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) December 1, 1996
RESIDENTIAL ACCREDIT LOANS, INC. (as company under a Pooling and Servicing
Agreement dated as of December 1, 1996 providing for, inter alia, the issuance
of Mortgage Asset-Backed Pass-Through Certificates, Series 1996-QS8)
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
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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, 4
dated as of December 1, 1996 among
Residential Accredit Loans, Inc.,
as company, Residential Funding
Corporation, as master servicer, and
The First National Bank of Chicago,
as trustee.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
RESIDENTIAL ACCREDIT LOANS, INC.
By: /s/ Randy Van Zee
Name: Randy Van Zee
Title: Vice President
Dated: December 30, 1996
<PAGE>
Exhibit 10.1
Pooling and Servicing Agreement, dated as of December 1, 1996
among Residential Accredit Loans, Inc., as company,
Residential Funding Corporation, as master servicer, and The
First National Bank of Chicago, as trustee.
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2
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EXECUTION COPY
- - -------------------------------------------------------------------------------
- - -------------------------------------------------------------------------------
RESIDENTIAL ACCREDIT LOANS, INC.,
Company,
RESIDENTIAL FUNDING CORPORATION,
Master Servicer,
and
THE FIRST NATIONAL BANK OF CHICAGO,
Trustee
POOLING AND SERVICING AGREEMENT
Dated as of December 1, 1996
Mortgage Asset-Backed Pass-On Through Certificates
Series 1996-QS8
- - -------------------------------------------------------------------------------
- - -------------------------------------------------------------------------------
NY1-182172.3
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TABLE OF CONTENTS
Page
ARTICLE I
DEFINITIONS
Section 1.01. Definitions...................................... 3
Accrued Certificate Interest................ 3
Addendum and Assignment Agreement........... 4
Additional Collateral....................... 4
Additional Collateral Loan.................. 4
Adjusted Mortgage Rate...................... 4
Advance..................................... 4
Affiliate................................... 4
Agreement................................... 5
Amount Held for Future Distribution......... 5
Appraised Value............................. 5
Assignment.................................. 5
Assignment Agreement........................ 5
Assignment of Proprietary Lease............. 5
Available Distribution Amount............... 6
Bankruptcy Amount........................... 6
Bankruptcy Code............................. 7
Bankruptcy Loss............................. 7
Book-Entry Certificate...................... 7
Business Day................................ 7
Buydown Funds............................... 8
Buydown Mortgage Loan....................... 8
Cash Liquidation............................ 8
Certificate................................. 8
Certificate Account......................... 8
Certificate Account Deposit Date............ 8
Certificateholder or Holder................. 8
Certificate Owner........................... 9
Certificate Principal Balance............... 9
Certificate Register and Certificate
Registrar................................... 10
Class....................................... 10
Class A Certificate......................... 10
Class A-8 Notional Amount................... 10
Class A-9 Component A....................... 10
Class A-9 Component B....................... 11
Class A-14 Collection Shortfall............. 11
Class A-14 Principal Distribution Amount.... 11
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Class B Certificate.............................. 11
Class B Percentage............................... 11
Class B-1 Percentage............................. 11
Class B-1 Prepayment Distribution Trigger........ 11
Class B-2 Percentage............................. 11
Class B-2 Prepayment Distribution Trigger........ 12
Class B-3 Percentage............................. 12
Class B-3 Prepayment Distribution Trigger........ 12
Class M Certificate.............................. 12
Class M Percentage............................... 12
Class M-1 Percentage............................. 12
Class M-2 Percentage............................. 13
Class M-2 Prepayment Distribution Trigger........ 13
Class M-3 Percentage............................. 13
Class M-3 Prepayment Distribution Trigger........ 13
Class R Certificate.............................. 13
Class R-I Certificate............................ 13
Class R-II Certificate........................... 13
Closing Date..................................... 14
Code............................................. 14
Compensating Interest............................ 14
Component........................................ 14
Cooperative...................................... 14
Cooperative Apartment............................ 14
Cooperative Lease................................ 14
Cooperative Loans................................ 14
Cooperative Stock................................ 15
Cooperative Stock Certificate.................... 15
Corporate Trust Office........................... 15
Credit Support Depletion Date.................... 15
Curtailment...................................... 15
Custodial Account................................ 15
Custodial Agreement.............................. 15
Custodian........................................ 15
Cut-off Date..................................... 15
Cut-off Date Principal Balance................... 15
Debt Service Reduction........................... 15
Defaulted Mortgage Loss.......................... 16
Deficient Valuation.............................. 16
Definitive Certificate........................... 16
Deleted Mortgage Loan............................ 16
Depository....................................... 16
Depository Participant........................... 16
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Destroyed Mortgage Note........................ 16
Determination Date............................. 16
Discount Fraction.............................. 17
Discount Mortgage Loan......................... 17
Disqualified Organization...................... 17
Distribution Date.............................. 17
Due Date....................................... 17
Due Period..................................... 17
Eligible Account............................... 18
Eligible Funds................................. 18
Event of Default............................... 18
Excess Bankruptcy Loss......................... 18
Excess Fraud Loss.............................. 19
Excess Special Hazard Loss..................... 19
Excess Spread.................................. 19
Excess Subordinate Principal Amount............ 19
Extraordinary Events........................... 19
Extraordinary Losses........................... 20
FASIT ....................................... 20
FDIC........................................... 20
FHLMC.......................................... 20
Final Distribution Date........................ 20
Fitch.......................................... 20
FNMA........................................... 20
Foreclosure Profits............................ 21
Fraud Loss Amount.............................. 21
Fraud Losses................................... 21
Independent.................................... 21
Initial Certificate Principal Balance.......... 22
Initial Monthly Payment Fund................... 22
Insurance Proceeds............................. 22
Insurer........................................ 22
International Borrower......................... 22
Late Collections............................... 22
LIBOR.......................................... 23
LIBOR Business Day............................. 23
LIBOR Rate Adjustment Date..................... 23
Liquidation Proceeds........................... 23
Loan-to-Value Ratio............................ 23
Lockout Certificates........................... 23
Lockout Distribution Percentage................ 23
Maturity Date.................................. 23
MLCC ....................................... 24
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Monthly Payment...................................... 24
Moody's.............................................. 24
Mortgage............................................. 24
Mortgage 100SM Loan.................................. 24
Mortgage File........................................ 24
Mortgage Loan Schedule............................... 24
Mortgage Loans....................................... 25
Mortgage Note........................................ 26
Mortgage Rate........................................ 26
Mortgaged Property................................... 26
Mortgagor............................................ 26
Net Mortgage Rate.................................... 26
Non-Discount Mortgage Loan:.......................... 26
Non-Primary Residence Loans.......................... 26
Non-United States Person............................. 26
Nonrecoverable Advance............................... 26
Nonsubserviced Mortgage Loan......................... 26
Notional Amount...................................... 26
Officers' Certificate................................ 26
Opinion of Counsel................................... 27
Outstanding Mortgage Loan............................ 27
Owner or Holder...................................... 27
Ownership Interest................................... 27
Parent PowerSM Loan.................................. 27
Paying Agent......................................... 28
Percentage Interest.................................. 28
Permitted Investments................................ 28
Permitted Transferee................................. 30
Person............................................... 30
Pool Stated Principal Balance........................ 30
Prepayment Assumption................................ 30
Prepayment Distribution Percentage................... 30
Prepayment Distribution Trigger...................... 32
Prepayment Interest Shortfall........................ 32
Prepayment Period.................................... 32
Primary Insurance Policy............................. 32
Principal Prepayment................................. 32
Principal Prepayment in Full......................... 33
Program Guide........................................ 33
Purchase Price....................................... 33
Qualified Substitute Mortgage Loan................... 33
Rating Agency........................................ 34
Realized Loss........................................ 34
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Record Date......................................... 35
Regular Certificate................................. 35
REMIC............................................... 35
REMIC Administrator................................. 35
REMIC I............................................. 35
REMIC I Certificates................................ 36
REMIC II............................................ 36
REMIC II Certificates............................... 36
REMIC Provisions.................................... 36
REO Acquisition..................................... 36
REO Disposition..................................... 36
REO Imputed Interest................................ 36
REO Proceeds........................................ 36
REO Property........................................ 37
Request for Release................................. 37
Required Insurance Policy........................... 37
Required Surety Payment............................. 37
Residential Funding................................. 37
Responsible Officer................................. 37
Schedule of Discount Fractions:..................... 37
Security Agreement.................................. 37
Seller.............................................. 37
Senior Accelerated Distribution Percentage.......... 37
Seller's Agreement.................................. 39
Senior Percentage................................... 39
Servicing Accounts.................................. 39
Servicing Advances.................................. 39
Servicing Fee....................................... 39
Servicing Officer................................... 40
Special Hazard Amount............................... 40
Special Hazard Loss................................. 41
Spread Rate......................................... 41
Standard & Poor's................................... 41
Stated Principal Balance............................ 41
Subordinate Percentage.............................. 41
Subordinate Principal Distribution Amount........... 41
Subserviced Mortgage Loan........................... 42
Subservicer......................................... 42
Subservicer Advance................................. 42
Subservicing Account................................ 42
Subservicing Agreement.............................. 42
Subservicing Fee.................................... 43
Super Senior Optimal Percentage..................... 43
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Super Senior Optimal Principal Distribution
Amount........................................43
Surety................................................43
Surety Bond...........................................43
Tax Returns...........................................43
Transfer..............................................43
Transferee............................................43
Transferor............................................44
Trust Fund............................................44
Uncertificated Pass-Through Rate......................45
Uncertificated Principal Balance......................45
Uncertificated REMIC I Regular Interest U.............45
Uncertificated REMIC I Regular Interest W.............46
Uncertificated REMIC I Regular Interest X.............46
Uncertificated REMIC I Regular Interest Y.............46
Uncertificated REMIC I Regular Interests Z............46
Uncertificated REMIC I Regular Interests..............46
Uncertificated REMIC I Regular Interest T
Distribution Amount...................................47
Uncertificated REMIC I Regular Interest U
Distribution Amount...................................47
Uncertificated REMIC I Regular Interest V
Distribution Amount...................................47
Uncertificated REMIC I Regular Interest W
Distribution Amount...................................47
Uncertificated REMIC I Regular Interest X
Distribution Amount...................................47
Uncertificated REMIC I Regular Interest Y
Distribution Amount...................................47
Uncertificated REMIC I Regular Interests Z
Distribution Amount...................................47
Uncertificated REMIC I Regular Interest
Distribution Amounts..................................47
Uniform Single Attestation Program for
Mortgage Bankers:.....................................48
Uninsured Cause.......................................48
United States Person..................................48
Variable Strip Certificates...........................48
Voting Rights.........................................48
Section 1Determination of LIBOR..............................49
NY1-182172.3
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Page
ARTICLE II
CONVEYANCE OF MORTGAGE LOANS;
ORIGINAL ISSUANCE OF CERTIFICATES
Section 2.01. Conveyance of Mortgage Loans..................... 51
Section 2.02. Acceptance by Trustee............................ 57
Section 2Representations, Warranties and
Covenants of the Master Servicer and the
Company............................................... 58
Section 2Representations and Warranties
of Sellers............................................ 63
Section 2Issuance of Certificates Evidencing
Interests in REMIC I Certificates..................... 66
Section 2Conveyance of Uncertificated REMIC I and
REMIC II Regular Interests; Acceptance
by the Trustee........................................ 66
Section 2Issuance of Certificates Evidencing
Interest in REMIC II.................................. 67
ARTICLE III
ADMINISTRATION AND SERVICING
OF MORTGAGE LOANS
Section 3.01. Master Servicer to Act as Servicer............... 67
Section 3Subservicing Agreements Between Master
Servicer and Subservicers; Enforcement
of Subservicers' and Sellers'
Obligations........................................... 69
Section 3Successor Subservicers................................ 70
Section 3Liability of the Master Servicer...................... 71
Section 3No Contractual Relationship Between
Subservicer and Trustee or
Certificateholders or the Owner of the
Excess Spread......................................... 71
Section 3Assumption or Termination of
Subservicing Agreements by Trustee.................... 71
Section 3Collection of Certain Mortgage Loan
Payments; Deposits to Custodial
Account............................. 72
Section 3.08. Subservicing Accounts; Servicing
Accounts.............................................. 75
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Section 3Access to Certain Documentation and
Information Regarding the Mortgage Loans
...................................................... 76
Section 3Permitted Withdrawals from the
Custodial Account...................................... 77
Section 3Maintenance of the Primary Insurance
Policies; Collections Thereunder....................... 79
Section 3Maintenance of Fire Insurance and
Omissions and Fidelity Coverage. ..................... 80
Section 3Enforcement of Due-on-Sale Clauses;
Assumption and Modification Agreements;
Certain Assignments.................................... 82
Section 3Realization Upon Defaulted Mortgage
Loans.................................................. 84
Section 3Trustee to Cooperate;
Release of Mortgage Files.............................. 88
Section 3Servicing and Other Compensation;
Compensating Interest.................................. 89
Section 3.17. Reports to the Trustee and the Company............ 91
Section 3Annual Statement as to Compliance...................... 91
Section 3Annual Independent Public Accountants'
Servicing Report....................................... 92
Section 3Rights of the Company in Respect
of the Master Servicer. ....................... 92
Section 3.21. Administration of Buydown Funds................... 93
ARTICLE IV
PAYMENTS TO CERTIFICATEHOLDERS
Section 4.01. Certificate Account............................... 94
Section 4.02. Distributions..................................... 94
Section 4Statements to Certificateholders and the
Owner of the Excess Spread.............................107
Section 4Distribution of Reports to the
Trustee and the Company; Advances
by the Master Servicer.................................110
Section 4.05. Allocation of Realized Losses.....................112
Section 4Reports of Foreclosures and Abandonment
of Mortgaged Property. ................113
Section 4Optional Purchase of Defaulted Mortgage Loans..........114
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Section 4Distributions on the Uncertificated REMIC I and REMIC II
Regular Interests.
.....................................................114
Section 4.09. Surety Bond..............................................117
ARTICLE V
THE CERTIFICATES AND EXCESS SPREAD
Section 5.01. The Certificates.........................................118
Section 5Registration of Transfer and Exchange of
Certificates and Restrictions on
Transfer of Excess Spread.
...............................................120
Section 5Mutilated, Destroyed, Lost or Stolen
Certificates..................................................126
Section 5Persons Deemed Owners.........................................127
Section 5Appointment of Paying Agent...................................127
Section 5Optional Purchase of Certificates.............................128
ARTICLE VI
THE COMPANY AND THE MASTER SERVICER
Section 6Respective Liabilities of the Company
and the Master Servicer.......................................130
Section 6Merger or Consolidation of the
Company or the Master Servicer;
Assignment of Rights and Delegation
of Duties by Master Servicer..................................130
Section 6Limitation on Liability of the Company,
the Master Servicer and Others. .......................131
Section 6Company and Master
Servicer Not to Resign........................................132
ARTICLE VII
DEFAULT
Section 7Events of Default.............................................133
Section 7Trustee or Company to Act; Appointment
of Successor..................................................135
Section 7Notification to Certificateholders............................136
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Section 7.04. Waiver of Events of Default..................136
ARTICLE VIII
CONCERNING THE TRUSTEE
Section 8.01. Duties of Trustee............................138
Section 8Certain Matters Affecting the Trustee.............140
Section 8Trustee Not Liable for Certificates or
Mortgage Loans....................................142
Section 8Trustee May Own Certificates......................142
Section 8Master Servicer to Pay Trustee's Fees
and Expenses; Indemnification. ............142
Section 8Eligibility Requirements for Trustee..............143
Section 8Resignation and Removal of the Trustee............144
Section 8Successor Trustee.................................145
Section 8Merger or Consolidation of Trustee................146
Section 8Appointment of Co-Trustee or Separate
Trustee...........................................146
Section 8Appointment of Custodians.........................147
Section 8Appointment of Office or Agency...................148
ARTICLE IX
TERMINATION
Section 9Termination Upon Purchase by the Master
Servicer or the Company or
Liquidation of All Mortgage Loans.................149
Section 9Termination of REMIC II...........................152
Section 9Additional Termination Requirements...............152
ARTICLE X
REMIC PROVISIONS
Section 1REMIC Administration..............................154
Section 1Master Servicer, REMIC Administrator and
Trustee Indemnification...........................158
ARTICLE XI
MISCELLANEOUS PROVISIONS
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Section 1Amendment......................................160
Section 1Recordation of Agreement; Counterparts.........163
Section 1Limitation on Rights
of Certificateholders..........................163
Section 1Governing Law..................................164
Section 1Notices........................................164
Section 1Notices to Rating Agency.......................165
Section 1Severability of Provisions.....................166
Section 1Supplemental Provisions for
Resecuritization..............................166
NY1-182172.3
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EXHIBITS
Exhibit A: Form of Class A Certificate
Exhibit B: Form of Class M Certificate
Exhibit C: Form of Class B Certificate
Exhibit D: Form of Class R Certificate
Exhibit E: Form of Custodial Agreement
Exhibit F: Mortgage Loan Schedule
Exhibit G: Form of Seller/Servicer Contract
Exhibit H: Forms of Request for Release
Exhibit I-1: Form of Transfer Affidavit and Agreement
Exhibit I-2: Form of Transferor Certificate
Exhibit J: Form of Investor Representation Letter
Exhibit K: Form of Transferor Representation Letter
Exhibit L: Form of Rule 144A Investment Representation Letter
Exhibit M: Text of Amendment to Pooling and Servicing
Agreement Pursuant to Section 11.01(e) for a
Limited Guaranty
Exhibit N: Form of Limited Guaranty
Exhibit O: Form of Lender Certification for Assignment of
Mortgage Loan
Exhibit P: Schedule of Discount Fractions
NY1-182172.3
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This is a Pooling and Servicing Agreement, dated as of December 1,
1996, among RESIDENTIAL ACCREDIT LOANS, INC., as the company (together with its
permitted successors and assigns, the "Company"), RESIDENTIAL FUNDING
CORPORATION, as master servicer (together with its permitted successors and
assigns, the "Master Servicer"), and THE FIRST NATIONAL BANK OF CHICAGO, as
Trustee (together with its permitted successors and assigns, the "Trustee").
PRELIMINARY STATEMENT:
The Company intends to sell mortgage pass-through certificates
(collectively, the "Certificates"), to be issued hereunder in multiple classes,
which in the aggregate will evidence the entire beneficial ownership interest in
the Mortgage Loans (as defined herein). As provided herein, the Master Servicer
will make an election to treat the entire segregated pool of assets described in
the definition of REMIC I (as defined herein), and subject to this Agreement
(including the Mortgage Loans but excluding the Initial Monthly Payment Fund),
as a real estate mortgage investment conduit (a "REMIC") for federal income tax
purposes and such segregated pool of assets will be designated as "REMIC I." The
Uncertificated REMIC I Regular Interests will be "regular interests" in REMIC I
and the Class R-I Certificates will be the sole class of "residual interests" in
REMIC I for purposes of the REMIC Provisions (as defined herein) under the
federal income tax law. A segregated pool of assets consisting of the
Uncertificated REMIC I Regular Interests will be designated as "REMIC II," and
the Master Servicer will make a separate REMIC election with respect thereto.
The Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-6, Class A-7,
Class A-8, Class A-10, Class A-11,, Class A-12, Class A-13, Class A-14, Class
M-1, Class M-2, Class M-3, Class B-1, Class B-2 and Class B-3 Certificates,
Class A-9 Component A, Class A-9 Component B and the Uncertificated REMIC II
Regular Interests, the rights in and to which will be initially represented by
the Excess Spread (as defined herein), will be "regular interests" in REMIC II,
and the Class R-II Certificates will be the sole class of "residual interests"
therein for purposes of the REMIC Provisions (as defined herein) under federal
income tax law.
NY1-182172.3
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The following table sets forth the designation, type, Pass-Through
Rate, aggregate Initial Certificate Principal Balance, Maturity Date, initial
ratings and certain features for each Class of Certificates comprising the
interests in the Trust
Fund created hereunder.
Aggregate
Initial
Pass- Certificate
Through Principal
Designation Rate Balance Features
Class A-1 7.40% $ 4,000,000.00 Senior
Class A-2 7.30% $ 4,074,824.00 Senior
Class A-3 7.05% $13,128,206.00 Senior
Class A-4 7.30% $ 3,765,148.00 Senior
Class A-5 7.40% $10,500,000.00 Senior
Class A-6 7.40% $ 2,600,500.00 Senior
Class A-7 Adjustable Rate $31,579,563.00 Adjustable Rate/Senior
Class A-8 Adjustable Rate $ 0.00 Adjustable Rate/Interest
Only/Senior
Class A-9 Variable Rate $32,965,000.00 Component/Senior
Class A-10 7.40% $20,953,719.00 Senior
Class A-11 7.75% $13,975,000.00 Super Senior/Senior
Class A-12 7.75% $ 2,000,000.00 Lockout/Senior
Support/Senior
Class A-13 7.75% $20,646,958.00 Lockout/Senior
Class A-14 0.00% $ 115,824.70 Principal Only/Senior
Class R-I 7.75% $ 100.00 Residual/Senior
Class R-II 7.75% $ 100.00 Residual/Senior
Class M-1 7.75% $ 6,661,000.00 Mezzanine
Class M-2 7.75% $ 4,440,700.00 Mezzanine
Class M-3 7.75% $ 3,108,500.00 Mezzanine
Class B-1 7.75% $ 1,509,500.00 Subordinate
Class B-2 7.75% $ 444,000.00 Subordinate
Class B-3 7.75% $ 1,154,562.90 Subordinate
Maturity
Designation Date S&P Fitch
Class A-1 December 28, 2026 AAA AAA
Class A-2 December 28, 2026 AAA AAA
Class A-3 December 28, 2026 AAA AAA
Class A-4 December 28, 2026 AAA AAA
Class A-5 December 28, 2026 AAA AAA
Class A-6 December 28, 2026 AAA AAA
Class A-7 December 28, 2026 AAA AAA
Class A-8 December 28, 2026 AAAr AAA
Class A-9 December 28, 2026 AAA AAA
Class A-10 December 28, 2026 AAA AAA
Class A-11 December 28, 2026 AAA AAA
Class A-12
Class A-13 December 28, 2026 AAA AAA
Class A-14 December 28, 2026 AAAr AAA
Class R-I December 28, 2026 AAA AAA
Class R-II December 28, 2026 AAA AAA
Class M-1 December 28, 2026 N/A AA
Class M-2 December 28, 2026 N/A A
Class M-3 December 28, 2026 N/A BBB
Class B-1 December 28, 2026 N/A BB
Class B-2 December 28, 2026 N/A B
Class B-3 December 28, 2026 N/A N/A
The Class A-9 Certificates are comprised of two Components: (i) the
Class A-9 Component A, having an initial principal amount of $19,000,000 and a
Pass-Through Rate of 7.30% and (ii) the Class A-9 Component B having a principal
amount of $13,965,000 and a Pass-Through Rate of 7.40%.
The Company may cause one or more additional classes of Class A
Certificates to be issued hereunder upon the terms set forth in Section 5.01(c),
each of which shall bear a numerical designation immediately sequentially
following the highest numerical designation of the Class A Certificates
previously issued, which will evidence ownership of specified Uncertificated
REMIC II Regular Interests, each of which will have no Certificate Principal
Balance and will have varying maturity dates no later than December 28, 2026.
NY1-182172.3
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The Mortgage Loans have an aggregate Cut-off Date Principal Balance
equal to $177,623,205.60. 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, Class A-9, Class A-14
and any Variable Strip 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. With
respect to each Distribution Date, as to the Class A-8 Certificates, interest
accrued during the related Interest Accrual Period at the related Pass-Through
Rate on the Class A-8 Notional Amount. With respect to each Distribution Date,
as to the Class A-9 Certificates, the sum of interest accrued during the related
Interest Accrual Period at the related Pass-Through Rates on the respective
principal amounts of Class A-9 Component A and Class A-9 Component B. With
respect to each Distribution Date, as to any Variable Strip Certificates,
interest accrued during the related Interest Accrual Period at the related
Pass-Through Rate on the Notional Amount thereof. Accrued Certificate Interest
will be calculated on the basis of a 360-day year, consisting of twelve 30-day
months. In each case Accrued Certificate Interest on any Class of Certificates
or Components will be reduced by the amount of (i) Prepayment Interest
Shortfalls (to the extent not offset by the Master
NY1-182172.3
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Servicer with a payment of Compensating Interest as provided in Section 4.01),
(ii) the interest portion (adjusted to the Net Mortgage Rate) of Realized Losses
(including Excess Special Hazard Losses, Excess Fraud Losses, Excess Bankruptcy
Losses and Extraordinary Losses) not allocated solely to one or more specific
Classes of Certificates pursuant to Section 4.05, (iii) the interest portion of
Advances previously made with respect to a Mortgage Loan or REO Property which
remained unreimbursed following the Cash Liquidation or REO Disposition of such
Mortgage Loan or REO Property that were made with respect to delinquencies that
were ultimately determined to be Excess Special Hazard Losses, Excess Fraud
Losses, Excess Bankruptcy Losses or Extraordinary Losses and (iv) any other
interest shortfalls not covered by the subordination provided by the Class M
Certificates and Class B Certificates, including interest that is not
collectible from the Mortgagor pursuant to the Soldiers' and Sailors' Civil
Relief Act of 1940, as amended, or similar legislation or regulations as in
effect from time to time, with all such reductions allocated among all of the
Certificates and to the Excess Spread in proportion to their respective amounts
of Accrued Certificate Interest and the amount of Excess Spread payable on such
Distribution Date which would have resulted absent such reductions. In addition
to that portion of the reductions described in the preceding sentence that are
allocated to any Class of Class B Certificates or any Class of Class M
Certificates, Accrued Certificate Interest on such Class of Class B Certificates
or such Class of Class M Certificates will be reduced by the interest portion
(adjusted to the Net Mortgage Rate) of Realized Losses that are allocated solely
to such Class of Class B Certificates or such Class of Class M Certificates
pursuant to Section 4.05.
Addendum and Assignment Agreement: The Addendum and
Assignment Agreement, dated as of January 31, 1995, between MLCC
and the Master Servicer.
Additional Collateral: With respect to any Mortgage 100SM Loan, the
marketable securities held from time to time as security for the repayment of
such Mortgage 100SM Loan and any related collateral. With respect to any Parent
PowerSM Loan, the third-party guarantee for such Parent PowerSM Loan, together
with (i) any marketable securities held from time to time as security for the
performance of such guarantee and any related collateral or (ii) any mortgaged
property securing the performance of such
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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
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Mortgage Loan, and (ii) the sales price of the Mortgaged Property at such time
of origination, except in the case of a Mortgaged Property securing a refinanced
or modified Mortgage Loan as to which it is either the appraised value
determined above or the appraised value determined in an appraisal at the time
of refinancing or modification, as the case may be.
Assignment: An assignment of the Mortgage, notice of transfer or
equivalent instrument, in recordable form, sufficient under the laws of the
jurisdiction wherein the related Mortgaged Property is located to reflect of
record the sale of the Mortgage Loan to the Trustee for the benefit of
Certificateholders, which assignment, notice of transfer or equivalent
instrument may be in the form of one or more blanket assignments covering
Mortgages secured by Mortgaged Properties located in the same county, if
permitted by law and accompanied by an Opinion of Counsel to that effect.
Assignment Agreement: The Assignment and Assumption
Agreement, dated December 30, 1996, between Residential Funding and the Company
relating to the transfer and assignment of the Mortgage Loans.
Assignment of Proprietary Lease: With respect to a Cooperative Loan,
the assignment of the related Cooperative Lease from the Mortgagor to the
originator of the Cooperative Loan.
Available Distribution Amount: As to any Distribution Date, 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)
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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)
$158,130 over (B) the aggregate amount of Bankruptcy Losses allocated solely to
one or more specific Classes of Certificates in accordance with Section 4.05. As
of any date of determination on or after the first anniversary of the Cut-off
Date, an amount equal to the excess, if any, of (1) the lesser of (a) the
Bankruptcy Amount calculated as of the close of business on the Business Day
immediately preceding the most recent anniversary of the Cut-off Date coinciding
with or preceding such date of determination (or, if such date of determination
is an anniversary of the Cut-off Date, the Business Day immediately preceding
such date of determination) (for purposes of this definition, the "Relevant
Anniversary") and (b) the greater of
(A) the greater of (i) 0.0006 times the aggregate principal
balance of all the Mortgage Loans in the Mortgage Pool as of the
Relevant Anniversary (other than Additional Collateral Loans) having a
Loan-to-Value Ratio at origination which exceeds 75% and (ii) $100,000;
and (B) the greater of (i) the product of (x) an amount equal to the
largest difference in the related Monthly Payment for any Non-Primary
Residence Loan remaining in the Mortgage Pool (other than Additional
Collateral Loans) which had an original Loan-to-Value Ratio of 80% or
greater that would result if the Net Mortgage Rate thereof was equal to
the weighted average (based on the principal balance of the Mortgage
Loans as of the Relevant Anniversary) of the Net Mortgage Rates of all
Mortgage Loans as of the Relevant Anniversary less 1.25% per annum, (y)
a number equal to the weighted average remaining term to maturity, in
months, of all Non-Primary Residence Loans remaining in the Mortgage
Pool as of the Relevant Anniversary, and (z) one plus the quotient of
the number of all Non-Primary Residence Loans remaining in the Mortgage
Pool divided by the total number of Outstanding Mortgage Loans in the
Mortgage Pool as of the Relevant Anniversary, and (ii) $50,000,
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over (2) the aggregate amount of Bankruptcy Losses allocated solely to one or
more specific Classes of Certificates in accordance with Section 4.05 since the
Relevant Anniversary.
The Bankruptcy Amount may be further reduced by the Master Servicer
(including accelerating the manner in which such coverage is reduced) provided
that prior to any such reduction, the Master Servicer shall (i) obtain written
confirmation from each Rating Agency that such reduction shall not reduce the
rating assigned to any Class of Certificates by such Rating Agency below the
lower of the then-current rating or the rating assigned to such Certificates as
of the Closing Date by such Rating Agency and (ii) provide a copy of such
written confirmation to the Trustee.
Bankruptcy Code: The Bankruptcy Code of 1978, as amended.
Bankruptcy Loss: With respect to any Mortgage Loan, a Deficient
Valuation or Debt Service Reduction; provided, however, that neither a Deficient
Valuation nor a Debt Service Reduction shall be deemed a Bankruptcy Loss
hereunder so long as the Master Servicer has notified the Trustee in writing
that the Master Servicer is diligently pursuing any remedies that may exist in
connection with the representations and warranties made regarding the related
Mortgage Loan and either (A) the related Mortgage Loan is not in default with
regard to payments due thereunder or (B) delinquent payments of principal and
interest under the related Mortgage Loan and any premiums on any applicable
primary hazard insurance policy and any related escrow payments in respect of
such Mortgage Loan are being advanced on a current basis by the Master Servicer
or a Subservicer, in either case without giving effect to any Debt Service
Reduction.
Book-Entry Certificate: Any Certificate registered in the
name of the Depository or its nominee.
Business Day: Any day other than (i) a Saturday or a Sunday or (ii) a
day on which banking institutions in the State of New York, the State of
Michigan, the State of California or the State 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.
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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 "The First National
Bank of Chicago, as trustee, in trust for the registered holders of Residential
Accredit Loans, Inc., Mortgage Asset-Backed Pass-Through Certificates and the
Owner of the Excess Spread, Series 1996-QS8" and which must be an Eligible
Account.
Certificate Account Deposit Date: As to any Distribution
Date, the Business Day prior thereto.
Certificateholder or Holder: The Person in whose name a Certificate is
registered in the Certificate Register, except that neither a Disqualified
Organization nor a Non-United States Person shall be a holder of a Class R-I
Certificate or Class R-II Certificate for purposes hereof and, solely for the
purpose of giving any consent or direction pursuant to this Agreement, any
Certificate, other than a Class R-I Certificate or Class R-II Certificate,
registered in the name of the Company, the Master Servicer or any Subservicer or
any Affiliate thereof shall be deemed not to be outstanding and the Percentage
Interest or Voting Rights evidenced thereby shall not be taken into account
NY1-182172.3
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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-8 Certificate and Variable Strip Certificate) and Class
R Certificate, on any date of determination, an amount equal to (i) the Initial
Certificate Principal Balance of such Certificate as specified on the face
thereof, minus (ii) the sum of (x) the aggregate of all amounts previously
distributed with respect to such Certificate (or any predecessor Certificate)
and applied to reduce the Certificate Principal Balance thereof pursuant to
Section 4.02(a) and (y) the aggregate of all reductions in Certificate Principal
Balance deemed to have occurred in connection with Realized Losses which were
previously allocated to such Certificate (or any predecessor Certificate)
pursuant to Section 4.05. With respect to each Class M Certificate, on any date
of determination, an amount equal to (i) the Initial Certificate Principal
Balance of such Class M Certificate as specified on the face thereof, minus (ii)
the sum of (x) the aggregate of all amounts previously distributed with respect
to such Certificate (or any predecessor Certificate) and applied to reduce the
Certificate Principal Balance thereof pursuant to Section 4.02(a) and (y) the
aggregate of all reductions in Certificate Principal Balance deemed to have
occurred in connection with Realized Losses which were previously allocated to
such Certificate (or any predecessor Certificate) pursuant to Section 4.05;
provided, that if the Certificate Principal Balances of the Class B Certificates
have been reduced
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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-8 Certificates and Variable Strip Certificates will have no Certificate
Principal Balance.
Certificate Register and Certificate Registrar: The
register maintained and the registrar appointed pursuant to
Section 5.02.
Class: Collectively, all of the Certificates bearing the
same designation.
Class A Certificate: Any one of the Class A-1, Class A-2, Class A-3,
Class A-4, Class A-5, Class A-6, Class A-7, Class A-8, Class A-9, Class A-10,
Class A-11, Class A-12, Class A-13 or Class A-14 Certificates or, on and after
the date of issuance of any Variable Strip Certificates pursuant to Section
5.01(c), such Variable Strip Certificates evidencing the related Uncertificated
REMIC II Regular Interest or Interests specified by the Company
NY1-182172.3
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in accordance with Section 5.01(c), in each case 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 REMIC
II for purposes of the REMIC Provisions.
Class A-8 Notional Amount: As of any Distribution Date, with respect to
the Class A-8 Certificates, the Certificate Principal Balance of the Class A-7
Certificates immediately prior to such date.
Class A-9 Component A: With respect to the Class A-9 Certificates, the
Component A thereof having, on any date of determination, an amount equal to (i)
$19,000,000 minus (ii) the sum of (x) the aggregate of all amounts previously
distributed with respect to the Class A-9 Certificates and applied to reduce
Class A-9 Component A pursuant to Section 4.02(b), and (y) the aggregate of all
reductions in Class A-9 Component A deemed to have occurred in connection with
Realized Losses which were previously allocated to Class A-9 Component A
pursuant to Section 4.05, being an uncertificated interest representing an
interest designated as a "regular interest" in REMIC II for purposes of the
REMIC Provisions.
Class A-9 Component B: With respect to the Class A-9 Certificates, the
Component B thereof having, on any date of determination, an amount equal to (i)
$13,965,000 minus (ii) the sum of (x) the aggregate of all amounts previously
distributed with respect to the Class A-9 Certificates and applied to reduce
Class A-9 Component B pursuant to Section 4.02(b), and (y) the aggregate of all
reductions in Class A-9 Component B deemed to have occurred in connection with
Realized Losses which were previously allocated to Class A-9 Component B
pursuant to Section 4.05, being an uncertificated interest representing an
interest designated as a "regular interest" in REMIC II for purposes of the
REMIC Provisions.
Class A-14 Collection Shortfall: With respect to the Cash Liquidation
or REO Disposition of a Discount Mortgage Loan and any Distribution Date, the
excess of the amount described in Section 4.02(b)(i)(C)(1) over the amount
described in Section 4.02(b)(i)(C)(2).
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Class A-14 Principal Distribution Amount: As defined in
Section 4.02(b)(i).
Class B Certificate: Any one of the Class B-1 Certificates, Class B-2
Certificates or Class B-3 Certificates executed by the Trustee and authenticated
by the Certificate Registrar substantially in the form annexed hereto as Exhibit
C, evidencing an interest designated as a "regular interest" in REMIC II for
purposes of the REMIC Provisions.
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 1.75%.
Class B-2 Percentage: With respect to any Distribution Date, a
fraction, expressed as a percentage, the numerator of which is the aggregate
Certificate Principal Balance of the Class B-2 Certificates immediately prior to
such date and the denominator of which is the aggregate Stated Principal Balance
of all of the Mortgage Loans (or related REO Properties) (other than the related
Discount Fraction of each Discount Mortgage Loan) immediately prior to such
Distribution Date.
Class B-2 Prepayment Distribution Trigger: With respect to
any Distribution Date, a test that shall be satisfied if the
fraction (expressed as a percentage) equal to the sum of the
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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 0.90%.
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 0.65%.
Class M Certificate: Any one of the Class M-1 Certificates, Class M-2
Certificates or Class M-3 Certificates executed by the Trustee and authenticated
by the Certificate Registrar substantially in the form annexed hereto as Exhibit
B, evidencing an interest designated as a "regular interest" in REMIC II for
purposes of the REMIC Provisions.
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.
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Class M-2 Percentage: With respect to any Distribution Date, a
fraction, expressed as a percentage, the numerator of which is the aggregate
Certificate Principal Balance of the Class M-2 Certificates immediately prior to
such date and the denominator of which is the aggregate Stated Principal Balance
of all of the Mortgage Loans (or related REO Properties) (other than the related
Discount Fraction of each Discount Mortgage Loan) immediately prior to such
Distribution Date.
Class M-2 Prepayment Distribution Trigger: With respect to any
Distribution Date, a test that shall be satisfied if the fraction (expressed as
a percentage) equal to the sum of the Certificate Principal Balances of the
Class M-2 Certificates, Class M-3 Certificates, Class B-1 Certificates, Class
B-2 Certificates and Class B-3 Certificates immediately prior to such
Distribution Date divided by the aggregate Stated Principal Balance of all of
the Mortgage Loans (or related REO Properties) immediately prior to such
Distribution Date is greater than or equal to 6.00%.
Class M-3 Percentage: With respect to any Distribution Date, a
fraction, expressed as a percentage, the numerator of which is the aggregate
Certificate Principal Balance of the Class M-3 Certificates immediately prior to
such date and the denominator of which is the aggregate Stated Principal Balance
of all of the Mortgage Loans (or related REO Properties) (other than the related
Discount Fraction of each Discount Mortgage Loan) immediately prior to such
Distribution Date.
Class M-3 Prepayment Distribution Trigger: With respect to any
Distribution Date, a test that shall be satisfied if the fraction (expressed as
a percentage) equal to the sum of the Certificate Principal Balances of the
Class M-3 Certificates, Class B-1 Certificates, Class B-2 Certificates and Class
B-3 Certificates immediately prior to such Distribution Date divided by the
aggregate Stated Principal Balance of all of the Mortgage Loans (or related REO
Properties) immediately prior to such Distribution Date is greater than or equal
to 3.50%.
Class R Certificate: Any one of the Class R-I Certificates
or Class R-II Certificates.
Class R-I Certificate: Any one of the Class R-I
Certificates executed by the Trustee and authenticated by the
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Certificate Registrar substantially in the form annexed hereto as Exhibit D and
evidencing an interest designated as a "residual interest" in REMIC I for
purposes of the REMIC Provisions.
Class R-II Certificate: Any one of the Class R-II Certificates executed
by the Trustee and authenticated by the Certificate Registrar substantially in
the form annexed hereto as Exhibit D and evidencing an interest designated as a
"residual interest" in REMIC II for purposes of the REMIC Provisions.
Closing Date: December 30, 1996.
Code: The Internal Revenue Code of 1986.
Compensating Interest: With respect to any Distribution Date, an amount
equal to Prepayment Interest Shortfalls resulting from Principal Prepayments in
Full during the related Prepayment Period, but not more than the lesser of (a)
one-twelfth of 0.125% of the Stated Principal Balance of the Mortgage Loans
immediately preceding such Distribution Date and (b) the sum of the Servicing
Fee, all income and gain on amounts held in the Custodial Account and the
Certificate Account and payable to the Certificateholders with respect to such
Distribution Date and servicing compensation to which the Master Servicer may be
entitled pursuant to Section 3.10(a)(v) and (vi); provided that for purposes of
this definition the amount of the Servicing Fee will not be reduced pursuant to
Section 7.02 except as may be required pursuant to the last sentence of such
Section.
Component: Either Class A-9 Component A or Class A-9
Component B.
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.
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Cooperative Lease: With respect to a Cooperative Loan, the proprietary
lease or occupancy agreement with respect to the Cooperative Apartment occupied
by the Mortgagor and relating to the related Cooperative Stock, which lease or
agreement confers an exclusive right to the holder of such Cooperative Stock to
occupy such apartment.
Cooperative Loans: Any of the Mortgage Loans made in respect of a
Cooperative Apartment, evidenced by a Mortgage Note and secured by (i) a
Security Agreement, (ii) the related Cooperative Stock Certificate, (iii) an
assignment of the Cooperative Lease, (iv) financing statements and (v) a stock
power (or other similar instrument), and ancillary thereto, a recognition
agreement between the Cooperative and the originator of the Cooperative Loan,
each of which was transferred and assigned to the Trustee pursuant to Section
2.01 and are from time to time held as part of the Trust Fund.
Cooperative Stock: With respect to a Cooperative Loan, the
single outstanding class of stock, partnership interest or other
ownership instrument in the related Cooperative.
Cooperative Stock Certificate: With respect to a
Cooperative Loan, the stock certificate or other instrument
evidencing the related Cooperative Stock.
Corporate Trust Office: The principal office of the Trustee at which at
any particular time its corporate trust business with respect to this Agreement
shall be administered, which office at the date of the execution of this
instrument is located at Corporate Trust and Agency Group, One First National
Plaza, Suite 0126, Chicago, Illinois 60670-0126, Attention: Residential Funding
Corporation Series 1996-QS8.
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
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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: December 1, 1996.
Cut-off Date Principal Balance: As to any Mortgage Loan, the unpaid
principal balance thereof at the Cut-off Date after giving effect to all
installments of principal due on or prior thereto, whether or not received.
Debt Service Reduction: With respect to any Mortgage Loan, a reduction
in the scheduled Monthly Payment for such Mortgage Loan by a court of competent
jurisdiction in a proceeding under the Bankruptcy Code, except such a reduction
constituting a Deficient Valuation or any reduction that results in a permanent
forgiveness of principal.
Defaulted Mortgage Loss: With respect to any Mortgage Loan, a Realized
Loss that is attributable to the Mortgagor's failure to make any payment of
principal or interest as required under the Mortgage Note, not including Special
Hazard Losses, Extraordinary Losses (or any other loss resulting from damage to
the related Mortgaged Property (or, with respect to a Cooperative Loan, the
related Cooperative Apartment)), Bankruptcy Losses, Fraud Losses and any other
interest shortfalls not covered by the subordination described in Section 4.05,
including interest that is not collectible from the Mortgagor pursuant to the
Soldiers' and Sailors' Civil Relief Act of 1940 or similar legislation or
regulations as in effect from time to time.
Deficient Valuation: With respect to any Mortgage Loan, a
valuation by a court of competent jurisdiction of the Mortgaged
Property in an amount less than the then outstanding indebtedness
under the Mortgage Loan, or any reduction in the amount of
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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.
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Discount Mortgage Loan: Any Mortgage Loan having a Net Mortgage Rate
(or the initial Net Mortgage Rate) of less than 7.75% per annum and any Mortgage
Loan deemed to be a Discount Mortgage Loan pursuant to the definition of
Qualified Substitute Mortgage Loan.
Disqualified Organization: Any organization defined as a "disqualified
organization" under Section 860E(e)(5) of the Code, which includes any of the
following: (i) the United States, any State or political subdivision thereof,
any possession of the United States, or any agency or instrumentality of any of
the foregoing (other than an instrumentality which is a corporation if all of
its activities are subject to tax and, except for the FHLMC, a majority of its
board of directors is not selected by such governmental unit), (ii) a foreign
government, any international organization, or any agency or instrumentality of
any of the foregoing, (iii) any organization (other than certain farmers'
cooperatives described in Section 521 of the Code) which is exempt from the tax
imposed by Chapter 1 of the Code (including the tax imposed by Section 511 of
the Code on unrelated business taxable income), (iv) rural electric and
telephone cooperatives described in Section 1381(a)(2)(C) of the Code and (v)
any other Person so designated by the Trustee based upon an Opinion of Counsel
that the holding of an Ownership Interest in a Class R Certificate by such
Person may cause REMIC I or REMIC II or any Person having an Ownership Interest
in any Class of Certificates (other than such Person) to incur a liability for
any federal tax imposed under the Code that would not otherwise be imposed but
for the Transfer of an Ownership Interest in a Class R Certificate to such
Person. The terms "United States", "State" and "international organization"
shall have the meanings set forth in Section 7701 of the Code or successor
provisions.
Distribution Date: The 25th day of any month beginning in the month
immediately following the month of the initial issuance of the Certificates or,
if such 25th day is not a Business Day, the Business Day immediately following
such 25th day.
Due Date: With respect to any Distribution Date, the first
day of the month in which such Distribution Date occurs.
Due Period: With respect to any Distribution Date, the
period commencing on the second day of the month preceding the
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month of such Distribution Date and ending on the related Due
Date.
Eligible Account: An account that is any of the following: (i)
maintained with a depository institution the debt obligations of which have been
rated by each Rating Agency in its highest rating available, or (ii) an account
or accounts in a depository institution in which such accounts are fully insured
to the limits established by the FDIC, provided that any deposits not so insured
shall, to the extent acceptable to each Rating Agency, as evidenced in writing,
be maintained such that (as evidenced by an Opinion of Counsel delivered to the
Trustee and each Rating Agency) the registered Holders of Certificates have a
claim with respect to the funds in such account or a perfected first security
interest against any collateral (which shall be limited to Permitted
Investments) securing such funds that is superior to claims of any other
depositors or creditors of the depository institution with which such account is
maintained, or (iii) in the case of the Custodial Account, either (A) a trust
account or accounts maintained in the corporate trust department of The First
National Bank of Chicago or (B) an account or accounts maintained in the
corporate asset services department of The First National Bank of Chicago, as
long as its short term debt obligations are rated P-1 (or the equivalent) or
better by each Rating Agency and its long term debt obligations are rated A2 (or
the equivalent) or better, by each Rating Agency, or (iv) in the case of the
Certificate Account, a trust account or accounts maintained in the corporate
trust division of The First National Bank of Chicago, or (v) an account or
accounts of a depository institution acceptable to each Rating Agency (as
evidenced in writing by each Rating Agency that use of any such account as the
Custodial Account or the Certificate Account will not reduce the rating assigned
to any Class of Certificates by such Rating Agency below the lower of the
then-current rating or the rating assigned to such Certificates as of the
Closing Date by such Rating Agency).
Eligible Funds: On any Distribution Date, the portion, if any, of the
Available Distribution Amount remaining after reduction by the sum of (i) the
aggregate amount of Accrued Certificate Interest on the Class A Certificates and
Class R Certificates and the Excess Spread, (ii) the Senior Principal
Distribution Amount (determined without regard to Section 4.02(a)(ii)(Y)(D)
hereof), (iii) the Class A-14 Principal
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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 Spread: With respect to any Distribution Date and any Mortgage
Loan with respect to which the Company has not on or prior to such Distribution
Date issued a class of Variable Strip Certificates representing ownership of the
related Uncertificated REMIC II Interest Z, one month's interest on the Stated
Principal Balance of such Mortgage Loan at the Spread Rate with respect to such
Mortgage Loan, calculated on the basis of a 360-day year consisting of twelve
30-day months. Excess Spread on any Distribution Date will be reduced by the
interest shortfalls described in clauses (i) through (iv) of the sixth sentence
of the definition of Accrued Certificate Interest, to the extent allocated
thereto pursuant to the provisions of such definition.
Excess Subordinate Principal Amount: With respect to any Distribution
Date on which the Certificate Principal Balance of the most subordinate class or
classes of Certificates (as established in Section 4.05 hereof) then outstanding
is to be reduced to zero and on which Realized Losses are to be allocated to
such class or classes, the excess, if any, of (i) the amount that would
otherwise be distributable in respect of principal on such class or classes of
Certificates on such Distribution Date over (ii) the excess, if any, of the
Certificate Principal Balance of such class or classes of Certificates
immediately prior to such Distribution Date over the aggregate amount of
Realized Losses to be allocated to such classes of Certificates on such
Distribution Date as reduced by any amount calculated pursuant to Section
4.02(b)(i)(E).
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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: (Y) prior to the first anniversary of the Cut-off Date
an amount equal to 2.00% of the aggregate outstanding principal balance of all
of the Mortgage Loans as of the Cut-off Date minus the aggregate amount of Fraud
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Losses allocated solely to one or more specific Classes of Certificates in
accordance with Section 4.05 since the Cut-off Date up to such date of
determination and (Z) from the first to the fifth anniversary of the Cut-off
Date, an amount equal to (1) the lesser of (a) the Fraud Loss Amount as of the
most recent anniversary of the Cut-off Date and (b) 1.00% of the aggregate
outstanding principal balance of all of the Mortgage Loans as of the most recent
anniversary of the Cut-off Date minus (2) the Fraud Losses allocated solely to
one or more specific Classes of Certificates in accordance with Section 4.05
since the most recent anniversary of the Cut-off Date up to such date of
determination. On and after the fifth anniversary of the Cut-off Date the Fraud
Loss Amount shall be zero.
The Fraud Loss Amount may be further reduced by the Master Servicer
(including accelerating the manner in which such coverage is reduced) provided
that prior to any such reduction, the Master Servicer shall (i) obtain written
confirmation from each Rating Agency that such reduction shall not reduce the
rating assigned to any Class of Certificates by such Rating Agency below the
lower of the then-current rating or the rating assigned to such Certificates as
of the Closing Date by such Rating Agency and (ii) provide a copy of such
written confirmation to the Trustee.
Fraud Losses: Losses on Mortgage Loans as to which there
was fraud in the origination of such Mortgage Loan.
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.
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Initial Monthly Payment Fund: As defined in Section
2.01(g).
Insurance Proceeds: Proceeds paid in respect of the Mortgage Loans
pursuant to any Primary Insurance Policy or any other related insurance policy
covering a Mortgage Loan, to the extent such proceeds are payable to the
mortgagee under the Mortgage, any Subservicer, the Master Servicer or the
Trustee and are not applied to the restoration of the related Mortgaged Property
(or, with respect to a Cooperative Loan, the related Cooperative Apartment) or
released to the Mortgagor in accordance with the procedures that the Master
Servicer would follow in servicing mortgage loans held for its own account.
Insurer: Any named insurer under any Primary Insurance
Policy or any successor thereto or the named insurer in any
replacement policy.
Interest Accrual Period: With respect to any Certificate, other than
any Class A-7 Certificate and Class A-8 Certificate, and any Distribution Date,
the calendar month preceding the month in which such Distribution Date occurs.
With respect to any Class A-7 Certificate or Class A-8 Certificate and any
Distribution Date, the one-month period commencing on the 25th day of the month
preceding the month in which such Distribution Date occurs and ending on the
24th day of the month in which such Distribution Date occurs. Notwithstanding
the foregoing, the distributions of interest on any Distribution Date and the
calculation of Accrued Certificate Interest for all Classes of Certificates
including the Class A-7 Certificates and Class A-8 Certificates will reflect
interest accrued, and receipts with respect thereto, on the Mortgage Loans for
the preceding calendar month, as may be reduced in accordance with the
definition of Accrued Certificate Interest.
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
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<PAGE>
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.
LIBOR: With respect to any Distribution Date (other than the
Distribution Date occurring in January 1997) and the Class A- 7 Certificates and
Class A-8 Certificates, the arithmetic mean of the London interbank offered rate
quotations for one-month Eurodollar deposits, expressed on a per annum basis,
determined in accordance with Section 1.02.
LIBOR Business Day: Any day other than (i) a Saturday or Sunday or (ii)
a day on which banking institutions in London, England are required or
authorized to by law to be closed.
LIBOR Rate Adjustment Date: With respect to each Distribution Date
(other than the Distribution Date occurring in January 1997) and the Class A-7
Certificates and Class A-8 Certificates, the LIBOR Business Day immediately
preceding the commencement of the related Interest Accrual Period.
Liquidation Proceeds: Amounts (other than Insurance Proceeds) received
by the Master Servicer in connection with the taking of an entire Mortgaged
Property by exercise of the power of eminent domain or condemnation or in
connection with the liquidation of a defaulted Mortgage Loan through trustee's
sale, foreclosure sale or otherwise, other than REO Proceeds.
Loan-to-Value Ratio: As of any date, the fraction, expressed as a
percentage, the numerator of which is the current principal balance of the
related Mortgage Loan at the date of determination and the denominator of which
is the Appraised Value of the related Mortgaged Property.
Lockout Certificates: Any one of the Class A-12
Certificates and Class A-13 Certificates.
Lockout Distribution Percentage: For any Distribution Date occurring
prior to the Distribution Date in January 2002, 0%, for any Distribution Date
occurring thereafter and prior to the Distribution Date in January 2006, 53% and
for any Distribution Date on or after the Distribution Date in January 2006,
100%.
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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-8 Certificates and Variable Strip Certificates which have no Certificate
Principal Balance) representing a regular interest in REMIC II and the
Uncertificated Principal Balance of each Uncertificated REMIC I Regular Interest
(other than each Uncertificated REMIC I Regular Interest Z) and the rights to
the Class A-8 Certificates would be reduced to zero, which is December 28, 2026,
the Distribution Date immediately following the latest scheduled maturity date
of any Mortgage Loan. The latest possible Maturity Date for the Class A-8
Certificates and each Uncertificated REMIC I Regular Interest Z and
Uncertificated REMIC II Regular Interest is December 28, 2026, which is the
Distribution Date immediately following the latest scheduled maturity date of
any Mortgage Loan.
MLCC: Merrill Lynch Credit Corporation, or its successor in
interest.
Monthly Payment: With respect to any Mortgage Loan (including any REO
Property) and any Due Date, the payment of principal and interest due thereon in
accordance with the amortization schedule at the time applicable thereto (after
adjustment, if any, for Curtailments and for Deficient Valuations occurring
prior to such Due Date but before any adjustment to such amortization schedule
by reason of any bankruptcy, other than a Deficient Valuation, or similar
proceeding or any moratorium or similar waiver or grace period).
Moody's: Moody's Investors Service, Inc., or its successor
in interest.
Mortgage: With respect to each Mortgage Note related to a Mortgage Loan
which is not a Cooperative Loan, the mortgage, deed of trust or other comparable
instrument creating a first lien on 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 Spread Rate ("SPREAD");
(viii) the initial scheduled monthly payment of
principal, if any, and interest ("ORIGINAL P &
I");
(ix) the Cut-off Date Principal Balance ("PRINCIPAL
BAL");
(x) the Loan-to-Value Ratio at origination ("LTV");
(xi) the rate at which the Subservicing Fee accrues
("SUBSERV FEE") and at which the Servicing Fee
accrues ("MSTR SERV FEE");
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(xii) a code "T," "BT" or "CT" under the column "LN
FEATURE," indicating that the Mortgage Loan is
secured by a second or vacation residence; and
(xiii) a code "N" under the column "OCCP CODE," indicating that the
Mortgage Loan is secured by a non-owner occupied residence.
Such schedule may consist of multiple reports that collectively set forth all of
the information required.
Mortgage Loans: Such of the mortgage loans transferred and assigned to
the Trustee pursuant to Section 2.01 as from time to time are held or deemed to
be held as a part of the Trust Fund, the Mortgage Loans originally so held being
identified in the initial Mortgage Loan Schedule, and Qualified Substitute
Mortgage Loans held or deemed held as part of the Trust Fund including, without
limitation, (i) with respect to each Cooperative Loan, the related Mortgage
Note, Security Agreement, Assignment of Proprietary Lease, Cooperative Stock
Certificate, Cooperative Lease and Mortgage File and all rights appertaining
thereto, and (ii) with respect to each Mortgage Loan other than a Cooperative
Loan, each related Mortgage Note, Mortgage and Mortgage File and all rights
appertaining thereto.
Mortgage Note: The originally executed note or other evidence of
indebtedness evidencing the indebtedness of a Mortgagor under a Mortgage Loan,
together with any modification thereto.
Mortgage Rate: As to any Mortgage Loan, the interest rate
borne by the related Mortgage Note, or any modification thereto.
Mortgaged Property: The underlying real property securing a
Mortgage Loan or, with respect to a Cooperative Loan, the related
Cooperative Lease and Cooperative Stock.
Mortgagor: The obligor on a Mortgage Note.
Net Mortgage Rate: As to each Mortgage Loan, a per annum rate of
interest equal to the Adjusted Mortgage Rate less the per annum rate at which
the Servicing Fee is calculated.
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Non-Discount Mortgage Loan: A Mortgage Loan that is not a
Discount Mortgage Loan.
Non-Primary Residence Loans: The Mortgage Loans designated
as secured by second or vacation residences, or by non-owner
occupied residences, on the Mortgage Loan Schedule.
Non-United States Person: Any Person other than a United
States Person.
Nonrecoverable Advance: Any Advance previously made or proposed to be
made by the Master Servicer in respect of a Mortgage Loan (other than a Deleted
Mortgage Loan) which, in the good faith judgment of the Master Servicer, will
not, or, in the case of a proposed Advance, would not, be ultimately recoverable
by the Master Servicer from related Late Collections, Insurance Proceeds,
Liquidation Proceeds, REO Proceeds or amounts reimbursable to the Master
Servicer pursuant to Section 4.02(a) hereof. The determination by the Master
Servicer that it has made a Nonrecoverable Advance or that any proposed Advance
would constitute a Nonrecoverable Advance, shall be evidenced by an Officers'
Certificate delivered to the Company and the Trustee.
Nonsubserviced Mortgage Loan: Any Mortgage Loan that, at
the time of reference thereto, is not subject to a Subservicing
Agreement.
Notional Amount: As of any Distribution Date, with respect to any class
of Variable Strip Certificates, the aggregate Stated Principal Balance of the
Mortgage Loans corresponding to the Uncertificated REMIC II Regular Interests
represented by such Class of Variable Strip Certificates.
Officers' Certificate: A certificate signed by the Chairman of the
Board, the President or a Vice President or Assistant Vice President, or a
Director or Managing Director, and by the Treasurer, the Secretary, or one of
the Assistant Treasurers or Assistant Secretaries of the Company or the Master
Servicer, as the case may be, and delivered to the Trustee, as required by this
Agreement.
Opinion of Counsel: A written opinion of counsel acceptable
to the Trustee and the Master Servicer, who may be counsel for
the Company or the Master Servicer, provided that any opinion of
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counsel (i) referred to in the definition of "Disqualified Organization" or (ii)
relating to the qualification of the Trust Fund as a REMIC or compliance with
the REMIC Provisions must, unless otherwise specified, be an opinion of
Independent counsel.
Outstanding Mortgage Loan: As to any Due Date, a Mortgage Loan
(including an REO Property) which was not the subject of a Principal Prepayment
in Full, Cash Liquidation or REO Disposition and which was not purchased,
deleted or substituted for prior to such Due Date pursuant to Section 2.02,
2.03, 2.04 or 4.07.
Owner or Holder: With respect to the Excess Spread at any time at which
the Excess Spread evidences ownership in any Uncertificated REMIC II Regular
Interest, Residential Funding, as the owner of all right, title and interest in
and to the Excess Spread. Solely for the purpose of giving any consent or
direction pursuant to this Agreement, as long as Residential Funding or any
Affiliate thereof is Master Servicer and the Excess Spread remains
uncertificated, the Voting Rights evidenced thereby shall not be taken into
account in determining whether the requisite amount of Voting Rights necessary
to effect any such consent or direction has been obtained.
Ownership Interest: As to any Certificate, any ownership or security
interest in such Certificate, including any interest in such Certificate as the
Holder thereof and any other interest therein, whether direct or indirect, legal
or beneficial, as owner or as pledgee.
Parent PowerSM Loan: A Mortgage Loan that has a Loan-to-Value Ratio at
origination in excess of 80.00%, that is supported by Additional Collateral and
does not have a Primary Mortgage Insurance Policy.
Pass-Through Rate: With respect to the Class A Certificates (other than
the Class A-7, Class A-8, Class A-9, Class A-14 and any Variable Strip
Certificates), Class A-9 Component A, Class A- 9 Component B, 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-7 Certificates and the initial Interest Accrual Period,
5.875% per annum, and as to any Interest Accrual Period thereafter, a per annum
rate equal to LIBOR plus 0.50%, subject to a maximum rate of 9.00% per annum and
a minimum rate
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of 0.50% per annum. With respect to the Class A-8 Certificates and the initial
Interest Accrual Period, 3.125% per annum, and as to any Interest Accrual Period
thereafter, a per annum rate equal to 8.50% minus LIBOR, subject to a maximum
rate of 8.50% per annum and a minimum rate of 0.00% per annum. With respect to
any Class of Variable Strip Certificates and any Distribution Date, a rate equal
to the weighted average, expressed as a percentage, of the Spread Rates of all
Mortgage Loans corresponding to the Uncertificated REMIC II Regular Interests
represented by such Class of Variable Strip Certificates as of the Due Date in
the month next preceding the month in which such Distribution Date occurs,
weighted on the basis of the respective Stated Principal Balances of such
Mortgage Loans, which Stated Principal Balances shall be the Stated Principal
Balances of such Mortgage Loans at the close of business on the immediately
preceding Distribution Date after giving effect to distributions thereon
allocable to principal to the Holders of the Certificates. The Class A-14
Certificates have no Pass-Through Rate and are not entitled to Accrued
Certificate Interest.
Paying Agent: The First National Bank of Chicago or any
successor Paying Agent appointed by the Trustee.
Percentage Interest: With respect to any Certificate (other than a
Variable Strip Certificate or Class R Certificate), the undivided percentage
ownership interest in the related Class evidenced by such Certificate, which
percentage ownership interest shall be equal to the Initial Certificate
Principal Balance thereof (or, with respect to the Class A-8 Certificates, the
initial Class A-8 Notional Amount for such Certificate) divided by the aggregate
Initial Certificate Principal Balance of all of the Certificates of the same
Class (or, with respect to the Class A-8 Certificates, the aggregate initial
Class A-8 Notional Amount). With respect to a Variable Strip Certificate or
Class R Certificate, the interest in distributions to be made with respect to
such Class evidenced thereby, expressed as a percentage, as stated on the face
of each such Certificate.
Permitted Investments: One or more of the following:
(i) obligations of or guaranteed as to principal and
interest by the United States or any agency or instrumentality thereof
when such obligations are backed by the full faith and credit of the
United States;
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(ii) repurchase agreements on obligations specified in
clause (i) maturing not more than one month from the date of
acquisition thereof, provided that the unsecured obligations of the
party agreeing to repurchase such obligations are at the time rated by
each Rating Agency in its highest short-term rating available;
(iii) federal funds, certificates of deposit, demand
deposits, time deposits and bankers' acceptances (which shall each have
an original maturity of not more than 90 days and, in the case of
bankers' acceptances, shall in no event have an original maturity of
more than 365 days or a remaining maturity of more than 30 days)
denominated in United States dollars of any U.S. depository institution
or trust company incorporated under the laws of the United States or
any state thereof or of any domestic branch of a foreign depository
institution or trust company; provided that the debt obligations of
such depository institution or trust company (or, if the only Rating
Agency is Standard & Poor's, in the case of the principal depository
institution in a depository institution holding company, debt
obligations of the depository institution holding company) at the date
of acquisition thereof have been rated by each Rating Agency in its
highest short-term rating available; and provided further that, if the
only Rating Agency is Standard & Poor's and if the depository or trust
company is a principal subsidiary of a bank holding company and the
debt obligations of such subsidiary are not separately rated, the
applicable rating shall be that of the bank holding company; and,
provided further that, if the original maturity of such short-term
obligations of a domestic branch of a foreign depository institution or
trust company shall exceed 30 days, the short-term rating of such
institution shall be A-1+ in the case of Standard & Poor's if Standard
& Poor's is the Rating Agency;
(iv) commercial paper (having original maturities of not
more than 365 days) of any corporation incorporated under the laws of
the United States or any state thereof which on the date of acquisition
has been rated by each Rating Agency in its highest short-term rating
available; provided that such commercial paper shall have a remaining
maturity of not more than 30 days;
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(v) a money market fund or a qualified investment
fund rated by each Rating Agency in its highest long-term
rating available; and
(vi) other obligations or securities that are acceptable to
each Rating Agency as a Permitted Investment hereunder and will not
reduce the rating assigned to any Class of Certificates by such Rating
Agency below the lower of the then-current rating or the rating
assigned to such Certificates as of the Closing Date by such Rating
Agency, as evidenced in writing;
provided, however, no instrument shall be a Permitted Investment if it
represents, either (1) the right to receive only interest payments with respect
to the underlying debt instrument or (2) the right to receive both principal and
interest payments derived from obligations underlying such instrument and the
principal and interest payments with respect to such instrument provide a yield
to maturity greater than 120% of the yield to maturity at par of such underlying
obligations. References herein to the highest rating available on unsecured
long-term debt shall mean AAA in the case of Standard & Poor's and Fitch and Aaa
in the case of Moody's, and references herein to the highest rating available on
unsecured commercial paper and short-term debt obligations shall mean A-1 in the
case of Standard & Poor's, P-1 in the case of Moody's and either A-1 by Standard
& Poor's, P-1 by Moody's or F-1 by Fitch in the case of Fitch.
Permitted Transferee: Any Transferee of a Class R
Certificate, other than a Disqualified Organization or Non-United
States Person.
Person: Any individual, corporation, limited liability company,
partnership, joint venture, association, joint-stock company, trust,
unincorporated organization or government or any agency or political subdivision
thereof.
Pledged Asset Mortgage Servicing Agreement: The Pledged
Asset Mortgage Servicing Agreement, dated as of February 28, 1996
between MLCC and the Master Servicer.
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
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Due Date in the month preceding the month of such date of determination.
Prepayment Assumption: The prepayment assumption to be used for
determining the accrual of original issue discount and premium and market
discount on such Certificates for federal income tax purposes, which assumes a
constant prepayment rate of 4.0% per annum of the then outstanding principal
balance of the Mortgage Loans in 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:
(i) For any Distribution Date prior to the Distribution Date in
January 2002 (unless the Certificate Principal Balances of
the Class A Certificates (other than the Class A-14
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
NY1-182172.3
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designation, or in the event the Class M Certificates are no
longer outstanding, the Class of Class B Certificates then
outstanding with the lowest numerical designation and (2)
all other Classes of Class M Certificates and Class B
Certificates for which the respective Prepayment
Distribution Triggers have been satisfied; and
(b) in the case of each other Class of Class M
Certificates and Class B Certificates for which the
Prepayment Distribution Triggers have not been satisfied,
0%; and
(iii) Notwithstanding the foregoing, if the application of
the foregoing percentages on any Distribution Date as
provided in Section 4.02 (determined without regard
to the proviso to the definition of "Subordinate
Principal Distribution Amount") would result in a
distribution in respect of principal of any Class or
Classes of Class M Certificates and Class B
Certificates in an amount greater than the remaining
Certificate Principal Balance thereof (any such
class, a "Maturing Class"), then: (a) the Prepayment
Distribution Percentage of each Maturing Class shall
be reduced to a level that, when applied as described
above, would exactly reduce the Certificate Principal
Balance of such Class to zero; (b) the Prepayment
Distribution Percentage of each other Class of Class
M Certificates and Class B Certificates (any such
Class, a "Non-Maturing Class") shall be recalculated
in accordance with the provisions in paragraph (ii)
above, as if the Certificate Principal Balance of
each Maturing Class had been reduced to zero (such
percentage as recalculated, the "Recalculated
Percentage"); (c) the total amount of the reductions
in the Prepayment Distribution Percentages of the
Maturing Class or Classes pursuant to clause (a) of
this sentence, expressed as an aggregate percentage,
shall be allocated among the Non-Maturing Classes in
proportion to their respective Recalculated
Percentages (the portion of such aggregate reduction
so allocated to any Non-Maturing Class, the
"Adjustment Percentage"); and (d) for purposes of
such Distribution Date, the Prepayment Distribution
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Percentage of each Non-Maturing Class shall be equal to the
sum of (1) the Prepayment Distribution Percentage thereof,
calculated in accordance with the provisions in paragraph
(ii) above as if the Certificate Principal Balance of each
Maturing Class had not been reduced to zero, plus (2) the
related Adjustment Percentage.
Prepayment Distribution Trigger: The Class M-2 Prepayment
Distribution Trigger, Class M-3 Prepayment Distribution Trigger,
Class B-1 Prepayment Distribution Trigger, Class B-2 Prepayment
Distribution Trigger or Class B-3 Prepayment Distribution
Trigger.
Prepayment Interest Shortfall: As to any Distribution Date and any
Mortgage Loan (other than a Mortgage Loan relating to an REO Property) that was
the subject of (a) a Principal Prepayment in Full during the related Prepayment
Period, an amount equal to the excess of one month's interest at the Net
Mortgage Rate on the Stated Principal Balance of such Mortgage Loan over the
amount of interest (adjusted to the Net Mortgage Rate) paid by the Mortgagor for
such Prepayment Period to the date of such Principal Prepayment in Full or (b) a
Curtailment during the prior calendar month, an amount equal to one month's
interest at the Net Mortgage Rate on the amount of such Curtailment.
Prepayment Period: As to any Distribution Date, the
calendar month preceding the month of distribution.
Primary Insurance Policy: Each primary policy of mortgage
guaranty insurance or any replacement policy therefor referred to
in Section 2.03(b)(iv) and (v).
Principal Prepayment: Any payment of principal or other recovery on a
Mortgage Loan, including a recovery that takes the form of Liquidation Proceeds
or Insurance Proceeds, which is received in advance of its scheduled Due Date
and is not accompanied by an amount as to interest representing scheduled
interest on such payment due on any date or dates in any month or months
subsequent to the month of prepayment.
Principal Prepayment in Full: Any Principal Prepayment made
by a Mortgagor of the entire principal balance of a Mortgage
Loan.
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Program Guide: Collectively, the Seller Guide and the
Servicer Guide for Residential Funding's Expanded Criteria
Mortgage Program.
Purchase Price: With respect to any Mortgage Loan (or REO Property)
required to be or otherwise purchased on any date pursuant to Section 2.02,
2.03, 2.04 or 4.07, an amount equal to the sum of (i) 100% of the Stated
Principal Balance thereof plus the principal portion of any related unreimbursed
Advances and (ii) unpaid accrued interest at the Adjusted Mortgage Rate (or at
the Net Mortgage Rate in the case of a purchase made by the Master Servicer) on
the Stated Principal Balance thereof to the first day of the month following the
month of purchase from the Due Date to which interest was last paid by the
Mortgagor.
Qualified Substitute Mortgage Loan: A Mortgage Loan substituted by
Residential Funding or the Company for a Deleted Mortgage Loan which must, on
the date of such substitution, as confirmed in an Officers' Certificate
delivered to the Trustee, (i) have an outstanding principal balance, after
deduction of the principal portion of the monthly payment due in the month of
substitution (or in the case of a substitution of more than one Mortgage Loan
for a Deleted Mortgage Loan, an aggregate outstanding principal balance, after
such deduction), not in excess of the Stated Principal Balance of the Deleted
Mortgage Loan (the amount of any shortfall to be deposited by Residential
Funding in the Custodial Account in the month of substitution); (ii) have a
Mortgage Rate and a Net Mortgage Rate no lower than and not more than 1% per
annum higher than the Mortgage Rate and Net Mortgage Rate, respectively, of the
Deleted Mortgage Loan as of the date of substitution; (iii) have a Loan-to-Value
Ratio at the time of substitution no higher than that of the Deleted Mortgage
Loan at the time of substitution; (iv) have a remaining term to stated maturity
not greater than (and not more than one year less than) that of the Deleted
Mortgage Loan; (v) comply with each representation and warranty set forth in
Sections 2.03 and 2.04 hereof and Section 4 of the Assignment Agreement; and
(vi) have a Spread Rate equal to or greater than that of the Deleted Mortgage
Loan. Notwithstanding any other provisions herein, (x) with respect to any
Qualified Substitute Mortgage Loan substituted for a Deleted Mortgage Loan which
was a Discount Mortgage Loan, such Qualified Substitute Mortgage Loan shall be
deemed to be a Discount Mortgage Loan and to have a Discount Fraction equal to
the Discount Fraction of the Deleted Mortgage
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Loan and (y) in the event that the "Spread Rate" of any Qualified Substitute
Mortgage Loan as calculated pursuant to the definition of "Spread Rate" is
greater than the Spread Rate of the related Deleted Mortgage Loan (i) the Spread
Rate of such Qualified Substitute Mortgage Loan shall be equal to the Spread
Rate of the related Deleted Mortgage Loan for purposes of calculating the Excess
Spread or Accrued Certificate Interest on any Class of Variable Strip
Certificates and (ii) the excess of the Spread Rate on such Qualified Substitute
Mortgage Loan as calculated pursuant to the definition of "Spread Rate" over the
Spread Rate on the related Deleted Mortgage Loan shall be payable to the Class
R-I Certificates pursuant to Section 4.02 hereof.
Rating Agency: Fitch and Standard & Poor's with respect to the Class A
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
and the Owner of the Excess Spread up to the last day of the month in which the
Cash Liquidation (or REO Disposition) occurred on the Stated Principal Balance
of such Mortgage Loan (or REO Property) outstanding during each Due Period that
such interest was not paid or advanced, minus (iii) the proceeds, if any,
received during the month in which such Cash Liquidation (or REO Disposition)
occurred, to the extent applied as recoveries of interest at the Net Mortgage
Rate and to principal of the Mortgage Loan, net of the portion thereof
reimbursable to the Master Servicer or any Subservicer with respect to related
Advances or expenses as to which the Master Servicer or Subservicer is entitled
to reimbursement thereunder but which have not been previously reimbursed. With
respect to each Mortgage Loan which has become the subject of a Deficient
Valuation, the difference between the principal balance of the
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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-I Certificate or Class R-II Certificate.
REMIC: A "real estate mortgage investment conduit" within
the meaning of Section 860D of the Code.
REMIC Administrator: Residential Funding Corporation. If Residential
Funding Corporation is found by a court of competent jurisdiction to no longer
be able to fulfill its obligations as REMIC Administrator under this Agreement
the Master Servicer or Trustee acting as Master Servicer shall appoint a
successor REMIC Administrator, subject to assumption of the REMIC Administrator
obligations under this Agreement.
REMIC I: The segregated pool of assets, with respect to
which a REMIC election is to be made, consisting of:
(i) the Mortgage Loans and the related Mortgage
Files,
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(ii) all payments on and collections in respect of
the Mortgage Loans due after the Cut-off Date
as shall be on deposit in the Custodial
Account or in the Certificate Account and
identified as belonging to the Trust Fund,
including the proceeds from the liquidation
of Additional Collateral for any Additional
Collateral Loan, but not including amounts on
deposit in the Initial Monthly Payment Fund;
(iii) property which secured a Mortgage Loan and which has
been acquired for the benefit of the
Certificateholders and the Owner of the Excess
Spread 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.
REMIC I Certificates: The Class R-I Certificates.
REMIC II: The segregated pool of assets consisting of the
Uncertificated REMIC I Regular Interests conveyed in trust to the Trustee for
the benefit of the holders of the Class A-1, Class A-2, Class A-3, Class A-4,
Class A-5, Class A-6, Class A-7, Class A-8, Class A-9, Class A-10, Class A-11,
Class A-12, Class A-13, Class A-14, Class M-1, Class M-2, Class M-3, Class B-1,
Class B-2, Class B-3, Variable Strip and Class R-II Certificates and the Owner
of the Excess Spread pursuant to Section 2.06, with respect to which a separate
REMIC election is to be made.
REMIC II Certificates: Any of the Class A-1, Class A-2, Class A-3,
Class A-4, Class A-5, Class A-6, Class A-7, Class A-8, Class A-9, Class A-10,
Class A-11, Class A-12, Class A-13, Class A-14, Class M-1, Class M-2, Class M-3,
Class B-1, Class B-2, Class B-3, Variable Strip and Class R-II Certificates.
REMIC Provisions: Provisions of the federal income tax law
relating to real estate mortgage investment conduits, which
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appear at Sections 860A through 860G of Subchapter M of Chapter 1 of the Code,
and related provisions, and temporary and final regulations (or, to the extent
not inconsistent with such temporary or final regulations, proposed regulations)
and published rulings, notices and announcements promulgated thereunder, as the
foregoing may be in effect from time to time.
REO Acquisition: The acquisition by the Master Servicer on behalf of
the Trustee for the benefit of the Certificateholders and the Owner of the
Excess Spread of any REO Property pursuant to Section 3.14.
REO Disposition: As to any REO Property, a determination by the Master
Servicer that it has received all Insurance Proceeds, Liquidation Proceeds, REO
Proceeds and other payments and recoveries (including proceeds of a final sale)
which the Master Servicer expects to be finally recoverable from the sale or
other disposition of the REO Property.
REO Imputed Interest: As to any REO Property, for any period, an amount
equivalent to interest (at the Net Mortgage Rate that would have been applicable
to the related Mortgage Loan had it been outstanding) on the unpaid principal
balance of the Mortgage Loan as of the date of acquisition thereof for such
period.
REO Proceeds: Proceeds, net of expenses, received in respect of any REO
Property (including, without limitation, proceeds from the rental of the related
Mortgaged Property 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.
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Required Surety Payment: With respect to any Additional Collateral
Mortgage Loan that becomes a Liquidated Mortgage Loan, the lesser of (i)
principal portion of the Realized Loss with respect to such Mortgage Loan and
(ii) the excess, if any, of (a) the amount of Additional Collateral required at
origination with respect to such Mortgage Loan over (b) the net proceeds
realized by MLCC from the related Additional Collateral.
Residential Funding: Residential Funding Corporation, a
Delaware corporation, in its capacity as seller of the Mortgage
Loans to the Company and any successor thereto.
Responsible Officer: When used with respect to the Trustee, any officer
of the Corporate Trust Department of the Trustee, including any Senior Vice
President, any Vice President, any Assistant Vice President, any Assistant
Secretary, any Trust Officer or Assistant Trust Officer, or any other officer of
the Trustee customarily performing functions similar to those performed by any
of the above designated officers to whom, with respect to a particular matter,
such matter is referred.
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:
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Distribution Date
Senior Accelerated
Distribution Percentage
January 1997 through
December 2001....................................100%
January 2002 through
December 2002....................................Senior Percentage, plus 70% of
the Subordinate Percentage
January 2003 through
December 2003....................................Senior Percentage, plus 60% of
the Subordinate Percentage
January 2004 through
December 2004....................................Senior Percentage, plus 40% of
the Subordinate Percentage
January 2005 through
December 2005....................................Senior Percentage, plus 20% of
the Subordinate Percentage
January 2006 and
thereafter.......................................Senior Percentage
provided, however, (i) that any scheduled reduction to the Senior Accelerated
Distribution Percentages described above shall not occur as of any Distribution
Date unless either (a)(1)(X) the outstanding principal balance of the Mortgage
Loans delinquent 60 days or more averaged over the last six months, as a
percentage of the aggregate outstanding Certificate Principal Balance of the
Class M and Class B Certificates, is less than 50% or (Y) the outstanding
principal balance of Mortgage Loans delinquent 60 days or more averaged over the
last six months, as a percentage of the aggregate outstanding principal balance
of all Mortgage Loans averaged over the last six months, does not exceed 2% and
(2) Realized Losses on the Mortgage Loans to date for such Distribution Date if
occurring during the sixth, seventh, eighth, ninth or tenth year (or any year
thereafter) after the Closing Date are less than 30%, 35%, 40%, 45% or 50%,
respectively, of 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
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(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-14 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-14 Certificates), Class R-I Certificates and Class R-II Certificates
immediately prior to such Distribution Date and the denominator of which is the
aggregate Stated Principal Balance of all of the Mortgage Loans (or related REO
Properties) (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 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
$1,776,232 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
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Loans on the Distribution Date immediately preceding such anniversary and (iii)
the aggregate outstanding principal balance (as of the immediately preceding
Distribution Date) of the Mortgage Loans in any single five-digit California zip
code area with the largest amount of Mortgage Loans by aggregate principal
balance as of such anniversary and (B) the greater of (i) the product of 0.50%
multiplied by the outstanding principal balance of all Mortgage Loans on the
Distribution Date immediately preceding such anniversary multiplied by a
fraction, the numerator of which is equal to the aggregate outstanding principal
balance (as of the immediately preceding Distribution Date) of all of the
Mortgage Loans secured by Mortgaged Properties located in the State of
California divided by the aggregate outstanding principal balance (as of the
immediately preceding Distribution Date) of all of the Mortgage Loans, expressed
as a percentage, and the denominator of which is equal to 20.88% (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
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the extent of the portion of such loss not covered as a result of any
coinsurance provision and (ii) any Extraordinary Loss.
Spread Rate: With respect to each Mortgage Loan, a per
annum rate equal to the excess of (a) the Net Mortgage Rate of
such Mortgage Loan over (b) 7.75% per annum.
Standard & Poor's: Standard & Poor's Ratings Services, a
division of the McGraw-Hill Companies, or its successor in
interest.
Stated Principal Balance: With respect to any Mortgage Loan or related
REO Property, at any given time, (i) the Cut-off Date Principal Balance of the
Mortgage Loan, minus (ii) the sum of (a) the principal portion of the Monthly
Payments due with respect to such Mortgage Loan or REO Property during each Due
Period ending prior to the most recent Distribution Date which were received or
with respect to which an Advance was made, and (b) all Principal Prepayments
with respect to such Mortgage Loan or REO Property, and all Insurance Proceeds,
Liquidation Proceeds and REO Proceeds, to the extent applied by the Master
Servicer as recoveries of principal in accordance with Section 3.14 with respect
to such Mortgage Loan or REO Property, in each case which were distributed
pursuant to Section 4.02 on any previous Distribution Date, and (c) any Realized
Loss allocated to Certificateholders with respect thereto for any previous
Distribution Date.
Subordinate Percentage: As of any Distribution Date, 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
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(y) the aggregate of all Principal Prepayments in Full and Curtailments received
in the related Prepayment Period (other than the related Discount Fraction of
such Principal Payments in Full and Curtailments with respect to a Discount
Mortgage Loan) to the extent not payable to the Class A Certificates and Class R
Certificates; (iv) if such Class is the most senior Class of Certificates then
outstanding (as established in Section 4.05 hereof), any Excess Subordinate
Principal Amount for such Distribution Date; and (v) any amounts described in
clauses (i), (ii) and (iii) as determined for any previous Distribution Date,
that remain undistributed to the extent that such amounts are not attributable
to Realized Losses which have been allocated to a subordinate Class of Class M
or Class B Certificates minus (b) any Excess Subordinate Principal Amount not
payable to such Class on such Distribution Date pursuant to the definition
thereof; provided, however, that such amount shall in no event exceed the
outstanding Certificate Principal Balance of such Class of Certificates
immediately prior to such date.
Subserviced Mortgage Loan: Any Mortgage Loan that, at the
time of reference thereto, is subject to a Subservicing
Agreement.
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
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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.
Super Senior Optimal Percentage: As of any Distribution Date, a
fraction, expressed as a percentage, the numerator of which is the aggregate
Certificate Principal Balance of the Class A-11 Certificates immediately prior
to such Distribution Date and the denominator of which is the aggregate
Certificate Principal Balance of all Class A Certificates (other than the Class
A-14 Certificates) and Class R Certificates immediately prior to such
Distribution Date.
Super Senior Optimal Principal Distribution Amount: As of any
Distribution Date on or after the Credit Support Depletion Date the product of
(a) the then-applicable Super Senior Optimal Percentage and (b) the sum of the
amounts described in clauses (A) through (E) of Section 4.02(a)(ii)(Y).
Surety: AMBAC Indemnity Corporation, or its successors in
interest.
Surety Bond: The Limited Purpose Surety Bond (Policy No. AB0039BE),
dated February 28, 1996, issued by AMBAC Indemnity Corporation for the benefit
of certain beneficiaries, including the Trustee for the benefit of the Holders
of the Certificates, but only to the extent that such Limited Purpose Surety
Bond covers the Additional Collateral Mortgage Loans.
Tax Returns: The federal income tax return on Internal Revenue Service
Form 1066, U.S. Real Estate Mortgage Investment Conduit Income Tax Return,
including Schedule Q thereto, Quarterly Notice to Residual Interest Holders of
REMIC Taxable Income or Net Loss Allocation, or any successor forms, to be filed
on behalf of REMIC I and REMIC II due to their classification as REMICs under
the REMIC Provisions, together with any and all other information, reports or
returns that may
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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: REMIC I and REMIC II.
Uncertificated Accrued Interest: With respect to each Distribution
Date, (i) as to Uncertificated REMIC I Regular Interest T, an amount equal to
the aggregate amount of Accrued Certificate Interest that would result under the
terms of the definition thereof on the Class A-7 Certificates and Class A-8
Certificates if the Pass-Through Rate on such Classes were equal to the
Uncertificated Pass-Through Rate on Uncertificated REMIC I Regular Interest T,
(ii) as to Uncertificated REMIC I Regular Interest U, an amount equal to the
aggregate amount of Accrued Certificate Interest that would result under the
terms of the definition thereof on the Class A-3 Certificates if the
Pass-Through Rate on such Class were equal to the Uncertificated Pass-Through
Rate on Uncertificated REMIC I Regular Interest U, (iii) as to Uncertificated
REMIC I Regular Interest V, an amount equal to the aggregate amount of Accrued
Certificate Interest that would result under the terms of the definition thereof
on the Class A-2 Certificates, Class A-4 Certificates and Class A-9 Component A
if the Pass-Through Rates on such Classes or Component were equal to the
Uncertificated Pass-Through Rate on Uncertificated REMIC I Regular Interest V,
(iv) as to Uncertificated REMIC I Regular Interest W, an amount equal to the
aggregate amount of Accrued Certificate Interest that would result under the
terms of the definition thereof on the Class A- 1, Class A-5, Class A-6 and
Class A-10 Certificates and on the Class A-9 Component B if the Pass-Through
Rates on such Classes or Component were equal to the Uncertificated Pass-Through
Rate on Uncertificated REMIC I Regular Interest W, (v) as to
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Uncertificated REMIC I Regular Interest X, an amount equal to the aggregate
amount of Accrued Certificate Interest that would result under the terms of the
definition thereof on the Class A-14 Certificates if the Pass-Through Rate on
such Class were equal to the Uncertificated Pass-Through Rate on Uncertificated
REMIC I Regular Interest X, (vi) as to Uncertificated REMIC I Regular Interest
Y, an amount equal to the aggregate amount of Accrued Certificate Interest that
would result under the terms of the definition thereof on the Class A-11, Class
A-12, Class A-13, Class M-1, Class M-2, Class M-3, Class B-1, Class B-2, Class
B-3 and Class R-II Certificates if the Pass-Through Rates on such Classes were
equal to the Uncertificated Pass-Through Rate on Uncertificated REMIC I Regular
Interest Y and (vii) as to each Uncertificated REMIC I Regular Interest Z and
each Uncertificated REMIC II Regular Interest, an amount equal to one month's
interest at the Spread Rate of the related Mortgage Loan on the principal
balance of such Mortgage Loan reduced by such Interest's pro-rata share of any
prepayment interest shortfalls or other reductions of interest allocable to the
Excess Spread.
Uncertificated Pass-Through Rate: With respect to each of the
Uncertificated REMIC I Regular Interests T, U, V, W, X and Y, 9.00%, 7.05%,
7.30%, 7.40%, 0.00% and 7.75%, respectively. With respect to each Uncertificated
REMIC I Regular Interest Z and each Uncertificated REMIC II Regular Interest the
Spread Rate for the related Mortgage Loan.
Uncertificated Principal Balance: With respect to each Uncertificated
REMIC I Regular Interest on any date of determination, an amount equal to
$31,579,563.00 with respect to Uncertificated REMIC I Regular Interest T, an
amount equal to $13,128,206.00 with respect to Uncertificated REMIC I Regular
Interest U, an amount equal to $26,839,972.00 with respect to Uncertificated
REMIC I Regular Interest V, an amount equal to $52,019,219.00 with respect to
Uncertificated REMIC I Regular Interest W, an amount equal to $115,824.70 with
respect to Uncertificated REMIC I Regular Interest X, an amount equal to
$82,362,420.90 with respect to Uncertificated REMIC I Regular Interest Y and $0
with respect to Uncertificated REMIC I Regular Interests Z, minus (ii) the sum
of (x) the aggregate of all amounts previously deemed distributed with respect
to such interest and applied to reduce the Uncertificated Principal Balance
thereof pursuant to Section 4.08(a)(ii) and (y) the aggregate of all reductions
in Certificate Principal Balance
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deemed to have occurred in connection with Realized Losses that were previously
deemed allocated to the Uncertificated Principal Balance of such Uncertificated
REMIC I Regular Interest pursuant to Section 4.08(d).
Uncertificated REMIC I Regular Interest T: An uncertificated partial
undivided beneficial ownership interest in REMIC I having a principal balance
equal to the Stated Principal Balance of the Mortgage Loans and REO Property
from time to time multiplied by a fraction, the numerator of which is the
aggregate Certificate Principal Balance of the Class A-7 Certificates and Class
A-8 Certificates and the denominator of which is the aggregate Certificate
Principal Balance of all of the Certificates, and which bears interest at a rate
equal to 9.00% per annum.
Uncertificated REMIC I Regular Interest U: An uncertificated partial
undivided beneficial ownership interest in REMIC I having a principal balance
equal to the Stated Principal Balance of the Mortgage Loans and REO Property
from time to time multiplied by a fraction, the numerator of which is the
aggregate Certificate Principal Balance of the Class A-3 Certificates and the
denominator of which is the aggregate Certificate Principal Balance of all of
the Certificates at a rate equal to 7.05% per annum.
Uncertificated REMIC I Regular Interest V: An uncertificated partial
undivided beneficial ownership interest in REMIC I having a principal balance
equal to the Stated Principal Balance of the Mortgage Loans and REO Property
from time to time multiplied by a fraction, the numerator of which is the
aggregate Certificate Principal Balance of the Class A-2 Certificates and Class
A-4 Certificates plus the amount of Class A-9 Component A and the denominator of
which is the aggregate Certificate Principal Balance of all of the Certificates,
and which bears interest at a rate equal to 7.30% per annum.
Uncertificated REMIC I Regular Interest W: An uncertificated partial
undivided beneficial ownership interest in REMIC I having a principal balance
equal to the Stated Principal Balance of the Mortgage Loans and REO Property
from time to time multiplied by a fraction, the numerator of which is the
aggregate Certificate Principal Balance of the Class A-1, Class A-5, Class A-6
and Class A-10 Certificates plus the amount of Class A-9
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Component B and the denominator of which is the aggregate Certificate Principal
Balance of all of the Certificates, and which bears interest at a rate equal to
7.40% per annum.
Uncertificated REMIC I Regular Interest X: An uncertificated partial
undivided beneficial ownership interest in REMIC I having a principal balance
equal to the Stated Principal Balance of the Mortgage Loans and REO Property
from time to time multiplied by a fraction, the numerator of which is the
aggregate Certificate Principal Balance of the Class A-14 Certificates and the
denominator of which is the aggregate Certificate Principal Balance of all of
the Certificates, and which bears interest at a rate equal to 0.00% per annum.
Uncertificated REMIC I Regular Interest Y: An uncertificated partial
undivided beneficial ownership interest in REMIC I having a principal balance
equal to the Stated Principal Balance of the Mortgage Loans and REO Property
from time to time multiplied by a fraction, the numerator of which is the
aggregate Certificate Principal Balance of the Class A-11, Class A-12, Class
A-13, Class M-1, Class M-2, Class M-3, Class B-1, Class B-2, Class B-3 and Class
R-II Certificates and the denominator of which is the aggregate Certificate
Principal Balance of all of the Certificates, and which bears interest at a rate
equal to 7.75% per annum.
Uncertificated REMIC I Regular Interests Z: The 1,636 uncertificated
partial undivided beneficial ownership interests in REMIC I, numbered
sequentially from 1 to 1,636, each relating to a particular Mortgage Loan
identified by such sequential number on the Mortgage Loan Schedule, each having
no principal balance, and each bearing interest at the respective Spread Rate on
the Stated Principal Balance of the related Mortgage Loan.
Uncertificated REMIC I Regular Interests: Uncertificated REMIC I
Regular Interest T, Uncertificated REMIC I Regular Interest U, Uncertificated
REMIC I Regular Interest V, Uncertificated REMIC I Regular Interest W,
Uncertificated REMIC I Regular Interest X, Uncertificated REMIC I Regular
Interest Y and Uncertificated REMIC I Regular Interests Z.
Uncertificated REMIC I Regular Interest T Distribution
Amount: With respect to any Distribution Date, the sum of the
amounts deemed to be distributed on the Uncertificated REMIC I
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Regular Interest T for such Distribution Date pursuant to Section 4.08(a).
Uncertificated REMIC I Regular Interest U Distribution Amount: With
respect to any Distribution Date, the sum of the amounts deemed to be
distributed on the Uncertificated REMIC I Regular Interest U for such
Distribution Date pursuant to Section 4.08(a).
Uncertificated REMIC I Regular Interest V Distribution Amount: With
respect to any Distribution Date, the sum of the amounts deemed to be
distributed on the Uncertificated REMIC I Regular Interest V for such
Distribution Date pursuant to Section 4.08(a).
Uncertificated REMIC I Regular Interest W Distribution Amount: With
respect to any Distribution Date, the sum of the amounts deemed to be
distributed on the Uncertificated REMIC I Regular Interest W for such
Distribution Date pursuant to Section 4.08(a).
Uncertificated REMIC I Regular Interest X Distribution Amount: With
respect to any Distribution Date, the sum of the amounts deemed to be
distributed on the Uncertificated REMIC I Regular Interest X for such
Distribution Date pursuant to Section 4.08(a).
Uncertificated REMIC I Regular Interest Y Distribution Amount: With
respect to any Distribution Date, the sum of the amounts deemed to be
distributed on the Uncertificated REMIC I Regular Interest Y for such
Distribution Date pursuant to Section 4.08(a).
Uncertificated REMIC I Regular Interests Z Distribution Amount: With
respect to any Distribution Date, the sum of the amounts deemed to be
distributed on the Uncertificated REMIC I Regular Interests Z for such
Distribution Date pursuant to Section 4.08(a).
Uncertificated REMIC I Regular Interest Distribution Amounts: The
Uncertificated REMIC I Regular Interest T Distribution Amount, Uncertificated
REMIC I Regular Interest U Distribution Amount, Uncertificated REMIC I Regular
Interest V Distribution Amount, Uncertificated REMIC I Regular Interest W
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Distribution Amount, Uncertificated REMIC I Regular Interest X Distribution
Amount, Uncertificated REMIC I Regular Interest Y Distribution Amount and
Uncertificated REMIC I Regular Interests Z Distribution Amount.
Uncertificated REMIC II Regular Interests: The 1,636 uncertificated
partial undivided beneficial ownership interests in REMIC II numbered
sequentially from 1 through 1,636 each relating to the identically numbered
Uncertificated REMIC I Regular Interests Z, each having no principal balance and
bearing interest at a rate equal to the related Spread Rate on the Stated
Principal Balance of the Mortgage Loan related to the identically numbered
Uncertificated REMIC I Regular Interests Z, comprising, if such Uncertificated
REMIC II Regular Interest Z is represented by the Excess Spread or a Variable
Strip Certificate, such Uncertificated REMIC II Regular Interest's pro rata
share of the amount distributed pursuant to Sections 4.02(a) and (b) in respect
of such Excess Spread or Variable Strip Certificate.
Uncertificated REMIC II Regular Interests Distribution Amount: With
respect to any Distribution Date, the sum of the amounts deemed to be
distributed on the Uncertificated REMIC I Regular Interests Z for such
Distribution Date pursuant to Section 4.08(a).
Uniform Single Attestation Program for Mortgage Bankers: The Uniform
Single Attestation Program for Mortgage Bankers, as published by the Mortgage
Bankers Association of America and effective with respect to fiscal periods
ending on or after
December 15, 1995.
Uninsured Cause: Any cause of damage to property subject to a Mortgage
such that the complete restoration of such property is not fully reimbursable by
the hazard insurance policies.
United States Person: A citizen or resident of the United States, a
corporation, partnership or other entity created or organized in, or under the
laws of, the United States or any political subdivision thereof, or an estate or
trust whose income from sources without the United States is includable in gross
income for United States federal income tax purposes regardless of its
connection with the conduct of a trade or business within the United States. The
term "United States" shall have the
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meaning set forth in Section 7701 of the Code or successor
provisions.
Variable Strip Certificates: Any one of any Class of Class
A Certificates issued in accordance with Section 5.01(c).
Voting Rights: The portion of the voting rights of all of the
Certificates which is allocated to any Certificate. 97.0% of all of the Voting
Rights shall be allocated among Holders of Certificates, respectively, other
than the Class A-8, Variable Strip, Class R-I and Class R-II Certificates, in
proportion to the outstanding Certificate Principal Balances of their respective
Certificates; 1% of all Voting Rights shall be allocated to the Owner of the
Excess Spread and Holders of the Variable Strip Certificates (allocated to the
Owner of the Excess Spread and each Class of Variable Strip Certificates in
proportion to the amount of Accrued Certificate Interest or amount of Excess
Spread as of the immediately preceding Distribution Date), 1% of all Voting
Rights shall be allocated among the Holders of the Class A-8 Certificates, and
the Holders of the Class R-I Certificates and Class R-II Certificates shall be
entitled to 0.5% and 0.5% of all of the Voting Rights, respectively, and
allocated among the Certificates of each Class of Certificates in accordance
with their respective Percentage Interests.
Section 1.0Determination of LIBOR.
LIBOR applicable to the calculation of the Pass-Through Rate on the
Class A-7 Certificates and Class A-8 Certificates for any Interest Accrual
Period (other than the initial Interest Accrual Period) will be determined on
each LIBOR Rate Adjustment Date.
On each LIBOR Rate Adjustment Date, LIBOR shall be established by the
Trustee and, as to any Interest Accrual Period, will equal the rate for one
month United States dollar deposits that appears on the Telerate Screen Page
3750 as of 11:00 a.m., London time, on such LIBOR Rate Adjustment Date.
"Telerate Screen Page 3750" means the display designated as page 3750 on the
Telerate Service (or such other page as may replace page 3750 on that service
for the purpose of displaying London interbank offered rates of major banks). If
such rate does not appear on such page (or such other page as may replace that
page
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on that service, or if such service is no longer offered, LIBOR shall be so
established by use of such other service for displaying LIBOR or comparable
rates as may be selected by the Trustee after consultation with the Master
Servicer), the rate will be the Reference Bank Rate. The "Reference Bank Rate"
will be determined on the basis of the rates at which deposits in U.S. Dollars
are offered by the reference banks (which shall be any three major banks that
are engaged in transactions in the London interbank market, selected by the
Trustee after consultation with the Master Servicer) as of 11:00 a.m., London
time, on the LIBOR Rate Adjustment Date to prime banks in the London interbank
market for a period of one month in amounts approximately equal to the
Certificate Principal Balance of the Class A-7 Certificates then outstanding.
The Trustee will request the principal London office of each of the reference
banks to provide a quotation of its rate. If at least two such quotations are
provided, the rate will be the arithmetic mean of the quotations rounded up to
the next multiple of 1/16%. If on such date fewer than two quotations are
provided as requested, the rate will be the arithmetic mean of the rates quoted
by one or more major banks in New York City, selected by the Trustee after
consultation with the Master Servicer, as of 11:00 a.m., New York City time, on
such date for loans in U.S. Dollars to leading European banks for a period of
one month in amounts approximately equal to the Certificate Principal Balance of
the Class A-7 Certificates then outstanding. If no such quotations can be
obtained, the rate will be LIBOR for the prior Distribution Date.
The establishment of LIBOR by the Trustee on any LIBOR Rate Adjustment
Date and the Trustee's subsequent calculation of the Pass-Through Rate
applicable to the Class A-7 Certificates and Class A-8 Certificates for the
relevant Interest Accrual Period, in the absence of manifest error, will be
final and binding.
Promptly following each LIBOR Rate Adjustment Date the Trustee shall
supply the Master Servicer with the results of its determination of LIBOR on
such date. Furthermore, the Trustee will supply to any Certificateholder so
requesting by telephone the Pass-Through Rate on the Class A-7 Certificates and
Class A-8 Certificates for the current and the immediately preceding Interest
Accrual Period.
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ARTICLE II
CONVEYANCE OF MORTGAGE LOANS;
ORIGINAL ISSUANCE OF CERTIFICATES
Section 2.01. Conveyance of Mortgage Loans.
(a) The Company, concurrently with the execution and delivery hereof,
does hereby assign to the Trustee without recourse all the right, title and
interest of the Company in and to the Mortgage Loans, including all interest and
principal received on or with respect to the Mortgage Loans after the Cut-off
Date (other than payments of principal and interest due on the Mortgage Loans 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
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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
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of the originator under the Security Agreement and the
Assignment of Proprietary Lease;
(vii) Copies of the filed UCC-3 assignments of the security
interest referenced in clause (vi) above showing an unbroken chain of
title from the originator to the Trustee, each with evidence of
recording thereof, evidencing the interest of the originator under the
Security Agreement and the Assignment of Proprietary Lease;
(viii) An executed assignment of the interest of the
originator in the Security Agreement, Assignment of Proprietary Lease
and the recognition agreement referenced in clause (iv) above, showing
an unbroken chain of title from the originator to the Trustee;
(ix) The original of each modification, assumption agreement
or preferred loan agreement, if any, relating to such Cooperative Loan;
and
(x) An executed UCC-1 financing statement showing the Master
Servicer as debtor, the Company as secured party and the Trustee as
assignee and an executed UCC-1 financing statement showing the Company
as debtor and the Trustee as secured party, each in a form sufficient
for filing, evidencing the interest of such debtors in the Cooperative
Loans.
(c) The Company may, in lieu of delivering the documents set forth in
Section 2.01(b)(I)(iv) and (v) and Section (b)(II)(ii), (iv), (vii), (ix) and
(x) to the Trustee or the Custodian or Custodians, deliver such documents to the
Master Servicer, and the Master Servicer shall hold such documents in trust for
the use and benefit of all present and future Certificateholders and the Owner
of Excess Spread until such time as is set forth below. Within ten Business Days
following the earlier of (i) the receipt of the original of each of the
documents or instruments set forth in Section 2.01(b)(I)(iv) and (v) and Section
(b)(II)(ii), (iv), (vii), (ix) and (x) (or copies thereof as permitted by such
Section) for any Mortgage Loan and (ii) a written request by the Trustee to
deliver those documents with respect to any or all of the Mortgage Loans then
being held by the Master Servicer, the Master Servicer shall deliver a complete
set of such documents to the Trustee or the Custodian or
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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.
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
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be, and cause such Assignment to be recorded in accordance with this paragraph.
The Company shall promptly deliver or cause to be delivered to the Trustee or
the respective Custodian such Mortgage or Assignment or Form UCC-3 or Form
UCC-1, as applicable, (or copy thereof certified by the public recording office)
with evidence of recording indicated thereon upon receipt thereof from the
public recording office or from the related Subservicer. In connection with its
servicing of Cooperative Loans, the Master Servicer will use its best efforts to
file timely continuation statements with regard to each financing statement and
assignment relating to Cooperative Loans as to which the related Cooperative
Apartment is located outside of the State of New York.
Any of the items set forth in Sections 2.01(b)(I)(iv) and (v) and
(II)(vi) and (vii) and that may be delivered as a copy rather than the original
may be delivered in microfiche form.
(e) Residential Funding hereby assigns to the Trustee its security
interest in and to the Additional Collateral, its right to receive payments in
respect of the Additional Collateral Loans pursuant the Addendum and Assignment
Agreement and the Pledged Asset Mortgage Servicing Agreement, and its rights as
beneficiary under the Surety Bond in respect of the Additional Collateral Loans.
With respect to any Additional Collateral Mortgage Loan, Residential Funding
shall cause to be filed in the appropriate recording office a UCC-3 statement
giving notice of the assignment of the related security interest to the Trust
Fund and shall thereafter cause the timely filing of all necessary continuation
statements with regard to such financing statements.
(f) It is intended that the conveyances by the Company to the Trustee
of the Mortgage Loans as provided for in this Section 2.01 and the
Uncertificated REMIC I Regular Interests as provided for in Section 2.06 be
construed as a sale by the Company to the Trustee of the Mortgage Loans and the
Uncertificated REMIC I Regular Interests for the benefit of the
Certificateholders and the Owner of the Excess Spread. Further, it is not
intended that any such conveyance be deemed to be a pledge of the Mortgage Loans
and the Uncertificated REMIC I Regular Interests by the Company to the Trustee
to secure a debt or other obligation of the Company. However, in the event that
the Mortgage Loans and the Uncertificated REMIC I Regular Interests are held to
be property of the Company or of Residential Funding, or if for any
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reason this Agreement is held or deemed to create a security interest in the
Mortgage Loans and the Uncertificated REMIC I Regular Interests, then it is
intended that (a) this Agreement shall also be deemed to be a security agreement
within the meaning of Articles 8 and 9 of the New York Uniform Commercial Code
and the Uniform Commercial Code of any other applicable jurisdiction; (b) the
conveyances provided for in Sections 2.01 and 2.06 shall be deemed to be (1) a
grant by the Company to the Trustee of a security interest in all of the
Company's right (including the power to convey title thereto), title and
interest, whether now owned or hereafter acquired, in and to (A) the Mortgage
Loans, including (i) with respect to each Cooperative Loan, the related Mortgage
Note, Security Agreement, Assignment of Proprietary Lease, Cooperative Stock
Certificate, Cooperative Lease, any insurance policies and all other documents
in the related Mortgage File and (ii) with respect to each Mortgage Loan other
than a Cooperative Loan, the related Mortgage Note, the Mortgage, any insurance
policies and all other documents in the related Mortgage File, (B) all amounts
payable pursuant to the Mortgage Loans in accordance with the terms thereof, (C)
the Uncertificated REMIC I Regular Interests and (D) any and all general
intangibles consisting of, arising from or relating to any of the foregoing, and
all proceeds of the conversion, voluntary or involuntary, of the foregoing into
cash, instruments, securities or other property, including without limitation
all amounts from time to time held or invested in the Certificate Account or the
Custodial Account, whether in the form of cash, instruments, securities or other
property and (2) an assignment by the Company to the Trustee of any security
interest in any and all of Residential Funding's right (including the power to
convey title thereto), title and interest, whether now owned or hereafter
acquired, in and to the property described in the foregoing clauses (1)(A), (B),
(C) and (D) granted by Residential Funding to the Company pursuant to the
Assignment Agreement; (c) the possession by the Trustee, the Custodian or any
other agent of the Trustee of Mortgage Notes or such other items of property as
constitute instruments, money, negotiable documents or chattel paper shall be
deemed to be "possession by the secured party," or possession by a purchaser or
a person designated by such secured party, for purposes of perfecting the
security interest pursuant to the Minnesota Uniform Commercial Code and the
Uniform Commercial Code of any other applicable jurisdiction (including, without
limitation, Section 9-305, 8-313 or 8-321 thereof); and (d) notifications to
persons holding such
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property, and acknowledgments, receipts or confirmations from persons holding
such property, shall be deemed notifications to, or acknowledgments, receipts or
confirmations from, financial intermediaries, bailees or agents (as applicable)
of the Trustee for the purpose of perfecting such security interest under
applicable law.
The Company and, at the Company's direction, Residential Funding and
the Trustee shall, to the extent consistent with this Agreement, take such
reasonable actions as may be necessary to ensure that, if this Agreement were
deemed to create a security interest in the Mortgage Loans, the Uncertificated
REMIC I Regular Interests and the other property described above, such security
interest would be deemed to be a perfected security interest of first priority
under applicable law and will be maintained as such throughout the term of this
Agreement. Without limiting the generality of the foregoing, the Company shall
prepare and deliver to the Trustee not less than 15 days prior to any filing
date and, the Trustee shall forward for filing, or shall cause to be forwarded
for filing, at the expense of the Company, all filings necessary to maintain the
effectiveness of any original filings necessary under the Uniform Commercial
Code as in effect in any jurisdiction to perfect the Trustee's security interest
in or lien on the Mortgage Loans and the Uncertificated REMIC I Regular
Interests, as evidenced by an Officer's Certificate of the Company, including
without limitation (x) continuation statements, and (y) such other statements as
may be occasioned by (1) any change of name of Residential Funding, the Company
or the Trustee (such preparation and filing shall be at the expense of the
Trustee, if occasioned by a change in the Trustee's name), (2) any change of
location of the place of business or the chief executive office of Residential
Funding or the Company, (3) any transfer of any interest of Residential Funding
or the Company in any Mortgage Loan or (4) any transfer of any interest of
Residential Funding or the Company in any Uncertificated REMIC I Regular
Interest.
(g) The Master Servicer hereby acknowledges the receipt by it of cash
in an amount equal to $138,154 (the "Initial Monthly Payment Fund"),
representing scheduled principal amortization and interest at the Net Mortgage
Rate for the Due Date in January 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
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shall include such Initial Monthly Payment Fund in the Available Distribution
Amount for the Distribution Date in January 1997. Notwithstanding anything
herein to the contrary, the Initial Monthly Payment Fund shall not be an asset
of REMIC I or REMIC II. To the extent that the Initial Monthly Payment Fund
constitutes a reserve fund for federal income tax purposes, (1) it shall be an
outside reserve fund and not an asset of the REMIC, (2) it shall be owned by the
Seller and (3) amounts transferred by the REMIC to the Initial Monthly Payment
Fund shall be treated as transferred to the Seller or any successor, all within
the meaning of Section 1.860G-2(h) of the Treasury Regulations.
