 60,000.00 4
5215 MAGAZINE STREET 9.375 499.05 60
9.125 499.05 100,000.00
1
NEW ORLEANS LA 70115 1 06/10/97 00
0410412175 05 08/01/97 0
410412175 N 07/01/27
0
1594205 E22/G02 F 25,200.00 ZZ
360 25,200.00 1
5226 JEAN STREET 8.625 196.00 90
8.375 196.00 28,000.00
BATON ROUGE LA 70805 1 06/06/97 04
0410432470 05 08/01/97 25
410432470 N 07/01/27
0
1594220 E22/G02 F 52,600.00 ZZ
360 52,600.00 1
1707 BISCAYNE AVENUE 9.125 427.97 90
8.875 427.97 58,500.00
SOUTH DAYTONA FL 32119 1 06/09/97 04
0410407423 05 08/01/97 25
410407423 N 07/01/27
0
1594225 E22/G02 F 51,500.00 ZZ
360 51,500.00 1
5721 RENEE TERRACE 8.875 409.76 77
8.625 409.76 67,000.00
PENSACOLA FL 32507 2 06/05/97 00
0410413918 05 08/01/97 0
410413918 O 07/01/27
0
1594229 E22/G02 F 181,000.00 ZZ
360 181,000.00 1
48 REYNOLDS ROAD 8.625 1,407.80 80
8.375 1,407.80 226,265.00
BEEKMAN NY 12570 1 06/10/97 00
0410379622 03 08/01/97 0
410379622 O 07/01/27
0
1594230 E22/G02 F 69,200.00 ZZ
360 69,200.00 1
7521 SW 1ST STREET 8.250 519.88 80
8.000 519.88 86,500.00
MARGATE FL 33063 1 06/11/97 00
0410443592 05 08/01/97 0
410443592 O 07/01/27
0
1
1594233 E22/G02 F 67,500.00 ZZ
360 67,469.33 2
1970 SOUTH 69TH STREET 9.875 586.14 90
9.625 586.14 75,000.00
WEST ALLIS WI 53219 1 06/05/97 04
0410413165 05 07/01/97 25
410413165 N 06/01/27
0
1594235 E22/G02 F 120,000.00 ZZ
360 120,000.00 4
1050 MEADOWLARK COURT NW 8.875 954.77 78
8.625 954.77 155,000.00
RIO RANCHO NM 87124 1 06/06/97 00
0410425409 05 08/01/97 0
410425409 N 07/01/27
0
1594236 E22/G02 F 39,900.00 ZZ
360 39,900.00 1
221 MARION DR #204A 9.500 335.50 80
9.250 335.50 49,900.00
ROCKPORT TX 78382 1 06/09/97 00
0410426381 01 08/01/97 0
410426381 O 07/01/27
0
1594239 E22/G02 F 154,800.00 ZZ
360 154,729.68 2
404/406 EAST LASALLE 9.875 1,344.20 90
9.625 1,344.20 172,000.00
ROYAL OAK MI 48073 1 06/05/97 04
0410397111 05 07/01/97 25
410397111 N 06/01/27
0
1594244 E22/G02 F 187,000.00 ZZ
360 186,889.59 1
3760 LONG ROAD 8.625 1,454.47 77
8.375 1,454.47 245,000.00
CENTERBURG OH 43011 5 05/30/97 00
0410391635 05 07/01/97 0
410391635 O 06/01/27
0
1594246 E22/G02 F 60,000.00 ZZ
360 59,965.48 1
1
612 WALNUT STREET 8.750 472.02 80
8.500 472.02 75,000.00
WEST DES MOINES IA 50265 5 05/30/97 00
0410209597 05 07/01/97 0
410209597 O 06/01/27
0
1594253 E22/G02 F 132,000.00 ZZ
360 132,000.00 2
2051 NORTH KARLOV AVENUE 9.250 1,085.94 80
9.000 1,085.94 165,000.00
CHICAGO IL 60639 2 06/05/97 00
0410327647 05 08/01/97 0
410327647 O 07/01/27
0
1594256 E22/G02 F 188,000.00 ZZ
360 188,000.00 1
899 LAUREL LANE 8.125 1,395.89 80
7.875 1,395.89 235,000.00
NEW BRAUNFELS TX 78130 1 06/12/97 00
0410425706 05 08/01/97 0
410425706 O 07/01/27
0
1594280 E22/G02 F 51,000.00 ZZ
360 50,970.66 1
413 DURHAM COURT 8.750 401.22 72
8.500 401.22 71,000.00
MANTUA NJ 08051 2 06/06/97 00
0410376909 01 07/01/97 0
410376909 N 06/01/27
0
1594285 E22/G02 F 130,200.00 T
360 130,200.00 1
123 RIGGS CIRCLE 8.875 1,035.93 73
8.625 1,035.93 180,700.00
DAVENPORT FL 33837 1 06/10/97 00
0410436216 03 08/01/97 0
410436216 O 07/01/27
0
1594287 E22/G02 F 95,200.00 T
360 95,200.00 1
1902 E COOPER DRIVE 9.375 791.83 80
9.125 791.83 119,000.00
DELTONA FL 32725 1 06/10/97 95
0410401780 05 08/01/97 0
1
410401780 O 07/01/27
0
1594290 369/G02 F 33,950.00 ZZ
360 33,931.46 1
4212 NASHVILLE AVENUE S. 9.000 273.17 85
8.750 273.17 40,000.00
ORLANDO FL 32839 1 06/03/97 01
0430261719 05 07/01/97 12
60674074 N 06/01/27
0
1594293 369/G02 F 116,700.00 ZZ
360 116,639.49 1
3805 COUNTRY OAKS LANE 9.250 960.07 80
9.000 960.07 145,900.00
LAKE WALES FL 33853 1 05/23/97 00
0430261743 05 07/01/97 0
60664109 O 06/01/27
0
1594302 757/757 F 103,100.00 ZZ
360 103,100.00 1
317 DUNESBURY LANE 9.000 829.57 80
8.750 829.57 128,900.00
CANTON GA 30115 1 06/16/97 00
2968055 05 08/01/97 0
2968055 O 07/01/27
0
1594303 E22/G02 F 50,000.00 ZZ
360 50,000.00 1
18040 MIDWAY RD #204 9.000 402.31 72
8.750 402.31 70,000.00
DALLAS TX 75287 1 06/13/97 00
0410425938 01 08/01/97 0
410425938 N 07/01/27
0
1594310 E22/G02 F 104,000.00 ZZ
360 103,938.60 1
2031 PARK PLACE 8.625 808.90 80
8.375 808.90 130,000.00
BOCA RATON FL 33486 5 05/30/97 00
0410405815 05 07/01/97 0
410405815 O 06/01/27
0
1
1594315 E22/G02 F 72,900.00 ZZ
360 72,900.00 1
2026 HAVEN COURT 8.875 580.03 90
8.625 580.03 81,000.00
SPARTANBURG SC 29303 1 06/06/97 04
0410450357 05 08/01/97 25
410450357 N 07/01/27
0
1594316 E22/G02 F 144,000.00 ZZ
360 143,921.34 2
419-421 SOUTH 5TH STREET 9.000 1,158.66 80
8.750 1,158.66 180,000.00
ELIZABETH NJ 07206 1 06/06/97 00
0410340277 05 07/01/97 0
410340277 O 06/01/27
0
1594329 686/G02 F 500,000.00 ZZ
360 499,681.16 1
8815 CALLE BONITA COURT 8.250 3,756.34 80
8.000 3,756.34 625,000.00
LOOMIS CA 95650 2 05/20/97 00
0430281576 03 07/01/97 0
0818248346 O 06/01/27
0
1594330 498/G02 F 46,750.00 ZZ
360 46,723.79 1
221 CHATHAM STREET 8.875 371.97 85
8.625 371.97 55,000.00
SAVANNAH GA 31406 1 05/30/97 10
0430264903 05 07/01/97 20
1489698 N 06/01/27
0
1594338 369/G02 F 108,250.00 ZZ
360 108,184.42 1
1378 FULLER AVENUE 8.500 832.35 59
8.250 832.35 185,000.00
SIMI VALLEY CA 93065 2 05/08/97 00
0430264275 05 07/01/97 0
49156060 O 06/01/27
0
1594342 369/G02 F 212,000.00 ZZ
360 211,761.42 1
35 MOUNTAIN CREEK DRIVE 8.875 1,686.77 75
8.625 1,686.77 285,000.00
1
ROME GA 30161 2 05/05/97 00
0430280214 05 06/01/97 0
60557626 O 05/01/27
0
1594343 369/G02 F 66,500.00 ZZ
360 66,425.15 1
6514 CASTLE LANE DRIVE 8.875 529.11 67
8.625 529.11 100,000.00
HOUSTON TX 77066 2 04/25/97 00
0430266155 03 06/01/97 0
60610599 O 05/01/27
0
1594411 286/286 F 35,000.00 T
360 34,983.67 1
14849 SW 104 ST 9.750 300.71 63
BLDG 12 #24 9.500 300.71 56,000.00
MIAMI FL 33196 5 05/30/97 00
9170975 01 07/01/97 0
9170975 O 06/01/27
0
1594443 369/G02 F 130,100.00 ZZ
360 129,971.49 1
8768 RED WING AVENUE 9.500 1,093.96 80
9.250 1,093.96 162,646.00
LITTLETON CO 80126 1 05/02/97 00
0430264895 05 06/01/97 0
60501137 N 05/01/27
0
1594450 369/G02 F 58,400.00 ZZ
360 58,369.72 1
13315 HOLLYPARK 9.250 480.45 90
9.000 480.45 64,900.00
HOUSTON TX 77015 1 05/19/97 01
0430265066 03 07/01/97 25
60614054 N 06/01/27
0
1594452 369/G02 F 46,000.00 ZZ
360 45,977.37 1
1134 CEDARVIEW DRIVE 9.500 386.80 80
9.250 386.80 57,500.00
JEFFERSONVILLE IN 47130 1 05/19/97 00
0430278879 05 07/01/97 0
60681624 N 06/01/27
0
1
1594454 140/G02 F 60,000.00 ZZ
360 60,000.00 1
6438 COLBERT STREET 8.875 477.39 48
8.625 477.39 125,000.00
NEW ORLEANS LA 70124 5 06/10/97 00
0430279869 05 08/01/97 0
432412 N 07/01/27
0
1594457 F60/G02 F 71,200.00 ZZ
360 71,200.00 4
1645 ALEXANDER COURT 9.375 592.21 80
9.125 592.21 89,000.00
GRETNA LA 70056 1 06/11/97 00
0430279026 05 08/01/97 0
442967 N 07/01/27
0
1594463 369/G02 F 50,400.00 ZZ
360 50,374.54 1
1310 E ROBERTS ST 9.375 419.21 90
9.125 419.21 56,000.00
MT ZION IL 62549 1 05/21/97 01
0430264135 05 07/01/97 25
49010648 N 06/01/27
0
1594471 369/G02 F 49,500.00 ZZ
360 49,475.65 1
1042 PARKWAY AVENUE 9.500 416.23 90
9.250 416.23 55,000.00
EWING TOWNSHIP NJ 08618 1 05/12/97 01
0430264838 05 07/01/97 25
60636040 N 06/01/27
0
1594472 369/G02 F 55,000.00 ZZ
360 54,970.73 1
211 SYCAMORE AVENUE 9.125 447.50 65
8.875 447.50 85,000.00
TOWNSHIP OF EGG NJ 08234 1 05/23/97 00
0430264218 05 07/01/97 0
60410156 O 06/01/27
0
1594475 286/286 F 66,000.00 ZZ
360 65,962.99 2
1
63-65 N INDIAN VALLEY COURT 8.875 525.13 75
8.625 525.13 88,000.00
LITTLE EGG HARB NJ 08087 5 05/23/97 00
9169197 05 07/01/97 0
9169197 O 06/01/27
0
1594477 286/286 F 74,000.00 T
360 73,959.57 1
13499 BISCANYE BLVD 9.000 595.43 88
UNIT #1005 8.750 595.43 85,000.00
MIAMI FL 33181 1 05/30/97 10
9171122 06 07/01/97 25
9171122 O 06/01/27
0
1594512 405/405 F 135,000.00 ZZ
360 134,937.02 1
223 KATHRYN AVENUE 9.750 1,159.86 90
9.500 1,159.86 150,000.00
DECATUR GA 30030 1 05/16/97 01
4215893 05 07/01/97 25
4215893 N 06/01/27
0
1594529 A59/G02 F 85,500.00 ZZ
360 85,500.00 1
231 111TH LANE NW 8.375 649.87 95
8.125 649.87 90,000.00
COON RAPIDS MN 55448 1 07/08/97 14
0430280966 05 08/01/97 30
1594529 O 07/01/27
0
1594563 405/405 F 90,000.00 ZZ
360 89,955.73 2
1005 WOODLIEF TRAIL 9.500 756.77 90
9.250 756.77 100,000.00
ROUND ROCK TX 78664 1 05/30/97 04
4229191 05 07/01/97 30
4229191 N 06/01/27
0
1594566 405/405 F 163,900.00 ZZ
360 163,817.23 1
1509 CAREX COURT 9.375 1,363.24 76
9.125 1,363.24 218,500.00
WILLIAMSTOWN NJ 08094 1 05/28/97 00
4164323 05 07/01/97 0
1
4164323 O 06/01/27
0
1594574 E67/G02 F 80,000.00 ZZ
360 80,000.00 1
926 NW 22ND COURT 8.250 601.01 74
8.000 601.01 109,284.00
REDMOND OR 97756 1 06/20/97 00
0430262394 05 08/01/97 0
6297 O 07/01/27
0
1594614 E26/G02 F 108,350.00 ZZ
360 108,350.00 1
16208 EASTHAM COURT 8.500 833.12 90
8.250 833.12 120,400.00
BOWIE MD 20716 1 06/05/97 19
0430263863 09 08/01/97 25
42700528 N 07/01/27
0
1594626 731/G02 F 49,500.00 ZZ
360 49,475.66 1
1003 PEGG RAOD 9.500 416.22 90
9.250 416.22 55,000.00
ATLANTA GA 30344 1 05/29/97 01
0430263103 05 07/01/97 25
3140664397 N 06/01/27
0
1594628 700/G02 F 55,250.00 ZZ
360 55,250.00 1
1245 MARKET STREET 8.375 419.94 85
8.125 419.94 65,000.00
NACHUSA IL 61057 5 06/13/97 14
0430264168 05 08/01/97 12
123688 O 07/01/27
0
1594638 B75/G02 F 181,600.00 ZZ
360 181,600.00 1
3275 HIGHWAY 186 8.875 1,444.89 80
8.625 1,444.89 227,000.00
GOOD HOPE GA 30641 1 06/10/97 00
0430267260 05 08/01/97 0
2800514 O 07/01/27
0
1
1594656 286/286 F 154,500.00 ZZ
360 154,500.00 1
94 96 WYOMING AVE 9.375 1,285.06 75
9.125 1,285.06 206,000.00
MALDEN MA 02145 2 06/10/97 00
8580118 05 08/01/97 0
8580118 N 07/01/27
0
1594664 B57/G02 F 97,200.00 ZZ
360 97,200.00 1
13231 TRIPOLI AVENUE 8.750 764.68 80
(SYLMAR AREA) 8.500 764.68 121,500.00
LOS ANGELES CA 91342 1 06/05/97 00
0430267740 05 08/01/97 0
9710959 O 07/01/27
0
1594665 E67/G02 F 160,000.00 ZZ
360 160,000.00 1
60140 SUNRIDGE DRIVE 8.250 1,202.03 70
8.000 1,202.03 230,000.00
BEND OR 97702 2 06/17/97 00
0430280818 05 08/01/97 0
6225 O 07/01/27
0
1594669 830/830 F 247,600.00 ZZ
360 247,600.00 1
8545 SOUTH DANEBORG DRIVE 8.750 1,947.87 80
8.500 1,947.87 309,500.00
SALT LAKE CITY UT 84121 1 06/13/97 00
1878024 05 08/01/97 0
1878024 O 07/01/27
0
1594674 737/G02 F 112,000.00 ZZ
360 112,000.00 1
4335 HURT BRIDGE LANE 8.375 851.28 80
8.125 851.28 140,000.00
CUMMING GA 30130 1 06/13/97 00
0430280123 05 08/01/97 0
559950 O 07/01/27
0
1594729 286/286 F 224,100.00 ZZ
360 223,971.06 2
1208 NE 143RD AVENUE 8.750 1,763.00 90
8.500 1,763.00 249,900.00
1
VANCOUVER WA 98684 1 05/23/97 10
9166119 05 07/01/97 25
9166119 N 06/01/27
0
1594735 A83/G02 F 125,100.00 ZZ
360 125,024.21 1
1066 DOUGLAS FIR DRIVE 8.500 961.91 90
8.250 961.91 139,000.00
MANTECA CA 95336 2 05/06/97 04
0430266932 05 07/01/97 25
159903 N 06/01/27
0
1594740 A83/G02 F 242,400.00 ZZ
360 242,120.06 1
6535 CAMDEN AVENUE 8.750 1,906.96 80
8.500 1,906.96 303,000.00
SAN JOSE CA 95120 2 04/21/97 00
0430266981 05 06/01/97 0
159640 O 05/01/27
0
1594743 E82/G02 F 107,250.00 ZZ
360 107,250.00 1
159 PACIFIC AVENUE 8.500 824.66 65
8.250 824.66 165,000.00
PACIFIC GROVE CA 93950 5 06/02/97 00
0400038741 05 08/01/97 0
400038741 N 07/01/27
0
1594744 514/G02 F 47,700.00 ZZ
360 47,675.27 1
1130 WESTWOOD AVENUE 9.250 392.42 90
9.000 392.42 53,000.00
CHATTANOOGA TN 37405 1 05/23/97 22
0430277970 05 07/01/97 25
868082 N 06/01/27
0
1594747 A83/G02 F 373,750.00 ZZ
360 373,302.92 1
16625 SKYLINE BOULEVARD 8.875 2,973.72 65
8.625 2,973.72 575,000.00
LOS GATOS CA 95030 2 04/22/97 00
0430266973 05 06/01/97 0
158929 O 05/01/27
0
1
1594749 E82/G02 F 37,400.00 ZZ
360 37,400.00 2
1207-09 NORTH MERIDIAN 8.750 294.23 41
8.500 294.23 93,000.00
WICHITA KS 67212 5 06/13/97 00
0400041208 05 08/01/97 0
400041208 N 07/01/27
0
1594769 514/G02 F 57,000.00 ZZ
360 57,000.00 1
79 TROTTING PARK ROAD 8.875 453.52 90
8.625 453.52 63,500.00
FALMOUTH (TEATI MA 02536 1 06/11/97 01
0430278002 05 08/01/97 25
361418 O 07/01/27
0
1594771 514/G02 F 129,600.00 ZZ
360 129,600.00 1
517 ST LAUREN WAY 8.750 1,019.56 80
8.500 1,019.56 162,000.00
BIRMINGHAM AL 35242 1 06/13/97 00
0430280396 05 08/01/97 0
646491 O 07/01/27
0
1594772 514/G02 F 123,400.00 ZZ
360 123,400.00 1
15503 TERRACE OAKS DRIVE 8.750 970.79 80
8.500 970.79 154,250.00
HOUSTON TX 77068 1 06/13/97 00
0430279091 03 08/01/97 0
361667 O 07/01/27
0
1594775 286/286 F 180,450.00 ZZ
360 180,343.45 1
1202 NE 143RD AVENUE 8.625 1,403.53 90
8.375 1,403.53 200,500.00
VANCOUVER WA 98684 1 05/23/97 10
9170470 05 07/01/97 25
9170470 N 06/01/27
0
1594784 696/G02 F 90,000.00 ZZ
360 90,000.00 1
1
2052 QUAKER WAY 12 9.125 732.27 75
8.875 732.27 120,000.00
ANNAPOLIS MD 21401 1 06/17/97 00
0430263004 01 08/01/97 0
6090906 O 07/01/27
0
1594785 267/G02 F 375,000.00 ZZ
360 374,243.61 1
3835 WESTON PLACE 7.750 2,686.55 75
7.500 2,686.55 500,000.00
LONG BEACH CA 90807 2 04/04/97 00
0430266106 05 06/01/97 0
4451481 O 05/01/27
0
1594787 514/G02 F 104,550.00 ZZ
360 104,486.66 1
6542 CHARTER DR 8.500 803.90 85