Section 2.02. Acceptance by Trustee.
The Trustee acknowledges receipt (or, with respect to Mortgage Loans
subject to a Custodial Agreement, and based solely upon a receipt or
certification executed by the Custodian, receipt by the respective Custodian as
the duly appointed agent of the Trustee) of the documents referred to in Section
2.01(b)(i) through (iii) above (except that for purposes of such acknowledgement
only, a Mortgage Note may be endorsed in blank and an Assignment of Mortgage may
be in blank) and declares that it, or a Custodian as its agent, holds and will
hold such documents and the other documents constituting a part of the Mortgage
Files delivered to it, or a Custodian as its agent, and the rights of
Residential Funding with respect to the Additional Collateral and the Surety
Bond assigned to the Trustee pursuant to Section 2.01, in trust for the use and
benefit of all present and future Certificateholders and the Owner of the Excess
Spread. The Trustee or Custodian (such Custodian being so obligated under a
Custodial Agreement) agrees, for the benefit of Certificateholders and the Owner
of the Excess Spread, 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
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of the Trustee) of the documents referred to in Section 2.01(c) above. The
Trustee or Custodian (such Custodian being so obligated under a Custodial
Agreement) agrees to review each Mortgage File delivered to it pursuant to
Section 2.01(c) within 45 days after receipt thereof to ascertain that all
documents required to be delivered pursuant to such Section have been received,
and that such documents relate to the Mortgage Loans identified on the Mortgage
Loan Schedule, as supplemented, that have been conveyed to it.
If the Custodian, as the Trustee's agent, finds any document or
documents constituting a part of a Mortgage File to be missing or defective in
any material respect, the Trustee shall promptly so notify the Master Servicer
and the Company. Pursuant to Section 2.3 of the Custodial Agreement, the
Custodian will notify the Master Servicer, the Company and the Trustee of any
such omission or defect found by it in respect of any Mortgage File held by it.
The Master Servicer shall promptly notify the related Subservicer or Seller of
such omission or defect and request that such Subservicer or Seller correct or
cure such omission or defect within 60 days from the date the Master Servicer
was notified of such omission or defect and, if such Subservicer or Seller does
not correct or cure such omission or defect within such period, that such
Subservicer or Seller purchase such Mortgage Loan from REMIC I at its Purchase
Price, in either case within 90 days from the date the Master Servicer was
notified of such omission or defect; provided that if the omission or defect
would cause the Mortgage Loan to be other than a "qualified mortgage" as defined
in Section 860G(a)(3) of the Code, any such cure or repurchase must occur within
90 days from the date such breach was discovered. The Purchase Price for any
such Mortgage Loan, whether purchased by the Seller or the Subservicer, shall be
deposited or caused to be deposited by the Master Servicer in the Custodial
Account maintained by it pursuant to Section 3.07 and, upon receipt by the
Trustee of written notification of such deposit signed by a Servicing Officer,
the Trustee or any Custodian, as the case may be, shall release to the Master
Servicer the related Mortgage File and the Trustee shall execute and deliver
such instruments of transfer or assignment prepared by the Master Servicer, in
each case without recourse, as shall be necessary to vest in the Seller or its
designee or the Subservicer or its designee, as the case may be, any Mortgage
Loan released pursuant hereto and thereafter such Mortgage Loan shall not be
part of the Trust Fund. It is
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understood and agreed that the obligation of the Seller or the Subservicer, as
the case may be, to so cure or purchase any Mortgage Loan as to which a material
defect in or omission of a constituent document exists shall constitute the sole
remedy respecting such defect or omission available to Certificateholders and
the Owner of the Excess Spread or the Trustee on behalf of the
Certificateholders or such Owner.
Section 2Representations, Warranties and Covenants
of the Master Servicer and the Company.
(a) The Master Servicer hereby represents and warrants to
the Trustee for the benefit of the Certificateholders and the
Owner of the Excess Spread that:
(i) The Master Servicer is a corporation duly organized,
validly existing and in good standing under the laws governing its
creation and existence and is or will be in compliance with the laws of
each state in which any Mortgaged Property is located to the extent
necessary to ensure the enforceability of each Mortgage Loan in
accordance with the terms of this Agreement;
(ii) The execution and delivery of this Agreement by the
Master Servicer and its performance and compliance with the terms of
this Agreement will not violate the Master Servicer's Certificate of
Incorporation or Bylaws or constitute a material default (or an event
which, with notice or lapse of time, or both, would constitute a
material default) under, or result in the material breach of, any
material contract, agreement or other instrument to which the Master
Servicer is a party or which may be applicable to the Master Servicer
or any of its assets;
(iii) This Agreement, assuming due authorization, execution
and delivery by the Trustee and the Company, constitutes a valid, legal
and binding obligation of the Master Servicer, enforceable against it
in accordance with the terms hereof subject to applicable bankruptcy,
insolvency, reorganization, moratorium and other laws 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;
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(iv) The Master Servicer is not in default with respect to any
order or decree of any court or any order, regulation or demand of any
federal, state, municipal or governmental agency, which default might
have consequences that would materially and adversely affect the
condition (financial or other) or operations of the Master Servicer or
its properties or might have consequences that would materially
adversely affect its performance hereunder;
(v) No litigation is pending or, to the best of the Master
Servicer's knowledge, threatened against the Master Servicer which
would prohibit its entering into this Agreement or performing its
obligations under this Agreement;
(vi) The Master Servicer will comply in all material respects
in the performance of this Agreement with all reasonable rules and
requirements of each insurer under each Required Insurance Policy;
(vii) No information, certificate of an officer, statement
furnished in writing or report delivered to the Company, any Affiliate
of the Company or the Trustee by the Master Servicer will, to the
knowledge of the Master Servicer, contain any untrue statement of a
material fact or omit a material fact necessary to make the
information, certificate, statement or report not misleading; and
(viii) The Master Servicer has examined each existing, and
will examine each new, Subservicing Agreement and is or will be
familiar with the terms thereof. The terms of each existing
Subservicing Agreement and each designated Subservicer are acceptable
to the Master Servicer and any new Subservicing Agreements will comply
with the provisions of Section 3.02.
It is understood and agreed that the representations and warranties set forth in
this Section 2.03(a) shall survive delivery of the respective Mortgage Files to
the Trustee or any Custodian.
Upon discovery by either the Company, the Master Servicer, the Trustee
or any Custodian of a breach of any representation or warranty set forth in this
Section 2.03(a) which materially and
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adversely affects the interests of the Certificateholders and the Owner of the
Excess Spread in any Mortgage Loan, the party discovering such breach shall give
prompt written notice to the other parties (any Custodian being so obligated
under a Custodial Agreement). Within 90 days of its discovery or its receipt of
notice of such breach, the Master Servicer shall either (i) cure such breach in
all material respects or (ii) to the extent that such breach is with respect to
a Mortgage Loan or a related document, purchase such Mortgage Loan from the
Trust Fund at the Purchase Price and in the manner set forth in Section 2.02;
provided that if the omission or defect would cause the Mortgage Loan to be
other than a "qualified mortgage" as defined in Section 860G(a)(3) of the Code,
any such cure must occur within 90 days from the date such breach was
discovered. The obligation of the Master Servicer to cure such breach or to so
purchase such Mortgage Loan shall constitute the sole remedy in respect of a
breach of a representation and warranty set forth in this Section 2.03(a)
available to the Certificateholders and the Owner of the Excess Spread or the
Trustee on behalf of the Certificateholders and such Owner.
(b) The Company hereby represents and warrants to the Trustee for the
benefit of Certificateholders and the Owner of the Excess Spread that as of the
Closing Date (or, if otherwise specified below, as of the date so specified):
(i) No Mortgage Loan is one month or more delinquent in
payment of principal and interest as of the Cut-off Date and no
Mortgage Loan has been so delinquent more than once in the 12-month
period prior to the Cut-off Date;
(ii) The information set forth in Exhibit F 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;
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(iv) To the best of the Company's knowledge, except with
respect to 29 Mortgage Loans representing approximately 2.2% of the
Mortgage Loans by aggregate Stated Principal Balance (5 of which are
Additional Collateral Loans representing approximately 0.4% of the
Mortgage Loans by aggregate Stated Principal Balance), if a Mortgage
Loan is secured by a Mortgaged Property with a Loan-to-Value Ratio at
origination in excess of 80%, such Mortgage Loan is the subject of a
Primary Insurance Policy that insures that portion of the principal
balance thereof that exceeds the amount equal to 75% of the Appraised
Value of the related Mortgaged Property. To the best of the Company's
knowledge, each such Primary Insurance Policy is in full force and
effect and the Trustee is entitled to the benefits thereunder;
(v) The issuers of the Primary Insurance Policies
are insurance companies whose claims-paying abilities are
currently acceptable to each Rating Agency;
(vi) No more than 0.5% 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 1.2% 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;
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(ix) Approximately 21.64% 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 24.43% 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 34.46% of the Mortgage Loans by aggregate
Stated Principal Balance as of the Cut-off Date are non-owner occupied
properties as of the date of origination of such Mortgage Loans;
(xi) Approximately 1.4% of the Mortgage Loans by
aggregate Stated Principal Balance as of the Cut-off Date
were Buydown Mortgage Loans;
(xii) Each Mortgage Loan constitutes a qualified
mortgage under Section 860G(a)(3)(A) of the Code and
Treasury Regulations Section 1.860G-2(a)(1);
(xiii) A policy of title insurance was effective as
of the closing of each Mortgage Loan and is valid and
binding and remains in full force and effect;
(xiv) With respect to a Mortgage Loan that is a Cooperative
Loan, the Cooperative Stock that is pledged as security for the
Mortgage Loan is held by a person as a tenant-stockholder (as defined
in Section 216 of the Code) in a cooperative housing corporation (as
defined in Section 216 of the Code);
(xv) Interest on each Mortgage Loan is calculated
on the basis of a 360-day year consisting of twelve 30-day
months;
(xvi) Approximately 0.1% 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 2.6% of the Mortgage Loans by aggregate
Stated Principal Balance as of the Cut-off Date will have been made to
International Borrowers, and no such
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Mortgagor is a member of a foreign diplomatic mission with
diplomatic rank;
(xviii) No Mortgage Loan provides for payments that are
subject to reduction by withholding taxes levied by any foreign
(non-United States) sovereign government; and
(xix) Approximately 0.4% of the Mortgage Loans by
aggregate Stated Principal Balance as of the Cut-off Date
are Additional Collateral Loans.
It is understood and agreed that the representations and warranties set forth in
this Section 2.03(b) shall survive delivery of the respective Mortgage Files to
the Trustee or any Custodian.
Upon discovery by any of the Company, the Master Servicer, the Trustee
or any Custodian of a breach of any of the representations and warranties set
forth in this Section 2.03(b) which materially and adversely affects the
interests of the Certificateholders and the Owner of the Excess Spread in any
Mortgage Loan, the party discovering such breach shall give prompt written
notice to the other parties (any Custodian being so obligated under a Custodial
Agreement); provided, however, that in the event of a breach of the
representation and warranty set forth in Section 2.03(b)(xii), the party
discovering such breach shall give such notice within five days of discovery.
Within 90 days of its discovery or its receipt of notice of breach, the Company
shall either (i) cure such breach in all material respects or (ii) purchase such
Mortgage Loan from the Trust Fund at the Purchase Price and in the manner set
forth in Section 2.02; provided that the Company shall have the option to
substitute a Qualified Substitute Mortgage Loan or Loans for such Mortgage Loan
if such substitution occurs within two years following the Closing Date;
provided that if the omission or defect would cause the Mortgage Loan to be
other than a "qualified mortgage" as defined in Section 860G(a)(3) of the Code,
any such cure or repurchase must occur within 90 days from the date such breach
was discovered. Any such substitution shall be effected by the Company under the
same terms and conditions as provided in Section 2.04 for substitutions by
Residential Funding. It is understood and agreed that the obligation of the
Company to cure such breach or to so purchase or substitute for any Mortgage
Loan as to which such a breach has occurred and is
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continuing shall constitute the sole remedy respecting such breach available to
the Certificateholders and the Owner of the Excess Spread or the Trustee on
behalf of the Certificateholders and such Owner. Notwithstanding the foregoing,
the Company shall not be required to cure breaches or purchase or substitute for
Mortgage Loans as provided in this Section 2.03(b) if the substance of the
breach of a representation set forth above also constitutes fraud in the
origination of the Mortgage Loan.
Section 2Representations and Warranties of Sellers.
The Company, as assignee of Residential Funding under the Assignment
Agreement, hereby assigns to the Trustee for the benefit of Certificateholders
and the Owner of the Excess Spread all of its right, title and interest in
respect of the Assignment Agreement and each Seller's Agreement applicable to a
Mortgage Loan. Insofar as the Assignment Agreement or such Seller's Agreement
relates to the representations and warranties made by Residential Funding or the
related Seller in respect of such Mortgage Loan and any remedies provided
thereunder for any breach of such representations and warranties, such right,
title and interest may be enforced by the Master Servicer on behalf of the
Trustee and the Certificateholders and the Owner of the Excess Spread. Upon the
discovery by the Company, the Master Servicer, the Trustee or any Custodian of a
breach of any of the representations and warranties made in a Seller's Agreement
or the Assignment Agreement (which, for purposes hereof, will be deemed to
include any other cause giving rise to a repurchase obligation under the
Assignment Agreement) in respect of any Mortgage Loan which materially and
adversely affects the interests of the Certificateholders and the Owner of the
Excess Spread in such Mortgage Loan, the party discovering such breach shall
give prompt written notice to the other parties (any Custodian being so
obligated under a Custodial Agreement). The Master Servicer shall promptly
notify the related Seller or Residential Funding, as the case may be, of such
breach and request that such Seller or Residential Funding, as the case may be,
either (i) cure such breach in all material respects within 90 days from the
date the Master Servicer was notified of such breach or (ii) purchase such
Mortgage Loan from the Trust Fund at the Purchase Price and in the manner set
forth in Section 2.02; provided that in the case of a breach under the
Assignment Agreement Residential Funding shall have the option to substitute a
Qualified Substitute Mortgage Loan or Loans for such Mortgage
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Loan if such substitution occurs within two years following the Closing Date;
provided that if the breach would cause the Mortgage Loan to be other than a
"qualified mortgage" as defined in Section 860G(a)(3) of the Code, any such cure
or substitution must occur within 90 days from the date the breach was
discovered. In the event that Residential Funding elects to substitute a
Qualified Substitute Mortgage Loan or Loans for a Deleted Mortgage Loan pursuant
to this Section 2.04, Residential Funding shall deliver to the Trustee for the
benefit of the Certificateholders and the Owner of the Excess Spread with
respect to such Qualified Substitute Mortgage Loan or Loans, the original
Mortgage Note, the Mortgage, an Assignment of the Mortgage in recordable form,
and such other documents and agreements as are required by Section 2.01, with
the Mortgage Note endorsed as required by Section 2.01. No substitution will be
made in any calendar month after the Determination Date for such month. Monthly
Payments due with respect to Qualified Substitute Mortgage Loans in the month of
substitution shall not be part of the Trust Fund and will be retained by the
Master Servicer and remitted by the Master Servicer to Residential Funding on
the next succeeding Distribution Date. For the month of substitution,
distributions to the Certificateholders and the Owner of the Excess Spread will
include the Monthly Payment due on a Deleted Mortgage Loan for such month and
thereafter Residential Funding shall be entitled to retain all amounts received
in respect of such Deleted Mortgage Loan. The Master Servicer shall amend or
cause to be amended the Mortgage Loan Schedule, and, if the Deleted Mortgage
Loan was a Discount Mortgage Loan, the Schedule of Discount Fractions, for the
benefit of the Certificateholders and the Owner of the Excess Spread to reflect
the removal of such Deleted Mortgage Loan and 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
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covenants, representations and warranties set forth in this Section 2.04, in
Section 2.03 hereof and in Section 4 of the Assignment Agreement, and the Master
Servicer shall be obligated to repurchase or substitute for any Qualified
Substitute Mortgage Loan as to which a Repurchase Event (as defined in the
Assignment Agreement) has occurred pursuant to Section 4 of the Assignment
Agreement.
In connection with the substitution of one or more Qualified Substitute
Mortgage Loans for one or more Deleted Mortgage Loans, the Master Servicer will
determine the amount (if any) by which the aggregate principal balance of all
such Qualified Substitute Mortgage Loans as of the date of substitution is less
than the aggregate Stated Principal Balance of all such Deleted Mortgage Loans
(in each case after application of the principal portion of the Monthly Payments
due in the month of substitution that are to be distributed to the
Certificateholders in the month of substitution). Residential Funding shall
deposit the amount of such shortfall into the Custodial Account on the day of
substitution, without any reimbursement therefor. Residential Funding shall give
notice in writing to the Trustee of such event, which notice shall be
accompanied by an Officers' Certificate as to the calculation of such shortfall
and (subject to Section 10.01(f)) by an Opinion of Counsel to the effect that
such substitution will not cause (a) any federal tax to be imposed on the Trust
Fund, including without limitation, any federal tax imposed on "prohibited
transactions" under Section 860F(a)(1) of the Code or on "contributions after
the startup date" under Section 860G(d)(1) of the Code or (b) any portion of the
Trust Fund to fail to qualify as a REMIC at any time that any Certificate is
outstanding.
It is understood and agreed that the obligation of the Seller or
Residential Funding, as the case may be, to cure such breach or purchase (or in
the case of Residential Funding to substitute for) such Mortgage Loan as to
which such a breach has occurred and is continuing shall constitute the sole
remedy respecting such breach available to the Certificateholders and the Owner
of the Excess Spread or the Trustee on behalf of Certificateholders and such
Owner. If the Master Servicer is 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
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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 2Issuance of Certificates Evidencing Interests
in REMIC I Certificates.
The Trustee acknowledges the assignment to it of the Mortgage Loans and
the delivery of the Mortgage Files to it, or any Custodian on its behalf,
subject to any exceptions noted, together with the assignment to it of all other
assets included in REMIC I, receipt of which is hereby acknowledged.
Concurrently with such delivery and in exchange therefor, the Trustee, pursuant
to the written request of the Company executed by an officer of the Company has
executed and caused to be authenticated and delivered to or upon the order of
the Company the Class R-I Certificates in authorized denominations which
together with the Uncertificated REMIC I Regular Interests, evidence ownership
of REMIC I. The rights of the Class R-I Certificateholders and REMIC I to
receive distributions from the proceeds of REMIC I in respect of the Class R-I
Certificates and the Uncertificated REMIC I Regular Interests, and all ownership
interests of the Class R-I Certificateholders and REMIC I in such distributions,
shall be as set forth in this Agreement.
Section 2Conveyance of Uncertificated REMIC I and REMIC II Regular
Interests; Acceptance by the Trustee.
The Company, as of the Closing Date, and concurrently with the
execution and delivery hereof, does hereby assign without recourse all the
right, title and interest of the Company in and to the Uncertificated REMIC I
Regular Interests to the Trustee for the benefit of the Class A-1, Class A-2,
Class A-3, Class A-4, Class A-5, Class A-6, Class A-7, Class A-8, Class A-9,
Class A-10, Class A-11, Class A-12, Class A-13, Class A-14, Class M-1, Class
M-2, Class M-3, Class B-1, Class B-2, Class B-3 and Class R-II
Certificateholders, the Owner of the Excess Spread and the Variable Strip
Certificateholders. The Trustee acknowledges receipt of the Uncertificated REMIC
I Regular Interests and
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Uncertificated REMIC II Regular Interests and declares that it holds and will
hold the same in trust for the exclusive use and benefit of all present and
future Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-6, Class
A-7, Class A-8, Class A-9, Class A-10, Class A-11, Class A-12, Class A-13, Class
A-14, Class M-1, Class M-2, Class M-3, Class B-1, Class B-2, Class B-3 and Class
R-II Certificateholders, the Owner of the Excess Spread and the Variable Strip
Certificateholders. The rights of the A-1, Class A-2, Class A-3, Class A-4,
Class A-5, Class A-6, Class A-7, Class A-8, Class A-9, Class A-10, Class A-11,
Class A-12, Class A-13, Class A-14, Class M-1, Class M-2, Class M-3, Class B-1,
Class B-2, Class B-3 and Class R-II Certificateholders, the Owner of the Excess
Spread and the Variable Strip Certificateholders to receive distributions from
the proceeds of REMIC II in respect of the Class A-1, Class A-2, Class A-3,
Class A-4, Class A-5, Class A-6, Class A-7, Class A-8, Class A-9, Class A-10,
Class A-11, Class A-12, Class A-13, Class A-14, Class M-1, Class M-2, Class M-3,
Class B-1, Class B-2, Class B-3 and Class R-II Certificates, the Excess Spread
and the Variable Strip Certificateholders, and all ownership interests of the
Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-6, Class A-7,
Class A-8, Class A-9, Class A-10, Class A-11, Class A-12, Class A-13, Class
A-14, Class M-1, Class M-2, Class M-3, Class B-1, Class B-2, Class B-3 and Class
R-II Certificateholders, the Owner of the Excess Spread and the Variable Strip
Certificateholders in such distributions, shall be as set forth in this
Agreement.
Section 2Issuance of Certificates Evidencing Interest
in REMIC II.
The Trustee acknowledges the assignment to it of the Uncertificated
REMIC I Regular Interests and, concurrently therewith and in exchange therefor,
pursuant to the written request of the Company executed by an officer of the
Company, the Trustee has executed and caused to be authenticated and delivered
to or upon the order of the Company, the Class A-1, Class A-2, Class A-3, Class
A-4, Class A-5, Class A-6, Class A-7, Class A-8, Class A-9, Class A-10, Class
A-11, Class A-12, Class A-13, Class A-14, Class M-1, Class M-2, Class M-3, Class
B-1, Class B-2, Class B-3 and Class R-II Certificates in authorized
denominations which, together with the ownership interest in the Excess Spread
and the Variable Strip Certificates, to the extent issued in accordance with
Sections 5.01(c), evidence ownership of the entire REMIC II.
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ARTICLE III
ADMINISTRATION AND SERVICING
OF MORTGAGE LOANS
Section 3.01. Master Servicer to Act as Servicer.
(a) The Master Servicer shall service and administer the Mortgage Loans
in accordance with the terms of this Agreement and the respective Mortgage Loans
and shall have full power and authority, acting alone or through Subservicers as
provided in Section 3.02, to do any and all things which it may deem necessary
or desirable in connection with such servicing and administration. Without
limiting the generality of the foregoing, the Master Servicer in its own name or
in the name of a Subservicer is hereby authorized and empowered by the Trustee
when the Master Servicer or the Subservicer, as the case may be, believes it
appropriate in its best judgment, to execute and deliver, on behalf of the
Certificateholders, the Owner of the Excess Spread and the 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
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Mortgage Loan that is treated as a Principal Prepayment in Full pursuant to
Section 3.13(d) hereof) and cause REMIC I or REMIC II to fail to qualify as such
under the Code. The Trustee shall furnish the Master Servicer with any powers of
attorney and other documents necessary or appropriate to enable the Master
Servicer to service and administer the Mortgage Loans. The Trustee shall not be
liable for any action taken by the Master Servicer or any Subservicer pursuant
to such powers of attorney. In servicing and administering any Nonsubserviced
Mortgage Loan, the Master Servicer shall, to the extent not inconsistent with
this Agreement, comply with the Program Guide as if it were the originator of
such Mortgage Loan and had retained the servicing rights and obligations in
respect thereof. In connection with servicing and administering the Mortgage
Loans, the Master Servicer and any Affiliate of the Master Servicer (i) may
perform services such as appraisals and brokerage services that are not
customarily provided by servicers of mortgage loans, and shall be entitled to
reasonable compensation therefor in accordance with Section 3.10 and (ii) may,
at its own discretion and on behalf of the Trustee, obtain credit information in
the form of a "credit score" from a credit repository.
(b) All costs incurred by the Master Servicer or by Subservicers in
effecting the timely payment of taxes and assessments on the properties subject
to the Mortgage Loans shall not, for the purpose of calculating monthly
distributions to the Certificateholders and the Owner of the Excess Spread, 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.
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Section 3Subservicing Agreements Between Master
Servicer and Subservicers; Enforcement of
Subservicers' and Sellers' Obligations.
(a) The Master Servicer may continue in effect Subservicing Agreements
entered into by Residential Funding and Subservicers prior to the execution and
delivery of this Agreement, and may enter into new Subservicing Agreements with
Subservicers, for the servicing and administration of all or some of the
Mortgage Loans. Each Subservicer of a Mortgage Loan shall be entitled to receive
and retain, as provided in the related Subservicing Agreement and in Section
3.07, the related Subservicing Fee from payments of interest received on such
Mortgage Loan after payment of all amounts required to be remitted to the Master
Servicer in respect of such Mortgage Loan. For any Mortgage Loan that is a
Nonsubserviced Mortgage Loan, the Master Servicer shall be entitled to receive
and retain an amount equal to the Subservicing Fee from payments of interest.
Unless the context otherwise requires, references in this Agreement to actions
taken or to be taken by the Master Servicer in servicing the Mortgage Loans
include actions taken or to be taken by a Subservicer on behalf of the Master
Servicer. Each Subservicing Agreement will be upon such terms and conditions as
are generally required or permitted by the Program Guide and are not
inconsistent with this Agreement and as the Master Servicer and the Subservicer
have agreed. A representative form of Subservicing Agreement is attached to this
Agreement as Exhibit G. With the approval of the Master Servicer, a Subservicer
may delegate its servicing obligations to third-party servicers, but such
Subservicer will remain obligated under the related Subservicing Agreement. The
Master Servicer and a Subservicer may enter into amendments thereto or a
different form of Subservicing Agreement, and the form referred to or included
in the Program Guide is merely provided for information and shall not be deemed
to limit in any respect the discretion of the Master Servicer to modify or enter
into different Subservicing Agreements; provided, however, that any such
amendments or different forms shall be consistent with and not violate the
provisions of either this Agreement or the Program Guide in a manner which would
materially and adversely affect the interests of the Certificateholders or the
Owner of the Excess Spread.
(b) As part of its servicing activities hereunder, the
Master Servicer, for the benefit of the Trustee, the
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Certificateholders and the Owner of the Excess Spread, shall use its best
reasonable efforts to enforce the obligations of each Subservicer under the
related Subservicing Agreement and of each Seller under the related Seller's
Agreement, to the extent that the non-performance of any such obligation would
have a material and adverse effect on a Mortgage Loan, including, without
limitation, the obligation to purchase a Mortgage Loan on account of defective
documentation, as described in Section 2.02, or on account of a breach of a
representation or warranty, as described in Section 2.04. Such enforcement,
including, without limitation, the legal prosecution of claims, termination of
Subservicing Agreements or Seller's Agreements, as appropriate, and the pursuit
of other appropriate remedies, shall be in such form and carried out to such an
extent and at such time as the Master Servicer would employ in its good faith
business judgment and which are normal and usual in its general mortgage
servicing activities. The Master Servicer shall pay the costs of such
enforcement at its own expense, and shall be reimbursed therefor only (i) from a
general recovery resulting from such enforcement to the extent, if any, that
such recovery exceeds all amounts due in respect of the related Mortgage Loan or
(ii) from a specific recovery of costs, expenses or attorneys fees against the
party against whom such enforcement is directed.
Section 3Successor Subservicers.
The Master Servicer shall be entitled to terminate any Subservicing
Agreement that may exist in accordance with the terms and conditions of such
Subservicing Agreement and without any limitation by virtue of this Agreement;
provided, however, that in the event of termination of any Subservicing
Agreement by the Master Servicer or the Subservicer, the Master Servicer shall
either act as servicer of the related Mortgage Loan or enter into a Subservicing
Agreement with a successor Subservicer which will be bound by the terms of the
related Subservicing Agreement. If the Master Servicer or any Affiliate of
Residential Funding acts as servicer, it will not assume liability for the
representations and warranties of the Subservicer which it replaces. If the
Master Servicer enters into a Subservicing Agreement with a successor
Subservicer, the Master Servicer shall use reasonable efforts to have the
successor Subservicer assume liability for the representations and warranties
made by the terminated Subservicer in respect of the related Mortgage Loans and,
in the event of any such assumption by the successor Subservicer, the
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Master Servicer may, in the exercise of its business judgment, release the
terminated Subservicer from liability for such representations and warranties.
Section 3Liability of the Master Servicer.
Notwithstanding any Subservicing Agreement, any of the provisions of
this Agreement relating to agreements or arrangements between the Master
Servicer or a Subservicer or reference to actions taken through a Subservicer or
otherwise, the Master Servicer shall remain obligated and liable to the Trustee,
the Certificateholders and the Owner of the Excess Spread for the servicing and
administering of the Mortgage Loans in accordance with the provisions of Section
3.01 without diminution of such obligation or liability by virtue of such
Subservicing Agreements or arrangements or by virtue of indemnification from the
Subservicer or the Company and to the same extent and under the same terms and
conditions as if the Master Servicer alone were servicing and administering the
Mortgage Loans. The Master Servicer shall be entitled to enter into any
agreement with a Subservicer or Seller for indemnification of the Master
Servicer and nothing contained in this Agreement shall be deemed to limit or
modify such indemnification.
Section 3No Contractual Relationship Between
Subservicer and Trustee or Certificateholders
or the Owner of the Excess Spread.
Any Subservicing Agreement that may be entered into and any other
transactions or services relating to the Mortgage Loans involving a Subservicer
in its capacity as such and not as an originator shall be deemed to be between
the Subservicer and the Master Servicer alone and the Trustee, the
Certificateholders and the Owner of the Excess Spread shall not be deemed
parties thereto and shall have no claims, rights, obligations, duties or
liabilities with respect to the Subservicer in its capacity as such except as
set forth in Section 3.06. The foregoing 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 3Assumption 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 3Collection 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
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Policy or materially adversely affect the lien of the related Mortgage. In the
event of any such arrangement, the Master Servicer shall make timely advances on
the related Mortgage Loan during the scheduled period in accordance with the
amortization schedule of such Mortgage Loan without modification thereof by
reason of such arrangements unless otherwise agreed to by the Holders of the
Classes of Certificates affected thereby; provided, however, that no such
extension shall be made if any advance would be a Nonrecoverable Advance.
Consistent with the terms of this Agreement, the Master Servicer may also waive,
modify or vary any term of any Mortgage Loan or consent to the postponement of
strict compliance with any such term or in any manner grant indulgence to any
Mortgagor if in the Master Servicer's determination such waiver, modification,
postponement or indulgence is not materially adverse to the interests of the
Certificateholders or the Owner of the Excess Spread (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. 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
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in respect of principal and interest on the Mortgage Loans due on
or before the Cut-off Date):
(i) All payments on account of principal, including Principal
Prepayments made by Mortgagors on the Mortgage Loans and the principal
component of any Subservicer Advance or of any REO Proceeds received in
connection with an REO Property for which an REO Disposition has
occurred;
(ii) All payments on account of interest at the Adjusted
Mortgage Rate on the Mortgage Loans, including Buydown Funds, if any,
and the interest component of any Subservicer Advance or of any REO
Proceeds received in connection with an REO Property for which an REO
Disposition has occurred;
(iii) Insurance Proceeds and Liquidation Proceeds
(net of any related expenses of the Subservicer);
(iv) All proceeds of any Mortgage Loans purchased pursuant to
Section 2.02, 2.03, 2.04 or 4.07 and all amounts required to be
deposited in connection with the substitution of a Qualified Substitute
Mortgage Loan pursuant to Section 2.03 or 2.04;
(v) Any amounts required to be deposited
pursuant to Section 3.07(c) or 3.21;
(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
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Master Servicer in the Custodial Account. In the event any amount not required
to be deposited in the Custodial Account is so deposited, the Master Servicer
may at any time withdraw such amount from the Custodial Account, any provision
herein to the contrary notwithstanding. The Custodial Account may contain funds
that belong to one or more trust funds created for mortgage pass-through
certificates of other series and may contain other funds respecting payments on
mortgage loans belonging to the Master Servicer or serviced or master serviced
by it on behalf of others. Notwithstanding such commingling of funds, the Master
Servicer shall keep records that accurately reflect the funds on deposit in the
Custodial Account that have been identified by it as being attributable to the
Mortgage Loans.
With respect to Insurance Proceeds, Liquidation Proceeds, REO Proceeds
and the proceeds of the purchase of any Mortgage Loan pursuant to Sections 2.02,
2.03, 2.04 and 4.07 received in any calendar month, the Master Servicer may
elect to treat such amounts as included in the Available Distribution Amount for
the Distribution Date in the month of receipt, but is not obligated to do so. If
the Master Servicer so elects, such amounts will be deemed to have been received
(and any related Realized Loss shall be deemed to have occurred) on the last day
of the month prior to the receipt thereof.
(c) The Master Servicer shall use its best efforts to cause the
institution maintaining the Custodial Account to invest the funds in the
Custodial Account attributable to the Mortgage Loans in Permitted Investments
which shall mature not later than the Certificate Account Deposit Date next
following the date of such investment (with the exception of the Amount Held for
Future Distribution) and which shall not be sold or disposed of prior to their
maturities. All income and gain realized from any such investment shall be for
the benefit of the Master Servicer as additional servicing compensation and
shall be subject to its withdrawal or order from time to time. The amount of any
losses incurred in respect of any such investments attributable to the
investment of amounts in respect of the Mortgage Loans shall be deposited in the
Custodial Account by the Master Servicer out of its own funds immediately as
realized.
(d) The Master Servicer shall give notice to the Trustee
and the Company of any change in the location of the Custodial
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Account and the location of the Certificate Account prior to the use thereof.
Section 3.08. Subservicing Accounts; Servicing Accounts.
(a) In those cases where a Subservicer is servicing a Mortgage Loan
pursuant to a Subservicing Agreement, the Master Servicer shall cause the
Subservicer, pursuant to the Subservicing Agreement, to establish and maintain
one or more Subservicing Accounts which shall be an Eligible Account or, if such
account is not an Eligible Account, shall generally satisfy the requirements of
the Program Guide and be otherwise acceptable to the Master Servicer and each
Rating Agency. The Subservicer will be required thereby to deposit into the
Subservicing Account on a daily basis all proceeds of Mortgage Loans received by
the Subservicer, less its Subservicing Fees and unreimbursed advances and
expenses, to the extent permitted by the Subservicing Agreement. If the
Subservicing Account is not an Eligible Account, the Master Servicer shall be
deemed to have received such monies upon receipt thereof by the Subservicer. The
Subservicer shall not be required to deposit in the Subservicing Account
payments or collections in the nature of prepayment charges or late charges or
assumption fees. On or before the date specified in the Program Guide, but in no
event later than the Determination Date, the Master Servicer shall cause the
Subservicer, pursuant to the Subservicing Agreement, to remit to the Master
Servicer for deposit in the Custodial Account all funds held in the Subservicing
Account with respect to each Mortgage Loan serviced by such Subservicer that are
required to be remitted to the Master Servicer. The Subservicer will also be
required, pursuant to the Subservicing Agreement, to advance on such scheduled
date of remittance amounts equal to any scheduled monthly installments of
principal and interest less its Subservicing Fees on any Mortgage Loans for
which payment was not received by the Subservicer. This obligation to advance
with respect to each Mortgage Loan will continue up to and including the first
of the month following the date on which the related Mortgaged Property is sold
at a foreclosure sale or is acquired by the Trust Fund by deed in lieu of
foreclosure or otherwise. All such advances received by the Master Servicer
shall be deposited promptly by it in the Custodial Account.
(b) The Subservicer may also be required, pursuant to the
Subservicing Agreement, to remit to the Master Servicer for
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deposit in the Custodial Account interest at the Adjusted Mortgage Rate on any
Curtailment received by such Subservicer in respect of a Mortgage Loan from the
related Mortgagor during any month that is to be applied by the Subservicer to
reduce the unpaid principal balance of the related Mortgage Loan as of the first
day of such month, from the date of application of such Curtailment to the first
day of the following month. Any amounts paid by a Subservicer pursuant to the
preceding sentence shall be for the benefit of the Master Servicer as additional
servicing compensation and shall be subject to its withdrawal or order from time
to time pursuant to Sections 3.10(a)(iv) and (v).
(c) In addition to the Custodial Account and the Certificate Account,
the Master Servicer shall for any Nonsubserviced Mortgage Loan, and shall cause
the Subservicers for Subserviced Mortgage Loans to, establish and maintain one
or more Servicing Accounts and deposit and retain therein all collections from
the Mortgagors (or advances from Subservicers) for the payment of taxes,
assessments, hazard insurance premiums, Primary Insurance Policy premiums, if
applicable, or comparable items for the account of the Mortgagors. Each
Servicing Account shall satisfy the requirements for a Subservicing Account and,
to the extent permitted by the Program Guide or as is otherwise acceptable to
the Master Servicer, may also function as a Subservicing Account. Withdrawals of
amounts related to the Mortgage Loans from the Servicing Accounts may be made
only to effect timely payment of taxes, assessments, hazard insurance premiums,
Primary Insurance Policy premiums, if applicable, or comparable items, to
reimburse the Master Servicer or Subservicer out of related collections for any
payments made pursuant to Sections 3.11 (with respect to the Primary Insurance
Policy) and 3.12(a) (with respect to hazard insurance), to refund to any
Mortgagors any sums as may be determined to be overages, to pay interest, if
required, to Mortgagors on balances in the Servicing Account or to clear and
terminate the Servicing Account at the termination of this Agreement in
accordance with Section 9.01 or in accordance with the Program Guide. As part of
its servicing duties, the Master Servicer shall, and the Subservicers will,
pursuant to the Subservicing Agreements, be required to pay to the Mortgagors
interest on funds in this account to the extent required by law.
(d) The Master Servicer shall advance the payments referred
to in the preceding subsection that are not timely paid by the
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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 3Access 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 3.1Permitted 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
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Proceeds, Liquidation Proceeds and proceeds from the purchase of a
Mortgage Loan pursuant to Section 2.02, 2.03, 2.04 or 4.07) which
represent (A) Late Collections of Monthly Payments for which any such
advance was made in the case of Subservicer Advances or Advances
pursuant to Section 4.04 and (B) recoveries of amounts in respect of
which such advances were made in the case of Servicing Advances;
(iii) to pay to itself or the related Subservicer (if not
previously retained by such Subservicer) out of each payment received
by the Master Servicer on account of interest on a Mortgage Loan as
contemplated by Sections 3.14 and 3.16, an amount equal to that
remaining portion of any such payment as to interest (but not in excess
of the Servicing Fee and the Subservicing Fee, if not previously
retained) which, when deducted, will result in the remaining amount of
such interest being interest at the Net Mortgage Rate on the amount
specified in the amortization schedule of the related Mortgage Loan as
the principal balance thereof at the beginning of the period respecting
which such interest was paid after giving effect to any previous
Curtailments;
(iv) to pay to itself as additional servicing compensation
any interest or investment income earned on funds deposited in the
Custodial Account that it is entitled to withdraw pursuant to Section
3.07(c);
(v) to pay to itself as additional servicing
compensation any Foreclosure Profits, and any amounts
remitted by Subservicers as interest in respect of
Curtailments pursuant to Section 3.08(b);
(vi) to pay to itself, a Subservicer, a Seller, Residential
Funding, the Company or any other appropriate Person, as the case may
be, with respect to each Mortgage Loan or property acquired in respect
thereof that has been purchased or otherwise transferred pursuant to
Section 2.02, 2.03, 2.04, 4.07 or 9.01, all amounts received thereon
and not required to be distributed to the Certificateholders or the
Owner of the Excess Spread as of the date on which the related Stated
Principal Balance or Purchase Price is determined;
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(vii) to reimburse itself or the related Subservicer for any
Nonrecoverable Advance or Advances in the manner and to the extent
provided in subsection (c) below or any Advance reimbursable to the
Master Servicer pursuant to Section 4.02(a)(iii);
(viii) to reimburse itself or the Company for expenses
incurred by and reimbursable to it or the Company pursuant to Sections
3.13, 3.14(c), 6.03, 10.01 or otherwise, or in connection with
enforcing any repurchase, substitution or indemnification obligation of
any Seller (other than an Affiliate of the Company) pursuant to the
related Seller's Agreement;
(ix) to reimburse itself for amounts expended by it (a)
pursuant to Section 3.14 in good faith in connection with the
restoration of property damaged by an Uninsured Cause, and (b) in
connection with the liquidation of a Mortgage Loan or disposition of an
REO Property to the extent not otherwise reimbursed pursuant to clause
(ii) or (viii) above; and
(x) to withdraw any amount deposited in the
Custodial Account that was not required to be deposited
therein pursuant to Section 3.07.
(b) Since, in connection with withdrawals pursuant to clauses (ii),
(iii), (v) and (vi), the Master Servicer's entitlement thereto is limited to
collections or other recoveries on the related Mortgage Loan, the Master
Servicer shall keep and maintain separate accounting, on a Mortgage Loan by
Mortgage Loan basis, for the purpose of justifying any withdrawal from the
Custodial Account pursuant to such clauses.
(c) The Master Servicer shall be entitled to reimburse itself or the
related Subservicer for any advance made in respect of a Mortgage Loan that the
Master Servicer determines to be a Nonrecoverable Advance by withdrawal from the
Custodial Account of amounts on deposit therein attributable to the Mortgage
Loans on any Certificate Account Deposit Date succeeding the date of such
determination. Such right of reimbursement in respect of a Nonrecoverable
Advance on any such Certificate Account Deposit Date shall be limited to an
amount not exceeding the portion of such advance previously paid to
Certificateholders and the Owner
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of the Excess Spread (and not theretofore reimbursed to the
Master Servicer or the related Subservicer).
Section 3.1Maintenance of the Primary Insurance
Policies; Collections Thereunder.
(a) The Master Servicer shall not take, or permit any Subservicer to
take, any action which would result in non-coverage under any applicable Primary
Insurance Policy of any loss which, but for the actions of the Master Servicer
or Subservicer, would have been covered thereunder. To the extent coverage is
available, the Master Servicer shall keep or cause to be kept in full force and
effect each such Primary Insurance Policy until the principal balance of the
related Mortgage Loan secured by a Mortgaged Property is reduced to 80% or less
of the Appraised Value in the case of such a Mortgage Loan having a
Loan-to-Value Ratio at origination in excess of 80%, provided that such Primary
Insurance Policy was in place as of the Cut-off Date and the Company had
knowledge of such Primary Insurance Policy. The Master Servicer shall be
entitled to cancel or permit the discontinuation of any Primary Insurance Policy
as to any Mortgage Loan, if the Stated Principal Balance of the Mortgage Loan is
reduced below an amount equal to 80% of the appraised value of the related
Mortgaged Property as determined in any appraisal thereof after the Closing
Date, or if the Loan-to-Value Ratio is reduced below 80% as a result of
principal payments on the Mortgage Loan after the Closing Date. In the event
that the Company gains knowledge that as of the Closing Date, a Mortgage Loan
had a Loan-to-Value Ratio at origination in excess of 80% and is not the subject
of a Primary Insurance Policy (and was not included in any exception to the
representation in Section 2.03(b)(iv)) and that such Mortgage Loan has a current
Loan-to-Value Ratio in excess of 80% then the Master Servicer shall use its
reasonable efforts to obtain and maintain a Primary Insurance Policy to the
extent that such a 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
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whose claims-paying ability is acceptable to each Rating Agency for mortgage
pass-through certificates having a rating equal to or better than the lower of
the then-current rating or the rating assigned to the Certificates as of the
Closing Date by such Rating Agency.
(b) In connection with its activities as administrator and servicer of
the Mortgage Loans, the Master Servicer agrees to present or to cause the
related Subservicer to present, on behalf of the Master Servicer, the
Subservicer, if any, the Trustee, Certificateholders and the Owner of the Excess
Spread, claims to the related Insurer under any Primary Insurance Policies, in a
timely manner in accordance with such policies, and, in this regard, to take or
cause to be taken such reasonable action as shall be necessary to permit
recovery under any Primary Insurance Policies respecting defaulted Mortgage
Loans. Pursuant to Section 3.07, any Insurance Proceeds collected by or remitted
to the Master Servicer under any Primary Insurance Policies shall be deposited
in the Custodial Account, subject to withdrawal pursuant to Section 3.10.
Section 3.1Maintenance 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
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Property or property thus acquired or amounts released to the Mortgagor in
accordance with the Master Servicer's normal servicing procedures) shall be
deposited in the Custodial Account, subject to withdrawal pursuant to Section
3.10. Any cost incurred by the Master Servicer in maintaining any such insurance
shall not, for the purpose of calculating monthly distributions to the
Certificateholders and the Owner of the Excess Spread, be added to the amount
owing under the Mortgage Loan, notwithstanding that the terms of the Mortgage
Loan so permit. Such costs shall be recoverable by the Master Servicer out of
related late payments by the Mortgagor or out of Insurance Proceeds and
Liquidation Proceeds to the extent permitted by Section 3.10. It is understood
and agreed that no earthquake or other additional insurance is to be required of
any Mortgagor or maintained on property acquired in respect of a Mortgage Loan
other than pursuant to such applicable laws and regulations as shall at any time
be in force and as shall require such additional insurance. Whenever the
improvements securing a Mortgage Loan (other than a Cooperative Loan) are
located at the time of origination of such Mortgage Loan in a federally
designated special flood hazard area, the Master Servicer shall cause flood
insurance (to the extent available) to be maintained in respect thereof. Such
flood insurance shall be in an amount equal to the lesser of (i) the amount
required to compensate for any loss or damage to the Mortgaged Property on a
replacement cost basis and (ii) the maximum amount of such insurance available
for the related Mortgaged Property under the national flood insurance program
(assuming that the area in which such Mortgaged Property is located is
participating in such program).
In the event that the Master Servicer shall obtain and maintain a
blanket fire insurance policy with extended coverage insuring against hazard
losses on all of the Mortgage Loans, it shall conclusively be deemed to have
satisfied its obligations as set forth in the first sentence of this Section
3.12(a), it being understood and agreed that such policy may contain a
deductible clause, in which case the Master Servicer shall, in the event that
there shall not have been maintained on the related Mortgaged Property a policy
complying with the first sentence of this Section 3.12(a) and there shall have
been a loss which would have been covered by such policy, deposit in the
Certificate 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
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Date next preceding the Distribution Date which occurs in the month following
the month in which payments under any such policy would have been deposited in
the Custodial Account. In connection with its activities as administrator and
servicer of the Mortgage Loans, the Master Servicer agrees to present, on behalf
of itself, the Trustee, the Certificateholders and the Owner of the Excess
Spread, claims under any such blanket policy.
(b) The Master Servicer shall obtain and maintain at its own expense
and keep in full force and effect throughout the term of this Agreement a
blanket fidelity bond and an errors and omissions insurance policy covering the
Master Servicer's officers and employees and other persons acting on behalf of
the Master Servicer in connection with its activities under this Agreement. The
amount of coverage shall be at least equal to the coverage that would be
required by FNMA or FHLMC, whichever is greater, with respect to the Master
Servicer if the Master Servicer were servicing and administering the Mortgage
Loans for FNMA or FHLMC. In the event that any such bond or policy ceases to be
in effect, the Master Servicer shall obtain a comparable replacement bond or
policy from an issuer or insurer, as the case may be, meeting the requirements,
if any, of the Program Guide and acceptable to the Company. Coverage of the
Master Servicer under a policy or bond obtained by an Affiliate of the Master
Servicer and providing the coverage required by this Section 3.12(b) shall
satisfy the requirements of this Section 3.12(b).
Section 3.1Enforcement of Due-on-Sale Clauses;
Assumption and Modification Agreements;
Certain Assignments.
(a) When any Mortgaged Property is conveyed by the Mortgagor, the
Master Servicer or Subservicer, to the extent it has knowledge of such
conveyance, shall enforce any due-on-sale clause contained in any Mortgage Note
or Mortgage, to the extent permitted under applicable law and governmental
regulations, but only to the extent that such enforcement will not adversely
affect or jeopardize coverage under any Required Insurance Policy.
Notwithstanding the foregoing:
(i) the Master Servicer shall not be deemed to be in default
under this Section 3.13(a) by reason of any transfer or assumption
which the Master Servicer is restricted by law from preventing; and
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(ii) if the Master Servicer determines that it is reasonably
likely that any Mortgagor will bring, or if any Mortgagor does bring,
legal action to declare invalid or otherwise avoid enforcement of a
due-on-sale clause contained in any Mortgage Note or Mortgage, the
Master Servicer shall not be required to enforce the due-on-sale clause
or to contest such action.
(b) Subject to the Master Servicer's duty to enforce any due-on-sale
clause to the extent set forth in Section 3.13(a), in any case in which a
Mortgaged Property is to be conveyed to a Person by a Mortgagor, and such Person
is to enter into an assumption or modification agreement or supplement to the
Mortgage Note or Mortgage which requires the signature of the Trustee, or if an
instrument of release signed by the Trustee is required releasing the Mortgagor
from liability on the Mortgage Loan, the Master Servicer is authorized, subject
to the requirements of the sentence next following, to execute and deliver, on
behalf of the Trustee, the assumption agreement with the Person to whom the
Mortgaged Property is to be conveyed and such modification agreement or
supplement to the Mortgage Note or Mortgage or other instruments as are
reasonable or necessary to carry out the terms of the Mortgage Note or Mortgage
or otherwise to comply with any applicable laws regarding assumptions or the
transfer of the Mortgaged Property to such Person; provided, however, none of
such terms and requirements shall both (i) constitute a "significant
modification" effecting an exchange or reissuance of such Mortgage Loan under
the Code (or final, temporary or proposed Treasury Regulations promulgated
thereunder) and (ii) cause either REMIC I or REMIC II to fail to qualify as such
under the Code or (subject to Section 10.01(f)), result in the imposition of any
tax on "prohibited transactions" or constitute "contributions" after the
start-up date under the REMIC Provisions. The Master Servicer shall execute and
deliver such documents only if it reasonably determines that (i) its execution
and delivery thereof will not conflict with or violate any terms of this
Agreement or cause the unpaid balance and interest on the Mortgage Loan to be
uncollectible in whole or in part, (ii) any required consents of insurers under
any Required Insurance Policies have been obtained and (iii) subsequent to the
closing of the transaction involving the assumption or transfer (A) the Mortgage
Loan will continue to be secured by a first mortgage lien pursuant to the terms
of the Mortgage, (B) such transaction will not adversely affect the coverage
under any
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Required Insurance Policies, (C) the Mortgage Loan will fully amortize over the
remaining term thereof, (D) no material term of the Mortgage Loan (including the
interest rate on the Mortgage Loan) will be altered nor will the term of the
Mortgage Loan be changed and (E) if the seller/transferor of the Mortgaged
Property is to be released from liability on the Mortgage Loan, such release
will not (based on the Master Servicer's or Subservicer's good faith
determination) adversely affect the collectability of the Mortgage Loan. Upon
receipt of appropriate instructions from the Master Servicer in accordance with
the foregoing, the Trustee shall execute any necessary instruments for such
assumption or substitution of liability as directed in writing by the Master
Servicer. Upon the closing of the transactions contemplated by such documents,
the Master Servicer shall cause the originals or true and correct copies of the
assumption agreement, the release (if any), or the modification or supplement to
the Mortgage Note or Mortgage to be delivered to the Trustee or the Custodian
and deposited with the Mortgage File for such Mortgage Loan. Any fee collected
by the Master Servicer or such related Subservicer for entering into an
assumption or substitution of liability agreement will be retained by the Master
Servicer or such Subservicer as additional servicing compensation.
(c) The Master Servicer or the related Subservicer, as the case may be,
shall be entitled to approve a request from a Mortgagor for a partial release of
the related Mortgaged 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 neither
REMIC I nor REMIC II would fail to continue to qualify as a REMIC under the Code
as a result thereof and (subject to Section 10.01(f)) that no tax on "prohibited
transactions" or "contributions" after the startup day would be imposed on
either REMIC as a result thereof. Any fee collected by the Master Servicer or
the related Subservicer for processing such a request will be retained by the
Master Servicer or such Subservicer as additional servicing compensation.
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(d) Subject to any other applicable terms and conditions of this
Agreement, the Trustee and Master Servicer shall be entitled to approve an
assignment in lieu of satisfaction with respect to any Mortgage Loan, provided
the obligee with respect to such Mortgage Loan following such proposed
assignment provides the Trustee and Master Servicer with a "Lender Certification
for Assignment of Mortgage Loan" in the form attached hereto as Exhibit O, in
form and substance satisfactory to the Trustee and Master Servicer, providing
the following: (i) that the Mortgage Loan is secured by Mortgaged Property
located in a jurisdiction in which an assignment in lieu of satisfaction is
required to preserve lien priority, minimize or avoid mortgage recording taxes
or otherwise comply with, or facilitate a refinancing under, the laws of such
jurisdiction; (ii) that the substance of the assignment is, and is intended to
be, a refinancing of such Mortgage Loan and that the form of the transaction is
solely to comply with, or facilitate the transaction under, such local laws;
(iii) that the Mortgage Loan following the proposed assignment will have a rate
of interest at least 0.25 percent below or above the rate of interest on such
Mortgage Loan prior to such proposed assignment; and (iv) that such assignment
is at the request of the borrower under the related Mortgage Loan. Upon approval
of an assignment in lieu of satisfaction with respect to any Mortgage Loan, the
Master Servicer shall receive cash in an amount equal to the unpaid principal
balance of and accrued interest on such Mortgage Loan and the Master Servicer
shall treat such amount as a Principal Prepayment in Full with respect to such
Mortgage Loan for all purposes hereof.
Section 3.1Realization 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
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other conversion in a manner that is consistent with the provisions of this
Agreement. The Master Servicer, however, shall not be required to expend its own
funds or incur other reimbursable charges in connection with any foreclosure, or
attempted foreclosure which is not completed, or towards the restoration of any
property unless it shall determine (i) that such restoration and/or foreclosure
will increase the proceeds of liquidation of the Mortgage Loan to Holders of
Certificates of one or more Classes after reimbursement to itself for such
expenses or charges and (ii) that such expenses and charges will be recoverable
to it through Liquidation Proceeds, Insurance Proceeds, or REO Proceeds
(respecting which it shall have priority for purposes of withdrawals from the
Custodial Account pursuant to Section 3.10, whether or not such expenses and
charges are actually recoverable from related Liquidation Proceeds, Insurance
Proceeds or REO Proceeds). In the event of such a determination by the Master
Servicer pursuant to this Section 3.14(a), the Master Servicer shall be entitled
to reimbursement of such amounts pursuant to Section 3.10. In addition to the
foregoing, the Master Servicer shall use its best reasonable efforts to realize
upon the Additional Collateral for such of the Additional Collateral Loans as
come into and continue in default and as to which no satisfactory arrangements
can be made for collection of delinquent payments pursuant to Section 3.07;
provided that the Master Servicer shall not, on behalf of the Trustee, obtain
title to any such Additional Collateral as a result of or in lieu of the
disposition thereof or otherwise; and provided further that (i) the Master
Servicer shall not proceed with respect to such Additional Collateral in any
manner that would impair the ability to recover against the related Mortgaged
Property, and (ii) the Master Servicer shall proceed with any REO Acquisition in
a manner that preserves the ability to apply the proceeds of such Additional
Collateral against amounts owed under 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
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respect of such Additional Collateral shall be deposited in the Custodial
Account subject to withdrawal pursuant to Section 3.10. Concurrently with the
foregoing, the Master Servicer may pursue any remedies that may be available in
connection with a breach of a representation and warranty with respect to any
such Mortgage Loan in accordance with Sections 2.03 and 2.04. However, the
Master Servicer is not required to continue to pursue both foreclosure (or
similar remedies) with respect to the Mortgage Loans and remedies in connection
with a breach of a representation and warranty if the Master Servicer determines
in its reasonable discretion that one such remedy is more likely to result in a
greater recovery as to the Mortgage Loan. Upon the occurrence of a Cash
Liquidation or REO Disposition, following the deposit in the Custodial Account
of all Insurance Proceeds, Liquidation Proceeds and other payments and
recoveries referred to in the definition of "Cash Liquidation" or "REO
Disposition," as applicable, upon receipt by the Trustee of written notification
of such deposit signed by a Servicing Officer, the Trustee or any Custodian, as
the case may be, shall release to the Master Servicer the related Mortgage File
and the Trustee shall execute and deliver such instruments of transfer or
assignment prepared by the Master Servicer, in each case without recourse, as
shall be necessary to vest in the Master Servicer or its designee, as the case
may be, the related Mortgage Loan, and thereafter such Mortgage Loan shall not
be part of the Trust Fund. Notwithstanding the foregoing or any other provision
of this Agreement, in the Master Servicer's sole discretion with respect to any
defaulted Mortgage Loan or REO Property as to either of the following
provisions, (i) a Cash Liquidation or REO Disposition may be deemed to have
occurred if substantially all amounts expected by the Master Servicer to be
received in connection with the related defaulted Mortgage Loan or REO Property
have been received, and (ii) for purposes of determining the amount of any
Liquidation Proceeds, Insurance Proceeds, REO Proceeds or any other unscheduled
collections or the amount of any Realized Loss, the Master Servicer may take
into account minimal amounts of additional receipts expected to be received or
any estimated additional liquidation expenses expected to be incurred in
connection with the related defaulted Mortgage Loan or REO Property.
(b) In the event that title to any Mortgaged Property is acquired by
REMIC I as an REO Property by foreclosure or by deed in lieu of foreclosure, the
deed or certificate of sale shall be
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issued to the Trustee or to its nominee on behalf of Certificateholders and the
Owner of the Excess Spread. Notwithstanding any such acquisition of title and
cancellation of the related Mortgage Loan, such REO Property shall (except as
otherwise expressly provided herein) be considered to be an Outstanding Mortgage
Loan held in REMIC I until such time as the REO Property shall be sold.
Consistent with the foregoing for purposes of all calculations hereunder so long
as such REO Property shall be considered to be an Outstanding Mortgage Loan it
shall be assumed that, notwithstanding that the indebtedness evidenced by the
related Mortgage Note shall have been discharged, such Mortgage Note and the
related amortization schedule in effect at the time of any such acquisition of
title (after giving effect to any previous Curtailments and before any
adjustment thereto by reason of any bankruptcy or similar proceeding or any
moratorium or similar waiver or grace period) remain in effect.
(c) In the event that REMIC I acquires any REO Property as aforesaid or
otherwise in connection with a default or imminent default on a Mortgage Loan,
the Master Servicer on behalf of REMIC I shall dispose of such REO Property
within two years after its acquisition by REMIC I for purposes of Section
860G(a)(8) of the Code or, at the expense of REMIC I, request, more than 60 days
before the day on which the two-year grace period would otherwise expire, an
extension of the two-year grace period unless the Master Servicer (subject to
Section 10.01(f)) obtains for the Trustee an Opinion of Counsel, addressed to
the Trustee and the Master Servicer, to the effect that the holding by REMIC I
of such REO Property subsequent to such two-year period will not result in the
imposition of taxes on "prohibited transactions" as defined in Section 860F of
the Code or cause REMIC I to fail to qualify as a REMIC at any time that any
Uncertificated REMIC I Regular Interests are outstanding, in which case REMIC I
may continue to hold such REO Property (subject to any conditions contained in
such Opinion of Counsel). The Master Servicer shall be entitled to be reimbursed
from the Custodial Account for any costs incurred in obtaining such Opinion of
Counsel, as provided in Section 3.10. Notwithstanding any other provision of
this Agreement, no REO Property acquired by REMIC I shall be rented (or allowed
to continue to be rented) or otherwise used by or on behalf of REMIC I in such a
manner or pursuant to any terms that would (i) cause such REO Property to fail
to qualify as "foreclosure property" within the meaning of
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Section 860G(a)(8) of the Code or (ii) subject REMIC I to the imposition of any
federal income taxes on the income earned from such REO Property, including any
taxes imposed by reason of Section 860G(c) of the Code, unless the Master
Servicer has agreed to indemnify and hold harmless REMIC I with respect to the
imposition of any such taxes.
(d) The proceeds of any Cash Liquidation, REO Disposition or purchase
or repurchase of any Mortgage Loan pursuant to the terms of this Agreement, as
well as any recovery resulting from a collection of Liquidation Proceeds,
Insurance Proceeds or REO Proceeds, will be applied in the following order of
priority: first, to reimburse the Master Servicer or the related Subservicer in
accordance with Section 3.10(a)(ii); second, to the Certificateholders and the
Owner of the Excess Spread to the extent of accrued and unpaid interest on the
Mortgage Loan, and any related REO Imputed Interest, at the Net Mortgage Rate to
the Due Date prior to the Distribution Date on which such amounts are to be
distributed; third, to the Certificateholders as a recovery of principal on the
Mortgage Loan (or REO Property)(provided that if any such Class of Certificates
to which such Realized Loss was allocated is no longer outstanding, such
subsequent recovery shall be distributed to the persons who were the Holders of
such Class of Certificates when it was retired); fourth, to all Servicing Fees
and Subservicing Fees payable therefrom (and the Master Servicer and the
Subservicer shall have no claims for any deficiencies with respect to such fees
which result from the foregoing allocation); and fifth, to Foreclosure Profits.
(e) In the event of a default on a Mortgage Loan one or more of whose
obligors is not a United States Person, in connection with any foreclosure or
acquisition of a deed in lieu of foreclosure (together, "foreclosure") in
respect of such Mortgage Loan, the Master Servicer will cause compliance with
the provisions of Treasury Regulation Section 1.1445-2(d)(3) (or any successor
thereto) necessary to assure that no withholding tax obligation arises with
respect to the proceeds of such foreclosure except to the extent, if any, that
proceeds of such foreclosure are required to be remitted to the obligors on such
Mortgage Loan.
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Section 3.1Trustee to Cooperate; Release of Mortgage Files.
(a) Upon becoming aware of the payment in full of any Mortgage Loan, or
upon the receipt by the Master Servicer of a notification that payment in full
will be escrowed in a manner customary for such purposes, the Master Servicer
will immediately notify the Trustee (if it holds the related Mortgage File) or
the Custodian by a certification of a Servicing Officer (which certification
shall include a statement to the effect that all amounts received or to be
received in connection with such payment which are required to be deposited in
the Custodial Account pursuant to Section 3.07 have been or will be so
deposited), substantially in one of the forms attached hereto as Exhibit H
requesting delivery to it of the Mortgage File. Upon receipt of such
certification and request, the Trustee shall promptly release, or cause the
Custodian to release, the related Mortgage File to the Master Servicer. The
Master Servicer is authorized to execute and deliver to the Mortgagor the
request for reconveyance, deed of reconveyance or release or satisfaction of
mortgage or such instrument releasing the lien of the Mortgage, together with
the Mortgage Note with, as appropriate, written evidence of cancellation
thereon. No expenses incurred in connection with any instrument of satisfaction
or deed of reconveyance shall be chargeable to the Custodial Account or the
Certificate Account.
(b) From time to time as is appropriate for the servicing or
foreclosure of any Mortgage Loan, the Master Servicer shall deliver to the
Custodian, with a copy to the Trustee, a certificate of a Servicing Officer
substantially in one of the 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
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the Mortgage Loan have been deposited in the Custodial Account or (ii) the
Mortgage File or such document has been delivered directly or through a
Subservicer to an attorney, or to a public trustee or other public official as
required by law, for purposes of initiating or pursuing legal action or other
proceedings for the foreclosure of the Mortgaged Property either judicially or
non-judicially, and the Master Servicer has delivered directly or through a
Subservicer to the Trustee a certificate of a Servicing Officer certifying as to
the name and address of the Person to which such Mortgage File or such document
was delivered and the purpose or purposes of such delivery. In the event of the
liquidation of a Mortgage Loan, the Trustee shall deliver the Request for
Release with respect thereto to the Master Servicer upon deposit of the related
Liquidation Proceeds in the Custodial Account.
(c) The Trustee or the Master Servicer on the Trustee's behalf shall
execute and deliver to the Master Servicer, if necessary, any court pleadings,
requests for trustee's sale or other documents necessary to the foreclosure or
trustee's sale in respect of a Mortgaged Property or to any legal action brought
to obtain judgment against any Mortgagor on the Mortgage Note or Mortgage or to
obtain a deficiency judgment, or to enforce any other remedies or rights
provided by the Mortgage Note or Mortgage or otherwise available at law or in
equity. Together with such documents or pleadings (if signed by the Trustee),
the Master Servicer shall deliver to the Trustee a certificate of a Servicing
Officer requesting that such pleadings or documents be executed by the Trustee
and certifying as to the reason such documents or pleadings are required and
that the execution and delivery thereof by the Trustee will not invalidate any
insurance coverage under any Required Insurance Policy or invalidate or
otherwise affect the lien of the Mortgage, except for the termination of such a
lien upon completion of the foreclosure or trustee's sale.
Section 3.1Servicing 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
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clauses shall be accounted for on a Mortgage Loan-by-Mortgage Loan basis. In the
event that Liquidation Proceeds, Insurance Proceeds and REO Proceeds (net of
amounts reimbursable therefrom pursuant to Section 3.10(a)(ii)) in respect of a
Cash Liquidation or REO Disposition exceed the unpaid principal balance of such
Mortgage Loan plus unpaid interest accrued thereon (including REO Imputed
Interest) at a per annum rate equal to the related Net Mortgage Rate, the Master
Servicer shall be entitled to retain therefrom and to pay to itself and/or the
related Subservicer, any Foreclosure Profits and any Servicing Fee or
Subservicing Fee considered to be accrued but unpaid.
(b) Additional servicing compensation in the form of prepayment
charges, assumption fees, late payment charges, investment income on amounts in
the Custodial Account or the Certificate Account or otherwise shall be retained
by the Master Servicer or the Subservicer to the extent provided herein, subject
to clause (e) below.
(c) The Master Servicer shall be required to pay, or cause to be paid,
all expenses incurred by it in connection with its servicing activities
hereunder (including payment of premiums for the Primary Insurance Policies, if
any, to the extent such premiums are not required to be paid by the related
Mortgagors, and the fees and expenses of the Trustee and any Custodian) and
shall not be entitled to reimbursement therefor except as specifically provided
in Sections 3.10 and 3.14.
(d) The Master Servicer's right to receive servicing compensation may
not be transferred in whole or in part except in connection with the transfer of
all of its responsibilities and obligations of the Master Servicer under this
Agreement.
(e) Notwithstanding any other provision herein, the amount of servicing
compensation that the Master Servicer shall be entitled to receive for its
activities hereunder for the period ending on each Distribution Date shall be
reduced (but not below zero) by an amount equal to Compensating Interest (if
any) for such Distribution Date. Such reduction shall be applied during such
period as follows: first, to any Servicing Fee or Subservicing Fee to which the
Master Servicer is entitled pursuant to Section 3.10(a)(iii); second, to any
income or gain realized from any investment of funds held in the Custodial
Account or the Certificate Account to which the Master Servicer
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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 3.1Annual Statement as to Compliance.
The Master Servicer will deliver to the Company and the Trustee on or
before March 31 of each year, beginning with the first March 31 that occurs at
least six months after the Cut-off Date, an Officers' Certificate stating, as to
each signer thereof, that (i) a review of the activities of the Master Servicer
during the preceding calendar year related to its servicing of mortgage loans
and its performance under pooling and servicing agreements, including this
Agreement, has been made under such officers' supervision, (ii) to the best of
such officers' knowledge, based on such review, the Master Servicer has complied
in all material respects with the minimum servicing standards set forth in the
Uniform Single Attestation Program for Mortgage Bankers and has fulfilled all of
its material obligations relating to this Agreement in all material respects
throughout such year, or, if there has been material noncompliance with such
servicing standards or a default in the
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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 3.1Annual 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 3.2Rights 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.
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(b) If the Mortgagor on a Buydown Mortgage Loan prepays such loan in
its entirety during the period (the "Buydown Period") when Buydown Funds are
required to be applied to such Buydown Mortgage Loan, the Subservicer shall be
required to withdraw from the Buydown Account and remit any Buydown Funds
remaining in the Buydown Account in accordance with the related buydown
agreement. The amount of Buydown Funds which may be remitted in accordance with
the related buydown agreement may reduce the amount required to be paid by the
Mortgagor to fully prepay the related Mortgage Loan. If the Mortgagor on a
Buydown Mortgage Loan defaults on such Mortgage Loan during the Buydown Period
and the property securing such Buydown Mortgage Loan is sold in the liquidation
thereof (either by the Master Servicer or the insurer under any related Primary
Insurance Policy), the Subservicer shall be required to withdraw from the
Buydown Account the Buydown Funds for such Buydown Mortgage Loan still held in
the Buydown Account and remit the same to the Master Servicer in accordance with
the terms of the Subservicing Agreement for deposit in the Custodial Account or,
if instructed by the Master Servicer, pay to the insurer under any related
Primary Insurance Policy if the Mortgaged Property is transferred to such
insurer and such insurer pays all of the loss incurred in respect of such
default. Any amount so remitted pursuant to the preceding sentence will be
deemed to reduce the amount owed on the Mortgage Loan.
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ARTICLE IV
PAYMENTS TO CERTIFICATEHOLDERS
Section 4.01. Certificate Account.
(a) The Master Servicer on behalf of the Trustee shall establish and
maintain a Certificate Account in which the Master Servicer shall cause to be
deposited on behalf of the Trustee on or before 2:00 P.M. New York time on each
Certificate Account Deposit Date by wire transfer of immediately available funds
an amount equal to the sum of (i) any Advance for the immediately succeeding
Distribution Date, (ii) any amount required to be deposited in the Certificate
Account pursuant to Section 3.12(a), (iii) any amount required to be deposited
in the Certificate Account pursuant to Section 3.16(e) or Section 4.07, (iv) any
amount required to be paid pursuant to Section 9.01 and (v) all other amounts
constituting the Available Distribution Amount for the immediately succeeding
Distribution Date.
(b) The Trustee shall, upon written request from the Master Servicer,
invest or cause the institution maintaining the Certificate Account to invest
the funds in the Certificate Account in Permitted Investments designated in the
name of the Trustee for the benefit of the Certificateholders and the Owner of
the Excess Spread, 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.
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Section 4.02. Distributions.
(a) On each Distribution Date (x) the Master Servicer on behalf of the
Trustee or (y) the Paying Agent appointed by the Trustee, shall distribute to
the Owner of the Excess Spread, a distribution thereof pursuant to Section
4.02(a)(i), to the Master Servicer, in the case of a distribution pursuant to
Section 4.02(a)(iii), the amount required to be distributed to the Master
Servicer or a Subservicer pursuant to Section 4.02(a)(iii), and to each
Certificateholder of record on the next preceding Record Date (other than as
provided in Section 9.01 respecting the final distribution) either in
immediately available funds (by wire transfer or otherwise) to the account of
such Certificateholder at a bank or other entity having appropriate facilities
therefor, if such Certificateholder has so notified the Master Servicer or the
Paying Agent, as the case may be, or, if such Certificateholder has not so
notified the Master Servicer or the Paying Agent by the Record Date, by check
mailed to such Certificateholder at the address of such Holder appearing in the
Certificate Register such Certificateholder's share (based on the aggregate of
the Percentage Interests represented by Certificates of the applicable Class
held by such Holder) of the following amounts, in the following order of
priority (subject to the provisions of Section 4.02(b)), in each case to the
extent of the Available Distribution Amount:
(i) (X) to the Class A Certificateholders (other than the
Class A-14 Certificateholders) and Class R Certificateholders, on a pro
rata basis based on Accrued Certificate Interest payable on such
Certificates with respect to such Distribution Date, Accrued
Certificate Interest on such Classes of Certificates for such
Distribution Date, plus any Accrued Certificate Interest thereon
remaining unpaid from any previous Distribution Date except as provided
in the last paragraph of this Section 4.02(a); and
(Y) from the Available Distribution Amount, on a pro
rata basis with the distributions in Sections 4.02(a)(i)(X), to the
Owner of the Excess Spread and each Class of Variable Strip
Certificates, if any, on a pro rata basis based on the amount of Excess
Spread and Accrued Certificate Interest on such Certificates with
respect to such Distribution Date, the amount of Excess Spread and
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Accrued Certificate Interest on such Classes of Certificates,
respectively, with respect to such Distribution Date, plus any Excess
Spread or Accrued Certificate Interest thereon remaining unpaid from
any previous Distribution Date except as provided in the last paragraph
of this Section 4.02(a);
(ii) (X) to the Class A-14 Certificateholders,
the Class A-14 Principal Distribution Amount; and
(Y) to the Class A Certificateholders (other
than the Class A-14 Certificateholders) and Class R Certificateholders,
in the priorities and amounts set forth in Section 4.02(b)(ii) through
(vi) and Section 4.02(c) and (d), the sum of the following (applied to
reduce the Certificate Principal Balances of such Class A Certificates
(other than the Class A-14 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 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
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substitution of a Deleted Mortgage Loan pursuant to
Section 2.03 or 2.04 during the related Prepayment
Period (other than the related Discount Fraction of
such Stated Principal Balance or shortfall with
respect to a Discount Mortgage Loan); 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 a 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 a Discount Mortgage Loan) and (b) the Senior
Accelerated Distribution Percentage for such Distribution
Date times the related unscheduled collections (including
without limitation Insurance Proceeds, Liquidation Proceeds
and REO Proceeds) to the extent applied by the Master
Servicer as recoveries of principal of the related Mortgage
Loan pursuant to Section 3.14 (in each case other than the
portion of such unscheduled
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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 a 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;
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(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-14 Collection Shortfalls for such Distribution Date or
remaining unpaid for all previous Distribution Dates, to the extent the
amounts available pursuant to clause (x) of Sections 4.02(a)(vii),
(ix), (xi), (xiii), (xiv) and (xv) are insufficient therefor, applied
in reduction of the Certificate Principal Balance of the Class M-1
Certificates;
(vi) to the Holders of the Class M-2 Certificates, the
Accrued Certificate Interest thereon for such Distribution Date, plus
any Accrued Certificate Interest thereon remaining unpaid from any
previous Distribution Date, except as provided below;
(vii) to the Holders of the Class M-2 Certificates, an
amount equal to (x) the Subordinate Principal Distribution Amount for
such Class of Certificates for such Distribution Date, minus (y) the
amount of any Class A-14 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-14 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;
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(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-14 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)(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-14 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) 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-14 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;
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(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-14 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 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
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Certificates and Class M Certificates are no longer outstanding, the Class A and
Class R Certificates, Accrued Certificate Interest thereon remaining unpaid and
Excess Spread remaining unpaid from any previous Distribution Date will be
distributable only to the extent that such unpaid Accrued Certificate Interest
or Excess Spread was attributable to interest shortfalls relating to
Nonrecoverable Advances as determined by the Master Servicer with respect to the
related Mortgage Loan where such Mortgage Loan has not yet been the subject of a
Cash Liquidation or REO Disposition.
(b) Distributions of principal on the Class A 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-14 Certificates, until the
Certificate Principal Balance thereof is reduced to zero, an amount
(the "Class A-14 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;
(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);
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(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-14 Collection
Shortfalls for such Distribution Date and the amount of any
Class A-14 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 concurrently to the Class R-I Certificates and Class R-II
Certificates on a pro rata basis (in proportion to their respective
Certificate Principal Balances), until the Certificate Principal
Balances thereof
have been reduced to zero;
(iii) from the balance, if any, of the Senior Principal
Distribution Amount remaining after the distribution described in
clause 4.02(b)(ii) above, an amount shall be distributed to the Lockout
Certificates, on a pro rata basis (in proportion to their respective
Certificate Principal Balances) in reduction of the respective
Certificate Principal Balances thereof, equal to the Lockout
Distribution Percentage of the Lockout Certificates' pro rata share
(based on the aggregate Certificate Principal Balances thereof relative
to the aggregate Certificate Principal Balance of the Senior
Certificates (other than the Class A-14 Certificates))of the Senior
Principal Distribution Amount remaining after the
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distributions, if any, described in Section 4.02(b)(ii)
above;
(iv) the balance, if any, of the Senior Principal
Distribution Amount remaining after the distributions described in
Sections 4.02(b)(ii) and 4.02(b)(iii) above, shall be distributed in
the following priority until $111,871,000 has been distributed pursuant
to this Section 4.02(b)(iv):
(A) 70.5017386096% of the amount included in this clause
(iv) of Section 4.02(b) shall be distributed as follows:
(1) 21.8749996830% of the amount included in
clause (A) above shall be distributed to the
Class A-7 Certificates; and
(2) 78.1250003170% of the amount included in
clause (A) above shall be distributed
concurrently as follows:
(a) 73.4906874324% of the amount included in
clause (2) above shall be distributed
concurrently as follows:
(i) 8.8332455272% of the amount
included in clause (a) above shall
be distributed to the Class A-1
Certificates until the Certificate
Principal Balance thereof has been
reduced to zero; and
(ii) 91.1667544728% of the amount
included in clause (a) above shall be
distributed as follows:
(x) first, 16.6204012592%,
5.8823521120% and
77.4972466288% of the
amount included in clause
(ii) above concurrently to
the Class A-2 Certificates,
Class A-7 Certificates and
Class A-9 Component A,
respectively, until
$16,493,739 has been paid
to the
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Class A-9 Component A pursuant to
this clause (x);
(y) second, 82.0512875000%
and 17.9487125000% of the
amount included in clause
(ii) above concurrently to
the Class A-3 Certificates
and Class A-7 Certificates,
respectively, until the
Certificate Principal
Balance of the Class A-3
Certificates has been
reduced to zero; and
(z) third, 94.1176647038%
and 5.8823352962% of the
amount included in clause
(ii) above concurrently to
the Class A-4 Certificates
and Class A-7 Certificates,
respectively, until the
Certificate Principal
Balance of the Class A-4
Certificates has been
reduced to zero; and
(b) 26.5093125676% of the amount included in
clause (2) above shall be distributed as
follows:
(i) first, 16.6204081633%,
5.8823438466% and 77.4972479901% of
the amount included in clause (b)
above concurrently to the Class A-2
Certificates, Class A-7 Certificates
and Class A-9 Component A,
respectively, until $2,506,261 has
been paid to the Class A-9 Component
A pursuant to this clause (i);
(ii) second, to the Class A-5
Certificates until the Certificate
Principal Balance thereof has been
reduced to zero; and
(iii) third, to the Class A-6
Certificates until the Certificate
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Principal Balance thereof has been
reduced to zero; and
(B) 29.4982613904% of the amount included in this clause
(iv) of Section 4.02(b) shall be distributed concurrently as
follows:
(1) 21.8749994407% of the amount included in
clause (B) above shall be distributed to the
Class A-7 Certificates; and
(2) 78.1250005593% of the amount included in clause
(B) above shall be distributed as follows:
(a) first 94.7936464838% and 5.2063535162%
of such amount concurrently to the Class A-9
Component B and Class A-10 Certificates,
respectively, until the amount of the Class
A-9 Component B has been reduced to zero;
and
(b) second, to the Class A-10 Certificates;
(v) 21.8749994407% and 78.1250005593% of the balance of the
Senior Principal Distribution Amount remaining after the distributions
described in clauses (ii), (iii) and (iv) of this Section 4.02(b) shall
be distributed concurrently to the Class A-7 Certificates and Class
A-10 Certificates, respectively, until the Certificate Principal
Balances thereof have been reduced to zero;
(vi) the balance of the Senior Principal Distribution Amount
remaining after the distributions described in clauses (ii) through (v)
of this Section 4.02(b) shall be distributed to the Class A-11
Certificates until the Certificate Principal Balance thereof has been
reduced to zero;
provided, however, that if on any Distribution Date the Certificate
Principal Balances of the Class A Certificates (other than the Lockout
Certificates and Class A-14 Certificates) and Class R Certificates have
been reduced to zero, clause (iii) of this Section 4.02(b) shall no
longer apply and 100% of the Senior Principal Distribution Amount
remaining after reduction of such Certificate Principal
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Balances to zero shall be distributed to the Lockout Certificates on a
pro rata basis (in proportion to their respective Certificate Principal
Balances), until the Certificate Principal Balances thereof have been
reduced to
zero.
(c) On or after the occurrence of the Credit Support Depletion Date but
prior to the reduction of the Certificate Principal Balance of the Class A-12
Certificates to zero, all priorities relating to distributions as described
above in respect of principal among the various classes of Senior Certificates
(other than the Class A-14 Certificates) will be disregarded and (i) 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-14 Certificates and the Senior Principal
Distribution Amount will be distributed to all Classes of Class A Certificates
(other than the Class A-8 Certificates and Class A-14 Certificates) and Class R
Certificates on a pro rata basis 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; provided that the aggregate amount
distributable to the Class A-11 Certificates and Class A-12 Certificates will be
distributed among such Certificates in the following priority: first, to the
Class A-11 Certificates up to an amount equal to the Accrued Certificate
Interest thereon; second, to the Class A-11 Certificates up to the Super Senior
Optimal Principal Distribution Amount, in reduction of the Certificate Principal
Balance thereof, until such Certificate Principal Balance has been reduced to
zero; third, to the Class A-12 Certificates, up to an amount equal to the
Accrued Certificate Interest thereon; and fourth, to the Class A-12
Certificates, the remainder of the amount so distributable among the Class A-11
Certificates and Class A-12 Certificates, until the Certificate Principal
Balance thereof is reduced to zero.
(d) On or after the occurrence of the Credit Support Depletion Date and
upon reduction of the Certificate Principal Balance of the Class A-12
Certificates to zero, all priorities relating to distributions as described in
Section 4.02(b) above in respect of principal among the various classes of
Senior Certificates (other than the Class A-14 Certificates) will be
disregarded, and an amount equal to the Discount Fraction of the
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principal portion of scheduled payments and unscheduled collections received or
advanced in respect of the Discount Mortgage Loans will be distributed to the
Class A-14 Certificates and the Senior Principal Distribution Amount will be
distributed to all Classes of Class A Certificates (other than the Class A-14
Certificates) and the Class R Certificates pro rata in accordance with their
respective outstanding Certificate Principal Balances and the amount set forth
in Section 4.02(a)(i) will be distributed as set forth therein.
(e) After reduction of the Certificate Principal Balances of the Class
A Certificates (other than the Class A-14 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-14 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-14, Variable Strip, Class M and Class B Certificates and the Owner of
the Excess Spread, in each case as described herein.
(f) In addition to the foregoing distributions, with respect to any
Mortgage Loan that was previously the subject of a Cash Liquidation or an REO
Disposition that resulted in a Realized Loss, in the event that within two years
of the date on which such Realized Loss was determined to have occurred the
Master Servicer receives amounts, which the Master Servicer reasonably believes
to represent subsequent recoveries (net of any related liquidation expenses), or
determines that it holds surplus amounts previously reserved to cover estimated
expenses, specifically related to such Mortgage Loan (including, but not limited
to, recoveries in respect of the representations and warranties made by the
related Seller pursuant to the applicable Seller's Agreement), the Master
Servicer shall distribute such amounts to the applicable Certificateholders of
the Class or Classes to which such Realized Loss was allocated or to the Owner
of the Excess Spread, if applicable, (with the amounts to be distributed
allocated among such Classes and the Excess Spread in the same proportions as
such Realized Loss was allocated), subject to the following: No such
distribution shall be in an amount that would result in total distributions in
respect of Excess Spread or on the Certificates of any such Class in excess of
the total amounts of principal and interest that would have been distributable
thereon if such Cash Liquidation or REO
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Disposition had occurred but had resulted in a Realized Loss equal to zero.
Notwithstanding the foregoing, no such distribution shall be made with respect
to the Excess Spread or the Certificates of any Class to the extent that either
(i) such Excess Spread or Class was protected against the related Realized Loss
pursuant to any instrument or fund established under Section 11.01(e) or (ii)
such Excess Spread or Class of Certificates has been deposited into a separate
trust fund or other structuring vehicle and separate certificates or other
instruments representing interests therein have been issued in one or more
classes, and any of such separate certificates or other instruments was
protected against the related Realized Loss pursuant to any limited guaranty,
payment obligation, irrevocable letter of credit, surety bond, insurance policy
or similar instrument or a reserve fund, or a combination thereof. Any amount to
be so distributed with respect to the Certificates of any Class shall be
distributed by the Master Servicer to the Certificateholders of record as of the
Record Date immediately preceding the date of such distribution, on a pro rata
basis based on the Percentage Interest represented by each Certificate of such
Class as of such Record Date. Any amounts to be so distributed shall not be
remitted to or distributed from the Trust Fund, and shall constitute subsequent
recoveries with respect to Mortgage Loans that are no longer assets of the Trust
Fund.
(g) Each distribution with respect to a Book-Entry Certificate shall be
paid to the Depository, as Holder thereof, and the Depository shall be
responsible for crediting the amount of such distribution to the accounts of its
Depository Participants in accordance with its normal procedures. Each
Depository Participant shall be responsible for disbursing such distribution to
the Certificate Owners that it represents and to each indirect participating
brokerage firm (a "brokerage firm" or "indirect participating firm") for which
it acts as agent. Each brokerage firm shall be responsible for disbursing funds
to the Certificate Owners that it represents. None of the Trustee, the
Certificate Registrar, the Company or the Master Servicer shall have any
responsibility therefor except as otherwise provided by this Agreement or
applicable law.
(h) Except as otherwise provided in Section 9.01, if the Master
Servicer anticipates that a final distribution with respect to any Class of
Certificates will be made on the next
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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 4.0Statements to Certificateholders and the Owner of the
Excess Spread.
(a) Concurrently with each distribution charged to the Certificate
Account and with respect to each Distribution Date the Master Servicer shall
forward to the Trustee and the Trustee shall forward by mail to each Holder, the
Owner of the Excess Spread and the Company a statement setting forth the
following information as to the Excess Spread and 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 and to the
Owner of the Excess Spread;
(iii) if the distribution to the Holders of such Class of
Certificates or the Owner of the Excess Spread is less than the full
amount that would be distributable to such Holders or Owner if there
were sufficient funds available therefor, the amount of the shortfall;
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(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 Pass-Through Rates on the Class A-7 Certificates
and Class A-8 Certificates for such Distribution Date, separately
identifying LIBOR for such Distribution Date;
(xii) 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;
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(xiii) the weighted average Spread Rate for such
Distribution Date and the Pass-Through Rate on any Class of Variable
Strip Certificates;
(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 Owner of the Excess Spread or the Holder of a Certificate,
other than a Class R Certificate, a statement containing the
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information set forth in clauses (i) and (ii) of subsection (a) above aggregated
for such calendar year or applicable portion thereof during which such Person
was a Certificateholder. Such obligation of the Master Servicer shall be deemed
to have been satisfied to the extent that substantially comparable information
shall be provided by the Master Servicer pursuant to any requirements of the
Code.
(c) Within a reasonable period of time after the end of each calendar
year, the Master Servicer shall prepare, or cause to be prepared, and shall
forward, or cause to be forwarded, to each Person who at any time during the
calendar year was the Holder of a Class R Certificate, a statement containing
the applicable distribution information provided pursuant to this Section 4.03
aggregated for such calendar year or applicable portion thereof during which
such Person was the Holder of a Class R Certificate. Such obligation of the
Master Servicer shall be deemed to have been satisfied to the extent that
substantially comparable information shall be provided by the Master Servicer
pursuant to any requirements of the Code.
(d) Upon the written request of any Certificateholder, the Master
Servicer, as soon as reasonably practicable, shall provide the requesting
Certificateholder with such information as is necessary and appropriate, in the
Master Servicer's sole discretion, for purposes of satisfying applicable
reporting requirements under Rule 144A.
Section 4.0Distribution of Reports to the Trustee and the Company;
Advances by the Master Servicer.
(a) Prior to the close of business on the Business Day next succeeding
each Determination Date, the Master Servicer shall furnish a written statement
to the Trustee, any Paying Agent and the Company (the information in such
statement to be made available to Certificateholders and the Owner of the Excess
Spread by the Master Servicer on request) setting forth (i) the Available
Distribution Amount; 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
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protected in relying upon the same without any independent check
or verification.
(b) On or before 2:00 P.M. New York time on each Certificate Account
Deposit Date, the Master Servicer shall either (i) deposit in the Certificate
Account from its own funds, or funds received therefor from the Subservicers, an
amount equal to the Advances to be made by the Master Servicer in respect of the
related Distribution Date, which shall be in an aggregate amount equal to the
aggregate amount of Monthly Payments (with each interest portion thereof
adjusted to the Net Mortgage Rate), less the amount of any related Debt Service
Reductions or reductions in the amount of interest collectable from the
Mortgagor pursuant to the Soldiers' and Sailors' Civil Relief Act of 1940, as
amended, or similar legislation or regulations then in effect, on the
Outstanding Mortgage Loans as of the related Due Date, which Monthly Payments
were delinquent as of the close of business as of the related Determination
Date; provided that no Advance shall be made if it would be a Nonrecoverable
Advance, (ii) withdraw from amounts on deposit in the Custodial Account and
deposit in the Certificate Account all or a portion of the Amount Held for
Future Distribution in discharge of any such Advance, or (iii) make advances in
the form of any combination of (i) and (ii) aggregating the amount of such
Advance. Any portion of the Amount Held for Future Distribution so used shall be
replaced by the Master Servicer by deposit in the Certificate Account on or
before 11:00 A.M. New York time on any future Certificate Account Deposit Date
to the extent that funds attributable to the Mortgage Loans that are available
in the Custodial Account for deposit in the Certificate Account on such
Certificate Account Deposit Date shall be less than payments to
Certificateholders and the Excess Spread required to be made on the following
Distribution Date. The Master Servicer shall be entitled to use any Advance made
by a Subservicer as described in Section 3.07(b) that has been deposited in the
Custodial Account on or before such Distribution Date as part of the Advance
made by the Master Servicer pursuant to this Section 4.04. The amount 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
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Servicer from recoveries on related Mortgage Loans pursuant to Section 3.10.
The determination by the Master Servicer that it has made a
Nonrecoverable Advance or that any proposed Advance, if made, would constitute a
Nonrecoverable Advance, shall be evidenced by a certificate of a Servicing
Officer delivered to the Seller and the Trustee.
In the event that the Master Servicer determines as of the Business Day
preceding any Certificate Account Deposit Date that it will be unable to deposit
in the Certificate Account an amount equal to the Advance required to be made
for the immediately succeeding Distribution Date, it shall give notice to the
Trustee of its inability to advance (such notice may be given by telecopy), not
later than 3:00 P.M., New York time, on such Business Day, specifying the
portion of such amount that it will be unable to deposit. Not later than 3:00
P.M., New York time, on the Certificate Account Deposit Date the Trustee shall,
unless by 12:00 Noon, New York time, on such day the Trustee shall have been
notified in writing (by telecopy) that the Master Servicer shall have directly
or indirectly deposited in the Certificate Account such portion of the amount of
the Advance as to which the Master Servicer shall have given notice pursuant to
the preceding sentence, pursuant to Section 7.01, (a) terminate all of the
rights and obligations of the Master Servicer under this Agreement in accordance
with Section 7.01 and (b) assume the rights and obligations of the Master
Servicer hereunder, including the obligation to deposit in the Certificate
Account an amount equal to the Advance for the immediately succeeding
Distribution Date.
The Trustee shall deposit all funds it receives pursuant to this
Section 4.04 into the Certificate Account.
Section 4.05. Allocation of Realized Losses.
Prior to each Distribution Date, the Master Servicer shall determine
the total amount of Realized Losses, if any, that resulted from any Cash
Liquidation, Debt Service Reduction, Deficient Valuation or REO Disposition that
occurred during the related Prepayment Period. The amount of each Realized Loss
shall be evidenced by an Officers' Certificate. All Realized Losses, other than
Excess Special Hazard Losses, Extraordinary
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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-14 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-14 Certificates) and Class R Certificates and, in respect of
the interest portion of such Realized Losses, the Excess Spread and Variable
Strip Certificates, on a pro rata basis, as described below; except that
Defaulted Mortgage Losses otherwise allocable to the Class A-11 Certificates
will be allocated to the Class A-12 Certificates until the Certificate Principal
Balance of the Class A-12 Certificates is reduced to zero. Any Excess Special
Hazard Losses, Excess Bankruptcy Losses, Excess Fraud Losses and Extraordinary
Losses on Non-Discount Mortgage Loans will be allocated among the Class A
Certificates (other than the Class A- 14 Certificates), Class M, Class B, and
Class R Certificates and, in respect of the interest portion of such Realized
Losses, the Excess Spread and Variable Strip Certificates, on a pro rata basis,
as described below. The principal portion of such losses on Discount Mortgage
Loans will be allocated to the Class A-14 Certificates in an amount equal to the
related Discount Fraction thereof, and the remainder of such losses on Discount
Mortgage Loans will be allocated among the Class A Certificates (other than the
Class A-14 Certificates), Class M, Class B and Class R Certificates (and the
Excess Spread and Variable Strip Certificates in respect of the interest portion
of such losses), 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 and the Excess Spread means
an allocation on a pro rata basis,
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among the various Classes so specified and the Excess Spread, to each such Class
of Certificates on the basis of their then outstanding Certificate Principal
Balances prior to giving effect to distributions to be made on such Distribution
Date in the case of the principal portion of a Realized Loss or based on the
Accrued Certificate Interest thereon or amount of Excess Spread 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. The
principal portion of Realized Losses allocated to the Class A-9 Certificates
will be allocated to each Component on a pro rata basis in proportion to the
outstanding principal balances of each Component. 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 or Component
shall be made by reducing the Certificate Principal Balance or amount thereof by
the amount so allocated, which allocation shall be deemed to have occurred on
such Distribution Date. Any allocation of the principal portion of Realized
Losses (other than Debt Service Reductions) to the Class B Certificates or,
after the Certificate Principal Balances of the Class B Certificates have been
reduced to zero, to the Class of Class M Certificates then outstanding with the
highest numerical designation shall be made by operation of the definition of
"Certificate Principal Balance" and by operation of the provisions of Section
4.02(a). Allocations of the interest portions of Realized Losses shall be made
in proportion to the amount of Accrued Certificate Interest, the amount of
Excess Spread and by operation of the definition of "Accrued Certificate
Interest" and by operation of the provisions of Section 4.02(a). Allocations of
the principal portion of Debt Service Reductions shall be made by operation of
the provisions of Section 4.02(a). All Realized Losses and all other losses
allocated to a Class of Certificates hereunder will be allocated among the
Certificates of such Class in proportion to the Percentage Interests evidenced
thereby.
Section 4.0Reports 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
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income with respect to any Mortgaged Property required by Sections 6050H, 6050J
and 6050P, respectively, of the Code, and deliver to the Trustee an Officers'
Certificate on or before March 31 of each year stating that such reports have
been filed. Such reports shall be in form and substance sufficient to meet the
reporting requirements imposed by Sections 6050H, 6050J and 6050P of the Code.
Section 4.0Optional 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.
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Section 4.0Distributions on the Uncertificated REMIC I
and REMIC II Regular Interests.
(a) On each Distribution Date the Trustee shall be deemed to
distribute to itself, as the holder of the Uncertificated REMIC I Regular
Interests, the Uncertificated REMIC I Regular Interest Distribution Amounts in
the following order of priority to the extent of the Available Distribution
Amount reduced by distributions made to the Class R-I Certificates pursuant to
Section 4.02(a):
(i) Uncertificated Accrued Interest on the Uncertificated
REMIC I Regular Interests for such Distribution Date, plus any
Uncertificated Accrued Interest thereon remaining unpaid from any
previous Distribution Date; and
(ii) In accordance with the priority set forth in Section
4.08(b), an amount equal to the sum of the amounts in respect of
principal distributable on the Class A-1, Class A-2, Class A-3, Class
A-4, Class A-5, Class A-6, Class A-7, Class A-8, Class A-10, Class
A-11, Class A-12, Class A-13, Class A-14, Class M-1, Class M-2, Class
M-3, Class B-1, Class B-2, Class B-3 and Class R-II Certificates and
Class A-9 Component A and Class A-9 Component B under Section 4.02(a),
as allocated thereto pursuant to Section 4.02(b).
(b) The amount described in Section 4.08(a)(ii) shall be
deemed distributed to (i) Uncertificated REMIC I Regular Interest T, (ii)
Uncertificated REMIC I Regular Interest U, (iii) Uncertificated REMIC I Regular
Interest V, (iv) Uncertificated REMIC I Regular Interest W, (v) Uncertificated
REMIC I Regular Interest X and (vi) Uncertificated REMIC I Regular Interest Y
with the amount to be distributed allocated among such interests in accordance
with the priority assigned to the (i) Class A-7 and Class A-8 Certificates, (ii)
Class A-3 Certificates, (iii) Class A-2 Certificates, Class A-4 Certificates and
Class A-9 Component A, (iv) Class A-1, Class A-5, Class A-6 and Class A-10
Certificates and Class A-9 Component B, (v) Class A-14 Certificates and (vi)
Class A-11, Class A-12, Class A-13, Class M-1, Class M-2, Class M-3, Class B-1,
Class B-2, Class B-3 and Class R-II Certificates, respectively, under Section
4.02(b)
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until the Uncertificated Principal Balance of each such interest
is reduced to zero.
(c) The portion of the Uncertificated REMIC I Regular
Interest Distribution Amounts described in Section 4.08(a)(ii) shall be deemed
distributed by REMIC I to REMIC II in accordance with the priority assigned to
the REMIC II Certificates relative to that assigned to the REMIC I Certificates
under Section 4.02(b).
(d) In determining from time to time the Uncertificated
REMIC I Regular Interest Distribution Amounts and Uncertificated REMIC II
Regular Interest Distribution Amounts:
(I) Realized Losses allocated to the Excess Spread and the
Variable Strip Certificates under Section 4.05 shall be deemed
allocated to the REMIC II Uncertificated Regular Interest Z pro-rata
according to the respective amounts of Uncertificated Accrued Interest
that would have accrued on such Uncertificated REMIC Regular II
Interests for the Distribution Date for which such allocation is being
made in the absence of such allocation;
(II) Realized Losses allocated to the Class A-7 and Class A-8
Certificates under Section 4.05 shall be deemed allocated to
Uncertificated REMIC I Regular Interest T;
(III) Realized Losses allocated to the Class A-3 Certificates under
Section 4.05 shall be deemed allocated to Uncertificated REMIC I
Regular Interest U;
(IV) Realized Losses allocated to the Class A-2 Certificates, Class A-4
Certificates and Class A-9 Component A under Section 4.05 shall be
deemed allocated to Uncertificated REMIC I Regular Interest V;
(V) Realized Losses allocated to the Class A-1, Class A-5, Class A-6
and Class A-10 Certificates and Class A-9 Component B under Section
4.05 shall be deemed allocated to Uncertificated REMIC I Regular
Interest W;
(VI) Realized Losses allocated to the Class A-14 Certificates under
Section 4.05 shall be deemed allocated to Uncertificated REMIC I
Regular Interest X;
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(VII) Realized Losses allocated to the Class A-11, Class A- 12, Class
A-13, Class M-1, Class M-2, Class M-3, Class B-1, Class B-2, Class B-3
and Class R-II Certificates under Section 4.05 shall be deemed
allocated to Uncertificated REMIC I Regular Interest Y; and
(VIII) Realized Losses allocated to the Uncertificated REMIC II Regular
Interests under clause (I), above, shall be deemed allocated, in each
case, to the related Uncertificated REMIC I Regular Interest Z.
(e) On each Distribution Date the Trustee shall be deemed to
distribute from REMIC II, in the priority set forth in Sections 4.02(a) and (b),
to the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-6, Class
A-7, Class A-8, Class A-9, Class A-10, Class A-11, Class A-12, Class A-13, Class
A-14, Class M-1, Class M-2, Class M-3, Class B-1, Class B-2, Class B-3 and Class
R-II Certificates and to the Owner of the Excess Spread the amounts
distributable thereon, from the Uncertificated REMIC I Regular Interest
Distribution Amounts deemed to have been received by REMIC II from REMIC I under
this Section 4.08. The amounts deemed distributed hereunder with respect to the
Excess Spread and the Variable Strip Certificates shall be deemed to have been
distributed in respect of the Uncertificated REMIC II Regular Interests in
accordance with their respective Uncertificated REMIC II Regular Interest
Distribution Amounts, as such Uncertificated REMIC II Regular Interests comprise
respectively the Excess Spread and the Variable Strip Certificates.
(f) Notwithstanding the deemed distributions on the
Uncertificated REMIC I Regular Interests and Uncertificated REMIC
II Regular Interests described in this Section 4.08, distributions of funds from
the Certificate Account shall be made only in accordance with Section 4.02.
Section 4.09. Surety Bond. (a) If a Required Surety Payment is payable
pursuant to the Surety Bond with respect to any Additional Collateral Loan, the
Master Servicer shall so notify the Trustee as soon as reasonably practicable
and the Trustee shall promptly complete the notice in the form of 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
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completing such notice and shall provide any information requested by the
Trustee in connection therewith.
(b) Upon receipt of a Required Surety Payment from the Surety on behalf
of the Holders of Certificates and the Owner of the Excess Spread, the Trustee
shall deposit such Required Surety Payment in the Certificate Account and shall
distribute such Required Surety Payment, or the proceeds thereof, in accordance
with the provisions of Section 4.02.
(c) The Trustee shall (i) receive as attorney-in-fact of each Holder of
a Certificate and the Owner of the Excess Spread any Required Surety Payment
from the Surety and (ii) disburse the same to the Holders of such Certificates
as set forth in Section 4.02.
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ARTICLE V
THE CERTIFICATES AND EXCESS SPREAD
Section 5.01. The Certificates.
(a) The Class A, Class 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 Variable Strip Certificates, shall be issuable in minimum
dollar denominations of $25,000 (or $250,000 in the case of the Class M-2, Class
M-3, Class B-1, Class B-2 and Class B-3 Certificates) and integral multiples of
$1 (in the case of the Class A Certificates, other than the Class A-14
Certificates) and $1,000 (in the case of the Class A-14, Class M and Class B
Certificates) in excess thereof, except that one Certificate of each of the
Class A-14, Class M-2, Class M-3, Class B-1 and Class B-3 Certificates may be
issued in a denomination equal to the denomination set forth as follows for such
Class or the sum of such denomination and an integral multiple of $1,000:
Class A-14 $ 25,824.70
Class M-2 $250,700.00
Class M-3 $250,500.00
Class B-1 $250,500.00
Class B-3 $250,562.90
The denomination of each Class A-8 Certificate will be the Percentage Interest
represented by such Certificate multiplied by the initial Class A-8 Notional
Amount. The Class R Certificates and Variable Strip Certificates shall be
issuable in minimum denominations of not less than a 20% Percentage Interest;
provided, however, that one Class R-I Certificate and one Class R-II Certificate
will be issuable to Residential Funding as "tax matters person" pursuant to
Section 10.01(c) and (e) in a minimum denomination representing a Percentage
Interest of not less than 0.01%.
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The Certificates shall be executed by manual or facsimile signature on
behalf of an authorized officer of the Trustee. Certificates bearing the manual
or facsimile signatures of individuals who were at any time the proper officers
of the Trustee shall bind the Trustee, notwithstanding that such individuals or
any of them have ceased to hold such offices prior to the authentication and
delivery of such Certificate or did not hold such offices at the date of such
Certificates. No Certificate shall be entitled to any benefit under this
Agreement, or be valid for any purpose, unless there appears on such Certificate
a certificate of authentication substantially in the form provided for herein
executed by the Certificate Registrar by manual signature, and such certificate
upon any Certificate shall be conclusive evidence, and the only evidence, that
such Certificate has been duly authenticated and delivered hereunder. All
Certificates shall be dated the date of their authentication.
(b) The Class A Certificates, other than the Variable Strip
Certificates and Class A-14 Certificates, shall initially be issued as one or
more Certificates registered in the name of the Depository or its nominee and,
except as provided below, registration of such Certificates may not be
transferred by the Trustee except to another Depository that agrees to hold such
Certificates for the respective Certificate Owners with Ownership Interests
therein. The Class A Certificateholders shall hold their respective Ownership
Interests in and to each of the Class A Certificates, other than the Variable
Strip Certificates and Class A-14 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
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the authorized representative of the Certificate Owners with respect to the
respective Classes of Book-Entry Certificates for the purposes of exercising the
rights of Certificateholders hereunder. The rights of Certificate Owners with
respect to the respective Classes of Book-Entry Certificates shall be limited to
those established by law and agreements between such Certificate Owners and the
Depository Participants and brokerage firms representing such Certificate
Owners. Multiple requests and directions from, and votes of, the Depository as
Holder of any Class of Book-Entry Certificates with respect to any particular
matter shall not be deemed inconsistent if they are made with respect to
different Certificate Owners. The Trustee may establish a reasonable record date
in connection with solicitations of consents from or voting by
Certificateholders and shall give notice to the Depository of such record date.
If (i)(A) the Company advises the Trustee in writing that the
Depository is no longer willing or able to properly discharge its
responsibilities as Depository and (B) the Company is unable to locate a
qualified successor or (ii) the Company at its option advises the Trustee in
writing that it elects to terminate the book-entry system through the
Depository, the Trustee shall notify all Certificate Owners, through the
Depository, of the occurrence of any such event and of the availability of
Definitive Certificates to Certificate Owners requesting the same. Upon
surrender to the Trustee of the Book-Entry Certificates by the Depository,
accompanied by registration instructions from the Depository for registration of
transfer, the Trustee shall issue the Definitive Certificates. Neither the
Company, the Master Servicer nor the Trustee shall be liable for any actions
taken by the Depository or its nominee, including, without limitation, any delay
in delivery of such instructions and may conclusively rely on, and shall be
protected in relying on, such instructions. Upon the issuance of Definitive
Certificates all references herein to obligations imposed upon or to be
performed by the Company in connection with the issuance of the Definitive
Certificates pursuant to this Section 5.01 shall be deemed to be imposed upon
and performed by the Trustee, and the Trustee and the Master Servicer shall
recognize the Holders of the Definitive Certificates as Certificateholders
hereunder.
(c) From time to time the Company, with the written consent of the
Owner of the Excess Spread, may cause an additional Class of Class A
Certificates which are Variable Strip Certificates to
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be issued under this Agreement, which shall bear a numerical designation
immediately sequentially following the highest numerical designation of Class A
Certificates previously issued and which on and after the date of issuance of
such Class of Variable Strip Certificates will evidence ownership of the
Uncertificated REMIC II Regular Interest or Interests specified in writing by
the Company to the Trustee. The Variable Strip Certificates shall be
substantially in the forms set forth in Exhibit A and shall, on original issue,
be executed and delivered by the Trustee to the Certificate Registrar for
authentication and delivery to or upon the written order of the Company in
accordance with Section 5.01(a).
Section 5Registration of Transfer and Exchange of
Certificates and Restrictions on Transfer of
Excess Spread.
(a) The Trustee shall cause to be kept at one of the offices or
agencies to be appointed by the Trustee in accordance with the provisions of
Section 8.12 a Certificate Register in which, subject to such reasonable
regulations as it may prescribe, the Trustee shall provide for the registration
of Certificates and of transfers and exchanges of Certificates as herein
provided. The Trustee is initially appointed Certificate Registrar for the
purpose of registering Certificates and transfers and exchanges of Certificates
as herein provided. The Certificate Registrar, or the Trustee, shall provide the
Master Servicer with a certified list of Certificateholders as of each Record
Date prior to the related Determination Date.
(b) Upon surrender for registration of transfer of any Certificate at
any office or agency of the Trustee maintained for such purpose pursuant to
Section 8.12 and, in the case of any Class M, Class B or Class R Certificate,
upon satisfaction of the conditions set forth below, the Trustee shall execute
and the Certificate Registrar shall authenticate and deliver, in the name of the
designated transferee or transferees, one or more new Certificates of a like
Class and aggregate Percentage Interest.
(c) At the option of the Certificateholders, Certificates may be
exchanged for other Certificates of authorized denominations of a like Class and
aggregate Percentage Interest, upon surrender of the Certificates to be
exchanged at any such
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office or agency. Whenever any Certificates are so surrendered for exchange the
Trustee shall execute and the Certificate Registrar shall authenticate and
deliver the Certificates of such Class which the Certificateholder making the
exchange is entitled to receive. Every Certificate presented or surrendered for
transfer or exchange shall (if so required by the Trustee or the Certificate
Registrar) be duly endorsed by, or be accompanied by a written instrument of
transfer in form satisfactory to the Trustee and the Certificate Registrar duly
executed by, the Holder thereof or his attorney duly authorized in writing.
(d) No transfer, sale, pledge or other disposition of a Class B
Certificate shall be made unless such transfer, sale, pledge or other
disposition is exempt from the registration requirements of the Securities Act
of 1933, as amended, and any applicable state securities laws or is made in
accordance with said Act and laws. In the event that a transfer of a Class B
Certificate is to be made either (i)(A) the Trustee shall require a written
Opinion of Counsel acceptable to and in form and substance satisfactory to the
Trustee and the Company that such transfer may be made pursuant to an exemption,
describing the applicable exemption and the basis therefor, from said Act and
laws or is being made pursuant to said Act and laws, which Opinion of Counsel
shall not be an expense of the Trustee, the Company or the Master Servicer and
(B) the Trustee shall require the transferee to execute a representation letter,
substantially in the form of Exhibit J hereto, and the Trustee shall require the
transferor to execute a representation letter, substantially in the form of
Exhibit K hereto, each acceptable to and in form and substance satisfactory to
the Company and the Trustee certifying to the Company and the Trustee the facts
surrounding such transfer, which representation letters shall not be an expense
of the Trustee, the Company or the Master Servicer or (ii) the prospective
transferee of such a Certificate shall be required to provide the Trustee, the
Company and the Master Servicer with an investment letter substantially in the
form of Exhibit L attached hereto (or such other form as the Company in its sole
discretion deems acceptable), which investment letter shall not be an expense of
the Trustee, the Company or the Master Servicer, and which investment letter
states that, among other 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
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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 A-12, Class M, Class B or Class R
Certificate presented for registration in the name of any Person, either (i) the
Trustee shall require an Opinion of Counsel acceptable to and in form and
substance satisfactory to the Trustee, the Company and the Master Servicer to
the effect that the purchase or holding of such Class M, Class B or Class R
Certificate is permissible under applicable law, will not constitute or result
in any non-exempt prohibited transaction under Section 406 of the Employee
Retirement Income Security Act of 1974, as amended ("ERISA"), or Section 4975 of
the Code (or comparable provisions of any subsequent enactments), and will not
subject the Trustee, the Company or the Master Servicer to any obligation or
liability (including obligations or liabilities under ERISA or Section 4975 of
the Code) in addition to those undertaken in this Agreement, which Opinion of
Counsel shall not be an expense of the Trustee, the Company or the Master
Servicer or (ii) the prospective transferee shall be required to provide the
Trustee, the Company and the Master Servicer with a certification to the effect
set forth in paragraph six of Exhibit J (with respect to any Class M Certificate
or any Class B Certificate) or with a certification to the effect set forth in
paragraph five of Exhibit I-1 (with respect to any Class R Certificate), which
the Trustee may rely upon without further inquiry or investigation, or such
other certifications as the Trustee may deem desirable or necessary in order to
establish that such transferee or the Person in whose name such registration is
requested is not an employee benefit plan or other plan subject to the
prohibited transaction provisions of ERISA or Section 4975 of the Code, or any
Person (including an investment manager, a named fiduciary or a trustee of any
such plan) who is using "plan assets" of any such plan to effect such
acquisition. So long as the Class A-12 Certificates are Book-Entry Certificates,
any Transferee of a Class A-12 Certificate will be deemed to have represented by
such Transfer
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that either (i) such Transferee (A) is not an employee benefit plan or other
plan subject to the prohibited transaction provisions of ERISA or Section 4975
of the Code and is not purchasing such Certificates on behalf of or with "plan
assets" of any Plan, or (B) 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,
or (ii) the purchase and holding of any such Certificate by or on behalf of or
with "plan assets" of any Plan is permissible under applicable law, will not
result in any non-exempt prohibited transaction under ERISA or Section 4975 of
the Code, and will not subject the Master Servicer, the Company or the Trustee
to any obligation in addition to those undertaken in this Agreement.