8.250 803.90 123,000.00
COLORADO SPRING CO 80918 1 06/03/97 01
0430280362 05 07/01/97 20
96798 N 06/01/27
0
1594896 076/076 F 84,000.00 ZZ
360 83,907.88 1
5209 PEG LANE 9.000 675.89 74
8.750 675.89 114,000.00
MEMPHIS TN 38117 1 05/01/97 00
8206422 05 06/01/97 0
8206422 O 05/01/27
0
1594898 076/076 F 147,500.00 ZZ
360 147,410.64 1
2800 STANFORD AVENUE 8.500 1,134.15 56
8.250 1,134.15 265,000.00
UNIVERSITY PARK TX 75225 1 05/29/97 00
8292702 05 07/01/97 0
8292702 O 06/01/27
0
1594899 076/076 F 50,000.00 ZZ
360 49,973.39 1
12 RIVER VIEW DRIVE 9.125 406.82 46
8.875 406.82 108,900.00
ESSEX VT 05451 1 05/28/97 00
8465312 01 07/01/97 0
1
8465312 N 06/01/27
0
1594955 E22/G02 F 40,500.00 ZZ
360 40,480.59 1
102 NW AIROSO BOULEVARD 9.625 344.25 90
9.375 344.25 45,000.00
PORT ST. LUCIE FL 34983 1 06/06/97 04
0410411409 05 07/01/97 25
410411409 N 06/01/27
0
1594956 E22/G02 F 41,400.00 ZZ
360 41,400.00 1
709 SOUTH LARRY DRIVE 9.250 340.59 90
9.000 340.59 46,000.00
DELAND FL 32724 1 06/13/97 04
0410407332 05 08/01/97 25
410407332 N 07/01/27
0
1594957 E22/G02 F 101,150.00 ZZ
360 101,150.00 1
554 CREST DRIVE 8.875 804.80 85
8.625 804.80 119,000.00
MOGADORE OH 44260 5 06/09/97 23
0410414411 05 08/01/97 0
410414411 O 07/01/27
0
1594961 E22/G02 F 24,000.00 ZZ
360 24,000.00 1
22951 JADE STREET 8.875 190.95 80
8.625 190.95 30,000.00
PORTER TX 77365 1 06/11/97 10
0410454052 05 08/01/97 12
410454052 N 07/01/27
0
1594963 E22/G02 F 24,950.00 ZZ
360 24,938.36 1
2770 S GARDEN DRIVE 9.750 214.36 80
UNIT #307 9.500 214.36 31,200.00
LAKE CLARKE GAR FL 33461 1 06/06/97 00
0410383970 01 07/01/97 0
410383970 O 06/01/27
0
1
1594967 E22/G02 F 165,000.00 ZZ
360 164,905.07 1
4 HILLARY COURT 8.750 1,298.06 68
8.500 1,298.06 245,000.00
LIVINGSTON NJ 07039 1 06/06/97 00
0410384242 05 07/01/97 0
410384242 O 06/01/27
0
1594968 E22/G02 F 71,300.00 ZZ
360 71,300.00 1
12 LEBIA COURT 9.500 599.53 90
9.250 599.53 79,250.00
WASHINGTON TOWN NJ 08080 1 06/16/97 04
0410393482 05 08/01/97 25
410393482 N 07/01/27
0
1594970 E22/G02 F 136,000.00 ZZ
360 136,000.00 1
6959 WHITAKER AVE. 8.500 1,045.72 80
(VAN NUYS AREA) 8.250 1,045.72 170,000.00
LOS ANGELES CA 91406 5 06/11/97 00
0410424147 05 08/01/97 0
410424147 O 07/01/27
0
1594986 E22/G02 F 140,000.00 ZZ
360 140,000.00 1
1412 WEST 123RD STREET 8.375 1,064.10 80
8.125 1,064.10 175,000.00
LOS ANGELES ARE CA 90047 2 06/11/97 00
0410303150 05 08/01/97 0
410303150 O 07/01/27
0
1594990 E22/G02 F 108,000.00 ZZ
360 108,000.00 1
3327 MARLETTE CIRCLE 8.625 840.01 79
8.375 840.01 138,000.00
SOUTH LAKE TAHO CA 96150 2 06/12/97 00
0410416192 05 08/01/97 0
410416192 N 07/01/27
0
1594994 E22/G02 F 129,000.00 ZZ
360 129,000.00 1
108 BURNS COURT 9.375 1,072.96 55
9.125 1,072.96 235,000.00
1
PLEASANT HILL CA 94523 5 06/12/97 00
0410409577 05 08/01/97 0
410409577 N 07/01/27
0
1594998 E22/G02 F 75,000.00 ZZ
360 75,000.00 1
8812 RANDERMANN RD. 8.875 596.73 79
8.625 596.73 95,000.00
BRENHAM TX 77833 1 06/13/97 00
0410414783 05 08/01/97 0
410414783 O 07/01/27
0
1594999 E22/G02 F 34,450.00 ZZ
360 34,450.00 1
302 MAGNUSSON STREET 9.500 289.67 65
9.250 289.67 53,000.00
PALACIOS TX 77465 5 06/13/97 00
0410425292 05 08/01/97 0
410425292 N 07/01/27
0
1595000 E22/G02 F 66,500.00 ZZ
360 66,500.00 1
5525 TRINITY STREET 8.875 529.10 70
8.625 529.10 95,000.00
MARRERO LA 70072 1 06/13/97 00
0410413546 05 08/01/97 0
410413546 O 07/01/27
0
1595001 E22/G02 F 260,000.00 ZZ
360 260,000.00 1
2621 VALLEY MANOR DRIVE 8.375 1,976.19 80
8.125 1,976.19 325,000.00
KINGWOOD TX 77339 1 06/13/97 00
0410455711 03 08/01/97 0
410455711 O 07/01/27
0
1595004 E22/G02 F 37,800.00 ZZ
360 37,800.00 1
330 HILLSIDE CIRCLE 9.125 307.55 90
8.875 307.55 42,000.00
WEST MONROE LA 71291 1 06/12/97 04
0410426522 05 08/01/97 25
410426522 N 07/01/27
0
1
1595006 E22/G02 F 73,800.00 ZZ
360 73,800.00 2
405 ULELAH AVENUE 10.000 647.65 90
9.750 647.65 82,000.00
CRYSTAL BEACH FL 34681 1 06/16/97 04
0410391585 05 08/01/97 25
410391585 N 07/01/27
0
1595009 E22/G02 F 54,400.00 ZZ
360 54,400.00 1
1136 TRAVELERS TRAIL EAST 8.750 427.97 80
UNIT 3 8.500 427.97 68,000.00
BURNSVILLE MN 55337 1 06/12/97 04
0410327670 01 08/01/97 12
410327670 O 07/01/27
0
1595011 E22/G02 F 21,000.00 ZZ
360 21,000.00 1
1344 MORTON DRIVE 9.750 180.42 70
9.500 180.42 30,000.00
EAST MOLINE IL 61244 5 06/12/97 00
0410327985 05 08/01/97 0
410327985 N 07/01/27
0
1595014 E22/G02 F 30,850.00 ZZ
360 30,850.00 1
1301 NE 183RD ST. 9.000 248.23 95
UNIT #903W 8.750 248.23 32,500.00
NORTH MIAMI BEA FL 33179 1 06/12/97 04
0410442727 06 08/01/97 30
410442727 O 07/01/27
0
1595089 208/G02 F 105,000.00 ZZ
360 104,869.01 1
1061 CALLE CARMELITA 8.375 798.08 76
8.125 798.08 139,000.00
SANTA FE NM 87501 5 04/24/97 00
0430277939 05 06/01/97 0
34197 O 05/01/27
0
1595096 964/G02 F 336,000.00 ZZ
360 336,000.00 1
1
985 BAY VIEW AVENUE 8.375 2,553.84 80
8.125 2,553.84 420,000.00
OAKLAND CA 94610 1 06/11/97 00
0430263756 05 08/01/97 0
25850 O 07/01/27
0
1595097 253/253 F 47,610.00 ZZ
360 47,610.00 1
1516 NATCHES DRIVE 9.000 383.09 90
8.750 383.09 52,900.00
ARLINGTON TX 76014 1 06/12/97 04
330250 05 08/01/97 25
330250 N 07/01/27
0
1595099 964/G02 F 95,000.00 ZZ
360 95,000.00 1
8547 ARKIE COURT 8.250 713.70 37
8.000 713.70 262,000.00
GRANITE BAY CA 95746 1 06/17/97 00
0430263731 05 08/01/97 0
25700 O 07/01/27
0
1595113 975/G02 F 254,400.00 ZZ
360 254,400.00 1
941 VICTORIA DRIVE 8.500 1,956.12 80
8.250 1,956.12 318,000.00
ARCADIA CA 91007 1 06/11/97 00
0430284521 05 08/01/97 0
970968 O 07/01/27
0
1595179 369/G02 F 72,900.00 ZZ
360 72,863.18 1
9305 MCCABE DRIVE 9.375 606.35 90
9.125 606.35 81,000.00
EL PASO TX 79925 1 05/16/97 01
0430266841 05 07/01/97 25
60122934 N 06/01/27
0
1595186 405/405 F 36,000.00 ZZ
360 35,982.29 2
77-79 SCHULTZ AVENUE 9.500 302.71 90
9.250 302.71 40,000.00
COLUMBUS OH 43222 1 05/19/97 01
4198545 05 07/01/97 25
1
4198545 N 06/01/27
0
1595200 765/G02 F 118,077.00 ZZ
360 118,077.00 1
835 WEST HEATHER AVENUE 7.875 856.15 75
7.625 856.15 157,436.00
GILBERT AZ 85233 1 06/05/97 00
0430279802 03 08/01/97 0
321867 O 07/01/27
0
1595208 286/286 F 160,000.00 ZZ
360 160,000.00 1
5260 TUNA LANE 9.000 1,287.40 67
8.750 1,287.40 240,000.00
SPRINGHILL FL 34607 5 06/05/97 00
8645580 05 08/01/97 0
8645580 O 07/01/27
0
1595210 E19/G02 F 100,000.00 ZZ
360 100,000.00 1
189 STREETLAND DRIVE 8.750 786.70 75
8.500 786.70 135,000.00
CADIZ KY 42211 2 06/12/97 00
0430278341 05 08/01/97 0
100024620 O 07/01/27
0
1595211 286/286 F 47,800.00 ZZ
360 47,775.22 3
51 WASHINGTON AVE 9.250 393.24 90
9.000 393.24 53,200.00
IRVINGTON NJ 07111 1 05/30/97 10
9170207 05 07/01/97 25
9170207 N 06/01/27
0
1595214 286/286 F 68,400.00 ZZ
360 68,366.35 1
2553 FRED SMITH RD 9.500 575.15 90
9.250 575.15 76,000.00
TALLAHASSEE FL 32303 1 05/30/97 10
8645506 03 07/01/97 25
8645506 N 06/01/27
0
1
1595215 G52/G02 F 108,800.00 ZZ
360 108,737.40 1
1570 EAST TYSON PLACE 8.750 855.93 80
8.500 855.93 136,000.00
CHANDLER AZ 85225 1 05/28/97 00
0430279729 05 07/01/97 0
204293 O 06/01/27
0
1595217 286/286 F 62,250.00 ZZ
360 62,218.56 4
335 BELMONT ST 9.375 517.77 75
9.125 517.77 83,000.00
MANCHESTER NH 03101 1 06/05/97 00
9171604 05 07/01/97 0
9171604 N 06/01/27
0
1595219 862/G02 F 68,250.00 ZZ
360 68,250.00 1
4291 CLAIREMONT DRIVE 9.125 555.31 65
8.875 555.31 105,000.00
SAN DIEGO CA 92117 1 06/06/97 00
0430278457 05 08/01/97 0
4466629 N 07/01/27
0
1595221 862/G02 F 115,500.00 ZZ
360 115,436.91 1
4912 EAST OSBORN ROAD 9.000 929.34 70
8.750 929.34 165,000.00
PHOENIX AZ 85018 5 05/28/97 00
0430278465 05 07/01/97 0
4460390 N 06/01/27
0
1595223 286/286 F 24,000.00 ZZ
360 24,000.00 1
6031 SHAKERWOODS CIR F108 9.375 199.62 80
9.125 199.62 30,000.00
TAMARAC FL 33319 5 06/06/97 00
8645556 01 08/01/97 0
8645556 O 07/01/27
0
1595224 862/G02 F 133,600.00 ZZ
360 133,600.00 1
6694 NORTH WESTWOOD STREET 8.625 1,039.13 80
8.375 1,039.13 167,000.00
1
MOORPARK CA 93021 1 06/03/97 00
0430280776 05 08/01/97 0
4423687 O 07/01/27
0
1595226 862/G02 F 65,400.00 ZZ
360 65,400.00 4
1804 WEST CAROL AVENUE 9.375 543.97 75
9.125 543.97 88,000.00
PHOENIX AZ 85021 2 06/13/97 00
0430284448 05 08/01/97 0
4459244 N 07/01/27
0
1595227 862/G02 F 46,000.00 ZZ
360 46,000.00 3
1808 WEST CAROL AVENUE 9.375 382.61 53
9.125 382.61 88,000.00
PHOENIX AZ 85021 2 06/13/97 00
0430279943 05 08/01/97 0
4459277 N 07/01/27
0
1595230 B28/G02 F 84,000.00 ZZ
360 84,000.00 1
627 DAVIS DRIVE #4 9.250 691.05 75
9.000 691.05 112,000.00
GLENWOOD SPRING CO 81601 1 06/17/97 00
0430280453 01 08/01/97 0
02970393 O 07/01/27
0
1595231 B28/G02 F 60,400.00 ZZ
360 60,400.00 1
311 EAST GLASS AVENUE 9.125 491.44 80
8.875 491.44 75,500.00
SPOKANE WA 99207 1 06/12/97 00
0430268284 05 08/01/97 0
09970312 N 07/01/27
0
1595257 018/G02 F 68,000.00 ZZ
360 67,960.87 1
4511 MOHEGAN CIRCLE 8.750 534.96 80
8.500 534.96 85,000.00
PASADENA TX 77504 1 05/20/97 00
0430280255 05 07/01/97 0
245545 O 06/01/27
0
1
1595271 514/G02 F 135,000.00 ZZ
360 134,930.01 3
1530 MARSHALL AVENUE 9.250 1,110.61 90
9.000 1,110.61 150,000.00
HOUSTON TX 77006 1 05/23/97 01
0430280172 05 07/01/97 25
361429 O 06/01/27
0
1595273 514/G02 F 206,500.00 ZZ
360 206,500.00 2
26 NICHOLS AVENUE 8.875 1,643.01 79
8.625 1,643.01 262,000.00
STAMFORD CT 06905 2 06/12/97 00
0430279141 05 08/01/97 0
361368 O 07/01/27
0
1595287 687/G02 F 72,000.00 ZZ
360 72,000.00 3
144 EVERGREEN AVENUE 9.375 598.86 90
9.125 598.86 80,000.00
PITTSBURGH PA 15209 1 06/05/97 01
0430281394 05 08/01/97 25
NG N 07/01/27
0
1595290 687/G02 F 43,950.00 ZZ
360 43,950.00 1
173 MERRIMAC STREET 9.500 369.56 90
9.250 369.56 48,866.00
PITTSBURGH PA 15211 1 06/06/97 01
0430267328 05 08/01/97 25
9086 N 07/01/27
0
1595310 E22/G02 F 119,250.00 ZZ
360 119,250.00 1
7317 N W 114TH STREET 9.125 970.26 90
8.875 970.26 132,500.00
OKLAHOMA CITY OK 73162 1 06/16/97 23
0410432330 05 08/01/97 0
410432330 O 07/01/27
0
1595319 E22/G02 F 13,500.00 ZZ
360 13,500.00 1
1
1817 WEST TUSCARAWAS ST 9.875 117.23 90
9.625 117.23 15,000.00
CANTON OH 44705 1 06/13/97 04
0410418107 05 08/01/97 25
410418107 N 07/01/27
0
1595323 E22/G02 F 62,600.00 ZZ
360 62,600.00 1
803 ARAGON COURT 8.750 492.47 62
8.500 492.47 102,500.00
GEORGETOWN TX 78628 2 06/09/97 00
0410426597 05 08/01/97 0
410426597 O 07/01/27
0
1595325 E22/G02 F 187,500.00 ZZ
360 187,394.89 3
1220 NORTH 32ND AVENUE 8.875 1,491.83 75
8.625 1,491.83 250,000.00
MELROSE PARK IL 60160 5 05/30/97 00
0410327563 05 07/01/97 0
410327563 O 06/01/27
0
1595329 E22/G02 F 54,600.00 ZZ
360 54,600.00 1
3608 PALMER COURT 8.375 415.00 69
8.125 415.00 80,000.00
CLOVIS NM 88101 2 06/16/97 00
0410453732 05 08/01/97 0
410453732 N 07/01/27
0
1595335 E22/G02 F 25,500.00 ZZ
360 25,500.00 1
3252 NE 13TH STREET #3 9.250 209.78 64
9.000 209.78 40,000.00
POMPANO BEACH FL 33062 1 06/09/97 00
0410442792 01 08/01/97 0
410442792 N 07/01/27
0
1595340 E22/G02 F 80,000.00 ZZ
360 80,000.00 1
694 VANCOUVER ROAD S.E. 9.250 658.14 80
9.000 658.14 100,000.00
RIO RANCHO NM 87124 2 06/13/97 00
0410319396 05 08/01/97 0
1
410319396 N 07/01/27
0
1595342 E22/G02 F 30,600.00 ZZ
360 30,600.00 1
5828 MACAW AVENUE 9.375 254.52 90
9.125 254.52 34,000.00
EL PASO TX 79924 1 06/09/97 04
0410453443 05 08/01/97 25
410453443 N 07/01/27
0
1595358 E22/G02 F 124,800.00 ZZ
360 124,800.00 1
315 NORTH LIME STREET 8.250 937.58 80
8.000 937.58 156,000.00
ORANGE CA 92868 1 06/13/97 00
0410456321 05 08/01/97 0
410456321 O 07/01/27
0
1595362 E22/G02 F 146,400.00 ZZ
360 146,400.00 1
2891 BANDALIN COURT 8.125 1,087.02 80
7.875 1,087.02 183,000.00
WEST SACRAMENTO CA 95691 2 06/13/97 00
0410454821 05 08/01/97 0
410454821 O 07/01/27
0
1595365 267/G02 F 525,000.00 ZZ
360 523,823.78 1
1152 SOMERA ROAD 7.500 3,670.88 60
7.250 3,670.88 875,000.00
LOS ANGELES CA 90077 1 03/20/97 00
0430266270 05 05/01/97 0
4438807 O 04/01/27
0
1595414 964/G02 F 152,000.00 ZZ
360 152,000.00 1
198 HILLTOP CRESCENT 8.375 1,155.31 80
8.125 1,155.31 190,000.00
WALNUT CREEK CA 94596 2 06/13/97 00
0430264663 05 08/01/97 0
25258 O 07/01/27
0
1
1595426 267/G02 F 245,000.00 ZZ
360 244,477.85 1
728 SEAWOOD WAY 7.750 1,755.22 52
7.500 1,755.22 474,000.00
SAN JOSE CA 95120 2 03/20/97 00
0430266312 05 05/01/97 0
4437966 O 04/01/27
0
1595466 765/G02 F 65,000.00 ZZ
360 64,968.02 1
10514 ZELZAH AVENUE 9.500 546.56 65
9.250 546.56 100,000.00
GRANADA HILLS A CA 91344 1 05/14/97 00
0430279901 05 07/01/97 0
140449 N 06/01/27
0
1595482 267/G02 F 148,000.00 ZZ
360 147,684.57 1
467 WILLAMETTE LANE 7.750 1,060.30 80
7.500 1,060.30 185,000.00
CLAREMONT CA 91711 1 03/13/97 00
0430267997 03 05/01/97 0
4441185 O 04/01/27
0
1595487 B28/G02 F 40,600.00 ZZ
360 40,600.00 1
704 BLACK ROAD 9.000 326.68 70
8.750 326.68 58,000.00
USK WA 99180 5 06/17/97 00
0430281428 05 08/01/97 0
09970251 N 07/01/27
0
1595490 286/286 F 75,000.00 ZZ
360 74,911.10 1
2675 VALLEY HGTS DR #2C 8.625 583.35 63
8.375 583.35 120,000.00
PIGEON FORGE TN 37863 5 04/28/97 00
8437768 09 06/01/97 0
8437768 N 05/01/27
0
1595494 105/G02 F 167,650.00 ZZ
360 167,650.00 1
27134 HARMONY HILLS 8.750 1,318.90 80
8.500 1,318.90 209,600.00
1
SAN ANTONIO TX 78258 1 06/02/97 00
0430282640 05 08/01/97 0
0935676 O 07/01/27
0
1595522 286/286 F 84,600.00 ZZ
360 84,558.38 4
1221 3RD AVE 9.500 711.37 90
9.250 711.37 94,000.00
ROCKFORD IL 61104 1 05/30/97 10
9172811 05 07/01/97 30
9172811 N 06/01/27
0
1595530 575/G02 F 24,500.00 ZZ
360 24,500.00 1
6625 EAST GOLF LINKS ROAD #2 9.000 197.13 65
8.750 197.13 38,000.00
TUCSON AZ 85730 1 06/09/97 00
0430265280 01 08/01/97 0
972345544 N 07/01/27
0
1595550 225/225 F 495,200.00 ZZ
360 494,892.20 1
1025 CLAYTON STREET 8.375 3,763.88 80
8.125 3,763.88 619,000.00
SAN FRANCISCO CA 94117 1 05/16/97 00
8048917 05 07/01/97 0
8048917 O 06/01/27
0
1595551 757/757 F 270,000.00 ZZ
360 270,000.00 1
112 EAST JONES STREET 8.750 2,124.10 76
8.500 2,124.10 358,750.00
SAVANNAH GA 31401 1 06/17/97 00
2952489 05 08/01/97 0
2952489 O 07/01/27
0
1595554 B75/G02 F 57,250.00 ZZ
360 57,220.32 1
321 SOUTH KERR AVENUE #154 9.250 470.98 65
9.000 470.98 88,125.00
WILMINGTON NC 28403 1 05/28/97 00
0430279760 09 07/01/97 0
2949329 N 06/01/27
0
1
1595580 253/253 F 165,000.00 ZZ
360 165,000.00 1
1040 VAIL VIEW DR 8.500 1,268.71 72
#301 8.250 1,268.71 230,000.00
VAIL CO 81657 5 06/13/97 00
329811 01 08/01/97 0
329811 O 07/01/27
0
1595653 E22/G02 F 89,250.00 ZZ
360 89,250.00 1
2482 ST AUGUSTINE BLVD 8.625 694.18 75
8.375 694.18 119,000.00
HAINES CITY FL 33844 1 06/19/97 00
0410436349 09 08/01/97 0
410436349 O 07/01/27
0
1595656 E22/G02 F 145,600.00 ZZ
360 145,600.00 1
511 WILBY DRIVE 8.500 1,119.54 80
8.250 1,119.54 182,000.00
CHARLOTTE NC 28270 1 06/11/97 00
0410453583 05 08/01/97 0
410453583 O 07/01/27
0
1595676 E22/G02 F 50,400.00 ZZ
360 50,400.00 1
188 WEST 200 SOUTH 8.875 401.01 90
8.625 401.01 56,000.00
REDMOND UT 84652 1 06/09/97 04
0410388847 05 08/01/97 25
410388847 O 07/01/27
0
1595684 E22/G02 F 244,000.00 ZZ
360 244,000.00 1
2378 PINE ISLAND COURT 8.625 1,897.81 80
8.375 1,897.81 305,000.00
JACKSONVILLE FL 32224 1 06/18/97 00
0410436190 03 08/01/97 0
410436190 O 07/01/27
0
1595687 E22/G02 F 43,650.00 ZZ
360 43,650.00 1
1
435 TRIGOOD DRIVE 8.875 347.30 90
8.625 347.30 48,500.00
CASPER WY 82609 1 06/18/97 01
0410388961 05 08/01/97 25
410388961 N 07/01/27
0
1595689 E22/G02 F 76,400.00 ZZ
360 76,400.00 1
4729 W 31ST AVENUE 9.125 621.62 90
8.875 621.62 84,900.00
DENVER CO 80212 1 06/17/97 04
0410389340 05 08/01/97 25
410389340 N 07/01/27
0
1595694 E22/G02 F 110,000.00 ZZ
360 110,000.00 1
3315 WEST COUNTY ROAD 100 8.375 836.08 74
NORTH 8.125 836.08 150,000.00
BARGERSVILLE IN 46106 1 06/16/97 00
0410397277 05 08/01/97 0
410397277 O 07/01/27
0
1595754 573/G02 F 43,500.00 ZZ
360 43,500.00 1
817 FAIRWAY BOULEVARD 8.500 334.48 75
8.250 334.48 58,000.00
BIG BEAR CITY CA 92314 1 05/16/97 00
0430280727 05 08/01/97 0
111880 N 07/01/27
0
1595760 685/G02 F 360,000.00 ZZ
360 360,000.00 1
20485 ROCA CHICA DRIVE 8.625 2,800.04 80
8.375 2,800.04 450,000.00
MALIBU CA 90265 1 06/02/97 00
0430279984 05 08/01/97 0
107692 O 07/01/27
0
1595763 664/G02 F 89,550.00 ZZ
360 89,550.00 1
1828 NE 90TH AVENUE 8.750 704.50 90
8.500 704.50 99,500.00
PORTLAND OR 97220 1 06/13/97 01
0430284430 05 08/01/97 25
1
2288579 N 07/01/27
0
1595767 E22/G02 F 63,000.00 ZZ
360 63,000.00 1
3607 CORAL SPRINGS DRIVE 8.375 478.85 80
UNIT # 3607 8.125 478.85 79,000.00
CORAL SPRINGS FL 33065 2 06/12/97 00
0410442941 01 08/01/97 0
410442941 O 07/01/27
0
1595775 F34/G02 F 100,000.00 ZZ
360 100,000.00 1
27705 SW 165TH AVENUE 8.875 795.65 63
8.625 795.65 160,000.00
MIAMI FL 33031 1 06/19/97 00
0430281170 05 08/01/97 0
9700420 O 07/01/27
0
1595777 664/G02 F 99,000.00 ZZ
360 99,000.00 1
19415 100TH AVENUE NORTHEAST 8.500 761.23 90
8.250 761.23 110,000.00
BOTHELL WA 98011 1 06/19/97 10
0430285999 05 08/01/97 25
2319564 N 07/01/27
0
1595791 E22/G02 F 126,000.00 ZZ
360 126,000.00 4
6144-6150 LAUREL HALL DRIVE 9.875 1,094.12 90
9.625 1,094.12 140,000.00
INDIANAPOLIS IN 46226 1 06/19/97 01
0410418032 05 08/01/97 25
410418032 N 07/01/27
0
1595799 E22/G02 F 137,250.00 ZZ
360 137,250.00 1
2142 NE 58TH COURT 9.125 1,116.71 90
8.875 1,116.71 152,500.00
FORT LAUDERDALE FL 33308 1 06/18/97 04
0410406193 05 08/01/97 25
410406193 N 07/01/27
0
1
1595800 E22/G02 F 94,400.00 T
360 94,400.00 1
8750 OLDE HICKORY AVENUE 8.875 751.09 75
UNIT # 9304 8.625 751.09 125,900.00
SARASOTA FL 34238 1 06/12/97 00
0410454151 01 08/01/97 0
410454151 O 07/01/27
0
1595802 E22/G02 F 87,000.00 ZZ
360 87,000.00 2
1879-81 SW 9TH STREET 8.625 676.68 65
8.375 676.68 135,500.00
MIAMI FL 33135 5 06/12/97 00
0410406813 05 08/01/97 0
410406813 O 07/01/27
0
1595811 E22/G02 F 89,100.00 ZZ
360 89,100.00 1
1107 EAST JEFFERSON AVENU 9.125 724.95 90
8.875 724.95 99,000.00
COTTAGE GROVE OR 97424 1 06/19/97 04
0410410138 05 08/01/97 25
410410138 N 07/01/27
0
1595814 E22/G02 F 209,800.00 ZZ
360 209,800.00 1
5333 ROYER AVE. 8.000 1,539.44 80
WOODLAND HILLS AREA 7.750 1,539.44 262,250.00
LOS ANGELES CA 91367 1 06/17/97 00
0410462477 05 08/01/97 0
410462477 O 07/01/27
0
1595816 E22/G02 F 84,500.00 ZZ
360 84,500.00 1
2210 WEST 157TH STREET 8.750 664.76 65
8.500 664.76 130,000.00
COMPTON CA 90220 5 06/12/97 00
0410424055 05 08/01/97 0
410424055 O 07/01/27
0
1595822 405/405 F 393,600.00 ZZ
360 393,600.00 1
11039 EAST RED BARN ROAD 8.750 3,096.46 80
8.500 3,096.46 492,000.00
1
VENTURA CA 93012 1 06/03/97 00
423888 03 08/01/97 0
423888 O 07/01/27
0
1595823 E22/G02 F 67,900.00 ZZ
360 67,900.00 1
1791 MARIAN AVENUE 8.875 540.24 70
8.625 540.24 97,000.00
CARSON CITY NV 89706 5 06/16/97 00
0410416887 05 08/01/97 0
410416887 N 07/01/27
0
1595828 180/G02 F 87,750.00 ZZ
360 87,750.00 4
1310 BRENDA LANE 8.875 698.18 90
8.625 698.18 97,500.00
HUMBLE TX 77338 1 06/11/97 04
0430282236 03 08/01/97 25
4997425 N 07/01/27
0
1595832 E22/G02 F 193,040.00 ZZ
360 193,040.00 1
24662 VIA DEL ORO 8.000 1,416.46 80
7.750 1,416.46 241,300.00
LAGUNA NIGUEL CA 92677 1 06/18/97 00
0410424311 03 08/01/97 0
410424311 O 07/01/27
0
1595852 201/G02 F 116,350.00 ZZ
360 116,350.00 1
317 WEST CLINTON STREET 9.375 967.75 95
UNIT A 9.125 967.75 122,500.00
THE TOWN OF DOV NJ 07801 1 06/13/97 04
0430278028 01 08/01/97 30
2800988079 O 07/01/27
0
1595893 003/G02 F 100,000.00 ZZ
360 100,000.00 1
8271 SW 41 STREET 8.750 786.71 80
8.500 786.71 125,000.00
DAVIE FL 33328 1 06/16/97 00
0430280370 03 08/01/97 0
3850161 O 07/01/27
0
1
1595896 561/G02 F 307,000.00 ZZ
360 307,000.00 1
54 MILLSTONE LANE 9.250 2,525.62 65
9.000 2,525.62 475,000.00
ROCKLAND DE 19732 5 06/10/97 00
0430266866 01 08/01/97 0
9011057 O 07/01/27
0
1595906 480/G02 F 58,500.00 T
360 58,500.00 1
6997 DAWN LANE 9.500 491.90 65
9.250 491.90 90,000.00
BROOKSVILLE FL 34607 1 06/18/97 00
0430281089 05 08/01/97 0
2085975 O 07/01/27
0
1595976 B75/G02 F 125,550.00 ZZ
360 125,484.91 2
3305 3307 WEST 14TH AVENUE 9.250 1,032.87 90
9.000 1,032.87 139,500.00
DENVER CO 80204 1 05/30/97 01
0430280867 05 07/01/97 25
2870285 N 06/01/27
0
1595978 286/286 F 70,200.00 ZZ
360 70,163.60 1
192 SAND HILL ROAD 9.250 577.52 90
9.000 577.52 78,000.00
ESSEX VT 05452 1 05/09/97 10
9172355 05 07/01/97 25
9172355 N 06/01/27
0
1595979 286/286 F 51,200.00 ZZ
360 51,172.74 1
1106 EAST RED CEDAR CIRCLE 9.125 416.59 80
8.875 416.59 64,000.00
THE WOODLANDS TX 77380 1 05/14/97 00
9172504 05 07/01/97 0
9172504 N 06/01/27
0
1595980 286/286 F 122,000.00 ZZ
360 122,000.00 1
1
14470 EAST CARROLL BLVD 8.875 970.69 80
8.625 970.69 153,000.00
UNIVERSITY HEIG OH 44118 2 06/03/97 00
8639332 05 08/01/97 0
8639332 O 07/01/27
0
1595999 286/286 F 33,300.00 ZZ
360 33,284.46 4
428 SOUTH 4TH STREET 9.750 286.10 90
9.500 286.10 37,000.00
ROCKFORD IL 61104 1 05/09/97 10
9170591 05 07/01/97 25
9170591 N 06/01/27
0
1596002 286/286 F 25,650.00 ZZ
360 25,650.00 1
617 FARRS BRIDGE ROAD 9.750 220.38 90
9.500 220.38 28,500.00
GREENVILLE SC 29611 1 06/09/97 12
8644277 05 08/01/97 25
8644277 N 07/01/27
0
1596025 E22/G02 F 126,000.00 ZZ
360 126,000.00 4
5948 DEVINGTON ROAD 9.875 1,094.12 90
9.625 1,094.12 140,000.00
INDIANAPOLIS IN 46226 1 06/20/97 04
0410420954 05 08/01/97 25
410420954 N 07/01/27
0
1596028 E22/G02 F 124,000.00 ZZ
360 124,000.00 1
2 N 645 VALEWOOD DRIVE 8.625 964.46 80
8.375 964.46 155,000.00
WEST CHICAGO IL 60185 2 06/13/97 00
0410328389 05 08/01/97 0
410328389 O 07/01/27
0
1596038 E22/G02 F 99,200.00 ZZ
360 99,200.00 1
5697 EAST FULTON STREET 8.500 762.76 80
8.250 762.76 124,000.00
ADA MI 49301 5 06/16/97 00
0410396717 05 08/01/97 0
1
410396717 O 07/01/27
0
1596039 E22/G02 F 28,500.00 ZZ
360 28,500.00 1
148 COLUMBIA AVENUE 9.125 231.89 75
8.875 231.89 38,000.00
MANSFIELD OH 44903 2 06/20/97 00
0410395933 05 08/01/97 0
410395933 N 07/01/27
0
1596042 E22/G02 F 20,250.00 ZZ
360 20,250.00 1
7405 SHARON DRIVE 10.250 181.46 90
10.000 181.46 22,500.00
ST LOUIS MO 63136 1 06/19/97 04
0410418917 05 08/01/97 25
410418917 N 07/01/27
0
1596044 E22/G02 F 45,900.00 ZZ
360 45,900.00 1
18719 DROITWICH DRIVE 9.375 381.77 90
9.125 381.77 51,000.00
HUMBLE TX 77346 1 06/17/97 04
0410455026 05 08/01/97 25
410455026 N 07/01/27
0
1596050 E22/G02 F 96,000.00 ZZ
360 95,952.78 1
5813 KENILWORTH AVENUE 9.500 807.22 80
9.250 807.22 120,000.00
DEARBORN MI 48126 1 05/27/97 04
0410396774 05 07/01/97 12
410396774 N 06/01/27
0
1596056 E22/G02 F 32,200.00 ZZ
360 32,200.00 1
5860 CLIPPERT 9.875 279.61 70
9.625 279.61 46,000.00
TAYLOR MI 48180 5 06/06/97 00
0410411086 05 08/01/97 0
410411086 N 07/01/27
0
1
1596057 E22/G02 F 30,800.00 ZZ
360 30,800.00 1
4718 CORNELL 9.875 267.45 70
9.625 267.45 44,000.00
DEARBORN HEIGHT MI 48125 5 06/06/97 00
0410411094 05 08/01/97 0
410411094 N 07/01/27
0
1596060 E22/G02 F 304,000.00 ZZ
360 304,000.00 1
16 SUNDOWN PARKWAY 8.625 2,364.48 80
8.375 2,364.48 380,000.00
AUSTIN TX 78746 1 06/20/97 00
0410426712 03 08/01/97 0
410426712 O 07/01/27
0
1596075 E22/G02 F 43,500.00 ZZ
360 43,500.00 1
2055-A BERKSHIRE CIRCLE 9.125 353.93 90
8.875 353.93 48,350.00
CARPENTERSVILLE IL 60110 1 06/20/97 10
0410328355 07 08/01/97 25
410328355 N 07/01/27
0
1596092 E22/G02 F 30,600.00 ZZ
360 30,600.00 1
9011 GRAY FOX LANE 8.875 243.47 90
8.625 243.47 34,000.00
PORT RICHEY FL 34668 1 06/09/97 04
0410404867 05 08/01/97 25
410404867 N 07/01/27
0
1596099 E22/G02 F 72,400.00 ZZ
360 72,400.00 1
RT 3 BOX 140 8.875 576.05 80
8.625 576.05 90,500.00
CANTON TX 75103 1 06/06/97 00
0410425573 05 08/01/97 0
410425573 O 07/01/27
0
1596107 E22/G02 F 450,000.00 ZZ
360 450,000.00 1
6705 N. SNAKE RIVER WOODS 8.875 3,580.40 66
DRIVE 8.625 3,580.40 686,700.00
1
JACKSON WY 83001 2 06/12/97 00
0410323653 05 08/01/97 0
410323653 O 07/01/27
0
1596113 E22/G02 F 24,500.00 ZZ
360 24,500.00 1
2113 NW 37TH STREET 9.625 208.25 70
9.375 208.25 35,000.00
OKLAHOMA CITY OK 73112 5 06/18/97 00
0410426910 05 08/01/97 0
410426910 N 07/01/27
0
1596121 E22/G02 F 97,500.00 T
360 97,500.00 1
151 FLAMINGO DR 9.125 793.29 75
8.875 793.29 130,000.00
BELLAIR FL 34616 5 06/13/97 00
0410404016 05 08/01/97 0
410404016 O 07/01/27
0
1596122 E22/G02 F 88,000.00 ZZ
360 88,000.00 1
220 4TH STREET, S.E. 8.625 684.45 80
UNIT #4 8.375 684.45 110,000.00
WASHINGTON DC 20003 1 06/20/97 00
0410402812 01 08/01/97 0
410402812 O 07/01/27
0
1596126 E22/G02 F 36,900.00 ZZ
360 36,900.00 1
203 ESTATE ROAD 9.000 296.91 90
UNIT #207C 8.750 296.91 41,000.00
WILMINGTON NC 28405 1 06/19/97 10
0410432744 01 08/01/97 25
410432744 N 07/01/27
0
1596133 E22/G02 F 46,300.00 ZZ
360 46,300.00 2
18806-18808 BLACKHAWK TRAIL 9.875 402.05 90
9.625 402.05 51,444.00
INDEPENDENCE MO 64056 1 06/20/97 04
0410454706 05 08/01/97 25
410454706 N 07/01/27
0
1
1596145 E22/G02 F 182,400.00 ZZ
360 182,400.00 1
2524 NEW YORK DRIVE 9.000 1,467.63 80
8.750 1,467.63 228,000.00
ALTADENA CA 91001 1 06/12/97 00
0410424139 05 08/01/97 0
410424139 N 07/01/27
0
1596180 560/560 F 107,000.00 ZZ
360 106,940.00 1
LOT #4 HARD HILL ROAD 8.875 851.35 80
8.625 851.35 134,705.00
FLEETWOOD PA 19522 4 05/30/97 00
450734280 27 07/01/97 0
450734280 O 06/01/27
0
1596206 688/G02 F 139,522.00 ZZ
360 139,522.00 1
10762 VISTA DEL SOL DRIVE 8.625 1,085.19 94
8.375 1,085.19 150,000.00
EL PASO TX 79935 1 06/16/97 12
0430283598 05 08/01/97 30
47890 O 07/01/27
0
1596216 F34/G02 F 61,500.00 ZZ
360 61,500.00 1
10018 HAMMOCKS BLVD #5 104 8.750 483.82 75
8.500 483.82 82,000.00
MIAMI FL 33196 5 06/13/97 00
0430282095 01 08/01/97 0
9700461 O 07/01/27
0
1596226 F34/G02 F 100,000.00 ZZ
360 100,000.00 1
1249 MANOR DRIVE 7.875 725.07 25
7.625 725.07 400,000.00
WESTON FL 33326 1 06/19/97 00
0430282046 03 08/01/97 0
9700465 O 07/01/27
0
1596229 731/G02 F 125,600.00 T
360 125,600.00 1
1
6255 CHAMBERLAND DRIVE 8.750 988.10 75
8.500 988.10 167,500.00
HOMEWOOD CA 96141 5 06/17/97 00
0430282285 05 08/01/97 0
114554266 O 07/01/27
0