(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
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other things, that it is a Permitted Transferee, that it is not
acquiring its Ownership Interest in the Class R Certificate that is the
subject of the proposed Transfer as a nominee, trustee or agent for any
Person who is not a Permitted Transferee, that for so long as it
retains its Ownership Interest in a Class R Certificate, it will
endeavor to remain a Permitted Transferee, and that it has reviewed the
provisions of this Section 5.02(f) and agrees to be bound by them, and
(II) a certificate, in the form attached hereto as Exhibit I-2, from
the Holder wishing to transfer the Class R Certificate, in form and
substance satisfactory to the Master Servicer, representing and
warranting, among other things, that no purpose of the proposed
Transfer is to impede the assessment or collection of tax.
(C) Notwithstanding the delivery of a Transfer Affidavit and
Agreement by a proposed Transferee under clause (B) above, if a
Responsible Officer of the Trustee who is assigned to this Agreement
has actual knowledge that the proposed Transferee is not a Permitted
Transferee, no Transfer of an Ownership Interest in a Class R
Certificate to such proposed Transferee shall be effected.
(D) Each Person holding or acquiring any Ownership Interest in
a Class R Certificate shall agree (x) to require a Transfer Affidavit
and Agreement from any other Person to whom such Person attempts to
transfer its Ownership Interest in a Class R Certificate and (y) not to
transfer its Ownership Interest unless it provides a certificate to the
Trustee in the form attached hereto as Exhibit I-2.
(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
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Affidavit and Agreement, a certificate of the Holder requesting such transfer in
the form attached hereto as Exhibit I-2 and all of such other documents as shall
have been reasonably required by the Trustee as a condition to such
registration. Transfers of the Class R Certificates to Non-United States Persons
and Disqualified Organizations (as defined in Section 860E(e)(5) of the Code)
are prohibited.
(iii) (A) If any Disqualified Organization shall become a holder of a
Class R Certificate, then the last preceding Permitted Transferee shall be
restored, to the extent permitted by law, to all rights and obligations as
Holder thereof retroactive to the date of registration of such Transfer of such
Class R Certificate. If a Non-United States Person shall become a holder of a
Class R Certificate, then the last preceding United States Person shall be
restored, to the extent permitted by law, to all rights and obligations as
Holder thereof retroactive to the date of registration of such Transfer of such
Class R Certificate. If a transfer of a Class R Certificate is disregarded
pursuant to the provisions of Treasury Regulations Section 1.860E-1 or Section
1.860G-3, then the last preceding Permitted Transferee shall be restored, to the
extent permitted by law, to all rights and obligations as Holder thereof
retroactive to the date of registration of such Transfer of such Class R
Certificate. The Trustee shall be under no liability to any Person for any
registration of Transfer of a Class R Certificate that is in fact not permitted
by this Section 5.02(f) or for making any payments due on such Certificate to
the holder thereof or for taking any other action with respect to such holder
under the provisions of this Agreement.
(B) If any purported Transferee shall become a Holder of a
Class R Certificate in violation of the restrictions in this Section 5.02(f) and
to the extent that the retroactive restoration of the rights of the Holder of
such Class R Certificate as described in clause (iii)(A) above shall be invalid,
illegal or unenforceable, then the Master Servicer shall have the right, without
notice to the holder or any prior holder of such Class R Certificate, to sell
such Class R Certificate to a purchaser selected by the Master Servicer on such
terms as the Master Servicer may choose. Such purported Transferee shall
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
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the Master Servicer. The proceeds of such sale, net of the commissions (which
may include commissions payable to the Master Servicer or its Affiliates),
expenses and taxes due, if any, will be remitted by the Master Servicer to such
purported Transferee. The terms and conditions of any sale under this clause
(iii)(B) shall be determined in the sole discretion of the Master Servicer, and
the Master Servicer shall not be liable to any Person having an Ownership
Interest in a Class R Certificate as a result of its exercise of such
discretion.
(iv) The Master Servicer, on behalf of the Trustee, shall make
available, upon written request from the Trustee, all information necessary to
compute any tax imposed (A) as a result of the Transfer of an Ownership Interest
in a Class R Certificate to any Person who is a Disqualified Organization,
including the information regarding "excess inclusions" of such Class R
Certificates required to be provided to the Internal Revenue Service and certain
Persons as described in Treasury Regulations Sections 1.860D-1(b)(5) and
1.860E-2(a)(5), and (B) as a result of any regulated investment company, real
estate investment trust, common trust fund, partnership, trust, estate or
organization described in Section 1381 of the Code that holds an Ownership
Interest in a Class R Certificate having as among its record holders at any time
any Person who is a Disqualified Organization. Reasonable compensation for
providing such information may be required by the Master Servicer from such
Person.
(v) The provisions of this Section 5.02(f) set forth prior to this
clause (v) may be modified, added to or eliminated, provided that there shall
have been delivered to the Trustee the following:
(A) written notification from each Rating Agency to the effect
that the modification, addition to or elimination of such provisions
will not cause such Rating Agency to downgrade its then-current
ratings, if any, of any Class of the Class A, Class 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
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received an Opinion of Counsel, in form and substance satisfactory to
the Master Servicer, to the effect that such modification, addition to
or absence of such provisions will not cause either REMIC I or REMIC II
to cease to qualify as a REMIC and will not cause (x) either REMIC I or
REMIC II to be subject to an entity-level tax caused by the Transfer of
any Class R Certificate to a Person that is a Disqualified Organization
or (y) a Certificateholder or another Person to be subject to a
REMIC-related tax caused by the Transfer of a Class R Certificate to a
Person that is not a Permitted Transferee.
(g) No service charge shall be made for any transfer or exchange of
Certificates of any Class, but the Trustee may require payment of a sum
sufficient to cover any tax or governmental charge that may be imposed in
connection with any transfer or exchange of Certificates.
(h) All Certificates surrendered for transfer and exchange
shall be destroyed by the Certificate Registrar.
(i) So long as any Excess Spread remains uncertificated, no transfer,
sale, pledge or other disposition of such interest shall be made by Residential
Funding.
Section 5Mutilated, 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 5Persons 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 5Appointment of Paying Agent.
The Trustee may appoint a Paying Agent for the purpose of making
distributions to the Certificateholders and the Owner of the Excess Spread
pursuant to Section 4.02. In the event of any such appointment, on or prior to
each Distribution Date the Master Servicer on behalf of the Trustee shall
deposit or cause to be deposited with the Paying Agent a sum sufficient to make
the payments to the Certificateholders and the Owner of the Excess Spread in the
amounts and in the manner provided for in Section 4.02, such sum to be held in
trust for the benefit of the Certificateholders and the Owner of the Excess
Spread.
The Trustee shall cause each Paying Agent to execute and deliver to the
Trustee an instrument in which such Paying Agent shall agree with the Trustee
that such Paying Agent will hold all sums held by it for the payment to the
Certificateholders and the Owner of the Excess Spread in trust for the benefit
of the Certificateholders and such Owner entitled thereto until such sums shall
be paid to such Certificateholders and such Owner.
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Any sums so held by such Paying Agent shall be held only in Eligible Accounts to
the extent such sums are not distributed to the Certificateholders and such
Owner on the date of receipt by such Paying Agent.
Section 5Optional Purchase of Certificates.
(a) On any Distribution Date on which the Pool Stated Principal Balance
is less than ten percent of the Cut-off Date Principal Balance of the Mortgage
Loans, either the Master Servicer or the Company shall have the right, at its
option, to purchase the Certificates in whole, but not in part, at a price equal
to the outstanding Certificate Principal Balance of the Certificates plus the
sum of Accrued Certificate Interest thereon for the related Interest Accrual
Period and any previously unpaid Accrued Certificate Interest.
(b) The Master Servicer or the Company, as applicable, shall give the
Trustee not less than 60 days' prior notice of the Distribution Date on which
the Master Servicer or the Company, as applicable, anticipates that it will
purchase the Certificates pursuant to Section 5.06(a). Notice of any such
purchase, specifying the Distribution Date upon which the Holders may surrender
their Certificates to the Trustee for payment in accordance with this Section
5.06, shall be given promptly by the Master Servicer or the Company, as
applicable, by letter to Certificateholders (with a copy to the Certificate
Registrar and each Rating Agency) mailed not earlier than the 15th day and not
later than the 25th day of the month next preceding the month of such final
distribution, specifying:
(i) the Distribution Date upon which purchase of the
Certificates is anticipated to be made upon presentation and surrender
of such Certificates at the office or agency of the Trustee therein
designated,
(ii) the purchase price therefor, if known, and
(iii) that the Record Date otherwise applicable to such
Distribution Date is not applicable, payments being made only upon
presentation and surrender of the Certificates at the office or agency
of the Trustee therein specified.
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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, 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
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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 6Respective 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 6Merger 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
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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 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 6Limitation on Liability of the Company, the Master Servicer
and Others.
Neither the Company, the Master Servicer nor any of the directors,
officers, employees or agents of the Company or the Master Servicer shall be
under any liability to the Trust Fund or the Certificateholders or the Owner of
the Excess Spread for any action taken or for refraining from the taking of any
action in good faith pursuant to this Agreement, or for errors in judgment;
provided, however, that this provision shall not protect the Company, the Master
Servicer or any such Person against any breach of warranties or representations
made herein or any
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liability which would otherwise be imposed by reason of willful misfeasance, bad
faith or gross negligence in the performance of duties or by reason of reckless
disregard of obligations and duties hereunder. The Company, the Master Servicer
and any director, officer, employee or agent of the Company or the Master
Servicer may rely in good faith on any document of any kind prima facie properly
executed and submitted by any Person respecting any matters arising hereunder.
The Company, the Master Servicer and any director, officer, employee or agent of
the Company or the Master Servicer shall be indemnified by the Trust Fund and
held harmless against any loss, liability or expense incurred in connection with
any legal action relating to this Agreement or the Certificates, other than any
loss, liability or expense related to any specific Mortgage Loan or Mortgage
Loans (except as any such loss, liability or expense shall be otherwise
reimbursable pursuant to this Agreement) and any loss, liability or expense
incurred by reason of willful misfeasance, bad faith or gross negligence in the
performance of duties hereunder or by reason of reckless disregard of
obligations and duties hereunder.
Neither the Company nor the Master Servicer shall be under any
obligation to appear in, prosecute or defend any legal or administrative action,
proceeding, hearing or examination that is not incidental to its respective
duties under this Agreement and which in its opinion may involve it in any
expense or liability; provided, however, that the Company or the Master Servicer
may in its discretion undertake any such action, proceeding, hearing or
examination that it may deem necessary or desirable in respect to this Agreement
and the rights and duties of the parties hereto and the interests of the
Certificateholders hereunder. In such event, the legal expenses and costs of
such action, proceeding, hearing or examination and any liability resulting
therefrom shall be expenses, costs and liabilities of the Trust Fund, and the
Company and the Master Servicer shall be entitled to be reimbursed therefor out
of amounts attributable to the Mortgage Loans on deposit in the Custodial
Account as provided by Section 3.10 and, on the Distribution Date(s) following
such reimbursement, the aggregate of such expenses and costs shall be allocated
in reduction of the Accrued Certificate Interest on each Class entitled thereto
in the same manner as if such expenses and costs constituted a Prepayment
Interest Shortfall.
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Section 6Company 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 7Events of Default.
Event of Default, wherever used herein, means any one of the following
events (whatever reason for such Event of Default and whether it shall be
voluntary or involuntary or be effected by operation of law or pursuant to any
judgment, decree or order of any court or any order, rule or regulation of any
administrative or governmental body):
(i) the Master Servicer shall fail to distribute or cause to
be distributed to the Owner of the Excess Spread or the Holders of
Certificates of any Class any distribution required to be made under
the terms of the Certificates of such Class and this Agreement and, in
either case, such failure shall continue unremedied for a period of 5
days after the date upon which written notice of such failure,
requiring such failure to be remedied, shall have been given to the
Master Servicer by the Trustee or the Company or to the Master
Servicer, the Company and the Trustee by the Owner of the Excess Spread
or the Holders of Certificates of such Class evidencing Percentage
Interests aggregating not less than 25%; or
(ii) the Master Servicer shall fail to observe or perform in
any material respect any other of the covenants or agreements on the
part of the Master Servicer contained in the Certificates of any Class
or in this Agreement and such failure shall continue unremedied for a
period of 30 days (except that such number of days shall be 15 in the
case of a failure to pay the premium for any Required Insurance Policy)
after the date on which written notice of such failure, requiring the
same to be remedied, shall have been given to the Master Servicer by
the Trustee or the Company, or to the Master Servicer, the Company and
the Trustee by the Owner of the Excess Spread or the Holders of
Certificates of any Class evidencing, in the case of any such Class,
Percentage Interests aggregating not less than 25%; or
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(iii) a decree or order of a court or agency or supervisory
authority having jurisdiction in the premises in an involuntary case
under any present or future federal or state bankruptcy, insolvency or
similar law or appointing a conservator or receiver or liquidator in
any insolvency, readjustment of debt, marshalling of assets and
liabilities or similar proceedings, or for the winding-up or
liquidation of its affairs, shall have been entered against the Master
Servicer and such decree or order shall have remained in force
undischarged or unstayed for a period of 60 days; or
(iv) the Master Servicer shall consent to the appointment of a
conservator or receiver or liquidator in any insolvency, readjustment
of debt, marshalling of assets and liabilities, or similar proceedings
of, or relating to, the Master Servicer or of, or relating to, all or
substantially all of the property of the Master Servicer; or
(v) the Master Servicer shall admit in writing its inability
to pay its debts generally as they become due, file a petition to take
advantage of, or commence a voluntary case under, any applicable
insolvency or reorganization statute, make an assignment for the
benefit of its creditors, or voluntarily suspend payment of its
obligations; or
(vi) the Master Servicer shall notify the Trustee pursuant to
Section 4.04(b) that it is unable to deposit in the Certificate Account
an amount equal to the Advance.
If an Event of Default described in clauses (i)-(v) of this Section
shall occur, then, and in each and every such case, so long as such Event of
Default shall not have been remedied, either the Company or the Trustee may, and
at the direction of Holders of Certificates or the Owner of the Excess Spread
entitled to at least 51% of the Voting Rights, the Trustee shall, by notice in
writing to the Master Servicer (and to the Company if given by the Trustee or to
the Trustee if given by the Company), terminate all of the rights and
obligations of the Master Servicer under this Agreement and in and to the
Mortgage Loans and the proceeds thereof, other than its rights as a
Certificateholder hereunder. If an Event of Default described in clause (vi)
hereof shall occur, the Trustee shall, by notice to the Master Servicer and the
Company, immediately terminate all of
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the rights and obligations of the Master Servicer under this Agreement and in
and to the Mortgage Loans and the proceeds thereof, other than its rights as a
Certificateholder hereunder as provided in Section 4.04(b). On or after the
receipt by the Master Servicer of such written notice, all authority and power
of the Master Servicer under this Agreement, whether with respect to the
Certificates (other than as a Holder thereof) or the Mortgage Loans or
otherwise, shall subject to Section 7.02 pass to and be vested in the Trustee or
the Trustee's designee appointed pursuant to Section 7.02; and, without
limitation, the Trustee is hereby authorized and empowered to execute and
deliver, on behalf of the Master Servicer, as attorney-in-fact or otherwise, any
and all documents and other instruments, and to do or accomplish all other acts
or things necessary or appropriate to effect the purposes of such notice of
termination, whether to complete the transfer and endorsement or assignment of
the Mortgage Loans and related documents, or otherwise. The Master Servicer
agrees to cooperate with the Trustee in effecting the termination of the Master
Servicer's responsibilities and rights hereunder, including, without limitation,
the transfer to the Trustee or its designee for administration by it of all cash
amounts which shall at the time be credited to the Custodial Account or the
Certificate Account or thereafter be received with respect to the Mortgage
Loans. No such termination shall release the Master Servicer for any liability
that it would otherwise have hereunder for any act or omission prior to the
effective time of such termination.
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.
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Section 7Trustee 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 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
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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 7Notification to Certificateholders.
(a) Upon any such termination or appointment of a successor to the
Master Servicer, the Trustee shall give prompt written notice thereof to the
Certificateholders and the Owner of the Excess Spread at their respective
addresses appearing in the Certificate Register.
(b) Within 60 days after the occurrence of any Event of Default, the
Trustee shall transmit by mail to all Holders of Certificates notice of each
such Event of Default hereunder known to the Trustee, unless such Event of
Default shall have been cured or waived.
Section 7.04. Waiver of Events of Default.
The Holders representing at least 66% of the Voting Rights affected by
a default or Event of Default hereunder, and the Owner of the Excess Spread if
affected thereby, may waive such default or Event of Default; provided, however,
that (a) a default or Event of Default under clause (i) of Section 7.01 may be
waived only by all of the Holders of Certificates affected by such default or
Event of Default and the Owner of the Excess Spread if so affected and (b) no
waiver pursuant to this Section 7.04 shall affect the Holders of Certificates or
the Owner of the Excess Spread in the manner set forth in Section 11.01(b)(i),
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(ii) or (iii). Upon any such waiver of a default or Event of Default by the
Holders representing the requisite percentage of Voting Rights affected by such
default or Event of Default, such default or Event of Default shall cease to
exist and shall be deemed to have been remedied for every purpose hereunder. No
such waiver shall extend to any subsequent or other default or Event of Default
or impair any right consequent thereon except to the extent expressly so waived.
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ARTICLE VIII
CONCERNING THE TRUSTEE
Section 8.01. Duties of Trustee.
(a) The Trustee, prior to the occurrence of an Event of Default and
after the curing of all Events of Default which may have occurred, undertakes to
perform such duties and only such duties as are specifically set forth in this
Agreement. In case an Event of Default has occurred (which has not been cured or
waived), the Trustee shall exercise such of the rights and powers vested in it
by this Agreement, and use the same degree of care and skill in their exercise
as a prudent investor would exercise or use under the circumstances in the
conduct of such investor's own affairs.
(b) The Trustee, upon receipt of all resolutions, certificates,
statements, opinions, reports, documents, orders or other instruments furnished
to the Trustee which are specifically required to be furnished pursuant to any
provision of this Agreement, shall examine them to determine whether they
conform to the requirements of this Agreement. The Trustee shall notify the
Certificateholders and the Owner of the Excess Spread of any such documents
which do not materially conform to the requirements of this Agreement in the
event that the Trustee, after so requesting, does not receive satisfactorily
corrected documents.
The Trustee shall forward or cause to be forwarded in a timely fashion
the notices, reports and statements required to be forwarded by the Trustee
pursuant to Sections 4.03, 4.06, 7.03 and 10.01. The Trustee shall furnish in a
timely fashion to the Master Servicer such information as the Master Servicer
may reasonably request from time to time for the Master Servicer to fulfill its
duties as set forth in this Agreement. The Trustee covenants and agrees that it
shall perform its obligations hereunder in a manner so as to maintain the status
of both REMIC I and REMIC II as REMICs under the REMIC Provisions and (subject
to Section 10.01(f)) to prevent the imposition of any federal, state or local
income, prohibited transaction, contribution or other tax on either REMIC I or
REMIC II to the extent that maintaining such status and avoiding such taxes are
reasonably
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within the control of the Trustee and are reasonably within the scope of its
duties under this Agreement.
(c) No provision of this Agreement shall be construed to relieve the
Trustee from liability for its own negligent action, its own negligent failure
to act or its own willful misconduct; provided, however, that:
(i) Prior to the occurrence of an Event of Default, and after
the curing or waiver of all such Events of Default which may have
occurred, the duties and obligations of the Trustee shall be determined
solely by the express provisions of this Agreement, the Trustee shall
not be liable except for the performance of such duties and obligations
as are specifically set forth in this Agreement, no implied covenants
or obligations shall be read into this Agreement against the Trustee
and, in the absence of bad faith on the part of the 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
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(v) of Section 7.01 unless a Responsible Officer of the Trustee
assigned to and working in the Corporate Trust Office obtains actual
knowledge of such failure or event or the Trustee receives written
notice of such failure or event at its Corporate Trust Office from the
Master Servicer, the Company or any Certificateholder or the Owner of
the Excess Spread; and
(v) Except to the extent provided in Section 7.02, no
provision in this Agreement shall require the Trustee to expend or risk
its own funds (including, without limitation, the making of any
Advance) or otherwise incur any personal financial liability in the
performance of any of its duties as Trustee hereunder, or in the
exercise of any of its rights or powers, if the Trustee shall have
reasonable grounds for believing that repayment of funds or adequate
indemnity against such risk or liability is not reasonably assured to
it.
(d) The Trustee shall timely pay, from its own funds, the amount of any
and all federal, state and local taxes imposed on the Trust Fund or its assets
or transactions including, without limitation, (A) "prohibited transaction"
penalty taxes as defined in Section 860F of the Code, if, when and as the same
shall be due and payable, (B) any tax on contributions to a REMIC after the
Closing Date imposed by Section 860G(d) of the Code and (C) any tax on "net
income from foreclosure property" as defined in Section 860G(c) of the Code, but
only if such taxes arise out of a breach by the Trustee of its obligations
hereunder, which breach constitutes negligence or willful misconduct of the
Trustee.
Section 8Certain 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;
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(ii) The Trustee may consult with counsel and any Opinion of
Counsel shall be full and complete authorization and protection in
respect of any action taken or suffered or omitted by it hereunder in
good faith and in accordance with such Opinion of Counsel;
(iii) The Trustee shall be under no obligation to exercise any
of the trusts or powers vested in it by this Agreement or to institute,
conduct or defend any litigation hereunder or in relation hereto at the
request, order or direction of any of the Certificateholders or the
Owner of the Excess Spread, pursuant to the provisions of this
Agreement, unless such Certificateholders or such Owner shall have
offered to the Trustee reasonable security or indemnity against the
costs, expenses and liabilities which may be incurred therein or
thereby; nothing contained herein shall, however, relieve the Trustee
of the obligation, upon the occurrence of an Event of Default (which
has not been cured), to exercise such of the rights and powers vested
in it by this Agreement, and to use the same degree of care and skill
in their exercise as a prudent investor would exercise or use under the
circumstances in the conduct of such investor's own affairs;
(iv) The Trustee shall not be personally liable for any action
taken, suffered or omitted by it in good faith and believed by it to be
authorized or within the discretion or rights or powers conferred upon
it by this Agreement;
(v) Prior to the occurrence of an Event of Default hereunder
and after the curing of all Events of Default which may have occurred,
the Trustee shall not be bound to make any investigation into the facts
or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, consent, order, approval,
bond or other paper or document, unless requested in writing so to do
by Holders of Certificates of any Class evidencing, as to such Class,
Percentage Interests, aggregating not less than 50%; provided, however,
that if the payment within a reasonable time to the Trustee of the
costs, expenses or liabilities likely to be incurred by it in the
making of such investigation is, in the opinion of the Trustee, not
reasonably assured to the Trustee by the
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security afforded to it by the terms of this Agreement, the Trustee may
require reasonable indemnity against such expense or liability as a
condition to so proceeding. The reasonable expense of every such
examination shall be paid by the Master Servicer, if an Event of
Default shall have occurred and is continuing, and otherwise by the
Certificateholder requesting the investigation;
(vi) The Trustee may execute any of the trusts or
powers hereunder or perform any duties hereunder either
directly or by or through agents or attorneys; and
(vii) To the extent authorized under the Code and the
regulations promulgated thereunder, each Holder of a Class R
Certificate hereby irrevocably appoints and authorizes the Trustee to
be its attorney-in-fact for purposes of signing any Tax Returns
required to be filed on behalf of the Trust Fund. The Trustee shall
sign on behalf of the Trust Fund and deliver to the Master Servicer in
a timely manner any Tax Returns prepared by or on behalf of the Master
Servicer that the Trustee is required to sign as determined by the
Master Servicer pursuant to applicable federal, state or local tax
laws, provided that the Master Servicer shall indemnify the Trustee for
signing any such Tax Returns that contain errors or omissions.
(b) Following the issuance of the Certificates, the Trustee shall not
accept any contribution of assets to the Trust Fund unless (subject to Section
10.01(f)) it shall have obtained or been furnished with an Opinion of Counsel to
the effect that such contribution will not (i) cause either REMIC I or REMIC II
to fail to qualify as a REMIC at any time that any Certificates are outstanding
or (ii) cause the Trust Fund to be subject to any federal tax as a result of
such contribution (including the imposition of any federal tax on "prohibited
transactions" imposed under Section 860F(a) of the Code).
Section 8Trustee 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
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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 8Trustee 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 8Master 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.
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(b) The Master Servicer agrees to indemnify the Trustee for, and to
hold the Trustee harmless against, any loss, liability or expense incurred
without negligence or willful misconduct on its part, arising out of, or in
connection with, the acceptance and administration of the Trust Fund, including
the costs and expenses (including reasonable legal fees and expenses) of
defending itself against any claim in connection with the exercise or
performance of any of its powers or duties under this Agreement, provided that:
(i) with respect to any such claim, the Trustee shall have
given the Master Servicer written notice thereof promptly after the
Trustee shall have actual knowledge thereof;
(ii) while maintaining control over its own defense, the
Trustee shall cooperate and consult fully with the Master Servicer in
preparing such defense; and
(iii) notwithstanding anything in this Agreement to the
contrary, the Master Servicer shall not be liable for settlement of any
claim by the Trustee entered into without the prior consent of the
Master Servicer which consent shall not be unreasonably withheld.
No termination of this Agreement shall affect the obligations created by this
Section 8.05(b) of the Master Servicer to indemnify the Trustee under the
conditions and to the extent set forth herein.
Notwithstanding the foregoing, the indemnification provided by the
Master Servicer in this Section 8.05(b) shall not pertain to any loss, liability
or expense of the Trustee, including the costs and expenses of defending itself
against any claim, incurred in connection with any actions taken by the Trustee
at the direction of the Certificateholders or the Owner of the Excess Spread
pursuant to the terms of this Agreement.
Section 8Eligibility 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
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America, authorized under such laws to exercise corporate trust powers, having a
combined capital and surplus of at least $50,000,000 and subject to supervision
or examination by federal or state authority. If such corporation or national
banking association publishes reports of condition at least annually, pursuant
to law or to the requirements of the aforesaid supervising or examining
authority, then for the purposes of this Section the combined capital and
surplus of such corporation shall be deemed to be its combined capital and
surplus as set forth in its most recent report of condition so published. In
case at any time the Trustee shall cease to be eligible in accordance with the
provisions of this Section, the Trustee shall resign immediately in the manner
and with the effect specified in Section 8.07.
Section 8Resignation and Removal of the Trustee.
(a) The Trustee may at any time resign and be discharged from the
trusts hereby created by giving written notice thereof to the Company. Upon
receiving such notice of resignation, the Company shall promptly appoint a
successor trustee by written instrument, in duplicate, one copy of which
instrument shall be delivered to the resigning Trustee and one copy to the
successor trustee. If no successor trustee shall have been so appointed and have
accepted appointment within 30 days after the giving of such notice of
resignation, the resigning Trustee may petition any court of competent
jurisdiction for the appointment of a successor trustee.
(b) If at any time the Trustee shall cease to be eligible in accordance
with the provisions of Section 8.06 and shall fail to resign after written
request therefor by the Company, or if at any time the Trustee shall become
incapable of acting, or shall be adjudged bankrupt or insolvent, or a receiver
of the Trustee or of its property shall be appointed, or any public officer
shall take charge or control of the Trustee or of its property or affairs for
the purpose of rehabilitation, conservation or liquidation, then the Company may
remove the Trustee and appoint a successor trustee by written instrument, in
duplicate, one copy of which instrument shall be delivered to the Trustee so
removed and one copy to the successor trustee. In addition, in the event that
the Company determines that the Trustee has failed (i) to distribute or cause to
be distributed to the Certificateholders or the Owner of the Excess Spread any
amount required to be
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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 and/or Excess Spread entitled to at
least 51% of the Voting Rights may at any time remove the Trustee and appoint a
successor trustee by written instrument or instruments, in triplicate, signed by
such Holders or their attorneys-in-fact duly authorized, one complete set of
which instruments shall be delivered to the Company, one complete set to the
Trustee so removed and one complete set to the successor so appointed.
(d) Any resignation or removal of the Trustee and appointment of a
successor trustee pursuant to any of the provisions of this Section shall become
effective upon acceptance of appointment by the successor trustee as provided in
Section 8.08.
Section 8Successor 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
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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 8Merger or Consolidation of Trustee.
Any corporation or national banking association into which the Trustee
may be merged or converted or with which it may be consolidated or any
corporation or national banking association resulting from any merger,
conversion or consolidation to which the Trustee shall be a party, or any
corporation or national banking association succeeding to the business of the
Trustee, shall be the successor of the Trustee hereunder, provided such
corporation or national banking association shall be eligible under the
provisions of Section 8.06, without the execution or filing of any paper or any
further act on the part of any of the parties hereto, anything herein to the
contrary notwithstanding. The Trustee shall mail notice of any such merger or
consolidation to the Certificateholders and the Owner of the Excess Spread at
their address as shown in the Certificate Register.
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Section 8Appointment of Co-Trustee or Separate
Trustee.
(a) Notwithstanding any other provisions hereof, at any time, for the
purpose of meeting any legal requirements of any jurisdiction in which any part
of the Trust Fund or property securing the same may at the time be located, the
Master Servicer and the Trustee acting jointly shall have the power and shall
execute and deliver all instruments to appoint one or more Persons approved by
the Trustee to act as co-trustee or co-trustees, jointly with the Trustee, or
separate trustee or separate trustees, of all or any part of the Trust Fund, and
to vest in such Person or Persons, in such capacity, such title to the Trust
Fund, or any part thereof, and, subject to the other provisions of this Section
8.10, such powers, duties, obligations, rights and trusts as the Master Servicer
and the Trustee may consider necessary or desirable. If the Master Servicer
shall not have joined in such appointment within 15 days after the receipt by it
of a request so to do, or in case an Event of Default shall have occurred and be
continuing, the Trustee alone shall have the power to make such appointment. No
co-trustee or separate trustee hereunder shall be required to meet the terms of
eligibility as a successor trustee under Section 8.06 hereunder and no notice to
Holders of Certificates or the Owner of the Excess Spread of the appointment of
co-trustee(s) or separate trustee(s) shall be required under Section 8.08
hereof.
(b) In the case of any appointment of a co-trustee or separate trustee
pursuant to this Section 8.10 all rights, powers, duties and obligations
conferred or imposed upon the Trustee shall be conferred or imposed upon and
exercised or performed by the Trustee, and such separate trustee or co-trustee
jointly, except to the extent that under any law of any jurisdiction in which
any particular act or acts are to be performed (whether as Trustee hereunder or
as successor to the 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 8Appointment of Custodians.
The Trustee may, with the consent of the Master Servicer and the
Company, appoint one or more Custodians who are not Affiliates of the Company,
the Master Servicer or any Seller to hold all or a portion of the Mortgage Files
as agent for the Trustee, by entering into a Custodial Agreement. Subject to
Article VIII, the Trustee agrees to comply with the terms of each Custodial
Agreement and to enforce the terms and provisions thereof against the Custodian
for the benefit of the Certificateholders and the Owner of the Excess Spread.
Each Custodian shall be a depository institution subject to supervision by
federal or state authority, shall have a combined capital and surplus of at
least $15,000,000 and shall be qualified to do business in the jurisdiction in
which it holds any Mortgage File. Each Custodial Agreement may be amended only
as provided in Section 11.01. The Trustee shall notify the Certificateholders
and the Owner of the Excess Spread of the
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appointment of any Custodian (other than the Custodian appointed as of the
Closing Date) pursuant to this Section 8.11.
Section 8Appointment 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 One First National
Plaza, Suite 0126, Chicago, Illinois 60670-0126 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 9Termination Upon Purchase by the Master
Servicer or the Company or Liquidation of All
Mortgage Loans.
(a) Subject to Section 9.03, the respective obligations and
responsibilities of the Company, the Master Servicer and the Trustee created
hereby in respect of the Certificates and the Excess Spread (other than the
obligation of the Trustee to make certain payments after the Final Distribution
Date to Certificateholders and the Owner of the Excess Spread and the obligation
of the Company to send certain notices as hereinafter set forth) shall terminate
upon the last action required to be taken by the Trustee on the Final
Distribution Date pursuant to this Article IX following the earlier of:
(i) the later of the final payment or other liquidation (or
any Advance with respect thereto) of the last Mortgage Loan remaining
in the Trust Fund or the disposition of all property acquired upon
foreclosure or deed in lieu of foreclosure of any Mortgage Loan, or
(ii) the purchase by the Master Servicer or the Company of all
Mortgage Loans and all property acquired in respect of any Mortgage
Loan remaining in the Trust Fund at a price equal to 100% of the unpaid
principal balance of each Mortgage Loan or, if less than such unpaid
principal balance, the fair market value of the related underlying
property of such Mortgage Loan with respect to Mortgage Loans as to
which title has been acquired if such fair market value is less than
such unpaid principal balance (net of any unreimbursed Advances
attributable to principal) on the day of repurchase plus accrued
interest thereon at the Net Mortgage Rate to, but not including, the
first day of the month in which such repurchase price is distributed,
provided, however, that in no event shall the trust created hereby
continue beyond the expiration of 21 years from the death of the last
survivor of the descendants of Joseph P. Kennedy, the late ambassador
of the United States to the Court of St. James, living on the date
hereof and provided further that the purchase price set forth above
shall be
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increased as is necessary, as determined by the Master Servicer, to
avoid disqualification of either REMIC I or REMIC II as a REMIC.
The right of the Master Servicer or the Company to purchase all the
assets of the Trust Fund pursuant to clause (ii) above is conditioned upon the
Pool Stated Principal Balance as of the Final Distribution Date being less than
ten percent of the Cut-off Date Principal Balance of the Mortgage Loans. If such
right is exercised by the Master Servicer, the Master Servicer shall be deemed
to have been reimbursed for the full amount of any unreimbursed Advances
theretofore made by it with respect to the Mortgage Loans. In addition, the
Master Servicer or the Company, as applicable, shall provide to the Trustee the
certification required by Section 3.15 and the Trustee and any Custodian shall,
promptly following payment of the purchase price, release to the Master Servicer
or the Company, as applicable, the Mortgage Files pertaining to the Mortgage
Loans being purchased.
(b) The Master Servicer or, in the case of a final distribution as a
result of the exercise by the Company of its right to purchase the assets of the
Trust Fund, the Company shall give the Trustee not less than 60 days' prior
notice of the Distribution Date on which the Master Servicer or the Company, as
applicable, anticipates that the final distribution will be made to
Certificateholders and the Owner of the Excess Spread (whether as a result of
the exercise by the Master Servicer or the Company of its right to purchase the
assets of the Trust Fund or otherwise). Notice of any termination, specifying
the anticipated Final Distribution Date (which shall be a date that would
otherwise be a Distribution Date) upon which the Certificateholders may
surrender their Certificates to the Trustee (if so required by the terms hereof)
for payment of the final distribution and cancellation, shall be given promptly
by the Master Servicer or the Company, as applicable (if it is exercising its
right to purchase the assets of the Trust Fund), or by the Trustee (in any other
case) by letter to the Certificateholders and the Owner of the Excess Spread
mailed not earlier than the 15th day and not later than the 25th day of the
month next preceding the month of such final distribution specifying:
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(i) the anticipated Final Distribution Date upon which final
payment of the Certificates and the Excess Spread is anticipated to be
made upon presentation and surrender of Certificates at the office or
agency of the Trustee therein designated,
(ii) the amount of any such final payment, if
known, and
(iii) that the Record Date otherwise applicable to such
Distribution Date is not applicable, and in the case of the Class A,
Class M and Class R Certificates, that payment will be made only upon
presentation and surrender of the Certificates at the office or agency
of the Trustee therein specified.
If the Master Servicer or the Company, as applicable, is obligated to give
notice to Certificateholders and the Owner of the Excess Spread as aforesaid, it
shall give such notice to the Certificate Registrar at the time such notice is
given to Certificateholders and the Owner of the Excess Spread. In the event
such notice is given by the Master Servicer or the Company, the Master Servicer
or the Company, as applicable, shall deposit in the Certificate Account before
the Final Distribution Date in immediately available funds an amount equal to
the purchase price for the assets of the Trust Fund computed as above provided.
(c) In the case of the Class A, Class M and the Class R Certificates,
upon presentation and surrender of the Certificates by the Certificateholders
thereof, the Trustee shall distribute to the Certificateholders (i) the amount
otherwise distributable on such Distribution Date, if not in connection with the
Master Servicer's or the Company's election to repurchase, or (ii) if the Master
Servicer or the Company elected to so repurchase, an amount determined as
follows: (A) with respect to each Certificate the outstanding Certificate
Principal Balance thereof, plus Accrued Certificate Interest for the related
Interest Accrual Period thereon and any previously unpaid Accrued Certificate
Interest, subject to the priority set forth in Section 4.02(a), and (B) with
respect to the Class R-I Certificates, any excess of the amounts available for
distribution (including the repurchase price specified in clause (ii) of
subsection (a) of this Section) over the total amount distributed under the
immediately preceding clause (A) and the
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Excess Spread. The Trustee shall also distribute to the Owner
the Excess Spread.
(d) In the event that any Certificateholders shall not surrender their
Certificates for final payment and cancellation on or before the Final
Distribution Date (if so required by the terms hereof), the Trustee shall on
such date cause all funds in the Certificate Account not distributed in final
distribution to Certificateholders to be withdrawn therefrom and credited to the
remaining Certificateholders by depositing such funds in a separate escrow
account for the benefit of such Certificateholders, and the Master Servicer or
the Company, as applicable (if it exercised its right to purchase the assets of
the Trust Fund), or the Trustee (in any other case) shall give a second written
notice to the remaining Certificateholders to surrender their Certificates for
cancellation and receive the final distribution with respect thereto. If within
six months after the second notice any Certificate shall not have been
surrendered for cancellation, the Trustee shall take appropriate steps as
directed by the Master Servicer or the Company, as applicable, to contact the
remaining Certificateholders concerning surrender of their Certificates. The
costs and expenses of maintaining the escrow account and of contacting
Certificateholders shall be paid out of the assets which remain in the escrow
account. If within nine months after the second notice any Certificates shall
not have been surrendered for cancellation, the Trustee shall pay to the Master
Servicer or the Company, as applicable, all amounts distributable to the holders
thereof and the Master Servicer or the Company, as applicable, shall thereafter
hold such amounts until distributed to such holders. No interest shall accrue or
be payable to any Certificateholder on any amount held in the escrow account or
by the Master Servicer or the Company, as applicable, as a result of such
Certificateholder's failure to surrender its Certificate(s) for final payment
thereof in accordance with this Section 9.01.
Section 9Termination of REMIC II.
REMIC II shall be terminated on the earlier of the Final
Distribution Date and the date on which it is deemed to receive the last deemed
distributions on the Uncertificated REMIC I Regular Interests and the last
distribution due on the Class A, Class M, Class B and Class R-II Certificates is
made.
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Section 9Additional Termination Requirements.
(a) REMIC I and REMIC II as the case may be, shall be terminated in
accordance with the following additional requirements, unless (subject to
Section 10.01(f)) the Trustee and the Master Servicer have received an Opinion
of Counsel (which Opinion of Counsel shall not be an expense of the Trustee) to
the effect that the failure of REMIC I and REMIC II, as the case may be, to
comply with the requirements of this Section 9.03 will not (i) result in the
imposition on the Trust of taxes on "prohibited transactions," as described in
Section 860F of the Code, or (ii) cause either REMIC I or REMIC II to fail to
qualify as a REMIC at any time that any Certificate is outstanding:
(i) The Master Servicer shall establish a 90-day liquidation
period for REMIC I and REMIC II, as the case may be, and specify the
first day of such period in a statement attached to the Trust Fund's
final Tax Return pursuant to Treasury regulations Section 1.860F-1. The
Master Servicer also shall satisfy all of the requirements of a
qualified liquidation for REMIC I and REMIC II, as the case may be,
under Section 860F of the Code and regulations thereunder;
(ii) The Master Servicer shall notify the Trustee at the
commencement of such 90-day liquidation period and, at or prior to the
time of making of the final payment on the Certificates, the Trustee
shall sell or otherwise dispose of all of the remaining assets of the
Trust Fund in accordance with the terms hereof; and
(iii) If the Master Servicer or the Company is exercising its
right to purchase the assets of the Trust Fund, the Master Servicer
shall, during the 90-day liquidation period and at or prior to the
Final Distribution Date, purchase all of the assets of the Trust Fund
for cash; 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
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attorney-in-fact to adopt a plan of complete liquidation for REMIC I and REMIC
II at the expense of the Trust Fund in accordance with the terms and conditions
of this Agreement.
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ARTICLE X
REMIC PROVISIONS
Section 1REMIC Administration.
(a) The REMIC Administrator shall make an election to treat
each of REMIC I and REMIC II as a REMIC under the Code and, if necessary, under
applicable state law. Each such election will be made on Form 1066 or other
appropriate federal tax or information return (including Form 8811) or any
appropriate state return for the taxable year ending on the last day of the
calendar year in which the Certificates are issued. For the purposes of the
REMIC I election in respect of the Trust Fund, Uncertificated REMIC I Regular
Interests shall be designated as the "regular interests" and the Class R-I
Certificates shall be designated as the sole class of "residual interest" in
REMIC I. For the purposes of the REMIC II election in respect of the Trust Fund,
each of the Class A (other than the Class A-9 and Variable Strip Certificates),
Class A-9 Component A, Class A-9 Component B, Class M and Class B Certificates
and the Uncertificated REMIC II Regular Interests shall be designated as the
"regular interests" and the Class R-II Certificates shall be designated as the
sole class of "residual interests" in REMIC II. The REMIC Administrator and the
Trustee shall not permit the creation of any "interests" (within the meaning of
Section 860G of the Code) in REMIC I or REMIC II other than the Uncertificated
REMIC I Regular Interests and the Class R-I Certificates and the REMIC II
Certificates, the Uncertificated REMIC II Regular Interests and the Class R-II
Certificates, respectively.
(b) The Closing Date is hereby designated as the "startup day"
of the Trust Fund within the meaning of Section 860G(a)(9) of the Code.
(c) The REMIC Administrator shall hold a Class R Certificate
representing a 0.01% Percentage Interest of all Class R-I Certificates and Class
R-II Certificates and shall be designated as "the tax matters person" with
respect to REMIC I and REMIC II in the manner provided under Treasury
regulations section 1.860F-4(d) and temporary Treasury regulations section
301.6231(a)(7)-1T. Residential Funding, as tax matters person, shall (i) act on
behalf of REMIC I and REMIC II in relation to any tax matter or controversy
involving the Trust Fund and (ii)
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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.
(d) The REMIC Administrator shall prepare or cause to be
prepared all of the Tax Returns that it determines are required with respect to
either REMIC I or REMIC II created hereunder and deliver such Tax Returns in a
timely manner to the Trustee and the Trustee shall sign and file such Tax
Returns in a timely manner. The expenses of preparing such returns shall be
borne by the REMIC Administrator without any right of reimbursement therefor.
The REMIC Administrator agrees to indemnify and hold harmless the Trustee with
respect to any tax or liability arising from the Trustee's signing of Tax
Returns that contain errors or omissions. The Trustee and Master Servicer shall
promptly provide the REMIC Administrator with such information as the REMIC
Administrator may from time to time request for the purpose of enabling the
REMIC Administrator to prepare Tax Returns.
(e) The REMIC Administrator shall provide (i) to any
Transferor of a Class R Certificate such information as is necessary for the
application of any tax relating to the transfer of a Class R Certificate to any
Person who is not a Permitted Transferee, (ii) to the Trustee and the Trustee
shall forward to the Certificateholders such information or reports as are
required by the Code or the REMIC Provisions including reports relating to
interest, original issue discount and market discount or premium (using the
Prepayment Assumption) and (iii) to the Internal Revenue Service the name,
title, address and telephone
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number of the person who will serve as the representative of each of REMIC I and
REMIC II.
(f) The Master Servicer and the REMIC Administrator shall take
such actions and shall cause each of REMIC I and REMIC II created hereunder to
take such actions as are reasonably within the Master Servicer's or the REMIC
Administrator's control and the scope of its duties more specifically set forth
herein as shall be necessary or desirable to maintain the status thereof as
REMICs under the REMIC Provisions (and the Trustee shall assist the Master
Servicer and the REMIC Administrator, to the extent reasonably requested by the
Master Servicer and the REMIC Administrator to do so). The Master Servicer and
the REMIC Administrator shall not knowingly or intentionally take any action,
cause each of REMIC I and REMIC II to take any action or fail to take (or fail
to cause to be taken) any action reasonably within their respective control,
that, under the REMIC Provisions, if taken or not taken, as the case may be,
could (i) endanger the status of either REMIC I or REMIC II as a REMIC or (ii)
result in the imposition of a tax upon each of REMIC I or REMIC II (including
but not limited to the tax on prohibited transactions as defined in Section
860F(a)(2) of the Code and the tax on contributions to a REMIC set forth in
Section 860G(d) of the Code) (either such event, in the absence of an Opinion of
Counsel or the indemnification referred to in this sentence, an "Adverse REMIC
Event") unless the Master Servicer or the REMIC Administrator, as applicable,
has received an Opinion of Counsel (at the expense of the party seeking to take
such action or, if such party fails to pay such expense, and the Master Servicer
or the REMIC Administrator, as applicable, determines that taking such action is
in the best interest of the Trust Fund and the Certificateholders, at the
expense of the Trust Fund, but in no event at the expense of the Master
Servicer, the REMIC Administrator or the Trustee) to the effect that the
contemplated action will not, with respect to each of REMIC I and REMIC II
created hereunder, endanger such status or, unless the Master Servicer, the
REMIC Administrator or both, as applicable, determine in its or their sole
discretion to indemnify the Trust Fund against the imposition of such a tax,
result in the imposition of such a tax. Wherever in this Agreement a
contemplated action may not be taken because the timing of such action might
result in the imposition of a tax on the Trust Fund, or may only be taken
pursuant to an Opinion of Counsel that such action would not impose a tax on the
Trust Fund, such action may
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nonetheless be taken provided that the indemnity given in the preceding sentence
with respect to any taxes that might be imposed on the Trust Fund has been given
and that all other preconditions to the taking of such action have been
satisfied. The Trustee shall not take or fail to take any action (whether or not
authorized hereunder) as to which the Master Servicer or the REMIC
Administrator, as applicable, has advised it in writing that it has received an
Opinion of Counsel to the effect that an Adverse REMIC Event could occur with
respect to such action. In addition, prior to taking any action with respect to
REMIC I or REMIC II or their assets, or causing REMIC I and REMIC II to take any
action, which is not expressly permitted under the terms of this Agreement, the
Trustee will consult with the Master Servicer or the REMIC Administrator, as
applicable, or its designee, in writing, with respect to whether such action
could cause an Adverse REMIC Event to occur with respect to REMIC I or REMIC II,
and the Trustee shall not take any such action or cause REMIC I or REMIC II to
take any such action as to which the Master Servicer or the REMIC Administrator,
as applicable, has advised it in writing that an Adverse REMIC Event could
occur. The Master Servicer or the REMIC Administrator, as applicable, may
consult with counsel to make such written advice, and the cost of same shall be
borne by the party seeking to take the action not expressly permitted by this
Agreement, but in no event at the expense of the Master Servicer or the REMIC
Administrator. At all times as may be required by the Code, the Master Servicer
will to the extent within its control and the scope of its duties more
specifically set forth herein, maintain substantially all of the assets of REMIC
I and REMIC II as "qualified mortgages" as defined in Section 860G(a)(3) of the
Code and "permitted investments" as defined in Section 860G(a)(5) of the Code.
(g) In the event that any tax is imposed on "prohibited
transactions" of REMIC I and REMIC II created hereunder as defined in Section
860F(a)(2) of the Code, on "net income from foreclosure property" of REMIC I or
REMIC II as defined in Section 860G(c) of the Code, on any contributions to
REMIC I or REMIC II after the Startup Day therefor pursuant to Section 860G(d)
of the Code, or any other tax is imposed by the Code or any applicable
provisions of state or local tax laws, such tax shall be charged (i) to the
Master Servicer, if such tax arises out of or results from a breach by the
Master Servicer of any of its obligations under this Agreement or the Master
Servicer has in its sole discretion determined to indemnify the
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Trust Fund against such tax, (ii) to the Trustee, if such tax arises out of or
results from a breach by the Trustee of any of its obligations under this
Article X, or (iii) otherwise against amounts on deposit in the Custodial
Account as provided by Section 3.10 and on the Distribution Date(s) following
such reimbursement the aggregate of such taxes shall be allocated in reduction
of the Accrued Certificate Interest on each Class entitled thereto in the same
manner as if such taxes constituted a Prepayment Interest Shortfall.
(h) The Trustee and the Master Servicer shall, for federal
income tax purposes, maintain books and records with respect to REMIC I and
REMIC II on a calendar year and on an accrual basis or as otherwise may be
required by the REMIC Provisions.
(i) Following the Startup Day, neither the Master Servicer nor
the Trustee shall accept any contributions of assets to REMIC I and REMIC II
unless (subject to 10.01(f)) the Master Servicer and the Trustee shall have
received an Opinion of Counsel (at the expense of the party seeking to make such
contribution) to the effect that the inclusion of such assets in REMIC I and
REMIC II will not cause REMIC I and REMIC II to fail to qualify as REMICs at any
time that any Certificates are out-
standing or subject REMIC I and REMIC II to any tax under the REMIC Provisions
or other applicable provisions of federal, state and local law or ordinances.
(j) Neither the Master Servicer nor the Trustee shall (subject
to Section 10.01(f)) enter into any arrangement by which REMIC I and REMIC II
will receive a fee or other compensation for services nor permit either such
REMIC to receive any income from assets other than "qualified mortgages" as
defined in Section 860G(a)(3) of the Code or "permitted investments" as defined
in Section 860G(a)(5) of the Code.
(k) Solely for the purposes of Section 1.860G-1(a)(4)(iii) of
the Treasury Regulations, the "latest possible maturity date" by which the
Excess Spread, the Certificate Principal Balance of each Class of Certificates
(other than the Class A-8 Certificates and Variable Strip Certificates)
representing a regular interest in REMIC II and the Uncertificated Principal
Balance of each Uncertificated REMIC I Regular Interest (other than each
Uncertificated REMIC I
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Regular Interest Z) and the rights to the Class A-8 Certificates would be
reduced to zero is December 28, 2026, which is the Distribution Date immediately
following the latest scheduled maturity of any Mortgage Loan. The latest
possible Maturity Date for each Uncertificated REMIC I Regular Interest Z and
Uncertificated REMIC II Regular Interest is December 28, 2026, 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 Service Form
8811, "Information Return for Real Estate Mortgage Investment Conduits (REMIC)
and Issuers of Collateralized Debt
Obligations" for REMIC I and REMIC II.
(m) Neither the Trustee nor the Master Servicer shall sell,
dispose of or substitute for any of the Mortgage Loans (except in connection
with (i) the default, imminent default or foreclosure of a Mortgage Loan,
including but not limited to, the acquisition or sale of a Mortgaged Property
acquired by deed in lieu of foreclosure, (ii) the bankruptcy of REMIC I and
REMIC II, (iii) the termination of REMIC I and REMIC II pursuant to Article IX
of this Agreement or (iv) a purchase of Mortgage Loans pursuant to Article II or
III of this Agreement) nor acquire any assets for REMIC I and REMIC II, nor sell
or dispose of any investments in the Custodial Account or the Certificate
Account for gain nor accept any contributions to REMIC I and REMIC II after the
Closing Date unless it has received an Opinion of Counsel that such sale,
disposition, substitution or acquisition will not (a) affect adversely the
status of REMIC I and REMIC II as REMICs or (b) unless the Master Servicer has
determined in its sole discretion to indemnify the Trust Fund against such tax,
cause REMIC I and REMIC II to be subject to a tax on "prohibited transactions"
or "contributions" pursuant to the REMIC Provisions.
Section 10.02. Master Servicer, REMIC Administrator and
Trustee Indemnification.
(a) The Trustee agrees to indemnify the Trust Fund, the
Company, the REMIC Administrator and the Master Servicer for any taxes and costs
including, without limitation, any reasonable attorneys fees imposed on or
incurred by the Trust Fund, the
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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 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 1Amendment.
(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,
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(v) to modify, eliminate or add to the provisions of Section
5.02(f) or any other provision hereof restricting transfer of the Class
R-I Certificates and Class R-II Certificates, by virtue of their being
the "residual interests" in REMIC I and REMIC II, respectively,
provided that (A) such change shall not result in reduction of the
rating assigned to any such Class of Certificates below the lower of
the then-current rating or the rating assigned to such Certificates as
of the Closing Date, as evidenced by a letter from each Rating Agency
to such effect, and (B) such change shall not (subject to Section
10.01(f)), as evidenced by an Opinion of Counsel (at the expense of the
party seeking so to modify, eliminate or add such provisions), cause
either REMIC I or REMIC II or any of the Certificateholders (other than
the transferor) to be subject to a federal tax caused by a transfer to
a Person that is not a Permitted Transferee, or
(vi) to provide for all or any portion of the Excess
Spread to be certificated and designated as a Class A
Certificate, or
(vii) to make any other provisions with respect to matters or
questions arising under this Agreement or such Custodial Agreement
which shall not be materially inconsistent with the provisions of this
Agreement, provided that such action shall not, as evidenced by an
Opinion of Counsel, adversely affect in any material respect the
interests of any Certificateholder.
(b) This Agreement or any Custodial Agreement may also be amended from
time to time by the Company, the Master Servicer and the Trustee with the
consent of the Holders of Certificates evidencing in the aggregate not less than
66% of the Percentage Interests of each Class of Certificates affected thereby
and the Owner of the Excess Spread, if affected thereby, for the purpose of
adding any provisions to or changing in any manner or eliminating any of the
provisions of this Agreement or such Custodial Agreement or of modifying in any
manner the rights of the Holders of Certificates of such Class or of the Excess
Spread; provided, however, that no such amendment shall:
(i) reduce in any manner the amount of, or delay
the timing of, payments which are required to be distributed
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on any Certificate or the Excess Spread without the consent
of the Holder of such Certificate or the Owner of the Excess
Spread,
(ii) reduce the aforesaid percentage of Certificates of any
Class the Holders of which are required to consent to any such
amendment, in any such case without the consent of the Holders of all
Certificates of such Class then outstanding.
(c) Notwithstanding any contrary provision of this Agreement, the
Trustee shall not consent to any amendment to this Agreement unless it shall
have first received an Opinion of Counsel (subject to Section 10.01(f) and at
the expense of the party seeking such amendment) to the effect that such
amendment or the exercise of any power granted to the Master Servicer, the
Company or the Trustee in accordance with such amendment will not result in the
imposition of a federal tax on the Trust Fund or cause either REMIC I or REMIC
II to fail to qualify as a REMIC at any time that any Certificate is
outstanding.
(d) Promptly after the execution of any such amendment the Trustee
shall furnish written notification of the substance of such amendment to each
Certificateholder and the Owner of the Excess Spread. It shall not be necessary
for the consent of Certificateholders under this Section 11.01 to approve the
particular form of any proposed amendment, but it shall be sufficient if such
consent shall approve the substance thereof. The manner of obtaining such
consents and of evidencing the authorization of the execution thereof by
Certificateholders shall be subject to such reasonable regulations as the
Trustee may prescribe.
(e) The Company shall have the option, in its sole discretion, to
obtain and deliver to the Trustee any corporate guaranty, payment obligation,
irrevocable letter of credit, surety bond, insurance policy or similar
instrument or a reserve fund, or any combination of the foregoing, for the
purpose of protecting the Holders of the Class B Certificates against any or all
Realized Losses or other shortfalls. Any such instrument or fund shall be held
by the Trustee for the benefit of the Class B Certificateholders, but shall not
be and shall not be deemed to be under any circumstances included in the Trust
Fund. To the extent that any such instrument or fund constitutes a reserve
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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) either REMIC I or
REMIC II to fail to qualify as a REMIC at any time that any Certificate is
outstanding. In the event that the Company elects to provide such coverage in
the form of a limited guaranty provided by General Motors Acceptance
Corporation, the Company may elect that the text of such amendment to this
Agreement shall be substantially in the form attached hereto as Exhibit M (in
which case Residential Funding's Subordinate Certificate Loss Obligation as
described in such exhibit shall be established by Residential Funding's consent
to such amendment) and that the limited guaranty shall be executed in the form
attached hereto as Exhibit N, with such changes as the Company shall deem to be
appropriate; it being understood that the Trustee has reviewed and approved the
content of such forms and that the Trustee's consent or approval to the use
thereof is not required.
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Section 1Recordation 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 1Limitation on Rights of Certificateholders.
(a) The death or incapacity of any Certificateholder shall not operate
to terminate this Agreement or the Trust Fund, nor entitle such
Certificateholder's legal representatives or heirs to claim an accounting or to
take any action or proceeding in any court for a partition or winding up of the
Trust Fund, nor otherwise affect the rights, obligations and liabilities of any
of the parties hereto.
(b) No Certificateholder shall have any right to vote (except as
expressly provided herein) or in any manner otherwise control the operation and
management of the Trust Fund, or the obligations of the parties hereto, nor
shall anything herein set forth, or contained in the terms of the Certificates,
be construed so as to constitute the Certificateholders or the Owner of the
Excess Spread from time to time as partners or members of an association; nor
shall any Certificateholder or the Owner of the Excess Spread be under any
liability to any third person by reason of any action taken by the parties to
this Agreement pursuant to any provision hereof.
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(c) Neither the Owner of the Excess Spread nor any Certificateholder
shall have any right by virtue of any provision of this Agreement to institute
any suit, action or proceeding in equity or at law upon or under or with respect
to this Agreement, unless such Holder previously shall have given to the Trustee
a written notice of default and of the continuance thereof, as hereinbefore
provided, and unless also the Holders of Certificates of any Class evidencing in
the aggregate not less than 25% of the related Percentage Interests of such
Class, shall have made written request upon the Trustee to institute such
action, suit or proceeding in its own name as Trustee hereunder and shall have
offered to the Trustee such reasonable indemnity as it may require against the
costs, expenses and liabilities to be incurred therein or thereby, and the
Trustee, for 60 days after its receipt of such notice, request and offer of
indemnity, shall have neglected or refused to institute any such action, suit or
proceeding it being understood and intended, and being expressly covenanted by
each Certificateholder and the Owner of the Excess Spread with every other
Certificateholder and the Trustee, that no one or more Holders of Certificates
of any Class shall have any right in any manner whatever by virtue of any
provision of this Agreement to affect, disturb or prejudice the rights of the
Holders of any other of such Certificates of such Class or any other Class, or
to obtain or seek to obtain priority over or preference to any other such
Holder, or to enforce any right under this Agreement, except in the manner
herein provided and for the common benefit of Certificateholders of such Class
or all Classes, as the case may be. For the protection and enforcement of the
provisions of this Section 11.03, each and every Certificateholder and the
Trustee shall be entitled to such relief as can be given either at law or in
equity.
Section 1Governing 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 1Notices.
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
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<PAGE>
notices to the Trustee which shall be deemed to have been duly given only when
received), to (a) in the case of the Company, 8400 Normandale Lake Boulevard,
Suite 700, Minneapolis, Minnesota 55437, Attention: President, or such other
address as may hereafter be furnished to the Master Servicer and the Trustee in
writing by the Company, (b) in the case of the Master Servicer, 10 Universal
City Plaza, Suite 2100, Universal City, California 91608, Attention: Ms. Becker
or such other address as may be hereafter furnished to the Company and the
Trustee by the Master Servicer in writing, (c) in the case of the Trustee,
Corporate Trust Services Division, One First National Plaza, Suite 0126,
Chicago, Illinois 60670-0126, Attention: Residential Accredit Loans, Inc. Series
1996-QS8 or such other address as may hereafter be furnished to the Company and
the Master Servicer in writing by the Trustee, (d) in the case of Fitch, One
State Street Plaza, New York, New York 10004, or such other address as may
hereafter be furnished to the Company, the Trustee and the Master Servicer in
writing by Fitch and (e) in the case of Standard & Poor's, 25 Broadway, New
York, New York 10004 or such other address as may be hereafter furnished to the
Company, Trustee and Master Servicer by Standard & Poor's. Any notice required
or permitted to be mailed to a Certificateholder shall be given by first class
mail, postage prepaid, at the address of such holder as shown in the Certificate
Register. Any notice so mailed within the time prescribed in this Agreement
shall be conclusively presumed to have been duly given, whether or not the
Certificateholder receives such notice.
Section 1Notices 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,
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198
<PAGE>
(c) the termination or appointment of a successor
Master Servicer or Trustee or a change in the majority
ownership of the Trustee,
(d) the filing of any claim under the Master Servicer's
blanket fidelity bond and the errors and omissions insurance policy
required by Section 3.12 or the cancellation or modification of
coverage under any such instrument,
(e) the statement required to be delivered to the
Holders of each Class of Certificates and the Owner of the
Excess Spread pursuant to Section 4.03,
(f) the statements required to be delivered pursuant
to Sections 3.18 and 3.19,
(g) a change in the location of the Custodial Account
or the Certificate Account,
(h) the occurrence of any monthly cash flow shortfall to the
Holders of any Class of Certificates or the Owner of the Excess Spread
resulting from the failure by the Master Servicer to make an Advance
pursuant to Section 4.04,
(i) the occurrence of the Final Distribution Date, and
(j) the repurchase of or substitution for any Mortgage
Loan,
provided, however, that with respect to notice of the occurrence of the events
described in clauses (d), (g) or (h) above, the Master Servicer shall provide
prompt written notice to each Rating Agency and the Subservicer of any such
event known to the Master Servicer.
Section 1Severability 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
NY1-182172.3
199
<PAGE>
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 certificates by the Restructuring Vehicle and the distributions to be made
thereon, and any other provisions necessary for the purposes thereof. In
connection with each Supplemental Article, the Company shall deliver to the
Trustee an Opinion of Counsel to the effect that (i) the Restructuring Vehicle
will qualify as a REMIC, grantor trust, FASIT or other entity not subject to
taxation for federal income tax purposes and (ii) the adoption of the
Supplemental Article will not endanger the status of the Trust Fund as a REMIC
or (subject to Section 10.01(f)) result in the imposition of a tax upon the
Trust Fund (including but not limited to the tax on prohibited transactions as
defined in Section 860F(a)(2) of the Code and the tax on contributions to a
REMIC as set forth in Section 860G(d) of the Code).
NY1-182172.3
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<PAGE>
IN WITNESS WHEREOF, the Company, the Master Servicer and the Trustee
have caused their names to be signed hereto by their respective officers
thereunto duly authorized and their respective seals, duly attested, to be
hereunto affixed, all as of the day and year first above written.
RESIDENTIAL ACCREDIT LOANS, INC.
[Seal]
By: /s/Randy Van Zee
Name: Randy Van Zee
Title: Vice President
Attest: /s/Robert S. Conway
Name: Robert S. Conway
Title: Vice President
RESIDENTIAL FUNDING CORPORATION
[Seal]
By: /s/Robert S. Conway
Name: Robert S. Conway
Title: Director
Attest: /s/Randy Van Zee
Name: Randy Van Zee
Title: Director
THE FIRST NATIONAL BANK OF CHICAGO,
as Trustee
[Seal]
By: /s/R. Tarnas
Name: R. Tarnas
Title: Vice President
Attest: /s/Janice Ott Rotunno
Name: Janice Ott Rotunno
Title: Assistant Vice President
NY1-182172.3
<PAGE>
STATE OF MINNESOTA )
) ss.:
COUNTY OF HENNEPIN )
On the 30th day of December, 1996 before me, a notary public
in and for said State, personally appeared Randy Van Zee, known to me to be a
Vice President of Residential Accredit Loans, Inc., one of the corporations that
executed the within instrument, and also known to me to be the person who
executed it on behalf of said corporation, and acknowledged to me that such
corporation executed the within instrument.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my
official seal the day and year in this certificate first above written.
Notary Public
[Notarial Seal]
NY1-182172.3
<PAGE>
STATE OF MINNESOTA )
) ss.:
COUNTY OF HENNEPIN )
On the 30th day of December, 1996 before me, a notary public
in and for said State, personally appeared Robert S. Conway, known to me to be a
Director of Residential Funding Corporation, one of the corporations that
executed the within instrument, and also known to me to be the person who
executed it on behalf of said corporation, and acknowledged to me that such
corporation executed the within instrument.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my
official seal the day and year in this certificate first above written.
Notary Public
[Notarial Seal]
NY1-182172.3
<PAGE>
STATE OF )
) ss.:
COUNTY OF )
On the 30th day of December, 1996 before me, a notary public
in and for said State, personally appeared ________________, known to me to be a
______________ of The First National Bank of Chicago, the national banking
association that executed the within instrument, and also known to me to be the
person who executed it on behalf of said banking association and acknowledged to
me that such banking association executed the within instrument.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my
official seal the day and year in this certificate first above written.
Notary Public
[Notarial Seal]
NY1-182172.3
<PAGE>
EXHIBIT A
FORM OF CLASS A CERTIFICATE
SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE
IS A "REGULAR INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT
CONDUIT," AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE
INTERNAL
REVENUE CODE OF 1986.
[THE FOLLOWING INFORMATION IS PROVIDED SOLELY FOR THE
PURPOSES
OF APPLYING THE U.S. FEDERAL INCOME TAX ORIGINAL ISSUE DISCOUNT ("OID")
RULES TO
THIS CERTIFICATE. THE ISSUE DATE OF THIS CERTIFICATE IS DECEMBER 30,
1996.
ASSUMING THAT THE MORTGAGE LOANS PREPAY AT 100% OF THE PREPAYMENT
ASSUMPTION (AS
DESCRIBED IN THE PROSPECTUS SUPPLEMENT), [AND ASSUMING A CONSTANT
PASS-THROUGH
RATE EQUAL TO THE INITIAL PASS-THROUGH RATE,] THIS CERTIFICATE HAS
BEEN ISSUED
WITH NO MORE THAN $_____ OF OID PER [$1,000] [$100,000] OF [INITIAL
CERTIFICATE
PRINCIPAL BALANCE] [NOTIONAL AMOUNT], THE YIELD TO MATURITY IS ___%
AND THE
AMOUNT OF OID ATTRIBUTABLE TO THE INITIAL ACCRUAL PERIOD IS NO
MORE THAN
$_______ PER [$1,000] [$100,000] OF [INITIAL CERTIFICATE PRINCIPAL BALANCE]
[NOTIONAL AMOUNT], COMPUTED USING THE APPROXIMATE METHOD. NO
REPRESENTATION IS
MADE THAT THE MORTGAGE LOANS WILL PREPAY AT A RATE BASED ON THE
STANDARD
PREPAYMENT ASSUMPTION OR AT ANY OTHER RATE OR AS TO THE
CONSTANCY OF THE
PASS-THROUGH RATE.]
[For Class A-12 Certificates: 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.]
NY1-182172.3
<PAGE>
Certificate No. ____ [____%][Variable] Pass-Through
Rate [based on a Notional Amount]
Class A-__ Senior
Date of Pooling and Servicing
Agreement[Percentage Interest: ___%]
December 1, 1996
Aggregate Initial [Certificate
Principal Balance] [Notional
Amount] of the Class A-__
Certificates:
First Distribution Date: [Class A-9 Component A: $________]
January 27, 1997 [Class A-9 Component B: $________]
Master Servicer: [Initial] [Certificate Principal
Residential Funding Balance] [Notional Amount] of this
Corporation Certificate: $_____________]
Assumed Final
Distribution Date: CUSIP 76110F-_____
[December 28, 2026]
MORTGAGE ASSET-BACKED PASS-THROUGH CERTIFICATE
SERIES 1996-QS8
evidencing a percentage interest in the distributions allocable to the
Class A-__ Certificates with respect to a Trust Fund consisting
primarily of a pool of conventional one- to four-family fixed interest
rate first mortgage loans formed and sold by RESIDENTIAL ACCREDIT
LOANS, INC.
This Certificate is payable solely from the assets of the
Trust Fund, and does not represent an obligation of or interest in Residential
Accredit Loans, Inc., the Master Servicer, the Trustee referred to below or GMAC
Mortgage Corporation or any of their affiliates. Neither this Certificate nor
the underlying Mortgage Loans are guaranteed or insured by any governmental
agency or instrumentality or by Residential Accredit Loans, Inc., the Master
Servicer, the Trustee or GMAC Mortgage Corporation or any of their
NY1-182172.3
2
<PAGE>
affiliates. None of the Company, the Master Servicer, GMAC Mortgage Corporation
or any of their affiliates will have any obligation with respect to any
certificate or other obligation secured by or payable from payments on the
Certificates.
This certifies that _____________________________ is the
registered owner of the Percentage Interest evidenced by this Certificate
[(obtained by dividing the Initial Certificate Principal Balance of this
Certificate by the aggregate Initial Certificate Principal Balance of all Class
A-___ Certificates, both as specified above)] in certain distributions with
respect to the Trust Fund consisting primarily of an interest in a pool of
conventional one- to four-family fixed interest rate first mortgage loans (the
"Mortgage Loans"), formed and sold by Residential Accredit Loans, Inc.
(hereinafter called the "Company," which term includes any successor entity
under the Agreement referred to below). The Trust Fund was created pursuant to a
Pooling and Servicing Agreement dated as specified above (the "Agreement") among
the Company, the Master Servicer and The First National Bank of Chicago, as
trustee (the "Trustee"), a summary of certain of the pertinent provisions of
which is set forth hereafter. To the extent not defined herein, the capitalized
terms used herein have the meanings assigned in the Agreement. This Certificate
is issued under and is subject to the terms, provisions and conditions of the
Agreement, to which Agreement the Holder of this Certificate by virtue of the
acceptance hereof assents and by which such Holder is bound.
Pursuant to the terms of the Agreement, a distribution will be
made on the 25th day of each month or, if such 25th day is not a Business Day,
the Business Day immediately following (the "Distribution Date"), commencing as
described in the Agreement, to the Person in whose name this Certificate is
registered at the close of business on the last day (or if such last day is not
a Business Day, the Business Day immediately preceding such last day) of the
month immediately preceding the month of such distribution (the "Record Date"),
from the Available Distribution Amount in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount [(of interest
and principal, if any)] required to be distributed to Holders of Class A-__
Certificates on such Distribution Date. [The Notional Amount of the Class A-___
Certificates as of any date of determination is equal to [the aggregate Stated
Principal Balance of the Mortgage Loans specified by the Company at the time of
issuance of the
NY1-182172.3
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<PAGE>
Class A-___ Certificates as relating to the Class A-___ Certificates ]
[$_________]. [The Class A-8 Notional Amount of as of any date of determination
is equal to the Certificate Principal Balance of the Class A-7 Certificates
immediately prior to such date.] [The [Class A-___][Class A-8] Certificates have
no
Certificate Principal Balance.]
Distributions on this Certificate will be made either by the
Master Servicer acting on behalf of the Trustee or by a Paying Agent appointed
by the Trustee in immediately available funds (by wire transfer or otherwise)
for the account of the Person entitled thereto if such Person shall have so
notified the Master Servicer or such Paying Agent, or by check mailed to the
address of the Person entitled thereto, as such name and address shall appear on
the Certificate Register.
Notwithstanding the above, the final distribution on this
Certificate will be made after due notice of the pendency of such distribution
and only upon presentation and surrender of this Certificate at the office or
agency appointed by the Trustee for that purpose in the City and State of New
York. [The Initial Certificate Principal Balance of this Certificate [and the
amounts of Class A-9 Component A and Class A-9 Component B] [is] [are] 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
NY1-182172.3
4
<PAGE>
from time to time for purposes other than distributions to Certificateholders,
such purposes including without limitation reimbursement to the Company and the
Master Servicer of advances made, or certain expenses incurred, by either of
them.
The Agreement permits, with certain exceptions therein
provided, the amendment of the Agreement and the modification of the rights and
obligations of the Company, the Master Servicer and the Trustee and the rights
of the Certificateholders under the Agreement at any time by the Company, the
Master Servicer and the Trustee with the consent of the Holders of Certificates
evidencing in the aggregate not less than 66% of the Percentage Interests of
each Class of Certificates affected thereby. Any such consent by the Holder of
this Certificate shall be conclusive and binding on such Holder and upon all
future holders of this Certificate and of any Certificate issued upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such consent is made upon the Certificate. The Agreement also permits the
amendment thereof in certain circumstances without the consent of the Holders of
any of the Certificates and, in certain additional circumstances, without the
consent of the Holders of certain Classes of Certificates.
As provided in the Agreement and subject to certain
limitations therein set forth, the transfer of this Certificate is registrable
in the Certificate Register upon surrender of this Certificate for registration
of transfer at the offices or agencies appointed by the Trustee in the City and
State of New York, duly endorsed by, or accompanied by an assignment in the form
below or other written instrument of transfer in form satisfactory to the
Trustee and the Certificate Registrar duly executed by the Holder hereof or such
Holder's attorney duly authorized in writing, and thereupon one or more new
Certificates of authorized denominations evidencing the same Class and aggregate
Percentage Interest will be issued to the designated transferee or transferees.
The Certificates are issuable only as registered Certificates
without coupons in Classes and in denominations specified in the Agreement. As
provided in the Agreement and subject to certain limitations therein set forth,
Certificates are exchangeable for new Certificates of authorized denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.
NY1-182172.3
5
<PAGE>
No service charge will be made for any such registration of
transfer or exchange, but the Trustee may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith.
The Company, the Master Servicer, the Trustee and the
Certificate Registrar and any agent of the Company, the Master Servicer, the
Trustee or the Certificate Registrar may treat the Person in whose name this
Certificate is registered as the owner hereof for all purposes, and neither the
Company, the Master Servicer, the Trustee nor any such agent shall be affected
by notice to the contrary.
This Certificate shall be governed by and construed in
accordance with the laws of the State of New York.
The obligations created by the Agreement in respect of the
Certificates and the Trust Fund created thereby shall terminate upon the payment
to Certificateholders of all amounts held by or on behalf of the Trustee and
required to be paid to them pursuant to the Agreement following the earlier of
(i) the maturity or other liquidation of the last Mortgage Loan subject thereto
or the disposition of all property acquired upon foreclosure or deed in lieu of
foreclosure of any Mortgage Loan and (ii) the purchase by the Master Servicer or
the Company from the Trust Fund of all remaining Mortgage Loans and all property
acquired in respect of such Mortgage Loans, thereby effecting early retirement
of the Certificates. The Agreement permits, but does not require, the Master
Servicer or the Company to (i) purchase at a price determined as provided in the
Agreement all remaining Mortgage Loans and all property acquired in respect of
any Mortgage Loan or (ii) purchase in whole, but not in part, all of the
Certificates from the Holders thereof; provided, that any such option may only
be exercised if the Pool Stated Principal Balance of the Mortgage Loans as of
the Distribution Date upon which the proceeds of any such purchase are
distributed is less than ten percent of the Cut-off Date Principal Balance of
the Mortgage Loans.
Reference is hereby made to the further provisions of this
Certificate set forth on the reverse hereof, which further provisions shall for
all purposes have the same effect as if set forth at this place.
NY1-182172.3
6
<PAGE>
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.
NY1-182172.3
7
<PAGE>
IN WITNESS WHEREOF, the Trustee has caused this Certificate to
be duly executed.
Dated: THE FIRST NATIONAL BANK OF
CHICAGO,
as Trustee
By:
Authorized Signatory
CERTIFICATE OF AUTHENTICATION
This is one of the Class A-__ Certificates referred to in the
within-mentioned Agreement.
THE FIRST NATIONAL BANK OF
CHICAGO,
as Certificate Registrar
By:
Authorized Signatory
NY1-182172.3
8
<PAGE>
ASSIGNMENT
FOR VALUE RECEIVED, the undersigned hereby sell(s),
assign(s) and transfer(s) unto
(Please print or typewrite
name and address including postal zip code of assignee) a Percentage Interest
evidenced by the within Mortgage Asset-Backed Pass-Through Certificate and
hereby authorizes the transfer of registration of such interest to assignee on
the Certificate Register of the Trust Fund.
I (We) further direct the Certificate Registrar to issue a new
Certificate of a like denomination and Class, to the above named assignee and
deliver such Certificate to the following address:
Dated:
Signature by or on behalf of assignor
Signature Guaranteed
DISTRIBUTION INSTRUCTIONS
The assignee should include the following for purposes of
distribution:
Distributions shall be made, by wire transfer or
otherwise, in immediately available funds to
for the
account of account
number , or, if mailed by check, to
Applicable
statements should be mailed to
.
This information is provided by
, the assignee named above, or
, as its agent.
<PAGE>
EXHIBIT B
FORM OF CLASS M CERTIFICATE
THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS A
CERTIFICATES
AND CLASS R-I CERTIFICATES [AND] CLASS R-II CERTIFICATES [AND CLASS
M-1
CERTIFICATES] AS DESCRIBED IN THE AGREEMENT (AS DEFINED BELOW).
SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A
"REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT," AS THOSE
TERMS ARE
DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
REVENUE CODE OF
1986 (THE "CODE").
NO TRANSFER OF THIS CERTIFICATE MAY BE MADE TO ANY PERSON, UNLESS
THE TRANSFEREE
PROVIDES EITHER A CERTIFICATION PURSUANT TO SECTION 5.02(e) OF THE
AGREEMENT OR
AN OPINION OF COUNSEL SATISFACTORY TO THE MASTER SERVICER, THE
COMPANY AND THE
TRUSTEE THAT THE PURCHASE OF THIS CERTIFICATE WILL NOT CONSTITUTE OR
RESULT IN A
NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF THE
EMPLOYEE RETIREMENT
INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR SECTION 4975 OF
THE CODE
AND WILL NOT SUBJECT THE MASTER SERVICER, THE COMPANY OR THE
TRUSTEE TO ANY
OBLIGATION OR LIABILITY IN ADDITION TO THOSE UNDERTAKEN IN THE
AGREEMENT.
THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE
SECURITIES
ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND
MAY NOT BE
RESOLD OR TRANSFERRED UNLESS IT IS REGISTERED PURSUANT TO SUCH ACT
AND LAWS OR
IS SOLD OR TRANSFERRED IN TRANSACTIONS WHICH ARE EXEMPT FROM
REGISTRATION UNDER
SUCH ACT AND UNDER APPLICABLE STATE LAW AND IS TRANSFERRED IN
ACCORDANCE WITH
THE PROVISIONS OF SECTION 5.02 OF THE AGREEMENT.
[THE FOLLOWING INFORMATION IS PROVIDED SOLELY FOR THE PURPOSES OF
APPLYING THE
U.S. FEDERAL INCOME TAX ORIGINAL ISSUE DISCOUNT ("OID") RULES TO
THIS
CERTIFICATE. THE ISSUE DATE OF THIS CERTIFICATE IS DECEMBER 30, 1996.
ASSUMING
THAT THE MORTGAGE LOANS PREPAY AT 100% OF THE PREPAYMENT
ASSUMPTION (AS
DESCRIBED IN THE PROSPECTUS SUPPLEMENT), THIS CERTIFICATE HAS BEEN
ISSUED WITH
NO MORE THAN $ OF OID PER $1,000 OF INITIAL CERTIFICATE PRINCIPAL
BALANCE, THE
YIELD TO MATURITY IS % AND THE AMOUNT OF OID ATTRIBUTABLE TO THE
INITIAL ACCRUAL
PERIOD IS NO MORE THAN $
PER $1,000 OF INITIAL CERTIFICATE PRINCIPAL BALANCE,
NY1-182172.3
<PAGE>
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.]
NY1-182172.3
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<PAGE>
Certificate No. ___ 7.75% 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:
December 1, 1996 Initial Certificate Principal
Balance of this Certificate:
First Distribution Date: $_______________
January 27, 1997
CUSIP: 76110F-_____
Master Servicer:
Residential Funding Corporation
Assumed Final Distribution Date:
December 28, 2026
MORTGAGE ASSET-BACKED PASS-THROUGH CERTIFICATE,
SERIES 1996-QS8
evidencing a percentage interest in any distributions allocable to the
Class M-__ Certificates with respect to the Trust Fund consisting
primarily of a pool of conventional one- to four-family fixed interest
rate first mortgage loans formed and sold by RESIDENTIAL ACCREDIT
LOANS, INC.
This Certificate is payable solely from the assets of the
Trust Fund, and does not represent an obligation of or interest in Residential
Accredit Loans, Inc., the Master Servicer, the Trustee referred to below or GMAC
Mortgage Corporation or any of their affiliates. Neither this Certificate nor
the underlying Mortgage Loans are guaranteed or insured by any governmental
agency or instrumentality or by Residential Accredit Loans, Inc., the Master
Servicer, the Trustee or GMAC Mortgage Corporation or any of their affiliates.
None of the Company, the Master Servicer, GMAC Mortgage Corporation or any of
their affiliates will have any obligation with respect to any certificate or
other obligation secured by or payable from payments on the Certificates.
NY1-182172.3
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<PAGE>
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 referred to below). The Trust
Fund was created pursuant to a Pooling and Servicing Agreement dated as
specified above (the "Agreement") among the Company, the Master Servicer and The
First National Bank of Chicago, as trustee (the "Trustee"), a summary of certain
of the pertinent provisions of which is set forth hereafter. To the extent not
defined herein, the capitalized terms used herein have the meanings assigned in
the Agreement. This Certificate is issued under and is subject to the terms,
provisions and conditions of the Agreement, to which Agreement the Holder of
this Certificate by virtue of the acceptance hereof assents and by which such
Holder is bound.
Pursuant to the terms of the Agreement, a distribution will be
made on the 25th day of each month or, if such 25th day is not a Business Day,
the Business Day immediately following (the "Distribution Date"), commencing as
described in the Agreement, to the Person in whose name this Certificate is
registered at the close of business on the last day (or if such last day is not
a Business Day, the Business Day immediately preceding such last day) of the
month immediately preceding the month of such distribution (the "Record Date"),
from the Available Distribution Amount in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount (of interest
and principal, if any) required to be distributed to Holders of Class M-__
Certificates on such Distribution Date.
Distributions on this Certificate will be made either by the
Master Servicer acting on behalf of the Trustee or by a Paying Agent appointed
by the Trustee in immediately available funds (by wire transfer or otherwise)
for the account of the Person entitled thereto if such Person shall have so
notified the Master Servicer or such Paying Agent, or by check mailed to the
address of the Person entitled thereto, as such name and address shall appear on
the Certificate Register.
NY1-182172.3
4
<PAGE>
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 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,
NY1-182172.3
5
<PAGE>
to the extent provided in the Agreement, from related recoveries on such
Mortgage Loan or from other cash that would have been distributable to
Certificateholders.
As provided in the Agreement, withdrawals from the Custodial
Account and/or the Certificate Account created for the benefit of
Certificateholders may be made by the Master Servicer from time to time for
purposes other than distributions to Certificateholders, such purposes including
without limitation reimbursement to the Company and the Master Servicer of
advances made, or certain expenses incurred, by either of them.
The Agreement permits, with certain exceptions therein
provided, the amendment of the Agreement and the modification of the rights and
obligations of the Company, the Master Servicer and the Trustee and the rights
of the Certificateholders under the Agreement at any time by the Company, the
Master Servicer and the Trustee with the consent of the Holders of Certificates
evidencing in the aggregate not less than 66% of the Percentage Interests of
each Class of Certificates affected thereby. Any such consent by the Holder of
this Certificate shall be conclusive and binding on such Holder and upon all
future holders of this Certificate and of any Certificate issued upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such consent is made upon the Certificate. The Agreement also permits the
amendment thereof in certain circumstances without the consent of the Holders of
any of the Certificates and, in certain additional circumstances, without the
consent of the Holders of certain Classes of Certificates.
As provided in the Agreement and subject to certain
limitations therein set forth, the transfer of this Certificate is registrable
in the Certificate Register upon surrender of this Certificate for registration
of transfer at the offices or agencies appointed by the Trustee in the City and
State of New York, duly endorsed by, or accompanied by an assignment in the form
below or other written instrument of transfer in form satisfactory to the
Trustee and the Certificate Registrar duly executed by the Holder hereof or such
Holder's attorney duly authorized in writing, and 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.
NY1-182172.3
6
<PAGE>
The Certificates are issuable only as registered Certificates
without coupons in Classes and in denominations specified in the Agreement. As
provided in the Agreement and subject to certain limitations therein set forth,
Certificates are exchangeable for new Certificates of authorized denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.
No service charge will be made for any such registration of
transfer or exchange, but the Trustee may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith.
The Company, the Master Servicer, the Trustee and the
Certificate Registrar and any agent of the Company, the Master Servicer, the
Trustee or the Certificate Registrar may treat the Person in whose name this
Certificate is registered as the owner hereof for all purposes, and neither the
Company, the Master Servicer, the Trustee nor any such agent shall be affected
by notice to the contrary.
This Certificate shall be governed by and construed in
accordance with the laws of the State of New York.
The obligations created by the Agreement in respect of the
Certificates and the Trust Fund created thereby shall terminate upon the payment
to Certificateholders of all amounts held by or on behalf of the Trustee and
required to be paid to them pursuant to the Agreement following the earlier of
(i) the maturity or other liquidation of the last Mortgage Loan subject thereto
or the disposition of all property acquired upon foreclosure or deed in lieu of
foreclosure of any Mortgage Loan and (ii) the purchase by the Master Servicer or
the Company from the Trust Fund of all remaining Mortgage Loans and all property
acquired in respect of such Mortgage Loans, thereby effecting early retirement
of the Certificates. The Agreement permits, but does not require, the Master
Servicer or the Company to (i) purchase at a price determined as provided in the
Agreement all remaining Mortgage Loans and all property acquired in respect of
any Mortgage Loan or (ii) purchase in whole, but not in part, all of the
Certificates from the Holders thereof; provided, that any such option may only
be exercised if the Pool Stated Principal Balance of the Mortgage Loans as of
the Distribution Date upon which the proceeds of any
NY1-182172.3
7
<PAGE>
such purchase are distributed is less than ten percent of the Cut-off Date
Principal Balance of the Mortgage Loans.
Unless the certificate of authentication hereon has been
executed by the Certificate Registrar, by manual signature, this Certificate
shall not be entitled to any benefit under the Agreement or be valid for any
purpose.
NY1-182172.3
8
<PAGE>
IN WITNESS WHEREOF, the Trustee has caused this Certificate to
be duly executed.
Dated: THE FIRST NATIONAL BANK OF CHICAGO,
as Trustee
By:
Authorized Signatory
CERTIFICATE OF AUTHENTICATION
This is one of the Class M-__ Certificates referred to in the
within-mentioned Agreement.
THE FIRST NATIONAL BANK OF
CHICAGO,
as Certificate Registrar
By:
Authorized Signatory
NY1-182172.3
9
<PAGE>
ASSIGNMENT
FOR VALUE RECEIVED, the undersigned hereby sell(s),
assign(s) and transfer(s) unto
(Please print or typewrite
name and address including postal zip code of assignee) a Percentage Interest
evidenced by the within Mortgage Asset-Backed Pass-Through Certificate and
hereby authorizes the transfer of registration of such interest to assignee on
the Certificate Register of the Trust Fund.
I (We) further direct the Certificate Registrar to issue a new
Certificate of a like denomination and Class, to the above named assignee and
deliver such Certificate to the following address:
Dated:
Signature by or on behalf of assignor
Signature Guaranteed
DISTRIBUTION INSTRUCTIONS
The assignee should include the following for purposes of
distribution:
Distributions shall be made, by wire transfer or
otherwise, in immediately available funds to
for the
account of account
number , or, if mailed by check, to
Applicable
statements should be mailed to
.
This information is provided by
, the assignee named above, or
, as its agent.
<PAGE>
EXHIBIT C
FORM OF CLASS B CERTIFICATE
THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE
CLASS A
CERTIFICATES, CLASS R-I CERTIFICATES, CLASS R-II CERTIFICATES AND
CLASS M
CERTIFICATES AS DESCRIBED IN THE AGREEMENT (AS DEFINED HEREIN).
THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE
SECURITIES
ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND
MAY NOT BE
RESOLD OR TRANSFERRED UNLESS IT IS REGISTERED PURSUANT TO SUCH ACT
AND LAWS OR
IS SOLD OR TRANSFERRED IN TRANSACTIONS WHICH ARE EXEMPT FROM
REGISTRATION UNDER
SUCH ACT AND UNDER APPLICABLE STATE LAW AND IS TRANSFERRED IN
ACCORDANCE WITH
THE PROVISIONS OF SECTION 5.02 OF THE AGREEMENT.
NO TRANSFER OF THIS CERTIFICATE MAY BE MADE TO ANY PERSON, UNLESS
THE TRANSFEREE
PROVIDES EITHER A CERTIFICATION PURSUANT TO SECTION 5.02(e) OF THE
AGREEMENT OR
AN OPINION OF COUNSEL SATISFACTORY TO THE MASTER SERVICER, THE
COMPANY AND THE
TRUSTEE THAT THE PURCHASE OF THIS CERTIFICATE WILL NOT CONSTITUTE OR
RESULT IN A
NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF THE
EMPLOYEE RETIREMENT
INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR SECTION 4975 OF
THE CODE
AND WILL NOT SUBJECT THE MASTER SERVICER, THE COMPANY OR THE
TRUSTEE TO ANY
OBLIGATION OR LIABILITY IN ADDITION TO THOSE UNDERTAKEN IN THE
AGREEMENT.
SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A
"REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT," AS THOSE
TERMS ARE
DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE CODE. THE
FOLLOWING
INFORMATION IS PROVIDED SOLELY FOR THE PURPOSES OF APPLYING THE U.S.
FEDERAL
INCOME TAX ORIGINAL ISSUE DISCOUNT ("OID") RULES TO THIS CERTIFICATE.
THE ISSUE
DATE OF THIS CERTIFICATE IS DECEMBER 30, 1996. ASSUMING THAT THE
MORTGAGE LOANS
PREPAY AT 100% OF THE PREPAYMENT ASSUMPTION (AS DESCRIBED IN THE
PROSPECTUS
SUPPLEMENT), THIS CERTIFICATE HAS BEEN ISSUED WITH NO MORE THAN $___
OF OID PER
$1,000 OF INITIAL CERTIFICATE PRINCIPAL BALANCE, THE YIELD TO MATURITY
IS ____%
AND THE AMOUNT OF OID ATTRIBUTABLE TO THE INITIAL ACCRUAL PERIOD IS
NO MORE THAN
$____ PER $1,000 OF INITIAL CERTIFICATE PRINCIPAL BALANCE, COMPUTED
UNDER THE
APPROXIMATE METHOD. NO REPRESENTATION IS MADE THAT THE
MORTGAGE LOANS WILL
PREPAY AT A RATE BASED ON THE STANDARD PREPAYMENT ASSUMPTION OR
AT ANY OTHER
RATE.
NY1-182172.3
<PAGE>
Certificate No. __ 7.75% 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: $_______________
December 1, 1996
Initial Certificate Principal
Balance of this Certificate:
First Distribution Date: $_______________
January 27, 1997
Master Servicer:
Residential Funding Corporation
Assumed Final Distribution Date:
December 28, 2026
MORTGAGE ASSET-BACKED PASS-THROUGH CERTIFICATE,
SERIES 1996-QS8
evidencing a percentage interest in any distributions allocable to the
Class B-__ Certificates with respect to the Trust Fund consisting
primarily of a pool of conventional one- to four-family fixed interest
rate first mortgage loans formed and sold by RESIDENTIAL ACCREDIT
LOANS, INC.
This Certificate is payable solely from the assets of the
Trust Fund, and does not represent an obligation of or interest in Residential
Accredit Loans, Inc., the Master Servicer, the Trustee referred to below or GMAC
Mortgage Corporation or any of their affiliates. Neither this Certificate nor
the underlying Mortgage Loans are guaranteed or insured by any governmental
agency or instrumentality or by Residential Accredit Loans, Inc., the Master
Servicer, the Trustee or GMAC Mortgage Corporation or any of their affiliates.
None of the Company, the Master Servicer, GMAC Mortgage Corporation or any of
their affiliates will have any obligation with respect to any certificate or
other obligation secured by or payable from payments on the Certificates.
NY1-182172.3
2
<PAGE>
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," which term
includes any successor entity under the Agreement referred to below). The Trust
Fund was created pursuant to a Pooling and Servicing Agreement dated as
specified above (the "Agreement") among the Company, the Master Servicer and The
First National Bank of Chicago, as trustee (the "Trustee"), a summary of certain
of the pertinent provisions of which is set forth hereafter. To the extent not
defined herein, the capitalized terms used herein have the meanings assigned in
the Agreement. This Certificate is issued under and is subject to the terms,
provisions and conditions of the Agreement, to which Agreement the Holder of
this Certificate by virtue of the acceptance hereof assents and by which such
Holder is bound.
Pursuant to the terms of the Agreement, a distribution will be
made on the 25th day of each month or, if such 25th day is not a Business Day,
the Business Day immediately following (the "Distribution Date"), commencing on
the first Distribution Date specified above, to the Person in whose name this
Certificate is registered at the close of business on the last day (or if such
last day is not a Business Day, the Business Day immediately preceding such last
day) of the month next preceding the month of such distribution (the "Record
Date"), from the Available Distribution Amount in an amount equal to the product
of the Percentage Interest evidenced by this Certificate and the amount (of
interest and principal, if any) required to be distributed to Holders of Class B
Certificates on such Distribution Date.
Distributions on this Certificate will be made either by the
Master Servicer acting on behalf of the Trustee or by a Paying Agent appointed
by the Trustee in immediately available funds (by wire transfer or otherwise)
for the account of the Person entitled thereto if such Person shall have so
notified the Master Servicer or such Paying Agent, or by check mailed to the
address of the Person entitled thereto, as such name and address shall appear on
the Certificate Register.
NY1-182172.3
3
<PAGE>
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 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
NY1-182172.3
4
<PAGE>
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
NY1-182172.3
5
<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
NY1-182172.3
6
<PAGE>
the Agreement following the earlier of (i) the maturity or other liquidation of
the last Mortgage Loan subject thereto or the disposition of all property
acquired upon foreclosure or deed in lieu of foreclosure of any Mortgage Loan
and (ii) the purchase by the Master Servicer or the Company from the Trust Fund
of all remaining Mortgage Loans and all property acquired in respect of such
Mortgage Loans, thereby effecting early retirement of the Certificates. The
Agreement permits, but does not require, the Master Servicer or the Company to
(i) purchase at a price determined as provided in the Agreement all remaining
Mortgage Loans and all property acquired in respect of any Mortgage Loan or (ii)
purchase in whole, but not in part, all of the Certificates from the Holders
thereof; provided, that any such option may only be exercised if the Pool Stated
Principal Balance of the Mortgage Loans as of the Distribution Date upon which
the proceeds of any such purchase are distributed is less than ten percent of
the Cut-off Date Principal Balance of the Mortgage Loans.
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.
NY1-182172.3
7
<PAGE>
IN WITNESS WHEREOF, the Trustee has caused this Certificate to
be duly executed.
Dated: THE FIRST NATIONAL BANK OF CHICAGO,
as Trustee
By:
Authorized Signatory
CERTIFICATE OF AUTHENTICATION
This is one of the Class M-__ Certificates referred to in the
within-mentioned Agreement.
THE FIRST NATIONAL BANK OF
CHICAGO,
as Certificate Registrar
By:
Authorized Signatory
NY1-182172.3
8
<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
NY1-182172.3
<PAGE>
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.
NY1-182172.3
2
<PAGE>
Certificate No. ___ 7.75% Pass-Through Rate
Class [R-I][R-II] Senior Aggregate Initial Certificate
Principal Balance of the
Class [R-I][R-II]
Certificates:
Date of Pooling and Servicing $100.00
Agreement and Cut-off Date:
December 1, 1996 Initial Certificate Principal
Balance of this Certificate:
First Distribution Date: $_______________
January 27, 1997
Percentage Interest:
Master Servicer: _______%
Residential Funding Corporation
CUSIP 76110F-_____
Assumed Final Distribution Date:
December 28, 2026
MORTGAGE ASSET-BACKED PASS-THROUGH CERTIFICATE,
SERIES 1996-QS8
evidencing a percentage interest in any distributions allocable to the
Class [R-I][R-II] Certificates with respect to REMIC I. REMIC I is part
of a Trust Fund consisting primarily of a pool of conventional one- to
four-family fixed interest rate first mortgage loans formed and sold by
RESIDENTIAL ACCREDIT LOANS, INC.
This Certificate is payable solely from the assets of the
Trust Fund, and does not represent an obligation of or interest in Residential
Accredit Loans, Inc., the Master Servicer, the Trustee referred to below or GMAC
Mortgage Corporation or any of their affiliates. Neither this Certificate nor
the underlying Mortgage Loans are guaranteed or insured by any governmental
agency or instrumentality or by Residential Accredit Loans, Inc., the Master
Servicer, the Trustee or GMAC Mortgage Corporation or any of their affiliates.
None of the Company, the Master Servicer, GMAC Mortgage Corporation or any of
their affiliates will have any obligation with respect to any certificate or
other obligation secured by or payable from payments on the Certificates.
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This certifies that _________________________ is the
registered owner of the Percentage Interest evidenced by this Certificate
(obtained by dividing the Initial Certificate Principal Balance of this
Certificate by the aggregate Initial Certificate Principal Balance of all Class
[R-I][R-II] Certificates, both as specified above) in certain distributions with
respect to REMIC I. REMIC I is part of a Trust Fund consisting primarily of a
pool of conventional one- to four-family fixed interest rate first mortgage
loans (the "Mortgage Loans"), formed and sold by Residential Accredit Loans,
Inc. (hereinafter called the "Company," which term includes any successor entity
under the Agreement referred to below). The Trust Fund and REMIC I were created
pursuant to a Pooling and Servicing Agreement dated as specified above (the
"Agreement") among the Company, the Master Servicer and The First National Bank
of Chicago, as trustee (the "Trustee"), a summary of certain of the pertinent
provisions of which is set forth hereafter. To the extent not defined herein,
the capitalized terms used herein have the meanings assigned in the Agreement.
This Certificate is issued under and is subject to the terms, provisions and
conditions of the Agreement, to which Agreement the Holder of this Certificate
by virtue of the acceptance hereof assents and by which such Holder is bound.
Pursuant to the terms of the Agreement, a distribution will be
made on the 25th day of each month or, if such 25th day is not a Business Day,
the Business Day immediately following (the "Distribution Date"), commencing as
described in the Agreement, to the Person in whose name this Certificate is
registered at the close of business on the last day (or if such last day is not
a Business Day, the Business Day immediately preceding such last day) of the
month immediately preceding the month of such distribution (the "Record Date"),
from the Available Distribution Amount in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount (of interest
and principal, if any) required to be distributed to Holders of Class
[R-I][R-II] Certificates on such Distribution Date.
Each Holder of this Certificate will be deemed to have agreed
to be bound by the restrictions set forth in the Agreement to the effect that
(i) each person holding or acquiring any Ownership Interest in this Certificate
must be a United States Person and a Permitted Transferee, (ii) the transfer of
any Ownership Interest in this Certificate will be conditioned upon the delivery
to the Trustee of, among other things, an affidavit to the
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<PAGE>
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 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
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<PAGE>
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 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.
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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
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<PAGE>
lieu of foreclosure of any Mortgage Loan and (ii) the purchase by the Master
Servicer or the Company from the Trust Fund of all remaining Mortgage Loans and
all property acquired in respect of such Mortgage Loans, thereby effecting early
retirement of the Certificates. The Agreement permits, but does not require, the
Master Servicer or the Company to (i) purchase at a price determined as provided
in the Agreement all remaining Mortgage Loans and all property acquired in
respect of any Mortgage Loan or (ii) purchase in whole, but not in part, all of
the Certificates from the Holders thereof; provided, that any such option may
only be exercised if the Pool Stated Principal Balance of the Mortgage Loans as
of the Distribution Date upon which the proceeds of any such purchase are
distributed is less than ten percent of the Cut-off Date Principal Balance of
the Mortgage Loans.
Reference is hereby made to the further provisions of this
Certificate set forth on the reverse hereof, which further provisions shall for
all purpose have the same effect as if set forth at this place.
Unless the certificate of authentication hereon has been
executed by the Certificate Registrar, by manual signature, this Certificate
shall not be entitled to any benefit under the Agreement or be valid for any
purpose.
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<PAGE>
IN WITNESS WHEREOF, the Trustee has caused this Certificate to
be duly executed.
Dated: THE FIRST NATIONAL BANK OF CHICAGO
as Trustee
By:
Authorized Signatory
CERTIFICATE OF AUTHENTICATION
This is one of the Class [R-I][R-II] Certificates referred to
in the within-mentioned Agreement.
THE FIRST NATIONAL BANK OF
CHICAGO,
as Certificate Registrar
By:
Authorized Signatory
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<PAGE>
ASSIGNMENT
FOR VALUE RECEIVED, the undersigned hereby sell(s),
assign(s) and transfer(s) unto
(Please print or typewrite
name and address including postal zip code of assignee) a Percentage Interest
evidenced by the within Mortgage Asset-Backed Pass-Through Certificate and
hereby authorizes the transfer of registration of such interest to assignee on
the Certificate Register of the Trust Fund.
I (We) further direct the Certificate Registrar to issue a new
Certificate of a like denomination and Class, to the above named assignee and
deliver such Certificate to the following address:
Dated:
Signature by or on behalf of assignor
Signature Guaranteed
DISTRIBUTION INSTRUCTIONS
The assignee should include the following for purposes of
distribution:
Distributions shall be made, by wire transfer or
otherwise, in immediately available funds to
for the
account of account
number , or, if mailed by check, to
Applicable
statements should be mailed to
.
This information is provided by
, the assignee named above, or
, as its agent.
<PAGE>
EXHIBIT E
CUSTODIAL AGREEMENT
THIS CUSTODIAL AGREEMENT (as amended and supplemented from
time to time, the "Agreement"), dated as of December 1, 1996, by and among THE
FIRST NATIONAL BANK OF CHICAGO, as Trustee (including its successors under the
Pooling Agreement defined below, the "Trustee"), RESIDENTIAL ACCREDIT LOANS,
INC. (together with any successor in interest, the "Company"), RESIDENTIAL
FUNDING CORPORATION, as master servicer (together with any successor in interest
or successor under the Pooling Agreement referred to below, the "Master
Servicer"), and NORWEST BANK MINNESOTA, NATIONAL ASSOCIATION (together with
any
successor in interest or any successor appointed hereunder, the "Custodian").
W I T N E S S E T H T H A T :
WHEREAS, the Company, the Master Servicer, and the Trustee
have entered into a Pooling and Servicing Agreement dated as of December 1,
1996, relating to the issuance of Residential Accredit Loans, Inc., Mortgage
Asset-Backed Pass-Through Certificates, Series 1996-QS8 (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
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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.
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
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<PAGE>
Agreement have been executed and received and that such documents relate to the
Mortgage Loans identified on the Mortgage Loan Schedule, except for any
exceptions listed on Schedule A attached to such Interim Certification. Within
45 days of receipt of the documents required to be delivered pursuant to Section
2.01(c) of the Pooling Agreement, the Custodian agrees, for the benefit of
Certificateholders, to review, in accordance with the provisions of Section 2.02
of the Pooling Agreement, each such document, and shall deliver to the Trustee
either (i) an Interim Certification in the form attached hereto as Exhibit Two
to the effect that all such documents relate to the Mortgage Loans identified on
the Mortgage Loan Schedule, except for any exceptions listed on Schedule A
attached to such Interim Certification or (ii) a Final Certification as set
forth in subsection (c) below. The Custodian 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
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<PAGE>
Company as set forth in the Pooling Agreement or by a Seller in a Seller's
Agreement or by Residential Funding or the Company in the Assignment Agreement
with respect to a Mortgage Loan relating to a Mortgage File, the Custodian shall
give prompt written notice to the Company, the Master Servicer and the Trustee.
Section 2.5. Custodian to Cooperate; Release of Mortgage
Files. Upon the repurchase or substitution of any Mortgage Loan pursuant to
Article II of the Pooling Agreement or payment in full of any Mortgage Loan, or
the receipt by the Master Servicer of a notification that payment in full will
be escrowed in a manner customary for such purposes, the Master Servicer shall
immediately notify the Custodian by a certification (which certification shall
include a statement to the effect that all amounts received or to be received in
connection with such payment which are required to be deposited in the Custodial
Account pursuant to Section 3.07 of the Pooling Agreement have been or will be
so deposited) of a Servicing Officer and shall request delivery to it of the
Mortgage File. The Custodian agrees, upon receipt of such certification and
request, promptly to release to the Master Servicer the related Mortgage File.
The Master Servicer shall deliver to the Custodian and the Custodian agrees to
accept the Mortgage Note and other documents constituting the Mortgage File with
respect to any Qualified Substitute Mortgage Loan.
From time to time as is appropriate for the servicing or
foreclosures of any Mortgage Loan, including, for this purpose, collection under
any Primary Insurance Policy or any Mortgage Pool Insurance Policy, the Master
Servicer shall deliver to the Custodian a certificate of a Servicing Officer
requesting that possession of all, or any document constituting part, of the
Mortgage File be released to the Master Servicer and certifying as to the reason
for such release and that such release will not invalidate any insurance
coverage provided in respect of the Mortgage Loan under any of the Required
Insurance Policies. With such certificate, the Master Servicer shall deliver to
the Custodian a trust receipt signed by a Servicing Officer on behalf of the
Master Servicer, and upon receipt of the foregoing, the Custodian shall deliver
the Mortgage File or such document to the Master Servicer. The Master Servicer
shall cause each Mortgage File or any document therein so released to be
returned to the Custodian when the need therefor by the Master Servicer no
longer exists, unless (i) the Mortgage Loan has been liquidated and the
Liquidation Proceeds relating to the Mortgage Loan have been
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<PAGE>
deposited in the Custodial Account or (ii) the Mortgage File or such document
has been delivered to an attorney, or to a public trustee or other public
official as required by law, for purposes of initiating or pursuing legal action
or other proceedings for the foreclosure of the Mortgaged Property either
judicially or non-judicially, and the Master Servicer has delivered to the
Custodian a certificate of a Servicing Officer certifying as to the name and
address of the Person to which such Mortgage File or such document was delivered
and the purpose or purposes of such delivery. In the event of the liquidation of
a Mortgage Loan, the Custodian shall deliver the Trust Receipt with respect
thereto to the Master Servicer upon deposit of the related Liquidation Proceeds
in the Custodial Account as provided in the Pooling Agreement.
Section 2.6. Assumption Agreements. In the event that any
assumption agreement or substitution of liability agreement is entered into with
respect to any Mortgage Loan subject to this Agreement in accordance with the
terms and provisions of the Pooling Agreement, the Master Servicer shall notify
the Custodian that such assumption or substitution agreement has been completed
by forwarding to the Custodian the original of such assumption or substitution
agreement, which shall be added to the related Mortgage File and, for all
purposes, shall be considered a part of such Mortgage File to the same extent as
all other documents and instruments constituting parts thereof.
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
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Master Servicer or otherwise released from the possession of the Custodian.
Section 3.2. Indemnification. The Company hereby agrees to
indemnify and hold the Custodian harmless from and against all claims,
liabilities, losses, actions, suits or proceedings at law or in equity, or any
other expenses, fees or charges of any character or nature, which the Custodian
may incur or with which the Custodian may be threatened by reason of its acting
as custodian under this Agreement, including indemnification of the Custodian
against any and all expenses, including attorney's fees if counsel for the
Custodian has been approved by the Company, and the cost of defending any
action, suit or proceedings or resisting any claim. Notwithstanding the
foregoing, it is specifically understood and agreed that in the event any such
claim, liability, loss, action, suit or proceeding or other expense, fee or
charge shall have been caused by reason of any negligent act, negligent failure
to act or willful misconduct on the part of the Custodian, or which shall
constitute a willful breach of its duties hereunder, the indemnification
provisions of this Agreement shall not apply.
Section 3.3. Custodian May Own Certificates. The Custodian in
its individual or any other capacity may become the owner or pledgee of
Certificates with the same rights it would have if it were not Custodian.