1596238 E19/G02 F 214,600.00 ZZ
360 214,600.00 1
5663 WEST ORCHID LANE 8.250 1,612.22 79
8.000 1,612.22 275,000.00
CHANDLER AZ 85226 2 06/16/97 00
0430281782 03 08/01/97 0
100025275 O 07/01/27
0
1596253 961/G02 F 129,550.00 T
360 129,550.00 1
11217 AMIATA DRIVE 8.500 996.13 80
8.250 996.13 161,990.00
RANCHO CUCAMONG CA 91730 1 06/13/97 95
0430283366 05 08/01/97 0
0910967 O 07/01/27
0
1596255 961/G02 F 250,000.00 ZZ
360 250,000.00 1
2235 14TH AVENUE 8.625 1,944.47 80
8.375 1,944.47 312,500.00
SAN FRANCISCO CA 94116 1 06/13/97 00
0430283127 05 08/01/97 0
89013734 O 07/01/27
0
1596298 937/G02 F 75,400.00 ZZ
360 75,400.00 1
3991 SOUTH RENAULT CIRCLE 8.750 593.17 65
8.500 593.17 116,050.00
WEST VALLEY CIT UT 84119 1 06/20/97 00
0430281824 05 08/01/97 0
7594007 O 07/01/27
0
1596320 560/560 F 22,400.00 ZZ
360 22,387.76 1
25 LONGWORTH AVENUE UNIT 23 9.000 180.24 90
8.750 180.24 24,900.00
BROCKTON MA 02401 1 05/28/97 04
450729751 01 07/01/97 25
1
450729751 N 06/01/27
0
1596328 909/G02 F 161,600.00 ZZ
360 161,600.00 1
13941 CAPEWOOD LANE 8.375 1,228.28 80
8.125 1,228.28 202,000.00
SAN DIEGO CA 92128 1 06/22/97 00
0430283663 03 08/01/97 0
6004730 O 07/01/27
0
1596338 E67/G02 F 272,800.00 ZZ
360 272,800.00 1
2268 NW 7TH STREET 8.375 2,073.48 80
8.125 2,073.48 341,000.00
BEND OR 97701 2 06/13/97 00
0430279604 05 08/01/97 0
06387 O 07/01/27
0
1596356 975/G02 F 104,900.00 ZZ
360 104,900.00 3
1942-1946 BRYCE ROAD 8.750 825.25 75
8.500 825.25 139,999.00
EL MONTE AREA CA 91733 1 06/17/97 00
0430286021 03 08/01/97 0
971113 N 07/01/27
0
1596365 G51/G02 F 41,600.00 ZZ
360 41,600.00 1
30 MURRAY HEIGHTS DRIVE 8.125 308.88 80
7.875 308.88 52,000.00
COLORADO SPRING CO 80916 1 06/25/97 00
0430285536 09 08/01/97 0
205425 O 07/01/27
0
1596388 664/G02 F 270,000.00 ZZ
360 270,000.00 1
6453 SOUTHEAST SCOTT DRIVE 9.000 2,172.49 75
8.750 2,172.49 360,000.00
PORTLAND OR 97215 1 06/12/97 00
0430284554 05 08/01/97 0
2288900 O 07/01/27
0
1
1596390 562/562 F 129,600.00 ZZ
360 129,600.00 1
520 QUEEN STREET 9.000 1,042.80 80
8.750 1,042.80 162,000.00
WESTBURY NY 11590 1 06/13/97 00
538520 05 08/01/97 0
538520 N 07/01/27
0
1596452 003/G02 F 96,600.00 ZZ
360 96,600.00 2
726-728 GREENVALE ROAD 9.000 777.27 87
8.750 777.27 111,200.00
LAWRENCEVILLE GA 30243 1 06/19/97 10
0430281261 05 08/01/97 25
3828332 N 07/01/27
0
1596488 B26/G02 F 127,000.00 ZZ
360 127,000.00 2
184 NASSAU BOULEVARD 8.750 999.11 58
8.500 999.11 220,000.00
GARDEN CITY SOU NY 11530 1 06/11/97 00
0430278564 05 08/01/97 0
091504534 N 07/01/27
0
1596689 253/253 F 211,150.00 ZZ
360 211,150.00 1
1727 VISTA DEL NORTE 8.750 1,661.12 80
8.500 1,661.12 264,990.00
CHINO HILLS CA 91709 1 06/12/97 00
330160 05 08/01/97 0
330160 O 07/01/27
0
1596746 700/G02 F 251,200.00 ZZ
360 251,200.00 1
797 PALERMO DRIVE 7.875 1,821.37 80
7.625 1,821.37 314,000.00
SANTA BARBARA CA 93105 5 06/12/97 00
0430281584 05 08/01/97 0
700 O 07/01/27
0
1596768 286/286 F 209,200.00 ZZ
360 209,091.54 1
27 CLARKE LN 9.250 1,721.04 80
9.000 1,721.04 261,500.00
1
HOPKINTON NH 03229 1 05/23/97 00
9172509 05 07/01/97 0
9172509 O 06/01/27
0
1596777 E22/G02 F 26,900.00 ZZ
360 26,900.00 1
615 N W 34TH STREET 9.250 221.30 90
9.000 221.30 29,900.00
OKLAHOMA CITY OK 73118 1 06/18/97 04
0410426928 05 08/01/97 25
410426928 N 07/01/27
0
1596789 E22/G02 F 74,900.00 ZZ
360 74,900.00 4
11010 BAYWOOD DRIVE 9.250 616.18 78
9.000 616.18 97,000.00
SAN ANTONIO TX 78213 2 06/23/97 00
0410431852 05 08/01/97 0
410431852 N 07/01/27
0
1596799 E19/G02 F 332,000.00 ZZ
360 332,000.00 1
11901 ANDASOL AVENUE 8.000 2,436.10 80
LOS ANGELES 7.750 2,436.10 415,000.00
GRANADA HILLS A CA 91344 1 06/17/97 00
0430283069 05 08/01/97 0
100026357 O 07/01/27
0
1596803 E22/G02 F 75,950.00 ZZ
360 75,950.00 4
11014 BAYWOOD DRIVE 9.250 624.82 79
9.000 624.82 97,000.00
SAN ANTONIO TX 78213 2 06/23/97 00
0410431860 05 08/01/97 0
410431860 N 07/01/27
0
1596819 E22/G02 F 53,200.00 ZZ
360 53,200.00 1
15450 EMPANADA DRIVE 8.875 423.28 70
8.625 423.28 76,000.00
HOUSTON TX 77083 5 06/23/97 00
0410425771 03 08/01/97 0
410425771 N 07/01/27
0
1
1596823 E22/G02 F 63,000.00 ZZ
360 63,000.00 1
525 GRACE STREET 9.125 512.59 90
8.875 512.59 70,000.00
ELGIN IL 60120 1 06/24/97 04
0410327365 05 08/01/97 25
410327365 N 07/01/27
0
1596826 E22/G02 F 75,000.00 ZZ
360 75,000.00 1
12635 SOUTH THROOP AVENUE 8.500 576.69 80
8.250 576.69 94,000.00
CALUMET PARK IL 60643 5 06/18/97 00
0410328645 05 08/01/97 0
410328645 O 07/01/27
0
1596829 E22/G02 F 45,000.00 ZZ
360 45,000.00 1
1396 PLAINFIELD ROAD 9.750 386.62 90
9.500 386.62 50,000.00
SOUTH EUCLID OH 44121 1 06/23/97 01
0410413587 05 08/01/97 25
410413587 N 07/01/27
0
1596830 765/G02 F 200,000.00 ZZ
360 200,000.00 1
9006 VILLANOVA AVENUE 8.250 1,502.54 80
8.000 1,502.54 250,000.00
LOS ANGELES CA 90045 1 06/17/97 00
0430283044 05 08/01/97 0
323573 O 07/01/27
0
1596839 E22/G02 F 35,100.00 ZZ
360 35,100.00 1
113 BRECKMAN 9.500 295.14 90
9.250 295.14 39,000.00
WALBRIDGE OH 43465 1 06/24/97 04
0410391098 05 08/01/97 25
410391098 N 07/01/27
0
1596846 765/G02 F 172,000.00 ZZ
360 172,000.00 2
1
145-147 ACACIA AVENUE 8.750 1,353.13 79
8.500 1,353.13 218,000.00
MONROVIA CA 91016 2 06/12/97 00
0430282772 05 08/01/97 0
323478 O 07/01/27
0
1596893 950/G02 F 68,800.00 ZZ
360 68,800.00 2
3903-3905 E MCLOUGHLIN BLVD 9.000 553.58 80
8.750 553.58 86,000.00
VANCOUVER WA 98661 1 06/18/97 01
0430285833 05 08/01/97 12
HV05219729 N 07/01/27
0
1596909 637/G02 F 64,700.00 ZZ
360 64,700.00 2
1270 SE 8TH STREET 8.625 503.23 90
8.375 503.23 71,900.00
CAPE CORAL FL 33990 1 06/11/97 01
0430282517 05 08/01/97 25
9464652 N 07/01/27
0
1596910 776/G02 F 40,500.00 ZZ
360 40,500.00 1
5851 HAMPTON 9.500 340.55 90
9.250 340.55 45,000.00
ST LOUIS MO 63109 1 06/16/97 10
0430285056 05 08/01/97 25
8742745 N 07/01/27
0
1597010 E82/G02 F 43,000.00 ZZ
360 43,000.00 1
72 WEST NORMAN AVENUE 9.000 345.99 80
8.750 345.99 54,000.00
DAYTON OH 45405 2 06/09/97 00
0400034807 05 08/01/97 0
400034807 N 07/01/27
0
1597080 A83/G02 F 260,000.00 ZZ
360 259,842.49 2
891 HEATHERSTONE WAY 8.500 1,999.18 49
8.250 1,999.18 540,000.00
MOUNTIAN VIEW CA 94040 1 05/29/97 00
0430284919 05 07/01/97 0
1
A83 N 06/01/27
0
1597082 A83/G02 F 150,400.00 ZZ
360 150,315.68 1
486 HOLYBERRY COURT 8.875 1,196.65 80
8.625 1,196.65 188,000.00
SAN JOSE CA 95129 1 05/12/97 00
0430284760 09 07/01/97 0
A83 O 06/01/27
0
1597146 A37/G02 F 64,800.00 ZZ
360 64,800.00 1
2317 N NEVA NO 314A 9.625 550.80 90
9.375 550.80 72,000.00
CHICAGO IL 60635 1 06/25/97 01
0430285742 08 08/01/97 25
9727106 N 07/01/27
0
1597197 E67/G02 F 85,000.00 T
360 85,000.00 1
13260 W PENINSULA DR 8.250 638.58 66
8.000 638.58 129,000.00
CROOKED RIVER R OR 97760 1 06/26/97 00
0430280289 27 08/01/97 0
6430 O 07/01/27
0
1597206 700/G02 F 49,950.00 ZZ
360 49,950.00 1
5522 S OAKLEY 9.000 401.91 90
8.750 401.91 55,500.00
CHICAGO IL 60636 1 06/27/97 04
0430282954 05 08/01/97 25
123800 N 07/01/27
0
1597216 E22/G02 F 441,600.00 ZZ
360 441,600.00 1
4608 STONEHOLLOW WAY 8.875 3,513.57 80
8.625 3,513.57 552,000.00
DALLAS TX 75287 1 06/13/97 00
0410425755 05 08/01/97 0
410425755 O 07/01/27
0
1
1597234 E22/G02 F 101,900.00 ZZ
360 101,900.00 1
235B MANOR COURT 8.750 801.65 75
8.500 801.65 135,900.00
WINDSOR CO 80550 1 06/13/97 00
0410455141 01 08/01/97 0
410455141 O 07/01/27
0
1597237 E22/G02 F 200,000.00 ZZ
360 200,000.00 1
351 CARTER MOIR DRIVE 8.500 1,537.83 80
8.250 1,537.83 250,000.00
LANCASTER PA 17601 1 06/23/97 00
0410406946 05 08/01/97 0
410406946 O 07/01/27
0
1597243 E22/G02 F 44,000.00 ZZ
360 44,000.00 1
19034 NEATH STREET 8.750 346.15 80
8.500 346.15 55,000.00
HUMBLE TX 77346 1 06/25/97 00
0410432371 03 08/01/97 0
410432371 O 07/01/27
0
1597247 E22/G02 F 284,000.00 ZZ
360 284,000.00 1
11301 MORLA LANE 8.375 2,158.61 72
8.125 2,158.61 395,000.00
NOKESVILLE VA 20181 2 06/19/97 00
0410454839 05 08/01/97 0
410454839 O 07/01/27
0
1597249 E22/G02 F 73,950.00 ZZ
360 73,950.00 3
1167 ROHE STREET, 1, 2, 3 9.500 621.81 90
9.250 621.81 82,200.00
TARPON SPRINGS FL 34689 1 06/20/97 04
0410414510 05 08/01/97 25
410414510 N 07/01/27
0
1597259 E22/G02 F 57,600.00 ZZ
360 57,600.00 2
240-242 YANKEE ROAD 9.875 500.17 90
9.625 500.17 64,000.00
1
MIDDLETOWN OH 45044 1 06/24/97 01
0410418974 05 08/01/97 25
410418974 N 07/01/27
0
1597288 E22/G02 F 89,100.00 ZZ
360 89,100.00 1
2720 VICTORIA DRIVE 8.625 693.01 90
8.375 693.01 99,000.00
SANTA ROSA CA 95407 1 06/20/97 10
0410409957 05 08/01/97 25
410409957 N 07/01/27
0
1597294 H05/H05 F 80,000.00 ZZ
360 80,000.00 2
14 BAKER STREET 9.000 643.70 80
8.750 643.70 100,000.00
POUGHKEEPSIE NY 12603 5 06/27/97 00
104244360 05 08/01/97 0
104244360 O 07/01/27
0
1597295 E22/G02 F 240,750.00 BB
360 240,750.00 2
630-632 ABBOT AVENUE 8.000 1,766.54 80
7.750 1,766.54 300,950.00
DALY CITY CA 94014 1 06/26/97 00
0410463277 05 08/01/97 0
410463277 O 07/01/27
0
1597305 H05/H05 F 72,100.00 ZZ
360 72,100.00 1
21 INNIS AVENUE 9.000 580.13 70
8.750 580.13 103,000.00
POUGHKEEPSIE NY 12603 2 06/27/97 00
104244360 05 08/01/97 0
104244360 N 07/01/27
0
1597313 909/G02 F 166,500.00 ZZ
360 166,500.00 1
3770 AVOCADO BOULEVARD 8.000 1,221.72 90
7.750 1,221.72 185,000.00
LA MESA CA 91941 1 06/20/97 23
0430284372 05 08/01/97 0
6004820 O 07/01/27
0
1
1597319 573/G02 F 129,700.00 ZZ
360 129,700.00 1
39770 NAPLES DRIVE 8.750 1,020.36 69
8.500 1,020.36 189,741.00
MURRIETA CA 92563 1 06/04/97 00
0430284158 05 08/01/97 0
110372 O 07/01/27
0
1597337 286/286 F 50,625.00 ZZ
360 50,625.00 1
1603 WINTER GREEN BLVD 8.500 389.27 75
8.250 389.27 67,500.00
WINTER PARK FL 32792 1 06/06/97 00
8645486 03 08/01/97 0
8645486 N 07/01/27
0
1597342 286/286 F 132,780.00 ZZ
360 132,712.94 1
106 CREEDMOOR COURT 9.375 1,104.40 80
9.125 1,104.40 165,980.00
WILLIAMSBURG VA 23185 1 05/29/97 00
9170284 05 07/01/97 0
9170284 O 06/01/27
0
1597362 B75/G02 F 68,000.00 ZZ
360 68,000.00 1
4763 SOUTH HANAUER STREET 8.875 541.04 80
8.625 541.04 85,000.00
MURRAY UT 84107 1 06/03/97 00
0430284067 05 08/01/97 0
2893444 O 07/01/27
0
1597390 B28/G02 F 72,350.00 ZZ
360 72,350.00 1
870 SOUTHWEST 21ST STREET 8.500 556.31 75
8.250 556.31 96,500.00
CHEHALIS WA 98532 5 06/18/97 00
0430284109 05 08/01/97 0
09970299 O 07/01/27
0
1597439 E22/G02 F 66,000.00 ZZ
360 66,000.00 1
1
112 FRANKLIN STREET 8.750 519.22 75
8.500 519.22 88,000.00
ROSEVILLE CA 95678 1 06/11/97 00
0410454201 05 08/01/97 0
410454201 N 07/01/27
0
1597486 F34/G02 F 69,500.00 ZZ
360 69,500.00 1
7561 NW 173 LANE 8.750 546.76 80
8.500 546.76 86,900.00
MIAMI FL 33015 1 06/26/97 00
0430285726 07 08/01/97 0
9700486 O 07/01/27
0
1597487 687/G02 F 244,000.00 ZZ
360 244,000.00 1
1511 NE COLBERN ROAD 8.625 1,897.81 78
8.375 1,897.81 315,000.00
LEES SUMMIT MO 64086 1 06/20/97 00
0430282574 05 08/01/97 0
549037 O 07/01/27
0
1597490 F34/G02 F 67,200.00 T
360 67,200.00 1
11105 NW 38 PLACE 8.750 528.67 80
8.500 528.67 84,000.00
SUNRISE FL 33351 1 06/27/97 00
0430281964 09 08/01/97 0
9700496 O 07/01/27
0
1597628 687/G02 F 239,200.00 ZZ
360 239,200.00 1
977 COROLLA DRIVE 8.875 1,903.18 80
8.625 1,903.18 299,000.00
COROLLA NC 27927 1 06/24/97 01
0430283879 05 08/01/97 12
1606964 N 07/01/27
0
1597639 E22/G02 F 258,000.00 ZZ
360 258,000.00 1
587 LOS PALMOS 8.375 1,960.99 75
8.125 1,960.99 345,000.00
SAN FRANCISCO CA 94127 5 06/20/97 00
0410456511 05 08/01/97 0
1
410456511 O 07/01/27
0
1597642 E22/G02 F 63,000.00 ZZ
360 63,000.00 1
2738 OAK ROAD UNIT #166 8.375 478.85 90
8.125 478.85 70,000.00
WALNUT CREEK CA 94596 1 06/24/97 01
0410410013 01 08/01/97 25
410410013 O 07/01/27
0
1597648 E22/G02 F 260,000.00 ZZ
360 260,000.00 1
140 VIA LA CUMBRE (GREENBRAE 8.250 1,953.29 80
AREA) 8.000 1,953.29 325,000.00
LARKSPUR CA 94904 1 06/23/97 00
0410457188 05 08/01/97 0
410457188 O 07/01/27
0
1597649 E22/G02 F 308,800.00 ZZ
360 308,800.00 1
12100 STEFFS COURT 8.375 2,347.10 80
8.125 2,347.10 386,000.00
SAN MARTIN CA 95046 2 06/24/97 00
0410460307 05 08/01/97 0
410460307 O 07/01/27
0
1597813 E22/G02 F 48,750.00 ZZ
360 48,750.00 1
2103 WEST STEELE LANE 8.500 374.85 75
8.250 374.85 65,000.00
SANTA ROSA CA 95403 1 06/23/97 00
0410409338 09 08/01/97 0
410409338 N 07/01/27
0
1598159 E22/G02 F 146,250.00 ZZ
360 146,250.00 1
1524 NUALA STREET 8.750 1,150.55 75
8.500 1,150.55 195,000.00
CONCORD CA 94518 1 06/24/97 00
0410460117 05 08/01/97 0
410460117 N 07/01/27
0
1
1598938 E22/G02 F 43,100.00 ZZ
360 43,100.00 1
11202 VIENNA COURT 9.250 354.57 80
9.000 354.57 53,900.00
CYPRESS TX 77429 1 06/27/97 04
0410455521 03 08/01/97 12
410455521 N 07/01/27
0
1598939 561/G02 F 85,400.00 ZZ
360 85,400.00 1
9527 BANES STREET 9.000 687.15 70
8.750 687.15 122,000.00
PHILADELPHIA PA 19115 2 06/05/97 00
0430283283 07 08/01/97 0
9058363 N 07/01/27
0
1598940 E22/G02 F 81,000.00 ZZ
360 81,000.00 1
1815 SOUTH COMMERCE 9.250 666.37 90
9.000 666.37 90,000.00
WOLVERINE VILLA MI 48390 1 06/25/97 04
0410397251 05 08/01/97 25