Section 3.4. Master Servicer to Pay Custodian's Fees and
Expenses. The Master Servicer covenants and agrees to pay to the Custodian from
time to time, and the Custodian shall be entitled to, reasonable compensation
for all services rendered by it in the exercise and performance of any of the
powers and duties hereunder of the Custodian, and the Master Servicer will pay
or reimburse the Custodian upon its request for all reasonable expenses,
disbursements and advances incurred or made by the Custodian in accordance with
any of the provisions of this Agreement (including the reasonable compensation
and the expenses and disbursements of its counsel and of all persons not
regularly 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
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<PAGE>
such notice of resignation, the Trustee shall either take custody of the
Mortgage Files itself and give prompt notice thereof to the Company, the Master
Servicer and the Custodian, or promptly appoint a successor Custodian by written
instrument, in duplicate, one copy of which instrument shall be delivered to the
resigning Custodian and one copy to the successor Custodian. If the Trustee
shall not have taken custody of the Mortgage Files and no successor Custodian
shall have been so appointed and have accepted appointment within 30 days after
the giving of such notice of resignation, the resigning Custodian may petition
any court of competent jurisdiction for the appointment of a successor
Custodian.
The Trustee may remove the Custodian at any time. In
such event, the Trustee shall appoint, or petition a court of
competent jurisdiction to appoint, a successor Custodian hereunder.
Any successor Custodian shall be a depository institution subject
to supervision or examination by federal or state authority and
shall be able to satisfy the other requirements contained in
Section 3.7 and shall be unaffiliated with the Master Servicer or
the Company.
Any resignation or removal of the Custodian and appointment of
a successor Custodian pursuant to any of the provisions of this Section 3.5
shall become effective upon acceptance of appointment by the successor
Custodian. The Trustee shall give prompt notice to the Company and the Master
Servicer of the appointment of any successor Custodian. No successor Custodian
shall be appointed by the Trustee without the prior approval of the Company and
the Master Servicer.
Section 3.6. Merger or Consolidation of Custodian. Any
------------------------------------
Person into which the Custodian may be merged or converted or with
which it may be consolidated, or any Person resulting from any
merger, conversion or consolidation to which the Custodian shall be
a party, or any Person succeeding to the business of the Custodian,
shall be the successor of the Custodian hereunder, without the
execution or filing of any paper or any further act on the part of
any of the parties hereto, anything herein to the contrary
notwithstanding.
Section 3.7. Representations of the Custodian. The Custodian
hereby represents that it is a depository institution subject to supervision or
examination by a federal or state authority, has a combined capital and surplus
of at least
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$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
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<PAGE>
satisfactory to the Master Servicer to the effect that the failure to effect
such recordation is likely to materially and adversely affect the interests of
the Certificateholders.
For the purpose of facilitating the recordation of this
Agreement as herein provided and for other purposes, this Agreement may be
executed simultaneously in any number of counterparts, each of which
counterparts shall be deemed to be an original, and such counterparts shall
constitute but one and the same instrument.
Section 4.5. Severability of Provisions. If any one or more of
the covenants, agreements, provisions or terms of this Agreement shall be for
any reason whatsoever held invalid, then such covenants, agreements, provisions
or terms shall be deemed severable from the remaining covenants, agreements,
provisions or terms of this Agreement and shall in no way affect the validity or
enforceability of the other provisions of this Agreement or of the Certificates
or the rights of the holders thereof.
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<PAGE>
IN WITNESS WHEREOF, this Agreement is executed as of the date
first above written.
Address: THE FIRST NATIONAL BANK OF
CHICAGO,
as Trustee
One North State Street
Chicago, Illinois 60602
Attention: Residential Funding Corporation
Series 1996-QS8
By:
Name:
Title:
Address: RESIDENTIAL ACCREDIT LOANS, INC.
8400 Normandale Lake Boulevard
Minneapolis, Minnesota 55437
By:
Name: Randy Van Zee
Title: Vice President
Address: RESIDENTIAL FUNDING
CORPORATION, as Master Servicer
8400 Normandale Lake Boulevard
Suite 700
Minneapolis, Minnesota 55437
By:
Name: Robert S. Conway
Title: Director
Address: NORWEST BANK MINNESOTA,
NATIONAL ASSOCIATION
401 Second Avenue South
Minneapolis, Minnesota 55479
By:
Name:
Title:
10
<PAGE>
STATE OF ILLINOIS )
) ss.:
COUNTY OF COOK )
On the 30th day of December, 1996, before me, a notary public
in and for said State, personally appeared _______________________, known to me
to be a ______________ of The First National Bank of Chicago, the national
banking corporation that executed the within instrument, and also known to me to
be the person who executed it on behalf of said corporation and acknowledged to
me that such corporation executed the within instrument.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my
official seal the day and year in this certificate first above written.
Notary Public
[SEAL]
<PAGE>
STATE OF MINNESOTA )
) ss.:
COUNTY OF HENNEPIN )
On the 30th day of December, 1996, before me, a notary public
in and for said State, personally appeared Kathleen Marshall, known to me to be
a Trust Officer of Norwest Bank Minnesota, National Association, a national
banking association that executed the within instrument, and also known to me to
be the person who executed it on behalf of said national banking association,
and acknowledged to me that such national banking association executed the
within instrument.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my
official seal the day and year in this certificate first above written.
Notary Public
[SEAL]
<PAGE>
STATE OF MINNESOTA )
) ss.:
COUNTY OF HENNEPIN )
On the 30th day of December, 1996, before me, a notary public
in and for said State, personally appeared ________________, known to me to be a
Vice President of Residential Accredit Loans, Inc., one of the corporations that
executed the within instrument, and also known to me to be the person who
executed it on behalf of said corporation, and acknowledged to me that such
corporation executed the within instrument.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my
official seal the day and year in this certificate first above written.
Notary Public
[Notarial Seal]
STATE OF MINNESOTA )
) ss:
COUNTY OF HENNEPIN )
On the 30th day of December, 1996, before me, a notary public
in and for said State, personally appeared ________________, known to me to be a
Director of Residential Funding Corporation, one of the corporations that
executed the within instrument, and also known to me to be the person who
executed it on behalf of said corporation, and acknowledged to me that such
corporation executed the within instrument.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my
official seal the day and year in this certificate first above written.
Notary Public
[Notarial Seal]
<PAGE>
EXHIBIT ONE
FORM OF CUSTODIAN
INITIAL CERTIFICATION
December 30, 1996
The First National Bank of Chicago
One North State Street
Chicago, Illinois 60602
Attention: Residential Funding Corporation Series 1996-QS8
Re: Custodial Agreement dated as of December 1, 1996,
by and among The First National Bank of Chicago,
Residential Accredit Loans, Inc., Residential
Funding Corporation and Norwest Bank Minnesota,
National Association, Mortgage Asset-Backed Pass-
Through Certificates, Series 1996-QS8
Ladies and Gentlemen:
In accordance with Section 2.3 of the above-captioned
Custodial Agreement, and subject to Section 2.02 of the Pooling Agreement, the
undersigned, as Custodian, hereby certifies that it has received a Mortgage File
(which contains an original Mortgage Note) to the extent required in Section
2.01(b) of the Pooling Agreement with respect to each Mortgage Loan listed in
the Mortgage Loan Schedule.
Capitalized words and phrases used herein shall have the
respective meanings assigned to them in the above-captioned Custodial Agreement.
NORWEST BANK MINNESOTA,
NATIONAL ASSOCIATION
By:
Name:
Title:
<PAGE>
EXHIBIT TWO
FORM OF CUSTODIAN INTERIM CERTIFICATION
________________ ____, 1996
The First National Bank of Chicago
One North State Street
Chicago, Illinois 60602
Attention: Residential Funding Corporation Series 1996-QS8
Re: Custodial Agreement dated as of December 1, 1996,
by and among The First National Bank of Chicago,
Residential Accredit Loans, Inc., Residential
Funding Corporation and Norwest Bank Minnesota,
National Association, Mortgage Asset-Backed Pass-
Through Certificates, Series 1996-QS8
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:
<PAGE>
Name:
Title:
3
<PAGE>
EXHIBIT THREE
FORM OF CUSTODIAN FINAL CERTIFICATION
_____________ ___, 1996
The First National Bank of Chicago
One North State Street
Chicago, Illinois 60602
Attention: Residential Funding Corporation Series 1996-QS8
Re: Custodial Agreement dated as of December 1, 1996,
by and among The First National Bank of Chicago,
Residential Accredit Loans, Inc., Residential
Funding Corporation and Norwest Bank Minnesota,
National Association, Mortgage Asset-Backed Pass-
Through Certificates, Series 1996-QS8
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;
<PAGE>
(iii) An original Assignment of the Mortgage to the Trustee
with evidence of recording indicated thereon or a copy of such
assignment certified by the public recording office in which such
assignment has been recorded;
(iv) With respect to each Mortgage Loan other than a
Cooperative Loan, the original recorded assignment or assignments of
the Mortgage showing an unbroken chain of title from the originator
thereof to the Person assigning it 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;
5
<PAGE>
(v) The Security Agreement;
(vi) Copies of the original UCC-1 financing statement, and any
continuation statements, filed by the originator of such Cooperative Loan as
secured party, each with evidence of recording thereof, evidencing the interest
of the originator under the Security Agreement and the Assignment of Proprietary
Lease;
(vii) Copies of the filed UCC-3 assignments of the security
interest referenced in clause (vi) above showing an unbroken chain of title from
the originator to the Trustee, each with evidence of recording thereof,
evidencing the interest of the originator under the Security Agreement and the
Assignment of Proprietary Lease;
(viii) An executed assignment of the interest of the
originator in the Security Agreement, Assignment of Proprietary Lease and the
recognition agreement referenced in clause (iv) above, showing an unbroken chain
of title from the originator to the Trustee;
(ix) The original of each modification, assumption
agreement or preferred loan agreement, if any, relating to such
Cooperative Loan; and
(x) An executed UCC-1 financing statement showing the Master
Servicer as debtor, the Company as secured party and the Trustee as assignee and
an executed UCC-1 financing statement showing the Company as debtor and the
Trustee as secured party, each in a form sufficient for filing, evidencing the
interest of such debtors in the Cooperative Loans.
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:
6
<PAGE>
EXHIBIT F
MORTGAGE LOAN SCHEDULE
RUN ON : 12/23/96 RFC DISCLOSURE SYSTEM RFFSD177-01
AT : 08.01.42 FIXED RATE LOAN LISTING AMORTIZED BALANCE
SERIES : RALI 1996-QS8 30 YR CUTOFF : 12/01/96
POOL : 0004231
:
:
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 #
______________________________________________________________________________
1422033 791/728 F 123,300.00 ZZ
360 122,201.09 4
36 SW 15 STREET 9.500 1,036.77 90
9.250 1,036.77 137,000.00
DANIA FL 33004 1 06/26/95 04
0380156696 05 08/01/95 25
754345 N 07/01/25
0
1432251 934/728 F 43,750.00 T
360 43,417.34 1
9707 HAMMOCKS BLVD, #202 9.625 371.87 70
9.375 371.87 62,500.00
MIAMI FL 33196 1 08/18/95 00
0380193814 01 10/01/95 0
51004439 O 09/01/25
0
1441413 B38/728 F 125,000.00 ZZ
360 124,182.87 1
99 MERCER STREET 9.625 1,062.49 90
9.375 1,062.49 139,000.00
JERSEY CITY NJ 07302 1 10/05/95 23
0380250127 01 12/01/95 0
W01788 O 11/01/25
0
1444230 B38/728 F 151,050.00 ZZ
360 149,756.53 1
69 W FAIRVIEW AVENUE 7.875 1,095.22 95
7.625 1,095.22 159,000.00
VALLEY STREAM NY 11580 1 11/03/95 04
0380266503 05 01/01/96 35
1
W01845 O 12/01/25
826140912
1460538 910/728 F 114,600.00 ZZ
360 114,272.63 1
1872 WEST 12510 SOUTH 9.750 984.59 90
9.500 984.59 127,400.00
RIVERTON UT 84065 1 05/17/96 01
0380446592 05 07/01/96 25
261519 N 06/01/26
0
1464926 E22/728 F 337,000.00 ZZ
360 335,151.21 4
1624 N WOOD ST 9.625 2,864.46 80
9.375 2,864.46 425,000.00
CHICAGO IL 60622 2 12/08/95 23
0410017792 05 02/01/96 0
0410017792 N 01/01/26
0
1465731 E22/728 F 41,600.00 ZZ
360 41,365.73 4
723 SW 69TH STREET 9.500 349.80 80
9.250 349.80 52,000.00
GAINESVILLE FL 32607 1 12/18/95 23
0410065015 05 02/01/96 0
0410065015 N 01/01/26
0
1471934 B46/728 F 210,400.00 ZZ
360 209,018.78 1
29026 HILLVIEW STREET 8.750 1,655.22 95
8.500 1,655.22 221,490.00
HAYWARD CA 94544 1 12/28/95 11
0380382086 05 02/01/96 30
101077 O 01/01/26
0
1472478 232/076 F 112,050.00 ZZ
360 111,217.54 3
18-22 HOPE STREET 9.000 901.58 90
8.750 901.58 124,500.00
BRIDGEPORT CT 06605 1 10/31/95 04
12951421 05 12/01/95 25
12951421 O 11/01/25
0
1
1472785 747/G02 F 92,500.00 T
353 92,394.54 1
1935 EVEREST PARKWAY 9.125 755.92 75
8.875 755.92 123,366.00
CAPE CORAL FL 33904 4 09/23/96 00
0430048231 05 11/01/96 0
173234 O 03/01/26
0
1480236 180/728 F 84,000.00 ZZ
360 83,500.53 2
3331-3333 HARMONY LANE 8.750 660.83 80
8.500 660.83 105,000.00
RAPID CITY SD 57702 1 01/31/96 95
0380369505 05 03/01/96 0
4028098 N 02/01/26
0
1481025 766/728 F 112,500.00 T
360 111,868.94 1
19101 NE 36 COURT #909 8.500 865.03 75
8.250 865.03 150,000.00
MIAMI FL 33180 1 02/14/96 00
0380392671 06 04/01/96 0
96AZ003 O 03/01/26
0
1483309 731/728 F 244,800.00 ZZ
360 243,281.61 1
3435 KINGSBORO ROAD 8.000 1,796.26 90
7.750 1,796.26 272,000.00
ATLANTA GA 30326 1 02/16/96 11
0380383316 06 04/01/96 25
3140661515 O 03/01/26
0
1484192 E22/728 F 97,200.00 ZZ
360 96,744.16 4
5754 SANDER DRIVE 9.375 808.46 90
9.125 808.46 108,000.00
MINNEAPOLIS MN 55417 1 02/29/96 01
0410104301 05 04/01/96 25
410104301 N 03/01/26
0
1485743 A93/728 F 180,000.00 ZZ
360 179,500.97 4
795 MEEKER AVENUE 9.000 1,448.32 90
8.750 1,448.32 200,000.00
1
BROOKLYN NY 11222 1 06/12/96 12
0380459637 05 08/01/96 25
154980 O 07/01/26
0
1486112 561/728 F 101,500.00 ZZ
360 101,008.34 1
2669 S DE FRAME CIRCLE 8.625 789.46 85
8.375 789.46 119,900.00
LAKEWOOD CO 80228 1 03/07/96 04
0380393877 03 05/01/96 20
8750002 N 04/01/26
0
1487305 E22/728 F 71,900.00 ZZ
360 70,628.36 1
1914 WEST 43RD PLACE 8.875 572.07 92
8.625 572.07 79,000.00
KENNEWICK WA 99337 1 02/28/96 04
0410034615 05 05/01/96 25
410034615 N 04/01/26
0
1495502 526/728 F 27,900.00 ZZ
360 27,785.13 1
484 RARITAN STREET 8.750 219.49 88
8.500 219.49 32,000.00
CAMDEN CITY NJ 08105 1 04/09/96 04
0380419367 07 06/01/96 25
00097616 N 05/01/26
0
1498779 526/728 F 44,000.00 ZZ
360 43,840.78 1
816 FERN CREEK DRIVE 9.375 365.97 90
9.125 365.97 48,900.00
DALLAS TX 75253 1 04/22/96 04
0380434093 05 06/01/96 25
0114095 N 05/01/26
0
1500129 874/G02 F 94,820.00 ZZ
360 94,718.69 1
908 SAGEWOOD DRIVE 9.125 771.49 90
8.875 771.49 105,359.00
FERNLEY NV 89408 1 08/23/96 01
0430036749 05 11/01/96 12
3682356 N 10/01/26
0
1
1501306 963/G02 F 52,700.00 ZZ
360 52,671.95 2
6205-6207 SW 18 STREET 9.125 428.79 85
8.875 428.79 62,000.00
MIRAMAR FL 33023 1 10/07/96 04
0430054155 05 12/01/96 25
960358 N 11/01/26
0
1503211 526/728 F 38,250.00 ZZ
360 37,974.30 1
919 SOUTH 45TH STREET 9.625 325.13 90
9.375 325.13 42,500.00
TEMPLE TX 76504 1 05/08/96 10
0380464967 05 07/01/96 25
120398 N 06/01/26
0
1503305 E22/728 F 54,650.00 ZZ
360 54,476.71 1
2306 WATERVIEW LOOP 9.250 449.59 75
9.000 449.59 72,900.00
KISSIMMEE FL 32743 1 05/08/96 95
0410118871 09 07/01/96 0
410118871 N 06/01/26
0
1503306 E22/728 F 116,000.00 ZZ
360 115,677.24 1
5540 SW 80TH STREET 9.875 1,007.28 80
9.625 1,007.28 145,000.00
MIAMI FL 33143 1 05/14/96 95
0410117709 05 07/01/96 0
410117709 N 06/01/26
0
1504376 736/728 F 60,750.00 T
360 60,525.26 1
200 EAST RACQUET CLUB ROAD, 8.500 467.11 90
#30 8.250 467.11 67,500.00
PALM SPRINGS CA 92262 1 05/21/96 10
0380463894 01 07/01/96 25
466683 O 06/01/26
0
1504451 292/G02 F 74,800.00 ZZ
360 74,800.00 2
1
604 CRUTCHER 9.125 608.60 85
8.875 608.60 88,000.00
SPRINGDALE AR 72764 1 11/27/96 12
0430096818 05 01/01/97 20
964822 N 12/01/26
0
1507310 731/728 F 54,900.00 ZZ
360 54,762.83 1
924 N.W. 9TH AVENUE 9.500 461.63 90
9.250 461.63 61,000.00
GAINESVILLE FL 32601 1 06/11/96 01
0380493644 05 08/01/96 25
3140662205 N 07/01/26
0
1507325 F86/F86 F 109,200.00 ZZ
360 101,645.59 2
58 ITALY STREET 8.875 868.85 95
8.625 868.85 115,000.00
PROVIDENCE RI 02908 1 08/14/89 10
688553 05 09/01/89 22
688553 O 08/01/19
0
1507336 F86/F86 F 163,000.00 ZZ
360 148,966.35 1
11 TROUT BROOK LANE 8.625 1,267.80 80
8.375 1,267.80 205,000.00
SCITUATE RI 02831 1 10/10/89 00
757553 05 11/01/89 0
757553 O 10/01/19
0
1507355 F86/F86 F 130,000.00 ZZ
360 124,394.88 1
77 SOUTHWOOD ROAD, 8.750 1,022.72 73
8.500 1,022.72 180,000.00
NEWINGTON CT 06111 2 11/12/91 00
1474036 05 01/01/92 0
1474036 O 12/01/21
0
1507356 F86/F86 F 295,001.49 ZZ
342 281,361.09 1
43 GLENVILLE ST 8.250 2,245.21 84
8.000 2,245.21 355,000.00
GREENWICH CT 06831 2 04/29/93 04
1474176 05 06/01/93 12
1
1474176 O 11/01/21
0
1507359 F86/F86 F 600,000.00 ZZ
360 575,636.25 1
15 HYCLIFF ROAD 8.875 4,773.87 41
8.625 4,773.87 1,475,000.00
GREENWICH CT 06831 5 01/24/92 00
1475176 05 03/01/92 0
1475176 O 02/01/22
0
1507360 F86/F86 F 104,000.00 ZZ
360 92,523.42 1
128 PICKNEY AVENUE 8.750 818.17 69
8.500 818.17 151,000.00
PLAINVILLE CT 06062 5 11/21/91 00
1475296 05 01/01/92 0
1475296 O 12/01/21
0
1507363 F86/F86 F 100,000.00 ZZ
360 95,776.56 2
189-191 NEWBURY STREET 8.750 786.71 62
8.500 786.71 162,000.00
HARTFORD CT 06114 5 12/23/91 00
1475536 05 02/01/92 0
1475536 O 01/01/22
0
1507367 F86/F86 F 87,000.00 ZZ
360 83,144.16 1
168 ROCKY DUNDEE ROAD 8.250 653.61 63
8.000 653.61 140,000.00
STAFFORD SPRING CT 06076 2 02/14/92 00
1475856 05 04/01/92 0
1475856 O 03/01/22
0
1507368 F86/F86 F 51,300.00 ZZ
360 49,133.53 1
23 BELL COURT, UNIT B1 8.750 403.58 90
8.500 403.58 57,000.00
EAST HARTFORD CT 06108 1 12/30/91 14
1475996 01 02/01/92 17
1475996 O 01/01/22
0
1
1507374 F86/F86 F 106,500.00 ZZ
360 101,395.29 1
3 BUTTERNUT LANE 8.750 837.84 60
8.500 837.84 180,000.00
SIMSBURY CT 06070 1 12/27/91 00
1476386 05 02/01/92 0
1476386 O 01/01/22
0
1507376 F86/F86 F 59,300.00 ZZ
360 55,760.57 1
243 LAWLOR STREET UNIT 2B 8.625 461.23 83
8.375 461.23 71,500.00
NEW BRITAIN CT 06051 1 01/24/92 23
1476426 01 03/01/92 0
1476426 O 02/01/22
0
1507386 F86/F86 F 145,000.00 ZZ
360 138,717.13 1
14 ANVIL DRIVE 8.375 1,102.11 56
8.125 1,102.11 260,000.00
AVON CT 06001 5 02/24/92 00
1477196 05 04/01/92 0
1477196 O 03/01/22
0
1507387 F86/F86 F 118,500.00 ZZ
360 112,148.12 1
31 DIANE LANE 8.625 921.69 75
8.375 921.69 158,000.00
SUFFIELD CT 06078 5 02/25/92 00
1477216 05 05/01/92 0
1477216 O 04/01/22
0
1507391 F86/F86 F 163,800.00 ZZ
360 156,048.43 1
12 SHERWOOD LANE 8.000 1,201.91 90
7.750 1,201.91 182,000.00
AVON CT 06001 1 01/22/92 10
1477426 05 03/01/92 17
1477426 O 02/01/22
0
1507392 F86/F86 F 145,000.00 ZZ
360 137,983.69 1
128 BARNYARD ROAD 7.875 1,051.36 84
7.625 1,051.36 174,000.00
1
ROCKY HILL CT 06067 2 01/27/92 14
1477436 05 03/01/92 12
1477436 O 02/01/22
0
1507393 F86/F86 F 73,800.00 ZZ
360 68,736.04 1
104 FOREST AVENUE 8.500 567.46 90
8.250 567.46 82,000.00
WINSTED CT 06098 1 01/30/92 14
1477446 05 03/01/92 17
1477446 O 02/01/22
0
1507394 F86/F86 F 92,500.00 ZZ
360 88,581.30 1
36 TUMBLEBROOK DRIVE 8.500 711.25 49
8.250 711.25 190,000.00
SOUTH WINDSOR CT 06074 2 02/03/92 00
1477466 05 04/01/92 0
1477466 O 03/01/22
0
1507396 F86/F86 F 97,800.00 ZZ
360 89,502.66 1
15 WEBSTER ROAD 8.750 769.40 87
8.500 769.40 113,000.00
ENFIELD CT 06082 1 01/16/92 14
1477536 05 03/01/92 22
1477536 O 02/01/22
0
1507402 F86/F86 F 290,000.00 ZZ
360 277,827.32 1
5 COMPO PARKWAY 8.500 2,229.85 29
8.250 2,229.85 1,000,000.00
WESTPORT CT 06880 2 02/28/92 00
1478236 05 05/01/92 0
1478236 O 04/01/22
0
1507404 F86/F86 F 272,000.00 ZZ
360 259,563.98 1
35 MAPLE AVENUE SOUTH 8.500 2,091.45 85
8.250 2,091.45 320,000.00
WESTPORT CT 06880 2 03/06/92 10
1478516 05 05/01/92 12
1478516 O 04/01/22
0
1
1507415 F86/F86 F 78,500.00 ZZ
360 75,170.54 1
615 CYPRESS ROAD 8.375 596.66 88
8.125 596.66 90,000.00
NEWINGTON CT 06111 1 03/02/92 14
1480366 01 05/01/92 17
1480366 O 04/01/22
0
1507424 F86/F86 F 112,000.00 ZZ
360 107,454.81 1
83 HILLS STREET 8.750 881.11 79
8.500 881.11 143,000.00
EAST HARTFORD CT 06118 1 04/06/92 00
1481436 05 06/01/92 0
1481436 O 05/01/22
0
1507448 F86/F86 F 139,500.00 ZZ
360 132,606.94 1
173 FARMS VILLAGE ROAD 8.375 1,060.31 90
8.125 1,060.31 155,000.00
WEST SIMSBURY CT 06092 1 05/29/92 04
1483526 05 07/01/92 17
1483526 O 06/01/22
0
1507452 F86/F86 F 87,750.00 ZZ
360 83,359.59 1
13 CORA STREET 8.375 666.97 75
8.125 666.97 117,000.00
ENFIELD CT 06082 5 06/08/92 00
1483696 05 08/01/92 0
1483696 O 07/01/22
0
1507453 F86/F86 F 119,200.00 ZZ
360 112,113.39 1
58 CENTER STREET 8.375 906.01 79
8.125 906.01 152,000.00
WETHERSFIELD CT 06109 1 05/29/92 00
1483786 05 07/01/92 0
1483786 O 06/01/22
0
1507455 F86/F86 F 123,666.84 ZZ
345 117,743.33 1
1
96 BOYER ROAD 7.750 896.60 89
7.500 896.60 140,000.00
STAFFORD CT 06076 1 08/06/93 11
1483896 05 10/01/93 17
1483896 O 06/01/22
0
1507456 F86/F86 F 82,500.00 ZZ
360 78,486.69 1
190 TOMLINSON AVENUE UNIT 9F 8.625 641.68 75
8.375 641.68 110,000.00
PLAINVILLE CT 06062 1 05/29/92 00
1483946 01 07/01/92 0
1483946 O 06/01/22
0
1507460 F86/F86 F 100,500.00 ZZ
360 96,008.94 1
32 CADBURY LANE 8.125 746.21 49
7.875 746.21 206,000.00
SOUTH WINDSOR CT 06074 2 06/17/92 00
1484266 05 08/01/92 0
1484266 O 07/01/22
0
1507465 F86/F86 F 161,900.00 ZZ
360 155,327.63 1
93 HIGH STREET 8.375 1,230.56 89
8.125 1,230.56 182,000.00
WINDSOR CT 06095 1 05/29/92 04
1484626 05 07/01/92 17
1484626 O 06/01/22
0
1507467 F86/F86 F 62,500.00 ZZ
360 59,117.60 1
187 SPRING STREET, UNIT 187 8.375 475.05 74
8.125 475.05 85,000.00
WETHERSFIELD CT 06109 5 07/13/92 00
1485016 01 09/01/92 0
1485016 O 08/01/22
0
1507470 F86/F86 F 114,500.00 ZZ
360 109,954.39 1
69 NORTH STREET 8.375 870.29 85
8.125 870.29 135,000.00
ENFIELD CT 06082 1 06/26/92 14
1485146 05 08/01/92 17
1
1485146 O 07/01/22
0
1507473 F86/F86 F 110,000.00 ZZ
360 104,167.87 1
15 WOODHAVEN DRIVE 8.375 836.08 76
8.125 836.08 145,000.00
BURLINGTON CT 06013 1 06/26/92 00
1485196 05 08/01/92 0
1485196 O 07/01/22
0
1507474 F86/F86 F 280,000.00 ZZ
360 253,664.35 1
86 HIGLEY ROAD 8.625 2,177.82 56
8.375 2,177.82 500,000.00
WEST GRANBY CT 06090 5 07/08/92 00
1485306 05 09/01/92 0
1485306 O 08/01/22
0
1507475 F86/F86 F 160,000.00 ZZ
360 152,501.24 1
525 FIRETOWN ROAD 8.375 1,216.12 86
8.125 1,216.12 188,000.00
SIMSBURY CT 06070 1 06/19/92 04
1485426 05 08/01/92 17
1485426 O 07/01/22
0
1507478 F86/F86 F 108,000.00 ZZ
360 103,464.98 1
26 GLEN ROAD 8.875 859.30 80
8.625 859.30 135,000.00
GRANBY CT 06035 1 06/26/92 00
1485686 05 08/01/92 0
1485686 O 07/01/22
0
1507486 F86/F86 F 70,000.00 ZZ
360 67,064.37 1
22 RIDGEVIEW DRIVE 8.500 538.24 49
8.250 538.24 145,000.00
FARMINGTON CT 06032 1 07/15/92 00
1485896 05 09/01/92 0
1485896 O 08/01/22
0
1
1507499 F86/F86 F 100,000.00 ZZ
360 95,048.09 1
25 HAYNES ROAD 8.250 751.27 72
8.000 751.27 140,000.00
WEST HARTFORD CT 06117 1 08/03/92 00
1486476 05 10/01/92 0
1486476 O 09/01/22
0
1507516 F86/F86 F 132,000.00 ZZ
360 125,460.41 1
24 MAPLERIDGE DRIVE 8.125 980.10 80
7.875 980.10 165,000.00
TORRINGTON CT 06790 1 07/24/92 00
1487106 05 09/01/92 0
1487106 O 08/01/22
0
1507517 F86/F86 F 92,800.00 ZZ
360 84,097.15 1
3 QUAIL COURT 8.125 689.04 80
7.875 689.04 116,000.00
WINDSOR LOCKS CT 06096 2 09/01/92 00
1487116 01 11/01/92 0
1487116 O 10/01/22
0
1507530 F86/F86 F 91,800.00 ZZ
360 83,984.17 1
62 PROSPECT STREET 8.375 697.75 92
8.125 697.75 100,000.00
ENFIELD CT 06082 1 08/28/92 14
1487586 05 10/01/92 22
1487586 O 09/01/22
0
1507534 F86/F86 F 145,000.00 ZZ
360 134,600.75 1
35 MICHAEL ROAD 7.875 1,051.36 73
7.625 1,051.36 200,000.00
SIMSBURY CT 06070 2 09/08/92 00
1487906 05 11/01/92 0
1487906 O 10/01/22
0
1507542 F86/F86 F 167,000.00 ZZ
360 159,984.97 1
48 KENWOOD CIRCLE 7.875 1,210.87 89
7.625 1,210.87 189,000.00
1
BLOOMFIELD CT 06002 2 10/23/92 04
1488526 05 12/01/92 17
1488526 O 11/01/22
0
1507543 F86/F86 F 115,000.00 ZZ
360 105,710.31 1
7 OAKWOOD STREET 7.875 833.83 78
7.625 833.83 148,000.00
ENFIELD CT 06082 2 09/08/92 00
1488536 05 11/01/92 0
1488536 O 10/01/22
0
1507549 F86/F86 F 281,250.00 ZZ
360 261,753.81 1
19 COLLINGWOOD AVE 7.990 2,061.76 71
7.740 2,061.76 400,000.00
FAIRFIELD CT 06430 5 09/17/92 00
1488796 05 11/01/92 0
1488796 O 10/01/22
0
1507565 F86/F86 F 232,000.00 ZZ
360 221,142.63 1
4 FOX RUN ROAD 8.625 1,804.48 80
8.375 1,804.48 290,000.00
GUILFORD CT 06437 1 10/19/92 00
1489776 03 12/01/92 0
1489776 O 11/01/22
0
1507568 F86/F86 F 123,000.00 ZZ
360 118,126.17 1
SOUTH STREET 7.875 891.84 88
7.625 891.84 141,000.00
PLYMOUTH CT 06782 2 10/22/92 10
1490006 05 12/01/92 17
1490006 O 11/01/22
0
1507574 F86/F86 F 117,300.00 ZZ
360 112,658.25 1
715 REDSTONE HILL ROAD 7.750 840.36 85
7.500 840.36 138,000.00
BRISTOL CT 06010 2 11/04/92 14
1490366 05 01/01/93 12
1490366 O 12/01/22
0
1
1507580 F86/F86 F 65,000.00 ZZ
360 61,583.42 1
251 HEBRON ROAD 7.750 465.67 41
7.500 465.67 162,000.00
MARLBOROUGH CT 06447 5 10/30/92 00
1490756 05 01/01/93 0
1490756 O 12/01/22
0
1507594 F86/F86 F 87,900.00 ZZ
360 55,178.15 1
66 OLDE STAGE ROAD 7.990 644.37 50
7.740 644.37 178,000.00
GLASTONBURY CT 06033 2 12/10/92 00
1491706 05 02/01/93 0
1491706 O 01/01/23
0
1507595 F86/F86 F 80,000.00 ZZ
360 66,864.76 1
605 TAYLOR ROAD 8.500 615.14 59
8.250 615.14 136,000.00
ENFIELD CT 06082 2 12/02/92 00
1491746 05 02/01/93 0
1491746 O 01/01/23
0
1507606 F86/F86 F 76,555.24 ZZ
345 74,621.96 1
1 ABBOTT ROAD 176 8.125 574.60 99
7.875 574.60 78,000.00
ELLINGTON CT 06029 1 03/05/94 23
1492246 01 06/01/94 0
1492246 O 02/01/23
0
1507613 F86/F86 F 123,000.00 ZZ
360 116,989.51 1
343 MEADOW ROAD 8.625 956.69 93
8.375 956.69 133,000.00
FARMINGTON CT 06032 1 02/01/93 14
1492846 05 04/01/93 22
1492846 O 03/01/23
0
1507623 F86/F86 F 127,500.00 ZZ
360 122,152.64 1
1
144 REDSTONE HILL ROAD 7.500 891.50 85
7.250 891.50 151,000.00
PLAINVILLE CT 06062 1 05/14/93 14
1496676 05 07/01/93 12
1496676 O 06/01/23
0
1507630 F86/F86 F 94,000.00 ZZ
360 89,372.88 1
83 THE LAURELS 7.875 681.57 78
7.625 681.57 122,000.00
ENFIELD CT 06082 1 03/18/93 00
1497006 03 05/01/93 0
1497006 O 04/01/23
0
1507632 F86/F86 F 169,500.00 ZZ
360 160,778.99 1
76 ADELAIDE ROAD 7.750 1,214.32 80
7.500 1,214.32 213,000.00
MANCHESTER CT 06040 2 03/25/93 00
1497066 05 05/01/93 0
1497066 O 04/01/23
0
1507641 F86/F86 F 99,750.00 ZZ
360 92,629.91 1
90 ACTON ROAD 7.375 688.95 95
7.125 688.95 105,000.00
BRIDGEPORT CT 06606 1 04/22/93 14
1497576 05 06/01/93 22
1497576 O 05/01/23
0
1507672 F86/F86 F 93,000.00 ZZ
360 89,929.81 1
47 BROOK STREET 7.750 666.27 75
7.500 666.27 124,000.00
SOUTH WINDSOR CT 06074 1 06/30/93 00
1499536 05 08/01/93 0
1499536 O 07/01/23
0
1507784 F86/F86 F 86,600.00 ZZ
360 82,931.49 1
4 ORRISON STREET 8.500 665.88 87
8.250 665.88 100,000.00
WORCESTER MA 01609 2 02/21/92 10
1740416 05 04/01/92 20
1
1740416 O 03/01/22
0
1507798 F86/F86 F 142,500.00 ZZ
360 134,630.50 1
121 NEWTON AVENUE NORTH 8.250 1,070.55 67
8.000 1,070.55 213,000.00
WORCESTER MA 01609 5 08/07/92 00
1741966 05 10/01/92 0
1741966 O 09/01/22
0
1507855 F86/F86 F 47,000.00 ZZ
360 44,859.29 1
120 SEARS ISLAND DRIVE 8.250 353.10 61
8.000 353.10 78,000.00
WORCESTER MA 01606 5 08/24/92 00
1889506 05 10/01/92 0
1889506 O 09/01/22
0
1507865 F86/F86 F 64,000.00 ZZ
360 55,187.51 1
40 CARLISLE STREET 7.875 464.05 59
7.625 464.05 109,000.00
WORCESTER MA 01602 2 10/02/92 00
1891156 05 12/01/92 0
1891156 O 11/01/22
0
1507918 F86/F86 F 245,525.42 ZZ
323 233,882.43 1
1 HEATHER WAY 8.500 1,937.33 72
8.250 1,937.33 342,500.00
SHARON MA 02067 1 09/08/92 00
3774096 05 12/01/92 0
3774096 O 10/01/19
0
1507948 F86/F86 F 69,000.00 ZZ
360 64,076.85 1
6 LUDINGTON ROAD 8.375 524.45 71
8.125 524.45 98,000.00
WORCESTER MA 01602 2 11/01/93 00
3897372 05 01/01/94 0
3897372 O 12/01/23
0
1
1507969 F86/F86 F 122,662.57 ZZ
338 117,861.13 1
41 WESTGATE CROSSING 8.000 914.54 89
7.750 914.54 138,000.00
NASHUA NH 03062 2 03/17/93 23
4518756 05 06/01/93 0
4518756 O 07/01/21
0
1508025 F86/F86 F 112,500.00 ZZ
360 105,503.05 1
448 GASKILL STREET 8.750 885.04 90
8.500 885.04 125,000.00
WOONSOCKET RI 02895 1 04/09/90 04
5665371 05 05/01/90 17
5665371 O 04/01/20
0
1508026 F86/F86 F 187,400.00 ZZ
360 176,873.95 1
19 NUTMEG DRIVE 8.950 1,501.13 76
8.700 1,501.13 247,000.00
JOHNSTON RI 02919 1 08/27/90 00
5666111 05 09/01/90 0
5666111 O 08/01/20
0
1508030 F86/F86 F 103,700.00 ZZ
360 100,305.80 1
140 MATTITY ROAD 7.000 689.92 78
6.750 689.92 134,500.00
NO SMITHFIELD RI 02895 2 11/15/93 00
6069211 05 01/01/94 0
6069211 O 12/01/23
0
1508048 F86/F86 F 59,500.00 ZZ
360 55,366.89 3
132-136 CLEVELAND AVENUE 8.250 447.01 70
8.000 447.01 85,000.00
BRIDGEPORT CT 06606 1 08/05/93 00
6887521 05 10/01/93 0
6887521 N 09/01/23
0
1508050 F86/F86 F 197,000.00 ZZ
360 176,630.25 1
166 NEEDLETREE LANE 7.875 1,428.39 60
7.625 1,428.39 330,000.00
1
GLASTONBURY CT 06033 2 08/06/93 00
6887691 05 10/01/93 0
6887691 O 09/01/23
0
1508169 A29/G02 F 58,500.00 ZZ
360 58,500.00 1
116 COLONY LANE 8.875 465.45 74
8.625 465.45 80,000.00
KILL DEVIL HILL NC 27948 2 11/25/96 00
0430091819 05 01/01/97 0
UNKNOWN N 12/01/26
0
1508299 180/G02 F 113,900.00 ZZ
360 113,784.51 2
2210 SMITH BRANCH BOULEVARD 9.375 947.36 85
9.125 947.36 134,000.00
GEORGETOWN TX 78626 1 09/13/96 04
0430053959 05 11/01/96 20
4393039 N 10/01/26
0
1508823 962/G02 F 59,850.00 ZZ
360 59,820.55 1
2509 WALNUT CIRCLE 9.500 503.26 70
9.250 503.26 85,500.00
MOORHEAD MN 56560 5 10/18/96 00
0430052464 05 12/01/96 0
1508823 O 11/01/26
0
1508963 286/286 F 34,800.00 ZZ
360 34,701.74 1
5036 ANCIL RD 9.875 302.19 80
9.625 302.19 43,500.00
TOLEDO OH 43615 1 05/31/96 10
8577653 05 07/01/96 12
8577653 N 06/01/26
0
1512086 A93/G02 F 231,300.00 ZZ
360 231,076.34 2
101-59 125TH STREET 10.000 2,029.83 95
9.750 2,029.83 243,500.00
RICHMOND HILL NY 11419 1 09/06/96 04
0430024208 05 11/01/96 30
164100 O 10/01/26
0
1
1512302 E22/728 F 32,000.00 ZZ
360 31,803.57 1
411 LEACH AVE 9.500 269.07 80
9.250 269.07 40,000.00
JOLIET IL 60435 1 06/18/96 00
0410179048 05 08/01/96 0
410179048 O 07/01/26
0
1512903 960/G02 F 35,000.00 ZZ
360 34,808.53 1
1286 NORTON ROAD 8.625 272.23 70
8.375 272.23 50,000.00
CONYERS GA 30208 2 02/16/96 00
0430051136 05 04/01/96 0
9611700005 O 03/01/26
0
1515105 A77/G02 F 162,000.00 T
360 161,725.52 1
288 ELM AVE 8.875 1,288.95 90
8.625 1,288.95 180,000.00
RAHWAY NJ 07065 1 08/22/96 23
0430013201 05 10/01/96 0
9600285 O 09/01/26
0
1515108 A06/G02 F 56,000.00 ZZ
360 55,970.97 1
171 CLINTON ST 9.250 460.70 70
9.000 460.70 80,000.00
MOUNT CLEMENS MI 48043 5 10/29/96 00
0430071449 05 12/01/96 0
100CR09601372 N 11/01/26
0
1515514 526/G02 F 114,000.00 ZZ
360 113,729.69 2
23 MEDBOURNE AVENUE 9.750 979.44 89
9.500 979.44 129,000.00
IRVINGTON NJ 07111 1 07/01/96 10
0430033472 05 08/01/96 30
126575 O 07/01/26
0
1515563 696/728 F 59,400.00 ZZ
360 58,887.97 3
1
4325 SHELDON AVENUE 9.750 510.34 90
9.500 510.34 66,000.00
BALTIMORE MD 21206 1 07/11/96 23
0380497744 07 09/01/96 0
7020024 N 08/01/26
0
1515980 705/G02 F 135,000.00 ZZ
360 135,000.00 1
6050 BOULEVARD EAST APT 19J 8.875 1,074.12 90
8.625 1,074.12 150,000.00
WEST NEW YORK NJ 07095 2 11/11/96 14
0430086884 06 01/01/97 25
96210040 O 12/01/26
0
1517095 180/G02 F 49,500.00 ZZ
360 49,454.84 1
3465 REBECCA LANE #E 9.875 429.83 90
9.625 429.83 55,000.00
COLORADO SPRING CO 80917 1 09/16/96 12
0430075739 01 11/01/96 25
4457370 N 10/01/26
0
1517329 A32/G02 F 95,000.00 ZZ
360 94,830.52 1
6242 HALEHAVEN DRIVE 8.625 738.90 77
8.375 738.90 123,505.00
LAS VEGAS NV 89110 1 08/19/96 00
0430032664 05 10/01/96 0
133213 O 09/01/26
0
1517690 638/G02 F 93,700.00 ZZ
360 93,657.43 1
375 FAIRFIELD COURT 9.875 813.64 90
9.625 813.64 104,210.00
JEFFERSON OR 97352 1 10/02/96 04
0430074401 05 12/01/96 25
8590609 N 11/01/26
0
1518164 405/405 F 80,000.00 ZZ
360 80,000.00 3
357 HIGH STREET 9.250 658.15 89
9.000 658.15 90,000.00
ORANGE NJ 07050 1 11/14/96 11
3957750 05 01/01/97 25
1
3957750 O 12/01/26
0
1518575 F86/F86 F 93,900.00 ZZ
324 87,927.80 1
47-49 HOLYOKE STREET UNIT 2 8.750 756.47 77
8.500 756.47 123,000.00
LYNN MA 01904 1 06/05/92 00
4581636 01 09/01/92 0
4581636 O 08/01/19
0
1518778 934/G02 F 77,600.00 ZZ
360 77,521.31 1
3650 SW 88 COURT UNIT #1 9.375 645.44 80
9.125 645.44 97,000.00
MIAMI FL 33165 1 09/06/96 00
0430042887 01 11/01/96 0
61006197 O 10/01/26
0
1519126 687/G02 F 104,250.00 ZZ
360 78,847.31 1
1721 JOSIE STREET 9.625 886.11 75
9.375 886.11 139,000.00
CHARLOTTE NC 28213 1 07/31/96 00
0430060699 03 09/01/96 0
1556991 N 08/01/26
0
1519762 B26/G02 F 104,500.00 ZZ
360 104,396.79 2
50-52 TRENTON AVENUE 9.500 878.69 95
9.250 878.69 110,000.00
JERSEY CITY NJ 07306 1 10/01/96 10
0430074682 05 11/01/96 30
1291011661 O 10/01/26
0
1519831 E22/G02 F 79,200.00 ZZ
360 79,061.82 1
12397 COON TRAP ROAD 10.125 702.36 88
9.875 702.36 91,000.00
GONZALES LA 70737 1 07/17/96 23
0410136501 05 09/01/96 0
410136501 O 08/01/26
0
1
1519900 635/225 F 64,800.00 ZZ
360 64,703.60 1
UNIT 420 TILLMAN PLACE 9.500 544.88 90
9.250 544.88 72,000.00
CLEMSON SC 29631 1 08/27/96 10
656397700 01 10/01/96 25
656397700 N 09/01/26
0
1519901 635/225 F 67,500.00 ZZ
360 67,399.60 1
UNIT 1023 TILLMAN PLACE 9.500 567.58 90
9.250 567.58 75,000.00
CLEMONS SC 29631 1 08/27/96 10
656391000 01 10/01/96 25
656391000 N 09/01/26
0
1519993 936/G02 F 67,500.00 ZZ
360 67,402.20 4
28-30 WARNER STREET 9.625 573.75 90
9.375 573.75 75,000.00
HARTFORD CT 06106 1 08/30/96 23
0430076547 05 10/01/96 0
6100010 O 09/01/26
0
1520162 638/G02 F 84,000.00 ZZ
360 83,868.34 1
233 WELCH AVE 9.250 691.05 69
9.000 691.05 123,000.00
BERTHOUD CO 80513 5 08/26/96 00
0430034355 05 10/01/96 0
08593672 N 09/01/26
0
1520174 A98/G02 F 43,000.00 ZZ
360 42,694.81 1
457 BLANCHARD TERRACE #9 8.500 330.63 90
8.250 330.63 48,000.00
HACKENSACK NJ 07601 1 09/16/96 10
0430029223 01 11/01/96 25
166996 O 10/01/26
0
1520413 F73/G02 F 59,500.00 ZZ
360 59,438.06 1
1235 BALLAST POINT 9.250 489.50 88
9.000 489.50 68,000.00
1
ARNOLD MO 63010 2 09/09/96 01
0430029157 03 11/01/96 25
9613274 N 10/01/26
0
1520446 526/G02 F 23,800.00 ZZ
360 23,775.86 2
15 N.E. 42ND PLACE 9.375 197.96 85
9.125 197.96 28,000.00
GAINESVILLE FL 32609 1 09/12/96 04
0430047761 07 11/01/96 20
0144401 N 10/01/26
0
1520468 A93/G02 F 232,750.00 ZZ
360 232,537.63 2
118-34 204TH STREET 9.875 2,021.09 95
9.625 2,021.09 245,000.00
ST ALBANS NY 11412 1 09/12/96 10
0430028050 05 11/01/96 30
166795 O 10/01/26
0
1520529 664/G02 F 154,750.00 ZZ
360 154,513.69 1
825 NE 66TH ST 9.375 1,287.14 90
9.125 1,287.14 171,950.00
SEATTLE WA 98115 1 08/26/96 10
0430077446 05 10/01/96 25
2196731 N 09/01/26
0
1520539 635/225 F 144,000.00 ZZ
360 143,846.14 1
804 ASHFORD CIRCLE 9.125 1,171.64 80
8.875 1,171.64 180,000.00
BREWSTER NY 10509 1 09/03/96 00
656713500 01 11/01/96 0
656713500 O 10/01/26
0
1520543 F42/G02 F 169,150.00 ZZ
360 168,999.72 4
649 PENNSYLVANIA AVENUE 10.000 1,484.41 85
9.750 1,484.41 199,000.00
BROOKLYN NY 11207 1 09/27/96 10
0430046029 05 11/01/96 20
NY0729966 N 10/01/26
0
1
1520706 B24/G02 F 146,200.00 ZZ
360 146,113.68 1
418 WEST LINCOLN 8.625 1,137.13 85
8.375 1,137.13 172,000.00
OCEAN TOWNSHIP NJ 07712 5 10/17/96 23
0430054163 05 12/01/96 0
171512 O 11/01/26
0
1521037 180/G02 F 54,900.00 ZZ
360 54,804.48 1
1228 EAST COOLIDGE STREET 9.750 471.68 90
9.500 471.68 61,000.00
PHOENIX AZ 85014 1 08/28/96 04
0430033985 05 10/01/96 25
4419602 N 09/01/26
0
1521126 180/G02 F 44,800.00 ZZ
360 44,729.77 1
21530 THIRD STREET 9.250 368.56 83
9.000 368.56 54,000.00
PHIPPSBURG CO 80469 1 08/30/96 12
0430038505 05 10/01/96 25
4513503 N 09/01/26
0
1521127 882/G02 F 46,800.00 ZZ
360 46,759.52 1
14301 SW 88 ST 10.125 415.03 90
#210 B 9.875 415.03 52,000.00
MIAMI FL 33186 1 09/19/96 01
0430039495 01 11/01/96 25
965220 N 10/01/26
0
1521199 E46/G02 F 64,800.00 ZZ
360 64,770.56 2
133 BROWN STREET 9.875 562.69 90
9.625 562.69 72,000.00
WEST HAVEN CT 06516 1 10/21/96 04
0430071860 05 12/01/96 25
23330 N 11/01/26
0
1521247 961/G02 F 400,000.00 ZZ
360 399,322.26 1
1
6826 HIDDEN OAKS LANE 8.875 3,182.58 57
8.625 3,182.58 710,000.00
ORANGE CA 92667 4 08/02/96 00
0430023697 05 10/01/96 0
09109065 O 09/01/26
0
1521368 180/G02 F 111,750.00 ZZ
360 111,575.67 1
789 SOUTH YOUNGFIELD COURT 9.125 909.23 88
8.875 909.23 127,000.00
LAKEWOOD CO 80228 1 09/26/96 14
0430050682 05 11/01/96 25
4513008 O 10/01/26
0
1521369 180/G02 F 114,000.00 ZZ
360 113,821.33 1
5158 EAST WEAVER PLACE 9.250 937.85 75
9.000 937.85 152,000.00
LITTLETON CO 80121 1 08/30/96 00
0430034751 09 10/01/96 0
4512810 O 09/01/26
0
1521790 936/G02 F 19,900.00 ZZ
360 19,871.16 2
198 WESTWOOD AVENUE 9.625 169.15 80
9.375 169.15 24,900.00
AKRON OH 44302 1 08/15/96 04
0430031591 05 10/01/96 12
6099972 N 09/01/26
0
1522749 736/G02 F 246,600.00 ZZ
360 246,182.18 1
433 NORTH TIDLAND CIRCLE 8.875 1,962.06 90
8.625 1,962.06 274,000.00
PLACENTIA CA 92870 1 08/14/96 23
0430037465 05 10/01/96 0
478881 O 09/01/26
0
1522867 129/G02 F 55,000.00 ZZ
360 54,917.31 3
41 KINSLEY ST 9.750 472.53 47
9.500 472.53 119,000.00
NASHUA NH 03060 2 08/15/96 00
0430035824 05 10/01/96 0
1
3900001714 O 09/01/26
0
1522916 E23/G02 F 29,800.00 ZZ
360 29,755.66 1
555 NORTH MAY STREET #4 9.500 250.58 75
9.250 250.58 39,750.00
MESA AZ 85201 1 08/14/96 00
0430030460 01 10/01/96 0
106026 N 09/01/26
0
1522951 683/G02 F 152,000.00 ZZ
360 151,930.94 1
212 PLEASANT HILL ROAD 9.875 1,319.89 80
9.625 1,319.89 190,000.00
SCARBOROUGH ME 04074 1 10/02/96 00
0430071241 05 12/01/96 0
028954 O 11/01/26
0
1522958 635/225 F 133,000.00 ZZ
360 132,854.16 1
52 KINGSWOOD DRIVE 9.000 1,070.15 58
8.750 1,070.15 233,000.00
BETHEL CT 06801 2 09/16/96 00
6587901 01 11/01/96 0
6587901 N 10/01/26
0
1522979 180/G02 F 75,600.00 ZZ
360 75,560.81 1
3222 THIRD STREET 9.250 621.94 90
9.000 621.94 84,000.00
WAYNE MI 48184 1 10/21/96 04
0430075200 05 12/01/96 25
4253019 N 11/01/26
0
1523115 939/G02 F 199,750.00 ZZ
360 199,670.61 2
228 BEACH 20TH STREET 10.500 1,827.20 85
10.250 1,827.20 235,000.00
FAR ROCKAWAY NY 11691 1 10/24/96 10
0430063255 05 12/01/96 20
9604292 N 11/01/26
0
1
1523434 B35/G02 F 165,000.00 ZZ
360 164,832.69 1
417 KENNARD AVENUE 9.375 1,372.39 75
9.125 1,372.39 220,000.00
EDGEWOOD MD 21040 1 09/13/96 00
0430037374 05 11/01/96 0
9682011026 O 10/01/26
0
1523480 E22/G02 F 85,000.00 ZZ
360 84,843.60 4
15961 NE 18TH PLACE 9.875 738.10 66
9.625 738.10 130,000.00
N MIAMI BEACH FL 33162 5 07/17/96 00
0410141824 05 09/01/96 0
410141824 N 08/01/26
0
1523505 B24/G02 F 115,200.00 ZZ
360 115,047.48 1
20 WEED HILL AVE., #H 9.000 926.93 80
8.750 926.93 144,000.00
STAMFORD CT 06907 1 09/16/96 00
0430029231 01 11/01/96 0
166937 O 10/01/26
0
1523561 201/G02 F 156,400.00 ZZ
360 156,257.30 1
113 BONNIE DRIVE, UNIT II 9.875 1,358.10 85
9.625 1,358.10 184,500.00
MIDDLETOWN NJ 07748 1 10/01/96 10
0430056333 01 11/01/96 20
1300922273 N 10/01/26
0
1523739 575/G02 F 63,750.00 ZZ
360 63,666.93 2
51-53 KAUFMAN ROAD 10.125 565.35 85
9.875 565.35 75,000.00
CHEEKTOWAGA NY 14225 1 08/20/96 12
0430046110 05 10/01/96 20
456006737 N 09/01/26
0
1523763 B75/G02 F 101,700.00 ZZ
360 101,700.00 1
18530 EAGLES ROOST DRIVE 8.750 800.07 90
8.500 800.07 113,000.00
1
GERMANTOWN MD 20874 2 11/08/96 01
0430087171 05 01/01/97 25
2507028 N 12/01/26
0
1523840 F03/G02 F 51,350.00 T
360 51,300.60 1
2285 SIDEWINDER DRIVE #710 9.625 436.47 75
9.375 436.47 68,500.00
PARK CITY UT 84060 1 09/11/96 00
0430041236 01 11/01/96 0
DEN10103 O 10/01/26
0
1523842 F03/G02 F 232,500.00 ZZ
360 232,379.46 1
500 COUNTY ROAD 175 9.250 1,912.73 75
9.000 1,912.73 310,000.00
CHIMNEY ROCK CO 81127 5 10/30/96 00
0430077818 05 12/01/96 0
DEN10101 O 11/01/26
0
1523999 933/G02 F 242,250.00 ZZ
360 241,983.80 1
3621 NORWOOD AVENUE 8.990 1,947.46 85
8.740 1,947.46 285,000.00
SAN JOSE CA 95148 5 09/20/96 23
0430056259 05 11/01/96 0
53744 O 10/01/26
0
1524082 180/G02 F 45,000.00 ZZ
360 44,955.56 1
1810 MARSHALL E 9.500 378.38 88
9.250 378.38 51,500.00
FERNDALE MI 48220 1 09/23/96 04
0430046318 05 11/01/96 25
4496261 N 10/01/26
0
1524109 B24/G02 F 150,000.00 ZZ
360 149,847.92 1
22 STEPHEN STREET 9.375 1,247.62 74
9.125 1,247.62 205,000.00
STAMFORD CT 06902 1 09/30/96 00
0430039230 05 11/01/96 0
169111 O 10/01/26
0
1
1524238 180/G02 F 119,000.00 ZZ
360 118,888.52 1
9954 WEST DRURY LANE 9.750 1,022.39 85
9.500 1,022.39 140,000.00
WESTCHESTER IL 60154 5 09/25/96 23
0430056366 05 11/01/96 0
4499539 O 10/01/26
0
1524379 A93/G02 F 240,000.00 ZZ
360 240,000.00 2
211 BEACH 134TH ST 8.875 1,909.55 74
8.625 1,909.55 325,000.00
BELLE HARBOR NY 11694 2 11/04/96 00
0430068262 05 01/01/97 0
174329 O 12/01/26
0
1524504 405/405 F 65,600.00 ZZ
360 65,533.48 1
11909 WEDDINGTON STREET #102 9.375 545.63 80
9.125 545.63 82,000.00
NORTH HOLLYWOOD CA 91807 1 09/19/96 10
4005476 01 11/01/96 12
4005476 N 10/01/26
0
1524567 E22/G02 F 150,000.00 T
360 149,776.91 1
149 WIEGAND DRIVE 9.500 1,261.28 75
9.250 1,261.28 200,000.00
NINE MILE POINT LA 70094 5 08/22/96 00
0410107635 05 10/01/96 0
410107635 O 09/01/26
0
1524648 E10/G02 F 131,400.00 ZZ
360 131,338.70 4
2926-2928 OGDEN AVENUE 9.750 1,128.93 90
9.500 1,128.93 146,000.00
BOOTHWYN PA 19062 1 10/18/96 10
0430086389 05 12/01/96 25
182960059 N 11/01/26
0
1524679 E46/G02 F 73,300.00 ZZ
360 73,300.00 3
1
270-272 NORTH MAIN STREET 9.375 609.67 75
9.125 609.67 97,850.00
ANSONIA CT 06401 1 11/15/96 00
0430091272 09 01/01/97 0
23415 N 12/01/26
0
1524724 926/926 F 59,600.00 ZZ
360 59,505.84 1
5 GUMTREE RD 9.250 490.32 80
UNIT I31 MARSHSIDE 9.000 490.32 74,500.00
HILTON HEAD ISL SC 29926 1 09/09/96 00
17-300959-4 01 11/01/96 0
UNKNOWN O 10/01/26
0
1524793 B65/G02 F 325,000.00 ZZ
360 324,634.25 1
408 EAST JONES STREET 8.875 2,585.85 77
8.625 2,585.85 425,000.00
SAVANNAH GA 31401 1 09/18/96 00
0430030825 05 11/01/96 0
50996409 O 10/01/26
0
1525148 E22/G02 F 97,500.00 ZZ
360 97,351.12 1
133 ARROWHEAD TRAIL 9.375 810.96 75
9.125 810.96 130,000.00
BOZEMAN MT 59715 5 08/09/96 00
0410214159 05 10/01/96 0
410214159 O 09/01/26
0
1525256 457/G02 F 67,500.00 ZZ
360 67,436.76 1
91 PLEASANT STREET, UNIT C-8 9.750 579.93 90
9.500 579.93 75,000.00
MEDFIELD MA 02052 2 09/27/96 10
0430053124 01 11/01/96 25
961315969 N 10/01/26
0
1525271 B77/G02 F 120,000.00 ZZ
360 119,939.40 1
139 ELM STREET 9.375 998.10 75
9.125 998.10 160,000.00
HOPKINTON MA 01748 2 10/07/96 00
0430054908 05 12/01/96 0
1
95302378 O 11/01/26
0
1525291 B38/G02 F 116,250.00 ZZ
360 116,191.29 1
1 PILGRIM ROAD 9.375 966.91 75
9.125 966.91 155,000.00
MILTON MA 02186 1 10/30/96 00
0430087379 05 12/01/96 0
1761 O 11/01/26
0
1525305 526/G02 F 57,800.00 ZZ
360 57,716.24 1
1436 PROSPECT 9.625 491.30 85
9.375 491.30 68,000.00
LAWRENCE KS 66044 1 08/22/96 12
0430041681 05 10/01/96 20
0143254 N 09/01/26
0
1525403 E22/G02 F 27,450.00 ZZ
360 27,415.17 3
173 NORTON 10.250 245.98 95
10.000 245.98 28,900.00
PONTIAC MI 48341 1 08/30/96 23
0410142186 05 10/01/96 0
410142186 O 09/01/26
0
1526555 638/G02 F 172,000.00 ZZ
360 172,000.00 1
28 RIDGE ROAD 8.500 1,322.53 80
8.250 1,322.53 215,000.00
FOXBORO MA 02035 1 11/12/96 00
0430087676 05 01/01/97 0
08597998 O 12/01/26
0
1526633 638/G02 F 90,400.00 ZZ
360 90,351.90 1
7516 BLACK OAK ROAD 9.125 735.52 80
8.875 735.52 113,000.00
SAN DIEGO CA 92114 1 10/14/96 00
0430072017 05 12/01/96 0
08595070 O 11/01/26
0
1
1526695 736/G02 F 225,250.00 ZZ
360 224,751.06 1
18730 VASQUEZ COURT 8.625 1,751.97 85
8.375 1,751.97 265,000.00
SALINAS CA 93908 2 08/22/96 23
0430043117 05 10/01/96 0
475805 O 09/01/26
0
1526811 A78/G02 F 47,700.00 ZZ
360 47,675.27 1
2217 S BUCKLEY ROAD 9.250 392.42 87
#101 9.000 392.42 55,000.00
AURORA CO 80013 2 10/07/96 01
0430053173 01 12/01/96 30
040290365 N 11/01/26
0
1526822 635/225 F 56,000.00 ZZ
360 55,938.59 1
48 WILL DRIVE 9.000 450.59 80
UNIT 72 8.750 450.59 70,000.00
CANTON MA 02021 1 09/26/96 00
6597363 01 11/01/96 0
6597363 O 10/01/26
0
1526941 470/470 F 74,000.00 ZZ
360 73,924.96 1
5169 NORTH 2950 WEST 9.375 615.50 86
9.125 615.50 87,000.00
CEDAR CITY UT 84720 4 09/01/96 04
51010336 05 11/01/96 25
51010336 N 10/01/26
0
1526961 E22/G02 F 113,200.00 ZZ
360 112,883.52 1
3151 N LINCOLN AVE UNIT # 222 9.250 931.27 80
9.000 931.27 141,507.00
CHICAGO IL 60657 1 09/03/96 00
0410169908 01 10/01/96 0
410169908 O 09/01/26
0
1526997 E06/G02 F 144,500.00 ZZ
360 144,427.03 1
23953 ARROYO PARK DRIVE 9.375 1,201.88 85
#157 9.125 1,201.88 170,000.00
1
SANTA CLARITA CA 91355 2 10/23/96 23
0430075945 06 12/01/96 0
OC9600054 O 11/01/26
0
1527080 E22/G02 F 220,150.00 ZZ
360 219,932.57 3
3945 3949 3953 NE 149TH AVENUE 9.500 1,851.14 85
9.250 1,851.14 259,000.00
PORTLAND OR 97230 1 08/28/96 04
0410113161 05 11/01/96 25
410113161 N 10/01/26
0
1527158 A59/G02 F 183,750.00 ZZ
360 183,563.69 1
ROUTE 4 9.375 1,528.34 75
BOX 410 9.125 1,528.34 245,000.00
AITKIN MN 56431 5 09/26/96 00
0430040121 05 11/01/96 0
1527158 O 10/01/26
0
1527223 526/G02 F 78,500.00 ZZ
360 78,383.21 1
5215 NEWCOME DRIVE 9.500 660.08 89
9.250 660.08 88,500.00
SAN ANTONIO TX 78229 1 08/28/96 10
0430034439 05 10/01/96 25
144752 N 09/01/26
0
1527260 976/976 F 93,600.00 ZZ
360 93,419.07 2
1704-1706 VILLA SANTOS CIRCLE 9.000 753.13 77
8.750 753.13 123,000.00
EL PASO TX 79935 4 08/14/96 23
296859 05 10/01/96 0
296859 N 09/01/26
0
1527375 696/G02 F 132,000.00 T
360 131,782.07 1
2 HIDDEN CREEK ROAD 9.000 1,062.10 80
8.750 1,062.10 165,000.00
WINTERGREEN VA 22958 1 08/30/96 23
0430068536 03 10/01/96 0
2328594 O 09/01/26
0
1
1527445 936/G02 F 211,000.00 ZZ
360 210,642.47 1
44 MCCOMB ROAD 8.875 1,678.82 83
8.625 1,678.82 254,420.00
PRINCETON TOWNS NJ 08540 1 08/14/96 23
0430061531 01 10/01/96 0
6053029 O 09/01/26
0
1527467 E22/G02 F 38,350.00 ZZ
360 38,286.70 1
3425 AVENUE "R" 9.000 308.57 77
8.750 308.57 49,995.00
GALVESTON TX 77550 1 08/19/96 00
0410214357 05 10/01/96 0
410214357 O 09/01/26
0
1527511 405/405 F 101,250.00 ZZ
360 101,250.00 1
4327 L HONOAPIILANI ROAD #1206 8.875 805.60 75
8.625 805.60 135,000.00
LAHAINA HI 96761 5 11/01/96 00
4010807 06 01/01/97 0
4010807 N 12/01/26
0
1527534 E22/G02 F 104,000.00 ZZ
360 103,837.01 1
3596 LEONARD NW 9.250 855.58 76
9.000 855.58 138,392.00
GRAND RAPIDS MI 49504 2 08/29/96 00
0410017628 05 10/01/96 0
410017628 O 09/01/26
0
1527620 E67/G02 F 165,000.00 ZZ
360 165,000.00 1
1809 N.W. DUNIWAY COURT 8.500 1,268.71 56
8.250 1,268.71 295,000.00
BEND OR 97701 1 11/01/96 00
0430071373 05 01/01/97 0
5556 O 12/01/26
0
1527889 F41/G02 F 25,500.00 ZZ
360 25,472.04 1
1
4925 YORK COURT #104 9.000 205.18 75
8.750 205.18 34,000.00
CAPE CORAL FL 33904 1 09/25/96 00
0430044339 01 11/01/96 0
25767 N 10/01/26
0
1527916 480/G02 F 85,000.00 ZZ
360 84,876.85 1
12131 97TH AVE NO 9.625 722.49 75
9.375 722.49 114,000.00
SEMINOLE FL 33772 1 08/15/96 00
0430037119 05 10/01/96 0
1621036 O 09/01/26
0
1527917 B75/G02 F 100,000.00 ZZ
360 99,821.61 1
5725 91ST AVENUE SOUTHEAST 8.625 777.79 38
8.375 777.79 268,800.00
MERCER ISLAND WA 98040 1 08/19/96 00
0430035386 05 10/01/96 0
2573137 O 09/01/26
0
1527919 A69/G02 F 190,000.00 ZZ
360 189,904.05 1
94 RIDGEVIEW AVENUE 9.375 1,580.33 95
9.125 1,580.33 200,000.00
YONKERS NY 10701 1 11/01/96 12
0430073296 05 12/01/96 30
961171173 O 11/01/26
0
1527920 E46/G02 F 151,500.00 ZZ
360 151,419.38 2
346 SEMEL AVENUE 9.125 1,232.65 95
8.875 1,232.65 159,500.00
GARFIELD NJ 07026 1 10/31/96 04
0430075143 05 12/01/96 30
23447 O 11/01/26
0
1527928 480/G02 F 80,300.00 ZZ
360 80,195.36 2
1708 & 1710 IRVING STREET 10.125 712.12 85
9.875 712.12 94,500.00
DENVER CO 80204 1 08/30/96 01
0430035840 05 10/01/96 20
1
1939909 N 09/01/26
0
1527986 E22/G02 F 217,000.00 ZZ
360 216,677.26 3
6243 N FAIRFIELD 9.500 1,824.65 85
9.250 1,824.65 257,000.00
CHICAGO IL 60625 1 08/29/96 04
0410202899 05 10/01/96 20
410202899 O 09/01/26
0
1528021 B24/G02 F 67,500.00 ZZ
360 67,436.76 1
12 ROSE PARK AVENUE 9.750 579.93 75
9.500 579.93 90,000.00
STAMFORD CT 06902 1 09/30/96 00
0430040253 05 11/01/96 0
169337 N 10/01/26
0
1528054 405/405 F 130,000.00 ZZ
360 129,371.17 1
650 ONTARIO HEIGHTS ROAD 8.750 1,022.72 85
8.500 1,022.72 153,500.00
ONTARIO OR 97914 2 10/02/96 12
0004014866 05 12/01/96 25
0004014866 N 11/01/26
0
1528079 E22/G02 F 65,600.00 ZZ
360 65,491.70 1
356 SOUTH MIRALESTE DRIVE 9.000 527.83 80
UNIT #326 8.750 527.83 82,000.00
LOS ANGELES CA 90732 1 08/26/96 00
0410224265 01 10/01/96 0
410224265 O 09/01/26
0
1528094 E22/G02 F 25,500.00 ZZ
360 25,474.82 1
15318 SW 72 STREET UNIT #11 9.500 214.42 60
9.250 214.42 42,500.00
MIAMI FL 33171 1 09/05/96 00
0410198410 01 11/01/96 0
410198410 N 10/01/26
0
1
1528133 936/G02 F 61,200.00 ZZ
360 61,098.96 1
7021 WEST SIERRA STREET 9.000 492.43 90
8.750 492.43 68,000.00
PEORIA AZ 85345 1 08/20/96 01
0430047357 05 10/01/96 25
6107155 N 09/01/26
0
1528162 A59/G02 F 106,800.00 ZZ
360 106,688.83 1
2901 CRESTWOOD DRIVE NE 9.250 878.62 77
9.000 878.62 140,000.00
ALEXANDRIA MN 56308 2 09/27/96 00
0430041129 05 11/01/96 0
1528162 O 10/01/26
0
1528509 E22/G02 F 26,100.00 ZZ
360 26,066.89 1
4227 W SAN FRANCISCO 10.250 233.88 90
10.000 233.88 29,000.00
ST LOUIS MO 63115 1 08/19/96 04
0410213573 05 10/01/96 25
410213573 N 09/01/26
0
1528524 B24/G02 F 192,500.00 ZZ
360 192,319.65 1
79 WEST NORTH STREET 9.750 1,653.87 70
9.500 1,653.87 275,000.00
STAMFORD CT 06902 5 09/27/96 00
0430037994 05 11/01/96 0
167381 N 10/01/26
0
1528579 664/G02 F 57,500.00 ZZ
360 57,500.00 2
4524-4528 SPINNAKER COURT 9.375 478.26 63
9.125 478.26 91,500.00
FORT WORTH TX 76135 2 11/07/96 00
0430087221 05 01/01/97 0
2205250 N 12/01/26
0
1528581 664/G02 F 55,250.00 ZZ
360 55,250.00 2
4509-4513 SPINNAKER COURT 9.375 459.55 61
9.125 459.55 91,500.00
1
FORT WORTH TX 76135 2 11/08/96 00
0430087213 05 01/01/97 0
2205268 N 12/01/26
0
1528587 664/G02 F 57,500.00 ZZ
360 57,500.00 2
4525-4529 SPINNAKER COURT 9.375 478.26 63
9.125 478.26 91,500.00
FORT WORTH TX 76135 2 11/07/96 00
0430087239 05 01/01/97 0
2204543 N 12/01/26
0
1528631 E22/G02 F 145,000.00 ZZ
360 144,832.53 1
1220 SNOWFLOWER LANE 8.750 1,140.72 77
8.500 1,140.72 190,000.00
TAHOE CITY CA 96145 1 09/12/96 00
0410257679 05 11/01/96 0
410257679 O 10/01/26
0
1528650 635/225 F 86,400.00 ZZ
360 86,307.69 1
3014 ARDOCH DRIVE 9.125 702.98 89
8.875 702.98 98,000.00
GREENSBORO NC 27410 1 09/30/96 10
6614432 05 11/01/96 25
6614432 O 10/01/26
0
1528708 B75/G02 F 60,000.00 ZZ
360 59,905.95 1
8535 SW 137 AVENUE 9.250 493.61 75
9.000 493.61 80,000.00
MIAMI FL 33183 1 09/03/96 00
0430038364 01 10/01/96 0
2536365 O 09/01/26
0
1528808 776/G02 F 135,600.00 ZZ
360 134,725.30 1
2094 MOUNT SHASTA DRIVE 9.000 1,091.07 80
8.750 1,091.07 169,500.00
SAN PEDRO AREA CA 90732 1 08/23/96 01
0430046177 01 10/01/96 12
6136854 N 09/01/26
0
1
1528844 A19/G02 F 120,800.00 ZZ
360 120,742.13 2
35 NORTHEND STREET 9.625 1,026.79 80
9.375 1,026.79 151,000.00
PEABODY MA 01960 1 10/02/96 00
0430041095 05 12/01/96 0
169340 O 11/01/26
0
1528855 129/G02 F 109,250.00 ZZ
360 109,142.09 2
1909 PIERCE STREET 9.500 918.64 95
9.250 918.64 115,000.00
HOLLYWOOD FL 33019 1 09/17/96 14
0430087460 05 11/01/96 30
3900002894 O 10/01/26
0
1528871 129/G02 F 148,600.00 ZZ
360 148,453.24 1
4269 JESSUP RD 9.500 1,249.51 84
9.250 1,249.51 177,000.00
CINCINNATI OH 45247 2 09/13/96 01
0430040105 01 11/01/96 12
3800012878 O 10/01/26
0
1528883 638/G02 F 78,000.00 ZZ
360 77,962.63 4
222-224 WEST 700 NORTH 9.625 662.99 90
9.375 662.99 86,700.00
SALT LAKE CITY UT 84103 1 10/21/96 10
0430076067 05 12/01/96 25
8597736 N 11/01/26
0
1528884 638/G02 F 150,000.00 ZZ
360 149,915.90 1
1910 SOUTH STATE STREET 8.875 1,193.47 87
8.625 1,193.47 172,500.00
SPRINGVILLE UT 84663 1 10/30/96 01
0430089466 05 12/01/96 25
08599759 N 11/01/26
0
1528885 638/G02 F 59,400.00 ZZ
360 59,373.01 2
1
5123-5133 N ALBINA AVENUE 9.875 515.80 89
9.625 515.80 67,000.00
PORTLAND OR 97217 1 10/03/96 01
0430060632 05 12/01/96 25
8597052 N 11/01/26
0
1529026 180/G02 F 123,950.00 ZZ
360 123,197.76 1
1321 WEST FARGO #2E 7.500 866.68 95
7.250 866.68 130,500.00
CHICAGO IL 60626 1 03/29/96 12
0430080085 01 05/01/96 30
4116398 O 04/01/26
0
1529032 180/G02 F 57,600.00 ZZ
360 57,570.91 1
733 E 121 TERRACE 9.375 479.09 90
9.125 479.09 64,000.00
KANSAS CITY MO 64146 1 10/10/96 04
0430068825 05 12/01/96 25
UNKNOWN N 11/01/26
0
1529047 B24/G02 F 107,200.00 ZZ
360 106,943.97 1
23 REYNOLDS AVENUE 9.000 862.56 80
8.750 862.56 134,000.00
STAMFORD CT 06905 1 10/02/96 00
0430042986 05 11/01/96 0
168794 O 10/01/26
0
1529063 001/G02 F 85,500.00 ZZ
360 85,460.11 1
1314 ORREN ST NE 9.750 734.58 90
9.500 734.58 95,000.00
WASHINGTON DC 20002 1 10/09/96 01
0430083709 05 12/01/96 30
1510355 N 11/01/26
0
1529108 936/G02 F 65,000.00 ZZ
360 64,965.40 1
6050 BOULEVARD EAST, UNIT 23-G 9.125 528.87 73
8.875 528.87 90,000.00
WEST NEW YORK NJ 07093 2 10/15/96 00
0430089136 06 12/01/96 0
1
6113088 O 11/01/26
0
1529129 E22/G02 F 50,000.00 ZZ
360 49,925.62 1
SEC 21-T24S-R6W 9.500 420.43 26
9.250 420.43 195,000.00
DEMING NM 88030 5 08/29/96 00
0410267686 05 10/01/96 0
410267686 O 09/01/26
0
1529132 E22/G02 F 34,500.00 ZZ
360 34,426.11 1
2704 LINDBERGH DRIVE 9.750 296.41 75
9.500 296.41 46,000.00
DALLAS TX 75228 1 08/29/96 00
0410270193 05 10/01/96 0
410270193 N 09/01/26
0
1529150 731/G02 F 343,200.00 ZZ
360 342,782.71 1
928 NORTHWOOD BOULEVARD #3 8.500 2,638.91 80
8.250 2,638.91 429,000.00
INCLINE VILLAGE NV 89451 1 09/11/96 00
0430082529 01 11/01/96 0
150541070 O 10/01/26
0
1529152 731/G02 F 186,000.00 ZZ
360 185,801.28 1
6546 VIA SERENO 9.125 1,513.36 77
8.875 1,513.36 242,869.00
RANCHO MURIETA CA 95683 4 09/11/96 00
0430067652 03 11/01/96 0
110541087 O 10/01/26
0
1529180 526/G02 F 72,000.00 ZZ
360 71,829.92 1
3608 WEST STREET 9.625 612.00 90
9.375 612.00 80,000.00
WILMINGTON DE 19802 1 09/05/96 04
0430078550 07 11/01/96 25
0145286 N 10/01/26
0
1
1529210 939/G02 F 119,000.00 ZZ
360 118,934.99 1
235 WEST PARK AVENUE 9.000 957.51 85
8.750 957.51 141,000.00
LONG BEACH NY 11561 2 10/22/96 10
0430062141 08 12/01/96 12
9604420 O 11/01/26
0
1529320 180/G02 F 122,850.00 ZZ
360 122,850.00 1
3030 EAST MEXICO AVENUE 9.250 1,010.66 90
9.000 1,010.66 136,500.00
DENVER CO 80210 1 11/06/96 04
0430080812 05 01/01/97 25
4586012 N 12/01/26
0
1529335 731/G02 F 770,000.00 ZZ
360 770,000.00 1
3997 GARDEN HIGHWAY 9.375 6,404.47 70
9.125 6,404.47 1,100,000.00
SACRAMENTO CA 95834 4 11/15/96 00
0430084947 05 01/01/97 0
110541116 O 12/01/26
0
1529442 526/G02 F 28,475.00 ZZ
360 28,421.18 2
5130 OGDEN 9.750 244.65 85
9.500 244.65 33,500.00
DETROIT MI 48210 1 07/29/96 04
0430043471 05 09/01/96 20
0114123 N 08/01/26
0
1529475 702/702 F 60,000.00 ZZ
360 59,966.36 1
WEST HILL ROAD 8.875 477.39 75
UNIT #11 8.625 477.39 80,000.00
STOWE VT 05672 1 10/11/96 00
5037098 01 12/01/96 0
5037098 O 11/01/26
0
1529481 201/G02 F 98,600.00 ZZ
360 98,600.00 1
44 CENTRAL AVENUE 8.750 775.69 85
COUNTY OF MIDDLESEX 8.500 775.69 116,000.00
1
NEW BRUNSWICK NJ 08901 1 11/04/96 01
0430081893 05 01/01/97 20
1300929377 N 12/01/26
0
1529484 201/G02 F 76,600.00 ZZ
360 76,555.92 1
63 GUILDEN STREET 8.750 602.62 79
8.500 602.62 97,000.00
NEW BRUNSWICK NJ 08901 1 10/21/96 01
0430077461 05 12/01/96 12
130092369 N 11/01/26
0
1529491 480/G02 F 55,900.00 ZZ
360 55,837.09 1
29 LAZY WATER DRIVE 8.875 444.77 80
8.625 444.77 69,900.00
CARTERSVILLE GA 30120 1 09/17/96 12
0430043372 05 11/01/96 12
1925338 N 10/01/26
0
1529504 B75/G02 F 138,600.00 ZZ
360 138,388.39 1
2329 W GREGG DRIVE 9.375 1,152.80 90
9.125 1,152.80 154,000.00
CHANDLER AZ 85224 1 08/29/96 04
0430041871 03 10/01/96 25
2480648 N 09/01/26
0
1529596 638/G02 F 81,000.00 ZZ
360 80,953.40 1
47 SIR NOBLE STREET 8.750 637.23 90
8.500 637.23 90,000.00
LAS VEGAS NV 89110 2 10/25/96 04
0430070334 05 12/01/96 25
8589082 N 11/01/26
0
1529764 E06/G02 F 725,000.00 ZZ
360 724,652.68 1
9875 YERBA BUENA ROAD 9.625 6,162.42 64
9.375 6,162.42 1,150,000.00
MALIBU CA 90265 2 10/24/96 00
0430069104 05 12/01/96 0
OC950217 O 11/01/26
0
1
1529778 A38/G02 F 162,550.00 ZZ
360 162,550.00 1
5608 SOUTH ARCHBRIDGE CT 9.000 1,307.91 59
8.750 1,307.91 280,000.00
ARLINGTON TX 76017 1 11/06/96 00
0430090860 05 01/01/97 0
120336 O 12/01/26
0
1529815 405/405 F 29,700.00 ZZ
360 29,685.39 1
707 NORTHEAST 10TH AVENUE 9.500 249.74 90
9.250 249.74 33,000.00
GAINESVILLE FL 32601 1 11/01/96 01
4005278 05 12/01/96 25
4005278 N 11/01/26
0
1529840 E29/G02 F 650,000.00 T
360 649,654.10 1
50 BACHELOR GULCH 9.125 5,288.61 43
8.875 5,288.61 1,525,000.00
BEAVER CREEK CO 81657 1 11/01/96 00
0430087528 05 12/01/96 0
19605124 O 11/01/26
0
1529842 F30/G02 F 120,700.00 ZZ
360 120,589.87 1
512 ESTATE STREET 9.875 1,048.10 85
9.625 1,048.10 142,000.00
GRAND JUNCTION CO 81504 1 09/24/96 12
0430045880 05 11/01/96 25
300153 N 10/01/26
0
1529849 387/387 F 152,800.00 ZZ
360 152,623.54 1
1887 MOONSHADOW CIRCLE 8.750 1,202.08 80
8.500 1,202.08 191,000.00
CAMARILLO CA 93012 1 09/10/96 00
815316 05 11/01/96 0
815316 O 10/01/26
0
1529858 E22/G02 F 38,600.00 ZZ
360 38,559.83 1
1
2450 WICKERSHAM LANE 9.250 317.55 75
UNIT # 1204 9.000 317.55 51,500.00
AUSTIN TX 78741 1 09/06/96 00
0410259303 01 11/01/96 0
410259303 N 10/01/26
0
1529867 E08/G02 F 28,800.00 ZZ
360 28,786.92 1
2061 NW 46 AVENUE #1016 9.875 250.08 90
9.625 250.08 32,000.00
LAUDERHILL FL 33313 1 10/07/96 01
0430054197 01 12/01/96 25
170168 N 11/01/26
0
1529871 E01/G02 F 67,100.00 ZZ
360 67,067.86 1
79 BURNEY BLVD 9.625 570.34 55
9.375 570.34 122,000.00
MASTIC NY 11950 5 10/15/96 00
0430053694 05 12/01/96 0
171707 N 11/01/26
0
1530064 874/G02 F 52,800.00 ZZ
360 52,775.37 1
7964 TERRACE ROCK WAY #202 9.750 453.63 80
9.500 453.63 66,000.00
LAS VEGAS NV 89128 1 10/04/96 10
0430072108 01 12/01/96 12
3696135 N 11/01/26
0
1530145 E22/G02 F 78,000.00 ZZ
360 77,918.81 1
17-B FOUNTAIN MANOR DRIVE 9.250 641.69 80
9.000 641.69 97,500.00
GREENSBORO NC 27405 1 09/20/96 00
0410242200 01 11/01/96 0
410242200 O 10/01/26
0
1530216 180/G02 F 52,500.00 ZZ
360 52,500.00 1
46 THORN COURT 9.000 422.43 70
8.750 422.43 75,000.00
NEW CASTLE DE 19720 5 11/08/96 00
0430089094 05 01/01/97 0
1
4608006 N 12/01/26
0
1530225 687/G02 F 85,000.00 ZZ
360 84,913.81 2
1102 & 1104 RIDGEWAY DRIVE 9.375 706.99 85
9.125 706.99 100,000.00
RAYMORE MO 64083 1 09/18/96 10
0430044941 09 11/01/96 20
1564536 N 10/01/26
0
1530259 918/G02 F 179,250.00 ZZ
360 179,157.07 3
53-27 103RD STREET 9.250 1,474.65 75
9.000 1,474.65 239,000.00
CORONA NY 11368 1 10/23/96 00
0430062133 05 12/01/96 0
30027 O 11/01/26
0
1530278 635/635 F 81,000.00 ZZ
360 80,960.15 1
PILOT KNOB ROAD 9.500 681.10 77
9.250 681.10 106,000.00
FORT ANN NY 12827 1 10/31/96 00
663109700 05 12/01/96 0
663109700 O 11/01/26
0
1530279 635/225 F 82,500.00 ZZ
360 82,456.09 1
3 COUR MONTREAL 9.125 671.25 75
8.875 671.25 110,000.00
PALOS HILLS IL 60465 5 10/04/96 00
6633648 09 12/01/96 0
6633648 O 11/01/26
0
1530280 635/635 F 51,000.00 ZZ
360 50,972.85 1
1912 SOUTH 8TH 9.125 414.96 85
8.875 414.96 60,000.00
WACO TX 76706 1 10/16/96 01
661880500 05 12/01/96 20
661880500 N 11/01/26
0
1
1530316 642/G02 F 276,200.00 ZZ
360 275,904.92 1
3158 CLARITA COURT 9.125 2,247.25 90
8.875 2,247.25 309,000.00
THOUSAND OAKS CA 91362 1 09/26/96 10
0430094615 05 11/01/96 30
960940 O 10/01/26
0
1530324 862/G02 F 262,400.00 ZZ
360 262,400.00 1
2280 CENTRAL PARK DRIVE 8.500 2,017.63 80
8.250 2,017.63 328,000.00
CAMPBELL CA 95008 5 11/01/96 00
0430088872 05 01/01/97 0
4291464 O 12/01/26
0
1530355 687/G02 F 33,800.00 ZZ
360 33,769.17 1
78 GLENDALE PARK 9.875 293.50 85
9.625 293.50 39,800.00
ROCHESTER NY 14613 1 09/20/96 04
0430044974 05 11/01/96 20
1565583 O 10/01/26
0
1530429 A50/A50 F 110,000.00 ZZ
360 109,935.06 1
3 SEA OLIVE DRIVE 8.625 855.57 44
8.375 855.57 255,000.00
HILTON HEAD SC 29928 4 10/09/96 00
UNKNOWN 05 12/01/96 0
UNKNOWN O 11/01/26
0
1530432 638/G02 F 58,000.00 ZZ
360 58,000.00 1
12 SOUTH BUTTONWOOD STREET 9.500 487.70 90
9.250 487.70 64,500.00
FLEETWOOD BOROU PA 19522 1 11/27/96 12
0430094151 09 01/01/97 25
08601299 N 12/01/26
0
1530439 816/G02 F 99,750.00 ZZ
360 99,695.52 1
2183 EAGLECLOUD DRIVE 9.000 802.61 75
8.750 802.61 133,000.00
1
HENDERSON NV 89014 1 10/23/96 00
0430077099 03 12/01/96 0
141116 N 11/01/26
0
1530440 816/G02 F 101,250.00 ZZ
360 101,194.70 1
993 PAINTED PONY DRIVE 9.000 814.68 75
8.750 814.68 135,000.00
HENDERSON NV 89014 1 10/23/96 00
0430077107 03 12/01/96 0
141117 N 11/01/26
0
1530461 626/G02 F 318,000.00 ZZ
360 317,632.75 1
1108 43RD STREET 8.750 2,501.71 77
8.500 2,501.71 413,000.00
SACRAMENTO CA 95819 1 09/19/96 00
0430046789 05 11/01/96 0
6662746 O 10/01/26
0
1530471 635/635 F 111,600.00 ZZ
360 111,542.14 1
1608 LIGHTSEY ROAD 9.250 918.11 90
9.000 918.11 124,000.00
AUSTIN TX 78704 1 10/18/96 04
662795400 05 12/01/96 25
662795400 N 11/01/26
0
1530474 776/G02 F 149,600.00 ZZ
360 149,444.30 1
5837 IRVINE AVENUE 9.250 1,230.72 80
9.000 1,230.72 187,000.00
NORTH HOLLYWOOD CA 91601 2 09/12/96 00
0430079848 05 11/01/96 0
2134883 O 10/01/26
0
1530487 635/635 F 291,000.00 ZZ
360 290,841.04 1
6858 LEXINGTON 9.000 2,341.46 78
8.750 2,341.46 375,000.00
NILES IL 60714 5 10/24/96 00
6597736 05 12/01/96 0
6597736 O 11/01/26
0
1
1530493 638/G02 F 110,400.00 ZZ
360 110,342.77 1
3825 HARLOW ROAD 9.250 908.23 80
9.000 908.23 138,000.00
EUGENE OR 97401 5 10/18/96 00
0430074427 05 12/01/96 0
8600965 O 11/01/26
0
1530539 E22/G02 F 340,800.00 ZZ
360 340,406.43 1
10395 SOUTHWEST MILLER COURT 8.750 2,681.07 80
8.500 2,681.07 426,000.00
TUALATIN OR 97062 5 09/24/96 00
0410186886 05 11/01/96 0
410186886 O 10/01/26
0
1530642 A38/G02 F 41,750.00 ZZ
360 41,729.99 1
1505 WOODHEAD 9.625 354.88 80
UNIT NUMBER 2 9.375 354.88 52,200.00
HOUSTON TX 77019 1 10/24/96 10
0430068908 01 12/01/96 12
960358 N 11/01/26
0
1530779 A53/G02 F 78,000.00 T
360 77,961.63 1
649 S LAKEVIEW DRIVE 9.500 655.87 64
9.250 655.87 122,000.00
LOWELL IN 46356 5 10/30/96 00
0430082719 05 12/01/96 0
0290027330 O 11/01/26
0
1530838 E22/G02 F 50,000.00 ZZ
360 49,949.32 1
8605 W 139TH AVENUE 9.375 415.87 77
9.125 415.87 65,000.00
CEDAR LAKE IN 46303 1 09/18/96 00
0410202808 05 11/01/96 0
410202808 O 10/01/26
0
1530922 965/G02 F 43,500.00 ZZ
360 43,478.03 1
1
2822 NORTH 39TH AVENUE 9.375 361.81 75
9.125 361.81 58,000.00
PHOENIX AZ 85009 1 10/17/96 00
0430087783 05 12/01/96 0
1530922 N 11/01/26
0
1530968 638/G02 F 69,950.00 ZZ
360 69,915.59 2
1208 TATNALL STREET 9.500 588.18 90
9.250 588.18 77,750.00
WILMINGTON DE 19802 1 10/31/96 04
0430081562 05 12/01/96 30
8601511 N 11/01/26
0
1531013 626/G02 F 63,000.00 ZZ
360 62,932.69 1
10101 N 91ST AVENUE 9.125 512.59 90
8.875 512.59 70,000.00
PEORIA AZ 85345 1 09/12/96 04
0430048249 05 11/01/96 30
6660336 N 10/01/26
0
1531031 G59/G02 F 148,000.00 ZZ
360 147,919.15 1
65 CAMPGROUND LANE 9.000 1,190.85 80
8.750 1,190.85 185,000.00
SNOWMASS VILLAG CO 81615 1 10/09/96 00
0430057448 01 12/01/96 0
UNKNOWN O 11/01/26
0
1531033 526/G02 F 87,550.00 ZZ
360 87,465.77 2
3737 SOUTH 3325 WEST 9.625 744.17 85
9.375 744.17 103,000.00
WEST VALLEY CIT UT 84120 1 09/04/96 10
0430049528 05 11/01/96 20
00142731 N 10/01/26
0
1531039 105/G02 F 46,200.00 ZZ
360 46,151.90 1
56 HIDEAWAY 9.250 380.08 70
9.000 380.08 66,000.00
FRIENDSWOOD TX 77546 2 09/16/96 00
0430047845 01 11/01/96 0
1
927624 O 10/01/26
0
1531040 B75/G02 F 125,650.00 ZZ
360 125,525.91 1
1762 EIGHTH STREET 9.500 1,056.53 90
9.250 1,056.53 139,650.00
ATLANTA GA 30341 1 09/16/96 12
0430047365 05 11/01/96 25
2462091 N 10/01/26
0
1531048 F84/G02 F 350,000.00 ZZ
360 349,808.82 2
1416 48TH STREET 9.000 2,816.18 54
8.750 2,816.18 650,000.00
BROOKLYN NY 11219 5 10/25/96 00
0430067975 05 12/01/96 0
B1631 O 11/01/26
0
1531071 B35/G02 F 134,400.00 ZZ
360 134,328.47 1
117 NORTH HAMPTON AVENUE 9.125 1,093.53 80
8.875 1,093.53 168,000.00
HOLMDEL NJ 07733 1 10/31/96 00
0430070094 01 12/01/96 0
9682011141 O 11/01/26
0
1531074 A80/G02 F 58,400.00 T
360 58,368.91 1
7064 S W 114TH PLACE 9.125 475.17 80
#F 8.875 475.17 73,000.00
MIAMI FL 33173 1 10/31/96 95
0430088229 05 12/01/96 0
9615118 O 11/01/26
0
1531127 E22/G02 F 37,500.00 T
360 37,465.78 1
7640 N W 18TH STREET UNIT #205 9.875 325.63 75
9.625 325.63 50,000.00
MARGATE FL 33063 1 09/19/96 00
0410241970 01 11/01/96 0
410241970 O 10/01/26
0
1
1531179 526/G02 F 130,050.00 ZZ
360 129,992.46 1
8135 SW BERRYHILL COURT 10.000 1,141.29 90
9.750 1,141.29 144,500.00
BEAVERTON OR 97008 1 10/17/96 10
0430073924 05 12/01/96 25
0150476 N 11/01/26
0
1531209 757/757 F 280,800.00 T
360 280,492.07 1
31 WEST CLUB BOULEVARD 9.000 2,259.39 75
8.750 2,259.39 374,458.00
LAKE TOXAWAY NC 28747 1 09/25/96 00
2858793 05 11/01/96 0
2858793 O 10/01/26
0
1531223 910/G02 F 102,500.00 ZZ
360 102,500.00 1
3411 SOUTH 715 EAST., #118 9.625 871.24 90
9.375 871.24 114,000.00
SALT LAKE CITY UT 84106 1 11/11/96 10
0430083907 01 01/01/97 25
355112 N 12/01/26
0
1531258 685/G02 F 103,100.00 ZZ
360 102,989.84 1
1616 11TH AVENUE S.W. 9.125 838.86 75
8.875 838.86 137,500.00
OLYMPIA WA 98502 5 09/19/96 00
0430075986 05 11/01/96 0
201123 O 10/01/26
0
1531292 635/635 F 63,600.00 ZZ
360 63,566.15 1
1680 GUILFORD DRIVE 9.125 517.48 80
8.875 517.48 79,500.00
WINSTON-SALEM NC 27127 1 10/25/96 00
663118 05 12/01/96 0
663118 O 11/01/26
0
1531302 964/G02 F 65,000.00 ZZ
360 64,966.30 2
4050 & 4054 SILVERADO TRAIL 9.250 534.74 14
9.000 534.74 470,000.00
1
NAPA CA 94558 5 10/09/96 00
0430078014 05 12/01/96 0
20428 N 11/01/26
0
1531388 180/G02 F 31,950.00 ZZ
360 31,933.44 1
4511 ALAMOSA STREET 9.250 262.84 90
9.000 262.84 35,500.00
FORT WORTH TX 76119 1 10/18/96 04
0430097121 09 12/01/96 25
4239778 N 11/01/26
0
1531389 180/G02 F 31,950.00 ZZ
360 31,933.44 1
4533 ALAMOSA STREET 9.250 262.84 90
9.000 262.84 35,500.00
FORT WORTH TX 76119 1 10/18/96 04
0430082511 09 12/01/96 25
4240016 O 11/01/26
0
1531400 E22/G02 F 86,050.00 ZZ
360 85,918.62 1
4048 RESOLUTE CIRCLE 9.375 715.72 80
9.125 715.72 107,594.00
CINCINNATI OH 45252 1 09/04/96 11
0410161277 01 10/01/96 12
410161277 O 09/01/26
0
1531412 526/G02 F 39,500.00 ZZ
360 39,455.55 2
2410-2412 FRANCIS 8.875 314.28 85
8.625 314.28 46,500.00
ST. JOSEPH MO 64501 1 09/13/96 12
0430050419 05 11/01/96 20
144017 N 10/01/26
0
1531415 E48/G02 F 258,400.00 ZZ
360 258,255.13 1
3607 WESTBROOK AVENUE 8.875 2,055.95 95
8.625 2,055.95 272,000.00
NASHVILLE TN 37205 1 10/15/96 14
0430080549 05 12/01/96 30
156296M O 11/01/26
0
1
1531453 480/G02 F 220,300.00 ZZ
360 220,191.64 1
3270 S W 175 AVENUE 9.500 1,852.40 80
9.250 1,852.40 275,428.00
MIRAMAR FL 33029 1 10/22/96 00
0430074252 05 12/01/96 0
1756410 O 11/01/26
0
1531466 A59/G02 F 55,000.00 ZZ
360 54,971.48 1
322 SOUTH ELM AVENUE 9.250 452.48 60
9.000 452.48 92,500.00
OWATONNA MN 55060 5 10/29/96 00
0430063743 05 12/01/96 0
1531466 O 11/01/26
0
1531475 003/G02 F 238,500.00 ZZ
360 238,270.46 1
5511 PRESERVE CIRCLE 9.625 2,027.23 90
9.375 2,027.23 265,000.00
ALPHARETTA GA 30202 1 09/27/96 12
0430072785 03 11/01/96 25
3734605 N 10/01/26
0
1531476 731/G02 F 270,000.00 ZZ
360 269,299.40 1
3008 CORDOVA COURT 9.000 2,172.48 78
8.750 2,172.48 350,000.00
WEST COVINA CA 91791 1 09/30/96 00
0430049601 03 11/01/96 0
412610156 O 10/01/26
0
1531480 B75/G02 F 71,600.00 ZZ
360 71,561.90 1
8533 SHADOW COURT 9.125 582.56 80
UNIT 6 8.875 582.56 89,500.00
CORAL SPRINGS FL 33071 1 10/30/96 00
0430077800 01 12/01/96 0
2684306 O 11/01/26
0
1531514 638/G02 F 72,000.00 ZZ
360 71,964.58 2
1
3046-48 WEST 8TH STREET 9.500 605.42 80
9.250 605.42 90,000.00
GREELEY CO 80631 1 10/23/96 00
0430071688 05 12/01/96 0
8602535 O 11/01/26
0
1531516 526/G02 F 68,950.00 ZZ
360 68,911.34 1
213 W. CUTHBERT BLVD. 8.875 548.60 70
8.625 548.60 98,500.00
COLLINGSWOOD NJ 08108 1 10/18/96 00
0430074112 05 12/01/96 0
00148867 O 11/01/26
0
1531520 638/G02 F 180,000.00 ZZ
360 179,913.77 2
80 ELM STREET 9.625 1,529.98 80
9.375 1,529.98 225,000.00
CHARLESTOWN MA 02129 1 10/30/96 00
0430074500 05 12/01/96 0
8602508 O 11/01/26
0
1531529 001/G02 F 13,500.00 ZZ
360 13,493.70 1
930 MCKINLEY AVENUE 9.750 115.99 90
9.500 115.99 15,000.00
TOLEDO OH 43605 1 10/18/96 01
0430088278 05 12/01/96 25
1510967 N 11/01/26
0
1531532 828/G02 F 127,000.00 ZZ
360 126,923.05 1
15366 CARAVEL DRIVE 8.500 976.53 80
8.250 976.53 159,000.00
CORPUS CHRISTI TX 78418 1 10/28/96 00
0430084038 03 12/01/96 0
68220001 O 11/01/26
0
1531533 635/635 F 143,000.00 ZZ
360 142,858.75 1
1363 S COLUMBINE STREET 9.500 1,202.43 78
9.250 1,202.43 185,000.00
DENVER CO 80210 2 09/24/96 00
6612253 05 11/01/96 0
1
6612253 O 10/01/26
0
1531553 E22/G02 F 80,750.00 ZZ
360 80,659.13 1
19006 NW 10TH AVENUE 8.875 642.48 85
8.625 642.48 95,000.00
MIAMI FL 33169 5 09/24/96 23
0410241129 05 11/01/96 0
410241129 O 10/01/26
0
1531555 E22/G02 F 54,650.00 ZZ
360 54,594.59 1
524 PARK STREET 9.375 454.55 80
9.125 454.55 68,315.00
DUNEDIN FL 34698 1 09/30/96 00
0410242580 05 11/01/96 0
410242580 O 10/01/26
0
1531585 635/635 F 52,200.00 ZZ
360 52,174.32 1
808 STREET ROUTE 58 9.500 438.93 89
9.250 438.93 59,000.00
ASHLAND OH 44805 1 10/22/96 01
662555200 05 12/01/96 30
662555200 N 11/01/26
0
1531598 E22/G02 F 42,000.00 ZZ
360 41,960.66 1
305 GREENLAWN AVENUE 9.750 360.84 85
9.500 360.84 49,500.00
MANSFIELD OH 44902 2 09/26/96 04
0410137954 05 11/01/96 25
410137954 N 10/01/26
0
1531599 E22/G02 F 63,000.00 ZZ
360 62,934.41 1
21 N CAMINO DE LA REFLEXION 9.250 518.29 75
9.000 518.29 85,000.00
TUCSON AZ 85748 2 09/19/96 00
0410202840 09 11/01/96 0
410202840 O 10/01/26
0
1
1531612 635/635 F 102,150.00 ZZ
360 102,091.22 2
2701 A&B HURSTVIEW DRIVE 8.750 803.62 90
8.500 803.62 113,500.00
HURST TX 76054 1 10/18/96 01
661628800 05 12/01/96 25
661628800 N 11/01/26
0
1531620 635/635 F 93,600.00 ZZ
360 93,548.87 1
156 WILSON AVE 9.000 753.13 80
8.750 753.13 117,000.00
EAST PROVIDENCE RI 02915 5 10/22/96 00
661253500 05 12/01/96 0
661253500 O 11/01/26
0
1531625 201/G02 F 243,750.00 ZZ
360 243,387.44 1
13025 STONEBRIDGE ROAD 9.500 2,049.59 78
9.250 2,049.59 315,000.00
ARGYLE TX 76226 1 08/19/96 00
0430060186 05 10/01/96 0
8800919634 O 09/01/26
0
1531630 405/405 F 398,300.00 ZZ
360 398,300.00 1
8031 WOODLAND LANE 8.500 3,062.59 70
8.250 3,062.59 569,000.00
LOS ANGELES CA 90046 2 11/01/96 00
4018784 05 01/01/97 0
4018784 O 12/01/26
0
1531635 B24/G02 F 140,000.00 ZZ
360 139,925.49 1
11 REYNOLDS STREET 9.125 1,139.09 74
8.875 1,139.09 190,000.00
NORWALK CT 06855 1 10/23/96 00
0430055129 05 12/01/96 0
1531635 O 11/01/26
0
1531638 604/G02 F 125,500.00 ZZ
360 125,438.27 1
294 FRONT STREET 9.500 1,055.27 90
9.250 1,055.27 139,550.00
1
WATERFORD TWP NJ 08004 1 10/30/96 10
0430071357 05 12/01/96 25
44100137 N 11/01/26
0
1531678 A36/A36 F 128,000.00 ZZ
360 127,928.24 2
2709-2711 WEST ALONDRA BLVD 8.875 1,018.43 80
8.625 1,018.43 160,000.00
COMPTON CA 90220 2 10/16/96 00
0202788 05 12/01/96 0
0202788 O 11/01/26
0
1531709 180/G02 F 91,800.00 ZZ
360 91,752.40 1
11590 HEARTPINE STREET 9.250 755.22 90
9.000 755.22 102,000.00
RENO NV 89506 1 10/15/96 10
0430073122 05 12/01/96 25
1019686 N 11/01/26
0
1531727 664/G02 F 105,000.00 ZZ
360 103,871.44 1
4209 NE 82ND STREET 8.750 826.04 76
8.500 826.04 139,900.00
VANCOUVER WA 98665 1 09/24/96 00
0430049809 05 11/01/96 0
2221778 O 10/01/26
0
1531770 766/G02 F 54,750.00 ZZ
360 54,691.52 1
740 10 STREET #107 9.125 445.46 76
8.875 445.46 72,375.00
MIAMI BEACH FL 33139 1 09/30/96 00
0430050781 01 11/01/96 0
96SG0847 O 10/01/26
0
1531772 144/144 F 178,000.00 ZZ
360 177,883.57 1
HOLLY DRIVE 8.125 1,321.64 70
7.875 1,321.64 255,000.00
NEW ROCHELLE NY 10801 4 10/16/96 00
160598371 05 12/01/96 0
160598371 O 11/01/26
0
1
1531775 635/635 F 74,999.00 ZZ
360 74,999.00 1
951-A HERITAGE VILLAGE 9.000 603.46 60
8.750 603.46 125,000.00
SOUTHBURY CT 06488 1 11/12/96 00
664109600 01 01/01/97 0
664109600 O 12/01/26
0
1531779 B26/G02 F 97,500.00 ZZ
360 97,500.00 2
30-37 48TH STREET 9.375 810.96 65
9.125 810.96 150,000.00
LONG ISLAND CIT NY 11103 1 11/05/96 00
0430074880 07 01/01/97 0
1311011729 N 12/01/26
0
1531838 638/G02 F 80,950.00 ZZ
360 80,913.22 1
645 N E 190TH AVENUE 9.875 702.93 90
9.625 702.93 89,950.00
GRESHAM OR 97230 1 10/22/96 01
0430075093 05 12/01/96 25
8598557 N 11/01/26
0
1531864 B75/G02 F 66,000.00 ZZ
360 65,963.95 1
511 NW 106 STREET 9.000 531.05 80
8.750 531.05 82,500.00
MIAMI FL 33150 1 10/30/96 01
0430082545 05 12/01/96 17
2683423 N 11/01/26
0
1531869 B75/G02 F 70,000.00 T
360 70,000.00 1
10450 LAKE VISTA CIRCLE 9.125 569.54 59
8.875 569.54 120,000.00
BOCA RATON FL 33431 1 11/04/96 00
0430078055 09 01/01/97 0
2682599 O 12/01/26
0
1531895 180/G02 F 103,950.00 ZZ
360 103,896.11 1
1
1305 GALWAY DRIVE 9.250 855.17 90
9.000 855.17 115,500.00
ALAMAGORDO NM 88310 1 10/19/96 01
0430075762 05 12/01/96 25
4584488 N 11/01/26
0
1531898 E92/G02 F 72,000.00 ZZ
360 71,927.00 4