410397251 N 07/01/27
0
1598941 964/G02 F 182,400.00 ZZ
360 182,289.50 1
705 E STREET 8.500 1,402.50 80
8.250 1,402.50 228,000.00
ANTIOCH CA 94509 1 05/29/97 00
0430281790 05 07/01/97 0
25297 O 06/01/27
0
1598993 286/286 F 41,600.00 ZZ
360 41,576.06 1
5335 BENT TREE FOREST DRIVE 8.750 327.27 75
#225 8.500 327.27 55,500.00
DALLAS TX 75248 1 05/22/97 00
9173942 01 07/01/97 0
9173942 O 06/01/27
0
1598997 405/405 F 104,950.00 ZZ
360 104,950.00 1
35 LA MIRAGE CIRCLE 8.000 770.09 75
7.750 770.09 139,990.00
1
ALISO VIEJO CA 92656 1 06/05/97 00
8223497 01 08/01/97 0
8223497 O 07/01/27
0
1599001 286/286 F 82,800.00 ZZ
360 82,800.00 1
59 SAMPSON AVE 9.375 688.69 90
9.125 688.69 92,000.00
SEASIDE HEIGHTS NJ 08752 1 06/17/97 10
9172052 05 08/01/97 25
9172052 N 07/01/27
0
1599002 286/286 F 148,000.00 ZZ
360 148,000.00 1
48 PLEASANT PL 8.625 1,151.13 80
8.375 1,151.13 185,000.00
DEAL NJ 07723 1 06/17/97 00
9171239 05 08/01/97 0
9171239 O 07/01/27
0
1599634 561/561 F 81,800.00 ZZ
360 81,800.00 1
10900 COASTAL HIGHWAY 9.125 665.56 90
UNIT NO. 306 8.875 665.56 90,900.00
OCEAN CITY MD 21842 1 06/28/97 12
9067885 06 08/01/97 25
9067885 N 07/01/27
0
1599688 731/G02 F 44,100.00 ZZ
360 44,100.00 2
5201-5203 SUNBEAM AVENUE 9.125 358.81 90
8.875 358.81 49,000.00
CHATTANOOGA TN 37411 1 06/25/97 01
0430283721 05 08/01/97 25
3140864246 N 07/01/27
0
1599695 533/G02 F 305,000.00 ZZ
360 305,000.00 1
3982 LADERA VISTA ROAD 8.400 2,323.61 61
8.150 2,323.61 507,935.00
FALLBROOK CA 92028 1 06/24/97 00
0430284992 05 08/01/97 0
2223683 O 07/01/27
0
1
1599696 731/G02 F 45,000.00 ZZ
360 45,000.00 2
8-10 SOUTH HOWELL AVENUE 9.125 366.13 90
8.875 366.13 50,000.00
CHATTANOOGA TN 37411 1 06/25/97 01
0430284257 05 08/01/97 25
3140864247 N 07/01/27
0
1599740 560/560 F 41,500.00 ZZ
360 41,500.00 4
391 1/2 E CLIVEDEN STREET 8.500 319.10 42
8.250 319.10 100,000.00
PHILADELPHIA PA 19119 5 06/12/97 00
450745328 05 08/01/97 0
450745328 N 07/01/27
0
1599749 560/560 F 46,750.00 ZZ
360 46,717.83 1
2639 W IRIS AVENUE 7.875 338.97 55
7.625 338.97 85,000.00
VISALIA CA 93277 1 06/02/97 00
450739883 05 07/01/97 0
450739883 N 06/01/27
0
1599750 964/G02 F 204,800.00 ZZ
360 204,800.00 1
928 HYLAND DRIVE 8.500 1,574.74 80
8.250 1,574.74 256,000.00
SANTA ROSA CA 95404 1 06/10/97 00
0430282137 05 08/01/97 0
25600 O 07/01/27
0
1599810 560/560 F 47,000.00 T
360 47,000.00 1
17011 N BAY ROAD UNIT 110 8.750 369.75 79
8.500 369.75 59,990.00
SUNNY ISLES FL 33160 1 06/10/97 00
450743695 06 08/01/97 0
450743695 O 07/01/27
0
1599846 560/560 F 37,800.00 ZZ
360 37,800.00 1
1
3464 FARMVILLE RD 8.875 300.76 90
8.625 300.76 42,000.00
MEMPHIS TN 38122 1 06/10/97 04
450743646 05 08/01/97 25
450743646 N 07/01/27
0
1599855 405/405 F 71,200.00 ZZ
360 71,200.00 1
708 HILLCREST AVENUE 8.500 547.47 80
8.250 547.47 89,000.00
NIXA MO 65714 5 06/12/97 00
004231247 05 08/01/97 0
004231247 O 07/01/27
0
1599858 405/405 F 87,500.00 ZZ
360 87,456.96 4
303 EAST CROSLIN STREET 9.500 735.75 70
9.250 735.75 125,000.00
AUSTIN TX 78752 5 06/04/97 00
004237871 05 07/01/97 0
004237871 N 06/01/27
0
1599882 685/G02 F 131,950.00 ZZ
360 131,950.00 1
9 CALLE DEL MAR 8.000 968.20 80
7.750 968.20 164,990.00
RANCHO SANTA MA CA 92688 1 06/24/97 00
0430285643 03 08/01/97 0
108146 O 07/01/27
0
1600030 369/G02 F 117,000.00 ZZ
360 117,000.00 4
260 W 8TH AVE #155, 156, 255, 9.000 941.41 90
256 8.750 941.41 130,000.00
MESA AZ 85210 1 06/03/97 01
0430284703 03 08/01/97 25
60452323 N 07/01/27
0
1600111 964/G02 F 168,750.00 ZZ
360 168,750.00 1
15511 MONTE ROSA AVENUE 8.000 1,238.23 75
UNIT #256 7.750 1,238.23 225,000.00
GUERNEVILLE CA 95446 1 06/23/97 00
0430283085 05 08/01/97 0
1
25904 O 07/01/27
0
1600304 765/G02 F 128,000.00 ZZ
360 128,000.00 1
4509 NORTH GLENVINA AVENUE 8.250 961.63 80
8.000 961.63 160,000.00
COVINA (AREA) CA 91722 2 06/23/97 00
0430285874 05 08/01/97 0
323686 O 07/01/27
0
TOTAL NUMBER OF LOANS : 1,706
TOTAL ORIGINAL BALANCE : 191,482,721.00
TOTAL PRINCIPAL BALANCE : 191,342,550.62
TOTAL ORIGINAL P+I : 1,522,676.40
TOTAL CURRENT P+I : 1,522,676.40
***************************
* END OF REPORT *
***************************
RUN ON : 07/29/97 RFC DISCLOSURE SYSTEM RFFSDFIX-01
AT : 14.51.06 FIXED PASSTHRU REPORT AMORTIZED BALANCE
SERIES : RALI 1997-QS7 30 YEAR CUTOFF : 07/01/97
POOL : 0004255
:
:
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
------------------------------------------------------------------------------
1464507 .2500
112,323.21 .0800
8.1250 .0000
7.8750 .0000
7.7950 .0000
7.7500 .0450
1516608 .2500
50,059.70 .0800
10.1250 .0000
9.8750 .0000
9.7950 .0000
7.7500 2.0450
1541672 .2500
103,526.07 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.7500 .1700
1543637 .2500
44,800.00 .0800
9.1250 .0000
8.8750 .0000
8.7950 .0000
7.7500 1.0450
1545000 .2500
71,500.00 .0800
8.7500 .0000
8.5000 .0000
8.4200 .0000
7.7500 .6700
1548854 .2500
107,250.00 .0800
9.2500 .0000
9.0000 .0000
8.9200 .0000
7.7500 1.1700
1
1550038 .2500
199,652.27 .0800
8.7500 .0000
8.5000 .0000
8.4200 .0000
7.7500 .6700
1552718 .2500
145,378.46 .0800
9.5000 .0000
9.2500 .0000
9.1700 .0000
7.7500 1.4200
1554151 .2500
152,025.19 .0800
9.5000 .0000
9.2500 .0000
9.1700 .0000
7.7500 1.4200
1555904 .2500
64,708.54 .0800
9.7500 .0000
9.5000 .0000
9.4200 .0000
7.7500 1.6700
1558690 .2500
143,736.42 .0800
8.5000 .0000
8.2500 .0000
8.1700 .0000
7.7500 .4200
1559013 .2500
127,883.20 .0800
9.8750 .0000
9.6250 .0000
9.5450 .0000
7.7500 1.7950
1559120 .2500
110,935.89 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.7500 .1700
1560693 .2500
399,267.89 .0800
8.5000 .0000
8.2500 .0000
8.1700 .0000
7.7500 .4200
1
1561133 .2500
103,764.19 .0800
8.8750 .0000
8.6250 .0000
8.5450 .0000
7.7500 .7950
1561244 .2500
99,945.38 .0800
9.0000 .0000
8.7500 .0000
8.6700 .0000
7.7500 .9200
1561745 .2500
106,996.97 .0800
9.6250 .0000
9.3750 .0000
9.2950 .0000
7.7500 1.5450
1561751 .2500
144,922.83 .0800
9.1250 .0000
8.8750 .0000
8.7950 .0000
7.7500 1.0450
1562078 .2500
57,239.51 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.7500 .1700
1562929 .2500
64,768.95 .0800
9.6250 .0000
9.3750 .0000
9.2950 .0000
7.7500 1.5450
1562983 .2500
255,752.77 .0800
8.7500 .0000
8.5000 .0000
8.4200 .0000
7.7500 .6700
1563848 .2500
149,913.70 .0800
8.7500 .0000
8.5000 .0000
8.4200 .0000
7.7500 .6700
1
1563891 .2500
107,971.88 .0800
8.6250 .0000
8.3750 .0000
8.2950 .0000
7.7500 .5450
1564031 .2500
49,968.92 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0000
7.7500 .2950
1564304 .2500
56,669.02 .0800
9.0000 .0000
8.7500 .0000
8.6700 .0000
7.7500 .9200
1564537 .2500
99,717.17 .0800
8.5000 .0000
8.2500 .0000
8.1700 .0000
7.7500 .4200
1565131 .2500
127,855.95 .0800
8.8750 .0000
8.6250 .0000
8.5450 .0000
7.7500 .7950
1565440 .2500
81,369.85 .0800
9.5000 .0000
9.2500 .0000
9.1700 .0000
7.7500 1.4200
1565442 .2500
53,950.00 .0800
9.3750 .0000
9.1250 .0000
9.0450 .0000
7.7500 1.2950
1565576 .2500
121,380.00 .0800
9.5000 .0000
9.2500 .0000
9.1700 .0000
7.7500 1.4200
1
1565577 .2500
121,380.00 .0800
9.5000 .0000
9.2500 .0000
9.1700 .0000
7.7500 1.4200
1565647 .2500
175,908.76 .0800
9.2500 .0000
9.0000 .0000
8.9200 .0000
7.7500 1.1700
1565674 .2500
110,884.46 .0800
9.2500 .0000
9.0000 .0000
8.9200 .0000
7.7500 1.1700
1565682 .2500
115,818.18 .0800
9.2500 .0000
9.0000 .0000
8.9200 .0000
7.7500 1.1700
1566094 .2500
60,800.00 .0800
9.0000 .0000
8.7500 .0000
8.6700 .0000
7.7500 .9200
1566149 .2500
104,535.25 .0800
9.0000 .0000
8.7500 .0000
8.6700 .0000
7.7500 .9200
1566567 .2500
139,500.00 .0800
9.2500 .0000
9.0000 .0000
8.9200 .0000
7.7500 1.1700
1566696 .2500
126,268.42 .0800
9.2500 .0000
9.0000 .0000
8.9200 .0000
7.7500 1.1700
1
1566940 .2500
118,869.51 .0800
9.0000 .0000
8.7500 .0000
8.6700 .0000
7.7500 .9200
1567070 .2500
55,682.22 .0800
8.5000 .0000
8.2500 .0000
8.1700 .0000
7.7500 .4200
1567076 .2500
100,442.18 .0800
8.7500 .0000
8.5000 .0000
8.4200 .0000
7.7500 .6700
1567342 .2500
135,842.93 .0800
8.7500 .0000
8.5000 .0000
8.4200 .0000
7.7500 .6700
1567351 .2500
399,769.87 .0800
8.7500 .0000
8.5000 .0000
8.4200 .0000
7.7500 .6700
1567856 .2500
103,591.89 .0800
8.8750 .0000
8.6250 .0000
8.5450 .0000
7.7500 .7950
1568040 .2500
30,719.64 .0800
9.5000 .0000
9.2500 .0000
9.1700 .0000
7.7500 1.4200
1568291 .2500
204,643.57 .0800
8.7500 .0000
8.5000 .0000
8.4200 .0000
7.7500 .6700
1
1568689 .2500
16,182.23 .0800
9.0000 .0000
8.7500 .0000
8.6700 .0000
7.7500 .9200
1568763 .2500
194,768.92 .0800
8.6250 .0000
8.3750 .0000
8.2950 .0000
7.7500 .5450
1568877 .2500
43,944.10 .0800
9.1250 .0000
8.8750 .0000
8.7950 .0000
7.7500 1.0450
1568983 .2500
171,700.00 .0800
9.7500 .0000
9.5000 .0000
9.4200 .0000
7.7500 1.6700
1568987 .2500
129,539.53 .0800
9.7500 .0000
9.5000 .0000
9.4200 .0000
7.7500 1.6700
1569295 .2500
107,875.27 .0800
8.7500 .0000
8.5000 .0000
8.4200 .0000
7.7500 .6700
1569453 .2500
35,663.82 .0800
9.3750 .0000
9.1250 .0000
9.0450 .0000
7.7500 1.2950
1569464 .2500
51,000.00 .0800
9.2500 .0000
9.0000 .0000
8.9200 .0000
7.7500 1.1700
1
1569645 .2500
124,933.47 .0800
9.1250 .0000
8.8750 .0000
8.7950 .0000
7.7500 1.0450
1569671 .2500
90,798.91 .0800
9.0000 .0000
8.7500 .0000
8.6700 .0000
7.7500 .9200
1569753 .3750
217,600.00 .0800
9.1250 .0000
8.7500 .0000
8.6700 .0000
7.7500 .9200
1569906 .2500
212,000.00 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.7500 .1700
1569908 .2500
60,370.29 .0800
9.5000 .0000
9.2500 .0000
9.1700 .0000
7.7500 1.4200
1569909 .2500
26,087.49 .0800
9.6250 .0000
9.3750 .0000
9.2950 .0000
7.7500 1.5450
1570002 .2500
90,750.00 .0800
8.7500 .0000
8.5000 .0000
8.4200 .0000
7.7500 .6700
1570010 .2500
50,000.00 .0800
9.1250 .0000
8.8750 .0000
8.7950 .0000
7.7500 1.0450
1
1570217 .2500
66,364.67 .0800
9.1250 .0000
8.8750 .0000
8.7950 .0000
7.7500 1.0450
1570355 .2500
97,231.84 .0300
8.0000 .0000
7.7500 .0000
7.7200 .0000
7.7200 .0000
1570359 .2500
221,623.86 .0800
8.8750 .0000
8.6250 .0000
8.5450 .0000
7.7500 .7950
1570386 .2500
135,842.94 .0800
8.7500 .0000
8.5000 .0000
8.4200 .0000
7.7500 .6700
1570595 .2500
71,771.74 .0800
8.6250 .0000
8.3750 .0000
8.2950 .0000
7.7500 .5450
1570611 .2500
55,145.49 .0800
9.5000 .0000
9.2500 .0000
9.1700 .0000
7.7500 1.4200
1570656 .2500
99,948.15 .0800
9.2500 .0000
9.0000 .0000
8.9200 .0000
7.7500 1.1700
1570661 .2500
71,517.30 .0800
8.7500 .0000
8.5000 .0000
8.4200 .0000
7.7500 .6700
1
1570747 .2500
37,532.01 .0800
9.6250 .0000
9.3750 .0000
9.2950 .0000
7.7500 1.5450
1570750 .2500
45,000.00 .0800
9.3750 .0000
9.1250 .0000
9.0450 .0000
7.7500 1.2950
1570782 .2500
499,597.16 .0800
8.5000 .0000
8.2500 .0000
8.1700 .0000
7.7500 .4200
1570784 .2500
57,767.02 .0800
8.8750 .0000
8.6250 .0000
8.5450 .0000
7.7500 .7950
1570818 .2500
32,370.45 .0800
9.8750 .0000
9.6250 .0000
9.5450 .0000
7.7500 1.7950
1570853 .2500
92,908.16 .0800
9.5000 .0000
9.2500 .0000
9.1700 .0000
7.7500 1.4200
1570949 .2500
206,868.00 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.7500 .1700
1570951 .2500
101,638.38 .0800
8.5000 .0000
8.2500 .0000
8.1700 .0000
7.7500 .4200
1
1570984 .2500
106,679.80 .0800
8.8750 .0000
8.6250 .0000
8.5450 .0000
7.7500 .7950
1570990 .2500
65,960.01 .0800
8.5000 .0000
8.2500 .0000
8.1700 .0000
7.7500 .4200
1570997 .2500
108,946.38 .0800
9.5000 .0000
9.2500 .0000
9.1700 .0000
7.7500 1.4200
1571017 .2500
45,858.13 .0800
9.8750 .0000
9.6250 .0000
9.5450 .0000
7.7500 1.7950
1571033 .2500
42,241.88 .0800
9.8750 .0000
9.6250 .0000
9.5450 .0000
7.7500 1.7950
1571034 .2500
94,370.14 .0800
9.8750 .0000
9.6250 .0000
9.5450 .0000
7.7500 1.7950
1571529 .2500
108,000.00 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0000
7.7500 .2950
1571643 .2500
40,479.00 .0800
9.2500 .0000
9.0000 .0000
8.9200 .0000
7.7500 1.1700
1
1571767 .2500
68,209.71 .0800
8.6250 .0000
8.3750 .0000
8.2950 .0000
7.7500 .5450
1571770 .2500
157,418.34 .0800
9.2500 .0000
9.0000 .0000
8.9200 .0000
7.7500 1.1700
1572113 .2500
179,661.98 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0000
7.7500 .2950
1572164 .2500
83,950.41 .0800
8.6250 .0000
8.3750 .0000
8.2950 .0000
7.7500 .5450
1572181 .2500
85,203.43 .0800
9.0000 .0000
8.7500 .0000
8.6700 .0000
7.7500 .9200
1572182 .2500
93,389.20 .0800
8.6250 .0000
8.3750 .0000
8.2950 .0000
7.7500 .5450
1572223 .2500
73,763.70 .0800
9.5000 .0000
9.2500 .0000
9.1700 .0000
7.7500 1.4200
1572237 .2500
117,526.90 .0800
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50,400.00 .0800
8.8750 .0000
8.6250 .0000
8.5450 .0000
7.7500 .7950
1595684 .2500
244,000.00 .0800
8.6250 .0000
8.3750 .0000
8.2950 .0000
7.7500 .5450
1595687 .2500
43,650.00 .0800
8.8750 .0000
8.6250 .0000
8.5450 .0000
7.7500 .7950
1595689 .2500
76,400.00 .0800
9.1250 .0000
8.8750 .0000
8.7950 .0000
7.7500 1.0450
1
1595694 .2500
110,000.00 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0000
7.7500 .2950
1595754 .2500
43,500.00 .0800
8.5000 .0000
8.2500 .0000
8.1700 .0000
7.7500 .4200
1595760 .2500
360,000.00 .0800
8.6250 .0000
8.3750 .0000
8.2950 .0000
7.7500 .5450
1595763 .2500
89,550.00 .0800
8.7500 .0000
8.5000 .0000
8.4200 .0000
7.7500 .6700
1595767 .2500
63,000.00 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0000
7.7500 .2950
1595775 .2500
100,000.00 .0800
8.8750 .0000
8.6250 .0000
8.5450 .0000
7.7500 .7950
1595777 .2500
99,000.00 .0800
8.5000 .0000
8.2500 .0000
8.1700 .0000
7.7500 .4200
1595791 .2500
126,000.00 .0800
9.8750 .0000
9.6250 .0000
9.5450 .0000
7.7500 1.7950
1
1595799 .2500
137,250.00 .0800
9.1250 .0000
8.8750 .0000
8.7950 .0000
7.7500 1.0450
1595800 .2500
94,400.00 .0800
8.8750 .0000
8.6250 .0000
8.5450 .0000
7.7500 .7950
1595802 .2500
87,000.00 .0800
8.6250 .0000
8.3750 .0000
8.2950 .0000
7.7500 .5450
1595811 .2500
89,100.00 .0800
9.1250 .0000
8.8750 .0000
8.7950 .0000
7.7500 1.0450
1595814 .2500
209,800.00 .0300
8.0000 .0000
7.7500 .0000
7.7200 .0000
7.7200 .0000
1595816 .2500
84,500.00 .0800
8.7500 .0000
8.5000 .0000
8.4200 .0000
7.7500 .6700
1595822 .2500
393,600.00 .0800
8.7500 .0000
8.5000 .0000
8.4200 .0000
7.7500 .6700
1595823 .2500
67,900.00 .0800
8.8750 .0000
8.6250 .0000
8.5450 .0000
7.7500 .7950
1
1595828 .2500
87,750.00 .0800
8.8750 .0000
8.6250 .0000
8.5450 .0000
7.7500 .7950
1595832 .2500
193,040.00 .0300
8.0000 .0000
7.7500 .0000
7.7200 .0000
7.7200 .0000
1595852 .2500
116,350.00 .0800
9.3750 .0000
9.1250 .0000
9.0450 .0000
7.7500 1.2950
1595893 .2500
100,000.00 .0800
8.7500 .0000
8.5000 .0000
8.4200 .0000
7.7500 .6700
1595896 .2500
307,000.00 .0800
9.2500 .0000
9.0000 .0000
8.9200 .0000
7.7500 1.1700
1595906 .2500
58,500.00 .0800
9.5000 .0000
9.2500 .0000
9.1700 .0000
7.7500 1.4200
1595976 .2500
125,484.91 .0800
9.2500 .0000
9.0000 .0000
8.9200 .0000
7.7500 1.1700
1595978 .2500
70,163.60 .0800
9.2500 .0000
9.0000 .0000
8.9200 .0000
7.7500 1.1700
1
1595979 .2500
51,172.74 .0800
9.1250 .0000
8.8750 .0000
8.7950 .0000
7.7500 1.0450
1595980 .2500
122,000.00 .0800
8.8750 .0000
8.6250 .0000
8.5450 .0000
7.7500 .7950
1595999 .2500
33,284.46 .0800
9.7500 .0000
9.5000 .0000
9.4200 .0000
7.7500 1.6700
1596002 .2500
25,650.00 .0800
9.7500 .0000
9.5000 .0000
9.4200 .0000
7.7500 1.6700
1596025 .2500
126,000.00 .0800
9.8750 .0000
9.6250 .0000
9.5450 .0000
7.7500 1.7950
1596028 .2500
124,000.00 .0800
8.6250 .0000
8.3750 .0000
8.2950 .0000
7.7500 .5450
1596038 .2500
99,200.00 .0800
8.5000 .0000
8.2500 .0000
8.1700 .0000
7.7500 .4200
1596039 .2500
28,500.00 .0800
9.1250 .0000
8.8750 .0000
8.7950 .0000
7.7500 1.0450
1
1596042 .2500
20,250.00 .0800
10.2500 .0000
10.0000 .0000
9.9200 .0000
7.7500 2.1700
1596044 .2500
45,900.00 .0800
9.3750 .0000
9.1250 .0000
9.0450 .0000
7.7500 1.2950
1596050 .2500
95,952.78 .0800
9.5000 .0000
9.2500 .0000
9.1700 .0000
7.7500 1.4200
1596056 .2500
32,200.00 .0800
9.8750 .0000
9.6250 .0000
9.5450 .0000
7.7500 1.7950
1596057 .2500
30,800.00 .0800
9.8750 .0000
9.6250 .0000
9.5450 .0000
7.7500 1.7950
1596060 .2500
304,000.00 .0800
8.6250 .0000
8.3750 .0000
8.2950 .0000
7.7500 .5450
1596075 .2500
43,500.00 .0800
9.1250 .0000
8.8750 .0000
8.7950 .0000
7.7500 1.0450
1596092 .2500
30,600.00 .0800
8.8750 .0000
8.6250 .0000
8.5450 .0000
7.7500 .7950
1
1596099 .2500
72,400.00 .0800
8.8750 .0000
8.6250 .0000
8.5450 .0000
7.7500 .7950
1596107 .2500
450,000.00 .0800
8.8750 .0000
8.6250 .0000
8.5450 .0000
7.7500 .7950
1596113 .2500
24,500.00 .0800
9.6250 .0000
9.3750 .0000
9.2950 .0000
7.7500 1.5450
1596121 .2500
97,500.00 .0800
9.1250 .0000
8.8750 .0000
8.7950 .0000
7.7500 1.0450
1596122 .2500
88,000.00 .0800
8.6250 .0000
8.3750 .0000
8.2950 .0000
7.7500 .5450
1596126 .2500
36,900.00 .0800
9.0000 .0000
8.7500 .0000
8.6700 .0000
7.7500 .9200
1596133 .2500
46,300.00 .0800
9.8750 .0000
9.6250 .0000
9.5450 .0000
7.7500 1.7950
1596145 .2500
182,400.00 .0800
9.0000 .0000
8.7500 .0000
8.6700 .0000
7.7500 .9200
1
1596180 .2500
106,940.00 .0800
8.8750 .0000
8.6250 .0000
8.5450 .0000
7.7500 .7950
1596206 .2500
139,522.00 .0800
8.6250 .0000
8.3750 .0000
8.2950 .0000
7.7500 .5450
1596216 .2500
61,500.00 .0800
8.7500 .0000
8.5000 .0000
8.4200 .0000
7.7500 .6700
1596226 .2500
100,000.00 .0300
7.8750 .0000
7.6250 .0000
7.5950 .0000
7.5950 .0000
1596229 .2500
125,600.00 .0800
8.7500 .0000
8.5000 .0000
8.4200 .0000
7.7500 .6700
1596238 .2500
214,600.00 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.7500 .1700
1596253 .2500
129,550.00 .0800
8.5000 .0000
8.2500 .0000
8.1700 .0000
7.7500 .4200
1596255 .2500
250,000.00 .0800
8.6250 .0000
8.3750 .0000
8.2950 .0000
7.7500 .5450
1
1596298 .2500
75,400.00 .0800
8.7500 .0000
8.5000 .0000
8.4200 .0000
7.7500 .6700
1596320 .2500
22,387.76 .0800
9.0000 .0000
8.7500 .0000
8.6700 .0000
7.7500 .9200
1596328 .2500
161,600.00 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0000
7.7500 .2950
1596338 .2500
272,800.00 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0000
7.7500 .2950
1596356 .2500
104,900.00 .0800
8.7500 .0000
8.5000 .0000
8.4200 .0000
7.7500 .6700
1596365 .2500
41,600.00 .0800
8.1250 .0000
7.8750 .0000
7.7950 .0000
7.7500 .0450
1596388 .2500
270,000.00 .0800
9.0000 .0000
8.7500 .0000
8.6700 .0000
7.7500 .9200
1596390 .2500
129,600.00 .0800
9.0000 .0000
8.7500 .0000
8.6700 .0000
7.7500 .9200
1
1596452 .2500
96,600.00 .0800
9.0000 .0000
8.7500 .0000
8.6700 .0000
7.7500 .9200
1596488 .2500
127,000.00 .0800
8.7500 .0000
8.5000 .0000
8.4200 .0000
7.7500 .6700
1596689 .2500
211,150.00 .0800
8.7500 .0000
8.5000 .0000
8.4200 .0000
7.7500 .6700
1596746 .2500
251,200.00 .0300
7.8750 .0000
7.6250 .0000
7.5950 .0000
7.5950 .0000
1596768 .2500
209,091.54 .0800
9.2500 .0000
9.0000 .0000
8.9200 .0000
7.7500 1.1700
1596777 .2500
26,900.00 .0800
9.2500 .0000
9.0000 .0000
8.9200 .0000
7.7500 1.1700
1596789 .2500
74,900.00 .0800
9.2500 .0000
9.0000 .0000
8.9200 .0000
7.7500 1.1700
1596799 .2500
332,000.00 .0300
8.0000 .0000
7.7500 .0000
7.7200 .0000
7.7200 .0000
1
1596803 .2500
75,950.00 .0800
9.2500 .0000
9.0000 .0000
8.9200 .0000
7.7500 1.1700
1596819 .2500
53,200.00 .0800
8.8750 .0000
8.6250 .0000
8.5450 .0000
7.7500 .7950
1596823 .2500
63,000.00 .0800
9.1250 .0000
8.8750 .0000
8.7950 .0000
7.7500 1.0450
1596826 .2500
75,000.00 .0800
8.5000 .0000
8.2500 .0000
8.1700 .0000
7.7500 .4200
1596829 .2500
45,000.00 .0800
9.7500 .0000
9.5000 .0000
9.4200 .0000
7.7500 1.6700
1596830 .2500
200,000.00 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.7500 .1700
1596839 .2500
35,100.00 .0800
9.5000 .0000
9.2500 .0000
9.1700 .0000
7.7500 1.4200
1596846 .2500
172,000.00 .0800
8.7500 .0000
8.5000 .0000
8.4200 .0000
7.7500 .6700
1
1596893 .2500
68,800.00 .0800
9.0000 .0000
8.7500 .0000
8.6700 .0000
7.7500 .9200
1596909 .2500
64,700.00 .0800
8.6250 .0000
8.3750 .0000
8.2950 .0000
7.7500 .5450
1596910 .2500
40,500.00 .0800
9.5000 .0000
9.2500 .0000
9.1700 .0000
7.7500 1.4200
1597010 .2500
43,000.00 .0800
9.0000 .0000
8.7500 .0000
8.6700 .0000
7.7500 .9200
1597080 .2500
259,842.49 .0800
8.5000 .0000
8.2500 .0000
8.1700 .0000
7.7500 .4200
1597082 .2500
150,315.68 .0800
8.8750 .0000
8.6250 .0000
8.5450 .0000
7.7500 .7950
1597146 .2500
64,800.00 .0800
9.6250 .0000
9.3750 .0000
9.2950 .0000
7.7500 1.5450
1597197 .2500
85,000.00 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.7500 .1700
1
1597206 .2500
49,950.00 .0800
9.0000 .0000
8.7500 .0000
8.6700 .0000
7.7500 .9200
1597216 .2500
441,600.00 .0800
8.8750 .0000
8.6250 .0000
8.5450 .0000
7.7500 .7950
1597234 .2500
101,900.00 .0800
8.7500 .0000
8.5000 .0000
8.4200 .0000
7.7500 .6700
1597237 .2500
200,000.00 .0800
8.5000 .0000
8.2500 .0000
8.1700 .0000
7.7500 .4200
1597243 .2500
44,000.00 .0800
8.7500 .0000
8.5000 .0000
8.4200 .0000
7.7500 .6700
1597247 .2500
284,000.00 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0000
7.7500 .2950
1597249 .2500
73,950.00 .0800
9.5000 .0000
9.2500 .0000
9.1700 .0000
7.7500 1.4200
1597259 .2500
57,600.00 .0800
9.8750 .0000
9.6250 .0000
9.5450 .0000
7.7500 1.7950
1
1597288 .2500
89,100.00 .0800
8.6250 .0000
8.3750 .0000
8.2950 .0000
7.7500 .5450
1597294 .2500
80,000.00 .0800
9.0000 .0000
8.7500 .0000
8.6700 .0000
7.7500 .9200
1597295 .2500
240,750.00 .0300
8.0000 .0000
7.7500 .0000
7.7200 .0000
7.7200 .0000
1597305 .2500
72,100.00 .0800
9.0000 .0000
8.7500 .0000
8.6700 .0000
7.7500 .9200
1597313 .2500
166,500.00 .0300
8.0000 .0000
7.7500 .0000
7.7200 .0000
7.7200 .0000
1597319 .2500
129,700.00 .0800
8.7500 .0000
8.5000 .0000
8.4200 .0000
7.7500 .6700
1597337 .2500
50,625.00 .0800
8.5000 .0000
8.2500 .0000
8.1700 .0000
7.7500 .4200
1597342 .2500
132,712.94 .0800
9.3750 .0000
9.1250 .0000
9.0450 .0000
7.7500 1.2950
1
1597362 .2500
68,000.00 .0800
8.8750 .0000
8.6250 .0000
8.5450 .0000
7.7500 .7950
1597390 .2500
72,350.00 .0800
8.5000 .0000
8.2500 .0000
8.1700 .0000
7.7500 .4200
1597439 .2500
66,000.00 .0800
8.7500 .0000
8.5000 .0000
8.4200 .0000
7.7500 .6700
1597486 .2500
69,500.00 .0800
8.7500 .0000
8.5000 .0000
8.4200 .0000
7.7500 .6700
1597487 .2500
244,000.00 .0800
8.6250 .0000
8.3750 .0000
8.2950 .0000
7.7500 .5450
1597490 .2500
67,200.00 .0800
8.7500 .0000
8.5000 .0000
8.4200 .0000
7.7500 .6700
1597628 .2500
239,200.00 .0800
8.8750 .0000
8.6250 .0000
8.5450 .0000
7.7500 .7950
1597639 .2500
258,000.00 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0000
7.7500 .2950
1
1597642 .2500
63,000.00 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0000
7.7500 .2950
1597648 .2500
260,000.00 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.7500 .1700
1597649 .2500
308,800.00 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0000
7.7500 .2950
1597813 .2500
48,750.00 .0800
8.5000 .0000
8.2500 .0000
8.1700 .0000
7.7500 .4200
1598159 .2500
146,250.00 .0800
8.7500 .0000
8.5000 .0000
8.4200 .0000
7.7500 .6700
1598938 .2500
43,100.00 .0800
9.2500 .0000
9.0000 .0000
8.9200 .0000
7.7500 1.1700
1598939 .2500
85,400.00 .0800
9.0000 .0000
8.7500 .0000
8.6700 .0000
7.7500 .9200
1598940 .2500
81,000.00 .0800
9.2500 .0000
9.0000 .0000
8.9200 .0000
7.7500 1.1700
1
1598941 .2500
182,289.50 .0800
8.5000 .0000
8.2500 .0000
8.1700 .0000
7.7500 .4200
1598993 .2500
41,576.06 .0800
8.7500 .0000
8.5000 .0000
8.4200 .0000
7.7500 .6700
1598997 .2500
104,950.00 .0800
8.0000 .0000
7.7500 .0000
7.6700 .0000
7.6700 .0000
1599001 .2500
82,800.00 .0800
9.3750 .0000
9.1250 .0000
9.0450 .0000
7.7500 1.2950
1599002 .2500
148,000.00 .0800
8.6250 .0000
8.3750 .0000
8.2950 .0000
7.7500 .5450
1599634 .2500
81,800.00 .0800
9.1250 .0000
8.8750 .0000
8.7950 .0000
7.7500 1.0450
1599688 .2500
44,100.00 .0800
9.1250 .0000
8.8750 .0000
8.7950 .0000
7.7500 1.0450
1599695 .2500
305,000.00 .0800
8.4000 .0000
8.1500 .0000
8.0700 .0000
7.7500 .3200
1
1599696 .2500
45,000.00 .0800
9.1250 .0000
8.8750 .0000
8.7950 .0000
7.7500 1.0450
1599740 .2500
41,500.00 .0800
8.5000 .0000
8.2500 .0000
8.1700 .0000
7.7500 .4200
1599749 .2500
46,717.83 .0300
7.8750 .0000
7.6250 .0000
7.5950 .0000
7.5950 .0000
1599750 .2500
204,800.00 .0800
8.5000 .0000
8.2500 .0000
8.1700 .0000
7.7500 .4200
1599810 .2500
47,000.00 .0800
8.7500 .0000
8.5000 .0000
8.4200 .0000
7.7500 .6700
1599846 .2500
37,800.00 .0800
8.8750 .0000
8.6250 .0000
8.5450 .0000
7.7500 .7950
1599855 .2500
71,200.00 .0800
8.5000 .0000
8.2500 .0000
8.1700 .0000
7.7500 .4200
1599858 .2500
87,456.96 .0800
9.5000 .0000
9.2500 .0000
9.1700 .0000
7.7500 1.4200
1
1599882 .2500
131,950.00 .0300
8.0000 .0000
7.7500 .0000
7.7200 .0000
7.7200 .0000
1600030 .2500
117,000.00 .0800
9.0000 .0000
8.7500 .0000
8.6700 .0000
7.7500 .9200
1600111 .2500
168,750.00 .0300
8.0000 .0000
7.7500 .0000
7.7200 .0000
7.7200 .0000
1600304 .2500
128,000.00 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.7500 .1700
TOTAL NUMBER OF LOANS: 1706
TOTAL BALANCE........: 191,342,550.62
RUN ON : 07/29/97 RFC DISCLOSURE SYSTEM RFFSDFIX-01
AT : 14.51.06 INITIAL SECURITY FEES AMORTIZED BALANCE
SERIES : RALI 1997-QS7 30 YR FIXED SUMMARY REPORT CUTOFF : 07/01/97
POOL : 0004255
:
:
POOL STATUS: F
WEIGHTED AVERAGES FROM TO
------------------------------------------------------------------------------
CURR NOTE RATE 8.8614 7.5000 10.5000
RFC NET RATE 8.6111 7.2500 10.2500
NET MTG RATE(INVSTR RATE) 8.5326 7.1700 10.1700
POST STRIP RATE 7.7437 7.1700 7.7500
SUB SERV FEE .2504 .2500 .3750
MSTR SERV FEE .0784 .0300 .0800
ALL EXP .0000 .0000 .0000
MISC EXP .0000 .0000 .0000
SPREAD .0000 .0000 .0000
STRIP .7890 .0000 2.4200
TOTAL NUMBER OF LOANS: 1706
TOTAL BALANCE........: 191,342,550.62
***************************
* 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-QS7, 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 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
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.
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
- --------------.