2401 MONTANA AVENUE 9.375 598.86 80
9.125 598.86 90,000.00
EL PASO TX 79903 1 09/27/96 95
0430092098 05 11/01/96 12
957588 N 10/01/26
0
1531926 E22/G02 F 25,200.00 ZZ
360 25,105.61 1
5112 WYALUSING AVENUE 10.125 223.48 70
9.875 223.48 36,000.00
PHILADELPHIA PA 19131 1 07/19/96 00
0410193957 05 09/01/96 0
410193957 N 08/01/26
0
1531970 A33/G02 F 207,000.00 ZZ
360 207,000.00 1
47819 OXFORD CT 9.000 1,665.57 65
8.750 1,665.57 318,944.00
NORTHVILLE MI 48167 1 11/04/96 00
0430072645 05 01/01/97 0
HO015033938 O 12/01/26
0
1531984 765/G02 F 65,600.00 ZZ
360 65,568.57 2
428 WEST 79TH STREET 9.625 557.60 80
9.375 557.60 82,000.00
LOS ANGELES CA 90003 1 10/24/96 10
0430076075 05 12/01/96 20
317972 N 11/01/26
0
1532031 936/G02 F 56,250.00 ZZ
360 56,195.89 1
2115 PERTH STREET 9.625 478.12 90
9.375 478.12 62,500.00
TOLEDO OH 43607 1 09/06/96 01
0430075473 05 11/01/96 25
1
6105811 N 10/01/26
0
1532043 E46/G02 F 90,000.00 ZZ
360 89,944.06 1
252 MILFORD ROAD 8.375 684.07 76
8.125 684.07 119,000.00
LEHMAN TOWNSHIP PA 18324 2 10/24/96 00
0430076398 03 12/01/96 0
23587 O 11/01/26
0
1532064 B43/G02 F 49,500.00 ZZ
360 49,500.00 2
2102 EAST PACIFIC AVENUE AND 9.500 416.23 90
211 SOUTH CRESTLINE STREET 9.250 416.23 55,000.00
SPOKANE WA 99202 1 10/31/96 12
0430077719 05 01/01/97 25
173275 N 12/01/26
0
1532065 638/G02 F 123,750.00 ZZ
360 123,750.00 1
9025 SE FLAVEL STREET 9.875 1,074.58 90
9.625 1,074.58 137,500.00
PORTLAND OR 97266 1 11/20/96 10
0430095695 05 01/01/97 25
08579479 N 12/01/26
0
1532081 661/661 F 110,000.00 ZZ
360 109,662.03 1
52 BRADBURY STREET 8.500 845.81 88
8.250 845.81 125,000.00
OLD TOWN ME 04429 1 06/28/96 92
UNKNOWN 05 08/01/96 30
UNKNOWN O 07/01/26
0
1532088 A33/G02 F 44,800.00 ZZ
360 44,800.00 1
485 SUNNINGDALE 9.875 389.02 90
9.625 389.02 49,800.00
INKSTER MI 48141 1 11/20/96 04
0430081570 05 01/01/97 25
1033959 N 12/01/26
0
1
1532133 624/G02 F 15,600.00 ZZ
360 15,591.48 1
P.O. BOX 912, UNIT 626 9.000 125.52 80
8.750 125.52 19,500.00
MEAD WA 99021 1 10/22/96 00
0430071845 01 12/01/96 0
6204336086 O 11/01/26
0
1532152 626/G02 F 157,500.00 ZZ
360 157,336.05 1
26545 KINGSLEY ROAD 9.250 1,295.72 70
9.000 1,295.72 225,000.00
SCAPPOOSE OR 97056 5 09/24/96 00
0430067967 05 11/01/96 0
6663348 O 10/01/26
0
1532164 776/G02 F 46,200.00 ZZ
360 46,157.84 1
3823 SOUTH MARYLAND PARKWAY, 9.875 401.18 70
#W8 9.625 401.18 66,000.00
LAS VEGAS NV 89119 5 09/24/96 00
0430054577 01 11/01/96 0
6334768 N 10/01/26
0
1532165 776/G02 F 78,400.00 ZZ
360 78,328.46 1
4326 SANDCASTLE DRIVE 9.875 680.79 70
9.625 680.79 112,000.00
LAS VEGAS NV 89117 5 09/24/96 00
0430072207 05 11/01/96 0
6334769 N 10/01/26
0
1532192 E22/G02 F 213,750.00 ZZ
360 213,565.10 4
7737 GANNON AVE 10.125 1,895.58 95
9.875 1,895.58 225,000.00
UNIVERSITY CITY MO 63130 1 09/30/96 14
0410161343 05 11/01/96 30
410161343 O 10/01/26
0
1532222 702/702 F 78,000.00 T
360 78,000.00 1
VILLMARK SAUNA 13 9.500 655.87 53
SMUGGLER'S NOTCH 9.250 655.87 148,000.00
1
CAMBRIDGE VT 05444 1 11/19/96 00
5037171 01 01/01/97 0
5037171 O 12/01/26
0
1532274 561/G02 F 103,300.00 ZZ
360 103,200.63 1
1736 HARPERS FERRY ROAD 9.625 878.04 43
9.375 878.04 241,000.00
KNOXVILLE MD 21758 5 09/25/96 00
0430053702 05 11/01/96 0
8881021 O 10/01/26
0
1532311 561/G02 F 42,000.00 ZZ
360 41,959.58 1
4025 E 36TH STREET 9.625 357.00 70
9.375 357.00 60,500.00
INDIANAPOLIS IN 46218 5 09/27/96 00
0430075374 05 11/01/96 0
8873523 N 10/01/26
0
1532319 638/G02 F 62,200.00 ZZ
360 62,170.21 1
30 WARREN STREET 9.625 528.69 46
UNIT 3 9.375 528.69 136,000.00
SALEM MA 01970 1 10/28/96 00
0430071951 01 12/01/96 0
8599954 O 11/01/26
0
1532325 828/G02 F 22,500.00 ZZ
360 22,500.00 1
602 RIDGEWOOD COURT 9.875 195.38 90
9.625 195.38 25,000.00
SAN ANTONIO TX 78212 1 11/04/96 01
0430077594 05 01/01/97 25
66040094 N 12/01/26
0
1532342 638/G02 F 63,600.00 ZZ
360 63,569.53 2
1053-1055 COTTONWOOD TRAIL 9.625 540.59 90
9.375 540.59 70,700.00
BENBROOK TX 76126 1 10/25/96 10
0430075689 05 12/01/96 25
8603158 N 11/01/26
0
1
1532345 369/G02 F 178,500.00 ZZ
360 178,293.83 1
10200 WILDWOOD DRIVE 8.750 1,404.27 85
8.500 1,404.27 210,000.00
ZIONSVILLE IN 46077 5 09/30/96 01
0430053611 05 11/01/96 12
49756679 O 10/01/26
0
1532347 180/G02 F 66,150.00 ZZ
360 66,115.71 1
1198 KALAMA 9.250 544.20 90
9.000 544.20 73,500.00
MADISON HEIGHTS MI 48071 1 10/29/96 04
0430077131 05 12/01/96 25
4347068 N 11/01/26
0
1532351 377/377 F 157,000.00 ZZ
360 156,909.67 1
13880 SW 153 PLACE 8.750 1,235.12 79
8.500 1,235.12 199,306.00
MIAMI FL 33196 1 10/09/96 00
6231302 05 12/01/96 0
6231302 O 11/01/26
0
1532366 912/G02 F 134,400.00 ZZ
360 134,400.00 4
3964 NEIL ROAD 9.250 1,105.68 80
9.000 1,105.68 168,000.00
RENO NV 89502 1 11/04/96 04
0430074831 05 01/01/97 12
168858 N 12/01/26
0
1532379 862/G02 F 96,000.00 ZZ
360 95,941.84 1
262 HANNALEI DRIVE 8.500 738.16 80
8.250 738.16 120,000.00
VISTA CA 92083 1 10/21/96 00
0430072157 05 12/01/96 0
4272621 O 11/01/26
0
1532463 E22/G02 F 71,350.00 ZZ
360 71,086.50 1
1
7125 NEWTON DRIVE 9.750 613.01 90
9.500 613.01 79,300.00
OVERLAND PARK KS 66204 1 08/29/96 04
0410257331 03 10/01/96 25
410257331 N 09/01/26
0
1532502 420/G02 F 75,950.00 ZZ
360 75,906.30 1
701 WADDELL WAY 8.750 597.50 80
8.500 597.50 94,950.00
MODESTO CA 95357 1 10/22/96 04
0430077958 05 12/01/96 12
342345 N 11/01/26
0
1532517 A91/G02 F 175,000.00 ZZ
360 174,901.89 1
56 FARRELL STREET 8.875 1,392.38 78
8.625 1,392.38 225,000.00
NEW HYDE PARK NY 11040 1 10/16/96 00
0430051581 05 12/01/96 0
171165 O 11/01/26
0
1532528 526/G02 F 135,900.00 ZZ
360 135,829.54 2
1481-1491 GOLDEN HILLS ROAD 9.250 1,118.02 80
9.000 1,118.02 169,900.00
GOLDEN CO 80401 1 10/22/96 00
0430080473 05 12/01/96 0
00150863 O 11/01/26
0
1532540 180/G02 F 57,050.00 ZZ
360 57,050.00 1
254 EAST RIVERSIDE DRIVE 9.125 464.18 70
8.875 464.18 81,500.00
ESTES PARK CO 80517 5 11/05/96 00
0430089334 05 01/01/97 0
4538385 N 12/01/26
0
1532542 965/G02 F 28,875.00 ZZ
360 28,860.42 1
4707 SOUTH 36TH AVENUE 9.375 240.17 75
38500 9.125 240.17 38,500.00
PHOENIX AZ 85041 1 10/28/96 00
0430076497 05 12/01/96 0
1
1532542 N 11/01/26
0
1532544 A69/G02 F 157,500.00 ZZ
360 157,500.00 4
24-26 BROOK STREET 9.750 1,353.17 90
9.500 1,353.17 175,000.00
CROTON-ON-HUDSO NY 10520 1 11/18/96 10
0430081976 05 01/01/97 25
0 N 12/01/26
0
1532567 E22/G02 F 71,100.00 ZZ
360 71,035.12 2
1501-1503 ABRAMS ROAD 9.875 617.40 88
9.625 617.40 81,000.00
DALLAS TX 75214 1 09/30/96 10
0410258768 05 11/01/96 25
410258768 N 10/01/26
0
1532568 201/G02 F 45,400.00 ZZ
360 45,375.20 1
8002 LAGOS DE CAMPO BLVD 107 9.000 365.30 90
COUNTY OF BROWARD 8.750 365.30 50,500.00
TAMARAC FL 33321 1 10/22/96 12
0430081034 01 12/01/96 25
3500935782 N 11/01/26
0
1532589 638/G02 F 68,000.00 ZZ
360 68,000.00 1
SR 3019 9.125 553.27 80
8.875 553.27 85,000.00
SALEM TOWNSHIP PA 18427 1 11/12/96 00
0430077784 05 01/01/97 0
8601305 O 12/01/26
0
1532664 A80/G02 F 58,400.00 ZZ
360 58,400.00 1
9125 SW 77TH #A-810 9.000 469.90 90
8.750 469.90 64,990.00
MIAMI FL 33156 1 11/05/96 04
0430080978 08 01/01/97 25
9615144 O 12/01/26
0
1
1532692 E22/G02 F 129,500.00 ZZ
360 129,372.09 1
58 WREN'S SONG PLACE 9.500 1,088.91 88
9.250 1,088.91 147,500.00
THE WOODLANDS TX 77382 1 09/26/96 04
0410107155 09 11/01/96 25
410107155 N 10/01/26
0
1532726 934/G02 F 19,250.00 ZZ
360 19,240.27 1
1780 79TH CAUSEWAY 9.375 160.12 55
9.125 160.12 35,000.00
NORTH BAY VILLA FL 33141 1 10/28/96 00
0430074013 01 12/01/96 0
61006467 N 11/01/26
0
1532729 638/G02 F 60,000.00 ZZ
360 59,967.23 1
17 PACKARD AVENUE UNIT 1-106 9.000 482.77 80
8.750 482.77 75,000.00
NORTH PROVIDENC RI 02911 2 10/30/96 00
0430076539 09 12/01/96 0
8603934 O 11/01/26
0
1532733 180/G02 F 64,800.00 ZZ
360 64,766.41 1
7826 HANOVER PARKWAY #102 9.250 533.09 90
9.000 533.09 72,000.00
GREENBELT MD 20770 1 10/25/96 04
0430076141 01 12/01/96 25
4609905 N 11/01/26
0
1532738 A63/G02 F 108,800.00 ZZ
360 108,800.00 1
439 DEAUVILLE PARKWAY 8.625 846.24 85
8.375 846.24 128,000.00
LINDENHURST NY 11757 1 11/27/96 01
0430092841 05 01/01/97 20
UNKNOWN N 12/01/26
0
1532754 757/757 F 104,000.00 ZZ
360 103,943.19 1
633 COUNTRY CLUB ROAD 9.000 836.81 65
8.750 836.81 160,000.00
1
DUBLIN GA 31021 5 10/11/96 00
2863900 05 12/01/96 0
2863900 N 11/01/26
0
1532768 E22/G02 F 40,450.00 ZZ
360 40,407.90 1
4221 COLE AVENUE UNIT # 108 9.250 332.77 75
9.000 332.77 53,950.00
DALLAS TX 75205 1 09/27/96 00
0410272082 01 11/01/96 0
410272082 N 10/01/26
0
1532784 180/G02 F 63,000.00 ZZ
360 63,000.00 1
1599 LOMBARD STREET NW 9.000 506.91 90
8.750 506.91 70,000.00
PALM BAY FL 32907 1 11/26/96 12
0430096867 05 01/01/97 25
4610077 N 12/01/26
0
1532794 828/G02 F 49,000.00 ZZ
360 48,975.90 1
5955 HIDDEN BOULDER 9.500 412.02 90
9.250 412.02 54,450.00
SAN ANTONIO TX 78250 1 10/30/96 01
0430078337 05 12/01/96 25
66040097 O 11/01/26
0
1532805 828/G02 F 59,600.00 ZZ
360 59,565.70 1
1015 JASMINE DRIVE 8.750 468.88 80
8.500 468.88 74,500.00
FLORESVILLE TX 78114 1 10/25/96 00
0430077453 05 12/01/96 0
66080084 O 11/01/26
0
1532811 776/G02 F 108,400.00 ZZ
360 108,346.68 1
1965 SW 239TH AVENUE 9.500 911.49 86
9.250 911.49 127,500.00
HILLSBORO OR 97123 1 10/02/96 04
0430058669 05 12/01/96 25
5036194 N 11/01/26
0
1
1532817 776/G02 F 37,100.00 ZZ
360 37,066.14 1
3823 SOUTH MARYLAND PARKWAY 9.875 322.16 70
#R6 9.625 322.16 53,000.00
LAS VEGAS NV 89119 5 09/24/96 00
0430057570 01 11/01/96 0
6334770 N 10/01/26
0
1532827 405/405 F 247,200.00 ZZ
360 247,057.77 1
129 SAN FRANCISCO BLVD 8.750 1,944.73 80
8.500 1,944.73 309,000.00
SAN ANSELMO CA 94960 1 10/18/96 00
4042420 05 12/01/96 0
4042420 O 11/01/26
0
1532840 001/G02 F 54,900.00 ZZ
360 54,873.69 1
116 BLUEBERRY LANE 9.625 466.65 90
9.375 466.65 61,000.00
INMAN SC 29349 1 10/23/96 01
0430073288 05 12/01/96 25
UNKNOWN N 11/01/26
0
1532844 A50/A50 F 75,000.00 ZZ
360 74,953.39 1
1137 E PEACHTREE ST 8.375 570.05 43
8.125 570.05 175,000.00
ST SIMONS ISLAN GA 31522 2 10/24/96 00
UNKNOWN 05 12/01/96 0
UNKNOWN O 11/01/26
0
1532854 B35/G02 F 93,000.00 ZZ
360 92,955.45 1
526 FIRST AVENUE 9.625 790.49 56
9.375 790.49 168,000.00
GALLOWAY TWP NJ 08201 2 10/29/96 00
0430089789 05 12/01/96 0
960011681 O 11/01/26
0
1532863 E97/G02 F 175,750.00 ZZ
360 175,750.00 1
1
142 NORTH CORONADO STREET 8.875 1,398.35 95
8.625 1,398.35 185,000.00
LOS ANGELES CA 90026 2 11/14/96 12
0430083717 05 01/01/97 30
961346 O 12/01/26
0
1532865 705/G02 F 108,000.00 ZZ
360 108,000.00 1
6 GLEANER LANE 8.750 849.64 75
8.500 849.64 145,000.00
LEVITTOWN NY 11756 2 11/13/96 00
0430082362 05 01/01/97 0
96300272 O 12/01/26
0
1532896 201/G02 F 81,000.00 ZZ
360 80,919.98 1
11 LEE AVENUE 9.500 681.10 75
9.250 681.10 108,000.00
HADDONFIELD NJ 08033 5 09/25/96 00
0430090571 05 11/01/96 0
1400934764 N 10/01/26
0
1532901 A32/G02 F 77,000.00 ZZ
360 76,952.14 1
3567 BUENA VISTA DRIVE 8.375 585.26 80
8.125 585.26 96,250.00
LAS VEGAS NV 89121 1 10/29/96 00
0430071183 09 12/01/96 0
134633 O 11/01/26
0
1532937 E22/G02 F 48,800.00 ZZ
360 48,774.03 1
1196-1 VILLAGE CREEK DRIVE 9.125 397.05 80
8.875 397.05 61,000.00
MT PLEASANT SC 29464 1 10/10/96 00
0410242648 01 12/01/96 0
410242648 O 11/01/26
0
1532975 638/G02 F 100,000.00 ZZ
360 100,000.00 1
482 ROOSEVELT AVENUE 9.000 804.62 80
8.750 804.62 125,000.00
LYNDHURST NJ 07071 1 11/20/96 00
0430093542 05 01/01/97 0
1
8603728 O 12/01/26
0
1532983 963/G02 F 46,400.00 ZZ
360 46,376.56 1
9804 NW 37TH STREET #E-3 9.375 385.94 80
9.125 385.94 58,000.00
SUNRISE FL 33321 1 10/31/96 00
0430073700 01 12/01/96 0
960389 O 11/01/26
0
1532993 180/G02 F 123,500.00 ZZ
360 123,434.27 2
1034 MARKET STREET 9.125 1,004.84 90
8.875 1,004.84 137,225.00
COLORADO SPRING CO 80906 1 10/30/96 12
0430077156 05 12/01/96 25
4586574 N 11/01/26
0
1533000 B75/G02 F 420,000.00 ZZ
360 419,764.54 1
306 HIGHLAND LAKE DRIVE 8.875 3,341.71 80
8.625 3,341.71 525,000.00
HIGHLAND VILLAG TX 75067 1 11/01/96 00
0430077214 05 12/01/96 0
2731651 O 11/01/26
0
1533003 405/405 F 69,750.00 ZZ
360 69,715.69 2
3700 & 3702 WEST AUSTIN COURT 9.500 586.50 90
9.250 586.50 77,500.00
DECAUTUR GA 30032 1 11/06/96 12
4034690 05 12/01/96 25
4034690 N 11/01/26
0
1533005 405/405 F 197,000.00 ZZ
360 197,000.00 1
3400 ROCKFIELD DRIVE 8.500 1,514.76 94
8.250 1,514.76 210,000.00
WILMINGTON DE 19810 2 11/06/96 11
4047239 05 01/01/97 30
4047239 O 12/01/26
0
1
1533014 405/405 F 38,000.00 ZZ
360 37,965.32 1
227 OAK STREET 9.875 329.98 89
9.625 329.98 43,000.00
WHITPAIN TOWNSH PA 19002 1 09/26/96 04
4005963 07 11/01/96 25
4005963 N 10/01/26
0
1533020 624/G02 F 99,000.00 ZZ
360 98,944.50 1
2134 NAVAJO COURT 8.875 787.69 75
8.625 787.69 132,000.00
OAKDALE CA 95361 2 10/23/96 00
0430075242 05 12/01/96 0
41300160123 O 11/01/26
0
1533052 593/593 F 344,000.00 ZZ
360 343,592.34 1
1140 PINERIDGE DRIVE 8.625 2,675.60 85
8.375 2,675.60 405,000.00
RENO NV 89509 2 09/27/96 95
6310528 05 11/01/96 0
6310528 O 10/01/26
0
1533092 B75/G02 F 148,000.00 ZZ
360 147,849.94 1
742 E PALO VERDE ST 9.375 1,230.99 80
9.125 1,230.99 185,000.00
GILBERT AZ 85296 2 09/26/96 11
0430094581 05 11/01/96 25
2475515 O 10/01/26
0
1533111 180/G02 F 135,000.00 ZZ
360 135,000.00 4
1812 MONTEREY ROAD 9.000 1,086.25 90
8.750 1,086.25 150,000.00
COLORADO SPRING CO 80910 1 11/11/96 04
0430089474 05 01/01/97 25
4585592 N 12/01/26
0
1533113 635/635 F 52,500.00 ZZ
360 52,472.06 1
2746 BLEEKER 9.125 427.16 70
8.875 427.16 75,000.00
1
TOLEDO OH 43616 5 10/31/96 00
6640429 05 12/01/96 0
6640429 N 11/01/26
0
1533122 526/G02 F 50,000.00 ZZ
360 49,953.15 2
695 EAST 2650 NORTH 9.750 429.58 89
9.500 429.58 56,600.00
NORTH OGDEN UT 84414 1 09/23/96 10
0430073841 05 11/01/96 25
00143794 N 10/01/26
0
1533144 B38/G02 F 87,400.00 ZZ
360 87,400.00 1
7302 LANCE AVENUE 8.875 695.39 95
8.625 695.39 92,000.00
PASADENA TX 77505 2 11/15/96 11
0430089664 09 01/01/97 30
1843 O 12/01/26
0
1533184 E22/G02 F 40,000.00 ZZ
360 39,980.83 1
17 ALAMANDA DRIVE 9.625 340.00 89
9.375 340.00 45,000.00
ORMOND BEACH FL 32176 1 10/15/96 04
0410242838 05 12/01/96 25
410242838 N 11/01/26
0
1533185 E22/G02 F 109,800.00 T
360 109,751.43 1
326 S E EVANS AVENUE 10.000 963.57 90
9.750 963.57 122,000.00
PORT ST LUCIE FL 34984 1 10/11/96 23
0410244693 05 12/01/96 0
410244693 O 11/01/26
0
1533186 E22/G02 F 24,350.00 ZZ
360 24,339.23 1
2105 GREENS BLVD UNIT # C202 10.000 213.69 60
9.750 213.69 40,625.00
MYRTLE BEACH SC 29577 1 10/08/96 00
0410243968 01 12/01/96 0
410243968 N 11/01/26
0
1
1533191 E22/G02 F 45,000.00 ZZ
360 44,860.94 1
117 MURRAY COURT 9.375 374.29 43
9.125 374.29 105,000.00
MARINE CITY MI 48039 1 05/17/96 00
0410139976 05 07/01/96 0
410139976 O 06/01/26
0
1533224 F03/G02 F 81,000.00 ZZ
360 81,000.00 1
1717 MONTVIEW ROAD 9.625 688.50 90
9.375 688.50 90,000.00
GREELEY CO 80631 1 11/13/96 01
0430077503 05 01/01/97 25
DEN10260 N 12/01/26
0
1533234 405/405 F 117,700.00 ZZ
360 117,580.66 2
413 FAN TAIL LOOP 9.375 978.97 85
9.125 978.97 138,500.00
LAKEWAY TX 78734 1 10/03/96 04
4012019 05 11/01/96 25
4012019 N 10/01/26
0
1533272 G13/G02 F 83,525.00 ZZ
360 83,484.98 1
7113 ASHWORTH DRIVE 9.625 709.96 70
9.375 709.96 120,000.00
N RICHLAND HILL TX 76180 1 10/25/96 00
0430085225 05 12/01/96 0
UNKNOWN N 11/01/26
0
1533286 526/G02 F 110,700.00 ZZ
360 110,645.55 1
6831 NORTH MOORE AVENUE 9.500 930.83 90
9.250 930.83 123,000.00
PORTLAND OR 97217 1 10/02/96 10
0430075432 05 12/01/96 25
0147507 N 11/01/26
0
1533287 F03/G02 F 96,050.00 ZZ
360 95,993.29 1
1
6663 GRAY STREET 8.625 747.07 85
8.375 747.07 113,000.00
ARVADA CO 80003 5 10/28/96 12
0430074369 05 12/01/96 12
UNKNOWN O 11/01/26
0
1533292 F03/G02 F 49,000.00 ZZ
360 49,000.00 1
3445 QUAY STREET 8.625 381.12 42
8.375 381.12 119,000.00
WHEAT RIDGE CO 80033 1 11/06/96 00
0430073791 05 01/01/97 0
DEN10208 O 12/01/26
0
1533295 F03/G02 F 168,000.00 ZZ
360 167,900.81 1
6893 JOHNSON STREET 8.625 1,306.69 80
8.375 1,306.69 210,000.00
ARVADA CO 80004 1 10/28/96 00
0430066498 03 12/01/96 0
DEN10209 O 11/01/26
0
1533297 E87/G02 F 65,000.00 ZZ
360 65,000.00 1
825 MANITA TRAIL 8.875 517.17 52
8.625 517.17 125,000.00
FRAZIER PARK CA 93225 5 11/01/96 00
0430081471 05 01/01/97 0
70000194 O 12/01/26
0
1533303 526/G02 F 27,950.00 ZZ
360 27,923.80 1
901 JACK STREET 9.750 240.14 65
9.500 240.14 43,000.00
BALTIMORE MD 21225 5 09/24/96 00
0430091140 02 11/01/96 0
0147187 N 10/01/26
0
1533305 965/G02 F 60,000.00 ZZ
360 59,965.48 1
922 SOUTH FIFTH STREET 8.750 472.02 80
8.500 472.02 75,000.00
COTTONWOOD AZ 86326 1 10/28/96 00
0430076117 05 12/01/96 0
1
1533305 O 11/01/26
0
1533313 667/G02 F 280,000.00 ZZ
360 279,830.37 1
17421 SUNBURST STREET 8.500 2,152.96 80
8.250 2,152.96 350,000.00
NORTHRIDGE AREA CA 91325 1 10/25/96 00
0430071837 05 12/01/96 0
74000012 O 11/01/26
0
1533314 253/253 F 88,200.00 ZZ
360 88,151.82 1
532 DETROIT ST 9.000 709.68 90
8.750 709.68 98,000.00
DENVER CO 80206 1 10/09/96 10
322280 09 12/01/96 25
322280 N 11/01/26
0
1533321 624/G02 F 114,400.00 ZZ
360 114,335.86 1
1390 CLARKIA LANE 8.875 910.22 80
8.625 910.22 143,000.00
MISSOULA MT 59802 5 10/24/96 00
0430075630 05 12/01/96 0
73000160073 O 11/01/26
0
1533339 664/G02 F 38,250.00 ZZ
360 38,230.16 1
606 AVENUE J 9.250 314.68 85
9.000 314.68 45,000.00
MARBLE FALLS TX 78654 1 10/10/96 10
0430058628 05 12/01/96 20
2148211 N 11/01/26
0
1533341 526/G02 F 231,600.00 ZZ
360 231,365.16 1
29959 NORTH 77TH PLACE 9.375 1,926.34 80
9.125 1,926.34 289,500.00
SCOTTSDALE AZ 85262 1 09/27/96 00
0430093237 03 11/01/96 0
0148633 O 10/01/26
0
1
1533387 626/G02 F 51,450.00 ZZ
360 51,423.32 1
4201 E. CAMELBACK ROAD #6 9.250 423.27 90
9.000 423.27 57,200.00
PHOENIX AZ 85018 1 10/01/96 10
0430085233 01 12/01/96 25
6665277 N 11/01/26
0
1533390 626/G02 F 134,400.00 ZZ
360 134,326.58 1
17940 SW CHEYENNE WAY 9.000 1,081.42 80
8.750 1,081.42 168,000.00
TUALATIN OR 97062 5 10/01/96 00
0430089938 05 12/01/96 0
666549 O 11/01/26
0
1533402 E22/G02 F 41,400.00 ZZ
360 41,342.85 1
3108 LUCAS TERRACE 10.125 367.14 88
9.875 367.14 47,500.00
PLANO TX 75074 1 09/26/96 04
0410269955 05 11/01/96 25
410269955 N 10/01/26
0
1533423 766/G02 F 55,500.00 ZZ
360 55,442.24 1
7170 SW 3 STREET 9.250 456.58 53
9.000 456.58 105,000.00
MIAMI FL 33144 5 09/23/96 00
0430077610 05 11/01/96 0
96SG0871 O 10/01/26
0
1533457 227/G02 F 88,000.00 ZZ
360 87,913.07 1
234 RED MESA HEIGHTS ROAD 9.500 739.96 80
9.250 739.96 110,000.00
GRAND JUCTION CO 81503 1 09/24/96 00
0430092171 05 11/01/96 0
1663606 O 10/01/26
0
1533477 B33/G02 F 178,600.00 ZZ
360 178,600.00 2
1672 EAST 46TH STREET 8.750 1,405.05 95
8.500 1,405.05 188,000.00
1
BROOKLYN NY 11234 1 11/25/96 14
0430090563 05 01/01/97 30
961192 O 12/01/26
0
1533482 E58/G02 F 67,500.00 ZZ
360 67,443.14 4
295-297 EAST 156TH STREET 10.250 604.87 90
10.000 604.87 75,000.00
CLEVELAND OH 44110 1 09/27/96 12
0430072090 05 11/01/96 30
13522 N 10/01/26
0
1533505 623/623 F 108,750.00 ZZ
360 108,432.28 1
7143 SOMERSWORTH DRIVE 9.125 884.83 75
8.875 884.83 145,000.00
ORLANDO FL 32835 1 09/12/96 00
900072 03 11/01/96 0
900072 O 10/01/26
0
1533557 623/623 F 200,000.00 ZZ
360 199,802.46 1
7269 OAKBAY DRIVE 9.500 1,681.71 77
9.250 1,681.71 262,500.00
NOBLESVILLE IN 46060 1 09/09/96 00
897606 03 11/01/96 0
897606 O 10/01/26
0
1533568 B75/G02 F 36,000.00 ZZ
360 36,000.00 1
8480 SW 156 PL #625 9.250 296.16 80
9.000 296.16 45,000.00
MIAMI FL 33193 1 11/14/96 01
0430091827 01 01/01/97 17
2684975 N 12/01/26
0
1533578 623/623 F 130,000.00 ZZ
360 129,426.84 1
15815 49TH AVENUE NORTH 9.875 1,128.85 77
9.625 1,128.85 169,000.00
PLYMOUTH MN 55446 2 09/20/96 00
901074 05 11/01/96 0
901074 O 10/01/26
0
1
1533593 638/G02 F 163,000.00 ZZ
360 163,000.00 1
5407 EAST CALLE REDONDA 8.875 1,296.90 67
8.625 1,296.90 244,000.00
PHOENIX AZ 85018 5 11/14/96 00
0430093104 05 01/01/97 0
8603674 O 12/01/26
0
1533601 638/G02 F 42,300.00 ZZ
360 42,278.07 1
1705 JANEEN STREET 9.250 347.99 90
9.000 347.99 47,000.00
YUKON OK 73099 1 10/29/96 10
0430074476 05 12/01/96 25
8600289 N 11/01/26
0
1533606 638/G02 F 68,750.00 ZZ
360 68,710.44 1
3402 SOUTH 500 EAST 8.750 540.86 90
8.500 540.86 76,400.00
SOUTH SALT LAKE UT 84115 1 10/29/96 01
0430074583 05 12/01/96 25
8598945 N 11/01/26
0
1533629 E22/G02 F 22,100.00 ZZ
360 22,079.82 1
613 N EUCLID AVE 9.875 191.91 81
9.625 191.91 27,600.00
INDIANAPOLIS IN 46201 1 10/03/96 04
0410162556 05 11/01/96 25
410162556 N 10/01/26
0
1533648 405/405 F 94,900.00 ZZ
360 94,900.00 1
7450 EL REDONDO CIRCLE 8.125 704.63 65
7.875 704.63 146,000.00
BUENA PARK CA 90620 5 11/01/96 00
4057667 05 01/01/97 0
4057667 N 12/01/26
0
1533659 624/G02 F 204,000.00 ZZ
360 203,876.42 1
1
26 CHICORY WAY 8.500 1,568.58 80
8.250 1,568.58 255,000.00
IRVINE CA 92715 1 10/25/96 00
0430075754 09 12/01/96 0
37003060143 O 11/01/26
0
1533667 526/G02 F 132,600.00 ZZ
360 132,461.98 1
3016 CUTLER AVENUE NE 9.250 1,090.87 85
9.000 1,090.87 156,000.00
ALBUQUERQUE NM 87106 5 09/23/96 10
0430057091 05 11/01/96 12
144713 O 10/01/26
0
1533669 405/405 F 125,700.00 ZZ
360 125,700.00 1
16948 SIERRA HWY 9.125 1,022.74 75
8.875 1,022.74 167,613.00
CANYON COUNTRY CA 91351 1 11/06/96 00
4057600 05 01/01/97 0
4057600 O 12/01/26
0
1533677 E22/G02 F 93,520.00 ZZ
360 93,422.65 1
5255 NORTH RIVER EDGE TERRACE 9.250 769.37 80
UNIT 515 9.000 769.37 116,900.00
CHICAGO IL 60630 1 09/30/96 00
0410172928 01 11/01/96 0
410172928 O 10/01/26
0
1533678 526/G02 F 72,000.00 ZZ
360 71,934.29 1
46 ASTOR COURT 9.875 625.22 90
9.625 625.22 80,000.00
SAYREVILLE NJ 08872 1 09/27/96 10
0430062844 01 11/01/96 25
138698 N 10/01/26
0
1533680 623/623 F 220,000.00 ZZ
360 219,745.93 3
5030 W STRONG 8.750 1,730.74 88
8.500 1,730.74 250,000.00
CHICAGO IL 60630 1 09/30/96 10
902073 05 11/01/96 25
1
902073 O 10/01/26
0
1533701 526/G02 F 106,640.00 ZZ
360 106,492.12 1
42 ROUTE 32 9.750 916.21 80
9.500 916.21 133,300.00
NEW WINDSOR NY 12553 1 09/30/96 00
0430058487 01 11/01/96 0
146138 O 10/01/26
0
1533715 638/G02 F 104,000.00 ZZ
360 104,000.00 1
602 LIMECREST ROAD 9.000 836.81 80
8.750 836.81 130,000.00
ANDOVER NJ 07860 1 11/19/96 00
0430091058 05 01/01/97 0
8603524 O 12/01/26
0
1533716 526/G02 F 170,000.00 ZZ
360 169,818.37 1
62 PENNINGTON ROAD 9.125 1,383.18 85
8.875 1,383.18 200,000.00
NEW BRUNSWICK NJ 08903 5 09/06/96 10
0430075424 05 11/01/96 25
132501 O 10/01/26
0
1533742 480/G02 F 90,950.00 ZZ
360 90,908.68 1
3506-3510 LOWELL BOULEVARD 9.875 789.76 85
9.625 789.76 107,000.00
DENVER CO 80211 1 10/08/96 12
0430069013 05 12/01/96 25
1940824 N 11/01/26
0
1533757 560/560 F 36,400.00 ZZ
360 36,380.72 1
8093 CLOVERLAWN 9.250 299.46 70
9.000 299.46 52,000.00
DETROIT MI 48204 5 10/16/96 00
450550850 05 12/01/96 0
450550850 N 11/01/26
0
1
1533774 B43/G02 F 188,000.00 ZZ
360 187,889.00 1
3293 COOLEY MESA ROAD 8.625 1,462.25 80
8.375 1,462.25 235,000.00
GYPSUM CO 81637 1 10/31/96 00
0430073981 05 12/01/96 0
UNKNOWN O 11/01/26
0
1533825 911/G02 F 156,000.00 ZZ
360 155,912.54 1
5610 SW 166 AVE 8.875 1,241.21 80
8.625 1,241.21 195,000.00
FT LAUDERDALE FL 33331 1 10/25/96 00
0430078063 05 12/01/96 0
1961019 O 11/01/26
0
1533832 526/G02 F 69,000.00 ZZ
360 69,000.00 1
631 WEST COLORADO BLVD. 9.125 561.41 75
8.875 561.41 92,000.00
SPEARFISH SD 57783 1 11/06/96 00
0430090803 03 01/01/97 0
00152703 N 12/01/26
0
1533834 405/405 F 237,500.00 ZZ
360 237,363.35 1
20602 TRABUCO OAKS DRIVE 8.750 1,868.42 95
8.500 1,868.42 250,000.00
TRABUCO CANYON CA 92678 2 10/29/96 11
004046124 05 12/01/96 30
004046124 O 11/01/26
0
1533844 638/G02 F 45,000.00 ZZ
360 44,976.67 1
242 ARNOT STREET 9.250 370.20 90
9.000 370.20 50,000.00
ST CLAIR BOROUG PA 17970 1 10/31/96 04
0430073866 05 12/01/96 25
8603180 N 11/01/26
0
1533851 624/G02 F 132,000.00 ZZ
360 132,000.00 1
20359 EAST YALE DRIVE 8.875 1,050.25 60
8.625 1,050.25 220,000.00
1
WALNUT CA 91789 5 10/30/96 00
0430076679 05 01/01/97 0
34087760873 O 12/01/26
0
1533853 180/G02 F 58,500.00 ZZ
360 58,466.34 1
3111 COLLIER DRIVE 8.750 460.22 90
8.500 460.22 65,000.00
GREENSBORO NC 27403 1 10/31/96 04
0430073106 05 12/01/96 25
4145983 N 11/01/26
0
1533886 405/405 F 71,900.00 ZZ
360 71,864.63 2
208-210 EAST MAIN STREET 9.500 604.58 90
9.250 604.58 79,900.00
BURKITTSVILLE MD 21773 1 10/31/96 01
4044434 05 12/01/96 25
4044434 N 11/01/26
0
1533887 405/405 F 332,100.00 ZZ
360 332,100.00 1
59-490 AUKAUKA ROAD 8.625 2,583.04 90
8.375 2,583.04 369,000.00
HALEIWA HI 96712 1 11/04/96 10
4054334 05 01/01/97 25
4054334 O 12/01/26
0
1533897 965/G02 F 70,850.00 ZZ
360 70,850.00 1
850 SOUTH RIVER DRIVE #1060 9.250 582.87 90
9.000 582.87 78,750.00
TEMPE AZ 85281 1 11/08/96 10
0430076695 01 01/01/97 25
1533897 N 12/01/26
0
1533930 E22/G02 F 138,750.00 ZZ
360 138,672.21 1
8252 OAK AVENUE 8.875 1,103.96 75
8.625 1,103.96 185,000.00
CITRUS HEIGHTS CA 95610 5 10/01/96 00
0410273049 05 12/01/96 0
410273049 O 11/01/26
0
1
1534016 F42/G02 F 180,000.00 ZZ
360 180,000.00 1
2043 RIPLEY LANE 8.250 1,352.28 77
8.000 1,352.28 233,892.00
MERRICK NY 11566 2 11/12/96 00
0430079178 05 01/01/97 0
0923966 O 12/01/26
0
1534036 201/G02 F 128,800.00 ZZ
360 128,576.04 1
13739 MORNINGBLUFF 8.750 1,013.28 80
8.500 1,013.28 161,000.00
SAN ANTONIO TX 78216 1 08/20/96 00
0430059287 03 10/01/96 0
4200926592 O 09/01/26
0
1534039 455/G02 F 140,400.00 ZZ
360 140,332.73 3
330 HOME PARK AVENUE 9.625 1,193.39 75
9.375 1,193.39 187,250.00
ATLANTA GA 30318 4 10/18/96 00
0430093294 05 12/01/96 0
52871 N 11/01/26
0
1534328 180/G02 F 61,200.00 ZZ
360 61,200.00 4
8292 STERN 9.125 497.94 90
8.875 497.94 68,000.00
BATON ROUGE LA 70820 1 11/07/96 04
0430082065 05 01/01/97 25
4589099 N 12/01/26
0
1534332 180/G02 F 94,500.00 ZZ
360 94,500.00 1
114 LATHROP AVENUE 8.875 751.88 90
8.625 751.88 105,000.00
FOREST PARK IL 60130 1 11/21/96 04
0430095489 05 01/01/97 25
4548616 N 12/01/26
0
1534337 180/G02 F 245,600.00 ZZ
360 245,462.32 1
1
4437 S AKRON STREET 8.875 1,954.10 80
8.625 1,954.10 307,000.00
ENGLEWOOD CO 80111 1 10/31/96 00
0430077321 05 12/01/96 0
4585311 O 11/01/26
0
1534353 664/G02 F 33,750.00 ZZ
360 33,750.00 1
11120 VALLEY DALE DRIVE UNIT D 9.500 283.79 90
9.250 283.79 37,500.00
DALLAS TX 75230 1 11/06/96 12
0430077685 01 01/01/97 25
2205359 N 12/01/26
0
1534385 253/253 F 50,000.00 ZZ
360 50,000.00 1
3803 TATTERSHALL LANE 9.125 406.82 52
8.875 406.82 97,000.00
AUSTIN TX 78727 5 11/06/96 00
323318 05 01/01/97 0
323318 N 12/01/26
0
1534396 633/G02 F 58,500.00 ZZ
360 58,500.00 1
1302 WEST AVENUE., J-4 8.375 444.64 88
8.125 444.64 67,000.00
LANCASTER CA 93534 2 11/07/96 10
0430091017 01 01/01/97 25
671585 N 12/01/26
0
1534417 664/G02 F 75,200.00 ZZ
360 75,152.04 1
1207 LAUREL GLEN BOULEVARD 8.250 564.96 80
8.000 564.96 94,000.00
LEANDER TX 78641 1 10/29/96 00
0430075770 05 12/01/96 0
2148609 O 11/01/26
0
1534430 G59/G02 F 300,000.00 ZZ
360 299,831.81 1
0131 VILLAGE BOUND RD 8.875 2,386.94 43
8.625 2,386.94 710,000.00
SNOWMASS VILLAG CO 81615 1 11/04/96 00
0430077297 07 12/01/96 0
1
1534430 N 11/01/26
0
1534439 F19/G02 F 206,000.00 ZZ
360 206,000.00 1
108 WAUGH AVENUE 8.500 1,583.96 80
8.250 1,583.96 257,500.00
SANTA CRUZ CA 95065 1 10/29/96 00
0430072900 05 01/01/97 0
1534439 O 12/01/26
0
1534453 828/G02 F 71,050.00 ZZ
360 71,050.00 1
5909 BELFAST DRIVE 8.750 558.96 90
8.500 558.96 78,950.00
AUSTIN TX 78723 1 11/08/96 04
0430093559 05 01/01/97 25
65250059 N 12/01/26
0
1534455 E26/G02 F 124,400.00 ZZ
360 124,346.42 1
1502 CASINO CIRCLE 10.125 1,103.21 80
9.875 1,103.21 155,500.00
SILVER SPRING MD 20906 5 10/09/96 00
0430075911 09 12/01/96 0
421131 O 11/01/26
0
1534472 964/G02 F 250,000.00 ZZ
360 249,844.61 1
18 NORTHAMPTON AVENUE 8.375 1,900.18 70
8.125 1,900.18 358,000.00
BERKELEY CA 94707 1 10/10/96 00
0430073114 05 12/01/96 0
20508 O 11/01/26
0
1534486 E22/G02 F 36,450.00 ZZ
360 36,433.88 1
4318 EATON 10.000 319.87 85
9.750 319.87 43,000.00
KANSAS CITY KS 66103 1 10/04/96 04
0410260277 05 12/01/96 25
410260277 N 11/01/26
0
1
1534518 A01/G02 F 116,250.00 ZZ
360 116,250.00 1
8319 E GARIBALDI AVENUE 8.625 904.19 75
8.375 904.19 155,000.00
SAN GABRIEL ARE CA 91775 1 11/06/96 00
0430081281 05 01/01/97 0
NG O 12/01/26
0
1534534 635/635 F 45,700.00 ZZ
360 45,700.00 1
107 GRANT STREET 9.125 371.84 90
8.875 371.84 50,800.00
WARNER ROBINS GA 31088 1 11/13/96 10
663839900 05 01/01/97 25
663839900 N 12/01/26
0
1534562 B35/G02 F 67,200.00 ZZ
360 67,200.00 2
1204 ENGLEWOOD STREET 8.625 522.68 80
8.375 522.68 84,000.00
PHILADELPHIA PA 19111 1 11/08/96 00
0430076604 05 01/01/97 0
9682011216 O 12/01/26
0
1534645 766/G02 F 37,400.00 ZZ
360 37,382.08 1
19201 COLLINS AVENUE 9.625 317.90 75
#343 9.375 317.90 49,900.00
MIAMI FL 33160 1 10/18/96 00
0430064865 06 12/01/96 0
96HA106 N 11/01/26
0
1534671 638/G02 F 67,500.00 ZZ
360 67,467.67 1
3622 TRINIDAD 9.625 573.74 90
9.375 573.74 75,000.00
NORMAN OK 73072 1 10/31/96 10
0430075341 05 12/01/96 25
8604700 N 11/01/26
0
1534674 828/G02 F 60,750.00 ZZ
360 60,750.00 1
222 E FRANKLIN STREET 9.500 510.82 90
9.250 510.82 67,500.00
1
GRAPEVINE TX 70651 1 11/08/96 12
0430078329 05 01/01/97 25
65530003 N 12/01/26
0
1534675 A26/G02 F 141,550.00 ZZ
360 141,550.00 3
9 TRIMBLE STREET 9.250 1,164.50 95
9.000 1,164.50 149,000.00
GARNERVILLE NY 10923 1 11/13/96 14
0430079608 05 01/01/97 35
7884 O 12/01/26
0
1534676 001/G02 F 245,600.00 ZZ
360 245,454.99 1
1030 INLET COURT 8.625 1,910.26 80
8.375 1,910.26 310,000.00
WESTERVILLE OH 43082 2 11/04/96 00
0430077479 05 12/01/96 0
1511876 O 11/01/26
0
1534685 180/G02 F 94,500.00 ZZ
360 94,451.01 2
101-03 W 73RD ST 9.250 777.43 90
9.000 777.43 105,000.00
KANSA CITY MO 64113 1 10/30/96 04
0430080770 05 12/01/96 25
UNKNOWN N 11/01/26
0
1534740 E48/G02 F 82,350.00 ZZ
360 82,306.17 1
124 BRENTWOOD POINTE 9.125 670.03 90
8.875 670.03 91,500.00
BRENTWOOD TN 37027 1 10/30/96 01
0430075416 01 12/01/96 25
2276 N 11/01/26
0
1534793 180/G02 F 138,150.00 ZZ
360 138,070.51 1
10439 COURTHOUSE DRIVE 8.750 1,086.83 90
8.500 1,086.83 153,500.00
FAIRFAX VA 22030 1 10/31/96 04
0430077768 09 12/01/96 25
4611422 N 11/01/26
0
1
1534888 F64/G02 F 47,700.00 ZZ
360 47,700.00 1
409 F SAVAGE DRIVE 9.375 396.75 90
9.125 396.75 53,000.00
NEWPORT NEWS VA 23606 1 11/08/96 04
0430080697 09 01/01/97 25
174847 N 12/01/26
0
1534889 561/G02 F 99,350.00 ZZ
360 99,350.00 1
1090 JOHNSON MILL ROAD 9.000 799.40 75
8.750 799.40 132,500.00
BERKELEY SPRING WV 25411 1 11/11/96 00
0430089243 05 01/01/97 0
8910986 O 12/01/26
0
1534895 A78/G02 F 292,000.00 ZZ
360 291,836.29 1
1357 43RD AVENUE 8.875 2,323.29 80
#62 8.625 2,323.29 365,000.00
GREELEY CO 80634 4 10/30/96 00
0430072264 03 12/01/96 0
080571098 O 11/01/26
0
1534903 405/405 F 180,000.00 ZZ
360 180,000.00 1
111 BELVEDERE DRIVE 8.875 1,432.17 48
8.625 1,432.17 375,000.00
MILL VALLEY CA 94941 5 11/01/96 00
4049037 05 01/01/97 0
4049037 N 12/01/26
0
1534905 E22/G02 F 90,000.00 ZZ
360 89,944.06 1
862 HOLLY SANDS BOULEVARD 8.375 684.07 77
8.125 684.07 117,000.00
LITTLE RIVER SC 29566 2 10/17/96 00
0410244743 05 12/01/96 0
410244743 O 11/01/26
0
1534929 201/G02 F 92,800.00 ZZ
360 92,754.35 1
1
509 BROOKSIDE LANE 9.500 780.32 80
COUNTY OF SOMERSET 9.250 780.32 116,000.00
HILLSBOROUGH NJ 08853 1 10/08/96 04
0430076190 09 12/01/96 12
2800919082 N 11/01/26
0
1534934 731/G02 F 650,000.00 ZZ
360 650,000.00 1
359 FIRST GREEN DRIVE 8.750 5,113.55 61
8.500 5,113.55 1,068,000.00
INCLINE VILLAGE NV 89451 1 11/20/96 00
0430088898 05 01/01/97 0
110541217 N 12/01/26
0
1534936 965/G02 F 106,000.00 ZZ
360 105,934.11 4
2241 E CACTUS ROAD 8.375 805.68 80
8.125 805.68 132,500.00
PHOENIX AZ 85022 1 10/25/96 10
0430075234 05 12/01/96 12
1534936 N 11/01/26
0
1534937 E67/G02 F 127,500.00 ZZ
360 127,500.00 1
61482 ADMIRAL WAY 8.750 1,003.04 75
8.500 1,003.04 170,000.00
BEND OR 97702 5 11/13/96 00
0430081448 05 01/01/97 0
5800 O 12/01/26
0
1534938 731/G02 F 282,400.00 ZZ
360 282,400.00 1
24910 U.S HIGHWAY 160 9.375 2,348.86 80
9.125 2,348.86 353,000.00
PAGOSA SPRINGS CO 81147 1 11/08/96 00
0430076158 05 01/01/97 0
590710125 O 12/01/26
0
1534942 624/G02 F 223,250.00 ZZ
360 223,134.27 1
179 CHURCHILL PLACE 9.250 1,836.62 95
9.000 1,836.62 235,000.00
GILROY CA 95020 1 11/01/96 04
0430094599 05 12/01/96 30
1
63011860026 O 11/01/26
0
1534943 637/G02 F 103,100.00 ZZ
360 103,050.61 1
1101 N.W. 129TH AVENUE 9.625 876.34 80
9.375 876.34 128,990.00
MIAMI FL 33182 1 10/21/96 00
0430090076 05 12/01/96 0
9452590 O 11/01/26
0
1534945 965/G02 F 116,100.00 ZZ
360 116,034.92 1
3902 EAST ROSEMONT DRIVE 8.875 923.74 75
8.625 923.74 154,900.00
PHOENIX AZ 85024 1 10/28/96 00
0430073262 03 12/01/96 0
1534945 N 11/01/26
0
1534954 731/G02 F 132,000.00 ZZ
360 131,924.06 1
1027 CARA COURT 8.750 1,038.44 80
8.500 1,038.44 165,000.00
CARBONDALE CO 81623 1 10/15/96 00
0430063404 09 12/01/96 0
590710120 O 11/01/26
0
1534955 685/G02 F 300,000.00 ZZ
360 299,836.13 1
1016 LAA LANE 9.000 2,413.87 80
8.750 2,413.87 375,000.00
HONOLULU HI 96819 2 10/07/96 00
0430080200 05 12/01/96 0
20001 O 11/01/26
0
1534974 909/G02 F 182,000.00 ZZ
360 181,900.59 1
17500 TWO BAR ROAD 9.000 1,464.41 70
8.750 1,464.41 260,000.00
BOULDER CREEK CA 95006 5 10/16/96 00
0430094177 05 12/01/96 0
6003551 O 11/01/26
0
1
1534977 862/G02 F 211,700.00 ZZ
360 211,571.75 1
35899 ENTERPRISE ROAD 8.500 1,627.79 89
8.250 1,627.79 238,000.00
CRESWELL OR 97426 2 10/14/96 01
0430068429 05 12/01/96 25
4282497 O 11/01/26
0
1534978 862/G02 F 137,500.00 ZZ
360 137,426.82 1
3166 NORTH MOUNTAIN VIEW DRIVE 9.125 1,118.75 75
8.875 1,118.75 185,000.00
SAN DIEGO CA 92116 5 10/14/96 00
0430064568 05 12/01/96 0
4273082 O 11/01/26
0
1534979 862/G02 F 65,300.00 ZZ
360 65,266.14 1
2029 NORTH 87TH STREET 9.250 537.21 79
9.000 537.21 83,700.00
SCOTTSDALE AZ 85257 1 10/08/96 04
0430076174 05 12/01/96 12
4232542 N 11/01/26
0
1534992 E22/G02 F 97,750.00 ZZ
360 97,695.20 1
9276 SADDLEBROOK DRIVE 8.875 777.74 85
8.625 777.74 115,000.00
BOCA RATON FL 33496 5 10/17/96 23
0410245799 05 12/01/96 0
410245799 O 11/01/26
0
1534999 E22/G02 F 59,200.00 ZZ
360 59,138.39 1
11303 VANCE JACKSON #L52 9.250 487.02 80
9.000 487.02 74,000.00
SAN ANTONIO TX 78230 1 09/30/96 00
0410260335 01 11/01/96 0
410260335 O 10/01/26
0
1535031 F41/G02 F 22,500.00 ZZ
360 22,500.00 1
119 LEXINGTON STREET #1L 9.500 189.19 75
9.250 189.19 30,000.00
1
BOSTON MA 02128 1 11/14/96 00
0430094078 01 01/01/97 0
28878 N 12/01/26
0
1535039 638/G02 F 124,000.00 ZZ
360 124,000.00 1
614 FRONT STREET 9.125 1,008.90 80
8.875 1,008.90 155,000.00
MARION MA 02738 1 11/15/96 00
0430087684 05 01/01/97 0
08605723 O 12/01/26
0
1535074 638/G02 F 50,490.00 ZZ
360 50,490.00 1
997 SOUTH 10TH STREET 9.500 424.55 90
9.250 424.55 56,100.00
NOBLESVILLE IN 46060 1 11/14/96 04
0430090928 05 01/01/97 25
8604728 N 12/01/26
0
1535080 350/G02 F 69,500.00 ZZ
360 69,500.00 1
2508 HARLEY DRIVE 9.000 559.21 78
8.750 559.21 90,000.00
GREENSBORO NC 27407 2 11/25/96 10
0430096321 05 01/01/97 12
0050132 N 12/01/26
0
1535098 776/G02 F 125,650.00 ZZ
360 125,650.00 1
8337 UTICA DRIVE 8.750 988.49 69
8.500 988.49 184,000.00
LOS ANGELES CA 90046 1 11/11/96 00
0430093179 05 01/01/97 0
6138673 O 12/01/26
0
1535099 664/G02 F 72,250.00 ZZ
360 72,250.00 1
1425 NW COUCH STREET 9.000 581.34 85
8.750 581.34 85,000.00
CAMAS WA 98607 5 11/06/96 23
0430082156 05 01/01/97 0
2223782 O 12/01/26
0
1
1535111 405/405 F 130,050.00 ZZ
360 129,977.09 2
16508 72ND AVE COURT EAST 8.875 1,034.74 85
8.625 1,034.74 153,000.00
PUYALLUP WA 98373 1 10/01/96 01
4021028 05 12/01/96 20
4021028 O 11/01/26
0
1535162 E22/G02 F 126,000.00 ZZ
360 125,929.36 1
10216 S W 53RD STREET 8.875 1,002.51 80
8.625 1,002.51 157,500.00
COOPER CITY FL 33328 1 10/23/96 00
0410245930 05 12/01/96 0
410245930 O 11/01/26
0
1535187 201/G02 F 56,500.00 ZZ
360 56,415.94 1
2600 W. NEWTON CIRCLE 9.500 475.09 86
9.250 475.09 66,000.00
IRVING TX 75062 2 09/05/96 04
0430067553 05 10/01/96 25
8800930763 N 09/01/26
0
1535190 353/353 F 78,200.00 BB
360 78,126.74 1
2747 SOUTH KIHEI ROAD, #J008 9.750 671.86 70
9.500 671.86 111,800.00
KIHEI HI 96753 1 07/31/96 00
6061587 01 11/01/96 0
6061587 N 10/01/26
0
1535191 353/353 F 87,700.00 BB
360 87,617.83 1
2747 SOUTH KIHEI ROAD, #C102 9.750 753.48 70
9.500 753.48 125,400.00
KIHEI HI 96753 1 08/06/96 00
6096724 01 11/01/96 0
6096724 N 10/01/26
0
1535193 737/G02 F 75,300.00 ZZ
360 75,258.86 4
1
178 GLENWOOD DRIVE 9.000 605.89 52
8.750 605.89 147,000.00
KALISPELL MT 59901 1 11/01/96 00
0430092213 05 12/01/96 0
572804 N 11/01/26
0
1535194 353/353 F 87,700.00 BB
360 87,617.83 1
2747 SOUTH KIHEI ROAD, #B203 9.750 753.48 70
9.500 753.48 125,400.00
KIHEI HI 96753 1 08/06/96 00
6096722 01 11/01/96 0
6096722 N 10/01/26
0
1535203 927/G02 F 46,200.00 ZZ
360 46,151.90 1
17693-B EAST LOYOLA DRIVE 9.250 380.08 70
9.000 380.08 66,000.00
AURORA CO 80013 5 09/27/96 00
0430074823 09 11/01/96 0
276592 N 10/01/26
0
1535204 927/G02 F 122,400.00 ZZ
360 122,327.73 1
13008 54TH AVENUE SOUTHEAST 8.625 952.02 90
8.375 952.02 136,000.00
EVERETT WA 98208 1 10/04/96 01
0430082768 05 12/01/96 25
286963 N 11/01/26
0
1535266 A38/G02 F 38,900.00 ZZ
360 38,881.36 1
3058 NAVARRO LN 9.625 330.65 90
9.375 330.65 43,250.00
GRAND PRAIRIE TX 75052 1 10/28/96 04
0430087957 05 12/01/96 25
120376 N 11/01/26
0
1535268 180/G02 F 18,000.00 ZZ
360 18,000.00 1
625 N 26TH ST 9.000 144.83 90
8.750 144.83 20,000.00
NEW CASTLE IN 47362 1 11/13/96 10
0430088179 05 01/01/97 25
1
961177 N 12/01/26
0
1535269 180/G02 F 40,800.00 ZZ
360 40,800.00 1
1208 SABLE BOULEVARD 8.625 317.34 80
8.375 317.34 51,000.00
AURORA CO 80011 1 11/05/96 95
0430089433 09 01/01/97 0
960272 N 12/01/26
0
1535281 405/405 F 248,000.00 ZZ
360 248,000.00 1
1053 ROCK LAKE ROAD 8.500 1,906.91 80
8.250 1,906.91 310,000.00
JAMESTOWN CO 80455 4 11/18/96 00
4012423 05 01/01/97 0
4012423 O 12/01/26
0
1535286 B28/G02 F 100,950.00 ZZ
360 100,686.30 1
6933 ALLENS PARK DRIVE 9.000 812.27 81
8.750 812.27 125,930.00
COLORADO SPRING CO 80922 1 10/04/96 95
0430075713 05 12/01/96 0
968333 O 11/01/26
0
1535288 B75/G02 F 272,000.00 ZZ
360 271,862.64 1
5601 48TH AVENUE EAST 9.375 2,262.36 68
9.125 2,262.36 400,000.00
TACOMA WA 98443 5 10/09/96 00
0430067694 05 12/01/96 0
2575553 O 11/01/26
0
1535306 A38/G02 F 100,000.00 ZZ
360 100,000.00 1
2102 ENCINO CLIFF 8.625 777.79 80
8.375 777.79 125,000.00
SAN ANTONIO TX 78259 1 11/07/96 00
0430072694 03 01/01/97 0
810877 O 12/01/26
0
1
1535325 F30/G02 F 157,500.00 ZZ
360 157,500.00 1
2418 EAST 40TH AVENUE 8.875 1,253.14 75
8.625 1,253.14 210,000.00
SPOKANE WA 99223 5 11/15/96 00
0430096073 05 01/01/97 0
102288 O 12/01/26
0
1535331 F30/G02 F 69,300.00 ZZ
360 69,300.00 1
1260 TERRY DRIVE 9.750 595.39 89
9.500 595.39 78,000.00
IDAHO FALLS ID 83404 1 11/14/96 10
0430085035 05 01/01/97 25
101270 N 12/01/26
0
1535353 624/G02 F 236,000.00 ZZ
360 236,000.00 1
1425 WARD AVE., #PHW 9.250 1,941.51 80
9.000 1,941.51 295,000.00
HONOLULU HI 96822 1 11/08/96 00
0430093724 06 01/01/97 0
70010760036 O 12/01/26
0
1535354 E22/G02 F 60,500.00 ZZ
360 60,473.24 2
1500 + 1502 GARDEN DRIVE 10.000 530.93 90
9.750 530.93 67,250.00
SOUTH EUCLID OH 44121 1 10/23/96 12
0410246110 05 12/01/96 25
410246110 N 11/01/26
0
1535366 964/G02 F 114,400.00 ZZ
360 114,343.73 1
3925 CONCORD BLVD. 9.500 961.94 80
9.250 961.94 143,000.00
CONCORD CA 94519 1 10/04/96 00
0430075952 05 12/01/96 0
20251 O 11/01/26
0
1535392 E22/G02 F 85,050.00 ZZ
360 85,011.36 2
5628 NICOLLET AVENUE SOUTH 9.875 738.53 89
9.625 738.53 96,000.00
1
MINNEAPOLIS MN 55419 1 10/18/96 10
0410261333 05 12/01/96 25
410261333 N 11/01/26
0
1535394 731/G02 F 68,400.00 ZZ
360 68,281.08 1
3435 AUBURN WAY SOUTH #41 8.750 538.10 95
8.500 538.10 72,000.00
AUBURN WA 98092 1 08/01/96 11
0430071480 01 10/01/96 30
230332495 O 09/01/26
0
1535401 E22/G02 F 15,300.00 ZZ
360 15,293.41 2
20047 SCHOENHERR 10.125 135.68 77
9.875 135.68 19,900.00
DETROIT MI 48205 1 10/18/96 04
0410262430 05 12/01/96 25
410262430 N 11/01/26
0
1535464 F03/G02 F 40,000.00 T
360 40,000.00 1
2255 SIDEWINDER DRIVE #633 9.375 332.70 55
9.125 332.70 74,000.00
PARK CITY UT 84060 1 11/07/96 00
0430077669 05 01/01/97 0
6241882 O 12/01/26
0
1535480 737/G02 F 81,000.00 ZZ
360 80,959.09 4
579 DEERFIELD ROAD 9.375 673.72 90
9.125 673.72 90,000.00
TERRYTOWN LA 70053 1 10/18/96 01
0430071399 05 12/01/96 25
558240 N 11/01/26
0
1535509 E22/G02 F 13,950.00 ZZ
360 13,943.67 1
4308 EICHELBERGER STREET 9.875 121.13 90
9.625 121.13 15,500.00
ST. LOUIS MO 63116 1 10/18/96 04
0410264634 05 12/01/96 25
410264634 N 11/01/26
0
1
1535513 950/G02 F 150,000.00 ZZ
360 150,000.00 4
11806 1ST AVENUE SOUTH 9.750 1,288.73 89
9.500 1,288.73 170,000.00
SEATTLE WA 98168 1 11/12/96 04
0430091009 05 01/01/97 25
10249668 N 12/01/26
0
1535516 950/G02 F 150,000.00 ZZ
360 150,000.00 4
11804 1ST AVENUE SOUTH 9.750 1,288.73 89
9.500 1,288.73 170,000.00
SEATTLE WA 98168 1 11/12/96 04
0430091025 05 01/01/97 25
10249669 N 12/01/26
0
1535535 526/G02 F 81,000.00 ZZ
360 80,954.58 1
219 BROADWAY 8.875 644.48 90
8.625 644.48 90,000.00
KEYPORT NJ 07735 1 10/04/96 04
0430077289 05 12/01/96 25
00145413 O 11/01/26
0
1535541 964/G02 F 271,750.00 ZZ
360 271,750.00 1
9839 NOVARA LANE 9.000 2,186.56 80
8.750 2,186.56 339,700.00
CYPRESS CA 90630 1 11/12/96 00
0430085423 05 01/01/97 0
20882 O 12/01/26
0
1535549 964/G02 F 256,000.00 ZZ
360 256,000.00 1
195 RAILROAD AVENUE 8.500 1,968.42 80
8.250 1,968.42 320,000.00
WOODACRE CA 94973 5 11/07/96 00
0430081646 05 01/01/97 0
20829 O 12/01/26
0
1535582 765/G02 F 92,000.00 ZZ
360 91,952.31 1
1
293 OAK PLACE 9.250 756.86 72
9.000 756.86 128,000.00
PAGOSA SPRINGS CO 81147 1 10/08/96 00
0430080002 05 12/01/96 0
103834 O 11/01/26
0
1535599 E38/G02 F 72,100.00 ZZ
360 72,064.53 2
623-627 EAST SMELTER ROAD 9.500 606.26 70
9.250 606.26 103,000.00
TOOELE UT 84074 5 10/23/96 00
0430084616 05 12/01/96 0
960067 N 11/01/26
0
1535607 626/G02 F 34,650.00 ZZ
360 34,632.49 1
1321 DIVISION STREET 9.375 288.21 90
9.125 288.21 38,500.00
KLAMATH FALLS OR 97601 1 10/08/96 04
0430091678 05 12/01/96 25
6667240 N 11/01/26
0
1535614 F03/G02 F 219,200.00 ZZ
360 219,200.00 1
32625 SOUTH ELK DRIVE 8.750 1,724.45 80
8.500 1,724.45 274,000.00
STEAMBOAT SPRIN CO 80477 1 11/04/96 00
0430085381 05 01/01/97 0
10226 O 12/01/26
0
1535634 766/G02 F 39,600.00 ZZ
360 39,582.01 1
2729 SMITHTOWN DRIVE 9.875 343.87 90
9.625 343.87 44,000.00
LAKELAND FL 33801 1 10/22/96 04
0430073734 05 12/01/96 25
96DA0382 N 11/01/26
0
1535653 405/405 F 85,500.00 ZZ
360 85,306.11 2
111 N. FIRST AVE. 8.875 680.28 90
8.625 680.28 95,000.00
BAY SHORE NY 11707 1 08/01/96 14
3965746 05 09/01/96 25
1
3965746 N 08/01/26
0
1535654 405/405 F 194,000.00 ZZ
360 192,252.60 1
6641 CREEKSTONE 8.500 1,491.70 88
8.250 1,491.70 220,454.00
BARNHARDT MO 63012 2 07/16/96 14
3968534 03 09/01/96 25
3968534 O 08/01/26
0
1535658 405/405 F 187,000.00 ZZ
360 186,691.24 1
16611 DAISY AVENUE 9.000 1,504.65 87
8.750 1,504.65 215,000.00
FOUNTAIN VALLEY CA 92708 2 08/15/96 12
3991882 05 10/01/96 25
3991882 O 09/01/26
0
1535659 405/405 F 45,500.00 ZZ
360 45,420.89 1
3775 BOUNDARY STREET #1 8.750 357.95 65
8.500 357.95 70,000.00
SAN DIEGO CA 92104 5 08/22/96 00
3994738 01 10/01/96 0
3994738 N 09/01/26
0
1535660 405/405 F 144,000.00 ZZ
360 143,412.43 1
136 B STREET 8.125 1,069.20 75
7.875 1,069.20 192,000.00
SOUTH SAN FRANC CA 94080 1 08/22/96 00
3995651 05 10/01/96 0
3995651 N 09/01/26
0
1535693 E46/G02 F 264,000.00 ZZ
360 264,000.00 1
38 CARLTON AVENUE 9.125 2,147.99 80
8.875 2,147.99 330,000.00
HO-HO-KUS NJ 07423 1 11/15/96 00
0430078295 05 01/01/97 0
23130 O 12/01/26
0
1
1535694 227/G02 F 136,960.00 ZZ
360 136,885.18 1
626 ENTRADA DRIVE 9.000 1,102.02 80
8.750 1,102.02 171,200.00
GOLDEN CO 80401 1 10/11/96 00
0430078311 05 12/01/96 0
1688209 O 11/01/26
0
1535696 A69/G02 F 133,000.00 ZZ
360 133,000.00 2
95 BERGEN AVENUE 9.750 1,142.68 95
9.500 1,142.68 140,000.00
KEARNY NJ 07032 1 11/21/96 12
0430088138 05 01/01/97 30
73 O 12/01/26
0
1535699 638/G02 F 67,200.00 ZZ
360 67,200.00 1
5750 FRIARS ROAD #206 9.125 546.76 70
8.875 546.76 96,000.00
SAN DIEGO CA 92110 5 11/14/96 00
0430089367 06 01/01/97 0
8600687 N 12/01/26
0
1535706 405/405 F 59,900.00 ZZ
360 59,900.00 3
6704 INDIANA AVENUE 9.250 492.79 75
9.000 492.79 79,900.00
NEW PORT RICHEY FL 34653 1 11/08/96 00
4049151 05 01/01/97 0
4049151 N 12/01/26
0
1535709 253/253 F 144,950.00 ZZ
360 144,950.00 1
3709 MERRIMAC AVENUE 9.000 1,166.31 65
8.750 1,166.31 223,000.00
SAN DIEGO CA 92117 5 11/11/96 00
323249 05 01/01/97 0
323249 N 12/01/26
0
1535717 F42/G02 F 172,000.00 ZZ
360 172,000.00 1
36 MANORS DRIVE UNIT 36 8.375 1,307.32 80
8.125 1,307.32 215,000.00
1
JERICHO NY 11753 1 11/25/96 00
0430091710 01 01/01/97 0
NY0930964 O 12/01/26
0
1535737 F03/G02 F 112,500.00 ZZ
360 112,500.00 1
2958 S FRONTAGE RD 9.500 945.97 75
BLDG C#5 9.250 945.97 150,000.00
VAIL CO 81657 5 11/08/96 00
0430086520 01 01/01/97 0
UNKNOWN O 12/01/26
0
1535742 F03/G02 F 134,900.00 ZZ
360 134,900.00 1
44409 SHENANDOAH COURT 8.875 1,073.33 90
8.625 1,073.33 149,900.00
ELIZABETH CO 80107 1 11/05/96 01
0430077438 05 01/01/97 30
DEN10244 N 12/01/26
0
1535743 638/G02 F 86,950.00 ZZ
360 86,950.00 1
157 E INGRAM 9.250 715.32 78
9.000 715.32 112,000.00
MESA AZ 85201 1 11/05/96 04
0430076620 05 01/01/97 12
UNKNOWN N 12/01/26
0
1535745 001/G02 F 76,000.00 ZZ
360 76,000.00 1
33 STANWOOD STREET 9.250 625.24 80
9.000 625.24 95,000.00
LYNN MA 01905 1 11/13/96 01
0430083733 05 01/01/97 12
1511694 N 12/01/26
0
1535878 F81/G02 F 76,850.00 ZZ
360 76,805.78 1
4308 SOUTH 4580 WEST 8.750 604.58 75
8.500 604.58 102,500.00
WEST VALLEY CIT UT 84120 1 11/01/96 00
0430076992 05 12/01/96 0
950144 O 11/01/26
0
1
1535892 526/G02 F 32,000.00 ZZ
360 31,971.56 1
15 WASHINGTON SQUARE 10.000 280.83 80
9.750 280.83 40,000.00
EUCLID OH 44143 2 09/20/96 10
0430073965 01 11/01/96 12
0138861 N 10/01/26
0
1535895 526/G02 F 32,000.00 ZZ
360 31,971.56 1
55 CHALESTON SQUARE 10.000 280.83 80
9.750 280.83 40,000.00
EUCLID OH 44143 2 09/20/96 04
0430074344 01 11/01/96 12
0138856 N 10/01/26
0
1535897 526/G02 F 79,740.00 ZZ
360 79,659.14 3
21 LAKE AVENUE 9.375 663.24 90
9.125 663.24 88,600.00
MIDDLETOWN NY 10940 1 09/05/96 10
0430071043 05 11/01/96 25
0134814 N 10/01/26
0
1535907 560/560 F 85,000.00 ZZ
360 84,947.16 1
193 GRAY ROAD 8.375 646.07 67
8.125 646.07 127,000.00
GORHAM ME 04038 1 10/22/96 00
450554993 05 12/01/96 0
450554993 O 11/01/26
0
1535926 201/G02 F 49,250.00 ZZ
360 49,227.02 1
2139-B MEADOWVIEW COURT 9.750 423.14 90
9.500 423.14 54,750.00
CONYERS GA 30208 1 10/21/96 01
0430068296 07 12/01/96 25
800805 N 11/01/26
0
1535928 A37/G02 F 56,700.00 ZZ
360 56,700.00 2
1
2923-25 SOUTH 9TH STREET 9.250 466.46 90
9.000 466.46 63,000.00
MILWAUKEE WI 53215 1 11/22/96 04
0430084053 05 01/01/97 25
9600000501 N 12/01/26
0
1535940 B35/G02 F 61,100.00 ZZ
360 61,100.00 2
930 W. LAFAYETTE STREET 9.250 502.66 75
9.000 502.66 81,500.00
NORRISTOWN PA 19401 2 11/14/96 00
0430078246 07 01/01/97 0
9682011064 N 12/01/26
0
1535941 B35/G02 F 71,600.00 ZZ
360 71,600.00 2
723 ASTOR STREET 9.250 589.04 75
9.000 589.04 95,500.00
NORRISTOWN PA 19401 2 11/14/96 00
0430078881 07 01/01/97 0
9682011065 N 12/01/26
0
1535942 B35/G02 F 71,600.00 ZZ
360 71,600.00 2
652 GEORGE STREET 9.250 589.04 75
9.000 589.04 95,500.00
NORRISTOWN PA 19401 2 11/14/96 00
0430078816 05 01/01/97 0
9682011066 N 12/01/26
0
1535944 F96/G02 F 128,000.00 ZZ
360 128,000.00 1
15-02 PARMELEE AVENUE 9.375 1,064.64 80
9.125 1,064.64 160,000.00
FAIR LAWN BOROU NJ 07410 5 11/21/96 00
0430087064 05 01/01/97 0
1146 O 12/01/26
0
1535964 591/G02 F 125,600.00 ZZ
360 125,600.00 1
6401 MACKALL ROAD 9.375 1,044.68 80
9.125 1,044.68 157,000.00
ST LEONARD MD 20685 1 11/12/96 00
0430089201 05 01/01/97 0
1
102802858 O 12/01/26
0
1535968 882/G02 F 25,000.00 ZZ
360 25,000.00 1
3200 E NORTH A1A UNIT 1109 9.250 205.67 29
9.000 205.67 87,000.00
FT PIERCE FL 34949 1 11/19/96 00
0430088781 06 01/01/97 0
960865 O 12/01/26
0
1535980 758/G02 F 74,700.00 ZZ
360 74,700.00 1
3005 COTTONWEED TRAIL 8.875 594.35 90
8.625 594.35 83,000.00
CEDAR PARK TX 78613 1 11/07/96 04
0430073270 05 01/01/97 30
UNKNOWN N 12/01/26
0
1535987 369/G02 F 125,000.00 ZZ
360 125,000.00 1
1324 WYATT EARP STREET 8.875 994.56 56
8.625 994.56 225,000.00
EL PASO TX 79936 1 11/20/96 00
0430095190 05 01/01/97 0
60120409 O 12/01/26
0
1536007 F03/G02 F 103,500.00 ZZ
360 103,500.00 4
4621-4631 EAST 72ND AVENUE 9.250 851.47 90
9.000 851.47 115,500.00
COMMERCE CITY CO 80022 1 11/25/96 01
0430095562 05 01/01/97 25
DEN10247 N 12/01/26
0
1536010 737/G02 F 68,800.00 ZZ
360 68,800.00 1
2711 N OLYMPIC CIRCLE 9.500 578.51 80
9.250 578.51 86,000.00
MESA AZ 85215 1 11/18/96 10
0430093021 05 01/01/97 25
511823 N 12/01/26
0
1
1536011 180/G02 F 111,500.00 ZZ
360 111,500.00 1
507 PARK DRIVE 9.125 907.20 90
8.875 907.20 123,900.00
WOODLAND PARK CO 80863 1 11/11/96 12
0430093435 05 01/01/97 25
4587465 N 12/01/26
0
1536015 A19/G02 F 88,000.00 ZZ
360 88,000.00 2
29 WEST AVENUE 8.750 692.30 80
8.500 692.30 110,000.00
SALEM MA 01970 1 11/27/96 00
0430080077 05 01/01/97 0
5741 O 12/01/26
0
1536022 405/405 F 102,700.00 ZZ
360 102,700.00 1
84 WILSON DRIVE 8.625 798.80 65
8.375 798.80 158,000.00
WOODBRIDGE NJ 08863 5 11/08/96 00
4047262 05 01/01/97 0
4047262 O 12/01/26
0
1536024 526/G02 F 85,600.00 ZZ
360 85,519.80 3
594-596 SUMMER STREET 9.750 735.44 80
9.500 735.44 107,000.00
MANCHESTER NH 03103 1 09/30/96 04
0430073999 05 11/01/96 12
147324 N 10/01/26
0
1536034 405/405 F 56,000.00 ZZ
360 55,968.60 1
11368 BENTTREE 8.875 445.57 80
8.625 445.57 70,000.00
OKLAHOMA CITY OK 73120 1 10/11/96 04
4039061 01 12/01/96 12
4039061 N 11/01/26
0
1536051 E23/G02 F 140,100.00 ZZ
360 140,100.00 2
3983-3985 UTAH STREET 8.750 1,102.17 95
8.500 1,102.17 147,500.00
1
SAN DIEGO CA 92104 1 11/06/96 10
0430077842 05 01/01/97 30
107884 O 12/01/26
0
1536054 526/G02 F 31,500.00 ZZ
360 31,469.70 1
4517 NW 3RD AVENUE 9.625 267.75 75
9.375 267.75 42,000.00
POMPANO BEACH FL 33064 1 09/25/96 00
0430073569 09 11/01/96 0
00146923 N 10/01/26
0
1536066 624/G02 F 69,300.00 ZZ
360 69,300.00 1
467 NORTH VILLA AVENUE 9.000 557.60 70
8.750 557.60 99,000.00
DINUBA CA 93618 5 11/06/96 00
0430078204 05 01/01/97 0
95000160363 N 12/01/26
0
1536067 862/G02 F 117,000.00 ZZ
360 117,000.00 1
22950 SOUTH TONYA COURT 9.000 941.41 90
8.750 941.41 130,000.00
BEAVERCREEK OR 97004 1 11/08/96 01
0430086819 05 01/01/97 25
0896848 N 12/01/26
0
1536075 936/G02 F 125,100.00 ZZ
360 125,040.07 1
11710 NORTH EDI PLACE 9.625 1,063.34 90
9.375 1,063.34 139,000.00
TUCSON AZ 85737 1 10/14/96 04
0430078360 05 12/01/96 25
6125108 N 11/01/26
0
1536079 E19/G02 F 90,000.00 ZZ
360 89,946.87 1
3231 WEST 189TH STREET 8.625 700.01 38
8.375 700.01 240,000.00
TORRANCE CA 90504 5 10/23/96 00
0430081430 05 12/01/96 0
13047 N 11/01/26
0
1
1536099 698/G02 F 375,000.00 ZZ
360 374,784.25 1
33821 BLESSINGTON LANE 8.750 2,950.13 46
8.500 2,950.13 820,000.00
SAN JUAN CAPIST CA 92675 5 10/21/96 00
0430072058 05 12/01/96 0
26202636 O 11/01/26
0
1536152 575/G02 F 78,750.00 T
360 78,658.99 1
46 BAY POINTE DRIVE 8.750 619.53 75
8.500 619.53 105,000.00
MONTROSS VA 22520 5 09/27/96 00
0430067884 03 11/01/96 0
428005513 O 10/01/26
0
1536177 E46/G02 F 61,600.00 ZZ
360 61,600.00 3
101 BARNT AVENUE 9.375 512.36 90
9.125 512.36 68,500.00
TRENTON NJ 08618 1 11/27/96 04
0430090381 05 01/01/97 25
23775 N 12/01/26
0
1536178 E46/G02 F 63,000.00 ZZ
360 63,000.00 2
952 SOUTH BROAD STREET 9.375 524.00 90
9.125 524.00 70,000.00
TRENTON NJ 08611 1 11/12/96 04
0430091736 07 01/01/97 25
23776 N 12/01/26
0
1536179 575/G02 F 53,450.00 ZZ
360 53,450.00 1
204 W 11TH AVENUE 9.375 444.57 90
UNIT #6 9.125 444.57 59,425.00
COVINGTON LA 70433 1 11/12/96 10
0430088427 01 01/01/97 25
445000217 N 12/01/26
0
1536190 A06/G02 F 130,000.00 ZZ
360 129,936.05 1
1
6942 HATCHERY 9.500 1,093.12 90
9.250 1,093.12 145,000.00
WATERFORD MI 48329 1 10/10/96 10
0430090050 05 12/01/96 25
1000009605924 N 11/01/26
0
1536205 766/G02 F 37,500.00 ZZ
360 37,482.03 1
19201 COLLINS AVENUE 9.625 318.75 75
#830 9.375 318.75 50,000.00
MIAMI FL 33160 1 10/25/96 00
0430071365 06 12/01/96 0
96HA103 N 11/01/26
0
1536229 757/G02 F 288,000.00 ZZ
360 288,000.00 1
221 HUNTERS HILL COURT 8.125 2,138.40 90
7.875 2,138.40 320,000.00
MACON GA 31210 1 11/27/96 12
0430091611 05 01/01/97 25
2872703 O 12/01/26
0
1536248 624/G02 F 74,800.00 ZZ
360 74,800.00 1
5101 35TH STREET SOUTH WEST 8.750 588.45 85
8.500 588.45 88,000.00
GREAT FALLS MT 59404 5 10/06/96 01
0430076281 05 01/01/97 12
76000160053 O 12/01/26
0
1536271 635/635 F 131,000.00 ZZ
360 130,928.44 1
1929 SOUTH COLUMBINE STREET 9.000 1,054.06 78
8.750 1,054.06 170,000.00
DENVER CO 80210 5 10/17/96 00
661058800 05 12/01/96 0
661058800 O 11/01/26
0
1536280 664/G02 F 108,000.00 ZZ
360 107,939.45 1
4N200 KUHN ROAD 8.875 859.30 80
8.625 859.30 135,000.00
BARTLETT IL 60103 1 10/25/96 10
0430070870 05 12/01/96 12
1
2234672 N 11/01/26
0
1536284 638/G02 F 54,000.00 ZZ
360 54,000.00 1
4201 ASHLEY COURT 9.250 444.24 84
9.000 444.24 65,000.00
PENNSAUKEN TOWN NJ 08110 1 11/22/96 01
0430088534 05 01/01/97 25
8600229 N 12/01/26
0
1536285 E22/G02 F 114,200.00 ZZ
360 114,140.79 1
217A CHEW ROAD 9.250 939.50 78
9.000 939.50 147,000.00
SEALY TX 77474 1 10/04/96 00
0410133615 05 12/01/96 0
410133615 O 11/01/26
0
1536286 E82/G02 F 72,350.00 ZZ
360 72,301.45 1
8306 KIMBALL DRIVE UNIT #66 8.000 530.88 80
7.750 530.88 90,475.00
EDEN PRAIRIE MN 55347 1 10/31/96 95
0400030243 01 12/01/96 0
0400030243 N 11/01/26
0
1536296 896/G02 F 158,000.00 ZZ
360 158,000.00 1
1070 WAKE ROBIN CIRCLE 8.750 1,242.99 80
8.500 1,242.99 197,500.00
LILBURN GA 30247 1 11/27/96 00
0430089292 05 01/01/97 0
UNKNOWN O 12/01/26
0
1536306 757/757 F 105,600.00 ZZ
360 105,498.41 1
8550 SOUTH A1A 9.625 897.59 80
UNIT 2-61 9.375 897.59 132,000.00
ST AUGUSTINE FL 32084 1 09/30/96 10
2861318 01 11/01/96 12
2861318 N 10/01/26
0
1
1536315 353/353 F 97,600.00 BB
360 97,508.55 1
2747 SOUTH KIHEI ROAD #D109 9.750 838.54 70
9.500 838.54 139,500.00
KIHEI HI 96753 1 08/06/96 00
6061607 01 11/01/96 0
6061607 N 10/01/26
0
1536317 353/353 F 115,500.00 BB
360 115,391.78 1
2747 SOUTH KIHEI ROAD, #E206 9.750 992.33 70
9.500 992.33 165,000.00
KIHEI HI 96753 1 08/15/96 00
6061607 01 11/01/96 0
6061607 N 10/01/26
0
1536323 B28/G02 F 93,600.00 ZZ
360 93,557.47 1
395 CYPRESS STREET 9.875 812.78 90
9.625 812.78 104,000.00
BROOMFIELD CO 80020 1 10/15/96 10
0430068965 05 12/01/96 25
4961359 N 11/01/26
0
1536324 353/353 F 102,400.00 BB
360 102,304.05 1
2747 SOUTH KIHEI ROAD #I002 9.750 879.78 70
9.500 879.78 146,300.00
KIHEI HI 96753 1 08/08/96 00
6096741 01 11/01/96 0
6096741 N 10/01/26
0
1536326 353/353 F 87,700.00 BB
360 87,617.83 1
2747 SOUTH KIHEI ROAD #H105 9.750 753.48 70
9.500 753.48 125,400.00
KIHEI HI 96753 1 08/06/96 00
6096794 01 11/01/96 0
6096794 N 10/01/26
0
1536327 201/G02 F 637,500.00 ZZ
360 637,160.74 1
5175 S.W. 62ND AVENUE 9.125 5,186.92 74
COUNTY OF DADE 8.875 5,186.92 865,000.00
1
MIAMI FL 33155 5 10/08/96 00
0430068163 05 12/01/96 0
4100935388 O 11/01/26
0
1536328 353/353 F 78,250.00 BB
360 78,176.68 1
2747 SOUTH KIHEI ROAD, #C004 9.750 672.29 70
9.500 672.29 111,800.00
KIHEI HI 96753 1 08/01/96 00
6096671 01 11/01/96 0
6096671 N 10/01/26
0
1536329 353/353 F 115,500.00 BB
360 115,391.78 1
2747 SOUTH KIHEI ROAD #E105 9.750 992.33 70
9.500 992.33 165,000.00
KIHEI HI 96753 1 08/28/96 00
6096705 01 11/01/96 0
6096705 N 10/01/26
0
1536330 353/353 F 115,500.00 BB
360 115,391.78 1
2747 SOUTH KIHEI ROAD #E209 9.750 992.33 70
9.500 992.33 165,000.00
KIHEI HI 96753 1 08/06/96 00
6096673 01 11/01/96 0
6096673 N 10/01/26
0
1536331 353/353 F 115,500.00 BB
360 115,391.78 1
2747 SOUTH KIHEI ROAD, #E203 9.750 992.33 70
9.500 992.33 165,000.00
KIHEI HI 96753 1 07/29/96 00
6061631 01 11/01/96 0
6061631 N 10/01/26
0
1536332 353/353 F 87,700.00 BB
360 87,617.83 1
2747 SOUTH KIHEI ROAD, #H204 9.750 753.48 70
9.500 753.48 125,400.00
KIHEI HI 96753 1 08/20/96 00
6061654 01 11/01/96 0
6061654 N 10/01/26
0
1
1536335 353/353 F 92,650.00 BB
360 92,563.19 1
2747 SOUTH KIHEI ROAD #J203 9.750 796.01 70
9.500 796.01 132,400.00
KIHEI HI 96753 1 07/31/96 00
6061611 01 11/01/96 0
6061611 N 10/01/26
0
1536337 353/353 F 67,450.00 BB
360 67,386.81 1
2747 SOUTH KIHEI ROAD, #A201 9.750 579.50 70
9.500 579.50 96,400.00
KIHEI HI 96753 1 08/12/96 00
6061610 01 11/01/96 0
6061610 N 10/01/26
0
1536341 353/353 F 115,500.00 BB
360 115,391.78 1
2747 SOUTH KIHEI ROAD, #G101 9.750 992.33 70
9.500 992.33 165,000.00
KIHEI HI 96753 1 09/05/96 00
6061665 01 11/01/96 0
6061665 N 10/01/26
0
1536343 353/353 F 115,500.00 BB
360 115,391.78 1
2747 SOUTH KIHEI ROAD #E305 9.750 992.33 70
9.500 992.33 165,000.00
KIHEI HI 96753 1 07/26/96 00
6061608 01 11/01/96 0
6061608 N 10/01/26
0
1536344 353/353 F 78,250.00 BB
360 78,176.68 1
2747 SOUTH KIHEI ROAD, #H010 9.750 672.29 70
9.500 672.29 111,800.00
KIHEI HI 96753 1 08/05/96 00
6061558 01 11/01/96 0
6061558 N 10/01/26
0
1536345 353/353 F 78,200.00 BB
360 78,126.74 1
1
2747 SOUTH KIHEI ROAD #B004 9.750 671.86 70
9.500 671.86 111,800.00
KIHEI HI 96753 1 08/08/96 00
6061554 01 11/01/96 0
6061554 N 10/01/26
0
1536346 353/353 F 115,500.00 BB
360 115,391.78 1
2747 SOUTH KIHEI ROAD #E201 9.750 992.33 70
9.500 992.33 165,000.00
KIHEI HI 96753 1 09/03/96 00
6096784 01 11/01/96 0
6096784 N 10/01/26
0
1536347 353/353 F 102,400.00 BB
360 102,304.05 1
2747 SOUTH KIHEI ROAD #I001 9.750 879.78 70
9.500 879.78 146,300.00
KIHEI HI 96753 1 07/31/96 00
6061643 01 11/01/96 0
6061643 N 10/01/26
0
1536348 353/353 F 87,700.00 BB
360 87,617.83 1
2747 SOUTH KIHEI ROAD, #B301 9.750 753.48 70
9.500 753.48 125,400.00
KIHEI HI 96753 1 07/26/96 00
6061535 01 11/01/96 0
6061535 N 10/01/26
0
1536350 353/353 F 64,600.00 BB
360 64,539.47 1
2747 SOUTH KIHEI ROAD, #A102 9.750 555.02 70
9.500 555.02 92,300.00
KIHEI HI 96753 1 07/31/96 00
6061537 01 11/01/96 0
6061537 N 10/01/26
0
1536380 B35/G02 F 63,750.00 ZZ
360 63,750.00 1
4612 KAVON AVENUE 9.125 518.70 75
8.875 518.70 85,000.00
BALTIMORE MD 21206 5 11/14/96 00
0430088575 05 01/01/97 0
1
9682011268 O 12/01/26
0
1536385 E22/G02 F 131,250.00 T
360 131,185.44 1
7411 E HOUGHTON LAKE DR 9.500 1,103.62 75
9.250 1,103.62 175,000.00
MARKEY MI 48653 5 10/10/96 00
0410160758 05 12/01/96 0
410160758 O 11/01/26
0
1536389 B38/G02 F 37,500.00 ZZ
360 37,500.00 1
133 COMMANDER SHEA BOULEVARD 9.500 315.32 75
#721 9.250 315.32 50,000.00
QUINCY MA 02169 1 11/22/96 00
0430094326 08 01/01/97 0
1936 O 12/01/26
0
1536409 F16/G02 F 39,000.00 ZZ
360 38,539.73 1
4140 CAMPBELL STREET 9.000 313.81 57
8.750 313.81 69,000.00
RIVERSIDE CA 92509 1 10/03/96 00
0430072181 05 12/01/96 0
96315769 O 11/01/26
0
1536432 526/G02 F 204,250.00 ZZ
360 204,149.53 2
384-386 BATTLE DANCE DRIVE 9.500 1,717.45 95
9.250 1,717.45 215,000.00
SAN JOSE CA 95111 1 10/10/96 10
0430077263 05 12/01/96 30
0150553 O 11/01/26
0
1536460 A17/G02 F 62,900.00 ZZ
360 62,900.00 1
4 ALBERT DRIVE UNIT 5 8.625 489.23 85
8.375 489.23 74,000.00
WOBURN MA 01801 2 11/22/96 11
0430089193 01 01/01/97 20
4802 O 12/01/26
0
1
1536490 757/757 F 98,000.00 ZZ
360 98,000.00 1
1325 CLEM LOWELL ROAD 8.875 779.74 78
8.625 779.74 127,000.00
CARROLLTON GA 30116 5 11/14/96 00
2870194 05 01/01/97 0
2870194 O 12/01/26
0
1536507 737/G02 F 114,300.00 ZZ
360 114,235.92 1
7025 SURREY DRIVE 8.875 909.42 90
8.625 909.42 127,000.00
WOODSTOCK GA 30189 1 10/25/96 01
0430086751 03 12/01/96 25
558398 N 11/01/26
0
1536511 737/G02 F 32,200.00 ZZ
360 32,184.98 1
1001 NORTH 25TH STREET 9.750 276.65 70
9.500 276.65 46,000.00
PHOENIX AZ 85008 5 10/25/96 00
0430082107 05 12/01/96 0
511940 N 11/01/26
0
1536516 910/G02 F 63,000.00 ZZ
360 63,000.00 1
1610 NORTH 11TH STREET 9.375 524.00 90
9.125 524.00 70,000.00
BOISE ID 83702 1 11/06/96 12
0430084673 05 01/01/97 25
032538 N 12/01/26
0
1536521 E67/G02 F 260,000.00 ZZ
360 260,000.00 1
2511 NORTHEAST MCKAY ROAD 9.250 2,138.96 33
9.000 2,138.96 800,000.00
PRINEVILLE OR 97754 5 11/18/96 00
0430085415 05 01/01/97 0
123 O 12/01/26
0
1536525 A91/G02 F 138,400.00 ZZ
360 138,324.40 2
175 SECATOGUE AVENUE 9.000 1,113.60 80
8.750 1,113.60 173,000.00
1
FARMINGDALE NY 11735 1 10/09/96 00
0430088096 05 12/01/96 0
UNKNOWN O 11/01/26
0
1536526 B35/G02 F 30,000.00 ZZ
360 30,000.00 1
1836 METZEROTT ROAD 9.250 246.81 75
#2019 9.000 246.81 40,000.00
ADELPHI MD 20783 1 11/08/96 00
0430076638 06 01/01/97 0
9682011271 N 12/01/26
0
1536580 685/G02 F 100,300.00 ZZ
360 100,243.77 1
6369 EATON COURT 8.875 798.03 85
8.625 798.03 118,000.00
ARVADA CO 80003 5 10/23/96 11
0430069724 05 12/01/96 12
105831 O 11/01/26
0
1536583 470/470 F 112,500.00 ZZ
360 112,444.66 1
5614 SOUTH 1080 EAST 9.500 945.97 90
9.000 945.97 125,000.00
SALT LAKE CITY UT 84121 1 10/21/96 01
51010976 05 12/01/96 30
51010976 N 11/01/26
0
1536586 685/G02 F 124,900.00 ZZ
360 124,822.37 1
847 EAST DUSTY ROCK CIRCLE 8.375 949.33 85
8.125 949.33 147,000.00
SANDY UT 84094 5 10/22/96 11
0430074716 05 12/01/96 12
105775 O 11/01/26
0
1536587 201/G02 F 188,600.00 ZZ
360 188,403.69 1
2308 SOUTH BOULEVARD 9.250 1,551.57 75
9.000 1,551.57 251,500.00
HOUSTON TX 77098 1 09/26/96 00
0430069948 05 11/01/96 0
7800932886 O 10/01/26
0
1
1536594 533/G02 F 327,200.00 ZZ
360 327,021.27 1
2671 NORTH VISTA KNOLL ROAD 9.000 2,632.73 80
8.750 2,632.73 409,000.00
ORANGE CA 92667 1 10/18/96 00
0430073254 05 12/01/96 0
2222354 O 11/01/26
0
1536624 E46/G02 F 151,200.00 ZZ
360 151,200.00 1
208 NOCENTINO DRIVE 8.875 1,203.02 80
8.625 1,203.02 189,000.00
WOOLWICH TOWNSH NJ 08085 1 11/13/96 00
0430077776 05 01/01/97 0
23759 O 12/01/26
0
1536625 942/G02 F 99,900.00 ZZ
360 99,900.00 1
802 BISHOP STREET 8.750 785.92 72
8.500 785.92 139,900.00
UNION NJ 07083 1 11/27/96 00
0430088609 05 01/01/97 0
C10302P607 O 12/01/26
0
1536626 526/G02 F 30,600.00 ZZ
360 30,586.46 1
1365 IDA STREET 10.000 268.54 90
9.750 268.54 34,000.00
JACKSONVILLE FL 32208 1 10/18/96 12
0430080580 05 12/01/96 30
147661 N 11/01/26
0
1536628 A06/G02 F 123,000.00 ZZ
360 122,927.37 4
802 LOWELL 8.625 956.69 75
8.375 956.69 164,000.00
YPSILANTI MI 48198 2 10/31/96 12
0430087700 05 12/01/96 20
1000009608488 N 11/01/26
0
1536629 766/G02 F 39,200.00 ZZ
360 39,179.14 1
1
260 NW 73 TERRACE 9.125 318.94 80
8.875 318.94 49,000.00
MIAMI FL 33150 2 10/11/96 00
0430073148 09 12/01/96 0
96SG0859 O 11/01/26
0
1536631 526/G02 F 28,350.00 ZZ
360 28,337.45 1
1033 PARK GATE PLACE 10.000 248.80 90
9.750 248.80 31,500.00
STONE MOUNTAIN GA 30083 1 10/11/96 12
0430070912 05 12/01/96 25
137594 N 11/01/26
0
1536633 526/G02 F 31,200.00 ZZ
360 31,185.05 2
23-25 ERIE AVENUE 9.625 265.20 80
9.375 265.20 39,000.00
WORCESTER MA 01605 1 10/18/96 04
0430082354 05 12/01/96 12
149798 N 11/01/26
0
1536657 E22/G02 F 58,030.00 ZZ
360 57,972.68 1
871 MORAN 9.500 487.95 70
9.250 487.95 82,900.00
LINCOLN PARK MI 48146 1 09/20/96 00
0410160618 05 11/01/96 0
410160618 O 10/01/26
0
1536658 E22/G02 F 73,800.00 ZZ
360 73,761.74 2
2255 S SACRAMENTO 9.250 607.13 90
9.000 607.13 82,000.00
CHICAGO IL 60623 1 10/22/96 10
0410174312 05 12/01/96 30
410174312 N 11/01/26
0
1536700 E22/G02 F 180,000.00 ZZ
360 179,893.73 4
3026-28 N TROY 8.625 1,400.02 80
8.375 1,400.02 225,000.00
CHICAGO IL 60618 1 10/21/96 00
0410261051 05 12/01/96 0
1
410261051 O 11/01/26
0
1536723 180/G02 F 45,900.00 ZZ
360 45,900.00 1
11895 US HIGHWAY 40 8.625 357.01 90
#64 8.375 357.01 51,000.00
EMPIRE CO 80438 1 11/21/96 04
0430095380 01 01/01/97 25
4631933 O 12/01/26
0
1536724 635/635 F 46,200.00 ZZ
360 46,200.00 1
405 NORTH E STREET 9.250 380.08 70
9.000 380.08 66,000.00
HAMILTON OH 45013 5 11/12/96 00
6634232 05 01/01/97 0
6634232 N 12/01/26
0
1536731 638/G02 F 80,200.00 ZZ
360 80,200.00 1
4303 SE 58TH AVENUE 9.625 681.69 90
9.375 681.69 89,160.00
PORTLAND OR 97206 1 11/12/96 01
0430096909 05 01/01/97 25
8603926 N 12/01/26
0
1536745 635/635 F 57,600.00 ZZ
360 57,600.00 1
701 BROOKWOOD DRIVE 9.250 473.87 90
9.000 473.87 64,000.00
HAMILTON OH 45013 1 11/12/96 04
N9600185 05 01/01/97 30
N9600185 N 12/01/26
0
1536750 526/G02 F 67,500.00 ZZ
360 67,466.80 1
235-237 SHERMAN AVENUE 9.500 567.58 90
9.250 567.58 75,000.00
MERIDEN CT 06450 1 10/18/96 04
0430080614 05 12/01/96 25
150327 N 11/01/26
0
1
1536753 B75/G02 F 74,800.00 ZZ
360 74,759.14 1
29060 TATUM ROAD 9.000 601.86 85
8.750 601.86 89,000.00
UNIONVILLE VA 22567 5 10/14/96 12
0430070466 05 12/01/96 20
2508117 O 11/01/26
0
1536758 B75/G02 F 130,000.00 ZZ
360 129,923.25 1
4333 PINE STREET 8.625 1,011.13 77
8.375 1,011.13 170,500.00
LONGVIEW WA 98632 2 10/22/96 00
0430070508 05 12/01/96 0
2700615 O 11/01/26
0
1536762 526/G02 F 131,400.00 ZZ
360 131,338.70 4
2922-2924 OGDEN AVENUE 9.750 1,128.93 90
9.500 1,128.93 146,000.00
BOOTHWYN PA 19062 1 10/18/96 04
0430072462 05 12/01/96 25
0149164 N 11/01/26
0
1536764 936/G02 F 153,000.00 ZZ
360 152,852.83 4
2402 ROCKSPRING 9.625 1,300.48 90
9.375 1,300.48 170,000.00
TOLEDO OH 43614 1 09/13/96 11
0430077396 05 11/01/96 25
6111520 O 10/01/26
0
1536765 936/G02 F 59,000.00 ZZ
360 58,971.73 1
47 MARTIN ROAD 9.625 501.50 67
9.375 501.50 89,000.00
KITTERY ME 03904 1 10/04/96 00
0430074740 05 12/01/96 0
6102453 O 11/01/26
0
1536767 936/G02 F 98,100.00 ZZ
360 97,989.59 1
26 ANCHORAGE PT 8.875 780.53 90
8.625 780.53 109,000.00
1
HILTON HEAD SC 29928 1 09/11/96 12
0430075846 01 11/01/96 30
6109847 O 10/01/26
0
1536768 526/G02 F 94,500.00 ZZ
360 94,452.27 1
3210 SOUTH CASCADE PLACE 9.375 786.01 90
9.125 786.01 105,000.00
CHANDLER AZ 85248 1 10/11/96 10
0430072512 03 12/01/96 25
148993 N 11/01/26
0
1536771 966/G02 F 106,400.00 ZZ
360 106,400.00 1
4403 MONTEGO DR 8.875 846.57 80
8.625 846.57 133,000.00
WICHITA FALLS TX 76308 1 11/19/96 00
0430092205 05 01/01/97 0
UNKNOWN O 12/01/26
0
1536781 A01/G02 F 51,400.00 ZZ
360 50,422.65 1
40842 INGERSOLL TERRACE 8.875 408.97 31
8.625 408.97 167,000.00
FREMONT CA 94538 2 10/25/96 00
0430071332 03 12/01/96 0
10015 O 11/01/26
0
1536791 757/757 F 91,800.00 ZZ
360 91,754.84 1
6675 HEATHROW COURT 9.500 771.91 90
9.250 771.91 102,000.00
STONE MOUNTAIN GA 30087 1 10/31/96 01
2869162 05 12/01/96 25
2869162 N 11/01/26
0
1536795 561/G02 F 89,000.00 ZZ
360 88,952.63 1
1222 BRIGADOON TRAIL 9.125 724.14 89
8.875 724.14 100,000.00
BALTIMORE MD 21207 2 10/22/96 10
0430071415 09 12/01/96 25
8858631 N 11/01/26
0
1
1536796 526/G02 F 131,400.00 ZZ
360 131,338.70 4
2918-2920 OGDEN AVENUE 9.750 1,128.93 90
9.500 1,128.93 146,000.00
BOOTHWYN PA 19062 1 10/18/96 04
0430071118 05 12/01/96 25
0148636 N 11/01/26
0
1536798 369/G02 F 60,000.00 ZZ
360 59,964.57 1
53 TONOWANDA 8.625 466.68 55
8.375 466.68 110,000.00
FLAGSTAFF AZ 86001 1 10/10/96 00
0430072595 05 12/01/96 0
49346612 O 11/01/26
0
1536803 377/377 F 66,000.00 T
360 66,000.00 1
305 D STREET 9.250 542.97 70
9.000 542.97 94,300.00
SAINT AUGUSTINE FL 32084 1 10/29/96 00
3553740 05 01/01/97 0
3553740 O 12/01/26
0
1536809 934/G02 F 132,800.00 ZZ
360 132,800.00 1
9300 SW 181ST TERRACE 8.875 1,056.62 80
8.625 1,056.62 166,000.00
MIAMI FL 33157 1 11/12/96 00
0430087635 05 01/01/97 0
61006533 O 12/01/26
0
1536815 896/G02 F 40,500.00 ZZ
360 40,500.00 1
1329 WOMACK AVENUE 9.500 340.55 90
9.250 340.55 45,000.00
EAST POINT GA 30344 1 11/15/96 01
0430079897 05 01/01/97 25
UNKNOWN N 12/01/26
0
1536818 E22/G02 F 59,500.00 ZZ
360 59,440.55 1
1
4612 N RANSOM ROAD 9.250 489.49 85
9.000 489.49 70,000.00
BRECKENRIDGE MI 48615 5 10/17/96 04
0410163067 05 12/01/96 12
410163067 O 11/01/26
0
1536820 E22/G02 F 34,000.00 ZZ
360 33,983.28 1
10260 SARATOGA 9.500 285.89 80
9.250 285.89 43,000.00
OAK PARK MI 48237 1 10/23/96 10
0410163554 05 12/01/96 20
410163554 N 11/01/26
0
1536826 526/G02 F 22,350.00 ZZ
360 22,339.56 2
331-331 1/2 N. ELIZABETH 9.750 192.03 71
9.500 192.03 31,500.00
WICHITA KS 67203 2 10/18/96 00
0430093229 05 12/01/96 0
0171381 N 11/01/26
0
1536827 E22/G02 F 36,000.00 ZZ
360 35,982.75 1
10300 ALBANY 9.625 306.00 90
9.375 306.00 40,000.00
OAK PARK MI 48237 1 10/23/96 04
0410163539 05 12/01/96 25
410163539 N 11/01/26
0
1536841 624/G02 F 358,000.00 ZZ
360 358,000.00 2
1216 AHIAHI STREET 8.500 2,752.71 72
8.250 2,752.71 500,000.00
HONOLULU HI 96817 2 11/22/96 00
0430093260 05 01/01/97 0
70003360043 O 12/01/26
0
1536851 A36/A36 F 162,000.00 T
360 162,000.00 1
47 SAN MARINO CIRCLE 8.750 1,274.45 60
8.500 1,274.45 270,000.00
RANCHO MIRAGE CA 92270 1 11/07/96 00
203695 03 01/01/97 0
1
203695 O 12/01/26
0
1536863 E22/G02 F 67,200.00 ZZ
360 67,111.88 1
10204 GLENDOVER AVENUE 9.500 565.05 80
9.250 565.05 84,000.00
OKLAHOMA CITY OK 73162 1 10/01/96 00
0410261887 05 11/01/96 0
410261887 O 10/01/26
0
1536880 638/G02 F 185,000.00 ZZ
360 185,000.00 1
16841 BOSQUE DRIVE 8.875 1,471.94 47
8.625 1,471.94 400,000.00
ENCINO CA 91436 2 11/14/96 00
0430093609 05 01/01/97 0
UNKNOWN N 12/01/26
0
1536890 830/G02 F 87,500.00 ZZ
360 87,449.66 1
135 CRESTVIEW TERRACE 8.750 688.36 47
8.500 688.36 187,000.00
PARK CITY UT 84060 5 10/17/96 00
0430078501 05 12/01/96 0
1789023 N 11/01/26
0
1536907 568/G02 F 110,250.00 ZZ
360 110,192.84 1
5208 ALASKA AVENUE 9.250 907.00 90
9.000 907.00 122,500.00
LAS VEGAS NV 89107 1 10/29/96 10
0430072660 05 12/01/96 25
620426 O 11/01/26
0
1536923 766/G02 F 116,000.00 ZZ
360 115,882.38 1
1520 NE 40 COURT 9.375 964.83 80
9.125 964.83 145,000.00
OAKLAND PARK FL 33334 5 09/16/96 00
0430086512 05 11/01/96 0
96DA0332 O 10/01/26
0
1
1536925 F84/G02 F 172,000.00 ZZ
360 172,000.00 3
529 80TH STREET 9.000 1,383.95 80
8.750 1,383.95 215,000.00
BROOKLYN NY 11209 1 11/21/96 00
0430082032 07 01/01/97 0
175907 O 12/01/26
0
1536935 A78/G02 F 78,750.00 ZZ
360 78,703.51 1
730 KIMBARK STREET 8.625 612.51 75
8.375 612.51 105,000.00
LONGMONT CO 80501 1 10/28/96 00
0430074898 05 12/01/96 0
050370303 O 11/01/26
0
1536939 B35/G02 F 150,000.00 ZZ
360 150,000.00 1
63 CLARION DRIVE 8.875 1,193.47 89
8.625 1,193.47 170,000.00
FREDERICKSBURG VA 22405 1 11/15/96 01
0430080804 05 01/01/97 20
9682011288 N 12/01/26
0
1536959 A73/G02 F 204,375.00 ZZ
360 204,263.36 1
2159 RIVER CITY DRIVE 9.000 1,644.45 75
8.750 1,644.45 272,500.00
LAUGHLIN NV 89029 1 10/04/96 00
0430086892 05 12/01/96 0
9600016381 O 11/01/26
0
1536965 637/G02 F 49,500.00 ZZ
360 49,500.00 1
8201 LANCASTER HIGHWAY 8.875 393.85 90
8.625 393.85 55,000.00
WAXHAW NC 28173 1 11/18/96 01
0430089722 05 01/01/97 25
9458415 N 12/01/26
0
1536978 180/G02 F 78,750.00 ZZ
360 78,750.00 1
2970 MONACO PARKWAY 8.875 626.57 90
8.625 626.57 87,500.00
1
DENVER CO 80207 1 11/27/96 10
0430094359 05 01/01/97 25
4631982 N 12/01/26
0
1536989 A46/G02 F 73,500.00 ZZ
360 73,500.00 2
10704 DARYL COVE 9.125 598.02 90
8.875 598.02 81,700.00
AUSTIN TX 78758 1 11/15/96 04
0430081182 07 01/01/97 25
7133383 N 12/01/26
0
1536992 G30/G02 F 67,500.00 ZZ
360 67,500.00 4
2310 MARKET STREET 9.875 586.14 90
9.625 586.14 75,000.00
WILMINGTON DE 19802 1 11/21/96 04
0430090225 05 01/01/97 25
096214 N 12/01/26
0
1536996 A46/G02 F 73,500.00 ZZ
360 73,500.00 2
1101 WINDY TRAIL 9.125 598.02 90
8.875 598.02 81,700.00
AUSTIN TX 78758 1 11/14/96 01
0430081190 07 01/01/97 25
7133382 N 12/01/26
0
1536997 E29/G02 F 140,000.00 ZZ
360 140,000.00 1
2045 SOUTH KENTON COURT 8.875 1,113.90 70
8.625 1,113.90 200,000.00
AURORA CO 80014 5 11/12/96 00
0430084434 05 01/01/97 0
19610108 O 12/01/26
0
1537018 758/G02 F 90,000.00 ZZ
360 90,000.00 4
402 MANUEL DRIVE 9.375 748.57 90
9.125 748.57 100,000.00
COLLEGE STATION TX 77840 1 11/13/96 04
0430081083 05 01/01/97 30
21441 N 12/01/26
0
1
1537028 A48/G02 F 69,500.00 ZZ
360 69,500.00 1
918 PONSELLE LANE #4 8.875 552.97 71
8.625 552.97 98,500.00
CAPITOLA CA 95010 1 11/14/96 00
0430083840 01 01/01/97 0
061 N 12/01/26
0
1537034 661/661 F 119,000.00 ZZ
360 118,926.03 1
W 6016 GARNET DRIVE 8.375 904.49 100
8.125 904.49 119,000.00
HARRISON WI 54952 1 10/04/96 92
UNKNOWN 05 12/01/96 30
UNKNOWN O 11/01/26
0
1537037 B75/G02 F 117,000.00 ZZ
360 117,000.00 1
5843 SPARAS STREET 8.625 910.01 90
8.375 910.01 130,000.00
LOOMIS CA 95650 1 11/13/96 04
0430093203 05 01/01/97 25
2644805 N 12/01/26
0
1537041 664/G02 F 83,200.00 ZZ
360 83,149.59 1
10710 SIERRA DRIVE EAST 8.500 639.74 80
8.250 639.74 104,000.00
PUYALLUP WA 98374 1 10/17/96 00
0430072256 05 12/01/96 0
2198182 O 11/01/26
0
1537043 661/661 F 184,500.00 ZZ
360 184,376.20 1
114 CAMPBELL AVENUE 8.000 1,353.80 90
7.750 1,353.80 205,000.00
WILLISTON PARK NY 11596 1 10/16/96 92
UNKNOWN 05 12/01/96 30
UNKNOWN O 11/01/26
0
1537048 664/G02 F 67,000.00 ZZ
360 66,962.43 1
1
1720 PRINCETON ROAD 8.875 533.09 64
8.625 533.09 105,000.00
WOODBURN OR 97071 5 10/24/96 00
0430075861 03 12/01/96 0
2222651 O 11/01/26
0
1537049 816/G02 F 79,500.00 ZZ
360 79,458.78 2
1433-1435 WEST 2400 SOUTH 9.250 654.03 75
9.000 654.03 106,000.00
SALT LAKE CITY UT 84119 1 10/22/96 00
0430072587 05 12/01/96 0
141059 N 11/01/26
0
1537054 661/661 F 174,800.00 ZZ
360 174,691.35 1
1735 HILLSIDE COURT 8.375 1,328.61 95
8.125 1,328.61 184,000.00
GURNEE IL 60031 1 10/03/96 92
UNKNOWN 03 12/01/96 30
UNKNOWN O 11/01/26
0
1537067 862/G02 F 61,600.00 T
360 61,565.46 1
812 REGAL ROAD #P1 8.875 490.12 70
8.625 490.12 88,000.00
ENCINITAS CA 92024 1 10/28/96 00
0430075069 01 12/01/96 0
4319638 O 11/01/26
0
1537068 862/G02 F 388,000.00 ZZ
360 387,758.83 1
2657 LARMAR ROAD 8.375 2,949.09 80
8.125 2,949.09 485,000.00
LOS ANGELES CA 90068 1 10/22/96 00
0430075028 05 12/01/96 0
4310645 O 11/01/26
0
1537071 862/G02 F 59,800.00 ZZ
360 59,766.47 1
308 EAST CARLTON STREET 8.875 475.80 65
8.625 475.80 92,000.00
ONTARIO CA 91761 5 10/28/96 00
0430081711 05 12/01/96 0
1
4310884 N 11/01/26
0
1537074 862/G02 F 235,750.00 ZZ
360 235,607.18 1
9220 NORTH 83RD STREET 8.500 1,812.72 80
8.250 1,812.72 294,700.00
SCOTTSDALE AZ 85258 1 10/29/96 00
0430072199 05 12/01/96 0
4298949 O 11/01/26
0
1537078 862/G02 F 101,250.00 ZZ
360 101,188.66 1
28415 S.E. WK ANDERSON ROAD 8.500 778.53 75
8.250 778.53 135,000.00
GRESHAM OR 97080 1 10/30/96 00
0430086801 05 12/01/96 0
4324224 O 11/01/26
0
1537083 776/G02 F 311,100.00 ZZ
360 310,916.32 1
7796 OAK SPRINGS CIRCLE 8.625 2,419.71 80
8.375 2,419.71 388,900.00
GILROY CA 95020 1 10/15/96 00
0430071894 05 12/01/96 0
6237574 O 11/01/26
0
1537089 992/G02 F 124,300.00 ZZ
360 124,230.31 2
4560 MATILDA AVENUE 8.875 988.99 81
8.625 988.99 153,500.00
BRONX NY 10470 1 10/30/96 04
0430088583 05 12/01/96 20
332132 N 11/01/26
0
1537091 664/G02 F 12,750.00 ZZ
360 12,744.04 1
1453 NORTH MEADOWBROOK DRIVE 9.750 109.55 75
9.500 109.55 17,000.00
GARLAND TX 75042 1 10/22/96 00
0430075929 05 12/01/96 0
2204485 N 11/01/26
0
1
1537096 764/G02 F 151,700.00 ZZ
360 151,600.77 1
4600 MONTEREY AVENUE 8.125 1,126.37 95
7.875 1,126.37 159,700.00
BALDWIN PARK CA 91706 1 10/22/96 04
0430093302 05 12/01/96 30
809455 O 11/01/26
0
1537100 526/G02 F 80,100.00 ZZ
360 80,059.54 1
412 ALLENWOOD DRIVE 9.375 666.24 90
9.125 666.24 89,000.00
ALLEN TX 75002 1 10/17/96 04
0430070979 05 12/01/96 25
150127 N 11/01/26
0
1537112 003/G02 F 102,750.00 ZZ
360 102,696.73 1
3184 CALDWELL ROAD 9.250 845.30 90
9.000 845.30 114,200.00
ATLANTA GA 30319 1 10/25/96 12
0430073692 05 12/01/96 25
3746104 N 11/01/26
0
1537116 862/G02 F 304,000.00 ZZ
360 303,806.14 1
10148 RAYFORD DRIVE 8.250 2,283.86 80
8.000 2,283.86 380,000.00
ESCONDIDO CA 92026 1 10/24/96 00
0430071779 05 12/01/96 0
4318820 O 11/01/26
0
1537117 862/G02 F 86,000.00 ZZ
360 85,951.78 1
1512 ALTADENA AVENUE 8.875 684.26 71
8.625 684.26 122,000.00
SAN DIEGO CA 92102 5 10/17/96 00
0430075051 05 12/01/96 0
4272605 O 11/01/26
0
1537131 003/G02 F 55,800.00 ZZ
360 55,771.82 1
345 PINEHURST DRIVE 9.375 464.12 90
9.125 464.12 62,000.00
1
STOCKBRIDGE GA 30281 1 10/17/96 12
0430090811 05 12/01/96 25
3722717 N 11/01/26
0
1537147 637/G02 F 81,800.00 ZZ
360 81,800.00 2
7608-10 UNIVERSITY GARDEN 9.250 672.95 90
9.000 672.95 91,000.00
WINTER PARK FL 32792 1 11/18/96 12
0430090001 05 01/01/97 25
9377284 N 12/01/26
0
1537149 830/G02 F 35,000.00 ZZ
360 35,000.00 1
15627 GAZELLE STREET 8.375 266.03 67
8.125 266.03 53,000.00
VICTORVILLE CA 92392 5 11/18/96 00
0430089235 05 01/01/97 0
1788199 N 12/01/26
0
1537150 A78/G02 F 104,250.00 ZZ
360 104,250.00 4
1153 MAZATLAN CIRCLE 9.250 857.64 75
9.000 857.64 139,000.00
COLORADO SPRING CO 80910 1 11/14/96 00
0430084913 09 01/01/97 0
040290407 N 12/01/26
0
1537165 F30/G02 F 243,200.00 ZZ
360 243,067.16 1
0661 SILVER CIRCLE 9.000 1,956.84 80
8.750 1,956.84 304,000.00
BRECKENRIDGE CO 80424 1 10/30/96 00
0430071381 05 12/01/96 0
300233 O 11/01/26
0
1537170 480/G02 F 85,400.00 ZZ
360 85,355.73 1
8457 S THUNDER RIDGE WY 17-102 9.250 702.56 80
9.000 702.56 106,750.00
HIGHLANDS RANCH CO 80126 1 10/25/96 00
0430070623 01 12/01/96 0
1940501 O 11/01/26
0
1
1537181 683/G02 F 63,900.00 ZZ
360 63,900.00 1
KNOWLTON CORNER ROAD 9.250 525.69 90
9.000 525.69 71,000.00
FARMINGTON ME 04938 1 11/19/96 01
0430087395 05 01/01/97 25
029150 N 12/01/26
0
1537184 964/G02 F 253,600.00 ZZ
360 253,454.10 2
125-127 ROSWELL AVENUE 8.750 1,995.07 80
8.500 1,995.07 317,500.00
LONG BEACH CA 90803 1 10/16/96 00
0430088245 05 12/01/96 0
20527 O 11/01/26
0
1537185 939/G02 F 247,500.00 ZZ
360 247,500.00 2
15-17 LISPENARD AVENUE 8.625 1,925.03 90
8.375 1,925.03 275,000.00
NEW ROCHELLE NY 10801 1 11/14/96 10
0430077636 05 01/01/97 25
9604666 O 12/01/26
0
1537188 B35/G02 F 236,550.00 ZZ
360 236,550.00 4
936-938 JEFFERSON AVENUE 9.375 1,967.51 95
9.125 1,967.51 249,000.00
ELIZABETH NJ 07201 1 11/26/96 01
0430087320 05 01/01/97 30
9682011280 O 12/01/26
0
1537189 766/G02 F 50,000.00 T
360 49,975.40 1
7830 SW 102 LANE 9.500 420.43 62
9.250 420.43 80,795.00
MIAMI FL 33156 1 10/22/96 00
0430080390 09 12/01/96 0
96SG0608 O 11/01/26
0
1537190 369/G02 F 72,000.00 ZZ
360 71,961.68 1
1
2756 AMBER DRIVE 9.125 585.82 80
8.875 585.82 90,000.00
HEMET CA 92545 1 10/23/96 00
0430071167 05 12/01/96 0
49969504 O 11/01/26
0
1537191 757/757 F 74,700.00 ZZ
360 74,660.25 1
626 TANNER ROAD 9.125 607.78 90
8.875 607.78 83,000.00
DACULA GA 30211 1 10/30/96 01
UNKNOWN 05 12/01/96 25
UNKNOWN N 11/01/26
0
1537193 757/757 F 123,200.00 ZZ
360 123,145.50 1
2241-2247 SOUTHERN SPRINGS WAY 10.000 1,081.17 90
9.750 1,081.17 136,900.00
MORROW GA 30260 2 10/31/96 10
2871036 05 12/01/96 25
2871036 N 11/01/26
0
1537194 757/757 F 37,500.00 ZZ
360 37,477.85 1
3925 MOUNTAIN VIEW RD 8.625 291.68 76
UNIT D3 8.375 291.68 49,500.00
OAKWOOD GA 30566 1 11/01/96 00
2870350 01 12/01/96 0
2870350 O 11/01/26
0
1537205 526/G02 F 27,900.00 ZZ
360 27,886.98 2
106-108 ORANGE STREET 9.750 239.71 90
9.500 239.71 31,000.00
SPRINGFIELD MA 01108 1 10/08/96 12
0430091595 05 12/01/96 25
0147080 N 11/01/26
0
1537206 A78/G02 F 70,000.00 ZZ
360 69,959.73 1
2694 S NEWTON ST 8.750 550.69 72
8.500 550.69 97,500.00
DENVER CO 80219 2 10/25/96 00
0430071456 05 12/01/96 0
1
060450745 O 11/01/26
0
1537223 180/G02 F 110,500.00 ZZ
360 110,500.00 1
1462 SOUTH MONTEREY STREET 9.000 889.11 80
8.750 889.11 138,166.00
GILBERT AZ 85233 1 11/14/96 95
0430093773 05 01/01/97 0
4528139 N 12/01/26
0
1537238 696/G02 F 105,600.00 ZZ
360 105,546.67 1
1401 17TH STREET NW #813 9.375 878.33 80
9.125 878.33 132,000.00
WASHINGTON DC 20036 1 11/04/96 00
0430071555 06 12/01/96 0
2278694 O 11/01/26
0
1537248 405/405 F 40,000.00 ZZ
360 39,980.32 2
40 WILLETTS AVENUE 9.500 336.35 62
9.250 336.35 65,000.00
NEW LONDON CT 06320 1 10/18/96 00
4028627 05 12/01/96 0
4028627 N 11/01/26
0
1537256 526/G02 F 52,650.00 ZZ
360 52,623.41 1
5002 LIVE OAK DRIVE 9.375 437.92 66
9.125 437.92 79,900.00
DICKINSON TX 77539 1 10/25/96 04
0430070953 05 12/01/96 25
150183 N 11/01/26
0
1537259 874/G02 F 280,000.00 ZZ
360 280,000.00 1
3747 BROOKSIDE LANE 8.375 2,128.20 67
8.125 2,128.20 420,000.00
BOISE ID 83703 5 11/19/96 00
0430094136 05 01/01/97 0
3685939 O 12/01/26
0
1
1537273 664/G02 F 87,300.00 ZZ
360 87,300.00 1
109 FAIRWAY VILLAGE DRIVE 8.625 679.02 90
8.375 679.02 97,000.00
TROPHY CLUB TX 76262 1 11/14/96 10
0430082073 03 01/01/97 25
2205763 N 12/01/26
0
1537275 688/G02 F 56,150.00 ZZ
360 56,118.53 2
1000 GWYNN DRIVE 8.875 446.75 75
8.625 446.75 74,900.00
NASHVILLE TN 37216 1 10/25/96 00
0430074856 05 12/01/96 0
42651 N 11/01/26
0
1537278 B75/G02 F 108,000.00 ZZ
360 107,939.45 1
4531 NW 102 COURT 8.875 859.30 80
8.625 859.30 135,000.00
MIAMI FL 33178 1 10/25/96 00
0430072751 09 12/01/96 0
2680270 O 11/01/26
0
1537280 526/G02 F 47,250.00 ZZ
360 47,202.07 1
113 TOMOKA TRAIL 9.375 393.01 90
9.125 393.01 52,500.00
LONGWOOD FL 32779 1 09/16/96 12
0430075408 01 11/01/96 25
145039 N 10/01/26
0
1537294 105/G02 F 98,000.00 ZZ
360 97,942.15 4
9406 GROUSE MEADOWS LANE 8.625 762.23 70
8.375 762.23 140,000.00
AUSTIN TX 78758 5 10/25/96 00
0430081984 05 12/01/96 0
903849 N 11/01/26
0
1537295 E26/G02 F 35,000.00 ZZ
360 34,978.24 1
2710 TAMLYNN LANE 8.375 266.03 32
8.125 266.03 110,810.00
1
EASTON PA 18045 1 10/18/96 00
0430092999 07 12/01/96 0
447026 O 11/01/26
0
1537301 E22/G02 F 52,500.00 ZZ
360 52,470.57 1
1305 SPYGLASS LANE UNIT # 1305 8.875 417.71 37
8.625 417.71 145,000.00
VERO BEACH FL 32963 1 10/25/96 00
0410247837 01 12/01/96 0
410247837 O 11/01/26
0
1537304 267/267 F 294,000.00 ZZ
360 293,807.67 1
1452 N BEVERLY DRIVE 8.125 2,182.95 70
7.875 2,182.95 420,000.00
BEVERLY HILLS CA 90210 1 10/21/96 00
4422076 05 12/01/96 0
4422076 O 11/01/26
0
1537305 E22/G02 F 69,600.00 ZZ
360 69,562.96 1
9854-A BOCA GARDENS TRAIL 9.125 566.29 80
8.875 566.29 87,000.00
BOCA RATON FL 33496 1 10/29/96 00
0410245351 03 12/01/96 0
410245351 O 11/01/26
0
1537312 765/G02 F 81,250.00 ZZ
360 81,210.03 1
4229 DALTON AVENUE 9.500 683.20 65
9.250 683.20 125,000.00
LOS ANGELES CA 90062 5 10/28/96 00
0430074393 05 12/01/96 0
318083 N 11/01/26
0
1537318 E22/G02 F 66,400.00 ZZ
360 66,362.77 1
129 HIGHRIDGE COURT 8.875 528.31 95
8.625 528.31 69,900.00
FAIRFIELD OH 45014 1 10/30/96 11
0410165070 01 12/01/96 30
410165070 O 11/01/26
0
1
1537319 F30/G02 F 117,000.00 ZZ
360 116,943.95 1
557 EAST 9900 SOUTH 9.625 994.49 90
9.375 994.49 130,000.00
SANDY UT 84070 1 10/30/96 10
0430095968 05 12/01/96 30
102216 N 11/01/26
0
1537336 369/G02 F 93,750.00 ZZ
360 93,697.44 1
6 RIDGEWOOD DRIVE 8.875 745.92 75
8.625 745.92 125,000.00
STAFFORD VA 22554 1 10/28/96 00
0430071852 03 12/01/96 0
49685530 N 11/01/26
0
1537346 369/G02 F 161,950.00 ZZ
360 161,863.81 1
1116 REGAL RIDGE DRIVE 9.125 1,317.68 90
8.875 1,317.68 180,000.00
EL PASO TX 79912 1 10/25/96 01
0430072132 05 12/01/96 25
49382120 N 11/01/26
0
1537351 927/G02 F 23,250.00 ZZ
360 23,238.56 1
600 SOUTH DOBSON ROAD.,#29 9.500 195.50 75
9.250 195.50 31,000.00
MESA AZ 85202 1 10/11/96 00
0430094201 09 12/01/96 0
251157 O 11/01/26
0
1537353 E67/G02 F 156,000.00 ZZ
360 156,000.00 1
17470 CASCADE ESTATES 8.625 1,213.35 63
8.375 1,213.35 249,000.00
BEND OR 97701 1 11/01/96 00
0430073221 05 01/01/97 0
5946 O 12/01/26
0
1537360 638/G02 F 127,500.00 ZZ
360 127,500.00 1
1
219 SOUTH LINCOLN STREET 8.500 980.36 75
8.250 980.36 170,000.00
ORANGE CA 92866 5 11/19/96 00
0430095687 05 01/01/97 0
08607401 O 12/01/26
0
1537363 731/G02 F 88,000.00 ZZ
360 87,950.66 1
509 BARRY CIRCLE 8.875 700.17 80
8.625 700.17 110,000.00
MEDFORD OR 97501 1 10/25/96 00
0430088443 05 12/01/96 0
222332861 O 11/01/26
0
1537369 E22/G02 F 170,950.00 ZZ
360 170,868.10 4
2211 CREEKSIDE LANE 9.625 1,453.06 75
9.375 1,453.06 228,000.00
GEORGETOWN TX 78626 2 10/10/96 00
0410271720 05 12/01/96 0
410271720 N 11/01/26
0
1537371 E22/G02 F 52,000.00 ZZ
360 51,977.60 1
7603 BRISTOL LN UNIT #A 10.125 461.15 89
9.875 461.15 59,000.00
HANOVER PARK IL 60103 1 11/01/96 04
0410175640 01 12/01/96 25
410175640 N 11/01/26
0
1537373 737/G02 F 79,100.00 ZZ
360 79,100.00 1
3915 RAINTREE DR 9.000 636.46 90
8.750 636.46 87,900.00
GREENSBORO NC 27407 1 11/15/96 01
0430093690 05 01/01/97 25
UNK N 12/01/26
0
1537374 757/757 F 112,500.00 ZZ
360 112,428.26 1
150 GLEN HOLLY DRIVE 8.250 845.18 75
8.000 845.18 152,000.00
ROSWELL GA 30076 5 10/28/96 00
2870392 05 12/01/96 0
1
2870392 O 11/01/26
0
1537383 E22/G02 F 51,300.00 ZZ
360 51,276.70 1
4009 EAST J STREET 9.875 445.46 90
9.625 445.46 57,000.00
TACOMA WA 98404 1 10/24/96 04
0410263792 05 12/01/96 25
410263792 N 11/01/26
0
1537384 E22/G02 F 191,800.00 ZZ
360 191,689.65 2
2109 NORTH YELLOWSTONE STREET 8.750 1,508.89 85
8.500 1,508.89 225,685.00
ELLENSBURG WA 98926 1 10/17/96 04
0410222301 05 12/01/96 20
410222301 N 11/01/26
0
1537386 737/G02 F 88,200.00 ZZ
360 88,153.07 1
7835 W JULIE DRIVE 9.125 717.62 90
8.875 717.62 98,000.00
GLENDALE AZ 85308 1 10/28/96 04
0430074062 03 12/01/96 25
511882 N 11/01/26
0
1537387 E22/G02 F 108,000.00 ZZ
360 107,952.22 4
11502 NOBILITY DRIVE 10.000 947.78 90
9.750 947.78 120,000.00
HOUSTON TX 77477 1 10/09/96 04
0410267991 03 12/01/96 25
410267991 N 11/01/26
0
1537388 E22/G02 F 48,750.00 ZZ
360 48,726.65 1
658 WILCREST 9.625 414.37 65
9.375 414.37 75,000.00
HOUSTON TX 77042 1 10/04/96 00
0410267975 01 12/01/96 0
410267975 N 11/01/26
0
1
1537391 E22/G02 F 87,500.00 ZZ
360 87,453.43 1
120 GOLFVIEW 9.125 711.93 69
8.875 711.93 127,000.00
ANGEL FIRE NM 87710 1 10/15/96 00
0410262489 05 12/01/96 0
410262489 O 11/01/26
0
1537392 E22/G02 F 108,000.00 ZZ
360 107,952.22 4
11514 NOBILITY DRIVE 10.000 947.78 90
9.750 947.78 120,000.00
HOUSTON TX 77099 1 10/09/96 04
0410108997 05 12/01/96 25
410108997 N 11/01/26
0
1537396 E22/G02 F 111,350.00 ZZ
360 111,287.58 1
1504 FREESTONE DRIVE 8.875 885.95 80
8.625 885.95 139,190.00
PFLUGERVILLE TX 78660 1 10/15/96 00
0410259527 05 12/01/96 0
410259527 O 11/01/26
0
1537399 E22/G02 F 71,900.00 ZZ
360 71,863.69 1
1018 GWYN CIRCLE 9.375 598.03 90
9.125 598.03 79,900.00
OVIEDO FL 32765 1 10/24/96 12
0410247225 03 12/01/96 25
410247225 N 11/01/26
0
1537400 E22/G02 F 185,250.00 ZZ
360 185,151.41 1
5310 FAYWOOD COURT 9.125 1,507.26 77
8.875 1,507.26 242,000.00
ORLANDO FL 32819 1 11/01/96 00
0410245492 09 12/01/96 0
410245492 O 11/01/26
0
1537406 E22/G02 F 116,000.00 ZZ
360 115,939.87 2
311 EAST MULBERRY STREET 9.250 954.30 80
9.000 954.30 145,000.00
1
FORT COLLINS CO 80524 5 10/18/96 00
0410270441 05 12/01/96 0
410270441 O 11/01/26
0
1537407 E22/G02 F 104,050.00 ZZ
360 103,997.45 2
2419-2421 HULDY STREET 9.375 865.44 95
9.125 865.44 109,660.00
HOUSTON TX 77019 1 10/11/96 10
0410271423 05 12/01/96 30
410271423 O 11/01/26
0
1537415 640/G02 F 252,500.00 ZZ
360 252,500.00 1
6529 PIDGEON HALL 8.250 1,896.95 67
8.000 1,896.95 380,000.00
MEMPHIS TN 38119 5 11/20/96 00
0430095661 05 01/01/97 0
UNKNOWN O 12/01/26
0
1537416 737/G02 F 78,150.00 ZZ
360 78,106.18 1
6730 E NORWOOD STREET 8.875 621.80 70
8.625 621.80 111,680.00
MESA AZ 85215 1 10/30/96 00
0430072686 03 12/01/96 0
511961 O 11/01/26
0
1537419 737/G02 F 92,800.00 ZZ
360 92,747.97 1
2058 W GILA LANE 8.875 738.36 80
8.625 738.36 116,500.00
CHANDLER AZ 85224 1 10/28/96 00
0430071928 05 12/01/96 0
511945 O 11/01/26
0
1537427 635/635 F 130,800.00 ZZ
360 130,800.00 1
10330 GLOBE DRIVE 8.750 1,029.01 80
8.500 1,029.01 163,500.00
ELLICOTT CITY MD 21042 1 11/18/96 10
665488300 05 01/01/97 12
665488300 N 12/01/26
0
1
1537435 498/G02 F 67,950.00 ZZ
360 67,914.78 1
492 RIVERSIDE ROAD 9.250 559.00 91
9.000 559.00 75,000.00
BUFORD GA 30518 1 10/31/96 01
0430074302 05 12/01/96 25
1464463 N 11/01/26
0
1537436 E22/G02 F 34,000.00 ZZ
360 33,983.28 1
13191 TROY 9.500 285.89 62
9.250 285.89 55,000.00
OAK PARK MI 48237 1 10/23/96 10
0410163547 05 12/01/96 20
410163547 N 11/01/26
0
1537465 E22/G02 F 70,850.00 ZZ
360 70,813.27 1
2602 MORNING DOVE LANE 9.250 582.87 80
9.000 582.87 88,600.00
CHARLESTON SC 29414 2 10/23/96 10
0410141915 05 12/01/96 12
410141915 N 11/01/26
0
1537539 E22/G02 F 46,100.00 ZZ
360 46,078.49 1
5325 GAINSBOROUGH CT 9.750 396.07 89
9.500 396.07 52,251.00
INDIANAPOLIS IN 46254 1 10/25/96 04
0410163794 05 12/01/96 25
410163794 N 11/01/26
0
1537542 E22/G02 F 71,250.00 ZZ
360 71,212.09 1
14741 DREXEL ST 9.125 579.71 75
8.875 579.71 95,000.00
OMAHA NE 68137 1 10/30/96 00
0410263487 05 12/01/96 0
410263487 N 11/01/26
0
1537543 E22/G02 F 50,250.00 ZZ
360 50,227.17 2
1
685 VAN BUREN AVE 9.875 436.35 95
9.625 436.35 52,900.00
ST. PAUL MN 55104 1 10/24/96 10
0410262810 05 12/01/96 30
410262810 O 11/01/26
0
1537549 E22/G02 F 161,000.00 ZZ
360 160,909.74 1
500 STERLING DRIVE 8.875 1,280.99 75
8.625 1,280.99 214,900.00
EUGENE OR 97404 1 10/07/96 00
0410222590 05 12/01/96 0
410222590 O 11/01/26
0
1537550 E22/G02 F 234,000.00 ZZ
360 233,893.69 4
14 NORTH EL MOLINO STREET 9.875 2,031.94 65
#A-D 9.625 2,031.94 360,000.00
ALHAMBRA CA 91801 5 10/08/96 00
0410262505 05 12/01/96 0
410262505 O 11/01/26
0
1537553 E22/G02 F 113,000.00 ZZ
360 112,941.42 1
1417 WEST 88TH STREET 9.250 929.62 84
9.000 929.62 135,000.00
LOS ANGELES CA 90047 5 10/04/96 01
0410230098 05 12/01/96 12
410230098 O 11/01/26
0
1537558 E22/G02 F 150,000.00 ZZ
360 149,920.18 1
7704 WASHINGTON AVENUE 9.125 1,220.45 70
8.875 1,220.45 215,000.00
SEBASTOPOL CA 95472 5 10/23/96 00
0410263073 05 12/01/96 0
410263073 O 11/01/26
0
1537562 E22/G02 F 132,800.00 ZZ
360 132,721.60 1
8501 N W 172ND STREET 8.625 1,032.90 80
8.375 1,032.90 166,000.00
MIAMI FL 33015 1 10/31/96 00
0410248652 05 12/01/96 0
1
410248652 O 11/01/26
0
1537569 E22/G02 F 150,400.00 ZZ
360 150,311.20 1
114 SUN MEADOW ROAD 8.625 1,169.80 80
8.375 1,169.80 188,000.00
GREER SC 29651 1 10/30/96 00
0410246821 03 12/01/96 0
410246821 O 11/01/26
0
1537573 526/G02 F 25,000.00 ZZ
360 24,988.34 1
4455 GOLF VISTA CIRCLE 9.750 214.79 87
9.500 214.79 29,000.00
DECATUR GA 30035 1 10/08/96 12
0430070458 07 12/01/96 25
0150271 N 11/01/26
0
1537580 766/G02 F 113,000.00 T
360 112,939.86 1
5045 SW 87 COURT 9.125 919.41 70
8.875 919.41 163,000.00
MIAMI FL 33165 1 10/16/96 00
0430074146 05 12/01/96 0
96OZ0619 O 11/01/26
0
1537628 313/G02 F 47,700.00 ZZ
360 47,700.00 1
1375 REBECCA DRIVE 8.625 371.01 90
UNIT 201 8.375 371.01 53,000.00
HOFFMAN ESTATES IL 60194 1 11/18/96 10
0430082610 01 01/01/97 25
5635404 N 12/01/26
0
1537629 737/G02 F 39,150.00 ZZ
360 39,150.00 2
2609-2611 HUNTSVILLE STREET 9.500 329.20 90
9.250 329.20 43,500.00
KENNER LA 70062 1 11/27/96 01
0430093856 05 01/01/97 25
558490 N 12/01/26
0
1
1537630 737/G02 F 39,150.00 ZZ
360 39,150.00 2
2612-2614 HUNTSVILLE STREET 9.500 329.20 90
9.250 329.20 43,500.00
KENNER LA 70062 1 11/27/96 01
0430094375 05 01/01/97 25
558492 N 12/01/26
0
1537631 B65/G02 F 55,500.00 ZZ
360 55,500.00 1
4403 WEST 191ST STREET 8.625 431.68 75
8.375 431.68 74,000.00
CLEVELAND OH 44135 1 11/14/96 00
0430071423 05 01/01/97 0
31196643 N 12/01/26
0
1537633 737/G02 F 39,150.00 ZZ
360 39,150.00 2
2608-2610 HUNTSVILLE STREET 9.500 329.20 90
9.250 329.20 43,500.00
KENNER LA 70062 1 11/27/96 04
0430094342 05 01/01/97 25
558491 N 12/01/26
0
1537634 737/G02 F 39,150.00 ZZ
360 39,150.00 2
2616-2618 HUNTSVILLE STREET 9.500 329.20 90
9.250 329.20 43,500.00
KENNER LA 70062 1 11/27/96 04
0430094300 05 01/01/97 25
558489 N 12/01/26
0
1537639 F03/G02 F 248,000.00 ZZ
360 248,000.00 1
1101 MULLIGAN STREET 8.875 1,973.20 80
8.625 1,973.20 310,000.00
FRASER CO 80442 1 11/15/96 00
0430096776 05 01/01/97 0
DEN10275 O 12/01/26
0
1537643 E22/G02 F 73,400.00 T
360 73,362.94 1
17679 SW 146TH COURT 9.375 610.50 80
9.125 610.50 92,150.00
1
MIAMI FL 33177 1 10/31/96 95
0410239305 05 12/01/96 0
410239305 O 11/01/26
0
1537671 E22/G02 F 47,700.00 ZZ
360 47,679.46 2
813-815 FERRIS COURT 10.125 423.01 90
9.875 423.01 53,000.00
KALAMAZOO MI 49007 1 10/16/96 04
0410161525 05 12/01/96 25
410161525 N 11/01/26
0
1537672 575/G02 F 102,400.00 ZZ
360 102,352.23 4
129 SHOSHONE STREET 9.750 879.77 80
9.500 879.77 128,000.00
BUFFALO NY 14214 1 10/25/96 96
0430073007 05 12/01/96 0
456006705 N 11/01/26
0
1537673 575/G02 F 102,400.00 ZZ
360 102,352.23 4
135 SHOSHONE STREET 9.750 879.77 80
9.500 879.77 128,000.00
BUFFALO NY 14214 1 10/25/96 96
0430072850 05 12/01/96 0
456006813 N 11/01/26
0
1537674 201/G02 F 58,950.00 ZZ
360 58,890.22 1
5410 ASPEN STREET 9.375 490.32 90
9.125 490.32 65,500.00
HOUSTON TX 77081 1 09/12/96 01
0430073312 05 11/01/96 25
7800933058 O 10/01/26
0
1537678 003/G02 F 38,700.00 ZZ
360 38,680.96 1
201 GOVERNORS DRIVE 9.500 325.42 90
9.250 325.42 43,000.00
FOREST PARK GA 30050 1 10/31/96 12
0430090878 05 12/01/96 25
3752318 N 11/01/26
0
1
1537691 018/G02 F 59,400.00 ZZ
360 59,369.21 1
2900 GARROW STREET 9.250 488.67 90
9.000 488.67 66,000.00
HOUSTON TX 77003 1 10/29/96 01
0430076844 05 12/01/96 25
238369 N 11/01/26
0
1537696 377/377 F 40,000.00 ZZ
360 40,000.00 1
1208 PASSMORE STREET 8.875 318.26 83
8.625 318.26 48,500.00
PHILADELPHIA PA 19111 1 11/04/96 04
UNKNOWN 05 01/01/97 12
UNKNOWN N 12/01/26
0
1537702 E22/G02 F 130,000.00 ZZ
360 129,937.72 1
8S520 STATE ROUTE 53 9.625 1,104.99 60
9.375 1,104.99 220,000.00
NAPERVILLE IL 60565 5 10/29/96 00
0410215792 05 12/01/96 0
410215792 O 11/01/26
0
1537706 E22/G02 F 34,200.00 ZZ
360 34,183.18 1
17721 STATE ROAD 23 9.500 287.57 90
9.250 287.57 38,000.00
SOUTH BEND IN 46635 1 10/25/96 04
0410261465 05 12/01/96 25
410261465 N 11/01/26
0
1537707 E22/G02 F 143,200.00 ZZ
360 143,127.68 1
555 WOODLAWN ST 9.375 1,191.07 80
9.125 1,191.07 179,000.00
HOFFMAN ESTATES IL 60194 1 10/29/96 00
0410175111 05 12/01/96 0
410175111 O 11/01/26
0
1537709 E22/G02 F 51,200.00 ZZ
360 51,176.11 1
1
840 6TH AVE SE 9.750 439.89 90
9.500 439.89 56,900.00
ROCHESTER MN 55904 1 10/31/96 04
0410263339 05 12/01/96 25
410263339 N 11/01/26
0
1537711 E22/G02 F 51,000.00 ZZ
360 50,973.56 1
233 N THIRD 9.250 419.56 63
9.000 419.56 82,000.00
MARINE CITY MI 48039 5 10/25/96 00
0410163927 05 12/01/96 0
410163927 O 11/01/26
0
1537712 664/G02 F 59,900.00 ZZ
360 59,900.00 1
216 WEST WILLOW CREEK DRIVE 8.000 439.53 75
7.750 439.53 80,000.00
GLENN HEIGHTS TX 75154 1 11/19/96 00
0430084996 05 01/01/97 0
2205631 N 12/01/26
0
1537718 G08/G02 F 81,300.00 ZZ
360 81,258.94 1
7123 THUNDER RIDGE 9.375 676.22 74
9.125 676.22 109,900.00
JONESBORO GA 30236 1 10/30/96 00
0430081364 05 12/01/96 0
9343971 O 11/01/26
0
1537720 E22/G02 F 58,500.00 ZZ
360 58,464.56 1
44 HIWATHA BLVD 8.500 449.81 75
8.250 449.81 78,500.00
DAGSBORO DE 19939 1 11/04/96 00
0410248215 05 12/01/96 0
410248215 O 11/01/26
0
1537721 E22/G02 F 46,800.00 ZZ
360 46,777.57 2
1348 SO WASHINGTON AVENUE 9.625 397.80 90
9.375 397.80 52,000.00
CLEARWATER FL 34616 1 11/05/96 04
0410248710 05 12/01/96 25
1
410248710 N 11/01/26
0
1537723 E22/G02 F 76,000.00 ZZ
360 75,959.56 1
9644 SILLS DRIVE E UNIT # 103 9.125 618.36 80
8.875 618.36 95,000.00
BOYNTON BEACH FL 33437 1 11/01/96 00
0410247548 01 12/01/96 0
410247548 O 11/01/26
0
1537730 286/286 F 76,500.00 ZZ
360 76,327.50 1
5099 AQUILLA DR 9.750 657.26 66
9.500 657.26 116,500.00
DAYTON OH 45415 1 09/20/96 00
8593655 05 11/01/96 0
8593655 O 10/01/26
0
1537732 E22/G02 F 74,000.00 ZZ
360 73,958.51 1
366 WEST 11TH STREET 8.875 588.78 65
8.625 588.78 114,000.00
HIALEAH FL 33010 5 10/28/96 00
0410245187 05 12/01/96 0
410245187 O 11/01/26
0
1537735 624/G02 F 77,250.00 ZZ
360 77,250.00 1
680 SOUTH MAIN 9.000 621.57 75
8.750 621.57 103,000.00
PAYSON UT 84651 1 11/18/96 00
0430087247 05 01/01/97 0
66031360333 O 12/01/26
0
1537739 E22/G02 F 44,400.00 ZZ
360 44,400.00 1
307 STILLWATER COURT 8.875 353.27 80
8.625 353.27 55,500.00
JUPITER FL 33458 1 11/04/96 00
0410248470 05 01/01/97 0
410248470 O 12/01/26
0
1
1537748 E22/G02 F 109,100.00 ZZ
360 109,041.94 1
2717 ELLIS COURT 9.125 887.67 78
8.875 887.67 141,447.00
PLANO TX 75075 2 10/08/96 00
0410262687 05 12/01/96 0
410262687 O 11/01/26
0
1537751 E22/G02 F 108,000.00 ZZ
360 107,952.22 4
11500 NOBILITY DRIVE 10.000 947.78 90
9.750 947.78 120,000.00
HOUSTON TX 77477 1 10/09/96 10
0410270110 05 12/01/96 25
410270110 N 11/01/26
0
1537755 E22/G02 F 140,800.00 ZZ
360 140,721.06 1
100 MELODY DRIVE 8.875 1,120.27 80
8.625 1,120.27 176,000.00
METAIRIE LA 70001 1 10/28/96 00
0410262562 05 12/01/96 0
410262562 O 11/01/26
0
1537756 E22/G02 F 96,000.00 ZZ
360 95,954.01 4
11510 MEADOW LANE 9.625 815.99 80
9.375 815.99 120,000.00
HOUSTON TX 77099 1 10/10/96 04
0410107890 03 12/01/96 12
410107890 N 11/01/26
0
1537757 E22/G02 F 96,000.00 ZZ
360 95,954.01 4
11518 MEADOW LANE 9.625 815.99 80
9.375 815.99 120,000.00
HOUSTON TX 77099 1 10/10/96 04
0410107882 03 12/01/96 12
410107882 N 11/01/26
0
1537758 E22/G02 F 108,000.00 ZZ
360 107,952.22 4
11511 MEADOW LANE 10.000 947.78 90
9.750 947.78 120,000.00
1
HOUSTON TX 77477 1 10/09/96 04
0410271647 03 12/01/96 25
410271647 N 11/01/26
0
1537766 635/635 F 83,250.00 ZZ
360 83,250.00 1
2340 SEWELL MILL RD 9.000 669.85 90
8.750 669.85 92,500.00
MARIETTA GA 30062 1 11/22/96 10
666019500 05 01/01/97 25
666019500 N 12/01/26
0
1537783 862/G02 F 291,400.00 ZZ
360 291,223.46 1
18490 E. STONEGATE LANE 8.500 2,240.62 80
8.250 2,240.62 364,265.00
ROWLAND HEIGHTS CA 91748 1 10/23/96 00
0430076711 03 12/01/96 0
4270575 O 11/01/26
0
1537784 698/G02 F 256,400.00 ZZ
360 256,270.52 1
6236 COLONY COURT 9.375 2,132.61 95
9.125 2,132.61 270,000.00
RANCHO CUCAMONG CA 91739 1 10/24/96 10
0430075440 05 12/01/96 30
20852646 O 11/01/26
0
1537790 369/G02 F 100,500.00 ZZ
360 100,449.25 1
3363 W HARMONT DRIVE 9.375 835.91 75
9.125 835.91 134,000.00
PHOENIX AZ 85051 1 10/21/96 00
0430075226 03 12/01/96 0
49963234 N 11/01/26
0
1537791 E46/G02 F 328,000.00 ZZ
360 328,000.00 1
65 SHERWOOD AVENUE 8.750 2,580.38 75
8.500 2,580.38 438,000.00
ENGLEWOOD CLIFF NJ 07632 1 11/21/96 00
0430093880 05 01/01/97 0
23798 O 12/01/26
0
1
1537792 A38/G02 F 77,400.00 ZZ
360 77,400.00 1
12011 WHITTINGTON DRIVE 9.125 629.76 90
8.875 629.76 86,000.00
HOUSTON TX 77077 1 11/20/96 01
0430091702 05 01/01/97 30
960451 N 12/01/26
0
1537793 664/G02 F 59,200.00 ZZ
360 59,166.80 1
5726 DIANA DRIVE 8.875 471.03 80
8.625 471.03 74,000.00
GARLAND TX 75043 1 10/31/96 10
0430076596 05 12/01/96 12
2205490 N 11/01/26
0
1537825 480/G02 F 129,200.00 ZZ
360 129,136.45 1
11315 PROVIDENCE ROAD W 9.500 1,086.38 90
9.250 1,086.38 143,600.00
CHARLOTTE NC 28277 1 10/31/96 14
0430074922 05 12/01/96 25
2011112 N 11/01/26
0
1537826 638/G02 F 55,850.00 ZZ
360 55,850.00 2
1021 SOUTHSHORE PLACE 9.000 449.38 90
8.750 449.38 62,100.00
MACON GA 31210 1 11/19/96 10
0430093633 05 01/01/97 25
08603935 N 12/01/26
0
1537829 B24/G02 F 140,950.00 ZZ
360 140,950.00 3
14 GREGORY STREET 9.875 1,223.94 95
9.625 1,223.94 148,400.00
STAMFORD CT 06902 1 11/26/96 23
0430078998 05 01/01/97 0
UNKNOWN O 12/01/26
0
1537832 F64/G02 F 103,500.00 ZZ
360 103,500.00 1
1
1054 SEQUOIA DRIVE 9.125 842.11 90
8.875 842.11 115,000.00
LEWISVILLE NC 27023 1 11/27/96 12
0430094748 05 01/01/97 25
174846 N 12/01/26
0
1537839 480/G02 F 81,300.00 ZZ
360 81,255.59 1
9829 SOUTH 45TH PLACE 9.000 654.16 83
8.750 654.16 98,000.00
PHOENIX AZ 85044 2 10/28/96 04
0430076794 05 12/01/96 20
2027605 O 11/01/26
0
1537844 776/G02 F 89,250.00 ZZ
360 89,201.25 1
4304 EL CAMINO AVENUE 9.000 718.13 75
8.750 718.13 119,500.00
LAS VEGAS NV 89102 1 10/25/96 00
0430075366 05 12/01/96 0
6337853 O 11/01/26
0
1537847 776/G02 F 122,500.00 ZZ
360 122,436.49 1
609 SOUTH EL MOLINO AVENUE 9.250 1,007.78 70
9.000 1,007.78 175,000.00
PASADENA CA 91106 5 10/23/96 00
0430075671 01 12/01/96 0
2135365 O 11/01/26
0
1537849 776/G02 F 85,450.00 ZZ
360 85,400.83 1
1711 CRYSTAL SHADOWS CIRCLE 8.750 672.24 75
8.500 672.24 113,950.00
LAS VEGAS NV 89119 1 10/17/96 00
0430075291 05 12/01/96 0
7594843 O 11/01/26
0
1537855 003/G02 F 78,300.00 ZZ
360 78,259.40 1
938 ALLOWAY PLACE 9.250 644.16 90
9.000 644.16 87,000.00
ATLANTA GA 30316 1 10/30/96 12
0430072306 05 12/01/96 25
1
3740974 N 11/01/26
0
1537865 F30/G02 F 198,750.00 ZZ
360 198,635.65 1
215 EAST 5TH AVENUE 8.750 1,563.57 80
8.500 1,563.57 250,000.00
FRISCO CO 80443 5 10/25/96 00
0430072942 09 12/01/96 0
300031 O 11/01/26
0
1537884 737/G02 F 138,000.00 ZZ
240 137,796.64 4
8700 NE 82ND TERRACE 9.125 1,252.74 84
8.875 1,252.74 165,000.00
KANSAS CITY MO 64152 2 10/28/96 01
0430077586 05 12/01/96 20
511551 N 11/01/16
0
1537888 F84/G02 F 225,250.00 ZZ
360 225,250.00 2
1797 SHORE PARKWAY 8.875 1,792.19 85
8.625 1,792.19 265,000.00
BROOKLYN NY 11214 1 11/26/96 10
0430087163 05 01/01/97 12
B1645 O 12/01/26
0
1537893 967/G02 F 87,200.00 ZZ
360 87,200.00 1
10713 NE 90TH STREET 9.000 701.63 90
8.750 701.63 96,900.00
VANCOUVER WA 98662 1 10/31/96 10
0430074799 05 01/01/97 25
4103883 N 12/01/26
0
1537903 700/G02 F 30,100.00 ZZ
360 30,100.00 1
18617 EGRET BAY BLVD 8.875 239.49 61
UNIT 1109 8.625 239.49 50,000.00
HOUSTON TX 77058 2 11/06/96 00
0430071886 01 01/01/97 0
122692 N 12/01/26
0
1
1537928 624/G02 F 136,000.00 ZZ
360 136,000.00 1
1270 TAYLOR ROAD 8.625 1,057.79 80
8.375 1,057.79 170,000.00
BETHEL ISLAND CA 94511 2 11/19/96 00
0430097436 05 01/01/97 0
31300160106 O 12/01/26
0
1537942 E09/G02 F 78,500.00 ZZ
360 78,454.84 1
205 TALMAGE STREET 8.750 617.56 75
8.500 617.56 105,000.00
LAS VEGAS NV 89107 2 10/29/96 00
0430076349 05 12/01/96 0
0102314 N 11/01/26
0
1537944 E91/G02 F 122,000.00 ZZ
360 121,931.60 1
921 PRO PLAYERS DRIVE 8.875 970.69 68
8.625 970.69 182,000.00
LAS VEGAS NV 89134 2 10/22/96 00
0430078121 09 12/01/96 0
216315335 N 11/01/26
0
1537945 731/G02 F 152,000.00 ZZ
360 151,919.11 3
866 WEST WALNUT AVENUE #A,B,&C 9.125 1,236.72 80
8.875 1,236.72 190,000.00
MONROVIA CA 91016 1 10/28/96 00
0430081992 05 12/01/96 0
411112384 O 11/01/26
0
1537960 377/377 F 85,500.00 ZZ
360 85,456.82 1
323 WEST 6TH STREET 9.375 711.15 90
9.125 711.15 95,000.00
COVINGTON KY 41011 1 10/31/96 01
6159131 05 12/01/96 30
6159131 N 11/01/26
0
1537969 E22/G02 F 13,950.00 ZZ
360 13,942.95 1
134 EAST BOWMAN 9.375 116.03 90
9.125 116.03 15,500.00
1
SOUTH BEND IN 46613 1 10/04/96 01
0410163224 05 12/01/96 25
410163224 N 11/01/26
0
1537970 E22/G02 F 76,050.00 ZZ
360 75,980.61 1
5530 ROXBURY TERRACE 9.875 660.38 90
9.625 660.38 84,500.00
INDIANAPOLIS IN 46226 1 09/26/96 04
0410259246 01 11/01/96 25
410259246 O 10/01/26
0
1537974 E22/G02 F 67,500.00 ZZ
360 67,462.16 1
501 W 26TH STREET UNIT # 218 8.875 537.06 75
8.625 537.06 90,000.00
AUSTIN TX 78705 1 10/23/96 00
0410262208 01 12/01/96 0
410262208 N 11/01/26
0
1537979 E22/G02 F 37,100.00 ZZ
360 37,084.85 4
5901 STORER AVE 10.375 335.91 90
10.125 335.91 41,300.00
CLEVELAND OH 44102 1 10/11/96 01
0410216170 05 12/01/96 25
410216170 N 11/01/26
0
1537983 E22/G02 F 41,850.00 T
360 41,828.86 1
14151 MONTFORT DRIVE #278 9.375 348.09 90
9.125 348.09 46,500.00
DALLAS TX 75240 1 10/25/96 10
0410271076 01 12/01/96 25
410271076 O 11/01/26
0
1537984 E22/G02 F 130,000.00 ZZ
360 129,779.74 1
1211 - 47TH AVENUE 8.875 1,034.34 72
8.625 1,034.34 182,000.00
SAN FRANCISCO CA 94122 1 09/23/96 00
0410229546 05 11/01/96 0
410229546 O 10/01/26
0
1
1537985 E22/G02 F 117,000.00 ZZ
360 116,945.42 1
5320 EMERSON AVENUE 9.750 1,005.21 90
9.500 1,005.21 130,000.00
DALLAS TX 75209 1 10/15/96 10
0410263164 05 12/01/96 25
410263164 N 11/01/26
0
1537987 E22/G02 F 80,100.00 ZZ
360 80,064.57 2
12815 & 12817 BEXLEY DRIVE 10.000 702.93 90
9.750 702.93 89,000.00
HOUSTON TX 77099 1 10/07/96 10
0410108054 05 12/01/96 25
410108054 N 11/01/26
0
1537988 E22/G02 F 120,600.00 ZZ
360 120,542.22 2
2512-2514 CASWELL LANE 9.625 1,025.09 90
9.375 1,025.09 134,000.00
METAIRIE LA 70002 1 10/25/96 04
0410263024 05 12/01/96 25
410263024 N 11/01/26
0
1537992 E22/G02 F 60,600.00 ZZ
360 60,567.75 1
1705 15TH AVENUE 9.125 493.06 80
8.875 493.06 75,750.00
GREELEY CO 80631 1 10/25/96 00
0410270573 05 12/01/96 0
210270573 O 11/01/26
0
1537993 561/G02 F 81,900.00 ZZ
360 81,861.79 1
11734 TERRYTOWN DRIVE 9.750 703.65 90
9.500 703.65 91,000.00
REISTERSTOWN MD 21136 1 10/30/96 10
0430077628 05 12/01/96 25
8897795 N 11/01/26
0
1537994 766/G02 F 39,600.00 ZZ
360 39,600.00 1
1
3530 SW 10 STREET 9.875 343.87 90
#6 A 9.625 343.87 44,000.00
MIAMI FL 33135 1 11/06/96 04
0430077115 01 01/01/97 25
96SG0925 N 12/01/26
0
1537998 E22/G02 F 13,500.00 ZZ
360 13,494.19 1
20043 SCHOENHERR 10.125 119.72 90
9.875 119.72 15,000.00
DETROIT MI 48205 1 10/15/96 10
0410162309 05 12/01/96 25
410162309 N 11/01/26
0
1538003 E22/G02 F 96,750.00 ZZ
360 96,699.84 1
14256 FARMINGTON ROAD 9.250 795.94 75
9.000 795.94 129,000.00
LIVONIA MI 48152 1 10/25/96 00
0410164172 05 12/01/96 0
410164172 N 11/01/26
0
1538006 201/G02 F 93,500.00 ZZ
360 93,454.01 1
4327 DECLARATION CIRCLE 9.500 786.20 84
COUNTY OF HARFORD 9.250 786.20 112,500.00
BEL AIR MD 21015 2 10/28/96 10
0430074567 03 12/01/96 20
2200926703 N 11/01/26
0
1538011 766/G02 F 100,000.00 ZZ
360 99,950.82 1
1881 WASHINGTON AVE 9.500 840.85 80
#10F 9.250 840.85 125,000.00
MIAMI BEACH FL 33139 5 10/15/96 00
0430076935 06 12/01/96 0
96SG0692 O 11/01/26
0
1538029 638/G02 F 91,200.00 ZZ
360 91,200.00 1
422 ASH DRIVE 9.250 750.28 80
9.000 750.28 114,000.00
CARMEL IN 46032 1 11/21/96 04
0430088260 05 01/01/97 12
1
8608800 N 12/01/26
0
1538038 964/G02 F 112,000.00 ZZ
360 111,932.15 1
1711 WEST PARK LANE 8.500 861.18 70
8.250 861.18 160,000.00
SANTA ANA CA 92706 1 10/24/96 00
0430070839 05 12/01/96 0
20771 O 11/01/26
0
1538043 E22/G02 F 100,000.00 ZZ
360 99,913.50 1
3280 NE 16TH AVENUE 10.125 886.82 70
9.875 886.82 143,000.00
OAKLAND PARK FL 33334 5 09/27/96 00
0410162812 05 11/01/96 0
410162812 N 10/01/26
0
1538051 E22/G02 F 61,500.00 ZZ
360 61,467.28 1
4433 SEAWATER STREET 9.125 500.38 50
8.875 500.38 123,000.00
ORLANDO FL 32812 1 11/05/96 00
0410249346 05 12/01/96 0
410249346 O 11/01/26
0
1538052 180/G02 F 43,200.00 ZZ
360 43,200.00 1
4896 DUDLEY STREET 8.875 343.72 80
#9-3 8.625 343.72 54,000.00
LITTLETON CO 80123 2 11/22/96 12
0430094565 01 01/01/97 12
4633137 N 12/01/26
0
1538054 E22/G02 F 54,000.00 ZZ
360 53,967.29 1
1113 IDLEWILD COURT 8.500 415.21 75
8.250 415.21 72,000.00
WINSTON-SALEM NC 27106 5 10/31/96 00
0410247688 05 12/01/96 0
410247688 O 11/01/26
0
1
1538057 E22/G02 F 110,000.00 ZZ
360 110,000.00 1
4323 PALISADES PARK DRIVE 9.125 895.00 75
8.875 895.00 147,500.00
BILLINGS MT 59106 1 10/30/96 00
0410221956 05 01/01/97 0
410221956 O 12/01/26
0
1538058 E22/G02 F 364,000.00 ZZ
360 363,795.93 1
28932 GLEN RIDGE 8.875 2,896.15 65
8.625 2,896.15 560,000.00
MISSION VIEJO CA 92692 5 10/31/96 00
0410284343 05 12/01/96 0
410284343 O 11/01/26
0
1538064 E22/G02 F 131,200.00 ZZ
360 131,200.00 1
2 BLANQUETA COURT 8.125 974.16 80
7.875 974.16 164,000.00
CHICO CA 95928 1 10/31/96 00
0410274120 05 01/01/97 0
410274120 O 12/01/26
0
1538077 E22/G02 F 195,000.00 ZZ
360 194,881.87 1
2147 30TH AVENUE 8.500 1,499.38 66
8.250 1,499.38 297,000.00
SAN FRANCISCO CA 94116 1 10/25/96 00
0410232383 05 12/01/96 0
410232383 O 11/01/26
0
1538079 E22/G02 F 245,300.00 ZZ
360 245,300.00 2
1379-1381 27TH AVENUE 9.250 2,018.02 64
9.000 2,018.02 385,000.00
SAN FRANCISCO CA 94122 5 10/29/96 00
0410232672 05 01/01/97 0
410232672 O 12/01/26
0
1538087 A06/G02 F 83,700.00 ZZ
360 83,647.97 1
16353 ELGIN 8.375 636.19 90
8.125 636.19 93,000.00
1
ROYAL OAK MI 48033 1 11/04/96 12
0430081174 05 12/01/96 30
1000009608764 N 11/01/26
0
1538111 661/661 F 99,380.00 ZZ
360 99,268.17 1
52 SHALIMAR DRIVE 8.875 790.71 100
8.625 790.71 99,380.00
SHALIMAR FL 32579 1 10/01/96 92
UNKNOWN 05 11/01/96 30
UNKNOWN O 10/01/26
0
1538146 405/405 F 205,000.00 ZZ
360 204,882.05 1
2644 ALAEKEA STREET 8.750 1,612.74 64
8.500 1,612.74 325,000.00
LIHUE HI 96766 1 10/10/96 00
004036513 05 12/01/96 0
004036513 O 11/01/26
0
1538163 E22/G02 F 44,550.00 ZZ
360 44,528.66 1
3761 N ROGER AVENUE 9.625 378.67 90
9.375 378.67 49,500.00
SPRINGFIELD MO 65803 1 10/24/96 10
0410213680 05 12/01/96 25
410213680 N 11/01/26
0
1538165 E22/G02 F 172,900.00 ZZ
360 172,810.36 1
3802 AVENUE H 9.250 1,422.41 70
9.000 1,422.41 247,000.00
AUSTIN TX 78751 1 10/10/96 00
0410263834 05 12/01/96 0
410263834 O 11/01/26
0
1538167 E22/G02 F 87,500.00 ZZ
360 87,448.34 1
15908 SONOMA COURT 8.625 680.57 70
8.375 680.57 125,000.00
OKLAHOMA CITY OK 73013 1 10/21/96 00
0410268544 09 12/01/96 0
410268544 O 11/01/26
0
1
1538169 E22/G02 F 62,900.00 ZZ
360 62,795.58 2
1125-27 CONNECTICUT ST 9.875 546.19 90
9.625 546.19 69,888.00
LAWRENCE KS 66044 1 10/01/96 01
0410260681 05 11/01/96 25
410260681 N 10/01/26
0
1538172 E22/G02 F 124,000.00 ZZ
360 123,932.27 1
4105 HIGHWAY 93 NORTH 9.000 997.73 80
8.750 997.73 155,000.00
WHITEFISH MT 59937 2 10/23/96 00
0410223671 05 12/01/96 0
410223671 O 11/01/26
0
1538175 624/G02 F 58,100.00 ZZ
360 58,100.00 1
2220 EAST 4800 SOUTH #187 8.500 446.74 70
8.250 446.74 83,000.00
SALT LAKE CITY UT 84117 5 11/18/96 00
0430092817 03 01/01/97 0
65024960103 N 12/01/26
0
1538183 E22/G02 F 40,600.00 T
360 40,600.00 1
10815 SW 112 AVE UNIT # 113 9.625 345.10 70
9.375 345.10 58,000.00
MIAMI FL 33176 1 11/06/96 00
0410244016 01 01/01/97 0
410244016 O 12/01/26
0
1538189 E22/G02 F 82,000.00 ZZ
360 81,954.03 1
10644 SW 144 COUORT 8.875 652.43 69
8.625 652.43 120,000.00
MIAMI FL 33186 5 11/01/96 00
0410248132 05 12/01/96 0
410248132 O 11/01/26
0
1538194 E22/G02 F 35,700.00 ZZ
360 35,700.00 1
1
7400 COLLEGE PKWY UNIT #2A 9.375 296.93 70
9.125 296.93 51,000.00
FT MYERS FL 33907 5 11/08/96 00
0410246870 01 01/01/97 0
410246870 N 12/01/26
0
1538195 936/G02 F 60,000.00 ZZ
360 59,971.25 1
2069 YAVAPAI STREET 9.625 510.00 80
9.375 510.00 75,000.00
CHINO VALLEY AZ 86323 1 10/10/96 00
0430087858 05 12/01/96 0
6124481 O 11/01/26
0
1538196 936/G02 F 100,000.00 ZZ
360 99,945.37 1
4933 EAST SWEETWATER AVENUE 9.000 804.63 88
8.750 804.63 113,800.00
SCOTTSDALE AZ 85254 1 10/25/96 04
0430075960 05 12/01/96 25
6127070 N 11/01/26
0
1538197 936/G02 F 60,300.00 ZZ
360 60,271.86 1
4247 NORTH 44TH STREET 9.750 518.08 90
9.500 518.08 67,000.00
PHOENIX AZ 85018 1 10/29/96 04
0430073817 05 12/01/96 25
6125496 N 11/01/26
0
1538200 470/470 F 132,000.00 ZZ
360 131,927.89 1
141 PONDEROSA LANE 9.000 1,062.11 57
8.500 1,062.11 232,000.00
KALISPELL MT 59901 1 10/28/96 00
51011030 05 12/01/96 0
51011030 O 11/01/26
0
1538203 776/G02 F 53,100.00 ZZ
360 53,073.18 2
206 & 208 EAST BADLEY AVENUE 9.375 441.66 75
9.125 441.66 70,825.00
MERIDAIN ID 83642 1 10/17/96 00
0430078477 05 12/01/96 0
1
2538102 N 11/01/26
0
1538204 731/G02 F 322,400.00 ZZ
360 322,400.00 1
2334 PRICE WAY 8.375 2,450.47 80
8.125 2,450.47 407,000.00
SAN JOSE CA 95124 5 10/30/96 00
0430088435 05 01/01/97 0
112152957 O 12/01/26
0
1538207 E22/G02 F 106,000.00 ZZ
360 105,935.78 1
6346 CHILTERN ROAD N W 8.500 815.05 85
8.250 815.05 125,000.00
CANAL FULTON OH 44614 2 10/26/96 01
0410263156 05 12/01/96 17
410263156 O 11/01/26
0
1538209 E22/G02 F 32,400.00 ZZ
360 32,385.29 1
1475 JAMES ST 9.875 281.34 88
9.625 281.34 36,900.00
MUSKEGON MI 49442 1 10/30/96 04
0410164214 05 12/01/96 25
410164214 N 11/01/26
0
1538211 E22/G02 F 100,950.00 ZZ
360 100,899.02 1
1039 VICTORIA 9.375 839.65 80
9.125 839.65 126,200.00
BERKELEY IL 60163 1 10/30/96 10
0410175079 05 12/01/96 12
410175079 N 11/01/26
0
1538215 731/G02 F 30,000.00 ZZ
360 29,985.24 1
1106 HARRISON STREET 9.500 252.26 11
9.250 252.26 274,000.00
MONTEREY CA 93940 5 10/28/96 00
0430078394 05 12/01/96 0
212532848 O 11/01/26
0
1
1538216 201/G02 F 70,400.00 ZZ
360 70,326.74 1
806 MARK "T" DRIVE 9.250 579.16 80
9.000 579.16 88,000.00
BRENHAM TX 77833 1 09/27/96 00
0430074054 05 11/01/96 0
7800933629 O 10/01/26
0
1538217 E22/G02 F 18,900.00 ZZ
360 18,893.26 1
213 DENVER STREET 11.000 179.99 90
10.750 179.99 21,000.00
AKRON OH 44305 1 10/17/96 04
0410261812 05 12/01/96 25
410261812 N 11/01/26
0
1538219 E22/G02 F 101,250.00 ZZ
360 101,204.00 2
208 54TH ST 9.875 879.20 90
9.625 879.20 112,500.00
HOLMES BEACH FL 34205 1 10/23/96 10
0410174932 05 12/01/96 25
410174932 N 11/01/26
0
1538220 626/G02 F 150,000.00 ZZ
360 149,913.69 1
1261 MYERS DRIVE 8.750 1,180.06 75
8.500 1,180.06 200,000.00
GARDNERVILLE NV 89410 5 10/25/96 00
0430078220 05 12/01/96 0
6671804 O 11/01/26
0
1538224 E22/G02 F 22,100.00 ZZ
360 22,089.95 1
661 WHITMORE AVE 9.875 191.91 85
9.625 191.91 26,000.00
DAYTON OH 45417 1 10/31/96 01
0410163869 05 12/01/96 20
410163869 N 11/01/26
0
1538226 003/G02 F 91,800.00 ZZ
360 91,754.84 1
1230 HOWARD WAY 9.500 771.91 90
9.250 771.91 102,000.00
1
LAWRENCEVILLE GA 30243 1 10/31/96 12
0430095307 05 12/01/96 25
3754058 N 11/01/26
0
1538230 575/G02 F 38,250.00 ZZ
360 38,232.15 2
208 CRYSTAL AVENUE 9.750 328.63 85
9.500 328.63 45,000.00
NEW LONDON CT 06320 1 10/23/96 12
0430074419 05 12/01/96 20
448000055 N 11/01/26
0
1538235 757/757 F 112,050.00 ZZ
360 112,050.00 1
2430 WALNUT GROVE WAY 8.875 891.53 90
8.625 891.53 124,500.00
SUWANEE GA 30174 1 11/08/96 10
2873099 03 01/01/97 25
2873099 N 12/01/26
0
1538236 G34/G02 F 162,000.00 ZZ
360 161,920.32 1
95-97 HOWARD STREET 9.500 1,362.18 54
9.250 1,362.18 305,000.00
CAMBRIDGE MA 02139 5 10/31/96 00
0430076752 05 12/01/96 0
6108556 N 11/01/26
0
1538238 575/G02 F 31,800.83 ZZ
343 31,569.04 1
1702 OAK STREET 9.125 268.50 51
8.875 268.50 63,000.00
MICHIGAN CITY IN 46360 5 10/01/96 00
0430084715 05 10/01/96 0
28300081 N 04/01/25
0
1538249 405/405 F 50,000.00 T
360 49,968.92 1
SOUTH OF CREEDE AIRPORT 8.375 380.04 52
8.125 380.04 98,000.00
CREEDE CO 81130 2 10/15/96 00
3993714 05 12/01/96 0
3993714 O 11/01/26
0
1
1538266 180/G02 F 111,900.00 ZZ
360 111,900.00 1
1523 SOUTH VINE STREET 9.000 900.37 80
8.750 900.37 139,880.00
GILBERT AZ 85233 2 11/14/96 95
0430093765 09 01/01/97 0
4528303 N 12/01/26
0
1538328 253/253 F 260,000.00 ZZ
360 259,865.21 1
1482 STEAMBOAT BLVD 9.250 2,138.96 80
9.000 2,138.96 325,000.00
STEAMBOAT SPRIN CO 80477 1 10/30/96 04
323135 09 12/01/96 12
323135 N 11/01/26
0
1538354 638/G02 F 30,600.00 ZZ
360 30,600.00 1
902 IOWA STREET 9.375 254.52 90
9.125 254.52 34,000.00
NORMAN OK 73069 1 11/21/96 10
0430095117 05 01/01/97 25
08608812 N 12/01/26
0
1538386 E22/G02 F 39,000.00 ZZ
360 38,980.82 1
71 LAKEPOINTE CIRCLE 9.500 327.93 65
9.250 327.93 60,000.00
KISSIMMEE FL 34743 2 10/31/96 00
0410195572 09 12/01/96 0
410195572 N 11/01/26
0
1538444 B75/G02 F 55,900.00 ZZ
360 55,869.47 1
10963 LUANA DRIVE NORTH 9.000 449.78 80
8.750 449.78 69,900.00
JACKSONVILLE FL 32225 1 10/30/96 00
0430077362 05 12/01/96 0
2531416 O 11/01/26
0
1538449 560/560 F 45,000.00 ZZ
360 44,975.41 1
1
110 JEFFERSON STREET 9.000 362.09 90
8.750 362.09 50,000.00
ASHLAND CITY TN 37015 1 10/30/96 10
450563317 05 12/01/96 25
450563317 N 11/01/26
0
1538460 369/G02 F 128,400.00 ZZ
360 128,336.84 4
5942 E NORLAND STREET 9.500 1,079.66 82
9.250 1,079.66 158,000.00
MESA AZ 85215 1 10/28/96 01
0430076976 05 12/01/96 20
49963028 N 11/01/26
0
1538461 560/560 F 36,750.00 ZZ
360 36,729.93 2
120 LEMONWEIR STREET 9.000 295.70 70
8.750 295.70 52,500.00
LYNDON STATION WI 53944 5 10/30/96 00
450560834 05 12/01/96 0
450560834 N 11/01/26
0
1538464 E22/G02 F 80,100.00 ZZ
360 80,055.10 1
15237 ROBIN DR 8.875 637.31 88
8.625 637.31 91,300.00
OMAHA NE 68138 1 10/30/96 04
0410263917 05 12/01/96 25
410263917 N 11/01/26
0
1538465 560/560 F 184,000.00 ZZ
360 183,885.63 1
637 LITCHFIELD TURNPIKE 8.375 1,398.54 80
8.125 1,398.54 230,000.00
BETHANY CT 06524 1 10/30/96 00
450561022 05 12/01/96 0
450561022 O 11/01/26
0
1538471 E22/G02 F 32,000.00 ZZ
360 31,984.67 1
15 BALDWIN AVE 9.625 272.00 85
9.375 272.00 38,000.00
MANSFIELD OH 44906 2 10/31/96 04
0410160394 05 12/01/96 25
1
410160394 N 11/01/26
0
1538473 E22/G02 F 85,000.00 ZZ
360 84,954.76 1
3844 ZANE AVENUE N 9.125 691.59 71
8.875 691.59 120,000.00
ROBBINSDALE MN 55422 2 10/25/96 00
0410178297 05 12/01/96 0
410178297 O 11/01/26
0
1538476 E22/G02 F 170,000.00 ZZ
360 169,904.69 1
2177 153RD AVE 8.875 1,352.60 75
8.625 1,352.60 227,000.00
MORA MN 55051 2 10/31/96 00
0410172803 05 12/01/96 0
410172803 O 11/01/26
0
1538479 E22/G02 F 296,000.00 ZZ
360 295,854.40 3
423 W ARMITAGE AVE 9.500 2,488.93 74
9.250 2,488.93 400,000.00
CHICAGO IL 60614 2 10/25/96 00
0410170575 05 12/01/96 0
410170575 O 11/01/26
0
1538483 E22/G02 F 84,800.00 T
360 84,800.00 1
19195 MYSTIC POINT DRIVE 9.625 720.79 80
UNIT# 1504 9.375 720.79 106,000.00
MIAMI FL 33180 1 11/08/96 95
0410247258 06 01/01/97 0
410247258 O 12/01/26
0
1538485 E22/G02 F 202,400.00 ZZ
360 202,400.00 1
13865 SW 70 AVENUE 9.000 1,628.56 80
8.750 1,628.56 253,000.00
MIAMI FL 33158 1 11/08/96 00
0410249973 05 01/01/97 0
410249973 O 12/01/26
0
1
1538486 003/G02 F 26,600.00 T
360 26,600.00 1
1271 NW 13 STREET 8.750 209.27 70
#356 8.500 209.27 38,000.00
BOCA RATON FL 33486 1 11/05/96 00
0430076455 05 01/01/97 0
3750114 O 12/01/26
0
1538488 E22/G02 F 61,600.00 ZZ
360 61,600.00 1
146 EURELE ST 9.000 495.65 80
8.750 495.65 77,000.00
STRATFORD CT 06497 1 11/08/96 00
0410240329 05 01/01/97 0
410240329 O 12/01/26
0
1538492 E22/G02 F 110,000.00 ZZ
360 109,933.37 1
13358 ROSEBERRY AVENUE 8.500 845.80 77
8.250 845.80 142,987.00
OREGON CITY OR 97045 2 10/24/96 00
0410222384 05 12/01/96 0
410222384 O 11/01/26
0
1538496 003/G02 F 50,950.00 ZZ
360 50,926.23 1
8051 SOUTHGATE BLVD 9.750 437.74 90
J1 9.500 437.74 56,650.00
NORTH LAUDERDAL FL 33068 1 10/25/96 12
0430075606 05 12/01/96 25
3745726 N 11/01/26
0
1538506 560/560 F 100,000.00 ZZ
360 99,946.78 1
710 CEMETARY LANE 2 9.125 813.64 20
8.875 813.64 515,000.00
ASPEN CO 81611 5 10/25/96 00
450556915 01 12/01/96 0
450556915 N 11/01/26
0
1538507 561/G02 F 63,000.00 ZZ
360 62,969.01 1
1525 C STREET SE 9.500 529.74 53
9.250 529.74 121,000.00
1
WASHINGTON DC 20003 5 10/23/96 00
0430081661 07 12/01/96 0
8904385 N 11/01/26
0
1538510 560/560 F 48,600.00 ZZ
360 48,574.13 1
1206 B SOUTH 16TH AVENUE 9.125 395.43 90
8.875 395.43 54,000.00
MAYWOOD IL 60153 1 10/31/96 10
450563515 05 12/01/96 25
450563515 N 11/01/26
0
1538523 B24/G02 F 125,000.00 ZZ
360 125,000.00 1
216 THOMPSON STREET 8.625 972.24 80
8.375 972.24 158,000.00
SHELTON CT 06484 2 11/29/96 00
0430091983 05 01/01/97 0
177925 O 12/01/26
0
1538526 201/G02 F 136,000.00 ZZ
360 135,925.71 1
2515 COUNTRY LEDGE 9.000 1,094.29 80
8.750 1,094.29 170,000.00
NEW BRAUNFELS TX 78132 1 10/07/96 00
0430076356 05 12/01/96 0
4200936377 O 11/01/26
0
1538527 526/G02 F 80,000.00 ZZ
360 79,953.96 1
707 SWARTHMORE DRIVE 8.750 629.37 80
8.500 629.37 100,000.00
NEWARK DE 19711 1 10/25/96 04
0430077206 05 12/01/96 12
153440 N 11/01/26
0
1538528 B35/G02 F 59,500.00 ZZ
360 59,401.77 2
28 CORNELL AVENUE 9.000 478.75 85
8.750 478.75 70,000.00
CITY OF GLOUCHE NJ 08030 1 08/26/96 01
0430078873 05 10/01/96 20
9682010973 N 09/01/26
0
1
1538529 526/G02 F 104,000.00 ZZ
360 103,947.48 3
1063 BOB HANNAH CIRCLE 9.375 865.02 65
9.125 865.02 160,000.00
LAWRENCEVILLE GA 30245 5 10/28/96 00
0430078782 05 12/01/96 0
0154028 N 11/01/26
0
1538532 E26/G02 F 184,000.00 ZZ
360 183,885.63 1
485 DOTSIE DRIVE 8.375 1,398.54 80
8.125 1,398.54 230,000.00
WESTMINSTER MD 21158 1 10/28/96 00
0430075887 05 12/01/96 0
421118 O 11/01/26
0
1538535 635/635 F 188,700.00 ZZ
360 188,700.00 4
316 NORTH PRINCETON 8.875 1,501.39 85
8.625 1,501.39 222,000.00
VILLA PARK IL 60181 1 12/02/96 01
665294500 05 01/01/97 25
665294500 N 12/01/26
0
1538539 526/G02 F 32,550.00 ZZ
360 32,533.99 1
2500 CORAL SPRINGS DRIVE #211 9.500 273.70 90
9.250 273.70 36,200.00
CORAL SPRINGS FL 33065 1 10/23/96 11
0430075382 01 12/01/96 30
146093 N 11/01/26
0
1538540 526/G02 F 32,400.00 ZZ
360 32,384.88 1
1121 ALBION STREET #604 9.750 278.37 90
9.500 278.37 36,000.00
DENVER CO 80220 1 10/07/96 12
0430075176 08 12/01/96 25
0150525 N 11/01/26
0
1538562 B35/G02 F 155,500.00 ZZ
360 155,500.00 1
1
8264 GANNON CIRCLE 8.875 1,237.23 85
8.625 1,237.23 183,000.00
EASTON MD 21601 2 11/27/96 01
0430091413 05 01/01/97 12
9682011242 O 12/01/26
0
1538573 562/562 F 191,750.00 ZZ
360 191,750.00 2
1586 YATES AVENUE 9.750 1,647.43 65
9.500 1,647.43 295,000.00
BRONX NY 10461 5 11/11/96 00
523803 05 01/01/97 0
523803 N 12/01/26
0
1538575 964/G02 F 70,300.00 ZZ
360 70,260.59 1
8 TANGERINE ROAD 8.875 559.34 22
8.625 559.34 325,000.00
RANCHO PALOS VE CA 90275 5 10/30/96 00
0430081422 03 12/01/96 0
20695 N 11/01/26
0
1538578 E22/G02 F 136,000.00 ZZ
360 135,915.47 1
6349 LAS FLORES DRIVE 8.375 1,033.70 80
8.125 1,033.70 170,000.00
BOCA RATON FL 33433 1 10/30/96 00
0410241079 09 12/01/96 0
410241079 O 11/01/26
0
1538590 E22/G02 F 26,600.00 T
360 26,586.91 1
3796 SOUTHPOINTE DRIVE 9.500 223.67 75
UNIT #U-6 9.250 223.67 35,500.00
ORLANDO FL 32822 1 10/25/96 00
0410247324 01 12/01/96 0
410247324 O 11/01/26
0
1538591 E22/G02 F 284,000.00 ZZ
360 283,840.79 1
9464 BAY DRIVE 8.875 2,259.63 80
8.625 2,259.63 355,000.00
SURFSIDE FL 33154 1 10/30/96 00
0410244701 05 12/01/96 0
1
410244701 O 11/01/26
0
1538592 E22/G02 F 178,400.00 ZZ
360 178,294.67 1
211 LA PRADO PLACE 8.625 1,387.58 80
8.375 1,387.58 223,000.00
BIRMINGHAM AL 35209 1 10/30/96 00
0410246193 05 12/01/96 0
410246193 O 11/01/26
0
1538595 E22/G02 F 96,000.00 ZZ
360 95,947.56 1
16227 79TH TERRACE NORTH 9.000 772.44 80
8.750 772.44 120,000.00
PALM BEACH GARD FL 33418 1 10/24/96 00
0410247605 05 12/01/96 0
410247605 O 11/01/26
0
1538621 253/253 F 85,500.00 ZZ
360 85,455.67 1
2118 COLLYER ST #2118E 9.250 703.39 90
9.000 703.39 95,000.00
LONGMONT CO 80501 1 10/31/96 04
323284 01 12/01/96 25
323284 N 11/01/26
0
1538624 E22/G02 F 119,350.00 T
360 119,291.29 1
241 STEAMBOAT BLVD 9.500 1,003.56 80
9.250 1,003.56 149,212.00
DAVENPORT FL 33837 1 10/16/96 95
0410244735 03 12/01/96 0
410244735 O 11/01/26
0
1538627 E22/G02 F 80,100.00 ZZ
360 80,062.63 1
8685 ESTON 9.750 688.18 90
9.500 688.18 89,000.00
CLARKSTON MI 48348 1 10/07/96 10
0410163059 05 12/01/96 25
410163059 N 11/01/26
0
1
1538628 E22/G02 F 126,400.00 ZZ
360 126,336.17 2
88 BURNETT AVENUE 9.375 1,051.33 80
9.125 1,051.33 158,000.00
MAPLEWOOD NJ 07040 2 10/22/96 00
0410195853 05 12/01/96 0
410195853 O 11/01/26
0
1538631 405/405 F 86,400.00 ZZ
360 86,352.80 1
1287 WEST MAIN STREET 9.000 695.20 87
8.750 695.20 100,000.00
RIVERHEAD NY 11901 2 10/25/96 01
3988169 05 12/01/96 25
3988169 N 11/01/26
0
1538633 E22/G02 F 71,200.00 ZZ
360 71,159.04 1
600 GALLEGO AVENUE 8.750 560.13 80
8.500 560.13 89,000.00
OCOEE FL 34761 1 10/25/96 00
0410246631 05 12/01/96 0
410246631 O 11/01/26
0
1538638 E22/G02 F 108,000.00 ZZ
360 107,952.22 2
2012 W RICE ST 10.000 947.78 90
9.750 947.78 120,000.00
CHICAGO IL 60622 1 10/31/96 10
0410264048 05 12/01/96 25
410264055 N 11/01/26
0
1538643 B75/G02 F 84,000.00 ZZ
360 83,952.91 1
734 EAST 7800 SOUTH 8.875 668.34 80
8.625 668.34 105,000.00
MIDVALE UT 84047 1 10/31/96 00
0430076307 05 12/01/96 0
2717429 O 11/01/26
0
1538646 862/G02 F 97,500.00 ZZ
360 97,446.74 1
447 NICKMAN STREET 9.000 784.51 65
8.750 784.51 150,000.00
1
CHULA VISTA CA 91911 5 10/29/96 00
0430080267 05 12/01/96 0
4272241 N 11/01/26
0
1538651 776/G02 F 40,500.00 ZZ
360 40,480.59 1
221 EAST 2ND STREET 9.625 344.25 90
9.375 344.25 45,000.00
O'FALLON IL 62269 1 10/18/96 10
0430075564 05 12/01/96 25
8138204 N 11/01/26
0
1538656 776/G02 F 60,000.00 ZZ
360 59,968.89 2
1335 & 1337 EAST 3RD STREET 9.250 493.61 75
9.000 493.61 80,000.00
MERIDIAN ID 83642 2 10/17/96 00
0430076927 05 12/01/96 0
2538099 N 11/01/26
0
1538657 776/G02 F 54,400.00 ZZ
360 54,372.53 2
1329 & 1331 EAST 3RD STREET 9.375 452.47 68
9.125 452.47 80,000.00
MERIDIAN ID 83642 5 10/17/96 00
0430076893 05 12/01/96 0
2538100 N 11/01/26
0
1538659 776/G02 F 65,800.00 ZZ
360 65,768.47 1
2648 SECOND AVENUE 9.625 559.30 70
9.375 559.30 94,000.00
SACRAMENTO CA 95818 5 10/16/96 00
0430075838 05 12/01/96 0
6237540 N 11/01/26
0
1538660 776/G02 F 53,100.00 ZZ
360 53,073.18 2
1334 & 1336 EAST 2 1/2 STREET 9.375 441.66 75
9.125 441.66 70,825.00
MERIDIAN ID 83642 1 10/17/96 00
0430076919 05 12/01/96 0
2538101 N 11/01/26
0
1
1538669 A33/G02 F 43,300.00 ZZ
360 43,300.00 1
8438 GARBOR AVE 8.875 344.51 49
8.625 344.51 90,000.00
WARREN MI 48093 5 11/21/96 00
0430094656 05 01/01/97 0
HO006034789 O 12/01/26
0
1538688 B23/G02 F 188,000.00 ZZ
360 188,000.00 1
2400 SKYLINE #303 8.250 1,412.38 80
8.000 1,412.38 235,000.00
SIGNAL HILL CA 90806 1 11/18/96 00
0430078261 01 01/01/97 0
88001558 O 12/01/26
0
1538699 862/G02 F 120,000.00 ZZ
360 119,939.40 1
716 N.E. 138TH AVENUE 9.375 998.10 80
9.125 998.10 150,000.00
VANCOUVER WA 98684 1 10/17/96 00
0430079129 05 12/01/96 0
04280921 O 11/01/26
0
1538700 862/G02 F 280,000.00 ZZ
360 279,830.37 1
124 EAST CORNELIO AVENIDA 8.500 2,152.96 80
8.250 2,152.96 350,000.00
SAN CLEMENTE CA 92672 5 10/18/96 00
0430077552 05 12/01/96 0
4309084 O 11/01/26
0
1538715 F41/G02 F 23,800.00 ZZ
360 23,800.00 1
4925 YORK STREET #103 8.500 183.00 70
8.250 183.00 34,000.00
CAPE CORAL FL 33904 1 11/27/96 00
0430094862 01 01/01/97 0
00029587 N 12/01/26
0
1538717 526/G02 F 239,900.00 ZZ
360 239,765.50 1
1
12073 MIL PITRERO ROAD 8.875 1,908.76 80
8.625 1,908.76 299,875.00
SAN DIEGO CA 92128 1 10/04/96 00
0430077354 03 12/01/96 0
0130958 O 11/01/26
0
1538723 F60/G02 F 47,950.00 ZZ
360 47,927.03 2
2470-72 N RAMPART STREET 9.625 407.57 90
9.375 407.57 53,300.00
NEW ORLEANS LA 70117 2 10/18/96 04
0430082792 05 12/01/96 30
442476 O 11/01/26
0
1538741 526/G02 F 104,000.00 ZZ
360 103,946.08 4
1890 NW 58TH TERRACE 9.250 855.59 80
9.000 855.59 130,000.00
SUNRISE FL 33313 1 10/28/96 12
0430078790 05 12/01/96 12
0142194 N 11/01/26
0
1538742 526/G02 F 333,750.00 T
360 333,428.94 1
430 GULF BEND DRIVE 9.625 2,836.84 75
9.375 2,836.84 450,000.00
UPPER CAPTIVA FL 33924 5 09/13/96 00
0430095638 03 11/01/96 0
132502 O 10/01/26
0
1538745 526/G02 F 77,400.00 ZZ
360 77,361.92 1
906 WILSHIRE COURT 9.500 650.83 90
9.250 650.83 86,000.00
MELBOURNE FL 32940 1 10/23/96 12
0430077180 09 12/01/96 25
153248 N 11/01/26
0
1538748 526/G02 F 97,500.00 ZZ
360 97,449.45 4
1880 NW 58 TERRACE 9.250 802.11 75
9.000 802.11 130,000.00
SUNRISE FL 33313 1 10/28/96 00
0430078279 05 12/01/96 0
1
0153024 N 11/01/26
0
1538750 526/G02 F 80,900.00 ZZ
360 80,858.05 1
1901 AQUAMARINE DRIVE 9.250 665.55 90
9.000 665.55 89,900.00
VIRGINIA BEACH VA 23456 1 10/29/96 04
0430076612 05 12/01/96 25
151518 N 11/01/26
0
1538758 377/377 F 85,950.00 ZZ
360 85,950.00 1
3090 DOWRY DRIVE 8.750 676.17 90
8.500 676.17 95,500.00
LAWRENCEVILLE GA 30244 1 11/08/96 01
6159594 05 01/01/97 25
6159594 N 12/01/26
0
1538764 377/377 F 55,800.00 ZZ
360 55,800.00 1
1209 16TH STREET 9.500 469.20 90
9.250 469.20 62,000.00
PORT ROYAL SC 29935 1 11/07/96 01
6160840 05 01/01/97 25
6160840 N 12/01/26
0
1538767 737/G02 F 165,500.00 ZZ
360 165,409.60 1
2904 N PLATINA 9.000 1,331.65 68
8.750 1,331.65 245,000.00
MESA AZ 85215 2 10/25/96 00
0430077198 05 12/01/96 0
511941 O 11/01/26
0
1538780 E26/G02 F 148,500.00 ZZ
360 148,423.01 1
20120 LAVENDER PLACE 9.250 1,221.68 75
9.000 1,221.68 198,000.00
GERMANTOWN MD 20874 5 10/25/96 00
0430075804 05 12/01/96 0
421516 O 11/01/26
0
1
1538786 700/G02 F 136,850.00 ZZ
360 136,769.20 1
4135 VISTA CLARA ROAD 8.625 1,064.41 75
8.375 1,064.41 182,500.00
SANTA BARBARA CA 93110 1 10/28/96 00
0430078105 05 12/01/96 0
130204 N 11/01/26
0
1538790 B28/G02 F 210,000.00 ZZ
360 209,882.26 1
122 UPPER RANCHITOS ROAD 8.875 1,670.86 73
8.625 1,670.86 290,000.00
TAOS NM 87571 5 10/22/96 00
0430079814 05 12/01/96 0
05969543 O 11/01/26
0
1538794 201/G02 F 123,300.00 ZZ
360 123,230.87 1
1028 VESTAL LANE 8.875 981.04 90
8.625 981.04 137,000.00
CARROLLTON TX 75007 1 10/22/96 10
0430077271 05 12/01/96 25
7800944741 N 11/01/26
0
1538802 201/G02 F 130,400.00 ZZ
360 130,326.89 1
1141 MESA BLANCA 8.875 1,037.53 80
8.625 1,037.53 163,000.00
SAN ANTONIO TX 78248 1 10/18/96 00
0430077677 03 12/01/96 0
4200944488 O 11/01/26
0
1538804 209/G02 F 150,000.00 ZZ
360 150,000.00 3
8311 ROANOKE AVENUE 9.625 1,274.99 89
9.375 1,274.99 169,000.00
TAKOMA PARK MD 20912 1 11/06/96 10
0430076810 05 01/01/97 25
1086628 N 12/01/26
0
1538830 927/G02 F 60,000.00 ZZ
360 59,968.89 1
974 BRYANT HOLLOW COURT 9.250 493.61 89
9.000 493.61 68,000.00
1
COLORADO SPRING CO 80916 1 10/25/96 12
0430080234 07 12/01/96 25
291179 O 11/01/26
0
1538832 731/G02 F 65,000.00 ZZ
360 65,000.00 3
1670 WEBSTER STREET 8.625 505.56 50
8.375 505.56 130,000.00
LAKEWOOD CO 80215 5 11/07/96 00
0430076869 05 01/01/97 0
591010163 N 12/01/26
0
1538833 731/G02 F 62,500.00 ZZ
360 62,500.00 3
1690 WEBSTER STREET 8.625 486.12 50
8.375 486.12 125,000.00
LAKEWOOD CO 80215 5 11/06/96 00
0430076877 05 01/01/97 0
591010164 N 12/01/26
0
1538834 E67/G02 F 281,200.00 ZZ
360 281,200.00 1
1751 NW GLASSOW DRIVE 8.250 2,112.56 80
8.000 2,112.56 351,500.00
BEND OR 97701 1 11/07/96 00
0430076968 05 01/01/97 0
5756 O 12/01/26
0
1538836 E23/G02 F 56,000.00 ZZ
360 56,000.00 1
1050 EAST OSAGE AVENUE 9.375 465.78 80
9.125 465.78 70,000.00
APACHE JUNCTION AZ 85219 1 11/05/96 00
0430082461 05 01/01/97 0
107735 O 12/01/26
0
1538867 E30/G02 F 99,000.00 ZZ
360 99,000.00 2
1785 LAS LUNAS STREET 8.500 761.22 48
8.250 761.22 210,000.00
PASADENA CA 91106 1 11/15/96 00
0430090191 05 01/01/97 0
71009685 O 12/01/26
0
1
1538875 E22/G02 F 70,000.00 ZZ
360 69,960.75 1
57 AXLINE AVENUE 8.875 556.96 75
8.625 556.96 93,400.00
AKRON OH 44319 1 10/31/96 00
0410261945 05 12/01/96 0
410261945 O 11/01/26
0
1538878 E22/G02 F 53,900.00 ZZ
360 53,867.35 1
19508 SALISBURY 8.500 414.44 70
8.250 414.44 77,000.00
ST. CLAIR SHORE MI 48080 1 10/30/96 00
0410164289 05 12/01/96 0
410164289 N 11/01/26
0
1538884 E22/G02 F 64,000.00 ZZ
360 63,965.04 1
4620 PLAINS HIGHWAY 9.000 514.96 80
8.750 514.96 80,000.00
LOVINGTON NM 88260 1 10/28/96 00
0410268155 05 12/01/96 0
410268155 O 11/01/26
0
1538885 E22/G02 F 37,700.00 ZZ
360 37,680.45 1
8414 LITTLE RIVER ROAD 9.250 310.15 65
9.000 310.15 58,000.00
HOUSTON TX 77064 5 10/25/96 00
0410270938 09 12/01/96 0
410270938 N 11/01/26
0
1538887 E22/G02 F 120,000.00 ZZ
360 119,932.73 1
12870 COLUMBIA AVENUE 8.875 954.77 75
8.625 954.77 160,000.00
YUCAIPA CA 92399 2 10/21/96 00
0410237028 05 12/01/96 0
410237028 O 11/01/26
0
1538893 E22/G02 F 126,000.00 ZZ
360 125,929.36 1
1
3530 PIER WALK 8.875 1,002.51 75
8.625 1,002.51 169,000.00
OXNARD CA 93035 2 10/24/96 00
0410284285 05 12/01/96 0
410284285 O 11/01/26
0
1538898 561/G02 F 39,300.00 ZZ
360 39,278.53 2
440 ATLANTIC AVENUE 9.000 316.22 90
8.750 316.22 43,700.00
YORK PA 17404 1 10/30/96 04
0430076778 07 12/01/96 25
8907776 N 11/01/26
0
1538931 E22/G02 F 153,000.00 ZZ
360 152,918.58 1
19370 ADAMSON DRIVE 9.125 1,244.86 60
8.875 1,244.86 255,000.00
GRASS VALLEY CA 95949 5 10/18/96 00
0410127559 05 12/01/96 0
410127559 O 11/01/26
0
1538932 E22/G02 F 106,500.00 ZZ
360 106,438.72 1
5141 ILLINOIS AVENUE 8.750 837.84 75
8.500 837.84 142,000.00
FAIR OAKS CA 95628 5 10/25/96 00
0410264071 05 12/01/96 0
410264071 O 11/01/26
0
1538942 E22/G02 F 117,000.00 ZZ
360 117,000.00 4
1291-1297 MATHIS FERRY ROAD 9.625 994.49 90
9.375 994.49 130,000.00
MT PLEASANT SC 29464 1 11/08/96 11
0410247050 05 01/01/97 25
410247050 O 12/01/26
0
1538945 E22/G02 F 48,150.00 ZZ
360 48,150.00 1
3262 CLOVERPLACE DR UNIT # 67 9.375 400.49 90
9.125 400.49 53,500.00
PALM HARBOR FL 34684 1 11/12/96 04
0410246037 01 01/01/97 25
1
410246037 N 12/01/26
0
1538950 G44/G02 F 106,800.00 ZZ
360 106,800.00 1
6011 SW 12TH STREET 8.875 849.75 80
8.625 849.75 133,500.00
MIAMI FL 33144 1 11/19/96 00
0430094813 05 01/01/97 0
1196016 O 12/01/26
0
1538964 129/G02 F 108,000.00 ZZ
360 107,946.87 1
17 RANGE HEIGHTS ROAD 9.500 908.13 90
9.250 908.13 120,000.00
LYNN MA 01904 1 10/25/96 01
0430079079 05 12/01/96 25
3900005491 N 11/01/26
0
1538967 129/G02 F 58,500.00 ZZ
360 58,470.46 1
25916 HURON RIVER DRIVE 9.375 486.57 90
9.125 486.57 65,000.00
FLAT ROCK MI 48134 1 10/30/96 10
0430080481 05 12/01/96 25
3070070408 N 11/01/26
0
1538981 E22/G02 F 60,000.00 ZZ
360 59,969.70 1
600 REGENCY DRIVE 9.375 499.05 59
9.125 499.05 102,000.00
CHARLOTTE NC 28211 5 10/21/96 00
0410244198 05 12/01/96 0
410244198 O 11/01/26
0
1538982 E22/G02 F 111,400.00 T
360 111,345.21 1
114 FOGGY CREEK COURT 9.500 936.71 80
9.250 936.71 139,275.00
DAVENPORT FL 33837 1 10/17/96 95
0410196398 03 12/01/96 0
410196398 O 11/01/26
0
1
1538983 E22/G02 F 92,250.00 ZZ
360 92,195.54 1
9602 NOB LANE 8.625 717.51 75
8.375 717.51 123,000.00
SHREVEPORT LA 71106 5 10/15/96 00
0410272181 05 12/01/96 0
410272181 O 11/01/26
0
1538984 E22/G02 F 85,000.00 ZZ
360 84,911.54 1
8118 PROGRESS DRIVE 9.250 699.27 68
9.000 699.27 125,000.00
AMARILLO TX 79119 1 09/30/96 00
0410261119 05 11/01/96 0
410261119 O 10/01/26
0
1538992 369/G02 F 105,900.00 ZZ
360 99,845.09 3
1531 DELAWARE AVENUE 9.250 871.22 80
9.000 871.22 132,500.00
WILMINGTON DE 19806 1 10/31/96 95
0430089417 05 12/01/96 0
60214889 N 11/01/26
0
1538998 E22/G02 F 33,200.00 ZZ
360 33,169.67 1
2017 SOUTH ROSEMONT AVENUE 10.000 291.35 90
9.750 291.35 36,900.00
MUNCIE IN 47302 1 09/20/96 04
0410258388 05 11/01/96 25
410258388 N 10/01/26
0
1539001 E22/G02 F 18,850.00 ZZ
360 18,841.44 1
19 SCENERY AVE 9.875 163.68 65
9.625 163.68 29,000.00
BATTLE CREEK MI 49015 5 10/10/96 00
0410163471 05 12/01/96 0
410163471 N 11/01/26
0
1539004 B74/G02 F 307,000.00 ZZ
360 307,000.00 1
9556,9556 1/2, 9558 ROSE ST. 8.625 2,387.81 88
8.375 2,387.81 350,000.00
1
BELLFLOWER CA 90706 2 11/01/96 10
0430082495 05 01/01/97 25
962246 O 12/01/26
0
1539007 731/G02 F 89,100.00 ZZ
360 89,100.00 1
4156 CREEKSTONE COURT 9.750 765.51 90
9.500 765.51 99,000.00
STONE MOUNTAIN GA 30083 1 11/08/96 01
0430077024 05 01/01/97 30
3140962944 N 12/01/26
0
1539009 731/G02 F 256,000.00 ZZ
360 255,867.28 1
12256 AVONDALE ROAD NORTHEAST 9.250 2,106.05 80
9.000 2,106.05 320,000.00
REDMOND WA 98052 1 10/31/96 12
0430094193 05 12/01/96 12
230232829 N 11/01/26
0
1539013 626/G02 F 107,700.00 ZZ
360 107,700.00 1
5357 EAST SPRUCE AVENUE 9.125 876.29 80
8.875 876.29 134,900.00
CASTLE ROCK CO 80104 1 11/07/96 10
0430079665 03 01/01/97 12
6677264 N 12/01/26
0
1539014 B75/G02 F 46,800.00 ZZ
360 46,776.37 1
29 SOUTHERN WOODS ROAD 9.375 389.26 90
9.125 389.26 52,000.00
ARMUCHEE GA 30105 1 11/01/96 12
0430078428 05 12/01/96 25
2467322 N 11/01/26
0
1539017 568/G02 F 59,300.00 ZZ
360 59,264.07 1
4818 MONET WAY 8.500 455.97 66
8.250 455.97 91,000.00
SACRAMENTO CA 95842 2 10/24/96 00
0430081620 05 12/01/96 0
807784 O 11/01/26
0
1
1539018 568/G02 F 60,100.00 ZZ
360 60,062.65 1
1866 EAST ENID STREET 8.375 456.80 85
8.125 456.80 70,750.00
MESA AZ 85204 1 10/29/96 10
0430081604 05 12/01/96 20
807820 N 11/01/26
0
1539036 E22/G02 F 33,300.00 ZZ
360 33,284.04 1
1215 NORTH D ST 9.625 283.05 90
9.375 283.05 37,000.00
ELWOOD IN 46036 1 11/01/96 04
0410163786 05 12/01/96 25
410163786 N 11/01/26
0
1539037 E22/G02 F 51,300.00 ZZ
360 51,274.09 1
11310 W 69TH TERRACE 9.375 426.69 90
9.125 426.69 57,000.00
SHAWNEE KS 66203 1 11/05/96 01
0410264279 05 12/01/96 25
410264279 N 11/01/26
0
1539039 E22/G02 F 25,650.00 ZZ
360 25,650.00 1
19427 WINSTON 9.750 220.38 80
9.500 220.38 32,100.00
DETROIT MI 48219 1 11/01/96 00
0410161947 05 01/01/97 0
410161947 O 12/01/26
0
1539041 E22/G02 F 304,500.00 ZZ
360 304,333.67 1
1887 BERKELEY AVENUE 9.000 2,450.08 70
8.750 2,450.08 435,000.00
HIGHLAND PARK IL 60035 5 10/31/96 00
0410178263 05 12/01/96 0
410178263 O 11/01/26
0
1539044 E22/G02 F 81,850.00 ZZ
360 81,850.00 1
1
8385 SW 152ND AVE UNIT 234 8.875 651.24 90
8.625 651.24 90,990.00
MIAMI FL 33196 1 11/12/96 04
0410249932 01 01/01/97 25
410249932 O 12/01/26
0
1539046 E22/G02 F 28,800.00 ZZ
360 28,800.00 2
1409 E 99TH AVENUE 9.375 239.54 75
9.125 239.54 38,500.00
TAMPA FL 33612 1 11/01/96 00
0410247183 05 01/01/97 0
410247183 N 12/01/26
0
1539047 E22/G02 F 35,000.00 ZZ
360 35,000.00 2
12921-23 FIRST STREET 9.500 294.30 59
9.250 294.30 60,000.00
FORT MYERS FL 33905 2 11/12/96 00
0410248025 05 01/01/97 0
410248025 N 12/01/26
0
1539050 E22/G02 F 35,000.00 ZZ
360 35,000.00 2
12925-27 FIRST STREET 9.500 294.30 59
9.250 294.30 60,000.00
FORT MYERS FL 33905 2 11/12/96 00
0410248033 05 01/01/97 0
410248033 N 12/01/26
0
1539052 E22/G02 F 28,800.00 ZZ
360 28,800.00 1
2005 GREENS BOULEVARD 10.000 252.74 60
UNIT #E308 9.750 252.74 48,000.00
MYRTLE BEACH SC 29577 1 11/08/96 00
0410243950 01 01/01/97 0
410243950 N 12/01/26
0
1539056 766/G02 F 43,800.00 T
360 43,800.00 1
19201 COLLINS AVE #621 9.625 372.30 75
9.375 372.30 58,400.00
MIAMI FL 33160 1 11/13/96 00
0430078642 06 01/01/97 0
1
96HA116 O 12/01/26
0
1539061 074/G02 F 81,000.00 T
360 80,915.68 1
9 TURNBERRY VILLAGE 9.250 666.37 73
9.000 666.37 112,000.00
MARSHALLS CREEK PA 18335 1 09/27/96 00
0430084897 01 11/01/96 0
1174006165 O 10/01/26
0
1539062 074/G02 F 119,000.00 ZZ
360 118,478.99 1
9157 E CHIRCO PL 8.500 915.01 85
8.250 915.01 140,000.00
TUCSON AZ 85710 5 08/20/96 10
0430084905 05 10/01/96 12
1221159501 O 09/01/26
0
1539063 074/G02 F 195,000.00 ZZ
360 194,802.29 1
6641 N CALLE PADRE FELIPE 9.375 1,621.91 64
9.125 1,621.91 305,000.00
TUCSON AZ 85718 2 09/25/96 00
0430085456 05 11/01/96 0
1222000930 N 10/01/26
0
1539064 074/G02 F 58,500.00 ZZ
360 58,442.23 2
1920 1926 NORTH WINSTEL BLVD 9.500 491.90 65
9.250 491.90 90,000.00
TUCSON AZ 85716 5 09/18/96 00
0430084012 05 11/01/96 0
1222001105 N 10/01/26
0
1539066 074/G02 F 56,700.00 ZZ
360 56,644.01 1
1730 MAYO STREET 9.500 476.76 90
9.250 476.76 63,000.00
HOLLYWOOD FL 33020 1 09/18/96 12
0430085472 05 11/01/96 25
1311266686 N 10/01/26
0
1
1539067 074/G02 F 75,150.00 ZZ
360 75,111.04 1
14738 SW 63 LANE 9.250 618.24 90
9.000 618.24 83,500.00
MIAMI FL 33193 1 10/17/96 12
0430085480 09 12/01/96 25
1311272088 N 11/01/26
0
1539068 074/G02 F 48,600.00 ZZ
360 48,575.46 1
1965 SOUTH OCEAN DR UNIT 16A 9.375 404.23 90
9.125 404.23 54,000.00
HALLANDALE FL 33009 1 10/10/96 12
0430085498 06 12/01/96 25
1312000367 N 11/01/26
0
1539069 074/G02 F 53,200.00 ZZ
360 53,046.68 4
405 NE 27TH AVENUE 9.500 447.33 80
9.250 447.33 66,500.00
OCALA FL 34470 1 09/25/96 10
0430085506 05 11/01/96 12
1322015393 N 10/01/26
0
1539070 074/G02 F 166,600.00 ZZ
360 166,417.32 1
686 OLEAN CT 9.000 1,340.50 70
8.750 1,340.50 238,000.00
WINTER SPRINGS FL 32708 1 09/30/96 00
0430085514 03 11/01/96 0
1331149481 O 10/01/26
0
1539072 074/G02 F 58,500.00 ZZ
360 58,439.10 1
2038 POWERS FERRY TRACE 9.250 481.27 90
9.000 481.27 65,000.00
MARIETTA GA 30067 2 09/26/96 01
0430085530 01 11/01/96 25
1371117200 N 10/01/26
0
1539073 074/G02 F 41,850.00 ZZ
360 41,809.74 1
4010 MOUNT VERNON AVE 9.625 355.72 90
9.375 355.72 46,500.00
1
TITUSVILLE FL 32780 1 09/30/96 04
0430085548 09 11/01/96 25
1391038285 N 10/01/26
0
1539074 074/G02 F 29,400.00 ZZ
360 29,363.33 1
21412 WALTHAM 8.375 223.46 70
8.125 223.46 42,000.00
WARREN MI 48089 5 09/09/96 00
0430085555 05 11/01/96 0
1412011707 N 10/01/26
0
1539075 074/G02 F 21,150.00 ZZ
360 21,138.44 1
10260 ALBANY 9.000 170.18 55
8.750 170.18 38,500.00
OAK PARK MI 48237 1 10/04/96 00
0430085563 05 12/01/96 0
1412011773 N 11/01/26
0
1539076 074/G02 F 43,200.00 ZZ
360 43,152.62 1
6 PATTON CIRCLE 9.000 347.60 78
8.750 347.60 56,000.00
CONWAY AR 72032 2 09/24/96 12
0430085571 05 11/01/96 12
1450000760 N 10/01/26
0
1539078 074/G02 F 100,000.00 ZZ
360 99,943.94 1
5916 S KENTON STREET 8.875 795.64 49
8.625 795.64 205,000.00
ENGLEWOOD CO 80111 1 10/04/96 00
0430085597 05 12/01/96 0
1463002838 O 11/01/26
0
1539079 074/G02 F 148,750.00 ZZ
360 148,522.16 1
HC 33 BOX 3327 8.875 1,183.52 85
8.625 1,183.52 175,000.00
BOISE ID 83706 5 09/18/96 01
0430085605 05 11/01/96 12
1490003120 O 10/01/26
0
1
1539080 074/G02 F 61,200.00 ZZ
360 61,104.08 1
2007 KERR STREET 9.250 503.48 80
9.000 503.48 76,500.00
BOISE ID 83705 1 08/29/96 12
0430085613 05 10/01/96 17
1490003141 N 09/01/26
0
1539081 074/G02 F 57,600.00 ZZ
360 57,567.71 1
523 17TH AVE SOUTH 8.875 458.29 90
8.625 458.29 64,000.00
NAMPA ID 83651 1 10/07/96 01
0430085621 05 12/01/96 30
1491000681 N 11/01/26
0
1539082 074/G02 F 139,200.00 ZZ
360 139,115.67 1
20824 SW TETON AVENUE 8.500 1,070.33 80
8.250 1,070.33 174,000.00
TUALATIN OR 97062 1 10/03/96 01
0430085639 05 12/01/96 12
1493001925 N 11/01/26
0
1539083 074/G02 F 110,400.00 ZZ
360 110,158.40 1
1505 CONCORD ROAD 8.375 839.12 80
8.125 839.12 138,000.00
HELENA MT 59601 1 08/26/96 00
0430085647 05 10/01/96 0
1496003392 O 09/01/26
0
1539084 074/G02 F 141,300.00 ZZ
360 141,222.82 1
2481 SOUTH DOUGLAS STREET 9.000 1,136.93 90
8.750 1,136.93 157,000.00
SALT LAKE UT 84106 1 10/07/96 04
0430085654 05 12/01/96 25
1499004121 N 11/01/26
0
1539085 074/G02 F 66,600.00 ZZ
360 66,532.46 1
1
901 CACTUS DRIVE 9.375 553.95 90
9.125 553.95 74,000.00
ROUND ROCK TX 78681 1 09/13/96 01
0430085662 05 11/01/96 25
1520004527 N 10/01/26
0
1539087 074/G02 F 77,100.00 ZZ
360 77,019.75 1
3440 LAKESHORE DR # 15P 9.250 634.28 70
9.000 634.28 110,200.00
CHICAGO IL 60613 1 09/30/96 00
0430085670 06 11/01/96 0
1605108675 O 10/01/26
0
1539088 074/G02 F 84,900.00 ZZ
360 84,813.91 1
N2110 HIGHWAY H 9.375 706.16 68
9.125 706.16 124,900.00
LAKE GENEVA WI 53147 1 09/28/96 00
0430085688 05 11/01/96 0
1606071639 O 10/01/26
0
1539089 074/G02 F 49,500.00 ZZ
360 49,454.84 1
3220 BROOKSHIRE DR 9.875 429.83 90
9.625 429.83 55,000.00
FLORISSANT MO 63033 2 10/04/96 01
0430085696 03 11/01/96 25
1633007665 N 10/01/26
0
1539090 074/G02 F 66,500.00 T
360 66,381.37 1
10938 WASHINGTON AVE 8.625 517.23 70
8.375 517.23 95,000.00
BLAINE MN 55434 1 08/30/96 00
0430085704 05 10/01/96 0
1664084842 O 09/01/26
0
1539091 074/G02 F 76,400.00 ZZ
360 76,314.02 1
1315 BARON PLACE 8.875 607.87 80
8.625 607.87 95,500.00
FRONT ROYAL VA 22630 1 09/16/96 00
0430085712 05 11/01/96 0
1
1763005220 O 10/01/26
0
1539093 074/G02 F 36,185.00 ZZ
360 36,151.99 1
UNIT 16C-2 MAYBERRY DRIVE 9.875 314.21 75
9.625 314.21 48,250.00
WESTBOROUGH MA 01581 1 10/03/96 00
0430085738 01 11/01/96 0
1813078176 N 10/01/26
0
1539094 074/G02 F 57,400.00 ZZ
360 57,330.20 1
RT 2 BOX 355 EAST 8.500 441.36 86
8.250 441.36 67,500.00
CHESTERFIELD SC 29709 1 09/30/96 01
0430085746 05 11/01/96 25
1842001980 O 10/01/26
0
1539097 874/G02 F 90,900.00 ZZ
360 90,900.00 1
2117 POINT MALLARD DRIVE 8.500 698.94 80
8.250 698.94 113,631.00
HENDERSON NV 89012 1 11/01/96 10
0430090530 03 01/01/97 25
3698748 N 12/01/26
0
1539109 074/G02 F 46,350.00 ZZ
360 46,326.59 1
415 ATLANTA COURT 9.375 385.52 90
9.125 385.52 51,500.00
WASHINGTON TWP NJ 08080 1 10/23/96 01
0430085761 01 12/01/96 25
1161219152 N 11/01/26
0
1539110 074/G02 F 99,100.00 ZZ
360 99,047.26 4
5761 EAST 24TH STREET 9.125 806.31 74
8.875 806.31 135,000.00
TUCSON AZ 85712 2 10/30/96 00
0430085779 05 12/01/96 0
1222001863 N 11/01/26
0
1
1539111 074/G02 F 113,000.00 ZZ
360 112,933.29 1
10105 PINNACLE VIEW PLACE 8.625 878.90 74
8.375 878.90 153,000.00
LAS VEGAS NV 89134 1 10/25/96 00
0430085787 03 12/01/96 0
1251125531 O 11/01/26
0
1539113 074/G02 F 85,000.00 ZZ
360 84,954.76 1
6831 E 120TH DR 9.125 691.59 85
8.875 691.59 100,000.00
BRIGHTON CO 80601 1 10/25/96 04
0430085803 05 12/01/96 12
1272082801 N 11/01/26
0
1539114 074/G02 F 91,375.00 ZZ
360 91,322.43 1
8297 DELAWARE STREET 8.750 718.85 85
8.500 718.85 107,500.00
DENVER CO 80221 1 10/31/96 04
0430085811 05 12/01/96 12
1272083531 N 11/01/26
0
1539115 074/G02 F 145,600.00 ZZ
360 145,524.51 1
6130 SW 46 STREET 9.250 1,197.82 80
9.000 1,197.82 182,000.00
MIAMI FL 33155 1 10/28/96 00
0430085829 05 12/01/96 0
1311269877 O 11/01/26
0
1539116 074/G02 F 75,000.00 ZZ
360 74,961.11 2
3645 47 SW 4 STREET 9.250 617.01 45
9.000 617.01 168,000.00
MIAMI FL 33135 5 10/11/96 00
0430085837 05 12/01/96 0
1311271675 O 11/01/26
0
1539117 074/G02 F 92,000.00 ZZ
360 91,948.43 1
7290 NW 35 STREET 8.875 731.99 76
8.625 731.99 122,000.00
1
LAUDERHILL FL 33319 1 10/29/96 00
0430085845 05 12/01/96 0
1312022891 O 11/01/26
0
1539118 074/G02 F 108,000.00 ZZ
360 107,934.57 1
RT 2 BOX 181H 8.500 830.43 80
8.250 830.43 135,000.00
HAWTHORNE FL 32640 2 10/25/96 00
0430085852 05 12/01/96 0
1322015826 O 11/01/26
0
1539119 074/G02 F 83,900.00 ZZ
360 83,851.73 1
13421 MEADOWFIELD DRIVE 8.750 660.04 80
8.500 660.04 105,000.00
ORLANDO FL 32824 1 10/28/96 00
0430085860 03 12/01/96 0
1331151450 O 11/01/26
0
1539121 074/G02 F 107,500.00 ZZ
360 107,441.28 2
1109 HALPIN AVENUE 9.000 864.97 85
8.750 864.97 126,500.00
CINCINNATI OH 45208 1 10/30/96 01
0430085886 05 12/01/96 12
1403000710 N 11/01/26
0
1539122 074/G02 F 45,900.00 ZZ
360 45,875.57 1
9507 MCGEE 9.125 373.46 90
8.875 373.46 51,000.00
KANSAS CITY MO 64114 1 10/18/96 01
0430085894 05 12/01/96 25
1456002168 N 11/01/26
0
1539123 074/G02 F 248,000.00 ZZ
360 247,871.43 1
42 JANSSEN PLACE 9.250 2,040.24 80
9.000 2,040.24 310,000.00
KANSAS CITY MO 64109 1 10/23/96 00
0430085902 03 12/01/96 0
1456002543 O 11/01/26
0
1
1539124 074/G02 F 114,650.00 ZZ
360 114,587.38 1
11512 RILEY 9.000 922.50 75
8.750 922.50 153,000.00
OVERLAND PARK KS 66213 1 10/24/96 00
0430083170 03 12/01/96 0
1456002565 N 11/01/26
0
1539125 074/G02 F 46,100.00 ZZ
360 46,074.82 1
3725 CENTRAL 9.000 370.93 90
8.750 370.93 51,225.00
KANSAS CITY MO 64111 1 10/25/96 01
0430085910 05 12/01/96 25
1456002780 N 11/01/26
0
1539126 074/G02 F 60,200.00 ZZ
360 60,166.25 1
1014 RUSH ROAD 8.875 478.98 90
8.625 478.98 67,000.00
EAGLE ID 83616 1 10/29/96 01
0430085928 05 12/01/96 25
1490004880 N 11/01/26
0
1539127 074/G02 F 47,450.00 ZZ
360 47,426.66 1
680 SOUTH GRANT AVENUE 9.500 398.99 90
9.250 398.99 52,750.00
OGDEN UT 84404 1 10/30/96 01
0430085936 05 12/01/96 25
1499004223 N 11/01/26
0
1539128 074/G02 F 80,800.00 ZZ
360 80,759.20 1
2 N 252 DIANE 9.375 672.05 80
9.125 672.05 101,000.00
GLEN ELLYN IL 60137 1 10/31/96 00
0430085944 05 12/01/96 0
1602093924 O 11/01/26
0
1539129 074/G02 F 71,250.00 ZZ
360 71,210.05 2
1
437 S STATE ST 8.875 566.90 75
8.625 566.90 95,000.00
ELGIN IL 60123 1 10/31/96 00
0430083162 05 12/01/96 0
1605109113 N 11/01/26
0
1539130 074/G02 F 123,750.00 ZZ
360 123,689.13 1
5007 MAPLE HILL 9.500 1,040.56 75
9.250 1,040.56 165,000.00
MCHENRY IL 60050 2 10/28/96 00
0430085951 05 12/01/96 0
1606069535 O 11/01/26
0
1539131 074/G02 F 70,000.00 ZZ
360 69,963.71 2
1625 N TROY 9.250 575.87 59
9.000 575.87 120,000.00
CHICAGO IL 60647 5 10/23/96 00
0430083154 05 12/01/96 0
1606072063 N 11/01/26
0
1539132 074/G02 F 104,800.00 ZZ
360 104,741.24 1
6 SIERRA CT 8.875 833.84 80
8.625 833.84 131,892.00
LAKE IN THE HIL IL 60102 1 10/31/96 00
0430085969 09 12/01/96 0
1606073102 O 11/01/26
0
1539133 074/G02 F 33,150.00 ZZ
360 33,132.81 1
1924 ST LOUIS AVE 9.250 272.72 85
9.000 272.72 39,000.00
ST LOUIS MO 63106 5 10/18/96 01
0430085977 05 12/01/96 17
1633007767 O 11/01/26
0
1539134 074/G02 F 96,000.00 ZZ
360 95,951.52 1
RT 2 BOX 138 9.375 798.48 80
9.125 798.48 120,000.00
MONTGOMERY CITY MO 63361 1 11/01/96 00
0430085985 05 12/01/96 0
1
1633008023 O 11/01/26
0
1539135 074/G02 F 53,900.00 ZZ
360 53,873.49 1
3236-3238 1ST AVE S 9.500 453.22 57
9.250 453.22 95,000.00
MINNEAPOLIS MN 55409 5 11/01/96 00
0430085993 05 12/01/96 0
1660049103 N 11/01/26
0
1539137 074/G02 F 104,000.00 ZZ
360 103,946.09 1
154 QUINCY SHORE DRIVE 9.250 855.58 80
9.000 855.58 130,000.00
QUINCY MA 02169 1 10/30/96 00
0430086017 01 12/01/96 0
1813079601 O 11/01/26
0
1539138 074/G02 F 61,000.00 ZZ
360 60,967.53 2
59 HEARD STREET 9.125 496.32 90
8.875 496.32 68,000.00
CHELSEA MA 02150 1 10/31/96 01
0430083147 05 12/01/96 25
1816003923 N 11/01/26
0
1539151 A78/G02 F 186,000.00 ZZ
360 186,000.00 1
6969 HARVEST ROAD 8.625 1,446.69 71
8.375 1,446.69 265,000.00
BOULDER CO 80301 5 11/22/96 00
0430091363 03 01/01/97 0
010051303 O 12/01/26
0
1539155 638/G02 F 54,000.00 ZZ
360 54,000.00 1
8526 BONITA ISLE DRIVE 8.250 405.68 50
8.000 405.68 109,000.00
LAKE WORTH FL 33467 1 11/26/96 00
0430094144 03 01/01/97 0
08609955 O 12/01/26
0
1
1539159 377/377 F 63,000.00 ZZ
360 63,000.00 1
2355 JOHNSON FERRY ROAD 9.125 512.59 90
8.875 512.59 70,000.00
CHAMBLEE GA 30341 1 12/02/96 01
6161665 05 01/01/97 25
6161665 N 12/01/26
0
1539162 313/G02 F 85,600.00 ZZ
360 85,600.00 1
214 ST AWDRY STREET 8.375 650.63 80
8.125 650.63 107,000.00
LADSON SC 29456 1 11/26/96 00
0430089755 03 01/01/97 0
6034524 O 12/01/26
0
1539188 E29/G02 F 97,400.00 T
360 97,400.00 1
120 SAWMILL ROAD UNIT #105 8.750 766.25 75
8.500 766.25 129,900.00
BRECKENRIDGE CO 80424 1 11/27/96 00
0430093591 05 01/01/97 0
19611056 O 12/01/26
0
1539189 105/G02 F 124,000.00 ZZ
360 123,928.66 1
6050 CALIFORNIA CIRCLE #603 8.750 975.51 80
8.500 975.51 155,000.00
ROCKVILLE MD 20852 1 10/30/96 00
0430077883 08 12/01/96 0
0970665 O 11/01/26
0
1539194 253/253 F 153,000.00 ZZ
360 152,924.74 4
2606 CONCHAS STREET NE 9.500 1,286.51 85
9.250 1,286.51 180,000.00
ALBUQUERQUE NM 87112 1 11/01/96 01
323013 05 12/01/96 20
323013 N 11/01/26
0
1539197 737/G02 F 54,600.00 T
360 54,573.14 1
7960 E CAMELBACK RD 9.500 459.11 70
#106 9.250 459.11 78,000.00
1
SCOTTSDALE AZ 85251 1 10/29/96 00
0430080069 08 12/01/96 0
511950 O 11/01/26
0
1539207 757/757 F 80,000.00 ZZ
360 80,000.00 1
522 NATHAN'S NOOK 9.250 658.15 58
9.000 658.15 140,000.00
TOWNSEND TN 37882 5 11/12/96 00
2866143 03 01/01/97 0
2866143 N 12/01/26
0
1539217 253/253 F 420,000.00 ZZ
360 419,752.03 1
50 ROAN PLACE 8.625 3,266.72 46
8.375 3,266.72 925,000.00
WOODSIDE CA 94062 2 10/31/96 00
322993 05 12/01/96 0
322993 O 11/01/26
0
1539223 201/G02 F 68,000.00 ZZ
360 67,929.22 2
1901 FAIRLAWN LANE 9.250 559.42 85