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
I-1-2
<PAGE>
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 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.
I-1-3
<PAGE>
IN WITNESS WHEREOF, the Owner has caused this instrument to be
executed on its behalf, pursuant to the authority of its Board of Directors, by
its [Title of Officer] and its corporate seal to be hereunto attached, attested
by its [Assistant] Secretary, this ____ day of _______________, 199__.
[NAME OF OWNER]
By:
[Name of Officer]
[Title of Officer]
[Corporate Seal]
ATTEST:
[Assistant] Secretary
Personally appeared before me the above-named [Name of
Officer], known or proved to me to be the same person who executed the foregoing
instrument and to be the [Title of Officer] of the Owner, and acknowledged to me
that he executed the same as his free act and deed and the free act and deed of
the Owner.
Subscribed and sworn before me this ____ day of
________________, 199__.
NOTARY PUBLIC
COUNTY OF
STATE OF
My Commission expires the
____ day of
_______________, 19__.
I-1-4
<PAGE>
EXHIBIT I-2
FORM OF TRANSFEROR CERTIFICATE
__________________, 19__
Residential Accredit Loans, Inc.
8400 Normandale Lake Boulevard
Suite 600
Minneapolis, Minnesota 55437
Bankers Trust Company
3 Park Plaza
Irvine, California 92714
Attention: Residential Funding Corporation Series 1997-QS7
Re: Mortgage Asset-Backed Pass-Through Certificates,
Series 1997-QS7, 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-QS7, Class R (the "Certificates"), pursuant to Section
5.02 of the Pooling and Servicing Agreement (the "Pooling and Servicing
Agreement"), dated as of July 1, 1997 among Residential Accredit Loans, Inc., as
seller (the "Company"), Residential Funding Corporation, as master servicer, and
Bankers Trust Company, as trustee (the "Trustee"). All terms used herein and not
otherwise defined shall have the meanings set forth in the Pooling and Servicing
Agreement. The Seller hereby certifies, represents and warrants to, and
covenants with, the Company and the Trustee that:
1. No purpose of the Seller relating to the transfer
of the Certificate by the Seller to the Purchaser is or will be
to impede the assessment or collection of any tax.
2. The Seller understands that the Purchaser has delivered to
the Trustee and the Master Servicer a transfer affidavit and agreement in the
form attached to the Pooling and Servicing Agreement as Exhibit I-1. The Seller
does not know or believe that any representation contained therein is false.
3. The Seller has at the time of the transfer conducted a
reasonable investigation of the financial condition of the Purchaser as
contemplated by Treasury Regulations Section 1.860E-1(c)(4)(i) and, as a result
of that investigation, the Seller has determined that the Purchaser has
historically paid its debts as they become due and has found no significant
evidence to indicate that the Purchaser will not continue to pay
<PAGE>
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-1
FORM OF INVESTOR REPRESENTATION LETTER
______________, 19__
Residential Accredit Loans, Inc.
8400 Normandale Lake Boulevard
Suite 600
Minneapolis, MN 55437
Bankers Trust Company
3 Park Plaza
Irvine, California 92714
Residential Funding Corporation
8400 Normandale Lake Boulevard
Suite 600
Minneapolis, MN 55437
Attention: Residential Funding Corporation Series 1997-QS7
RE: Mortgage Asset-Backed Pass-Through Certificates,
Series 1997-QS7, [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-QS7, Class __ (the "Certificates"), issued pursuant to
the Pooling and Servicing Agreement (the "Pooling and Servicing Agreement"),
dated as of July 1, 1997 among Residential Accredit Loans, Inc., as seller (the
"Company"), Residential Funding Corporation, as master servicer (the "Master
Servicer"), and Bankers Trust Company, as trustee (the "Trustee"). All terms
used herein and not otherwise defined shall have the meanings set forth in the
Pooling and Servicing Agreement. The Purchaser hereby certifies, represents and
warrants to, and covenants with, the Company, the Trustee and the Master
Servicer 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
<PAGE>
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.
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
J-1-2
<PAGE>
security from any person in any manner, (c) otherwise approach
or negotiate with respect to any Certificate, any interest in
any Certificate or any other similar security with any person
in any manner, (d) make any general solicitation by means of
general advertising or in any other manner or (e) take any
other action, that (as to any of (a) through (e) above) would
constitute a distribution of any Certificate under the Act,
that would render the disposition of any Certificate a
violation of Section 5 of the Act or any state securities law,
or that would require registration or qualification pursuant
thereto. The Purchaser will not sell or otherwise transfer any
of the Certificates, except in compliance with the provisions
of the Pooling and Servicing Agreement.
6. The Purchaser
(a) is not an employee benefit or other
plan subject to the prohibited transaction provisions of the
Employee Retirement Income Security Act of 1974, as amended
("ERISA"), or Section 4975 of the Internal Revenue Code of
1986, as amended (the "Code") (a "Plan"), or any other person
(including an investment manager, a named fiduciary or a
trustee of any Plan) acting, directly or indirectly, on behalf
of or purchasing any Certificate with "plan assets" of any
Plan within the meaning of the Department of Labor ("DOL")
regulation at 29 C.F.R. ss.2510.3-101; 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 DOL
Prohibited Transaction Class Exemption ("PTCE") 95-60), and
the purchase is being made in reliance upon the availability
of the exemptive relief afforded under Sections I and III of
PTCE 95-60.
In addition, the Purchaser hereby certifies, represents and warrants
to, and covenants with, the Company, the Trustee and the Master Servicer that
the Purchaser will not transfer such Certificates to any Plan or person unless
such Plan or person meets the requirements set forth in either (a) or (b) above.
Very truly yours,
By:
Name:
Title:
J-1-3
<PAGE>
EXHIBIT J-2
FORM OF ERISA REPRESENTATION LETTER
_____________, 199_
Residential Funding Corporation
8400 Normandale Lake Boulevard
Suite 600
Minneapolis, Minnesota 55437
Residential Accredit Loans, Inc.
8400 Normandale Lake Boulevard
Suite 600
Minneapolis, Minnesota 55437
Bankers Trust Company
Four Albany Street
New York, New York 10006
Attention: Residential Funding Corporation Series 1997-QS_
Re: Mortgage Asset-Backed Pass-Through
Certificates, Series 1997-QS_, Class M-__
Dear Sirs:
________________ (the "Purchaser") intends to purchase
from___________________ (the "Seller") $________________ Initial Certificate
Principal Balance of Mortgage Asset-Backed Pass-Through Certificates, Series
1997-QS_, Class M-__ (the "Certificates"), issued pursuant to the Pooling and
Servicing Agreement (the "Pooling and Servicing Agreement"), dated as of July 1,
1997, among Residential Accredit Loans, Inc., as seller (the "Company"),
Residential Funding Corporation, as master servicer (the "Master Servicer") and
Bankers Trust Company, as (the "Trustee"). All terms used herein and not
otherwise defined shall have the meanings set forth in the Pooling and Servicing
Agreement. The Purchaser hereby certifies, represents and warrants to, and
covenants with the Company, the Trustee and the Master Servicer that either:
(a) The Purchaser is not an employee benefit or other
plan subject to the prohibited transaction provisions of the
Employee Retirement Income Security Act of 1974, as amended
("ERISA"), or Section 4975 of the Internal Revenue Code of
1986, as amended (the "Code") (a "Plan"), or any other person
(including an investment manager, a named fiduciary or a
trustee of any Plan) acting, directly or indirectly, on behalf
of or purchasing any Certificate with "plan assets" of any
Plan within the meaning of the Department of Labor ("DOL")
regulation at 29 C.F.R. ss.2510.3-101; or
<PAGE>
(b) The Purchaser as 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 DOL Prohibited Transaction Class Exemption ("PTCE") 95-60),
and the purchase is being made in reliance upon the
availability of the exemptive relief afforded under Sections I
and III of PTCE 95-60.
In addition, the Purchaser hereby certifies,
represents and warrants to, and covenants with, the Company,
the Trustee and the Master Servicer that the Purchaser will
not transfer such Certificates to any Plan or person unless
such Plan or person meets the requirements set forth in either
(a) or (b) above.
Very truly yours,
By:
Name:
Title:
J-2-2
<PAGE>
EXHIBIT K
FORM OF TRANSFEROR REPRESENTATION LETTER
___________________,19
Residential Accredit Loans, Inc.
8400 Normandale Lake Boulevard
Suite 600
Minneapolis, MN 55437
Bankers Trust Company
3 Park Plaza
Irvine, California 92714
Attention: Residential Funding Corporation Series 1997-QS7
Re: Mortgage
Asset-Backed Pass-Through Certificates,
Series 1997-QS7,
[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-QS7, Class (the "Certificates"), issued
pursuant to the Pooling and Servicing Agreement (the "Pooling and Servicing
Agreement"), dated as of July 1, 1997 among Residential Accredit Loans, Inc., as
seller (the "Company"), Residential Funding Corporation, as master servicer, and
Bankers Trust Company, as trustee (the "Trustee"). The Seller hereby certifies,
represents and warrants to, and covenants with, the Company and the Trustee
that:
Neither the Seller nor anyone acting on its behalf has
(a) offered, pledged, sold, disposed of or otherwise transferred
any Certificate, any interest in any Certificate or any other
similar security to any person in any manner, (b) has solicited
any offer to buy or to accept a pledge, disposition or other
transfer of any Certificate, any interest in any Certificate or
any other similar security from any person in any manner, (c) has
otherwise approached or negotiated with respect to any
Certificate, any interest in any Certificate or any other similar
security with any person in any manner, (d) has made any general
solicitation by means of general advertising or in any other
manner, or (e) has taken any other action, that (as to any of (a)
through (e) above) would constitute a distribution of the
Certificates under the Securities Act of 1933 (the "Act"), that
would render the disposition of any Certificate a violation of
Section 5 of the Act or any state securities law, or that would
require registration or qualification pursuant thereto. The
<PAGE>
Seller will not act, in any manner set forth in the foregoing sentence with
respect to any Certificate. The Seller has not and will not sell or otherwise
transfer any of the Certificates, except in compliance with the provisions of
the Pooling and Servicing Agreement.
Very truly yours,
(Seller)
By:
Name:
Title:
K-2
<PAGE>
EXHIBIT L
[FORM OF RULE 144A INVESTMENT REPRESENTATION]
Description of Rule 144A Securities, including
numbers:
===============================================
===============================================
The undersigned seller, as registered holder (the "Seller"),
intends to transfer the Rule 144A Securities described above to the undersigned
buyer (the "Buyer").
1. In connection with such transfer and in accordance with the
agreements pursuant to which the Rule 144A Securities were issued, the Seller
hereby certifies the following facts: Neither the Seller nor anyone acting on
its behalf has offered, transferred, pledged, sold or otherwise disposed of the
Rule 144A Securities, any interest in the Rule 144A Securities or any other
similar security to, or solicited any offer to buy or accept a transfer, pledge
or other disposition of the Rule 144A Securities, any interest in the Rule 144A
Securities or any other similar security from, or otherwise approached or
negotiated with respect to the Rule 144A Securities, any interest in the Rule
144A Securities or any other similar security with, any person in any manner, or
made any general solicitation by means of general advertising or in any other
manner, or taken any other action, that would constitute a distribution of the
Rule 144A Securities under the Securities Act of 1933, as amended (the "1933
Act"), or that would render the disposition of the Rule 144A Securities a
violation of Section 5 of the 1933 Act or require registration pursuant thereto,
and that the Seller has not offered the Rule 144A Securities to any person other
than the Buyer or another "qualified institutional buyer" as defined in Rule
144A under the 1933 Act.
2. The Buyer warrants and represents to, and covenants with,
the Seller, the Trustee and the Master Servicer (as defined in the Pooling and
Servicing Agreement (the "Agreement"), dated as of July 1, 1997 among
Residential Funding Corporation as Master Servicer, Residential Accredit Loans,
Inc. as depositor pursuant to Section 5.02 of the Agreement and Bankers Trust
Company, as trustee, as follows:
a. The Buyer understands that the Rule 144A
Securities have not been registered under the 1933 Act or the
securities laws of any state.
b. The Buyer considers itself a substantial,
sophisticated institutional investor having such knowledge and
experience in financial and business matters that it is capable of
evaluating the merits and risks of investment in the Rule 144A
Securities.
<PAGE>
c. The Buyer has been furnished with all information
regarding the Rule 144A Securities that it has requested from the
Seller, the Trustee or the Servicer.
d. Neither the Buyer nor anyone acting on its behalf
has offered, transferred, pledged, sold or otherwise disposed of the
Rule 144A Securities, any interest in the Rule 144A Securities or any
other similar security to, or solicited any offer to buy or accept a
transfer, pledge or other disposition of the Rule 144A Securities, any
interest in the Rule 144A Securities or any other similar security
from, or otherwise approached or negotiated with respect to the Rule
144A Securities, any interest in the Rule 144A Securities or any other
similar security with, any person in any manner, or made any general
solicitation by means of general advertising or in any other manner, or
taken any other action, that would constitute a distribution of the
Rule 144A Securities under the 1933 Act or that would render the
disposition of the Rule 144A Securities a violation of Section 5 of the
1933 Act or require registration pursuant thereto, nor will it act, nor
has it authorized or will it authorize any person to act, in such
manner with respect to the Rule 144A Securities.
e. The Buyer is a "qualified institutional buyer" as
that term is defined in Rule 144A under the 1933 Act and has completed
either of the forms of certification to that effect attached hereto as
Annex 1 or Annex 2. The Buyer is aware that the sale to it is being
made in reliance on Rule 144A. The Buyer is acquiring the Rule 144A
Securities for its own account or the accounts of other qualified
institutional buyers, understands that such Rule 144A Securities may be
resold, pledged or transferred only (i) to a person reasonably believed
to be a qualified institutional buyer that purchases for its own
account or for the account of a qualified institutional buyer to whom
notice is given that the resale, pledge or transfer is being made in
reliance on Rule 144A, or (ii) pursuant to another exemption from
registration under the 1933 Act.
[3. The Buyer
a. is not an employee benefit or other plan subject
to the prohibited transaction provisions of the Employee Retirement
Income Security Act of 1974, as amended ("ERISA"), or Section 4975 of
the Internal Revenue Code of 1986, as amended (the "Code") (a "Plan"),
or any other person (including an investment manager, a named fiduciary
or a trustee of any Plan) acting, directly or indirectly, on behalf of
or purchasing any Certificate with "plan assets" of any Plan; or
b. is an insurance company, the source of funds
to be used by it to purchase the Certificates is an
"insurance company general account" (within the meaning of
L-2
<PAGE>
Department of Labor Prohibited Transaction Class Exemption ("PTCE")
95-60), and the purchase is being made in reliance upon the
availability of the exemptive relief afforded under Section III of PTCE
95-60.]
4. This document may be executed in one or more counterparts
and by the different parties hereto on separate counterparts, each of which,
when so executed, shall be deemed to be an original; such counterparts,
together, shall constitute one and the same document.
IN WITNESS WHEREOF, each of the parties has executed this
document as of the date set forth below.
Print Name of Seller Print Name of Buyer
By: By:
Name: Name:
Title: Title:
Taxpayer Identification: Taxpayer Identification:
No. No.
Date: Date:
L-3
<PAGE>
ANNEX 1 TO EXHIBIT L
QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A
[For Buyers Other Than Registered Investment Companies]
The undersigned hereby certifies as follows in connection with
the Rule 144A Investment Representation to which this Certification is attached:
1. As indicated below, the undersigned is the
President, Chief Financial Officer, Senior Vice President or other executive
officer of the Buyer.
2. In connection with purchases by the Buyer, the Buyer is a
"qualified institutional buyer" as that term is defined in Rule 144A under the
Securities Act of 1933 ("Rule 144A") because (i) the Buyer owned and/or invested
on a discretionary basis $______________________ in securities (except for the
excluded securities referred to below) as of the end of the Buyer's most recent
fiscal year (such amount being calculated in accordance with Rule 144A) and (ii)
the Buyer satisfies the criteria in the category marked below.
___ Corporation, etc. The Buyer is a corporation (other than a
bank, savings and loan association or similar institution),
Massachusetts or similar business trust, partnership, or
charitable organization described in Section 501(c)(3) of the
Internal Revenue Code.
___ Bank. The Buyer (a) is a national bank or banking
----
institution organized under the laws of any State,
territory or the District of Columbia, the business of
which is substantially confined to banking and is
supervised by the State or territorial banking
commission or similar official or is a foreign bank or
equivalent institution, and (b) has an audited net
worth of at least $25,000,000 as demonstrated in its
latest annual financial statements, a copy of which is
------------------
attached hereto.
---------------
L-4
<PAGE>
___ Savings and Loan. The Buyer (a) is a savings and loan
----------------
association, building and loan association, cooperative
bank, homestead association or similar institution,
which is supervised and examined by a State or Federal
authority having supervision over any such institutions
or is a foreign savings and loan association or
equivalent institution and (b) has an audited net worth
of at least $25,000,000 as demonstrated in its latest
annual financial statements.
___ Broker-Dealer. The Buyer is a dealer registered
pursuant to Section 15 of the Securities Exchange Act
of 1934.
___ Insurance Company. The Buyer is an insurance company
-----------------
whose primary and predominant business activity is the
writing of insurance or the reinsuring of risks
underwritten by insurance companies and which is
subject to supervision by the insurance commissioner or
a similar official or agency of a State or territory or
the District of Columbia.
___ State or Local Plan. The Buyer is a plan established
and maintained by a State, its political subdivisions,
or any agency or instrumentality of the State or its
political subdivisions, for the benefit of its
employees.
___ ERISA Plan. The Buyer is an employee benefit plan within the
meaning of Title I of the Employee Retirement Income Security
Act of 1974.
___ Investment Adviser. The Buyer is an investment
adviser registered under the Investment Advisers Act of
1940.
___ SBIC. The Buyer is a Small Business Investment Company
licensed by the U.S. Small Business Administration
under Section 301(c) or (d) of the Small Business
Investment Act of 1958.
___ Business Development Company. The Buyer is a business
development company as defined in Section 202(a)(22) of
the Investment Advisers Act of 1940.
___ Trust Fund. The Buyer is a trust fund whose trustee is
----------
a bank or trust company and whose participants are
exclusively (a) plans established and maintained by a
State, its political subdivisions, or any agency or
instrumentality of the State or its political
subdivisions, for the benefit of its employees, or
(b) employee benefit plans within the meaning of Title
I of the Employee Retirement Income Security Act of
1974, but is not a trust fund that includes as
L-5
<PAGE>
participants individual retirement accounts or H.R. 10
plans.
3. The term "securities" as used herein does not include (i)
securities of issuers that are affiliated with the Buyer, (ii) securities that
are part of an unsold allotment to or subscription by the Buyer, if the Buyer is
a dealer, (iii) bank deposit notes and certificates of deposit, (iv) loan
participations, (v) repurchase agreements, (vi) securities owned but subject to
a repurchase agreement and (vii) currency, interest rate and commodity swaps.
4. For purposes of determining the aggregate amount of
securities owned and/or invested on a discretionary basis by the Buyer, the
Buyer used the cost of such securities to the Buyer and did not include any of
the securities referred to in the preceding paragraph. Further, in determining
such aggregate amount, the Buyer may have included securities owned by
subsidiaries of the Buyer, but only if such subsidiaries are consolidated with
the Buyer in its financial statements prepared in accordance with generally
accepted accounting principles and if the investments of such subsidiaries are
managed under the Buyer's direction. However, such securities were not included
if the Buyer is a majority-owned, consolidated subsidiary of another enterprise
and the Buyer is not itself a reporting company under the Securities Exchange
Act of 1934.
5. The Buyer acknowledges that it is familiar with Rule 144A
and understands that the seller to it and other parties related to the
Certificates are relying and will continue to rely on the statements made herein
because one or more sales to the Buyer may be in reliance on Rule 144A.
___ ___ 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-QS7
, 199__
Bankers Trust Company
3 Park Plaza
Irvine, California 92714
Attention: Residential Funding Corporation Series 1997-QS7
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 July 1, 1997 (the "Servicing Agreement"), among
Residential Accredit Loans, Inc. (the "Company"), Residential Funding and
Bankers Trust Company (the "Trustee") as amended by Amendment No. ___ thereto,
dated as of ________, with respect to the Mortgage Asset-Backed Pass-Through
Certificates, Series 1997-QS7 (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:
BANKERS TRUST COMPANY,
as Trustee
By:
Name:
Title:
RESIDENTIAL ACCREDIT LOANS, INC.
By:
Name:
Title:
N-3
<PAGE>
EXHIBIT O
FORM OF LENDER CERTIFICATION FOR ASSIGNMENT OF MORTGAGE LOAN
__________________, 19____
Residential Accredit Loans, Inc.
8400 Normandale Lake Boulevard
Suite 600
Minneapolis, Minnesota 55437
Bankers Trust Company
3 Park Plaza
Irvine, California 92714
Attention: Residential Funding Corporation Series 1997-QS7
Re: Mortgage Asset-Backed Pass-Through Certificates,
Series 1997-QS7 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 July 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
PRINCIPAL NET MORTGAGE DISCOUNT PO
LOAN # BALANCE RATE FRACTION BALANCE
1569024 63,794.42 6.820 9.0666666667% 5,784.03
1572960 225,823.71 6.920 7.7333333333% 17,463.70
1569222 234,818.48 7.020 6.4000000000% 15,028.38
1562273 499,619.54 7.045 6.0666666667% 30,310.25
1569651 259,402.82 7.045 6.0666666667% 15,737.10
1570489 219,324.17 7.045 6.0666666667% 13,305.67
1570490 283,347.70 7.045 6.0666666667% 17,189.76
1573546 249,659.89 7.045 6.0666666667% 15,146.03
1575844 399,695.62 7.045 6.0666666667% 24,248.20
1575861 449,657.58 7.045 6.0666666667% 27,279.23
1570877 318,639.23 7.170 4.4000000000% 14,020.13
1570956 549,591.81 7.170 4.4000000000% 24,182.04
1571089 249,015.05 7.170 4.4000000000% 10,956.66
1572925 363,729.86 7.170 4.4000000000% 16,004.11
1573055 314,293.46 7.170 4.4000000000% 13,828.91
1573566 298,927.98 7.170 4.4000000000% 13,152.83
1573851 299,347.97 7.170 4.4000000000% 13,171.31
1575712 299,777.36 7.170 4.4000000000% 13,190.20
1571550 349,740.24 7.220 3.7333333333% 13,056.97
1572310 280,000.00 7.220 3.7333333333% 10,453.33
1572662 349,740.24 7.220 3.7333333333% 13,056.97
1574204 134,400.00 7.220 3.7333333333% 5,017.60
1576269 215,900.00 7.220 3.7333333333% 8,060.27
1569383 52,461.42 7.270 3.0666666667% 1,608.82
1573844 24,963.51 7.270 3.0666666667% 765.55
1566518 228,750.00 7.295 2.7333333333% 6,252.50
1568412 255,628.24 7.295 2.7333333333% 6,987.17
1568428 289,578.86 7.295 2.7333333333% 7,915.16
1569659 362,864.30 7.295 2.7333333333% 9,918.29
1570505 399,080.42 7.295 2.7333333333% 10,908.20
1570510 337,009.89 7.295 2.7333333333% 9,211.60
1570515 431,722.16 7.295 2.7333333333% 11,800.41
1570532 252,617.02 7.295 2.7333333333% 6,904.87
1570543 247,021.08 7.295 2.7333333333% 6,751.91
1572941 272,802.42 7.295 2.7333333333% 7,456.60
1573039 230,823.35 7.295 2.7333333333% 6,309.17
1575744 226,918.82 7.295 2.7333333333% 6,202.45
1573836 524,241.42 7.320 2.4000000000% 12,581.79
1574422 249,635.13 7.320 2.4000000000% 5,991.24
1570883 224,000.00 7.345 2.0666666667% 4,629.33
1573551 288,500.00 7.345 2.0666666667% 5,962.33
1576141 144,000.00 7.345 2.0666666667% 2,976.00
1577057 298,000.00 7.345 2.0666666667% 6,158.67
1577254 280,000.00 7.345 2.0666666667% 5,786.67
1569018 97,717.78 7.370 1.7333333333% 1,693.77
1573845 648,198.62 7.370 1.7333333333% 11,235.44
1573846 224,678.13 7.370 1.7333333333% 3,894.42
1574408 499,277.54 7.370 1.7333333333% 8,654.14
1574486 233,661.89 7.370 1.7333333333% 4,050.14
1569382 44,967.75 7.395 1.4000000000% 629.55
1560261 447,683.80 7.420 1.0666666667% 4,775.29
1563355 236,344.82 7.420 1.0666666667% 2,521.01
1569435 348,254.03 7.420 1.0666666667% 3,714.71
1569973 244,827.08 7.420 1.0666666667% 2,611.49
1570264 318,175.27 7.420 1.0666666667% 3,393.87
1570266 231,136.74 7.420 1.0666666667% 2,465.46
1570482 467,669.69 7.420 1.0666666667% 4,988.48
1570483 219,688.44 7.420 1.0666666667% 2,343.34
1570488 282,586.40 7.420 1.0666666667% 3,014.25
1570726 229,837.67 7.420 1.0666666667% 2,451.60
1570734 415,331.75 7.420 1.0666666667% 4,430.21
1570917 399,717.68 7.420 1.0666666667% 4,263.66
1571103 234,834.14 7.420 1.0666666667% 2,504.90
1571425 498,574.65 7.420 1.0666666667% 5,318.13
1571741 429,696.51 7.420 1.0666666667% 4,583.43
1572275 317,775.56 7.420 1.0666666667% 3,389.61
1572547 237,832.01 7.420 1.0666666667% 2,536.87
1572957 374,468.94 7.420 1.0666666667% 3,994.34
1572962 232,335.90 7.420 1.0666666667% 2,478.25
1572973 483,658.39 7.420 1.0666666667% 5,159.02
1573057 294,582.23 7.420 1.0666666667% 3,142.21
1573076 231,671.45 7.420 1.0666666667% 2,471.16
1573088 115,835.73 7.420 1.0666666667% 1,235.58
1573100 566,100.17 7.420 1.0666666667% 6,038.40
1573507 287,796.73 7.420 1.0666666667% 3,069.83
1573558 274,805.91 7.420 1.0666666667% 2,931.26
1573768 271,808.02 7.420 1.0666666667% 2,899.29
1573773 238,481.56 7.420 1.0666666667% 2,543.80
1574401 84,179.41 7.420 1.0666666667% 897.91
1574478 438,571.73 7.420 1.0666666667% 4,678.10
1574493 444,363.44 7.420 1.0666666667% 4,739.88
1575677 250,773.10 7.420 1.0666666667% 2,674.91
1575708 240,829.90 7.420 1.0666666667% 2,568.85
1575721 295,580.81 7.420 1.0666666667% 3,152.86
1575729 287,696.79 7.420 1.0666666667% 3,068.77
1575736 285,498.36 7.420 1.0666666667% 3,045.32
1575737 393,122.34 7.420 1.0666666667% 4,193.30
1575767 249,823.55 7.420 1.0666666667% 2,664.78
1575817 268,019.91 7.420 1.0666666667% 2,858.88
1575827 247,824.97 7.420 1.0666666667% 2,643.47
1570905 255,000.00 7.450 0.6666666667% 1,700.00
1568456 287,495.66 7.470 0.4000000000% 1,149.98
1569684 363,000.00 7.470 0.4000000000% 1,452.00
1569743 94,865.45 7.470 0.4000000000% 379.46
1569926 193,463.36 7.470 0.4000000000% 773.85
1570272 119,200.00 7.470 0.4000000000% 476.80
1571071 235,833.44 7.470 0.4000000000% 943.33
1572667 283,000.12 7.470 0.4000000000% 1,132.00
1572709 234,384.45 7.470 0.4000000000% 937.54
1573267 89,000.00 7.470 0.4000000000% 356.00
1573338 440,000.00 7.470 0.4000000000% 1,760.00
1573577 337,500.00 7.470 0.4000000000% 1,350.00
1574115 233,500.00 7.470 0.4000000000% 934.00
1574337 230,000.00 7.470 0.4000000000% 920.00
1574407 215,539.66 7.470 0.4000000000% 862.16
1574411 112,759.18 7.470 0.4000000000% 451.04
1574436 263,626.14 7.470 0.4000000000% 1,054.50
1574456 262,627.54 7.470 0.4000000000% 1,050.51
1574485 414,707.09 7.470 0.4000000000% 1,658.83
1574490 235,665.78 7.470 0.4000000000% 942.66
1576059 207,900.00 7.470 0.4000000000% 831.60
1577080 202,450.00 7.470 0.4000000000% 809.80
1577645 137,600.00 7.470 0.4000000000% 550.40
1569206 39,971.91 7.495 0.0666666667% 26.65
$32,184,252.24 2.1061216029% $677,839.49
P-1
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EXHIBIT Q
FORM OF REQUEST FOR EXCHANGE
[DATE]
Bankers Trust Company
3 Park Plaza
Irvine, California 92714
Re: Residential Accredit Loans, Inc.,
Mortgage Asset-Backed Pass-Through Certificates,
Series 1997-QS7
Residential Funding Corporation, as the Holder of a ___%
Percentage Interest of the Class A-9[-1] Certificates, hereby requests the
Trustee to exchange the above-referenced Certificates for the Subclasses
referred to below:
1. Class A-9-_ 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-
9-_ 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-9[-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 July
1, 1997, among Residential Accredit Loans, Inc., Residential Funding Corporation
and Bankers Trust Company, as trustee.
RESIDENTIAL FUNDING CORPORATION
By:______________________________
Name:
Title:
R-1
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