9.000 559.42 80,000.00
AUSTIN TX 78704 1 09/27/96 01
0430092700 05 11/01/96 20
4200935510 N 10/01/26
0
1539224 201/G02 F 89,250.00 ZZ
360 89,157.10 2
1117 MARIPOSA DRIVE 9.250 734.24 85
9.000 734.24 105,000.00
AUSTIN TX 78704 1 09/27/96 04
0430092759 05 11/01/96 12
4200935544 N 10/01/26
0
1539225 561/G02 F 247,200.00 ZZ
360 247,068.44 1
25630 OLD HUNDRED ROAD 9.125 2,011.31 80
8.875 2,011.31 309,000.00
DICKERSON MD 20842 2 10/25/96 00
0430086132 05 12/01/96 0
8903635 O 11/01/26
0
1
1539294 F54/G02 F 81,000.00 ZZ
360 81,000.00 1
9834 WHISKEY RUN 8.875 644.47 90
8.625 644.47 90,000.00
LAUREL MD 20723 1 11/22/96 12
0430095331 01 01/01/97 25
9616012 N 12/01/26
0
1539299 964/G02 F 344,000.00 ZZ
360 344,000.00 1
2425 CLIFF ROAD 8.750 2,706.25 80
8.500 2,706.25 430,000.00
UPLAND CA 91784 1 10/31/96 00
0430075085 05 01/01/97 0
20892 O 12/01/26
0
1539397 766/G02 F 57,200.00 ZZ
360 57,167.09 1
4958 SW 93 AVENUE 8.750 449.99 80
8.500 449.99 71,500.00
COOPER CITY FL 33328 1 10/31/96 04
0430089441 05 12/01/96 12
96DA0387 N 11/01/26
0
1539414 286/286 F 89,600.00 ZZ
360 89,557.07 1
11623 BUTTONWOOD DR 9.625 761.60 80
9.375 761.60 112,000.00
CARMEL IN 46033 1 10/16/96 00
8435659 01 12/01/96 0
8435659 O 11/01/26
0
1539418 737/G02 F 77,800.00 ZZ
360 77,800.00 1
4125 DUNNINGTON DRIVE 9.500 654.18 90
9.250 654.18 86,500.00
MARIETTA GA 30062 1 11/04/96 01
0430087411 03 01/01/97 25
558407 N 12/01/26
0
1539419 737/G02 F 86,250.00 ZZ
360 86,250.00 1
1
4500 SHILOH ROAD 8.875 686.24 75
8.625 686.24 115,000.00
CUMMING GA 30130 1 11/07/96 00
0430079749 05 01/01/97 0
558383 O 12/01/26
0
1539442 975/G02 F 162,400.00 ZZ
360 162,400.00 1
4894 HARTWICK STREET 8.375 1,234.36 75
8.125 1,234.36 218,000.00
LOS ANGELES CA 90041 2 11/08/96 00
0430081745 05 01/01/97 0
962773 O 12/01/26
0
1539444 654/G02 F 400,000.00 ZZ
360 400,000.00 1
3838 GROVES PLACE 8.250 3,005.07 55
8.000 3,005.07 738,500.00
SOMIS AREA CA 93066 1 11/01/96 00
0430080432 05 01/01/97 0
071001571 O 12/01/26
0
1539454 965/G02 F 59,900.00 ZZ
360 59,900.00 1
7330 EAST 88TH AVENUE 9.000 481.97 75
8.750 481.97 80,000.00
HENDERSON CO 80640 2 11/04/96 00
0430095604 05 01/01/97 0
172318 N 12/01/26
0
1539456 E22/G02 F 52,700.00 T
360 52,700.00 1
2055 SW 122ND AVENUE UNIT 129 9.875 457.62 80
9.625 457.62 65,900.00
MIAMI FL 33175 1 10/31/96 95
0410238257 08 01/01/97 0
410238257 O 12/01/26
0
1539462 731/G02 F 108,875.00 ZZ
360 108,875.00 1
3871 SAN MARCOS COURT 8.500 837.15 63
8.250 837.15 175,000.00
NEWBURY PARK AR CA 91320 5 11/05/96 00
0430094888 05 01/01/97 0
1
4001150 N 12/01/26
0
1539463 E22/G02 F 56,750.00 ZZ
360 56,750.00 1
409 EUBANKS ROAD 8.750 446.45 64
8.500 446.45 89,000.00
MONROE NC 28112 1 11/13/96 00
0410250922 05 01/01/97 0
410250922 O 12/01/26
0
1539465 E22/G02 F 45,500.00 ZZ
360 45,500.00 1
12321 PURCELL ROAD 8.625 353.89 55
8.375 353.89 83,000.00
LAURINBURG NC 28352 2 11/07/96 00
0410248140 05 01/01/97 0
410248140 O 12/01/26
0
1539467 664/G02 F 79,500.00 ZZ
360 79,453.06 1
1133 OAK GLEN CIRCLE 8.625 618.35 75
8.375 618.35 106,000.00
FORT WORTH TX 76114 1 11/01/96 00
0430079681 05 12/01/96 0
2205516 O 11/01/26
0
1539469 664/G02 F 123,750.00 ZZ
360 123,750.00 1
320 15TH AVENUE 8.625 962.52 75
8.375 962.52 165,000.00
SEATTLE WA 98122 5 11/01/96 00
0430080366 05 01/01/97 0
2199339 O 12/01/26
0
1539482 201/G02 F 121,600.00 ZZ
360 121,533.57 2
34 GROVE AVENUE 9.000 978.43 80
COUNTY OF BERGEN 8.750 978.43 152,000.00
BOROUGH OF MAYW NJ 07607 1 10/31/96 00
0430078949 05 12/01/96 0
2800938645 O 11/01/26
0
1
1539485 201/G02 F 96,300.00 ZZ
360 96,300.00 1
1133-35 PARK TERRACE 9.500 809.75 90
COUNTY OF UNION 9.250 809.75 107,000.00
PLAINFIELD NJ 07062 1 11/04/96 04
0430077743 05 01/01/97 25
1300938972 N 12/01/26
0
1539537 B75/G02 F 375,200.00 ZZ
360 374,995.06 1
485 LEVENTINA CANYON ROAD 9.000 3,018.94 80
8.750 3,018.94 469,000.00
VERDI NV 89439 1 10/29/96 00
0430082677 03 12/01/96 0
2477248 O 11/01/26
0
1539559 455/G02 F 99,100.00 ZZ
360 99,045.86 1
2360 JUNE SPRINGS DRIVE 9.000 797.39 80
8.750 797.39 123,900.00
MARIETTA GA 30060 1 10/31/96 00
0430079574 03 12/01/96 0
52967 O 11/01/26
0
1539562 129/G02 F 137,600.00 ZZ
360 137,191.84 1
133 CHESTNUT STREET 9.000 1,107.16 80
8.750 1,107.16 172,000.00
WEST ORANGE NJ 07052 1 10/30/96 00
0430095448 05 12/01/96 0
394536 O 11/01/26
0
1539563 129/G02 F 125,900.00 ZZ
360 125,839.68 1
155 FOREST HILLS STREET 9.625 1,070.14 90
9.375 1,070.14 139,900.00
JAMAICA HILLS MA 02130 1 10/24/96 01
0430095406 05 12/01/96 25
394999 N 11/01/26
0
1539576 405/405 F 40,000.00 ZZ
360 39,980.32 1
2758 HERMITAGE AVENUE 9.500 336.35 90
9.250 336.35 44,500.00
1
SAINT LOUIS MO 63143 1 11/01/96 01
4036091 05 12/01/96 25
4036091 N 11/01/26
0
1539594 074/G02 F 34,875.00 ZZ
360 34,843.17 1
UNIT B4 10 MAYBERRY DRIVE 9.875 302.84 75
9.625 302.84 46,500.00
WESTBOROUGH MA 01581 1 09/30/96 00
0430083188 01 11/01/96 0
1813078165 O 10/01/26
0
1539595 074/G02 F 105,000.00 ZZ
360 104,944.13 4
1715 1721 S JEFFERSON AVENUE 9.125 854.31 75
8.875 854.31 140,000.00
TUCSON AZ 85711 2 10/22/96 00
0430086025 05 12/01/96 0
1222001499 O 11/01/26
0
1539615 967/G02 F 83,200.00 ZZ
360 83,200.00 1
537 EAST LAGUNA DRIVE 8.875 661.98 80
8.625 661.98 104,000.00
TEMPE AZ 85282 1 11/25/96 04
0430090241 05 01/01/97 12
4152963 N 12/01/26
0
1539618 526/G02 F 47,650.00 ZZ
360 47,625.94 1
5627 NORTH RURAL STREET 9.375 396.33 90
9.125 396.33 52,978.00
INDIANAPOLIS IN 46220 1 10/31/96 10
0430080556 01 12/01/96 25
146867 N 11/01/26
0
1539624 526/G02 F 15,000.00 T
360 14,992.62 1
20 LAKE VILLA WAY 9.500 126.13 58
9.250 126.13 26,000.00
KISSIMMEE FL 34743 1 10/28/96 00
0430082115 09 12/01/96 0
00149961 O 11/01/26
0
1
1539648 757/757 F 114,550.00 ZZ
360 114,550.00 1
3218 HUNTER'S CREEK 8.625 890.96 80
8.375 890.96 143,200.00
DALLAS GA 30132 1 11/14/96 00
2874097 03 01/01/97 0
2874097 O 12/01/26
0
1539652 526/G02 F 39,150.00 ZZ
360 39,130.74 1
4475 GOLF VISTA CIRCLE 9.500 329.20 90
9.250 329.20 43,500.00
DECATUR GA 30035 1 10/31/96 12
0430080648 07 12/01/96 25
155213 N 11/01/26
0
1539655 405/405 F 42,300.00 ZZ
360 42,279.73 4
700 EAST CHELTEN AVENUE 9.625 359.55 90
9.375 359.55 47,000.00
PHILADELPHIA PA 19144 1 10/14/96 10
3999802 05 12/01/96 25
3999802 N 11/01/26
0
1539657 405/405 F 71,900.00 ZZ
360 71,864.63 1
1716 JACOB BRUNNER DRIVE 9.500 604.58 90
9.250 604.58 79,900.00
FREDERICK MD 21702 1 10/25/96 04
4046801 09 12/01/96 25
4046801 N 11/01/26
0
1539661 E22/G02 F 179,000.00 ZZ
360 178,899.65 1
12924 PIRU BLVD SE 8.875 1,424.20 79
8.625 1,424.20 227,500.00
ALBUQUERQUE NM 87123 2 10/31/96 00
0410271027 05 12/01/96 0
410271027 O 11/01/26
0
1539663 E22/G02 F 23,600.00 ZZ
360 23,584.16 1
1
515 TALLOWOOD #58 8.000 173.17 80
7.750 173.17 29,500.00
HOUSTON TX 77024 1 11/01/96 00
0410270698 01 12/01/96 0
410270698 O 11/01/26
0
1539664 E22/G02 F 29,500.00 ZZ
360 29,500.00 1
15318 TEAL PARK DRIVE 9.375 245.37 80
9.125 245.37 36,900.00
HUMBLE TX 77396 1 11/04/96 04
0410264006 09 01/01/97 12
410264006 N 12/01/26
0
1539667 E22/G02 F 26,900.00 ZZ
360 26,886.42 1
2310 WINDING WOOD COURT 9.375 223.74 90
9.125 223.74 29,900.00
HOUSTON TX 77038 1 11/01/96 04
0410264857 03 12/01/96 25
410264857 N 11/01/26
0
1539668 E22/G02 F 64,150.00 ZZ
360 64,114.96 1
15226 SPRING CORNER 9.000 516.17 90
8.750 516.17 71,285.00
SAN ANTONIO TX 78247 1 10/31/96 10
0410284673 05 12/01/96 25
410284673 N 11/01/26
0
1539671 E22/G02 F 650,000.00 ZZ
360 650,000.00 1
MORICHES ROAD 8.875 5,171.70 55
8.625 5,171.70 1,200,000.00
NISSEQUOGUE NY 11780 5 11/07/96 00
0410246839 05 01/01/97 0
410246839 O 12/01/26
0
1539675 E22/G02 F 111,000.00 ZZ
360 111,000.00 1
1862 YADKIN VALLEY ROAD 8.875 883.17 80
8.625 883.17 140,000.00
ADVANCE NC 27006 2 11/08/96 00
0410248272 05 01/01/97 0
1
410248272 O 12/01/26
0
1539678 E22/G02 F 82,400.00 ZZ
360 82,400.00 1
1540 WEST RIVER DR 8.750 648.24 80
8.500 648.24 103,000.00
MARGATE FL 33063 1 11/15/96 00
0410246326 05 01/01/97 0
410246326 O 12/01/26
0
1539681 E22/G02 F 34,650.00 ZZ
360 34,650.00 1
2212 WESTFALL DR 9.500 291.36 70
9.250 291.36 49,500.00
ORLANDO FL 32817 5 11/15/96 00
0410249734 05 01/01/97 0
410249734 N 12/01/26
0
1539682 624/G02 F 272,000.00 ZZ
360 272,000.00 1
1007 FOREST AVENUE 8.500 2,091.44 80
8.250 2,091.44 340,000.00
PACIFIC GROVE CA 93950 1 11/25/96 00
0430094854 05 01/01/97 0
87104100637 O 12/01/26
0
1539686 E22/G02 F 96,000.00 ZZ
360 96,000.00 1
202 E LAKE DR 8.750 755.23 80
8.500 755.23 120,000.00
GREENSBORO NC 27411 2 11/14/96 04
0410250070 05 01/01/97 12
410250070 N 12/01/26
0
1539689 E22/G02 F 203,200.00 ZZ
360 203,083.09 1
413 CHESTERTON AVENUE 8.750 1,598.58 80
8.500 1,598.58 254,000.00
BELMONT CA 94002 1 10/21/96 00
0410232086 05 12/01/96 0
410232086 O 11/01/26
0
1
1539697 E22/G02 F 140,000.00 ZZ
360 139,923.53 1
445 SLOCUM DRIVE 9.000 1,126.47 94
8.750 1,126.47 149,000.00
FOLSOM CA 95630 2 10/25/96 04
0410274187 05 12/01/96 30
410274187 O 11/01/26
0
1539721 E22/G02 F 117,900.00 ZZ
360 117,838.87 1
2240 BLUE FOX CT 9.250 969.94 90
9.000 969.94 131,000.00
COLUMBUS OH 43235 1 10/31/96 14
0410263222 05 12/01/96 25
410263222 N 11/01/26
0
1539723 E22/G02 F 66,350.00 ZZ
360 66,314.69 1
8003 S 154TH STREET 9.125 539.85 75
8.875 539.85 88,500.00
OMAHA NE 68138 1 10/30/96 00
0410263495 05 12/01/96 0
410263495 N 11/01/26
0
1539727 E38/G02 F 94,500.00 ZZ
360 94,452.28 4
823 30TH STREET 9.375 786.00 90
9.125 786.00 105,000.00
OGDEN UT 84403 1 10/31/96 01
0430089144 05 12/01/96 25
960233 N 11/01/26
0
1539728 E22/G02 F 58,000.00 ZZ
360 58,000.00 1
580 ERIC WAY 8.875 461.47 65
8.625 461.47 89,900.00
BOLINGBROOK IL 60440 5 11/08/96 00
0410203038 09 01/01/97 0
410203038 N 12/01/26
0
1539729 765/G02 F 126,000.00 ZZ
360 126,000.00 1
57 MONTANAS ESTE 8.625 980.02 61
8.375 980.02 208,000.00
1
IRVINE CA 92612 5 11/01/96 00
0430081273 01 01/01/97 0
317292 O 12/01/26
0
1539733 626/G02 F 341,600.00 ZZ
360 341,600.00 1
9764 WEDDINGTON CIRCLE 8.500 2,626.61 80
8.250 2,626.61 427,000.00
GRANITE BAY CA 95746 2 10/31/96 00
0430081463 03 01/01/97 0
6675847 O 12/01/26
0
1539739 927/G02 F 204,200.00 ZZ
360 204,200.00 1
1819 HIGH DESERT DRIVE 8.375 1,552.07 80
8.125 1,552.07 255,928.00
SPARKS NV 89436 1 11/07/96 00
0430087007 03 01/01/97 0
212910 O 12/01/26
0
1539747 688/G02 F 63,900.00 ZZ
360 63,900.00 1
6314 MARTEL AVENUE 9.250 525.69 90
9.000 525.69 71,000.00
DALLAS TX 75214 1 11/07/96 04
0430079699 05 01/01/97 25
0043413 N 12/01/26
0
1539757 E20/G02 F 58,000.00 ZZ
360 57,967.48 1
99 CUMBERLAND CIRCLE 8.875 461.48 69
8.625 461.48 85,000.00
ASHEVILLE NC 28801 1 11/04/96 00
0430081216 05 12/01/96 0
UNKNOWN O 11/01/26
0
1539766 G17/G02 F 124,000.00 ZZ
360 124,000.00 1
3475 TALBOT STREET 8.375 942.49 28
8.125 942.49 450,000.00
SAN DIEGO CA 92106 2 11/14/96 00
0430084558 05 01/01/97 0
268705 O 12/01/26
0
1
1539777 F30/G02 F 109,600.00 ZZ
360 109,600.00 1
512 OAK STREET 8.500 842.73 80
8.250 842.73 137,000.00
OURAY CO 81427 5 11/08/96 00
0430081331 05 01/01/97 0
300283 O 12/01/26
0
1539778 F30/G02 F 496,900.00 ZZ
360 496,900.00 1
10487 S. SEVEN SPRINGS CIRCLE 9.250 4,087.87 71
9.000 4,087.87 700,000.00
SANDY UT 84093 4 11/15/96 00
0430082693 05 01/01/97 0
100790 O 12/01/26
0
1539781 201/G02 F 75,000.00 ZZ
360 75,000.00 1
22 DAVOS ROAD 8.875 596.74 46
8.625 596.74 165,000.00
TOWNSHIP OF BRI NJ 08724 5 11/01/96 00
0430081059 05 01/01/97 0
3800939260 O 12/01/26
0
1539785 313/G02 F 99,000.00 ZZ
360 99,000.00 1
3520 HOLLEY ROAD 8.750 778.84 90
8.500 778.84 110,000.00
LIZELLA GA 31052 1 12/04/96 01
0430095463 05 01/01/97 25
6167597 N 12/01/26
0
1539791 201/G02 F 16,500.00 ZZ
360 16,491.22 1
2475 HYBROOK LANE 9.125 134.25 90
8.875 134.25 18,500.00
BEAUMONT TX 77703 1 10/07/96 04
0430079509 05 12/01/96 25
171336 N 11/01/26
0
1539811 638/G02 F 48,500.00 ZZ
360 48,500.00 1
1
523 E. SUPERIOR 9.125 394.61 90
8.875 394.61 53,900.00
LEBANON IN 46052 1 11/25/96 04
0430093617 05 01/01/97 25
08607689 N 12/01/26
0
1539876 E22/G02 F 113,100.00 BB
360 112,657.69 1
600 S DEARBORN #1806 9.000 910.03 95
8.750 910.03 119,137.00
CHICAGO IL 60605 1 05/01/96 12
0410174981 06 06/01/96 30
410174981 O 05/01/26
0
1539901 560/560 F 42,000.00 ZZ
360 41,975.20 1
511 GRIFFIN BOULEVARD 8.625 326.68 70
8.375 326.68 60,000.00
FARMVILLE VA 23901 5 10/31/96 00
450564851 05 12/01/96 0
450564851 N 11/01/26
0
1539913 560/560 F 61,600.00 ZZ
360 61,566.35 1
244 E KIOWA 9.000 495.65 70
8.750 495.65 88,000.00
FLAGSTAFF AZ 86001 5 10/29/96 00
450569470 05 12/01/96 0
450569470 N 11/01/26
0
1539918 B75/G02 F 184,000.00 ZZ
360 184,000.00 1
F M 1431 9.250 1,513.72 80
9.000 1,513.72 230,000.00
MARBLE FALLS TX 78654 2 11/08/96 00
0430082750 05 01/01/97 0
2732766 O 12/01/26
0
1539966 E26/G02 F 61,650.00 ZZ
360 61,650.00 1
7005 LEYTE DRIVE 9.375 512.78 90
9.125 512.78 68,500.00
OXON HILL MD 20745 1 11/13/96 01
0430081117 05 01/01/97 30
1
425072 O 12/01/26
0
1539975 140/G02 F 120,000.00 ZZ
360 120,000.00 4
824 VOURAY DRIVE 9.250 987.21 80
9.000 987.21 150,000.00
KENNER LA 70065 1 11/12/96 04
0430082818 05 01/01/97 12
UNKNOWN N 12/01/26
0
1539976 965/G02 F 150,000.00 ZZ
360 150,000.00 1
37950 SOUTH SILVERWOOD DRIVE 8.375 1,140.11 75
8.125 1,140.11 202,000.00
TUCSON AZ 85739 1 11/25/96 00
0430091926 03 01/01/97 0
1539976 O 12/01/26
0
1539979 971/G02 F 97,000.00 ZZ
360 97,000.00 2
11368 SW 5TH TERRACE 9.000 780.48 75
8.750 780.48 130,000.00
MIAMI FL 33174 1 11/18/96 00
0430080523 05 01/01/97 0
UNKNOWN O 12/01/26
0
1539982 286/286 F 45,900.00 ZZ
360 45,877.42 1
110 VAUGHN ST 9.500 385.96 80
9.250 385.96 58,000.00
GREER SC 29651 1 10/16/96 10
8600672 05 12/01/96 25
8600672 N 11/01/26
0
1539992 E22/G02 F 160,650.00 ZZ
360 160,575.05 4
9120 NICOLLET AVE S 9.750 1,380.23 90
9.500 1,380.23 178,500.00
BLOOMINGTON MN 55420 1 11/01/96 01
0410208433 05 12/01/96 25
410208433 N 11/01/26
0
1
1539996 E22/G02 F 156,800.00 BB
360 156,186.79 1
600 S DEARBORN #1902 9.000 1,261.65 95
8.750 1,261.65 165,096.00
CHICAGO IL 60605 1 05/01/96 04
0410174999 06 06/01/96 30
410174999 O 05/01/26
0
1539997 E22/G02 F 32,300.00 ZZ
360 32,284.93 2
28 S DEARBORN ST 9.750 277.51 90
9.500 277.51 35,900.00
INDIANAPOLIS IN 46201 1 11/01/96 04
0410163703 05 12/01/96 25
410163703 N 11/01/26
0
1539998 E22/G02 F 81,900.00 ZZ
360 81,900.00 2
651-653 FRANKLIN 9.625 696.14 90
9.375 696.14 91,000.00
LINDEN MI 48451 1 11/06/96 04
0410260426 05 01/01/97 25
410260426 N 12/01/26
0
1540000 E22/G02 F 63,000.00 ZZ
360 62,965.59 1
9766 MUELLER 9.000 506.91 90
8.750 506.91 70,000.00
TAYLOR MI 48180 1 10/15/96 04
0410163380 05 12/01/96 25
410163380 N 11/01/26
0
1540002 201/G02 F 49,050.00 ZZ
360 49,026.50 1
713 VILLA RIDGE DRIVE 9.625 416.92 90
9.375 416.92 54,500.00
GARLAND TX 75043 1 10/28/96 04
0430082628 05 12/01/96 25
8800941679 N 11/01/26
0
1540007 E22/G02 F 84,000.00 ZZ
360 83,957.58 1
7641 N EASTLAKE TERRACE 9.375 698.67 80
UNIT #2A 9.125 698.67 105,000.00
1
CHICAGO IL 60626 1 11/04/96 10
0410178230 01 12/01/96 12
410178230 N 11/01/26
0
1540013 E22/G02 F 51,900.00 ZZ
360 51,873.09 1
186 DUNTEMAN UNIT #201 9.250 426.97 80
9.000 426.97 64,900.00
GLENDALE HEIGHT IL 60139 1 11/01/96 00
0410175426 01 12/01/96 0
410175426 O 11/01/26
0
1540015 E22/G02 F 27,000.00 ZZ
360 26,987.73 1
18955 ASBURY PARK 9.875 234.46 90
9.625 234.46 30,000.00
DETROIT MI 48235 1 10/30/96 04
0410160246 05 12/01/96 25
410160246 N 11/01/26
0
1540017 E22/G02 F 41,400.00 ZZ
360 41,400.00 1
5138 N HILLSIDE AVE 9.625 351.90 90
9.375 351.90 46,000.00
INDIANAPOLIS IN 46205 1 11/18/96 04
0410164032 05 01/01/97 25
410164032 N 12/01/26
0
1540018 830/G02 F 66,400.00 ZZ
360 66,400.00 1
816 EAST GATEWOOD DRIVE 8.375 504.69 80
8.125 504.69 83,000.00
SANDY UT 84094 1 11/27/96 10
0430097428 05 01/01/97 17
5228994 N 12/01/26
0
1540020 575/G02 F 36,000.00 ZZ
360 35,979.29 1
604-A RUE ST MARTIN 8.750 283.21 90
8.500 283.21 40,000.00
HAMMOND LA 70403 1 10/18/96 10
0430080036 01 12/01/96 25
445000169 O 11/01/26
0
1
1540029 E22/G02 F 49,400.00 ZZ
360 49,400.00 1
4424 GLORIA 9.625 419.90 90
9.375 419.90 54,900.00
WAYNE MI 48184 1 11/05/96 04
0410264311 05 01/01/97 25
410264311 N 12/01/26
0
1540031 575/G02 F 129,500.00 ZZ
360 129,436.30 2
1208 VIRGINIA STREET 9.500 1,088.91 70
9.250 1,088.91 185,000.00
KEY WEST FL 33040 5 10/25/96 00
0430082560 05 12/01/96 0
449008405 N 11/01/26
0
1540032 E22/G02 F 200,000.00 ZZ
360 200,000.00 1
4435 OAKWOOD STREET 9.000 1,609.25 90
8.750 1,609.25 222,500.00
DOWNERS GROVE IL 60515 1 11/15/96 04
0410263255 05 01/01/97 25
410263255 N 12/01/26
0
1540034 526/G02 F 23,850.00 ZZ
360 23,838.26 1
3518 N. CAPITOL AVENUE 9.500 200.55 90
9.250 200.55 26,500.00
INDIANAPOLIS IN 46208 1 10/29/96 10
0430097055 05 12/01/96 25
00147049 N 11/01/26
0
1540059 A78/G02 F 162,000.00 ZZ
360 162,000.00 1
3150 NOBLE COURT 8.625 1,260.02 70
8.375 1,260.02 232,000.00
BOULDER CO 80301 5 12/02/96 00
0430097204 03 01/01/97 0
50370312 O 12/01/26
0
1540061 664/G02 F 77,400.00 ZZ
360 77,400.00 2
1
216-218 LEBO BLVD 9.000 622.78 90
8.750 622.78 86,000.00
BREMERTON WA 98310 1 11/06/96 10
0430082644 05 01/01/97 25
2198760 N 12/01/26
0
1540063 664/G02 F 99,400.00 ZZ
360 99,400.00 2
1147-1151 EAST LINCOLN STREET 9.250 817.74 70
9.000 817.74 142,000.00
WOODBURN OR 97071 5 11/06/96 00
0430084871 05 01/01/97 0
2224160 N 12/01/26
0
1540071 E22/G02 F 34,400.00 ZZ
360 34,400.00 1
1882 MURRELL ROAD 9.375 286.12 75
UNIT #P-59 9.125 286.12 45,900.00
ROCKLEDGE FL 32955 1 11/15/96 00
0410246672 01 01/01/97 0
410246672 N 12/01/26
0
1540074 664/G02 F 90,000.00 ZZ
360 90,000.00 1
15414 NE 50TH STREET 9.125 732.27 90
8.875 732.27 100,000.00
VANCOUVER WA 98682 1 11/07/96 01
0430080622 05 01/01/97 25
2225134 N 12/01/26
0
1540089 E22/G02 F 115,600.00 ZZ
360 115,488.79 1
397 OAKWOOD AVENUE 9.625 982.59 80
9.375 982.59 144,500.00
WEST ISLIP NY 11795 1 09/13/96 00
0410197966 05 11/01/96 0
410197966 O 10/01/26
0
1540091 E22/G02 F 40,500.00 ZZ
360 40,500.00 2
218 K STREET NORTH 9.625 344.25 90
9.375 344.25 45,000.00
LAKE WORTH FL 33460 1 11/15/96 01
0410246409 05 01/01/97 25
1
410246409 N 12/01/26
0
1540092 E22/G02 F 69,100.00 ZZ
360 69,100.00 1
103 HERITAGE PARKWAY 8.875 549.79 80
8.625 549.79 86,400.00
FORT MILL SC 29715 1 11/15/96 00
0410250799 01 01/01/97 0
410250799 O 12/01/26
0
1540099 526/G02 F 83,250.00 ZZ
360 83,209.04 3
44-46-48 ROCKWELL AVENUE 9.500 700.02 90
9.250 700.02 92,500.00
BRISTOL CT 06010 1 10/30/96 04
0430082081 05 12/01/96 25
00150181 N 11/01/26
0
1540114 626/G02 F 115,850.00 ZZ
360 115,850.00 1
2090 NE HOLLOW TREE LANE 8.625 901.07 80
8.375 901.07 145,000.00
BEND OR 97701 2 11/05/96 00
0430085050 05 01/01/97 0
6676506 O 12/01/26
0
1540127 862/G02 F 224,950.00 ZZ
360 224,950.00 1
32130 CANYON CREST COURT 8.750 1,769.69 78
8.500 1,769.69 289,950.00
WESTLAKE VILLAG CA 91361 1 11/05/96 00
0430088542 09 01/01/97 0
4319497 O 12/01/26
0
1540234 E22/G02 F 206,750.00 ZZ
360 206,637.07 1
19523 LANARK STREET 9.000 1,663.56 85
8.750 1,663.56 245,000.00
LOS ANGELES CA 91335 2 10/25/96 23
0410230304 05 12/01/96 0
410230304 O 11/01/26
0
1
1540239 E22/G02 F 165,600.00 ZZ
360 165,600.00 1
144 VILLAGE BOULEVARD 8.625 1,288.02 80
UNIT #48 8.375 1,288.02 207,000.00
INCLINE VILLAGE NV 89451 1 11/06/96 00
0410273916 01 01/01/97 0
410273916 O 12/01/26
0
1540244 E22/G02 F 108,500.00 ZZ
360 108,442.26 1
105 DROLLA PARK 9.125 882.79 70
8.875 882.79 155,000.00
RIVER RIDGE LA 70123 1 10/30/96 00
0410270359 05 12/01/96 0
410270359 O 11/01/26
0
1540247 B28/G02 F 133,200.00 ZZ
360 133,134.48 1
5830 LEATHER DRIVE 9.500 1,120.02 90
9.250 1,120.02 148,000.00
COLORADO SPRING CO 80918 1 10/30/96 04
0430096974 03 12/01/96 25
02967998 N 11/01/26
0
1540250 F41/G02 F 25,500.00 T
360 25,500.00 1
4925 YORK STREET #204 8.250 191.57 75
8.000 191.57 34,000.00
CAPE CORAL FL 33904 1 11/27/96 00
0430094789 02 01/01/97 0
29850 O 12/01/26
0
1540265 253/253 F 36,600.00 ZZ
360 36,600.00 1
2212 SUMMER DAY DRIVE 9.625 311.10 72
9.375 311.10 50,830.00
ARLINGTON TX 76014 4 11/07/96 00
322699 05 01/01/97 0
322699 N 12/01/26
0
1540269 638/G02 F 83,200.00 ZZ
360 83,200.00 1
1404 STRICKLAND DRIVE 8.500 639.74 80
8.250 639.74 104,000.00
1
AUSTIN TX 78748 1 11/27/96 00
0430094045 05 01/01/97 0
08610548 O 12/01/26
0
1540289 369/G02 F 214,400.00 ZZ
360 214,400.00 1
3006 EASTSIDE 8.750 1,686.69 80
8.500 1,686.69 268,000.00
HOUSTON TX 77098 1 11/08/96 00
0430083725 05 01/01/97 0
60179769 O 12/01/26
0
1540331 731/G02 F 255,000.00 ZZ
360 255,000.00 1
36437 BUTTERFLY PEAK ROAD 8.875 2,028.89 78
8.625 2,028.89 330,000.00
MOUNTAIN CENTER CA 92561 2 11/11/96 00
0430084582 05 01/01/97 0
6000016 O 12/01/26
0
1540338 626/G02 F 155,000.00 ZZ
360 155,000.00 1
680 JAMES DRIVE 8.625 1,205.58 80
8.375 1,205.58 195,000.00
PLACERVILLE CA 95667 1 11/12/96 00
0430083873 05 01/01/97 0
6677876 O 12/01/26
0
1540345 E45/G02 F 80,000.00 ZZ
360 80,000.00 1
114 WILD OAK DRIVE 8.750 629.36 52
8.500 629.36 154,000.00
BRANDON FL 33511 1 11/15/96 00
0430087940 05 01/01/97 0
32101 O 12/01/26
0
1540352 526/G02 F 62,250.00 ZZ
360 62,220.95 3
92 CHAPMAN STREET 9.750 534.83 75
9.500 534.83 83,000.00
GREENFIELD MA 01301 2 10/28/96 00
0430082099 05 12/01/96 0
139481 N 11/01/26
0
1
1540353 560/560 F 69,750.00 ZZ
360 69,715.69 1
29 MACRAE ROAD 9.500 586.50 75
9.250 586.50 94,000.00
COLCHESTER VT 05446 5 10/15/96 00
450550983 05 12/01/96 0
450550983 N 11/01/26
0
1540365 253/253 F 36,600.00 ZZ
360 36,600.00 1
2415 SUMMER PLACE DRIVE 9.625 311.10 72
9.375 311.10 50,830.00
ARLINGTON TX 76104 4 11/07/96 00
322697 05 01/01/97 0
322697 N 12/01/26
0
1540370 253/253 F 124,000.00 ZZ
360 124,000.00 4
3704 BRYN MAWR DRIVE NE 9.375 1,031.37 80
9.125 1,031.37 155,000.00
ALBUQUERQUE NM 87107 1 11/08/96 04
323315 05 01/01/97 12
323315 N 12/01/26
0
1540371 526/G02 F 73,800.00 ZZ
360 73,765.57 4
4 CHAPMAN COURT 9.750 634.06 75
9.500 634.06 98,500.00
GREENFIELD MA 01301 2 10/28/96 00
0430082024 05 12/01/96 0
139479 N 11/01/26
0
1540374 253/253 F 36,600.00 ZZ
360 36,600.00 1
2210 SUMMER DAY DRIVE 9.625 311.10 72
9.375 311.10 50,830.00
ARLINGTON TX 76014 4 11/01/96 00
323365 05 01/01/97 0
323365 N 12/01/26
0
1540380 526/G02 F 62,100.00 ZZ
360 62,071.02 2
1
100 CHAPMAN STREET 9.750 533.54 75
9.500 533.54 82,900.00
GREENFIELD MA 01301 2 10/28/96 00
0430084426 05 12/01/96 0
139476 N 11/01/26
0
1540386 526/G02 F 65,700.00 ZZ
360 65,669.34 4
88 CHAPMAN STREET 9.750 564.47 75
9.500 564.47 87,700.00
GREENFIELD MA 01301 2 10/28/96 00
0430095596 05 12/01/96 0
139475 N 11/01/26
0
1540387 688/G02 F 166,600.00 ZZ
360 166,600.00 1
8560 SHAWNEE AVENUE 8.875 1,325.54 70
8.625 1,325.54 238,000.00
FAIR OAKS CA 95628 5 11/01/96 00
0430081125 05 01/01/97 0
44012 O 12/01/26
0
1540389 129/G02 F 48,240.00 ZZ
360 48,215.64 1
14 RUSSELL STREET 9.375 401.24 90
9.125 401.24 53,600.00
WILTON NH 03036 1 10/11/96 01
0430080440 05 12/01/96 25
3900004361 O 11/01/26
0
1540401 737/G02 F 146,250.00 ZZ
360 146,250.00 1
501 INDIAN HILLS PARKWAY 9.250 1,203.16 90
9.000 1,203.16 162,500.00
MARIETTA GA 30068 1 11/15/96 01
0430088187 05 01/01/97 25
558548 N 12/01/26
0
1540413 526/G02 F 41,600.00 ZZ
360 41,578.43 1
6688 HILLSIDE AVENUE 9.250 342.24 80
9.000 342.24 52,000.00
TWENTYNINE PALM CA 92277 1 10/21/96 10
0430096925 05 12/01/96 12
1
147995 N 11/01/26
0
1540414 526/G02 F 77,000.00 T
360 76,963.10 1
300 EAST RALEIGH AVE. UNIT 608 9.625 654.50 70
9.375 654.50 110,000.00
WILDWOOD CREST NJ 08260 1 10/04/96 00
0430081729 08 12/01/96 0
00144755 O 11/01/26
0
1540417 526/G02 F 54,750.00 ZZ
360 54,585.16 1
1132 LOGAN AVENUE 9.500 460.37 75
9.250 460.37 73,010.00
BELLMAWR NJ 08031 1 05/31/96 00
0430085126 05 07/01/96 0
125568 O 06/01/26
0
1540420 253/253 F 36,600.00 ZZ
360 36,600.00 1
2417 SUMMER PLACE DRIVE 9.625 311.10 72
9.375 311.10 50,830.00
ARLINGTON TX 76014 4 11/07/96 00
323370 05 01/01/97 0
323370 N 12/01/26
0
1540421 526/G02 F 30,600.00 ZZ
360 30,584.54 1
421 SOUTH 37TH STREET 9.375 254.52 90
9.125 254.52 34,000.00
BILLINGS MT 59101 1 10/18/96 12
0430082305 05 12/01/96 25
150023 N 11/01/26
0
1540422 526/G02 F 78,800.00 ZZ
360 78,761.23 1
1212 GARFIELD STREET 9.500 662.60 90
9.250 662.60 87,600.00
DENVER CO 80206 1 11/01/96 04
0430081695 05 12/01/96 25
00152944 N 11/01/26
0
1
1540429 405/405 F 95,000.00 ZZ
360 94,943.90 1
3014 RED OAK COURT #201 8.625 738.91 75
8.375 738.91 128,000.00
PALM HARBOR FL 34684 5 10/28/96 00
004054532 01 12/01/96 0
004054532 O 11/01/26
0
1540460 313/G02 F 48,950.00 ZZ
360 48,950.00 1
3342 NORTH 80TH AVENUE 9.000 393.87 90
8.750 393.87 54,400.00
PHOENIX AZ 85033 1 11/27/96 04
0430093468 05 01/01/97 25
6291561 N 12/01/26
0
1540469 862/G02 F 62,150.00 ZZ
360 62,150.00 1
3210 S.E. 49TH AVENUE 9.250 511.30 55
9.000 511.30 113,000.00
PORTLAND OR 97206 5 11/06/96 00
0430086785 05 01/01/97 0
4324208 N 12/01/26
0
1540476 664/G02 F 66,500.00 ZZ
360 66,500.00 1
4964 E STREET 8.500 511.33 70
8.250 511.33 95,000.00
SPRINGFIELD OR 97478 5 11/09/96 00
0430089524 05 01/01/97 0
2243277 N 12/01/26
0
1540479 776/G02 F 92,000.00 ZZ
360 92,000.00 1
3122 ASOLEADO CIRCLE 9.125 748.55 80
8.875 748.55 115,000.00
LAS VEGAS NV 89121 1 11/04/96 00
0430091330 09 01/01/97 0
6337875 O 12/01/26
0
1540689 E22/G02 F 32,000.00 ZZ
360 31,984.26 3
322 ADAMS 9.500 269.07 90
9.250 269.07 35,600.00
1
BAY CITY MI 48708 1 11/01/96 04
0410163935 05 12/01/96 25
410163935 N 11/01/26
0
1540712 405/405 F 55,000.00 ZZ
360 54,974.34 2
7 WILLIAMS STREET 9.750 472.54 68
9.500 472.54 81,000.00
NEW LONDON CT 06320 5 10/30/96 00
4011862 05 12/01/96 0
4011862 N 11/01/26
0
1540731 405/405 F 36,900.00 ZZ
360 36,879.84 1
2129 WISTERIA WAY 9.000 296.91 90
8.750 296.91 41,000.00
ATLANTA GA 30317 1 10/31/96 04
4059937 05 12/01/96 25
4059937 N 11/01/26
0
1540732 E22/G02 F 90,000.00 ZZ
360 90,000.00 1
27 MISSION PLAZA DRIVE 9.375 748.57 75
9.125 748.57 120,000.00
VENTURA CA 93001 2 10/29/96 00
0410289425 01 01/01/97 0
410289425 N 12/01/26
0
1540736 B75/G02 F 100,000.00 ZZ
360 100,000.00 1
15045 ECHO DRIVE 8.625 777.79 33
8.375 777.79 305,000.00
GOLDEN CO 80401 5 11/11/96 00
0430084830 05 01/01/97 0
2522605 O 12/01/26
0
1540757 E22/G02 F 103,200.00 ZZ
360 103,146.50 1
104 HORSESHOE BAY BLVD UNIT #8 9.250 849.00 80
9.000 849.00 129,000.00
HORSESHOE BAY TX 78657 1 10/25/96 00
0410264741 09 12/01/96 0
410264741 O 11/01/26
0
1
1540760 E22/G02 F 53,300.00 ZZ
360 53,272.36 1
1373 FRANKLIN STREET 9.250 438.49 90
UNIT #5 9.000 438.49 59,250.00
DENVER CO 80218 1 10/25/96 11
0410264428 01 12/01/96 25
410264428 O 11/01/26
0
1540800 F30/G02 F 80,100.00 ZZ
360 80,100.00 1
314 NORTH 650 EAST 9.250 658.96 90
9.000 658.96 89,000.00
KAYSVILLE UT 84037 1 11/18/96 01
0430084061 05 01/01/97 25
102539 N 12/01/26
0
1540812 731/G02 F 85,500.00 ZZ
360 85,500.00 1
4718 ASTER ROAD 8.875 680.28 56
8.625 680.28 155,000.00
MCKINLYVILLE CA 95521 5 11/08/96 00
0430085100 05 01/01/97 0
110541194 O 12/01/26
0
1540815 E87/G02 F 188,000.00 ZZ
360 188,000.00 1
2022 CHINO STREET 8.750 1,479.00 80
8.500 1,479.00 235,000.00
SANTA BARBARA CA 93101 1 11/01/96 00
0430088906 05 01/01/97 0
70000197 O 12/01/26
0
1540828 227/G02 F 103,800.00 ZZ
360 103,800.00 1
8213 EAST MONTEBELLO AVENUE 8.500 798.14 80
8.250 798.14 129,750.00
SCOTTSDALE AZ 85250 1 11/01/96 10
0430087882 05 01/01/97 17
1688236 N 12/01/26
0
1540836 862/G02 F 87,900.00 ZZ
360 87,900.00 1
1
1752 GILHAM ROAD 9.000 707.27 80
8.750 707.27 109,900.00
EUGENE OR 97401 1 11/05/96 01
0430088476 05 01/01/97 25
4323739 N 12/01/26
0
1540837 201/G02 F 225,000.00 ZZ
360 224,889.32 1
70 LAGUNA HILLS COURT 9.500 1,891.93 57
COUNTY OF MONMOUTH 9.250 1,891.93 399,000.00
TOWNSHIP OF HOL NJ 07733 1 10/17/96 00
0430081679 01 12/01/96 0
3800913109 O 11/01/26
0
1540838 862/G02 F 86,250.00 ZZ
360 86,250.00 1
10609 S.E. 34TH STREET 9.000 693.99 75
8.750 693.99 115,500.00
MILWAUKIE OR 97222 5 10/31/96 00
0430085282 05 01/01/97 0
4324257 O 12/01/26
0
1540840 862/G02 F 276,800.00 ZZ
360 276,800.00 1
12107 EAST BELLA VISTA 8.750 2,177.59 80
8.500 2,177.59 346,060.00
SCOTTSDALE AZ 85259 1 11/14/96 00
0430088880 03 01/01/97 0
04300315 O 12/01/26
0
1540842 862/G02 F 30,400.00 ZZ
360 30,400.00 1
1859D MONTANA VISTA 9.000 244.61 80
8.750 244.61 38,000.00
LAKE HAVASU CIT AZ 86403 1 11/08/96 04
0430092395 01 01/01/97 12
4299236 N 12/01/26
0
1540843 369/G02 F 38,700.00 ZZ
360 38,700.00 1
3820 PALMETTO STREET 9.250 318.38 90
9.000 318.38 43,000.00
PHILADELPHIA PA 19124 1 11/08/96 01
0430084442 05 01/01/97 25
1
60214244 N 12/01/26
0
1540849 377/377 F 152,000.00 ZZ
360 152,000.00 1
13337 GULF BLVD 9.375 1,264.26 95
9.125 1,264.26 160,000.00
MADERIA BEACH FL 33708 1 11/19/96 01
3554359 05 01/01/97 30
3554359 O 12/01/26
0
1540854 B75/G02 F 207,000.00 ZZ
360 207,000.00 1
155 OCEAN LANE DRIVE 8.750 1,628.47 55
#1108 8.500 1,628.47 380,000.00
KEY BISCAYNE FL 33149 1 11/18/96 00
0430095729 06 01/01/97 0
2687002 O 12/01/26
0
1540860 B75/G02 F 68,000.00 ZZ
360 68,000.00 1
2395 RAINTREE LAKE CR 8.875 541.04 80
8.625 541.04 85,000.00
MERRITT ISLAND FL 32953 1 11/19/96 00
0430086645 05 01/01/97 0
2686350 O 12/01/26
0
1540863 201/G02 F 63,400.00 ZZ
360 63,368.81 1
265 OLD GINN ROAD 9.500 533.11 80
9.250 533.11 79,250.00
COMMERCE GA 30529 1 10/31/96 10
0430081554 05 12/01/96 12
404740 N 11/01/26
0
1540867 561/G02 F 90,000.00 ZZ
360 90,000.00 2
1247-49 NEWPORT ROAD 9.500 756.77 90
9.250 756.77 100,000.00
MANHEIM PA 17545 1 11/05/96 01
0430096842 05 01/01/97 25
8924649 N 12/01/26
0
1
1540886 E22/G02 F 68,000.00 ZZ
360 67,963.81 2
603-605 SOUTH 8TH AVE 9.125 553.27 80
8.875 553.27 85,000.00
STERLING CO 80751 1 10/31/96 10
0410269567 05 12/01/96 12
410269567 N 11/01/26
0
1540889 E22/G02 F 46,800.00 ZZ
360 46,776.98 1
1206 N W 38 TH STREET 9.500 393.52 90
9.250 393.52 52,000.00
SAN ANTONIO TX 78228 1 10/28/96 04
0410270664 05 12/01/96 25
410270664 N 11/01/26
0
1540891 E22/G02 F 67,500.00 ZZ
360 67,467.67 2
8016-8018 ECHO WIND 9.625 573.74 90
9.375 573.74 75,000.00
SAN ANTONIO TX 78250 1 10/31/96 04
0410284574 05 12/01/96 25
410284574 N 11/01/26
0
1540893 E22/G02 F 293,600.00 ZZ
360 293,600.00 2
200-202 44TH STREET 8.875 2,336.01 80
8.625 2,336.01 367,000.00
MANHATTAN BEACH CA 90266 1 11/04/96 00
0410233787 05 01/01/97 0
410233787 O 12/01/26
0
1540895 E22/G02 F 216,000.00 ZZ
360 215,872.47 1
1041 FURLONG STREET 8.625 1,680.03 80
8.375 1,680.03 270,000.00
BELMONT CA 94002 2 10/15/96 00
0410228308 05 12/01/96 0
410228308 O 11/01/26
0
1540901 E22/G02 F 312,000.00 ZZ
360 312,000.00 1
1786 MANDAN PLACE 9.000 2,510.42 80
8.750 2,510.42 390,000.00
1
FREMONT CA 94539 2 10/31/96 00
0410230718 05 01/01/97 0
410230718 O 12/01/26
0
1540907 E22/G02 F 99,200.00 ZZ
360 99,200.00 1
5401 SUTHERLAND ROAD 8.625 771.57 80
8.375 771.57 124,000.00
MT OLIVE AL 35117 2 11/13/96 00
0410242671 05 01/01/97 0
410242671 O 12/01/26
0
1540908 E22/G02 F 267,000.00 ZZ
360 267,000.00 1
7826 NW 68TH DRIVE 8.375 2,029.39 80
8.125 2,029.39 334,185.00
PARKLAND FL 33076 1 11/19/96 00
0410247407 03 01/01/97 0
410247407 O 12/01/26
0
1540910 E22/G02 F 99,150.00 ZZ
360 99,150.00 1
101 KNIGHTS HOLLOW DR 8.875 788.88 80
8.625 788.88 123,945.00
APOPKA FL 32712 1 11/19/96 00
0410249379 03 01/01/97 0
410249379 O 12/01/26
0
1540911 E22/G02 F 35,900.00 ZZ
360 35,900.00 1
14407 LOWE AVE 10.125 318.37 90
9.875 318.37 39,900.00
RIVERDALE IL 60627 1 11/06/96 10
0410262224 05 01/01/97 25
410262224 N 12/01/26
0
1540912 766/G02 F 153,600.00 ZZ
360 153,600.00 1
8500 NW 47 DRIVE 9.000 1,235.90 80
8.750 1,235.90 192,000.00
CORAL SPRINGS FL 33067 2 11/08/96 00
0430091256 05 01/01/97 0
96SG1052 O 12/01/26
0
1
1540914 E22/G02 F 72,000.00 ZZ
360 71,966.41 2
2210 10TH AVE 9.750 618.59 70
9.500 618.59 103,000.00
GREELEY CO 80631 5 11/05/96 00
0410284731 05 12/01/96 0
410284731 N 11/01/26
0
1540917 B74/G02 F 120,650.00 ZZ
360 120,650.00 1
275 FREDA AVENUE 8.875 959.95 95
8.625 959.95 127,000.00
POMONA CA 91767 2 11/15/96 01
0430086900 05 01/01/97 30
963662 O 12/01/26
0
1541003 E22/G02 F 35,100.00 ZZ
360 35,083.18 2
87 PUTNAM 9.625 298.35 90
9.375 298.35 39,000.00
PONTIAC MI 48342 1 10/17/96 04
0410160410 05 12/01/96 25
410160410 N 11/01/26
0
1541008 E22/G02 F 30,000.00 ZZ
360 29,983.18 1
12524 NIXON 8.875 238.69 70
8.625 238.69 43,000.00
RIVERVIEW MI 48192 5 10/31/96 00
0410163810 05 12/01/96 0
410163810 N 11/01/26
0
1541021 B28/G02 F 139,750.00 ZZ
360 139,750.00 1
616 & 646 COUNTY ROAD 250 9.500 1,175.10 65
9.250 1,175.10 215,000.00
DURANGO CO 81301 5 11/04/96 00
0430087759 05 01/01/97 0
05969489 N 12/01/26
0
1541033 E22/G02 F 46,800.00 ZZ
360 46,800.00 1
1
927 SIERRA SHADOWS DRIVE 9.875 406.39 90
9.625 406.39 52,000.00
KATY TX 77450 1 11/11/96 04
0410259774 03 01/01/97 25
410259774 N 12/01/26
0
1541036 E22/G02 F 179,500.00 ZZ
360 179,500.00 1
930 ACOMA STREET UNIT #214 9.375 1,492.99 90
9.125 1,492.99 199,550.00
DENVER CO 80204 1 11/07/96 10
0410108351 01 01/01/97 25
410108351 N 12/01/26
0
1541037 B75/G02 F 45,000.00 ZZ
360 45,000.00 1
4221 COLE AVENUE 9.000 362.08 80
UNIT #101 8.750 362.08 56,500.00
DALLAS TX 75205 1 11/14/96 01
0430088302 01 01/01/97 12
2732915 N 12/01/26
0
1541038 E22/G02 F 172,800.00 ZZ
360 172,710.41 1
40700 DEQUINDRE RD 9.250 1,421.59 90
9.000 1,421.59 192,000.00
STERLING HEIGHT MI 48310 1 10/28/96 04
0410162960 05 12/01/96 25
410162960 N 11/01/26
0
1541044 E22/G02 F 33,300.00 ZZ
360 33,300.00 1
4420 S TRAVIS STREET 9.500 280.00 90
9.250 280.00 37,000.00
AMARILLO TX 79110 1 11/06/96 10
0410268700 05 01/01/97 25
410268700 N 12/01/26
0
1541055 765/G02 F 164,000.00 ZZ
360 164,000.00 1
301 EAST LINFIELD STREET 8.875 1,304.86 80
8.625 1,304.86 205,000.00
GLENDORA CA 91740 2 11/12/96 00
0430086587 05 01/01/97 0
1
318724 O 12/01/26
0
1541059 816/G02 F 208,250.00 ZZ
360 208,250.00 1
10234 SOUTH ASHLEY HILLS CIRCL 8.375 1,582.85 85
8.125 1,582.85 245,000.00
SANDY UT 84092 5 11/08/96 12
0430086561 05 01/01/97 12
141058 O 12/01/26
0
1541060 E22/G02 F 33,800.00 ZZ
360 33,754.77 1
857 TOWNSEND DRIVE 10.000 296.62 90
9.750 296.62 37,600.00
CRYSTAL BEACH TX 77650 1 08/19/96 01
0410107668 05 10/01/96 25
410107668 N 09/01/26
0
1541063 526/G02 F 75,150.00 ZZ
360 75,113.03 4
4519 DEEDA DRIVE 9.500 631.91 90
9.250 631.91 83,500.00
HOUSTON TX 77017 1 10/31/96 10
0430086611 05 12/01/96 25
00155346 N 11/01/26
0
1541066 E22/G02 F 83,200.00 ZZ
360 83,200.00 1
301 SW LUCERO DRIVE 8.750 654.53 80
8.500 654.53 104,000.00
PORT ST LUCIE FL 34983 1 11/20/96 00
0410249437 05 01/01/97 0
410249437 O 12/01/26
0
1541068 E22/G02 F 95,000.00 ZZ
360 94,939.42 1
184-22 90TH AVENUE 8.250 713.71 80
8.000 713.71 120,000.00
HOLLIS NY 11423 1 10/22/96 00
0410244131 05 12/01/96 0
410244131 O 11/01/26
0
1
1541071 E22/G02 F 80,000.00 ZZ
360 80,000.00 2
7 STOLL ST 8.250 601.01 49
8.000 601.01 165,000.00
NETCONG NJ 07857 5 11/15/96 00
0410248439 05 01/01/97 0
410248439 O 12/01/26
0
1541074 E22/G02 F 63,600.00 ZZ
360 63,600.00 2
1075-1077 NE 32 STREET 9.375 528.99 80
9.125 528.99 79,500.00
OAKLAND PARK FL 33334 1 11/20/96 04
0410246011 05 01/01/97 12
410246011 N 12/01/26
0
1541079 E22/G02 F 60,200.00 ZZ
360 60,165.37 1
9543 CARMALEE STREET 8.750 473.59 80
8.500 473.59 75,330.00
HOUSTON TX 77075 1 10/31/96 00
0410268239 05 12/01/96 0
410268239 O 11/01/26
0
1541081 526/G02 F 35,000.00 ZZ
360 35,000.00 2
2222-2224 SAN GULLY ROAD 9.625 297.50 70
9.375 297.50 50,000.00
LAKELAND FL 33803 5 11/08/96 00
0430097022 05 01/01/97 0
150202 N 12/01/26
0
1541082 626/G02 F 47,250.00 ZZ
360 47,250.00 1
13710 DUGAN AVENUE 8.875 375.95 75
8.625 375.95 63,000.00
RED BLUFF CA 96080 1 11/15/96 00
0430095091 05 01/01/97 0
6674311 N 12/01/26
0
1541084 E22/G02 F 269,100.00 ZZ
360 269,100.00 1
602 5TH STREET #2004 8.625 2,093.03 80
8.375 2,093.03 336,419.00
1
KIRKLAND WA 98033 1 11/15/96 00
0410221626 01 01/01/97 0
410221626 O 12/01/26
0
1541088 E22/G02 F 184,000.00 ZZ
360 184,000.00 1
8730 POTTS COURT 8.625 1,431.13 80
8.375 1,431.13 230,000.00
ORANGEVALE CA 95662 2 11/14/96 00
0410273825 05 01/01/97 0
410273825 O 12/01/26
0
1541089 731/G02 F 69,000.00 ZZ
360 69,000.00 1
361 DEER ROAD 8.875 548.99 63
8.625 548.99 109,900.00
EVERGREEN CO 80439 4 11/14/96 00
0430095836 05 01/01/97 0
591010175 N 12/01/26
0
1541091 526/G02 F 33,750.00 ZZ
360 33,733.40 4
104 S. LOUISVILLE AVENUE 9.500 283.79 75
9.250 283.79 45,000.00
TULSA OK 74112 1 10/23/96 00
0430092643 05 12/01/96 0
141312 N 11/01/26
0
1541092 E87/G02 F 60,000.00 ZZ
360 60,000.00 3
244 MAGNOLIA AVENUE 9.500 504.51 30
126-A&B N. B STREET 9.250 504.51 200,000.00
OXNARD CA 93030 5 11/04/96 00
0430085373 05 01/01/97 0
137507 N 12/01/26
0
1541096 E22/G02 F 145,600.00 ZZ
360 145,600.00 1
1661 VALLEJO DRIVE 8.875 1,158.46 80
8.625 1,158.46 182,000.00
HOLLISTER CA 95023 2 11/07/96 04
0410232995 05 01/01/97 12
410232995 N 12/01/26
0
1
1541104 E22/G02 F 207,000.00 ZZ
360 207,000.00 1
122 LINDA VISTA DRIVE 8.625 1,610.02 80
8.375 1,610.02 260,000.00
DALY CITY CA 94014 1 11/13/96 00
0410234405 05 01/01/97 0
410234405 O 12/01/26
0
1541114 A78/G02 F 135,000.00 ZZ
360 135,000.00 4
2440 - 2446 11TH STREET 8.750 1,062.05 73
8.500 1,062.05 185,000.00
GREELEY CO 80631 1 11/27/96 00
0430096222 05 01/01/97 0
300571283 N 12/01/26
0
1541140 E26/G02 F 102,150.00 ZZ
360 102,150.00 1
7101 MIDLOTHIAN COURT 8.375 776.42 90
8.125 776.42 113,500.00
CHARLOTTE NC 28217 1 11/05/96 04
0430094953 05 01/01/97 30
500175 N 12/01/26
0
1541151 E22/G02 F 57,150.00 ZZ
360 57,125.38 1
7621 NEWTON STREET 10.125 506.82 90
9.875 506.82 63,500.00
OVERLAND PARK KS 66204 1 10/24/96 01
0410262349 05 12/01/96 25
410262349 N 11/01/26
0
1541152 E22/G02 F 105,750.00 ZZ
360 105,696.60 1
6027 WARM SPRINGS 9.375 879.57 75
9.125 879.57 141,000.00
HOUSTON TX 77035 1 10/28/96 00
0410270714 05 12/01/96 0
410270714 N 11/01/26
0
1541184 A01/G02 F 332,000.00 ZZ
360 332,000.00 1
1
17800 ARVIDA DRIVE 8.125 2,465.09 80
7.875 2,465.09 415,000.00
GRANADA HILLS CA 91344 1 11/15/96 00
0430084475 05 01/01/97 0
96110708 O 12/01/26
0
1541196 766/G02 F 103,500.00 ZZ
360 103,500.00 1
5601 COLLINS AVE #912A 8.875 823.49 90
8.625 823.49 115,000.00
MIAMI BEACH FL 33142 1 11/13/96 01
0430087015 06 01/01/97 25
96SG0900 O 12/01/26
0
1541231 E22/G02 F 33,900.00 ZZ
360 33,900.00 1
2055 SW 122 AVENUE UNIT 419 C 8.000 248.75 63
7.750 248.75 53,900.00
MIAMI FL 33175 1 11/21/96 00
0410248496 08 01/01/97 0
410248496 O 12/01/26
0
1541236 E22/G02 F 106,300.00 ZZ
360 106,300.00 1
592 BIRCH STREET 8.625 826.79 75
8.375 826.79 141,750.00
SCOTCH PLAINS NJ 07060 1 11/20/96 00
0410246078 05 01/01/97 0
410246078 O 12/01/26
0
1541239 E22/G02 F 161,250.00 ZZ
360 161,250.00 1
78 ORIENTE STREET 8.875 1,282.98 75
8.625 1,282.98 215,000.00
DALY CITY CA 94014 1 11/01/96 00
0410234553 05 01/01/97 0
410234553 O 12/01/26
0
1541240 E22/G02 F 151,900.00 ZZ
360 151,900.00 1
1832 BROOKS COURT 8.250 1,141.17 80
8.000 1,141.17 189,900.00
LOS BANOS CA 93635 1 10/29/96 00
0410232441 05 01/01/97 0
1
410232441 O 12/01/26
0
1541243 575/G02 F 42,000.00 ZZ
360 42,000.00 2
130 WEIMAR STREET 9.250 345.52 81
9.000 345.52 52,000.00
BUFFALO NY 14206 1 11/15/96 04
0430086504 05 01/01/97 20
456006907 N 12/01/26
0
1541251 E22/G02 F 124,000.00 ZZ
360 123,928.66 1
624 KELLY COURT 8.750 975.51 76
8.500 975.51 164,000.00
GARDNERVILLE NV 89410 1 10/30/96 00
0410273635 05 12/01/96 0
410273635 O 11/01/26
0
1541253 E22/G02 F 105,600.00 ZZ
360 105,600.00 1
2611 LA FRANCE DRIVE 9.000 849.68 80
8.750 849.68 133,000.00
CARMICHAEL CA 95608 5 11/15/96 00
0410273676 05 01/01/97 0
410273676 O 12/01/26
0
1541255 E22/G02 F 88,000.00 ZZ
360 88,000.00 1
1931 FEATHER RIVER PLACE 9.375 731.94 80
9.125 731.94 110,000.00
PARADISE CA 95969 2 10/30/96 00
0410273304 05 01/01/97 0
410273304 O 12/01/26
0
1541261 E22/G02 F 47,200.00 ZZ
360 47,200.00 1
430 NORTH HOLLISTON AVENUE 9.000 379.78 80
UNIT #209 8.750 379.78 59,000.00
PASADENA CA 91106 1 10/30/96 00
0410186621 01 01/01/97 0
410186621 O 12/01/26
0
1
1541265 201/G02 F 119,550.00 ZZ
360 119,550.00 1
4815 TURNPOST LANE 8.625 929.85 80
8.375 929.85 149,471.00
SAN ANTONIO TX 78247 1 11/13/96 00
0430087445 03 01/01/97 0
4200947812 O 12/01/26
0
1541276 526/G02 F 472,000.00 ZZ
360 471,735.38 1
1237 SNOWBUNNY AVE. 8.875 3,755.45 80
8.625 3,755.45 590,000.00
ASPEN CO 81611 1 10/23/96 00
0430090258 05 12/01/96 0
151504 O 11/01/26
0
1541279 526/G02 F 47,700.00 ZZ
360 47,676.54 2
5949 SOUTH ELIZABETH STREET 9.500 401.09 90
9.250 401.09 53,000.00
CHICAGO IL 60636 1 11/05/96 10
0430084335 05 12/01/96 25
153162 N 11/01/26
0
1541280 003/G02 F 56,400.00 ZZ
360 56,400.00 1
1170 N FEDERAL HWY 9.250 463.99 80
#707 9.000 463.99 70,500.00
FORT LAUDERDALE FL 33304 1 11/20/96 12
0430092825 05 01/01/97 25
0003756921 N 12/01/26
0
1541281 575/G02 F 76,500.00 ZZ
360 76,500.00 1
900 YOUNG PLACE 8.625 595.01 90
8.375 595.01 85,000.00
FREDERICK MD 21702 1 11/04/96 10
0430086744 05 01/01/97 25
452001370 N 12/01/26
0
1541284 526/G02 F 150,000.00 ZZ
360 150,000.00 1
3016 EAST RUSSELL ROAD 9.125 1,220.45 89
8.875 1,220.45 170,000.00
1
LAS VEGAS NE 89120 1 11/06/96 04
0430084350 05 01/01/97 25
156235 N 12/01/26
0
1541286 526/G02 F 32,400.00 ZZ
360 32,384.88 1
518 H COUNTRY PLACE DRIVE 9.750 278.37 90
9.500 278.37 36,000.00
TOBYHANNA PA 18466 1 11/01/96 10
0430084392 03 12/01/96 25
150890 N 11/01/26
0
1541289 003/G02 F 55,250.00 ZZ
360 55,250.00 1
715 SW 51ST AVENUE 9.625 469.62 90
9.375 469.62 61,420.00
MARGATE FL 33068 1 11/20/96 12
0430092064 03 01/01/97 25
0003753316 N 12/01/26
0
1541294 526/G02 F 85,500.00 ZZ
360 85,453.29 1
260 NW 12TH STREET 9.000 687.96 90
8.750 687.96 95,000.00
BOCA RATON FL 33432 1 11/01/96 12
0430091074 05 12/01/96 25
150406 N 11/01/26
0
1541307 526/G02 F 27,800.00 ZZ
360 27,785.96 1
3100 SOUTH FEDERAL BLVD #325 9.375 231.23 75
9.125 231.23 37,100.00
DENVER CO 80236 1 10/30/96 00
0430087833 01 12/01/96 0
153995 N 11/01/26
0
1541313 526/G02 F 61,200.00 ZZ
360 61,171.44 1
121 MOUNT EVANS BOULEVARD 9.750 525.81 90
9.500 525.81 68,000.00
PINE CO 80470 1 10/23/96 12
0430084327 05 12/01/96 25
150874 N 11/01/26
0
1
1541365 560/560 F 140,000.00 ZZ
360 139,925.49 2
108 SPRING STREET 9.125 1,139.09 80
8.875 1,139.09 175,000.00
PORTSMOUTH NH 03801 1 10/28/96 10
450559414 05 12/01/96 12
450559414 N 11/01/26
0
1541370 560/560 F 55,800.00 ZZ
360 55,800.00 1
28 CAPTAIN COOK LANE 8.875 443.97 90
8.625 443.97 62,000.00
CENTERVILLE MA 02632 1 11/08/96 04
450569868 01 01/01/97 25
450569868 N 12/01/26
0
1541371 560/560 F 35,950.00 ZZ
360 35,950.00 1
651 ONTARIO STREET 9.000 289.27 90
8.750 289.27 39,999.00
BETHLEHEM PA 18015 1 11/06/96 04
450568993 05 01/01/97 25
450568993 N 12/01/26
0
1541431 E22/G02 F 27,900.00 ZZ
360 27,900.00 1
1923 MARSHALL STREET 9.625 237.15 90
9.375 237.15 31,000.00
FLINT MI 48506 1 11/06/96 10
0410263032 05 01/01/97 25
410263032 N 12/01/26
0
1541432 E22/G02 F 28,800.00 ZZ
360 28,786.92 1
19937 WYOMING 9.875 250.08 90
9.625 250.08 32,000.00
DETROIT MI 48221 1 10/15/96 04
0410162994 05 12/01/96 25
410162994 N 11/01/26
0
1541440 074/G02 F 35,100.00 ZZ
360 35,081.80 2
1
8301 - 03 NED AVENUE 9.250 288.76 90
9.000 288.76 39,000.00
BATON ROUGE LA 70820 1 10/30/96 10
0430086033 05 12/01/96 25
1432001987 O 11/01/26
0
1541441 560/560 F 28,800.00 ZZ
360 28,800.00 1
3212 WOODROW AVENUE 8.500 221.45 90
8.250 221.45 32,000.00
RICHMOND VA 23222 1 11/20/96 04
450577143 05 01/01/97 25
450577143 N 12/01/26
0
1541444 074/G02 F 100,000.00 ZZ
360 99,945.38 1
10 ACROPOLS AVENUE 9.000 804.62 80
8.750 804.62 125,000.00
LONDONDERRY NH 03053 1 10/31/96 00
0430083634 05 12/01/96 0
1815015370 O 11/01/26
0
1541445 074/G02 F 120,000.00 ZZ
360 119,934.45 1
9 CADDY COVE 9.000 965.55 80
8.750 965.55 151,000.00
MAUMELLE AR 72113 5 10/10/96 00
0430083642 05 12/01/96 0
1450001129 O 11/01/26
0
1541454 776/G02 F 175,050.00 ZZ
360 174,938.38 1
11709 MCLENNAN AVENUE 8.250 1,315.09 90
(GRANADA HILLS AREA) 8.000 1,315.09 195,000.00
LOS ANGELES CA 91344 1 10/29/96 01
0430087924 05 12/01/96 30
2135360 O 11/01/26
0
1541471 776/G02 F 220,000.00 ZZ
360 220,000.00 1
895 CASINO ROAD 9.000 1,770.17 77
8.750 1,770.17 286,000.00
MEDFORD OR 97501 2 11/01/96 00
0430088716 05 01/01/97 0
1
5036273 O 12/01/26
0
1541477 731/G02 F 82,500.00 ZZ
360 82,500.00 1
3932 LA VERNE WAY 8.500 634.35 75
8.250 634.35 110,000.00
SACRAMENTO CA 95864 2 11/12/96 00
0430087825 05 01/01/97 0
110541223 O 12/01/26
0
1541482 267/267 F 65,000.00 ZZ
360 65,000.00 1
6858 N MCCALL AVENUE 7.625 460.07 34
7.375 460.07 195,000.00
CLOVIS CA 93611 1 11/04/96 00
4423488 05 01/01/97 0
4423488 O 12/01/26
0
1541484 E22/G02 F 108,000.00 ZZ
360 107,952.22 2
2014 W RICE ST 10.000 947.78 90
9.750 947.78 120,000.00
CHICAGO IL 60622 1 10/31/96 10
0410264055 05 12/01/96 25
410264055 N 11/01/26
0
1541488 664/G02 F 188,000.00 ZZ
360 188,000.00 1
16109 158TH AVENUE NORTHEAST 9.250 1,546.63 80
9.000 1,546.63 235,000.00
WOODINVILLE WA 98072 1 11/08/96 00
0430088674 05 01/01/97 0
2198729 O 12/01/26
0
1541489 664/G02 F 68,000.00 ZZ
360 68,000.00 1
1911 NE 8TH STREET 9.000 547.15 90
8.750 547.15 75,705.00
BEND OR 97701 1 11/13/96 04
0430090142 05 01/01/97 25
2225746 N 12/01/26
0
1
1541497 F30/G02 F 280,800.00 ZZ
360 280,800.00 1
4491 SOUTH ZARAHEMLA DRIVE 8.250 2,109.56 80
8.000 2,109.56 351,000.00
SALT LAKE CITY UT 84124 1 11/18/96 00
0430088013 05 01/01/97 0
101860 O 12/01/26
0
1541506 E19/G02 F 146,500.00 ZZ
360 146,500.00 1
545-549 WEST ARBOR VITAE ST 8.250 1,100.61 70
8.000 1,100.61 210,000.00
INGLEWOOD CA 90301 2 11/19/96 00
0430089185 05 01/01/97 0
100014751 N 12/01/26
0
1541507 E19/G02 F 138,000.00 ZZ
360 138,000.00 4
4806 - 4810 WEST 98TH STREET 8.250 1,036.75 69
8.000 1,036.75 202,000.00
INGLEWOOD CA 90301 2 11/19/96 00
0430088518 05 01/01/97 0
100014150 N 12/01/26
0
1541518 E22/G02 F 49,400.00 ZZ
360 49,378.72 1
2415 WEST 58TH STREET 10.125 438.09 90
9.875 438.09 54,900.00
INDIANAPOLIS IN 46208 1 10/31/96 04
0410261341 05 12/01/96 25
410261341 N 11/01/26
0
1541519 E22/G02 F 180,800.00 ZZ
360 180,701.24 1
34210 GLOUSTER CIRCLE 9.000 1,454.76 80
8.750 1,454.76 226,000.00
FARMINGTON HILL MI 48331 1 10/31/96 00
0410164131 05 12/01/96 0
410164131 O 11/01/26
0
1541522 E22/G02 F 104,400.00 ZZ
360 104,348.65 1
3837 HILLSIDE COURT 9.500 877.85 90
9.250 877.85 116,000.00
1
ROYAL OAK MI 48073 1 10/31/96 10
0410164644 05 12/01/96 25
410164644 N 11/01/26
0
1541524 E22/G02 F 75,200.00 ZZ
360 75,162.02 4
26 NOTTINGHAM 9.375 625.48 80
9.125 625.48 94,000.00
BELLEVILLE IL 62223 1 10/31/96 04
0410262729 05 12/01/96 25
410262729 N 11/01/26
0
1541525 E22/G02 F 135,200.00 ZZ
360 135,200.00 1
19405 YEARLING WAY 8.250 1,015.71 80
8.000 1,015.71 169,000.00
OKLAHOMA CITY OK 73003 1 11/15/96 00
0410288187 03 01/01/97 0
410288187 O 12/01/26
0
1541528 E22/G02 F 53,910.00 ZZ
360 53,883.49 1
379 EAST 8TH AVENUE 9.500 453.30 90
9.250 453.30 59,900.00
COLUMBUS OH 43206 1 11/01/96 04
0410164412 05 12/01/96 25
410164412 N 11/01/26
0
1541529 E22/G02 F 48,600.00 ZZ
360 48,579.06 2
8531 SAGANAW AVENUE 10.125 431.00 90
9.875 431.00 54,000.00
CHICAGO IL 60617 1 10/31/96 04
0410214100 05 12/01/96 25
410214100 N 11/01/26
0
1541530 E22/G02 F 28,800.00 ZZ
360 28,800.00 1
1222 E 4TH STREET 9.500 242.17 90
9.250 242.17 32,000.00
MISHAWAKA IN 46544 1 11/08/96 04
0410262323 05 01/01/97 25
410262323 N 12/01/26
0
1
1541532 E22/G02 F 70,000.00 ZZ
360 70,000.00 2
1813-1815 ALVARADO DRIVE NE 9.750 601.41 70
9.500 601.41 100,000.00
ALBUQUERQUE NM 87110 5 11/12/96 00
0410265086 05 01/01/97 0
410265086 N 12/01/26
0
1541539 E22/G02 F 100,500.00 ZZ
360 100,439.11 1
14218 HERITAGE LANE 8.500 772.76 80
8.250 772.76 125,663.00
APPLE VALLEY MN 55124 1 10/31/96 00
0410208326 09 12/01/96 0
410208326 O 11/01/26
0
1541551 E22/G02 F 84,500.00 ZZ
240 84,500.00 1
1563 STANLEY 9.625 794.56 50
9.375 794.56 170,000.00
BIRMINGHAM MI 48009 5 11/05/96 00
0410164008 05 01/01/97 0
410164008 N 12/01/16
0
1541552 E22/G02 F 71,900.00 ZZ
360 71,900.00 1
10145 JEFFERSON HWY UNIT # 49 8.625 559.23 80
8.375 559.23 89,900.00
BATON ROUGE LA 70809 1 11/07/96 00
0410268585 09 01/01/97 0
410268585 O 12/01/26
0
1541555 E22/G02 F 116,150.00 ZZ
360 116,086.56 1
2260 130TH AVENUE NW 9.000 934.57 80
8.750 934.57 145,200.00
COON RAPIDS MN 55448 1 11/05/96 00
0410263545 05 12/01/96 0
410263545 O 11/01/26
0
1541556 E22/G02 F 72,100.00 ZZ
360 72,100.00 1
1
12314 ASHLEY PLACE 9.000 580.13 70
8.750 580.13 103,000.00
SAN ANTONIO TX 78247 1 11/12/96 00
0410270623 03 01/01/97 0
410270623 O 12/01/26
0
1541558 E22/G02 F 34,200.00 ZZ
360 34,200.00 1
12208 BISHOP DRIVE 9.500 287.57 90
9.250 287.57 38,000.00
BALCH SPRINGS TX 75180 1 11/14/96 01
0410306880 05 01/01/97 25
410306880 N 12/01/26
0
1541561 E22/G02 F 26,100.00 ZZ
360 26,100.00 1
7240 TOEPFER 9.750 224.24 90
9.500 224.24 29,000.00
WARREN MI 48091 1 11/05/96 04
0410164487 05 01/01/97 25
410164487 N 12/01/26
0
1541566 E22/G02 F 91,200.00 ZZ
360 91,200.00 1
10185 COLLINS AVENUE #615 9.000 733.82 80
8.750 733.82 114,000.00
BAL HARBOUR FL 33154 1 11/11/96 00
0410248645 06 01/01/97 0
410248645 O 12/01/26
0
1541568 E22/G02 F 128,000.00 ZZ
360 128,000.00 1
83 HILLSIDE STREET 8.750 1,006.98 80
8.500 1,006.98 160,000.00
ASHEVILLE NC 28801 1 11/21/96 00
0410249791 05 01/01/97 0
410249791 O 12/01/26
0
1541573 E22/G02 F 98,000.00 T
360 98,000.00 1
5638 SE SCHOONER OAKS WAY 8.875 779.73 80
8.625 779.73 122,500.00
STUART FL 34997 1 11/22/96 01
0410252266 01 01/01/97 20
1
410252266 O 12/01/26
0
1541575 E22/G02 F 62,300.00 ZZ
360 62,300.00 1
287 SUNNYSIDE DRIVE 9.000 501.28 65
8.750 501.28 97,000.00
COLFAX CA 95713 1 11/06/96 00
0410273957 03 01/01/97 0
410273957 O 12/01/26
0
1541576 E22/G02 F 110,800.00 ZZ
360 110,800.00 1
1623 SHADOW WOOD ROAD 8.500 851.96 68
8.250 851.96 163,000.00
RENO NV 89523 1 10/31/96 00
0410274245 05 01/01/97 0
410274245 O 12/01/26
0
1541583 E22/G02 F 85,100.00 ZZ
360 85,055.88 1
7108 MEANDERING COURT 9.250 700.10 65
9.000 700.10 131,000.00
NORTH RICHLAND TX 76180 1 10/31/96 00
0410268866 05 12/01/96 0
410268866 N 11/01/26
0
1541584 E22/G02 F 48,600.00 ZZ
360 48,576.72 1
11321 SINCLAIR AVENUE 9.625 413.09 90
9.375 413.09 54,000.00
DALLAS TX 75218 1 10/24/96 10
0410265250 05 12/01/96 25
410265250 N 11/01/26
0
1541585 E22/G02 F 139,000.00 ZZ
360 138,922.07 1
8312 RUSSELL ROAD 8.875 1,105.95 74
8.625 1,105.95 190,000.00
OAK GROVE MO 64075 2 10/23/96 00
0410270284 05 12/01/96 0
410270284 O 11/01/26
0
1
1541588 E22/G02 F 81,200.00 ZZ
360 81,153.28 1
15213 NATURAL SPRINGS WAY 8.750 638.80 80
8.500 638.80 101,500.00
AUSTIN TX 78728 1 10/30/96 00
0410262927 05 12/01/96 0
410262927 O 11/01/26
0
1541590 E22/G02 F 76,400.00 ZZ
360 76,363.40 2
1720 ROCKBRIDGE TERRACE 9.625 649.39 90
9.375 649.39 84,900.00
AUSTIN TX 78741 1 10/31/96 10
0410265078 05 12/01/96 25
410265078 N 11/01/26
0
1541591 E22/G02 F 13,450.00 ZZ
360 13,444.51 1
3409 LONGWOOD 10.375 121.78 90
10.125 121.78 14,960.00
KANSAS CITY KS 66101 1 10/31/96 01
0410270987 05 12/01/96 25
410270987 N 11/01/26
0
1541593 E22/G02 F 41,200.00 ZZ
360 41,178.64 1
8060 WEST 9TH AVENUE 9.250 338.94 80
UNIT #203 9.000 338.94 51,500.00
LAKEWOOD CO 80215 1 10/31/96 00
0410270797 01 12/01/96 0
410270797 O 11/01/26
0
1541595 E22/G02 F 56,000.00 ZZ
360 55,972.45 2
1202 BOMAR STREET 9.500 470.88 80
9.250 470.88 70,000.00
HOUSTON TX 77006 1 10/31/96 10
0410287718 05 12/01/96 12
410287718 N 11/01/26
0
1541600 526/G02 F 60,000.00 ZZ
360 60,000.00 1
1119 BROCKWAY AVENUE 9.125 488.18 75
8.875 488.18 80,000.00
1
ORLANDO FL 32807 1 11/12/96 00
0430092742 05 01/01/97 0
0155795 O 12/01/26
0
1541611 526/G02 F 44,000.00 T
360 44,000.00 1
29 BROOKS DRIVE 9.125 358.00 70
8.875 358.00 62,900.00
ORMOND BEACH FL 32176 1 11/12/96 00
0430088054 05 01/01/97 0
0155645 O 12/01/26
0
1541686 776/G02 F 82,550.00 ZZ
360 82,550.00 1
1459 PINTAIL CIRCLE 9.250 679.12 65
9.000 679.12 127,000.00
LOS BANOS CA 93635 2 11/01/96 00
0430088724 05 01/01/97 0
6237549 N 12/01/26
0
1541690 776/G02 F 39,900.00 ZZ
360 39,900.00 1
6401 WEST COURT 9.375 331.87 70
9.125 331.87 57,000.00
ST LOUIS MO 63116 5 11/04/96 00
0430088740 05 01/01/97 0
8238403 N 12/01/26
0
1541693 776/G02 F 52,000.00 ZZ
360 51,973.74 1
124 IVY STREET 9.375 432.51 80
9.125 432.51 65,000.00
NAMPA ID 83686 1 10/29/96 04
0430095919 05 12/01/96 12
2538022 N 11/01/26
0
1541695 776/G02 F 129,950.00 ZZ
360 129,950.00 1
7258 DESERT RANCH AVENUE 9.000 1,045.61 90
8.750 1,045.61 144,389.00
LAS VEGAS NV 89113 1 11/01/96 01
0430089268 05 01/01/97 25
6334808 N 12/01/26
0
1
1541709 964/G02 F 152,000.00 ZZ
360 152,000.00 1
3906 WEST 176TH COURT 8.625 1,182.24 80
8.375 1,182.24 190,000.00
TORRANCE CA 90504 5 11/15/96 00
0430084590 05 01/01/97 0
21121 O 12/01/26
0
1541723 B75/G02 F 67,600.00 ZZ
360 67,600.00 1
9038 EAST 94TH STREET SOUTH 8.750 531.81 80
8.500 531.81 84,500.00
TULSA OK 74133 1 11/19/96 00
0430092387 03 01/01/97 0
2733475 O 12/01/26
0
1541725 E22/G02 F 48,100.00 ZZ
360 48,054.76 1
1609-A CASS LAKE ROAD 9.875 417.68 65
9.625 417.68 74,000.00
KEEGO HARBOR MI 48320 1 10/01/96 00
0410162549 01 11/01/96 0
410162549 N 10/01/26
0
1541737 E67/G02 F 176,000.00 ZZ
360 176,000.00 1
2145 NW TWILIGHT DRIVE 8.250 1,322.23 50
8.000 1,322.23 357,500.00
BEND OR 97701 2 11/18/96 00
0430090217 05 01/01/97 0
5718 O 12/01/26
0
1541749 664/G02 F 125,000.00 ZZ
360 125,000.00 1
36858 RT 59 9.125 1,017.05 66
8.875 1,017.05 190,000.00
INGLESIDE IL 60041 5 11/01/96 00
0430095778 05 01/01/97 0
2237725 O 12/01/26
0
1541750 B74/G02 F 153,500.00 ZZ
360 153,500.00 1
1
16504 HIGH BLUFF COURT 8.250 1,153.19 80
8.000 1,153.19 191,890.00
RIVERSIDE CA 92503 1 11/21/96 00
0430091264 03 01/01/97 0
963848 O 12/01/26
0
1541755 533/G02 F 70,000.00 ZZ
360 70,000.00 2
407 SOUTH FREEMAN STREET 8.875 556.96 70
8.625 556.96 100,000.00
OCEANSIDE CA 92054 1 11/07/96 00
0430091603 05 01/01/97 0
2222735 N 12/01/26
0
1541762 731/G02 F 101,700.00 ZZ
360 101,700.00 2
246-248 EAST LAKE DRIVE 9.750 873.76 90
9.500 873.76 113,000.00
DECATUR GA 30030 1 11/20/96 01
0430089896 05 01/01/97 25
3140663051 N 12/01/26
0
1541767 F30/G02 F 48,750.00 ZZ
360 48,750.00 1
5977 OLIVE STREET 9.000 392.25 75
8.750 392.25 65,000.00
COMMERCE CITY CO 80022 2 11/18/96 00
0430090506 05 01/01/97 0
300321 O 12/01/26
0
1541770 F30/G02 F 96,000.00 ZZ
360 96,000.00 1
140 SOUTH 17TH AVENUE DRIVE 8.750 755.23 75
8.500 755.23 128,000.00
BRIGHTON CO 80601 2 11/20/96 00
0430089177 05 01/01/97 0
300272 O 12/01/26
0
1541789 369/G02 F 72,000.00 ZZ
360 72,000.00 2
1615 NEW YORK AVENUE 9.375 598.86 86
9.125 598.86 84,000.00
ORLANDO FL 32803 1 11/07/96 01
0430088658 05 01/01/97 25
1
60282746 N 12/01/26
0
1541791 766/G02 F 45,000.00 ZZ
360 45,000.00 1
267 NW 65 AVENUE 8.875 358.04 44
8.625 358.04 103,000.00
MIAMI FL 33126 5 11/04/96 00
0430087023 05 01/01/97 0
96DA0460 O 12/01/26
0
1541796 369/G02 F 62,900.00 ZZ
360 62,900.00 1
5643 STULL AVENUE 8.625 489.23 85
8.375 489.23 74,000.00
ORLANDO FL 32810 5 11/11/96 01
0430088666 05 01/01/97 12
60285541 O 12/01/26
0
1541807 526/G02 F 51,300.00 ZZ
360 51,300.00 1
1835 MERIADOC ROAD 9.250 422.04 90
9.000 422.04 57,000.00
TALLAHASSEE FL 32303 1 11/08/96 04
0430088120 05 01/01/97 25
154741 N 12/01/26
0
1541808 B28/G02 F 79,900.00 ZZ
360 79,900.00 1
4515 DEWEY DRIVE 8.500 614.37 85
8.250 614.37 94,000.00
COLORADO SPRING CO 80916 2 11/07/96 10
0430091439 05 01/01/97 25
05969537 N 12/01/26
0
1541831 405/405 F 87,750.00 ZZ
360 87,707.96 1
125 EAST HERMOSA STREET 9.625 745.87 65
9.375 745.87 135,000.00
SANTA MARIA CA 93454 5 10/24/96 00
4027348 05 12/01/96 0
4027348 N 11/01/26
0
1
1541832 405/405 F 52,200.00 ZZ
360 52,200.00 1
3508 GRANT AVENUE 9.250 429.44 90
9.000 429.44 58,000.00
GROVE CITY OH 43123 1 11/08/96 01
4049664 05 01/01/97 25
4049664 N 12/01/26
0
1541833 526/G02 F 202,500.00 ZZ
360 202,397.73 4
1927 NORTH WOLCOTT AVENUE 9.375 1,684.30 90
9.125 1,684.30 225,000.00
CHICAGO IL 60622 1 11/01/96 10
0430088211 05 12/01/96 25
155773 N 11/01/26
0
1541834 405/405 F 144,500.00 ZZ
360 144,423.10 1
4432 NORTH HALL STREET 9.125 1,175.70 85
8.875 1,175.70 170,000.00
DALLAS TX 75219 1 11/01/96 04
4063111 05 12/01/96 12
4063111 N 11/01/26
0
1541839 405/405 F 224,000.00 ZZ
360 224,000.00 1
129 FOREST DRIVE 8.875 1,782.25 70
8.625 1,782.25 320,000.00
JERICHO NY 11753 1 11/13/96 00
4042354 05 01/01/97 0
4042354 O 12/01/26
0
1541844 B75/G02 F 176,000.00 ZZ
360 176,000.00 1
8017 47TH PLACE WEST 8.375 1,337.73 80
8.125 1,337.73 220,000.00
MUKILTEO WA 98275 2 11/08/96 00
0430089581 05 01/01/97 0
2647188 O 12/01/26
0
1541845 286/286 F 43,250.00 ZZ
360 43,228.73 1
957 E PHILADELPHIA ST 9.500 363.67 85
9.250 363.67 50,900.00
1
YORK PA 17403 5 10/16/96 10
8348719 05 12/01/96 12
8348719 O 11/01/26
0
1541850 526/G02 F 42,300.00 ZZ
360 42,238.70 1
828 W. 53RD NORTH 9.625 359.55 90
9.375 359.55 47,000.00
WICHITA KS 67204 1 08/16/96 12
0430090787 05 10/01/96 25
00140638 N 09/01/26
0
1541851 405/405 F 52,000.00 ZZ
360 51,973.74 1
1434 CAROL COURT #1-B 9.375 432.51 80
9.125 432.51 65,000.00
PALATINE IL 60067 1 10/31/96 01
4034633 01 12/01/96 20
4034633 N 11/01/26
0
1541853 526/G02 F 84,150.00 ZZ
360 84,150.00 1
17512 EAST TEMPLE DRIVE 9.125 684.68 90
8.875 684.68 93,500.00
AURORA CO 80015 1 11/07/96 04
0430090688 05 01/01/97 25
00156250 N 12/01/26
0
1541866 526/G02 F 80,900.00 ZZ
360 80,900.00 1
2661 CHERYL STREET 9.000 650.94 90
8.750 650.94 89,900.00
EUGENE OR 97408 1 11/04/96 10
0430090738 05 01/01/97 25
00153172 N 12/01/26
0
1541869 405/405 F 77,400.00 ZZ
360 77,400.00 1
22 RAVENSCROFT DRIVE 9.250 636.76 90
9.000 636.76 86,000.00
ASHEVILLE NC 28801 1 11/14/96 01
004034286 05 01/01/97 25
004034286 N 12/01/26
0
1
1541871 560/560 F 216,000.00 ZZ
360 215,861.39 2
896 BOYLSTON STREET 8.875 1,718.60 80
8.625 1,718.60 270,000.00
NEWTON MA 02159 1 10/30/96 00
450562400 05 12/01/96 0
450562400 O 11/01/26
0
1541872 560/560 F 72,000.00 ZZ
360 72,000.00 1
138 UNIT ST 8.875 572.87 90
8.625 572.87 80,000.00
PROVIDENCE RI 02907 2 11/15/96 10
450574397 05 01/01/97 25
450574397 N 12/01/26
0
1541873 560/560 F 30,600.00 ZZ
360 30,600.00 1
3301 E BROADROCK ROAD 8.625 238.01 90
8.375 238.01 34,000.00
RICHMOND VA 23224 1 11/13/96 04
450572318 05 01/01/97 25
450572318 N 12/01/26
0
1541874 560/560 F 50,000.00 ZZ
360 50,000.00 1
17715 TIFFANY TRACE DRIVE 8.750 393.36 31
8.500 393.36 163,000.00
BOCA RATON FL 33487 1 11/13/96 00
450572698 03 01/01/97 0
450572698 O 12/01/26
0
1541876 560/560 F 67,500.00 ZZ
360 67,500.00 1
1140 JOLIETTE ROAD 8.500 519.02 90
8.250 519.02 75,000.00
RICHMOND VA 23230 1 11/08/96 10
450570320 05 01/01/97 25
450570320 N 12/01/26
0
1541887 526/G02 F 33,200.00 ZZ
360 33,200.00 1
1
1461 EAST 55TH STREET 9.375 276.15 90
9.125 276.15 37,000.00
CHICAGO IL 60618 1 11/08/96 10
0430090464 06 01/01/97 25
154598 N 12/01/26
0
1541892 526/G02 F 40,000.00 ZZ
360 40,000.00 3
1202 DREXEL & 308-310 ADELE 9.125 325.46 62
8.875 325.46 65,000.00
SAN ANTONIO TX 78210 5 11/08/96 00
0430090456 05 01/01/97 0
151213 N 12/01/26
0
1541904 E45/G02 F 123,600.00 ZZ
360 123,600.00 1
2710 LEWIS ROAD 8.750 972.36 80
8.500 972.36 154,500.00
DOVER FL 33527 1 11/26/96 00
0430093567 05 01/01/97 0
UNKNOWN O 12/01/26
0
1541911 377/377 F 189,500.00 ZZ
360 189,500.00 1
4600 FORESTVILLE ROAD 8.625 1,473.92 76
8.375 1,473.92 249,500.00
RALEIGH NC 27604 1 11/22/96 00
6161822 05 01/01/97 0
6161822 O 12/01/26
0
1541958 927/G02 F 52,000.00 ZZ
360 52,000.00 1
416 NORTH WILLIAMS ST. 9.500 437.25 40
9.250 437.25 131,000.00
MESA AZ 85203 5 11/15/96 00
0430093252 05 01/01/97 0
251983 N 12/01/26
0
1541959 526/G02 F 43,920.00 ZZ
360 43,920.00 4
5841 PEACH STREET 9.375 365.30 80
9.125 365.30 54,900.00
MILTON FL 32570 1 11/13/96 12
0430096529 05 01/01/97 12
1
0151382 N 12/01/26
0
1541970 626/G02 F 126,400.00 ZZ
360 126,400.00 1
268 NORTH ALAMO DRIVE 8.375 960.74 79
8.125 960.74 160,000.00
VACAVILLE CA 95688 1 11/19/96 00
0430089052 05 01/01/97 0
6677199 O 12/01/26
0
1541972 626/G02 F 76,000.00 ZZ
360 76,000.00 1
1918 AVENUE D 8.750 597.90 80
8.500 597.90 95,000.00
BILLINGS MT 59102 5 11/20/96 00
0430089482 05 01/01/97 0
6673297 O 12/01/26
0
1541975 626/G02 F 97,000.00 ZZ
360 97,000.00 1
44756 ROAD #415 8.625 754.46 75
8.375 754.46 129,500.00
COARSEGOLD CA 93614 1 11/11/96 00
0430091645 05 01/01/97 0
6676860 O 12/01/26
0
1541979 B75/G02 F 124,600.00 ZZ
360 124,600.00 1
21 LAKESHORE DRIVE 8.500 958.07 80
8.250 958.07 155,750.00
BERKELY LAKE GA 30136 1 11/21/96 00
0430089326 05 01/01/97 0
2469179 O 12/01/26
0
1541990 765/G02 F 108,000.00 ZZ
360 108,000.00 1
228 NORTH WELCOME STREET 9.000 869.00 80
8.750 869.00 135,000.00
LOS ANGELES CA 90026 5 11/04/96 00
0430089219 05 01/01/97 0
318338 O 12/01/26
0
1
1541996 E22/G02 F 83,400.00 ZZ
360 83,400.00 2
1308 PATERSON PLANK ROAD 10.000 731.89 90
9.750 731.89 92,700.00
NORTH BERGEN NJ 07047 1 11/08/96 01
0410159370 05 01/01/97 25
410159370 N 12/01/26
0
1541998 E22/G02 F 76,000.00 ZZ
360 76,000.00 1
122 SOUTH MAYNE STREET 9.375 632.13 80
9.125 632.13 95,000.00
VALLEY NE 68064 1 11/12/96 10
0410265037 05 01/01/97 12
410265037 N 12/01/26
0
1542148 E22/G02 F 78,750.00 ZZ
360 78,750.00 1
329 VERAMENDI STREET 9.500 662.17 90
9.250 662.17 87,500.00
SAN MARCOS TX 78666 1 11/14/96 04
0410264063 05 01/01/97 25
410264063 N 12/01/26
0
1542152 E22/G02 F 42,300.00 ZZ
360 42,300.00 1
114 W 8TH STREET 9.500 355.68 90
9.250 355.68 47,000.00
MISHAWAKA IN 46544 1 11/08/96 01
0410262570 05 01/01/97 25
410262570 N 12/01/26
0
1542154 E22/G02 F 29,900.00 ZZ
360 29,883.24 1
1021 NW 15TH STREET 8.875 237.90 65
8.625 237.90 46,000.00
MOORE OK 73160 1 10/31/96 00
0410270953 05 12/01/96 0
410270953 N 11/01/26
0
1542173 E22/G02 F 124,200.00 ZZ
360 124,200.00 1
5466 COLONY FIELD DRIVE 8.750 977.08 90
8.500 977.08 138,000.00
1
SAN JOSE CA 95123 1 11/15/96 04
0410234280 01 01/01/97 25
410234280 N 12/01/26
0
1542176 E22/G02 F 93,600.00 ZZ
360 93,600.00 1
1380 SW 14 STREET 8.875 744.72 90
8.625 744.72 104,000.00
MIAMI FL 33145 1 11/21/96 04
0410249916 05 01/01/97 25
410249916 N 12/01/26
0
1542177 E22/G02 F 19,500.00 ZZ
360 19,500.00 1
1915 RODMAN STREET UNIT # 9 9.625 165.75 65
9.375 165.75 30,000.00
HOLLYWOOD FL 33020 1 11/22/96 00
0410250344 01 01/01/97 0
410250344 N 12/01/26
0
1542399 526/G02 F 25,200.00 ZZ
360 25,200.00 2
832 8TH AVENUE 9.375 209.61 70
9.125 209.61 36,000.00
ROCKFORD IL 61108 5 11/12/96 00
0430089375 05 01/01/97 0
0152154 N 12/01/26
0
1542407 526/G02 F 50,300.00 ZZ
360 50,275.26 1
219 SOUTH UNION STREET 9.500 422.95 90
9.250 422.95 55,900.00
WILMINGTON DE 19805 1 10/30/96 10
0430088039 05 12/01/96 25
0141588 N 11/01/26
0
1542415 526/G02 F 25,600.00 ZZ
360 25,587.41 1
684 BROOKS STREET 9.500 215.26 80
9.250 215.26 32,000.00
BRIDGEPORT CT 06608 1 11/01/96 04
0430089276 05 12/01/96 12
0148479 N 11/01/26
0
1
1542448 003/G02 F 54,000.00 ZZ
360 54,000.00 1
6012 NW 67TH AVENUE 9.750 463.95 90
9.500 463.95 60,000.00
TAMARAC FL 33321 1 11/08/96 12
0430091454 03 01/01/97 25
2742970 N 12/01/26
0
1542473 253/253 F 139,500.00 ZZ
360 139,500.00 4
3700 BRYN MAWR DRIVE NE 9.375 1,160.30 90
9.125 1,160.30 155,000.00
ALBUQUERQUE NM 87107 1 11/08/96 04
323280 05 01/01/97 25
323280 N 12/01/26
0
1542495 253/253 F 113,400.00 ZZ
360 113,400.00 1
11762 BAYFIELD CT 8.750 892.12 90
8.500 892.12 126,000.00
RESTON VA 22094 2 11/12/96 10
322880 09 01/01/97 25
322880 N 12/01/26
0
1542499 E09/G02 F 72,450.00 ZZ
360 72,450.00 1
554 ROXELLA LANE #D 9.000 582.95 90
8.750 582.95 80,550.00
LAS VEGAS NV 89110 1 11/12/96 01
0430093286 01 01/01/97 25
01002282 N 12/01/26
0
1542508 961/G02 F 384,000.00 ZZ
360 384,000.00 1
255 23RD STREET 8.375 2,918.68 80
8.125 2,918.68 480,000.00
MANHATTAN BEACH CA 90266 1 11/12/96 00
0430092346 05 01/01/97 0
9109320 O 12/01/26
0
1542509 253/253 F 68,600.00 ZZ
360 68,600.00 1
1
1091 NORMANDY ROAD 8.625 533.57 70
8.375 533.57 98,000.00
MONTROSE CO 81401 1 11/18/96 00
323308 05 01/01/97 0
323308 O 12/01/26
0
1542512 964/G02 F 222,400.00 ZZ
360 222,400.00 1
17041 DEARBORN STREET 8.250 1,670.82 80
8.000 1,670.82 278,000.00
NORTHRIDGE AREA CA 91325 1 11/21/96 00
0430086926 05 01/01/97 0
21246 O 12/01/26
0
1542514 253/253 F 83,000.00 ZZ
360 83,000.00 1
4901 LARCHMONT DRIVE NE 9.125 675.32 47
8.875 675.32 179,000.00
ALBUQUERQUE NM 87111 2 11/13/96 00
323799 05 01/01/97 0
323799 N 12/01/26
0
1542527 737/G02 F 60,200.00 ZZ
360 60,200.00 1
8749 W FULLAM STREET 8.000 441.73 70
7.750 441.73 86,000.00
PEORIA AZ 85382 1 11/19/96 00
0430093526 03 01/01/97 0
511923 N 12/01/26
0
1542539 757/757 F 93,500.00 ZZ
360 93,500.00 1
3129 DUE WEST COURT 8.875 743.93 80
8.625 743.93 116,900.00
DALLAS GA 30132 1 11/22/96 00
2875003 05 01/01/97 0
2875003 O 12/01/26
0
1542573 E22/G02 F 40,800.00 ZZ
360 40,800.00 1
3643 BARBER 9.500 343.07 80
9.250 343.07 51,000.00
WAYNE MI 48184 1 11/15/96 04
0410164479 05 01/01/97 12
1
410164479 N 12/01/26
0
1542576 E22/G02 F 100,000.00 ZZ
360 100,000.00 1
4200 HACKMORE LOOP 8.625 777.79 80
8.375 777.79 125,000.00
IRVING TX 75061 1 11/20/96 00
0410308076 05 01/01/97 0
410308076 O 12/01/26
0
1542583 E22/G02 F 57,000.00 ZZ
360 57,000.00 1
1520 FRANKLIN AVE 9.375 474.10 75
9.125 474.10 76,000.00
COLUMBUS OH 43209 2 11/15/96 00
0410164792 05 01/01/97 0
410164792 N 12/01/26
0
1542586 E22/G02 F 55,400.00 T
360 55,400.00 1
903 BRIGADOON DR 8.875 440.79 75
8.625 440.79 73,900.00
CLEARWATER FL 33549 1 11/19/96 00
0410249585 09 01/01/97 0
410249585 O 12/01/26
0
1542587 E22/G02 F 20,900.00 ZZ
360 20,900.00 1
3914 ATRIUM DRIVE UNIT U1 9.000 168.17 75
8.750 168.17 27,900.00
ORLANDO FL 32822 1 11/22/96 00
0410251060 01 01/01/97 0
410251060 N 12/01/26
0
1542595 E22/G02 F 69,600.00 ZZ
360 69,600.00 1
4902 SHERIDAN STREET UNIT # 2 8.875 553.77 80
8.625 553.77 87,000.00
HOLLYWOOD FL 33021 1 11/25/96 00
0410252563 01 01/01/97 0
410252563 O 12/01/26
0
1
1542604 E22/G02 F 44,450.00 ZZ
360 44,426.35 1
500 SANDRA LANE 9.125 361.66 70
8.875 361.66 63,500.00
BURLESON TX 76028 5 10/31/96 00
0410262588 05 12/01/96 0
410262588 N 11/01/26
0
1542608 E22/G02 F 236,800.00 ZZ
360 236,673.99 1
27899 GREEN OAKS DRIVE 9.125 1,926.68 80
8.875 1,926.68 296,000.00
EUGENE OR 97402 1 10/25/96 00
0410263826 05 12/01/96 0
410263826 O 11/01/26
0
1542609 E22/G02 F 220,000.00 ZZ
360 220,000.00 3
2550-2554 GREENFIELD AVENUE 8.875 1,750.42 80
8.625 1,750.42 275,000.00
LOS ANGELES CA 90064 1 11/12/96 00
0410289284 05 01/01/97 0
410289284 O 12/01/26
0
1542612 A78/G02 F 86,800.00 ZZ
360 86,800.00 1
1108 FUQUA DRIVE 9.250 714.08 70
9.000 714.08 124,000.00
FORT COLLINS CO 80521 5 11/20/96 00
0430091066 05 01/01/97 0
20131764 N 12/01/26
0
1542614 E22/G02 F 241,000.00 ZZ
360 241,000.00 1
201 SQUAW PEAK ROAD UNIT # 522 8.875 1,917.50 70
8.625 1,917.50 345,000.00
OLYMPIC VALLEY CA 96146 1 11/26/96 00
0410274765 20 01/01/97 0
410274765 N 12/01/26
0
1542615 E22/G02 F 57,200.00 ZZ
360 57,200.00 1
7908 ALBION WAY 8.625 444.90 79
8.375 444.90 73,000.00
1
SACRAMENTO CA 95832 2 11/05/96 00
0410233886 05 01/01/97 0
410233886 O 12/01/26
0
1542616 E22/G02 F 170,000.00 ZZ
360 170,000.00 1
15918 VIA CORDOBA 8.375 1,292.12 80
8.125 1,292.12 215,000.00
SAN LORENZO CA 94580 2 11/06/96 00
0410233027 03 01/01/97 0
410233027 O 12/01/26
0
1542618 E22/G02 F 148,800.00 ZZ
360 148,800.00 1
3292 MT EVEREST DRIVE 8.500 1,144.14 80
8.250 1,144.14 186,000.00
SAN JOSE CA 95127 2 11/06/96 00
0410231625 05 01/01/97 0
410231625 O 12/01/26
0
1542621 E22/G02 F 72,000.00 BB
360 72,000.00 1
500 GLENWOOD CIRCLE UNIT # 523 8.875 572.86 80
8.625 572.86 90,000.00
MONTEREY CA 93940 1 11/08/96 00
0410233449 01 01/01/97 0
410233449 O 12/01/26
0
1542631 369/G02 F 156,000.00 ZZ
360 156,000.00 1
1359 HILL DRIVE 8.375 1,185.71 80
8.125 1,185.71 195,000.00
LOS ANGELES CA 90041 1 11/15/96 00
0430090829 05 01/01/97 0
49822232 O 12/01/26
0
1542633 369/G02 F 63,000.00 ZZ
360 63,000.00 1
7201 CREEKWOOD COURT 8.625 490.01 75
8.375 490.01 84,000.00
TAMPA FL 33615 1 11/15/96 00
0430090886 05 01/01/97 0
60286531 O 12/01/26
0
1
1542636 369/G02 F 50,000.00 ZZ
360 50,000.00 1
1708 WEST CUCHARRAS STREET 9.250 411.34 90
9.000 411.34 55,600.00
COLORADO SPRING CO 80904 1 11/08/96 01
0430091488 05 01/01/97 25
49879976 N 12/01/26
0
1542711 405/405 F 37,650.00 ZZ
360 37,650.00 2
3946 UTAH STREET 9.375 313.16 55
9.125 313.16 68,500.00
ST. LOUIS MO 63116 5 11/13/96 00
4069423 05 01/01/97 0
4069423 N 12/01/26
0
1542716 862/G02 F 175,000.00 ZZ
360 175,000.00 1
4400 ESCONDIDO CANYON ROAD 8.250 1,314.72 80
8.000 1,314.72 220,000.00
ACTON AREA CA 93510 1 11/19/96 00
0430096669 05 01/01/97 0
4312500 O 12/01/26
0
1542717 862/G02 F 120,000.00 ZZ
360 120,000.00 1
1004 S.W. 177TH TERRACE 8.375 912.09 80
8.125 912.09 150,000.00
BEAVERTON OR 97006 1 11/25/96 00
0430093146 05 01/01/97 0
4326211 O 12/01/26
0
1542719 965/G02 F 93,000.00 ZZ
360 93,000.00 1
4580 SOUTH HURON STREET 8.625 723.34 70
8.375 723.34 133,000.00
ENGLEWOOD CO 80110 5 11/19/96 00
0430094946 05 01/01/97 0
174265 O 12/01/26
0
1542732 575/G02 F 58,800.00 ZZ
360 58,068.77 1
1
3920B RIDGE LEA ROAD 9.875 510.59 95
9.625 510.59 61,900.00
AMHERST NY 14228 1 11/28/94 04
0430092957 07 01/01/95 25
456005219 O 12/01/24
0
1542750 526/G02 F 214,000.00 ZZ
360 214,000.00 1
38 TAMARACK ROAD 8.750 1,683.54 65
8.500 1,683.54 330,000.00
RYE BROOK NY 10573 5 11/04/96 00
0430090415 05 01/01/97 0
0150966 O 12/01/26
0
1542752 526/G02 F 48,600.00 ZZ
360 48,600.00 2
2203-2205 LEE HALL STREET 9.125 395.43 89
8.875 395.43 55,000.00
SAN ANTONIO TX 78201 1 11/11/96 04
0430091561 05 01/01/97 25
00151835 N 12/01/26
0
1542758 F30/G02 F 69,000.00 ZZ
360 69,000.00 1
1036 STRACHAN DRIVE 9.000 555.19 54
8.750 555.19 129,000.00
FORT COLLINS CO 80525 1 11/15/96 00
0430094763 09 01/01/97 0
102054 O 12/01/26
0
1542770 776/G02 F 65,250.00 ZZ
360 65,250.00 4
22770 ALESSANDRO BLVD. A,B,C,D 9.250 536.80 75
9.000 536.80 87,000.00
MORENO VALLEY CA 92553 1 11/08/96 00
0430095281 05 01/01/97 0
6139020 N 12/01/26
0
1542771 783/G02 F 200,000.00 ZZ
360 200,000.00 1
405 NORTH 41TH STREET 8.500 1,537.83 54
8.250 1,537.83 375,000.00
SEATTLE WA 98103 1 11/06/96 00
0430097154 05 01/01/97 0
1
9761011170 O 12/01/26
0
1542772 526/G02 F 73,850.00 ZZ
360 73,850.00 1
22516 L'ANSE STREET 9.250 607.55 70
9.000 607.55 105,500.00
ST. CLAIR SHORE MI 48081 5 11/08/96 00
0430090373 05 01/01/97 0
152177 N 12/01/26
0
1542774 B74/G02 F 108,000.00 ZZ
360 108,000.00 1
16075 ALBARIAN STREET 8.875 859.30 73
8.625 859.30 148,000.00
RIVERSIDE CA 92504 1 11/22/96 00
0430093922 05 01/01/97 0
963685 O 12/01/26
0
1542777 F30/G02 F 382,500.00 ZZ
360 382,500.00 1
5883 SOUTH KEARNEY STREET 8.500 2,941.09 75
8.250 2,941.09 510,000.00
ENGLEWOOD CO 80111 5 11/19/96 00
0430093054 05 01/01/97 0
300352 O 12/01/26
0
1542794 664/G02 F 71,250.00 T
360 71,250.00 1
53910 PINE GROVE ROAD 8.625 554.18 75
8.375 554.18 95,000.00
LAPINE OR 97739 5 11/16/96 00
0430090944 05 01/01/97 0
2225761 O 12/01/26
0
1542795 783/G02 F 181,200.00 ZZ
360 181,200.00 1
10686 MARINE VIEW DRIVE S.E. 8.250 1,361.30 80
8.000 1,361.30 226,650.00
SEATTLE WA 98146 1 11/04/96 00
0430088732 05 01/01/97 0
9761002039 O 12/01/26
0
1
1542803 964/G02 F 135,900.00 ZZ
360 135,900.00 1
2626 WEST BALL ROAD, #A1 8.375 1,032.94 80
8.125 1,032.94 169,900.00
ANAHEIM CA 92804 1 11/20/96 00
0430095497 01 01/01/97 0
21164 O 12/01/26
0
1542816 526/G02 F 29,250.00 ZZ
360 29,250.00 1
1445 EAST 252ND STREET 9.125 237.99 90
8.875 237.99 32,503.00
EUCLID OH 44117 1 11/13/96 10
0430091629 05 01/01/97 25
00154094 N 12/01/26
0
1542823 964/G02 F 304,000.00 ZZ
360 304,000.00 1
951 OSPREY LANE 8.750 2,391.57 75
8.500 2,391.57 407,500.00
LAKE ARROWHEAD CA 92352 1 11/22/96 00
0430094409 05 01/01/97 0
21072 O 12/01/26
0
1542843 E22/G02 F 33,500.00 ZZ
360 33,500.00 2
1440 WEST 9TH ST 10.125 297.09 90
9.875 297.09 37,234.00
ASHTABULA OH 44004 1 11/12/96 04
0410262174 05 01/01/97 25
410262174 N 12/01/26
0
1542845 E22/G02 F 32,400.00 ZZ
360 32,400.00 2
35-37 PUTNAM 9.750 278.37 80
9.500 278.37 40,500.00
PONTIAC MI 48341 1 11/08/96 04
0410163588 05 01/01/97 12
410163588 N 12/01/26
0
1542849 E22/G02 F 209,600.00 ZZ
360 209,600.00 1
11901 BROOKSHIRE DRIVE 8.750 1,648.92 80
8.500 1,648.92 262,000.00
1
ORLAND PARK IL 60462 1 11/14/96 00
0410165534 03 01/01/97 0
410165534 O 12/01/26
0
1542851 E22/G02 F 35,000.00 T
360 35,000.00 1
1601 S SHEPPARD UNIT # 129 9.500 294.30 70
9.250 294.30 50,000.00
HOUSTON TX 77019 1 11/15/96 00
0410265540 01 01/01/97 0
410265540 O 12/01/26
0
1542854 E22/G02 F 31,500.00 ZZ
360 31,500.00 1
6914 LOVELY LN 9.625 267.75 75
9.375 267.75 42,000.00
AUSTIN TX 78748 1 11/20/96 00
0410262372 09 01/01/97 0
410262372 N 12/01/26
0
1542856 E22/G02 F 68,250.00 ZZ
360 68,250.00 1
212 WEST WHITNEY DR 8.500 524.78 75
8.250 524.78 91,000.00
JUPITER FL 33458 5 11/21/96 00
0410245450 05 01/01/97 0
410245450 O 12/01/26
0
1542859 E22/G02 F 140,000.00 ZZ
360 140,000.00 1
712 N E 204TH LANE 8.875 1,113.90 80
8.625 1,113.90 175,000.00
NORTH MIAMI BEA FL 33179 1 11/26/96 00
0410249981 05 01/01/97 0
410249981 O 12/01/26
0
1542861 E22/G02 F 110,600.00 T
360 110,600.00 1
19668 MARDI GRAS ST 9.375 919.91 70
9.125 919.91 158,000.00
ORLANDO FL 32833 1 11/08/96 00
0410191472 05 01/01/97 0
410191472 O 12/01/26
0
1
1542866 E22/G02 F 207,950.00 ZZ
360 207,830.36 1
3609 MCFARLIN BLVD 8.750 1,635.94 72
8.500 1,635.94 292,000.00
UNIVERSITY PARK TX 75205 2 10/25/96 00
0410266043 05 12/01/96 0
410266043 O 11/01/26
0
1542868 201/G02 F 76,800.00 ZZ
360 76,800.00 1
4830 STEEPLE CHASE COURT 8.375 583.74 80
8.125 583.74 96,000.00
POWDER SPRINGS GA 30073 2 11/18/96 00
0430089532 05 01/01/97 0
404828 O 12/01/26
0
1542872 561/G02 F 67,500.00 ZZ
360 67,500.00 3
325 WEST LEMON STREET 9.500 567.58 90
9.250 567.58 75,000.00
LANCASTER PA 17603 1 11/07/96 01
0430095711 05 01/01/97 25
8919276 N 12/01/26
0
1542898 757/757 F 492,700.00 ZZ
360 492,700.00 1
3997 SWEET BOTTOM DRIVE 8.375 3,744.88 80
8.125 3,744.88 615,900.00
DULUTH GA 30136 1 11/27/96 00
2875078 03 01/01/97 0
2875078 O 12/01/26
0
1542909 766/G02 F 182,000.00 ZZ
360 182,000.00 1
1212 ADUANA AVENUE 8.125 1,351.34 80
7.875 1,351.34 227,500.00
CORAL GABLES FL 33146 1 11/27/96 00
0430095828 05 01/01/97 0
96SG1095 O 12/01/26
0
1542983 766/G02 F 79,800.00 ZZ
360 79,760.75 1
1
555 NE 15 STREET #14G 9.500 671.00 95
9.250 671.00 84,000.00
MIAMI FL 33132 1 10/31/96 01
0430092874 06 12/01/96 30
96OZ0744 O 11/01/26
0
1542994 526/G02 F 19,100.00 ZZ
360 19,089.01 1
3730 SOUTHPOINTE DRIVE 8.750 150.26 75
8.500 150.26 25,500.00
ORLANDO FL 32822 1 10/25/96 00
0430095323 01 12/01/96 0
00145487 N 11/01/26
0
1543013 E22/G02 F 61,600.00 ZZ
360 61,569.70 1
54735 WOLF STREET 9.500 517.97 79
9.250 517.97 78,000.00
BEND OR 97707 2 10/11/96 00
0410112825 05 12/01/96 0
410112825 O 11/01/26
0
1543014 E22/G02 F 150,000.00 ZZ
360 150,000.00 1
41 JACKRABBIT LANE 8.625 1,166.68 79
8.375 1,166.68 191,500.00
COLUMBUS MT 59019 1 10/29/96 00
0410221964 05 01/01/97 0
410221964 O 12/01/26
0
1543016 E22/G02 F 66,950.00 ZZ
360 66,950.00 1
571 2ND AVENUE E N 8.875 532.68 65
8.625 532.68 103,000.00
KALISPELL MT 59901 5 11/12/96 00
0410221691 05 01/01/97 0
410221691 O 12/01/26
0
1543019 E22/G02 F 295,000.00 ZZ
360 295,000.00 1
550 POPPY HILL ROAD 8.500 2,268.29 75
8.250 2,268.29 395,000.00
WATSONVILLE CA 95076 1 11/06/96 00
0410234629 05 01/01/97 0
1
410234629 N 12/01/26
0
1543024 E19/G02 F 172,000.00 ZZ
360 172,000.00 1
967 WATERBURY LANE 8.625 1,337.80 80
8.375 1,337.80 215,000.00
VENTURA CA 93003 1 11/22/96 00
0430096594 05 01/01/97 0
100014940 O 12/01/26
0
1543027 E22/G02 F 153,200.00 ZZ
360 153,122.64 2
1020-1022 DIVISION STREET 9.375 1,274.24 80
9.125 1,274.24 191,500.00
PLEASANTON CA 94566 1 11/01/96 00
0410263099 05 12/01/96 0
410263099 O 11/01/26
0
1543028 526/G02 F 57,500.00 ZZ
360 57,500.00 1
1002 CHESTNUT STREET 9.500 483.50 90
9.250 483.50 63,900.00
WILMINGTON DE 19805 1 11/14/96 12
0430090274 05 01/01/97 25
152663 N 12/01/26
0
1543031 E22/G02 F 100,000.00 ZZ
360 100,000.00 1
2242 PIONEER TRAIL 8.875 795.64 28
8.625 795.64 360,000.00
GENOA NV 89411 5 11/08/96 00
0410274252 05 01/01/97 0
410274252 O 12/01/26
0
1543041 776/G02 F 300,000.00 ZZ
360 300,000.00 1
4770 BROWNDEER LANE 8.625 2,333.37 62
8.375 2,333.37 490,000.00
RANCHO PALOS VE CA 90275 2 11/18/96 00
0430096057 05 01/01/97 0
2135355 O 12/01/26
0
1
1543045 776/G02 F 123,750.00 ZZ
360 123,750.00 4
6817 VALMONT STREET 9.125 1,006.87 75
UNITS 1,2,3,4 (TUJUNGA AREA) 8.875 1,006.87 165,000.00
LOS ANGELES CA 91042 2 11/08/96 00
0430094961 05 01/01/97 0
6337871 N 12/01/26
0
1543046 E22/G02 F 117,000.00 ZZ
360 117,000.00 4
5807 COUGAR DRIVE 9.250 962.53 90
9.000 962.53 130,000.00
AUSTIN TX 78745 1 11/15/96 10
0410266761 05 01/01/97 25
410266761 N 12/01/26
0
1543052 E22/G02 F 117,600.00 ZZ
360 117,600.00 1
8749 WARRENDALE DRIVE 8.875 935.68 80
8.625 935.68 147,000.00
MENTOR OH 44060 1 11/07/96 00
0410164362 05 01/01/97 0
410164362 O 12/01/26
0
1543055 E22/G02 F 74,000.00 ZZ
360 73,963.60 1
249 NW 12 STREET 9.500 622.23 74
9.250 622.23 100,000.00
HOMESTEAD FL 33033 2 10/30/96 00
0410245344 05 12/01/96 0
410245344 N 11/01/26
0
1543058 E22/G02 F 63,500.00 ZZ
360 63,500.00 1
12000 HIGHWAY 27 NORTH 9.250 522.40 90
9.000 522.40 71,000.00
DAVENPORT FL 33837 1 11/22/96 04
0410252597 03 01/01/97 25
410252597 N 12/01/26
0
1543059 E22/G02 F 28,800.00 T
360 28,800.00 1
210 LAKE POINTE DR 8.875 229.15 80
UNIT #305 8.625 229.15 36,000.00
1
FORT LAUDERDALE FL 33312 1 11/22/96 95
0410247563 01 01/01/97 0
410247563 O 12/01/26
0
1543063 E22/G02 F 220,000.00 ZZ
360 220,000.00 1
10845 S.W. 62ND AVENUE 8.875 1,750.42 80
8.625 1,750.42 275,000.00
MIAMI FL 33156 1 11/27/96 00
0410251102 05 01/01/97 0
410251102 O 12/01/26
0
1543064 776/G02 F 25,200.00 ZZ
360 25,200.00 1
5320 CLAXTON AVENUE 9.375 209.60 70
9.125 209.60 36,000.00
ST LOUIS MO 63115 5 11/20/96 00
0430094680 05 01/01/97 0
8238402 N 12/01/26
0
1543085 201/G02 F 49,250.00 ZZ
360 49,250.00 1
2139-D MEADOWVIEW COURT 9.500 414.13 90
9.250 414.13 54,750.00
CONYERS GA 30208 1 11/11/96 01
0430089698 05 01/01/97 25
800829 N 12/01/26
0
1543089 731/G02 F 62,500.00 ZZ
360 62,500.00 1
2228 RUNNYMEAD RIDGE 8.750 491.69 90
8.500 491.69 69,500.00
MARIETTA GA 30064 1 11/27/96 01
0430096040 01 01/01/97 25
3140663082 N 12/01/26
0
1543091 201/G02 F 43,800.00 ZZ
360 43,800.00 1
2139-C MEADOWVIEW COURT 9.500 368.30 80
9.250 368.30 54,750.00
CONYERS GA 30208 1 11/11/96 04
0430089649 05 01/01/97 25
800828 N 12/01/26
0
1
1543094 369/G02 F 166,400.00 ZZ
360 166,400.00 1
16496 REDINGTON DRIVE 8.750 1,309.07 80
8.500 1,309.07 208,000.00
REDINGTON BEACH FL 33708 1 11/22/96 01
0430092106 05 01/01/97 12
60287893 N 12/01/26
0
1543099 E22/G02 F 150,000.00 ZZ
360 150,000.00 1
8 ERTE PLACE 9.000 1,206.93 54
8.750 1,206.93 280,000.00
MARLBORO NJ 07746 1 11/26/96 00
0410250054 05 01/01/97 0
410250054 N 12/01/26
0
1543103 E22/G02 F 62,900.00 ZZ
360 62,900.00 3
215 6TH AVE NORTH 9.875 546.19 90
9.625 546.19 69,900.00
ST PETERSBURG FL 33701 1 11/21/96 04
0410243976 05 01/01/97 25
410243976 N 12/01/26
0
1543107 201/G02 F 73,800.00 ZZ
360 73,800.00 1
814 WATERS EDGE DRIVE UNIT 14 8.750 580.59 90
COUNTY OF OCEAN 8.500 580.59 82,000.00
TOWNSHIP OF DOV NJ 08753 1 11/14/96 10
0430091462 01 01/01/97 25
3800948295 O 12/01/26
0
1543142 105/G02 F 325,000.00 ZZ
360 325,000.00 1
3/4 MI S/O FREDDY GONZALEZ 8.875 2,585.85 65
8.625 2,585.85 500,000.00
EDINBURG TX 78539 2 11/14/96 00
0430093120 05 01/01/97 0
0824615 O 12/01/26
0
1543152 561/G02 F 62,100.00 ZZ
360 62,100.00 3
1
115 WEST 26TH STREET 9.250 510.89 90
9.000 510.89 69,000.00
NORTH WILDWOOD NJ 08260 1 11/14/96 01
0430091082 05 01/01/97 25
8918211 O 12/01/26
0
1543243 E22/G02 F 107,000.00 ZZ
360 107,000.00 1
2733 DEL ORO CIRCLE 8.875 851.34 80
8.625 851.34 135,000.00
ANTIOCH CA 94509 2 11/08/96 00
0410232060 05 01/01/97 0
410232060 O 12/01/26
0
1543249 E22/G02 F 500,000.00 ZZ
360 500,000.00 1
24155 WEST VISTA HILLS DRIVE 8.750 3,933.50 79
8.500 3,933.50 640,000.00
VALENCIA AREA CA 91355 5 11/22/96 00
0410303762 05 01/01/97 0
410303762 O 12/01/26
0
1543251 E22/G02 F 134,000.00 ZZ
360 134,000.00 1
1929 WOODLAND DRIVE 8.500 1,030.34 80
8.250 1,030.34 167,500.00
FRAZIER PARK CA 93222 1 10/29/96 00
0410231773 03 01/01/97 0
410231773 O 12/01/26
0
1543271 405/405 F 125,640.00 ZZ
360 125,640.00 3
1745 82ND AVENUE UNITS A B C 8.500 966.07 90
8.250 966.07 139,600.00
OAKLAND CA 94621 1 11/06/96 10
4044095 05 01/01/97 25
4044095 N 12/01/26
0
1543300 560/560 F 24,500.00 ZZ
360 24,500.00 1
847 S 22ND STREET 9.125 199.35 62
8.875 199.35 40,000.00
COLUMBUS OH 43206 5 11/22/96 00
450579925 05 01/01/97 0
1
450579925 N 12/01/26
0
1543316 560/560 F 303,800.00 ZZ
360 303,800.00 1
0315 S PARK AVE 8.375 2,309.10 70
8.125 2,309.10 434,000.00
BRECKENRIDGE CO 80424 1 11/15/96 00
450573886 09 01/01/97 0
450573886 N 12/01/26
0
1543346 560/560 F 31,000.00 ZZ
360 31,000.00 1
526 PEMBROKE DRIVE 8.875 246.65 66
8.625 246.65 47,000.00
GRAYLING MI 49738 5 11/18/96 00
450575568 05 01/01/97 0
450575568 N 12/01/26
0
1543347 737/G02 F 90,000.00 ZZ
360 90,000.00 1
1464 BATES COURT 8.875 716.08 75
8.625 716.08 120,000.00
ATLANTA GA 30319 5 11/20/96 00
0430093666 05 01/01/97 0
558667 O 12/01/26
0
1543349 737/G02 F 100,400.00 ZZ
360 100,400.00 1
179 GARDNER'S GROVE DRIVE 8.875 798.83 80
8.625 798.83 125,500.00
MCDONOUGH GA 30253 1 11/26/96 00
0430093583 05 01/01/97 0
558721 O 12/01/26
0
1543362 560/560 F 51,850.00 ZZ
360 51,850.00 2
631 HIGHGATE AVENUE 8.750 407.91 85
8.500 407.91 61,000.00
BUFFALO NY 14215 1 11/27/96 04
450585526 05 01/01/97 20
450585526 N 12/01/26
0
1
1543369 737/G02 F 95,600.00 ZZ
360 95,600.00 1
2950 NORTHCLIFF DRIVE 8.375 726.63 80
8.125 726.63 119,500.00
SUWANEE GA 30174 1 11/26/96 00
0430092924 05 01/01/97 0
558559 O 12/01/26
0
1543377 766/G02 F 90,100.00 T
360 90,100.00 1
208 OLD MILL CIRCLE 9.125 733.08 70
8.875 733.08 129,500.00
KISSIMMEE FL 34746 1 11/27/96 00
0430095141 03 01/01/97 0
96DA0383 O 12/01/26
0
1543431 664/G02 F 121,100.00 ZZ
360 121,100.00 2
892-894 CORNWALL AVENUE 8.875 963.53 95
8.625 963.53 127,500.00
EUGENE OR 97404 1 11/20/96 01
0430095430 05 01/01/97 30
2226009 O 12/01/26
0
1543434 E67/G02 F 183,200.00 ZZ
360 183,200.00 3
61094/96/98 PARRELL ROAD 8.500 1,408.65 80
8.250 1,408.65 229,000.00
BEND OR 97702 1 11/25/96 00
0430096834 05 01/01/97 0
5833 O 12/01/26
0
1543438 664/G02 F 150,500.00 ZZ
360 150,500.00 3
6955-6975-6995 SW KING BLVD 8.875 1,197.45 70
8.625 1,197.45 215,000.00
BEAVERTON OR 97008 1 11/23/96 00
0430097014 05 01/01/97 0
2244028 N 12/01/26
0
1543441 862/G02 F 279,000.00 ZZ
360 279,000.00 1
11 PLYMOUTH 8.375 2,120.61 90
8.125 2,120.61 310,000.00
1
IRVINE CA 92620 1 11/19/96 01
0430095950 05 01/01/97 25
04321576 O 12/01/26
0
1543472 568/G02 F 75,000.00 ZZ
360 74,816.30 2
6321-6323 TAYLOR STREET 8.500 576.69 65
8.250 576.69 116,000.00
HOLLYWOOD FL 33024 5 07/03/96 00
0430097170 05 09/01/96 0
807297 N 08/01/26
0
1543481 731/G02 F 100,000.00 ZZ
360 100,000.00 1
3227 WASHINGTON AVENUE 9.250 822.68 55
9.000 822.68 184,000.00
EL MONTE CA 91731 5 11/26/96 00
0430097360 05 01/01/97 0
411112697 N 12/01/26
0
1543485 568/G02 F 115,200.00 ZZ
360 115,200.00 1
2105 STORKSPUR WAY 8.750 906.28 90
8.500 906.28 128,000.00
LAS VEGAS NV 89117 1 11/22/96 01
0430097444 03 01/01/97 25
808025 N 12/01/26
0
1543489 E22/G02 F 163,800.00 ZZ
360 163,800.00 4
5303 INDIO COVE (A,B,C,D) 9.500 1,377.32 90
9.250 1,377.32 182,000.00
AUSTIN TX 78745 1 11/13/96 04
0410287940 05 01/01/97 25
410287940 N 12/01/26
0
1543496 E22/G02 F 135,900.00 ZZ
360 135,900.00 1
6342 PALMER DR NW 9.875 1,180.09 90
9.625 1,180.09 151,000.00
CANTON OH 44718 1 11/08/96 04
0410164347 05 01/01/97 25
410164347 N 12/01/26
0
1
1543565 765/G02 F 93,750.00 ZZ
360 93,691.73 1
15024 NORTH EL PUEBLO BOULEVAR 8.375 712.57 75
8.125 712.57 125,000.00
FOUNTAIN HILLS AZ 85268 5 10/10/96 00
0430092668 05 12/01/96 0
103862 O 11/01/26
0
1543587 E22/G02 F 217,500.00 ZZ
360 217,500.00 2
1112 W MARKET ST 8.875 1,730.53 75
8.625 1,730.53 290,000.00
GREENSBORO NC 27403 2 11/27/96 00
0410250153 05 01/01/97 0
410250153 N 12/01/26
0
1543589 E22/G02 F 85,500.00 ZZ
360 85,500.00 1
17 MAPLE STREET 9.375 711.15 90
9.125 711.15 95,000.00
REHOBOTH DE 19971 1 11/27/96 12
0410253066 05 01/01/97 25
410253066 N 12/01/26
0
1543591 E22/G02 F 85,000.00 ZZ
360 85,000.00 1
9560 SHADOW WOOD COURT 8.750 668.70 71
8.500 668.70 120,000.00
CORAL SPRINGS FL 33071 1 11/27/96 00
0410253082 03 01/01/97 0
410253082 O 12/01/26
0
1543593 E22/G02 F 65,000.00 ZZ
360 65,000.00 1
7 VERWOOD WAY 9.125 528.86 68
8.875 528.86 96,000.00
BOYNTON BEACH FL 33462 1 11/27/96 00
0410247522 03 01/01/97 0
410247522 O 12/01/26
0
1543594 E22/G02 F 173,250.00 ZZ
360 173,250.00 3
1
909 SPRING GARDEN ST 8.875 1,378.45 75
8.625 1,378.45 231,000.00
GREENSBORO NC 27403 2 11/27/96 00
0410249775 05 01/01/97 0
410249775 N 12/01/26
0
1543603 E22/G02 F 260,000.00 ZZ
360 260,000.00 1
1256 COBBLESTONE DRIVE 8.625 2,022.25 80
8.375 2,022.25 325,161.00
CAMPBELL CA 95008 1 11/21/96 00
0410274815 03 01/01/97 0
410274815 O 12/01/26
0
1543606 E22/G02 F 175,000.00 ZZ
360 175,000.00 1
337 ST THOMAS DRIVE 8.250 1,314.72 54
8.000 1,314.72 325,000.00
AGOURA AREA CA 91301 2 11/13/96 00
0410304158 03 01/01/97 0
410304158 O 12/01/26
0
1543607 E22/G02 F 106,200.00 ZZ
360 106,200.00 1
6760 24TH STREET NE 9.125 864.08 90
8.875 864.08 118,000.00
TACOMA WA 98422 1 11/13/96 04
0410221840 05 01/01/97 25
410221840 N 12/01/26
0
1543611 E22/G02 F 45,000.00 ZZ
360 45,000.00 2
833 32ND AVENUE EAST UNIT A&B 9.625 382.50 90
9.375 382.50 50,000.00
BRADENTON FL 34208 1 11/27/96 04
0410252167 05 01/01/97 25
410252167 N 12/01/26
0
1543613 E22/G02 F 25,000.00 ZZ
360 25,000.00 1
402 HOLLY AVENUE 8.875 198.91 68
8.625 198.91 37,000.00
SANFORD FL 32771 5 11/27/96 00
0410250641 05 01/01/97 0
1
410250641 N 12/01/26
0
1543615 E22/G02 F 77,000.00 ZZ
360 77,000.00 1
135 MEADOWLARK DRIVE 8.250 578.48 79
8.000 578.48 97,500.00
ALTAMONTE SPRIN FL 32701 2 11/22/96 00
0410251078 05 01/01/97 0
410251078 O 12/01/26
0
1543623 E22/G02 F 79,300.00 ZZ
360 79,300.00 1
1160 S GARFIELD ST 9.250 652.38 65
9.000 652.38 122,000.00
DENVER CO 80210 5 11/14/96 00
0410271167 05 01/01/97 0
410271167 N 12/01/26
0
1543626 E22/G02 F 17,900.00 ZZ
360 17,900.00 1
1429 MALLARD DRIVE 9.750 153.79 90
9.500 153.79 19,900.00
DEL CITY OK 73115 1 11/08/96 10
0410265730 05 01/01/97 25
410265730 N 12/01/26
0
1543628 E22/G02 F 89,900.00 ZZ
360 89,900.00 1
7702 MONTAQUE DRIVE 9.125 731.46 90
8.875 731.46 99,900.00
AUSTIN TX 78729 1 11/15/96 01
0410266167 05 01/01/97 25
410266167 N 12/01/26
0
1543631 E22/G02 F 45,000.00 ZZ
360 45,000.00 1
2269 JEFFERSON AVE 9.375 374.29 75
9.125 374.29 60,000.00
COLUMBUS OH 43211 2 11/15/96 00
0410165351 05 01/01/97 0
410165351 N 12/01/26
0
1
1543632 E22/G02 F 50,000.00 ZZ
360 50,000.00 1
737 DENTON ALLEY 9.375 415.87 80
9.125 415.87 62,500.00
COLUMBUS OH 43206 1 11/15/96 04
0410165344 05 01/01/97 25
410165344 N 12/01/26
0
1543633 E22/G02 F 88,500.00 ZZ
360 88,500.00 1
517 BLACKHAWK 9.250 728.07 75
9.000 728.07 118,000.00
LAKE IN THE HIL IL 60102 5 11/14/96 00
0410265847 05 01/01/97 0
410265847 O 12/01/26
0
1543646 E22/G02 F 62,900.00 ZZ
360 62,900.00 1
2436 14TH AVENUE CT 8.875 500.46 75
8.625 500.46 83,900.00
GREELEY CO 80631 1 11/14/96 00
0410288344 05 01/01/97 0
410288344 N 12/01/26
0
1543647 E22/G02 F 31,500.00 ZZ
360 31,500.00 1
6923 OLD POST LOOP 9.250 259.14 75
9.000 259.14 42,000.00
AUSTIN TX 78748 1 11/20/96 00
0410287767 09 01/01/97 0
410287767 N 12/01/26
0
1543648 E22/G02 F 31,500.00 ZZ
360 31,500.00 1
6915 OLD POST LOOP 9.625 267.75 75
9.375 267.75 42,000.00
AUSTIN TX 78748 1 11/20/96 00
0410262398 09 01/01/97 0
410262398 N 12/01/26
0
1543650 E22/G02 F 37,800.00 ZZ
360 37,800.00 2
921 WEST FRANKLIN 9.250 310.97 90
9.000 310.97 42,000.00
1
ELKHART IN 46516 1 11/19/96 04
0410164784 03 01/01/97 25
410164784 N 12/01/26
0
1543652 E22/G02 F 65,000.00 ZZ
360 65,000.00 1
1345-47 E LIVINGSTON AVENUE 9.375 540.64 77
9.125 540.64 85,000.00
COLUMBUS OH 43206 2 11/15/96 04
0410165468 05 01/01/97 12
410165468 N 12/01/26
0
1543819 F30/G02 F 40,000.00 ZZ
360 40,000.00 1
2135 SOUTH 1500 WEST 9.500 336.34 80
9.250 336.34 50,000.00
VERNAL UT 84078 1 11/04/96 01
0430096016 05 01/01/97 12
102231 N 12/01/26
0
1543829 766/G02 F 116,000.00 ZZ
360 116,000.00 1
300 NW 78 AVENUE 8.875 922.95 80
8.625 922.95 145,000.00
PLANTATION FL 33324 2 11/22/96 00
0430094524 05 01/01/97 0
96DA0479 O 12/01/26
0
1543845 480/G02 F 101,500.00 ZZ
360 101,500.00 1
2608 HEATHERWOOD DRIVE 8.625 789.46 80
8.375 789.46 126,900.00
TAMPA FL 33618 1 11/27/96 00
0430095067 03 01/01/97 0
2047231 O 12/01/26
0
1543854 688/G02 F 136,500.00 ZZ
360 136,500.00 1
3306 BECHWITH COURT 8.375 1,037.50 76
8.125 1,037.50 180,000.00
MODESTO CA 95358 1 11/26/96 00
0430093708 05 01/01/97 0
0034380 O 12/01/26
0
1
1543881 526/G02 F 32,800.00 ZZ
360 32,800.00 1
1516 S. LEE AVENUE 9.125 266.88 90
8.875 266.88 36,500.00
ORLANDO FL 32805 1 11/14/96 12
0430092775 05 01/01/97 25
0157063 N 12/01/26
0
1543895 526/G02 F 132,000.00 ZZ
360 132,000.00 1
3002 RED OAK CIRCLE 8.875 1,050.26 75
8.625 1,050.26 176,000.00
LAREDO TX 78045 1 11/16/96 00
0430092767 05 01/01/97 0
0155798 O 12/01/26
0
1543903 369/G02 F 102,400.00 ZZ
360 102,400.00 1
5401 GREENOUGH WAY 8.375 778.32 80
8.125 778.32 128,000.00
GREENSBORO NC 27410 1 11/25/96 00
0430094979 03 01/01/97 0
0049464936 O 12/01/26
0
1543908 971/G02 F 92,700.00 ZZ
240 92,700.00 1
15427 N W 12TH PLACE 8.500 804.47 80
8.250 804.47 115,890.00
PEMBROKE PINES FL 33028 1 12/09/96 00
0430095877 09 02/01/97 0
UNKNOWN O 01/01/17
0
1543933 526/G02 F 29,250.00 ZZ
360 29,250.00 2
6611 LAWN AVENUE 9.500 245.95 90
9.250 245.95 32,500.00
CLEVELAND OH 44107 1 11/20/96 04
0430095372 05 01/01/97 25
0152795 N 12/01/26
0
1543958 526/G02 F 360,000.00 ZZ
360 360,000.00 3
1
1822 W. ELLEN STREET 9.250 2,961.64 90
9.000 2,961.64 400,000.00
CHICAGO IL 60622 1 11/18/96 12
0430092973 05 01/01/97 25
0154853 O 12/01/26
0
1543977 E22/G02 F 160,000.00 ZZ
360 160,000.00 1
624 WEST CYPRESS STREET 8.500 1,230.26 80
8.250 1,230.26 200,000.00
COVINA CA 91722 1 11/18/96 00
0410303986 05 01/01/97 0
410303986 O 12/01/26
0
1543999 E22/G02 F 333,750.00 ZZ
360 333,750.00 1
1298 BLOSSOM CIRCLE 8.750 2,625.61 75
8.500 2,625.61 445,000.00
LIVERMORE CA 94550 5 11/19/96 00
0410236301 05 01/01/97 0
410236301 O 12/01/26
0
1544005 E22/G02 F 62,000.00 ZZ
360 62,000.00 1
1820-7 WATERFORD DRIVE 8.875 493.30 75
8.625 493.30 82,700.00
VERO BEACH FL 32966 1 12/02/96 00
0410251557 01 01/01/97 0
410251557 O 12/01/26
0
1544006 E22/G02 F 39,900.00 ZZ
360 39,900.00 1
1700 LONE OAK ROAD 8.875 317.46 80
UNIT #4 8.625 317.46 49,900.00
JOHNSON CITY TN 37604 1 12/02/96 00
0410252423 01 01/01/97 0
410252423 O 12/01/26
0
1544011 E22/G02 F 59,250.00 ZZ
360 59,250.00 1
12310 HOUNDS BAY ROW 8.875 471.42 75
8.625 471.42 79,000.00
BAYONET POINT FL 34667 1 12/02/96 00
0410249676 05 01/01/97 0
1
410249676 O 12/01/26
0
1544028 286/286 F 56,600.00 ZZ
360 56,574.28 1
86-88 HARBINE 9.875 491.49 90
9.625 491.49 62,900.00
XENIA OH 45385 1 10/31/96 10
0008599898 05 12/01/96 25
0008599898 N 11/01/26
0
1544041 405/405 F 189,500.00 ZZ
360 189,500.00 2
57-79 79TH STREET 8.875 1,507.75 70
8.625 1,507.75 274,500.00
ELMHURST NY 11373 1 11/15/96 00
3965654 05 01/01/97 0
3965654 O 12/01/26
0
1544043 561/G02 F 34,200.00 ZZ
360 34,200.00 1
2520 FREDONIA ROAD 9.500 287.58 90
9.250 287.58 38,000.00
INDIANAPOLIS IN 46222 1 11/20/96 10
0430093500 05 01/01/97 25
8924276 N 12/01/26
0
1544051 E58/G02 F 71,900.00 ZZ
360 71,900.00 1
130 MEADOWLARK AVE 9.000 578.53 90
8.750 578.53 79,900.00
MT AIRY MD 21771 1 11/15/96 12
0430096917 09 01/01/97 25
8914731 N 12/01/26
0
1544073 074/G02 F 68,000.00 ZZ
360 67,962.86 1
1205 QUEEN STREET NE 9.000 547.14 80
8.750 547.14 85,000.00
WASHINGTON DC 20003 2 11/01/96 95
0430092122 05 12/01/96 0
1731143697 N 11/01/26
0
1
1544076 074/G02 F 39,200.00 ZZ
360 39,180.72 1
1803 MARVY AVENUE 9.500 329.61 77
9.250 329.61 51,000.00
TAMPA FL 33612 2 10/29/96 95
0430092130 05 12/01/96 0
1361070788 N 11/01/26
0
1544118 664/G02 F 500,000.00 ZZ
360 500,000.00 1
12416 RIDGE ROAD 8.125 3,712.49 79
7.875 3,712.49 635,000.00
LOS ANGELES CA 90049 5 11/18/96 00
0430096792 02 01/01/97 0
2181428 O 12/01/26
0
1544121 664/G02 F 107,250.00 ZZ
360 107,250.00 1
1228 BELLEFIELD PARK LANE 8.750 843.74 65
8.500 843.74 165,000.00
BELLEVUE WA 98004 5 11/21/96 00
0430097147 02 01/01/97 0
2199545 O 12/01/26
0
1544189 526/G02 F 59,000.00 ZZ
360 59,000.00 4
1201 N 1ST AVENUE 9.125 480.05 38
8.875 480.05 158,000.00
KELSO WA 98626 5 11/04/96 00
0430097261 05 01/01/97 0
154863 N 12/01/26
0
1544193 526/G02 F 45,900.00 ZZ
360 45,879.69 1
6900 EAST 140TH PLACE 10.000 402.81 90
9.750 402.81 51,000.00
GRANDVIEW MO 64030 1 10/10/96 04
0430096982 03 12/01/96 25
149838 N 11/01/26
0
1544198 526/G02 F 59,400.00 ZZ
360 59,370.78 3
115-117 WHITTIER STREET 9.500 499.47 90
9.250 499.47 66,000.00
1
BRIDGEPORT CT 06605 1 10/31/96 12
0430096172 05 12/01/96 25
0153597 N 11/01/26
0
1544238 964/G02 F 272,000.00 ZZ
360 272,000.00 1
3191 SUNSET COURT 8.375 2,067.40 80
8.125 2,067.40 340,000.00
NORCO CA 91760 1 11/26/96 00
0430093831 05 01/01/97 0
21413 O 12/01/26
0
1544249 E22/G02 F 99,000.00 ZZ
360 98,952.57 1
1520 N. CAMPBELL STREET 9.625 841.49 90
9.375 841.49 110,000.00
EL PASO TX 79902 1 10/31/96 10
0410262109 05 12/01/96 25
410262109 N 11/01/26
0
1544250 E22/G02 F 37,850.00 ZZ
360 37,850.00 1
2324 ROCKRIDGE DRIVE 9.250 311.38 75
9.000 311.38 50,500.00
AUSTIN TX 78744 1 11/20/96 00
0410287775 05 01/01/97 0
410287775 N 12/01/26
0
1544252 480/G02 F 76,700.00 ZZ
360 76,700.00 1
504 EAST BELL DE MAR DRIVE 9.250 630.99 68
9.000 630.99 114,000.00
TEMPE AZ 85283 1 11/26/96 00
0430095703 05 01/01/97 0
2028439 O 12/01/26
0
1544254 E22/G02 F 46,800.00 ZZ
360 46,800.00 1
7840 BARRIE 9.750 402.09 90
9.500 402.09 52,000.00
DEARBORN MI 48126 1 11/07/96 01
0410163711 05 01/01/97 25
410163711 N 12/01/26
0
1
1544255 E22/G02 F 29,700.00 ZZ
360 29,700.00 1
3240 NELSON AVENUE 9.750 255.17 90
9.500 255.17 33,000.00
ROBBINS IL 60472 1 12/02/96 10
0410263180 05 01/01/97 25
410263180 N 12/01/26
0
1544256 E22/G02 F 128,200.00 ZZ
360 128,200.00 1
111 E CHESTNUT ST UNIT # 36E 9.625 1,089.69 90
9.375 1,089.69 142,490.00
CHICAGO IL 60611 1 11/13/96 04
0410175137 01 01/01/97 25
410175137 N 12/01/26
0
1544265 E22/G02 F 51,300.00 ZZ
360 51,300.00 1
8948 S LUELLA 9.375 426.69 90
9.125 426.69 57,050.00
CHICAGO IL 60617 1 11/21/96 04
0410208821 05 01/01/97 25
410208821 N 12/01/26
0
1544273 E22/G02 F 117,400.00 ZZ
360 117,400.00 1
6401 WEST BERTEAU UNIT 303 9.250 965.82 75
9.000 965.82 156,550.00
CHICAGO IL 60631 1 11/08/96 00
0410178032 01 01/01/97 0
410178032 O 12/01/26
0
1544274 E22/G02 F 161,500.00 ZZ
360 161,500.00 3
2066 N HOYNE AVE 9.250 1,328.62 90
9.000 1,328.62 179,450.00
CHICAGO IL 60647 1 11/15/96 10
0410208599 05 01/01/97 25
410208599 N 12/01/26
0
1544276 E22/G02 F 232,000.00 ZZ
360 232,000.00 1
1
74 STINGRAY ST 8.625 1,804.47 78
8.375 1,804.47 300,000.00
DESTIN FL 32541 2 11/26/96 00
0410249114 05 01/01/97 0
410249114 O 12/01/26
0
1544284 526/G02 F 24,500.00 ZZ
360 24,487.95 3
106 CHAPMAN STREET 9.500 206.01 29
9.250 206.01 87,000.00
GREENFIELD MA 01301 2 10/28/96 00
0430095422 05 12/01/96 0
144015 N 11/01/26
0
1544298 E22/G02 F 164,500.00 ZZ
360 164,500.00 1
1818 HARTMAN LANE 7.875 1,192.74 74
7.625 1,192.74 224,500.00
PETALUMA CA 94954 1 11/14/96 00
0410235410 05 01/01/97 0
410235410 O 12/01/26
0
1544300 E22/G02 F 62,400.00 ZZ
360 62,400.00 1
1914 TERRACE DRIVE 8.750 490.90 80
8.500 490.90 78,050.00
ANTIOCH CA 94509 1 11/22/96 00
0410235444 05 01/01/97 0
410235444 O 12/01/26
0
1544303 E22/G02 F 99,000.00 ZZ
360 99,000.00 1
299 SHASTA DRIVE 8.750 778.83 90
UNIT #38 8.250 778.83 110,000.00
VACAVILLE CA 95687 1 11/25/96 04
0410307144 09 01/01/97 25
410307144 N 12/01/26
0
1544307 E22/G02 F 164,000.00 ZZ
360 164,000.00 4
405 STEPNEY STREET 8.750 1,290.19 80
8.500 1,290.19 205,000.00
INGLEWOOD CA 90302 1 11/21/96 00
0410235766 05 01/01/97 0
1
410235766 O 12/01/26
0
1544313 936/G02 F 84,800.00 ZZ
360 84,800.00 1
3484 WEST MEADOWBROOK DRIVE 9.000 682.32 80
8.750 682.32 106,000.00
WEST VALLEY UT 84119 1 11/13/96 00
0430097352 05 01/01/97 0
6128425 O 12/01/26
0
1544314 E22/G02 F 75,000.00 ZZ
360 75,000.00 1
1799 NEWPORT AVENUE 9.000 603.47 75
8.750 603.47 100,000.00
PASADENA CA 91103 1 11/15/96 00
0410304240 05 01/01/97 0
410304240 N 12/01/26
0
1544321 776/G02 F 187,200.00 ZZ
360 187,200.00 1
8835 HASKELL AVENUE 8.000 1,373.61 80
7.750 1,373.61 234,000.00
LOS ANGELES CA 91343 1 11/15/96 00
0430096800 05 01/01/97 0
1137399 O 12/01/26
0
1544325 E19/G02 F 205,600.00 ZZ
360 205,600.00 1
660 ALTA COURT 8.625 1,599.14 80
8.375 1,599.14 257,000.00
JUNEAU AK 99801 1 11/29/96 00
0430097451 05 01/01/97 0
100012643 O 12/01/26
0
1544342 862/G02 F 190,000.00 ZZ
360 190,000.00 1
14515 JANAL WAY 8.500 1,460.94 80
8.250 1,460.94 237,500.00
SAN DIEGO CA 92129 1 11/15/96 00
0430097386 05 01/01/97 0
4272548 O 12/01/26
0
1
1544385 267/267 F 165,000.00 ZZ
360 165,000.00 1
2373 BRIGDEN RD 7.875 1,196.37 58
7.625 1,196.37 285,000.00
PASADENA CA 91104 1 11/06/96 00
4422288 05 01/01/97 0
4422288 O 12/01/26
0
1544386 267/267 F 52,000.00 ZZ
360 52,000.00 1
4931 VARNA AVE 7.875 377.04 24
7.625 377.04 218,000.00
SHERMAN OAKS CA 91423 5 11/13/96 00
4425618 05 01/01/97 0
4425618 O 12/01/26
0
1544391 267/267 F 117,000.00 ZZ
360 117,000.00 1
2178 SNOWBERRY COURT 8.125 868.73 65
7.875 868.73 180,000.00
SIMI VALLEY CA 93063 1 11/18/96 00
4426232 05 01/01/97 0
4426232 O 12/01/26
0
1544399 561/G02 F 35,350.00 ZZ
360 35,350.00 3
1702-04 S UNION STREET 9.250 290.82 90
9.000 290.82 39,300.00
INDIANAPOLIS IN 46225 1 11/26/96 10
0430096875 05 01/01/97 30
8931115 N 12/01/26
0
1544480 526/G02 F 94,950.00 ZZ
360 94,950.00 1
2714 SOUTH PAGOSA STREET 9.125 772.55 90
8.875 772.55 105,500.00
AURORA CO 80013 1 11/21/96 04
0430096560 05 01/01/97 25
157179 N 12/01/26
0
1544551 E22/G02 F 50,400.00 ZZ
360 50,400.00 1
143 ELDORADO DRIVE 9.125 410.07 90
8.875 410.07 56,000.00
1
DEBARY FL 32713 1 12/04/96 12
0410250930 05 01/01/97 25
410250930 N 12/01/26
0
1544565 E22/G02 F 130,300.00 ZZ
360 130,300.00 1
5009 RANCH HOLLOW WAY 8.625 1,013.46 76
8.375 1,013.46 173,137.00
ANTIOCH CA 94509 1 11/20/96 00
0410236608 05 01/01/97 0
410236608 O 12/01/26
0
1544568 E22/G02 F 63,350.00 ZZ
360 63,350.00 1
241 IRENE AVENUE 8.625 492.73 70
8.375 492.73 90,500.00
ROSEVILLE CA 95678 5 11/22/96 00
0410275069 05 01/01/97 0
410275069 N 12/01/26
0
1544578 E22/G02 F 64,350.00 ZZ
360 64,350.00 1
8351 SMARTSVILLE ROAD 8.875 512.00 55
8.625 512.00 117,000.00
SMARTSVILLE CA 95977 5 11/26/96 00
0410275382 05 01/01/97 0
410275382 N 12/01/26
0
1544581 E22/G02 F 138,000.00 ZZ
360 138,000.00 1
120442 HIGHWAY 395 8.625 1,073.35 60
8.375 1,073.35 230,000.00
TOPAZ CA 96133 1 11/06/96 00
0410233340 05 01/01/97 0
410233340 O 12/01/26
0
1544583 E22/G02 F 150,000.00 ZZ
360 150,000.00 1
607 RUBY STREET 8.875 1,193.47 59
8.625 1,193.47 255,000.00
REDONDO BEACH CA 90277 5 11/15/96 00
0410304257 05 01/01/97 0
410304257 O 12/01/26
0
1
1544591 E22/G02 F 76,400.00 ZZ
360 76,400.00 1
1441 PIEDMONT STREET 9.000 614.73 90
8.750 614.73 84,900.00
SPRINGFIELD OR 97477 1 11/04/96 01
0410221816 05 01/01/97 25
410221816 N 12/01/26
0
1544595 E22/G02 F 90,000.00 ZZ
360 90,000.00 4
80+ NORTH 5TH AVENUE 9.625 764.99 90
9.375 764.99 100,000.00
BEECH GROVE IN 46107 1 11/15/96 04
0410165823 05 01/01/97 25
410165823 N 12/01/26
0
1544601 E22/G02 F 38,300.00 ZZ
360 38,300.00 1
766 PERRY STREET 9.500 322.05 59
9.250 322.05 65,000.00
VERMILION OH 44089 2 11/22/96 00
0410264683 05 01/01/97 0
410264683 N 12/01/26
0
1544607 B75/G02 F 202,500.00 ZZ
360 202,500.00 1
1207 SAUGUS COURT 8.250 1,521.31 74
8.000 1,521.31 275,000.00
GREAT FALLS VA 22066 1 12/02/96 00
0430097279 05 01/01/97 0
2509743 O 12/01/26
0
1544608 E22/G02 F 59,200.00 ZZ
360 59,200.00 1
19804 LIBBY ROAD 9.625 503.19 80
9.375 503.19 74,000.00
MAPLE HEIGHTS OH 44137 1 11/14/96 04
0410261614 05 01/01/97 12
410261614 N 12/01/26
0
1544613 E22/G02 F 27,000.00 ZZ
360 27,000.00 1
1
208 W WASHINGTON 9.250 222.12 90
9.000 222.12 30,000.00
SEGUIN TX 78155 1 11/20/96 10
0410269625 05 01/01/97 25
410269625 N 12/01/26
0
1544619 664/G02 F 236,800.00 ZZ
360 236,800.00 1
955 HARMON BLVD. 8.500 1,820.79 80
8.250 1,820.79 296,000.00
HOFFMAN ESTATES IL 60194 1 12/02/96 00
0430097287 05 01/01/97 0
225153 O 12/01/26
0
1544682 964/G02 F 281,250.00 ZZ
360 281,250.00 1
803 MILLER AVENUE 8.375 2,137.70 75
8.125 2,137.70 375,000.00
MILL VALLEY CA 94941 1 11/22/96 00
0430094755 01 01/01/97 0
21215 O 12/01/26
0
1544690 687/G02 F 53,200.00 ZZ
360 53,200.00 1
3867 NORTH 99TH STREET 9.250 437.66 70
9.000 437.66 76,000.00
KANSAS CITY KS 66109 5 11/19/96 00
0430097162 05 01/01/97 0
1574744 N 12/01/26
0
1544873 E22/G02 F 30,000.00 T
360 30,000.00 1
15209 LEEWARD DR UNIT 3-A 9.375 249.52 75
9.125 249.52 40,000.00
CORPUS CHRISTI TX 78418 1 11/25/96 00
0410268247 01 01/01/97 0
410268247 O 12/01/26
0
1544887 E22/G02 F 52,200.00 ZZ
360 52,200.00 2
3949 EAST 75TH STREET 10.125 462.93 90
9.875 462.93 58,000.00
CLEVELAND OH 44105 1 11/22/96 01
0410165674 05 01/01/97 25
1
410165674 N 12/01/26
0
1544890 E22/G02 F 32,800.00 ZZ
360 32,800.00 1
2301 S 12TH STREET 9.250 269.84 80
9.000 269.84 41,000.00
COUNCIL BLUFFS IA 50501 1 11/20/96 10
0410267033 05 01/01/97 12
410267033 N 12/01/26
0
1544896 E22/G02 F 184,000.00 ZZ
360 184,000.00 1
22200 SOUTH KAMRATH ROAD 8.625 1,431.13 80
8.375 1,431.13 230,000.00
BEAVERCREEK OR 97004 1 11/11/96 00
0410221782 05 01/01/97 0
410221782 O 12/01/26
0
1544903 E22/G02 F 121,100.00 ZZ
360 121,100.00 1
602 SOUTH ACACIA AVENUE 8.500 931.15 75
8.250 931.15 161,500.00
COMPTON CA 90220 5 11/20/96 00
0410235600 05 01/01/97 0
410235600 O 12/01/26
0
1544907 E22/G02 F 116,400.00 ZZ
360 116,400.00 1
3837 BAYVIEW CIRCLE 8.500 895.02 80
8.250 895.02 145,500.00
CONCORD CA 94520 1 11/05/96 00
0410229371 05 01/01/97 0
410229371 O 12/01/26
0
1544912 E22/G02 F 82,200.00 ZZ
360 82,200.00 3
4655/57/59 VILMA LN 9.250 676.24 75
9.000 676.24 109,600.00
WEST PALM BEACH FL 33409 1 12/06/96 00
0410245146 05 01/01/97 0
410245146 N 12/01/26
0
1
1544914 E22/G02 F 80,000.00 T
360 80,000.00 1
11454 SW 149 COURT 9.000 643.70 80
8.750 643.70 100,000.00
MIAMI FL 33196 1 12/06/96 95
0410254312 03 01/01/97 0
410254312 O 12/01/26
0
1544915 E22/G02 F 147,850.00 ZZ
360 147,850.00 1
10115 VISTA POINTE DRIVE 8.500 1,136.84 95
8.250 1,136.84 155,665.00
TAMPA FL 33635 1 12/06/96 04
0410249569 03 01/01/97 30
410249569 O 12/01/26
0
1544916 E22/G02 F 51,600.00 ZZ
360 51,600.00 1
4543 KNOX STREET 8.875 410.55 80
8.625 410.55 64,500.00
TAMPA FL 33614 1 12/06/96 00
0410251532 05 01/01/97 0
410251532 O 12/01/26
0
1544918 E22/G02 F 98,300.00 ZZ
360 98,300.00 1
1021 SE 14TH STREET 8.625 764.57 80
8.375 764.57 122,900.00
DEERFIELD BEACH FL 33441 1 12/06/96 00
0410252803 05 01/01/97 0
410252803 O 12/01/26
0
1544920 E22/G02 F 562,000.00 ZZ
360 562,000.00 1
134 ROSALES COURT 9.250 4,623.44 67
9.000 4,623.44 840,000.00
CORAL GABLES FL 33143 5 12/06/96 00
0410249940 05 01/01/97 0
410249940 N 12/01/26
0
1545038 111/111 F 250,000.00 ZZ
360 249,844.61 1
6498 AMERICAN WAY 8.375 1,900.18 34
8.125 1,900.18 750,000.00
1
PLACERVILLE CA 95667 5 10/21/96 00
694883 05 12/01/96 0
694883 O 11/01/26
0
1545151 E22/G02 F 100,000.00 ZZ
360 100,000.00 1
2708 ARBORCOVE 8.875 795.64 80
8.625 795.64 125,000.00
PLANO TX 75075 2 11/13/96 00
0410260350 05 01/01/97 0
410260350 O 12/01/26
0
TOTAL NUMBER OF LOANS : 1,636
TOTAL ORIGINAL BALANCE : 178,291,711.39
TOTAL PRINCIPAL BALANCE : 177,623,205.60
TOTAL ORIGINAL P+I : 1,433,844.07
TOTAL CURRENT P+I : 1,433,844.07
***************************
* END OF REPORT *
***************************
RUN ON : 12/23/96 RFC DISCLOSURE SYSTEM RFFSDFIX-01
AT : 07.27.32 FIXED PASSTHRU REPORT AMORTIZED BALANCE
SERIES : RALI 1996-QS8 30 YR CUTOFF : 12/01/96
POOL : 0004231
:
:
POOL STATUS: F
RFC LOAN NUMBER SUB SERV FEE
PRINCIPAL BALANCE MSTR SERV FEE
ORIG RATE ALL EXP
RFC NET RATE MISC EXP
NET MTG RATE(INVSTR RATE) SPREAD
POST STRIP RATE STRIP
---------------------------------------------------------------------------
1422033 .2500
122,201.09 .0800
9.5000 .0000
9.2500 .0000
9.1700 1.4200
7.7500 .0000
1432251 .2500
43,417.34 .0800
9.6250 .0000
9.3750 .0000
9.2950 1.5450
7.7500 .0000
1441413 .2500
124,182.87 .0800
9.6250 .0000
9.3750 .0000
9.2950 1.5450
7.7500 .0000
1444230 .2500
149,756.53 .0300
7.8750 .0000
7.6250 .0000
7.5950 .0000
7.5950 .0000
1460538 .2500
114,272.63 .0800
9.7500 .0000
9.5000 .0000
9.4200 1.6700
7.7500 .0000
1464926 .2500
335,151.21 .0800
9.6250 .0000
9.3750 .0000
9.2950 1.5450
7.7500 .0000
1
1465731 .2500
41,365.73 .0800
9.5000 .0000
9.2500 .0000
9.1700 1.4200
7.7500 .0000
1471934 .2500
209,018.78 .0800
8.7500 .0000
8.5000 .0000
8.4200 .6700
7.7500 .0000
1472478 .2500
111,217.54 .0800
9.0000 .0000
8.7500 .0000
8.6700 .9200
7.7500 .0000
1472785 .2500
92,394.54 .0800
9.1250 .0000
8.8750 .0000
8.7950 1.0450
7.7500 .0000
1480236 .2500
83,500.53 .0800
8.7500 .0000
8.5000 .0000
8.4200 .6700
7.7500 .0000
1481025 .2500
111,868.94 .0800
8.5000 .0000
8.2500 .0000
8.1700 .4200
7.7500 .0000
1483309 .2500
243,281.61 .0300
8.0000 .0000
7.7500 .0000
7.7200 .0000
7.7200 .0000
1484192 .2500
96,744.16 .0800
9.3750 .0000
9.1250 .0000
9.0450 1.2950
7.7500 .0000
1
1485743 .2500
179,500.97 .0800
9.0000 .0000
8.7500 .0000
8.6700 .9200
7.7500 .0000
1486112 .2500
101,008.34 .0800
8.6250 .0000
8.3750 .0000
8.2950 .5450
7.7500 .0000
1487305 .2500
70,628.36 .0800
8.8750 .0000
8.6250 .0000
8.5450 .7950
7.7500 .0000
1495502 .2500
27,785.13 .0800
8.7500 .0000
8.5000 .0000
8.4200 .6700
7.7500 .0000
1498779 .2500
43,840.78 .0800
9.3750 .0000
9.1250 .0000
9.0450 1.2950
7.7500 .0000
1500129 .2500
94,718.69 .0800
9.1250 .0000
8.8750 .0000
8.7950 1.0450
7.7500 .0000
1501306 .2500
52,671.95 .0800
9.1250 .0000
8.8750 .0000
8.7950 1.0450
7.7500 .0000
1503211 .2500
37,974.30 .0800
9.6250 .0000
9.3750 .0000
9.2950 1.5450
7.7500 .0000
1
1503305 .2500
54,476.71 .0800
9.2500 .0000
9.0000 .0000
8.9200 1.1700
7.7500 .0000
1503306 .2500
115,677.24 .0800
9.8750 .0000
9.6250 .0000
9.5450 1.7950
7.7500 .0000
1504376 .2500
60,525.26 .0800
8.5000 .0000
8.2500 .0000
8.1700 .4200
7.7500 .0000
1504451 .2500
74,800.00 .0800
9.1250 .0000
8.8750 .0000
8.7950 1.0450
7.7500 .0000
1507310 .2500
54,762.83 .0800
9.5000 .0000
9.2500 .0000
9.1700 1.4200
7.7500 .0000
1507325 .2500
101,645.59 .0800
8.8750 .0000
8.6250 .0000
8.5450 .7950
7.7500 .0000
1507336 .2500
148,966.35 .0800
8.6250 .0000
8.3750 .0000
8.2950 .5450
7.7500 .0000
1507355 .2500
124,394.88 .0800
8.7500 .0000
8.5000 .0000
8.4200 .6700
7.7500 .0000
1
1507356 .2500
281,361.09 .0800
8.2500 .0000
8.0000 .0000
7.9200 .1700
7.7500 .0000
1507359 .2500
575,636.25 .0800
8.8750 .0000
8.6250 .0000
8.5450 .7950
7.7500 .0000
1507360 .2500
92,523.42 .0800
8.7500 .0000
8.5000 .0000
8.4200 .6700
7.7500 .0000
1507363 .2500
95,776.56 .0800
8.7500 .0000
8.5000 .0000
8.4200 .6700
7.7500 .0000
1507367 .2500
83,144.16 .0800
8.2500 .0000
8.0000 .0000
7.9200 .1700
7.7500 .0000
1507368 .2500
49,133.53 .0800
8.7500 .0000
8.5000 .0000
8.4200 .6700
7.7500 .0000
1507374 .2500
101,395.29 .0800
8.7500 .0000
8.5000 .0000
8.4200 .6700
7.7500 .0000
1507376 .2500
55,760.57 .0800
8.6250 .0000
8.3750 .0000
8.2950 .5450
7.7500 .0000
1
1507386 .2500
138,717.13 .0800
8.3750 .0000
8.1250 .0000
8.0450 .2950
7.7500 .0000
1507387 .2500
112,148.12 .0800
8.6250 .0000
8.3750 .0000
8.2950 .5450
7.7500 .0000
1507391 .2500
156,048.43 .0800
8.0000 .0000
7.7500 .0000
7.6700 .0000
7.6700 .0000
1507392 .2500
137,983.69 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5450 .0000
1507393 .2500
68,736.04 .0800
8.5000 .0000
8.2500 .0000
8.1700 .4200
7.7500 .0000
1507394 .2500
88,581.30 .0800
8.5000 .0000
8.2500 .0000
8.1700 .4200
7.7500 .0000
1507396 .2500
89,502.66 .0800
8.7500 .0000
8.5000 .0000
8.4200 .6700
7.7500 .0000
1507402 .2500
277,827.32 .0800
8.5000 .0000
8.2500 .0000
8.1700 .4200
7.7500 .0000
1
1507404 .2500
259,563.98 .0800
8.5000 .0000
8.2500 .0000
8.1700 .4200
7.7500 .0000
1507415 .2500
75,170.54 .0800
8.3750 .0000
8.1250 .0000
8.0450 .2950
7.7500 .0000
1507424 .2500
107,454.81 .0800
8.7500 .0000
8.5000 .0000
8.4200 .6700
7.7500 .0000
1507448 .2500
132,606.94 .0800
8.3750 .0000
8.1250 .0000
8.0450 .2950
7.7500 .0000
1507452 .2500
83,359.59 .0800
8.3750 .0000
8.1250 .0000
8.0450 .2950
7.7500 .0000
1507453 .2500
112,113.39 .0800
8.3750 .0000
8.1250 .0000
8.0450 .2950
7.7500 .0000
1507455 .2500
117,743.33 .0800
7.7500 .0000
7.5000 .0000
7.4200 .0000
7.4200 .0000
1507456 .2500
78,486.69 .0800
8.6250 .0000
8.3750 .0000
8.2950 .5450
7.7500 .0000
1
1507460 .2500
96,008.94 .0800
8.1250 .0000
7.8750 .0000
7.7950 .0450
7.7500 .0000
1507465 .2500
155,327.63 .0800
8.3750 .0000
8.1250 .0000
8.0450 .2950
7.7500 .0000
1507467 .2500
59,117.60 .0800
8.3750 .0000
8.1250 .0000
8.0450 .2950
7.7500 .0000
1507470 .2500
109,954.39 .0800
8.3750 .0000
8.1250 .0000
8.0450 .2950
7.7500 .0000
1507473 .2500
104,167.87 .0800
8.3750 .0000
8.1250 .0000
8.0450 .2950
7.7500 .0000
1507474 .2500
253,664.35 .0800
8.6250 .0000
8.3750 .0000
8.2950 .5450
7.7500 .0000
1507475 .2500
152,501.24 .0800
8.3750 .0000
8.1250 .0000
8.0450 .2950
7.7500 .0000
1507478 .2500
103,464.98 .0800
8.8750 .0000
8.6250 .0000
8.5450 .7950
7.7500 .0000
1
1507486 .2500
67,064.37 .0800
8.5000 .0000
8.2500 .0000
8.1700 .4200
7.7500 .0000
1507499 .2500
95,048.09 .0800
8.2500 .0000
8.0000 .0000
7.9200 .1700
7.7500 .0000
1507516 .2500
125,460.41 .0800
8.1250 .0000
7.8750 .0000
7.7950 .0450
7.7500 .0000
1507517 .2500
84,097.15 .0800
8.1250 .0000
7.8750 .0000
7.7950 .0450
7.7500 .0000
1507530 .2500
83,984.17 .0800
8.3750 .0000
8.1250 .0000
8.0450 .2950
7.7500 .0000
1507534 .2500
134,600.75 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5450 .0000
1507542 .2500
159,984.97 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5450 .0000
1507543 .2500
105,710.31 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5450 .0000
1
1507549 .2500
261,753.81 .0800
7.9900 .0000
7.7400 .0000
7.6600 .0000
7.6600 .0000
1507565 .2500
221,142.63 .0800
8.6250 .0000
8.3750 .0000
8.2950 .5450
7.7500 .0000
1507568 .2500
118,126.17 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5450 .0000
1507574 .2500
112,658.25 .0800
7.7500 .0000
7.5000 .0000
7.4200 .0000
7.4200 .0000
1507580 .2500
61,583.42 .0800
7.7500 .0000
7.5000 .0000
7.4200 .0000
7.4200 .0000
1507594 .2500
55,178.15 .0800
7.9900 .0000
7.7400 .0000
7.6600 .0000
7.6600 .0000
1507595 .2500
66,864.76 .0800
8.5000 .0000
8.2500 .0000
8.1700 .4200
7.7500 .0000
1507606 .2500
74,621.96 .0800
8.1250 .0000
7.8750 .0000
7.7950 .0450
7.7500 .0000
1
1507613 .2500
116,989.51 .0800
8.6250 .0000
8.3750 .0000
8.2950 .5450
7.7500 .0000
1507623 .2500
122,152.64 .0800
7.5000 .0000
7.2500 .0000
7.1700 .0000
7.1700 .0000
1507630 .2500
89,372.88 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5450 .0000
1507632 .2500
160,778.99 .0800
7.7500 .0000
7.5000 .0000
7.4200 .0000
7.4200 .0000
1507641 .2500
92,629.91 .0800
7.3750 .0000
7.1250 .0000
7.0450 .0000
7.0450 .0000
1507672 .2500
89,929.81 .0800
7.7500 .0000
7.5000 .0000
7.4200 .0000
7.4200 .0000
1507784 .2500
82,931.49 .0800
8.5000 .0000
8.2500 .0000
8.1700 .4200
7.7500 .0000
1507798 .2500
134,630.50 .0800
8.2500 .0000
8.0000 .0000
7.9200 .1700
7.7500 .0000
1
1507855 .2500
44,859.29 .0800
8.2500 .0000
8.0000 .0000
7.9200 .1700
7.7500 .0000
1507865 .2500
55,187.51 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5450 .0000
1507918 .2500
233,882.43 .0800
8.5000 .0000
8.2500 .0000
8.1700 .4200
7.7500 .0000
1507948 .2500
64,076.85 .0800
8.3750 .0000
8.1250 .0000
8.0450 .2950
7.7500 .0000
1507969 .2500
117,861.13 .0800
8.0000 .0000
7.7500 .0000
7.6700 .0000
7.6700 .0000
1508025 .2500
105,503.05 .0800
8.7500 .0000
8.5000 .0000
8.4200 .6700
7.7500 .0000
1508026 .2500
176,873.95 .0800
8.9500 .0000
8.7000 .0000
8.6200 .8700
7.7500 .0000
1508030 .2500
100,305.80 .0800
7.0000 .0000
6.7500 .0000
6.6700 .0000
6.6700 .0000
1
1508048 .2500
55,366.89 .0800
8.2500 .0000
8.0000 .0000
7.9200 .1700
7.7500 .0000
1508050 .2500
176,630.25 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5450 .0000
1508169 .2500
58,500.00 .0800
8.8750 .0000
8.6250 .0000
8.5450 .7950
7.7500 .0000
1508299 .2500
113,784.51 .0800
9.3750 .0000
9.1250 .0000
9.0450 1.2950
7.7500 .0000
1508823 .2500
59,820.55 .0800
9.5000 .0000
9.2500 .0000
9.1700 1.4200
7.7500 .0000
1508963 .2500
34,701.74 .0800
9.8750 .0000
9.6250 .0000
9.5450 1.7950
7.7500 .0000
1512086 .2500
231,076.34 .0800
10.0000 .0000
9.7500 .0000
9.6700 1.9200
7.7500 .0000
1512302 .2500
31,803.57 .0800
9.5000 .0000
9.2500 .0000
9.1700 1.4200
7.7500 .0000
1
1512903 .2500
34,808.53 .0800
8.6250 .0000
8.3750 .0000
8.2950 .5450
7.7500 .0000
1515105 .2500
161,725.52 .0800
8.8750 .0000
8.6250 .0000
8.5450 .7950
7.7500 .0000
1515108 .2500
55,970.97 .0800
9.2500 .0000
9.0000 .0000
8.9200 1.1700
7.7500 .0000
1515514 .2500
113,729.69 .0800
9.7500 .0000
9.5000 .0000
9.4200 1.6700
7.7500 .0000
1515563 .2500
58,887.97 .0800
9.7500 .0000
9.5000 .0000
9.4200 1.6700
7.7500 .0000
1515980 .2500
135,000.00 .0800
8.8750 .0000
8.6250 .0000
8.5450 .7950
7.7500 .0000
1517095 .2500
49,454.84 .0800
9.8750 .0000
9.6250 .0000
9.5450 1.7950
7.7500 .0000
1517329 .2500
94,830.52 .0800
8.6250 .0000
8.3750 .0000
8.2950 .5450
7.7500 .0000
1
1517690 .2500
93,657.43 .0800
9.8750 .0000
9.6250 .0000
9.5450 1.7950
7.7500 .0000
1518164 .2500
80,000.00 .0800
9.2500 .0000
9.0000 .0000
8.9200 1.1700
7.7500 .0000
1518575 .2500
87,927.80 .0800
8.7500 .0000
8.5000 .0000
8.4200 .6700
7.7500 .0000
1518778 .2500
77,521.31 .0800
9.3750 .0000
9.1250 .0000
9.0450 1.2950
7.7500 .0000
1519126 .2500
78,847.31 .0800
9.6250 .0000
9.3750 .0000
9.2950 1.5450
7.7500 .0000
1519762 .2500
104,396.79 .0800
9.5000 .0000
9.2500 .0000
9.1700 1.4200
7.7500 .0000
1519831 .2500
79,061.82 .0800
10.1250 .0000
9.8750 .0000
9.7950 2.0450
7.7500 .0000
1519900 .2500
64,703.60 .0800
9.5000 .0000
9.2500 .0000
9.1700 1.4200
7.7500 .0000
1
1519901 .2500
67,399.60 .0800
9.5000 .0000
9.2500 .0000
9.1700 1.4200
7.7500 .0000
1519993 .2500
67,402.20 .0800
9.6250 .0000
9.3750 .0000
9.2950 1.5450
7.7500 .0000
1520162 .2500
83,868.34 .0800
9.2500 .0000
9.0000 .0000
8.9200 1.1700
7.7500 .0000
1520174 .2500
42,694.81 .0800
8.5000 .0000
8.2500 .0000
8.1700 .4200
7.7500 .0000
1520413 .2500
59,438.06 .0800
9.2500 .0000
9.0000 .0000
8.9200 1.1700
7.7500 .0000
1520446 .2500
23,775.86 .0800
9.3750 .0000
9.1250 .0000
9.0450 1.2950
7.7500 .0000
1520468 .2500
232,537.63 .0800
9.8750 .0000
9.6250 .0000
9.5450 1.7950
7.7500 .0000
1520529 .2500
154,513.69 .0800
9.3750 .0000
9.1250 .0000
9.0450 1.2950
7.7500 .0000
1
1520539 .2500
143,846.14 .0800
9.1250 .0000
8.8750 .0000
8.7950 1.0450
7.7500 .0000
1520543 .2500
168,999.72 .0800
10.0000 .0000
9.7500 .0000
9.6700 1.9200
7.7500 .0000
1520706 .2500
146,113.68 .0800
8.6250 .0000
8.3750 .0000
8.2950 .5450
7.7500 .0000
1521037 .2500
54,804.48 .0800
9.7500 .0000
9.5000 .0000
9.4200 1.6700
7.7500 .0000
1521126 .2500
44,729.77 .0800
9.2500 .0000
9.0000 .0000
8.9200 1.1700
7.7500 .0000
1521127 .2500
46,759.52 .0800
10.1250 .0000
9.8750 .0000
9.7950 2.0450
7.7500 .0000
1521199 .2500
64,770.56 .0800
9.8750 .0000
9.6250 .0000
9.5450 1.7950
7.7500 .0000
1521247 .2500
399,322.26 .0800
8.8750 .0000
8.6250 .0000
8.5450 .7950
7.7500 .0000
1
1521368 .2500
111,575.67 .0800
9.1250 .0000
8.8750 .0000
8.7950 1.0450
7.7500 .0000
1521369 .2500
113,821.33 .0800
9.2500 .0000
9.0000 .0000
8.9200 1.1700
7.7500 .0000
1521790 .2500
19,871.16 .0800
9.6250 .0000
9.3750 .0000
9.2950 1.5450
7.7500 .0000
1522749 .2500
246,182.18 .0800
8.8750 .0000
8.6250 .0000
8.5450 .7950
7.7500 .0000
1522867 .2500
54,917.31 .0800
9.7500 .0000
9.5000 .0000
9.4200 1.6700
7.7500 .0000
1522916 .2500
29,755.66 .0800
9.5000 .0000
9.2500 .0000
9.1700 1.4200
7.7500 .0000
1522951 .2500
151,930.94 .0800
9.8750 .0000
9.6250 .0000
9.5450 1.7950
7.7500 .0000
1522958 .2500
132,854.16 .0800
9.0000 .0000
8.7500 .0000
8.6700 .9200
7.7500 .0000
1
1522979 .2500
75,560.81 .0800
9.2500 .0000
9.0000 .0000
8.9200 1.1700
7.7500 .0000
1523115 .2500
199,670.61 .0800
10.5000 .0000
10.2500 .0000
10.1700 2.4200
7.7500 .0000
1523434 .2500
164,832.69 .0800
9.3750 .0000
9.1250 .0000
9.0450 1.2950
7.7500 .0000
1523480 .2500
84,843.60 .0800
9.8750 .0000
9.6250 .0000
9.5450 1.7950
7.7500 .0000
1523505 .2500
115,047.48 .0800
9.0000 .0000
8.7500 .0000
8.6700 .9200
7.7500 .0000
1523561 .2500
156,257.30 .0800
9.8750 .0000
9.6250 .0000
9.5450 1.7950
7.7500 .0000
1523739 .2500
63,666.93 .0800
10.1250 .0000
9.8750 .0000
9.7950 2.0450
7.7500 .0000
1523763 .2500
101,700.00 .0800
8.7500 .0000
8.5000 .0000
8.4200 .6700
7.7500 .0000
1
1523840 .2500
51,300.60 .0800
9.6250 .0000
9.3750 .0000
9.2950 1.5450
7.7500 .0000
1523842 .2500
232,379.46 .0800
9.2500 .0000
9.0000 .0000
8.9200 1.1700
7.7500 .0000
1523999 .2500
241,983.80 .0800
8.9900 .0000
8.7400 .0000
8.6600 .9100
7.7500 .0000
1524082 .2500
44,955.56 .0800
9.5000 .0000
9.2500 .0000
9.1700 1.4200
7.7500 .0000
1524109 .2500
149,847.92 .0800
9.3750 .0000
9.1250 .0000
9.0450 1.2950
7.7500 .0000
1524238 .2500
118,888.52 .0800
9.7500 .0000
9.5000 .0000
9.4200 1.6700
7.7500 .0000
1524379 .2500
240,000.00 .0800
8.8750 .0000
8.6250 .0000
8.5450 .7950
7.7500 .0000
1524504 .2500
65,533.48 .0800
9.3750 .0000
9.1250 .0000
9.0450 1.2950
7.7500 .0000
1
1524567 .2500
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9.0000 .0000
8.9200 1.1700
7.7500 .0000
1
1544873 .2500
30,000.00 .0800
9.3750 .0000
9.1250 .0000
9.0450 1.2950
7.7500 .0000
1544887 .2500
52,200.00 .0800
10.1250 .0000
9.8750 .0000
9.7950 2.0450
7.7500 .0000
1544890 .2500
32,800.00 .0800
9.2500 .0000
9.0000 .0000
8.9200 1.1700
7.7500 .0000
1544896 .2500
184,000.00 .0800
8.6250 .0000
8.3750 .0000
8.2950 .5450
7.7500 .0000
1544903 .2500
121,100.00 .0800
8.5000 .0000
8.2500 .0000
8.1700 .4200
7.7500 .0000
1544907 .2500
116,400.00 .0800
8.5000 .0000
8.2500 .0000
8.1700 .4200
7.7500 .0000
1544912 .2500
82,200.00 .0800
9.2500 .0000
9.0000 .0000
8.9200 1.1700
7.7500 .0000
1544914 .2500
80,000.00 .0800
9.0000 .0000
8.7500 .0000
8.6700 .9200
7.7500 .0000
1
1544915 .2500
147,850.00 .0800
8.5000 .0000
8.2500 .0000
8.1700 .4200
7.7500 .0000
1544916 .2500
51,600.00 .0800
8.8750 .0000
8.6250 .0000
8.5450 .7950
7.7500 .0000
1544918 .2500
98,300.00 .0800
8.6250 .0000
8.3750 .0000
8.2950 .5450
7.7500 .0000
1544920 .2500
562,000.00 .0800
9.2500 .0000
9.0000 .0000
8.9200 1.1700
7.7500 .0000
1545038 .2500
249,844.61 .0800
8.3750 .0000
8.1250 .0000
8.0450 .2950
7.7500 .0000
1545151 .2500
100,000.00 .0800
8.8750 .0000
8.6250 .0000
8.5450 .7950
7.7500 .0000
TOTAL NUMBER OF LOANS: 1636
TOTAL BALANCE........: 177,623,205.60
RUN ON : 12/23/96 RFC DISCLOSURE SYSTEM RFFSDFIX-01
AT : 07.27.32 INITIAL SECURITY FEES AMORTIZED BALANCE
SERIES : RALI 1996-QS8 30 YR FIXED SUMMARY REPORT CUTOFF : 12/01/96
POOL : 0004231
:
:
POOL STATUS: F
WEIGHTED AVERAGES FROM TO
---------------------------------------------------------------------------
ORIG RATE 8.9894 7.0000 11.0000
RFC NET RATE 8.7389 6.7500 10.7500
NET MTG RATE(INVSTR RATE) 8.6592 6.6700 10.6700
POST STRIP RATE 7.7449 6.6700 7.7500
SUB SERV FEE .2505 .2500 .5000
MSTR SERV FEE .0797 .0300 .0800
ALL EXP .0000 .0000 .0000
MISC EXP .0000 .0000 .0000
SPREAD .9143 .0000 2.9200
STRIP .0000 .0000 .0000
TOTAL NUMBER OF LOANS: 1636
TOTAL BALANCE........: 177,623,205.60
***************************
* 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.
<PAGE>
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.
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
2
<PAGE>
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.
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.
3
<PAGE>
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.
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
4
<PAGE>
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 enforced in
accordance with, applicable federal laws and the laws of the State of Minnesota.
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:
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:
<PAGE>
Name
Title
Date
2
<PAGE>
EXHIBIT I-1
FORM OF TRANSFER AFFIDAVIT AND AGREEMENT
STATE OF )
: ss.:
COUNTY OF )
[NAME OF OFFICER], being first duly sworn, deposes and
says:
1. That he is [Title of Officer] of [Name of Owner] (record or
beneficial owner of the Mortgage Asset-Backed Pass-Through Certificates, Series
1996-QS8, [Class R-I], [Class R-II] (the "Owner")), a [savings institution]
[corporation] duly organized and existing under the laws of [the State of
__________________] [the United States], on behalf of which he makes this
affidavit and agreement.
2. That the Owner (i) is not and will not be a "disqualified
organization" as of [date of transfer] within the meaning of Section 860E(e)(5)
of the Internal Revenue Code of 1986, as amended (the "Code"), (ii) will
endeavor to remain other than a disqualified organization for so long as it
retains its ownership interest in the Class [R-I][R-II] Certificates, and (iii)
is acquiring the Class [R-I][R-II] Certificates for its own account or for the
account of another Owner from which it has received an affidavit and agreement
in substantially the same form as this affidavit and agreement. (For this
purpose, a "disqualified organization" means the United States, any state or
political subdivision thereof, any agency or instrumentality of any of the
foregoing (other than an instrumentality all of the activities of which are
subject to tax and, except for the Federal Home Loan Mortgage Corporation, a
majority of whose board of directors is not selected by any such governmental
entity) or any foreign government, international organization or any agency or
instrumentality of such foreign government or organization, any rural electric
or telephone cooperative, or any organization (other than certain farmers'
cooperatives) that is generally exempt from federal income tax unless such
organization is subject to the tax on unrelated business taxable income).
3. That the Owner is aware (i) of the tax that would be
imposed on transfers of Class [R-I][R-II] Certificates to disqualified
organizations under the Code, that applies to all transfers of Class [R-I][R-II]
Certificates after March 31, 1988; (ii) that such tax would be on the
transferor, or, if such
<PAGE>
transfer is through an agent (which person includes a broker, nominee or
middleman) for a disqualified organization, on the agent; (iii) that the person
otherwise liable for the tax shall be relieved of liability for the tax if the
transferee furnishes to such person an affidavit that the transferee is not a
disqualified organization and, at the time of transfer, such person does not
have actual knowledge that the affidavit is false; and (iv) that the Class
[R-I][R-II] Certificates may be "noneconomic residual interests" within the
meaning of Treasury regulations promulgated pursuant to the Code and that the
transferor of a noneconomic residual interest will remain liable for any taxes
due with respect to the income on such residual interest, unless no significant
purpose of the transfer was to impede the assessment or collection of tax.
4. That the Owner is aware of the tax imposed on a
"pass-through entity" holding Class [R-I][R-II] Certificates if at any time
during the taxable year of the pass-through entity a disqualified organization
is the record holder of an interest in such entity. (For this purpose, a "pass
through entity" includes a regulated investment company, a real estate
investment trust or common trust fund, a partnership, trust or estate, and
certain cooperatives.)
[5. The Purchaser is not an employee benefit plan or other
plan subject to the prohibited transaction provisions of the Employee Retirement
Income Security Act of 1974, as amended ("ERISA"), or Section 4975 of the
Internal Revenue Code of 1986, as amended (the "Code"), or an investment
manager, named fiduciary or a trustee of any such plan, or any other Person
acting, directly or indirectly, on behalf of or purchasing any Certificate with
"plan assets" of any such plan.]
6. That the Owner is aware that the Trustee will not register
the transfer of any Class [R-I][R-II] Certificates unless the transferee, or the
transferee's agent, delivers to it an affidavit and agreement, among other
things, in substantially the same form as this affidavit and agreement. The
Owner expressly agrees that it will not consummate any such transfer if it knows
or believes that any of the representations contained in such affidavit and
agreement are false.
7. That the Owner has reviewed the restrictions set
forth on the face of the Class [R-I][R-II] Certificates and the
provisions of Section 5.02(f) of the Pooling and Servicing
2
<PAGE>
Agreement under which the Class [R-I][R-II] Certificates were issued (in
particular, clause (iii)(A) and (iii)(B) of Section 5.02(f) which authorize the
Trustee to deliver payments to a person other than the Owner and negotiate a
mandatory sale by the Trustee in the event the Owner holds such Certificates in
violation of Section 5.02(f)). The Owner expressly agrees to be bound by and to
comply with such restrictions and provisions.
8. That the Owner consents to any additional restrictions or
arrangements that shall be deemed necessary upon advice of counsel to constitute
a reasonable arrangement to ensure that the Class [R-I][R-II] Certificates will
only be owned, directly or indirectly, by an Owner that is not a disqualified
organization.
9. The Owner's Taxpayer Identification Number is
- - --------------.
10. This affidavit and agreement relates only to the Class
[R-I][R-II] Certificates held by the Owner and not to any other holder of the
Class [R-I][R-II] Certificates. The Owner understands that the liabilities
described herein relate only to the Class [R-I][R-II] Certificates.
11. That no purpose of the Owner relating to the transfer of
any of the Class [R-I][R-II] Certificates by the Owner is or will be to impede
the assessment or collection of any tax.
12. That the Owner has no present knowledge or expectation
that it will be unable to pay any United States taxes owed by it so long as any
of the Certificates remain outstanding. In this regard, the Owner hereby
represents to and for the benefit of the person from whom it acquired the Class
[R-I][R-II] Certificate that the Owner intends to pay taxes associated with
holding such Class [R-I][R-II] Certificate as they become due, fully
understanding that it may incur tax liabilities in excess of any cash flows
generated by the Class [R-I][R-II] Certificate.
13. That the Owner has no present knowledge or expectation
that it will become insolvent or subject to a bankruptcy proceeding for so long
as any of the Class [R-I][R-II] Certificates remain outstanding.
3
<PAGE>
14. The Owner is a citizen or resident of the United States, a
corporation, partnership or other entity created or organized in, or under the
laws of, the United States or any political subdivision thereof, or an estate or
trust whose income from sources without the United States is includible in gross
income for United States federal income tax purposes regardless of its
connection with the conduct of a trade or business within the United States.
4
<PAGE>
IN WITNESS WHEREOF, the Owner has caused this instrument to be
executed on its behalf, pursuant to the authority of its Board of Directors, by
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__.
5
<PAGE>
EXHIBIT I-2
FORM OF TRANSFEROR CERTIFICATE
__________________, 19__
Residential Accredit Loans, Inc.
8400 Normandale Lake Boulevard
Suite 600
Minneapolis, Minnesota 55437
The First National Bank of Chicago
One North State Street
Chicago, Illinois 60602
Attention: Residential Funding Corporation Series 1996-QS8
Re: Mortgage Asset-Backed Pass-Through Certificates,
Series 1996-QS8, Class [R-I][R-II]
Ladies and Gentlemen:
This letter is delivered to you in connection with the
transfer by _______________________________ (the "Seller") to
_______________________________ (the "Purchaser") of $_____________ Initial
Certificate Principal Balance of Mortgage Asset-Backed Pass-Through
Certificates, Series 1996-QS8, Class [R-I][R-II] (the "Certificates"), pursuant
to Section 5.02 of the Pooling and Servicing Agreement (the "Pooling and
Servicing Agreement"), dated as of December 1, 1996 among Residential Accredit
Loans, Inc., as seller (the "Company"), Residential Funding Corporation, as
master servicer, and The First National Bank of Chicago, as trustee (the
"Trustee"). All terms used herein and not otherwise defined shall have the
meanings set forth in the Pooling and Servicing Agreement. The Seller hereby
certifies, represents and warrants to, and covenants with, the Company and the
Trustee that:
1. No purpose of the Seller relating to the transfer
of the Certificate by the Seller to the Purchaser is or will be
to impede the assessment or collection of any tax.
2. The Seller understands that the Purchaser has
delivered to the Trustee and the Master Servicer a transfer
affidavit and agreement in the form attached to the Pooling and
<PAGE>
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 its debts as
they become due in the future. The Seller understands that the transfer of a
Class [R-I][R-II] Certificate may not be respected for United States income tax
purposes (and the Seller may continue to be liable for United States income
taxes associated therewith) unless the Seller has conducted such an
investigation.
4. The Seller has no actual knowledge that the
proposed Transferee is not both a United States Person and a
Permitted Transferee.
Very truly yours,
(Seller)
By:
Name:
Title:
2
<PAGE>
EXHIBIT J
FORM OF INVESTOR REPRESENTATION LETTER
______________, 19__
Residential Accredit Loans, Inc.
8400 Normandale Lake Boulevard
Suite 600
Minneapolis, MN 55437
The First National Bank of Chicago
One North State Street
Chicago, Illinois 60602
Attention: Residential Funding Corporation Series 1996-QS8
RE: Mortgage Asset-Backed Pass-Through Certificates,
Series 1996-QS8, [Class B-]
Ladies and Gentlemen:
_________________________ (the "Purchaser") intends to
purchase from ___________________________ (the "Seller") $_____________ Initial
Certificate Principal Balance of Mortgage Asset-Backed Pass-Through
Certificates, Series 1996-QS8, Class __ (the "Certificates"), issued pursuant to
the Pooling and Servicing Agreement (the "Pooling and Servicing Agreement"),
dated as of December 1, 1996 among Residential Accredit Loans, Inc., as seller
(the "Company"), Residential Funding Corporation, as master servicer, and The
First National Bank of Chicago, as trustee (the "Trustee"). All terms used
herein and not otherwise defined shall have the meanings set forth in the
Pooling and Servicing Agreement. The Purchaser hereby certifies, represents and
warrants to, and covenants with, the Company and the Trustee that:
1. The Purchaser understands that (a) the Certificates
have not been and will not be registered or qualified under
the Securities Act of 1933, as amended (the "Act") or any
state securities law, (b) the Company is not required to so
register or qualify the Certificates, (c) the Certificates may
be resold only if registered and qualified pursuant to the
provisions of the Act or any state securities law, or if an
exemption from such registration and qualification is
available, (d) the Pooling and Servicing Agreement contains
restrictions regarding the
<PAGE>
transfer of the Certificates and (e) the Certificates
will bear a legend to the foregoing effect.
2. The Purchaser is acquiring the Certificates for its
own account for investment only and not with a view to or for
sale in connection with any distribution thereof in any manner
that would violate the Act or any applicable state securities
laws.
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
2
<PAGE>
respect to any damage, liability, claim or expense arising out
of, resulting from or in connection with (a) error or
omission, or alleged error or omission, contained in the
Memorandum, or (b) any information, development or event
arising after the date of the Memorandum.]
5. The Purchaser has not and will not nor has it
authorized or will it authorize any person to (a) offer,
pledge, sell, dispose of or otherwise transfer any
Certificate, any interest in any Certificate or any other
similar security to any person in any manner, (b) solicit any
offer to buy or to accept a pledge, disposition of other
transfer of any Certificate, any interest in any Certificate
or any other similar security from any person in any manner,
(c) otherwise approach or negotiate with respect to any
Certificate, any interest in any Certificate or any other
similar security with any person in any manner, (d) make any
general solicitation by means of general advertising or in any
other manner or (e) take any other action, that (as to any of
(a) through (e) above) would constitute a distribution of any
Certificate under the Act, that would render the disposition
of any Certificate a violation of Section 5 of the Act or any
state securities law, or that would require registration or
qualification pursuant thereto. The Purchaser will not sell or
otherwise transfer any of the Certificates, except in
compliance with the provisions of the Pooling and Servicing
Agreement.
[6. The Purchaser
(a) is not an employee benefit or other
plan subject to the prohibited transaction provisions of the
Employee Retirement Income Security Act of 1974, as amended
("ERISA"), or Section 4975 of the Internal Revenue Code of
1986, as amended (the "Code") (a "Plan"), or any other person
(including an investment manager, a named fiduciary or a
trustee of any Plan) acting, directly or indirectly, on behalf
of or purchasing any Certificate with "plan assets" of any
Plan; or
(b) is an insurance company, the source of
funds to be used by it to purchase the Certificates is
3
<PAGE>
an "insurance company general account" (within the meaning of
Department of Labor Prohibited Transaction Class Exemption
("PTCE") 95-60), and the purchase is being made in reliance
upon the availability of the exemptive relief afforded under
Section III of PTCE
95-60.]
Very truly yours,
By:
Name:
Title:
4
<PAGE>
EXHIBIT K
FORM OF TRANSFEROR REPRESENTATION LETTER
, 19
Residential Accredit Loans, Inc.
8400 Normandale Lake Boulevard
Suite 600
Minneapolis, MN 55437
The First National Bank of Chicago
One North State Street
Chicago, Illinois 60602
Attention: Residential Funding Corporation Series 1996-QS8
Re: Mortgage Asset-Backed Pass-Through Certificates,
Series 1996-QS8, [Class B-]
Ladies and Gentlemen:
In connection with the sale by (the "Seller") to (the
"Purchaser") of $ Initial Certificate Principal Balance of Mortgage Asset-Backed
Pass-Through Certificates, Series 1996-QS8, Class (the "Certificates"), issued
pursuant to the Pooling and Servicing Agreement (the "Pooling and Servicing
Agreement"), dated as of December 1, 1996 among Residential Accredit Loans,
Inc., as seller (the "Company"), Residential Funding Corporation, as master
servicer, and The First National Bank of Chicago, as trustee (the "Trustee").
The Seller hereby certifies, represents and warrants to, and covenants with, the
Company and the Trustee that:
Neither the Seller nor anyone acting on its behalf has (a)
offered, pledged, sold, disposed of or otherwise transferred any Certificate,
any interest in any Certificate or any other similar security to any person in
any manner, (b) has solicited any offer to buy or to accept a pledge,
disposition or other transfer of any Certificate, any interest in any
Certificate or any other similar security from any person in any manner, (c) has
otherwise approached or negotiated with respect to any Certificate, any interest
in any Certificate or any other similar
<PAGE>
security with any person in any manner, (d) has made any general solicitation by
means of general advertising or in any other manner, or (e) has taken any other
action, that (as to any of (a) through (e) above) would constitute a
distribution of the Certificates under the Securities Act of 1933 (the "Act"),
that would render the disposition of any Certificate a violation of Section 5 of
the Act or any state securities law, or that would require registration or
qualification pursuant thereto. The Seller will not act, in any manner set forth
in the foregoing sentence with respect to any Certificate. The Seller has not
and will not sell or otherwise transfer any of the Certificates, except in
compliance with the provisions of the Pooling and Servicing Agreement.
Very truly yours,
(Seller)
By:
Name:
Title:
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 December 1, 1996 among
Residential Funding Corporation as Master Servicer, Residential Accredit Loans,
Inc. as depositor pursuant to Section 5.02 of the Agreement and The First
National Bank of Chicago, as trustee, as follows:
<PAGE>
a. The Buyer understands that the Rule 144A Securities
have not been registered under the 1933 Act or the securities laws of
any state.
b. The Buyer considers itself a substantial,
sophisticated institutional investor having such knowledge and
experience in financial and business matters that it is capable of
evaluating the merits and risks of investment in the Rule 144A
Securities.
c. The Buyer has been furnished with all information
regarding the Rule 144A Securities that it has requested from the
Seller, the Trustee or the Servicer.
d. Neither the Buyer nor anyone acting on its behalf
has offered, transferred, pledged, sold or otherwise disposed of the
Rule 144A Securities, any interest in 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
2
<PAGE>
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 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:
3
<PAGE>
4
<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.
----------------------------------
5
<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
6
<PAGE>
instrumentality of the State or its political subdivisions, for the
benefit of its employees, or (b) employee benefit plans within the
meaning of Title I of the Employee Retirement Income Security Act
of 1974, but is not a trust fund that includes as participants
individual retirement accounts or H.R. 10 plans.
3. The term "securities" as used herein does not include (i)
securities of issuers that are affiliated with the Buyer, (ii) securities that
are part of an unsold allotment to or subscription by the Buyer, if the Buyer is
a dealer, (iii) bank deposit notes and certificates of deposit, (iv) loan
participations, (v) repurchase agreements, (vi) securities owned but subject to
a repurchase agreement and (vii) currency, interest rate and commodity swaps.
4. For purposes of determining the aggregate amount of securities
owned and/or invested on a discretionary basis by the Buyer, the Buyer used the
cost of such securities to the Buyer and did not include any of the securities
referred to in the preceding paragraph. Further, in determining such aggregate
amount, the Buyer may have included securities owned by subsidiaries of the
Buyer, but only if such subsidiaries are consolidated with the Buyer in its
financial statements prepared in accordance with generally accepted accounting
principles and if the investments of such subsidiaries are managed under the
Buyer's direction. However, such securities were not included if the Buyer is a
majority-owned, consolidated subsidiary of another enterprise and the Buyer is
not itself a reporting company under the Securities Exchange Act of 1934.
5. The Buyer acknowledges that it is familiar with Rule 144A and
understands that the seller to it and other parties related to the Certificates
are relying and will continue to rely on the statements made herein because one
or more sales to the Buyer may be in reliance on Rule 144A.
___ ___ 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
7
<PAGE>
of Rule 144A. In addition, the Buyer agrees that the Buyer will not purchase
securities for a third party unless the Buyer has obtained a current
representation letter from such third party or taken other appropriate steps
contemplated by Rule 144A to conclude that such third party independently meets
the definition of "qualified institutional buyer" set forth in Rule 144A.
7. The Buyer will notify each of the parties to which this
certification is made of any changes in the information and conclusions herein.
Until such notice is given, the Buyer's purchase of Rule 144A Securities will
constitute a reaffirmation of this certification as of the date of such
purchase.
Print Name of Buyer
By:
Name:
Title:
Date:
8
<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
9
<PAGE>
series thereof) that have the same investment adviser or investment advisers
that are affiliated (by virtue of being majority owned subsidiaries of the same
parent or because one investment adviser is a majority owned subsidiary of the
other).
4. The term "securities" as used herein does not include (i)
securities of issuers that are affiliated with the Buyer or are part of the
Buyer's Family of Investment Companies, (ii) bank deposit notes and certificates
of deposit, (iii) loan participations, (iv) repurchase agreements, (v)
securities owned but subject to a repurchase agreement and (vi) currency,
interest rate and commodity swaps.
5. The Buyer is familiar with Rule 144A and understands that
each of the parties to which this certification is made are relying and will
continue to rely on the statements made herein because one or more sales to the
Buyer will be in reliance on Rule 144A. In addition, the Buyer will only
purchase for the Buyer's own account.
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:
10
<PAGE>
11
<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
<PAGE>
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.
(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.
2
<PAGE>
(f) The Company shall have the option, in its sole discretion,
to substitute for either or both of the Limited Guaranty or the Subordinate
Certificate Loss Obligation another instrument in the form of a corporate
guaranty, an irrevocable letter of credit, a surety bond, insurance policy or
similar instrument or a reserve fund; provided that (i) the Company obtains
(subject to the provisions of Section 10.01(f) as if the Company was substituted
for the Master Servicer solely for the purposes of such provision) an Opinion of
Counsel (which need not be an opinion of Independent counsel) to the effect that
obtaining such substitute corporate guaranty, irrevocable letter of credit,
surety bond, insurance policy or similar instrument or reserve fund will not
cause either (a) any federal tax to be imposed on the Trust Fund, including
without limitation, any federal tax imposed on "prohibited transactions" under
Section 860(F)(a)(1) of the Code or on "contributions after the startup date"
under Section 860(G)(d)(1) of the Code or (b) either REMIC I or REMIC II to fail
to qualify as a REMIC at any time that any Certificate is outstanding, and (ii)
no such substitution shall 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
3
<PAGE>
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 such rating
agency, unless (A) the Holder of 100% of the Class B Certificates is Residential
Funding or an Affiliate of Residential Funding, or (B) such amendment,
reduction, deletion or cancellation is made in accordance with Section 11.01(e)
and, provided further that the Company obtains (subject to the provisions of
Section 10.01(f) as if the Company was substituted for the Master Servicer
solely for the purposes of such provision), in the case of a material amendment
or supersession (but not a reduction, cancellation or deletion of the Limited
Guaranty or the Subordinate Certificate Loss Obligation), an Opinion of Counsel
(which need not be an opinion of Independent counsel) to the effect that any
such amendment or supersession will not cause either (a) any federal tax to be
imposed on the Trust Fund, including without limitation, any federal tax imposed
on "prohibited transactions" under Section 860F(a)(1) of the Code or on
"contributions after the startup date" under Section 860G(d)(1) of the Code or
(b) either REMIC I or REMIC II to fail to qualify as a REMIC at any time that
any Certificate is
4
<PAGE>
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.
5
<PAGE>
EXHIBIT N
[FORM OF LIMITED GUARANTY]
LIMITED GUARANTY
RESIDENTIAL ACCREDIT LOANS, INC.
Mortgage Asset-Backed Pass-Through Certificates
Series 1996-QS8
, 199__
The First National Bank of Chicago
One North State Street
Chicago, Illinois 60602
Attention: Residential Funding Corporation Series 1996-QS8
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 December 1, 1996 (the "Servicing Agreement"),
among Residential Accredit Loans, Inc. (the "Company"), Residential Funding and
The First National Bank of Chicago (the "Trustee") as amended by Amendment No.
___ thereto, dated as of ________, with respect to the Mortgage Asset-Backed
Pass-Through Certificates, Series 1996-QS8 (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;
<PAGE>
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 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
2
<PAGE>
this Limited Guaranty shall continue and remain in effect so long as the
Servicing Agreement is not modified or amended in any way that might affect the
obligations of GMAC under this Limited Guaranty without the prior written
consent of GMAC.
4. Successor. Except as otherwise expressly provided
herein, the guarantee herein set forth shall be binding upon GMAC
and its respective successors.
5. Governing Law. This Limited Guaranty shall be
governed by the laws of the State of New York.
6. Authorization and Reliance. GMAC understands that
a copy of this Limited Guaranty shall be delivered to the Trustee
in connection with the execution of Amendment No. 1 to the
Servicing Agreement and GMAC hereby authorizes the Company and
the Trustee to rely on the covenants and agreements set forth
herein.
7. Definitions. Capitalized terms used but not
otherwise defined herein shall have the meaning given them in the
Servicing Agreement.
8. Counterparts. This Limited Guaranty may be
executed in any number of counterparts, each of which shall be
deemed to be an original and such counterparts shall constitute
but one and the same instrument.
IN WITNESS WHEREOF, GMAC has caused this Limited Guaranty to
be executed and delivered by its respective officers thereunto duly authorized
as of the day and year first above written.
GENERAL MOTORS ACCEPTANCE
CORPORATION
By:
Name:
Title:
Acknowledged by:
THE FIRST NATIONAL BANK OF CHICAGO,
as Trustee
3
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By:
Name:
Title:
RESIDENTIAL ACCREDIT LOANS, INC.
By:
Name:
Title:
4
<PAGE>
EXHIBIT O
FORM OF LENDER CERTIFICATION FOR ASSIGNMENT OF MORTGAGE LOAN
__________________, 19____
Residential Accredit Loans, Inc.
8400 Normandale Lake Boulevard
Suite 600
Minneapolis, Minnesota 55437
The First National Bank of Chicago
One North State Street
Chicago, Illinois 60602
Attention: Residential Funding Corporation Series 1996-QS8
Re: Mortgage Asset-Backed Pass-Through Certificates,
Series 1996-QS8 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 December 1, 1996 among Residential Accredit Loans, Inc., as seller
(the "Company"), Residential Funding Corporation, as master servicer, and the
Trustee. All terms used herein and not otherwise defined shall have the meanings
set forth in the Pooling and Servicing Agreement. The Lender hereby certifies,
represents and warrants to, and covenants with, the Master Servicer and the
Trustee that:
(i) the Mortgage Loan is secured by Mortgaged Property located in a
jurisdiction in which an assignment in lieu of satisfaction is required to
preserve lien priority, minimize or avoid mortgage recording taxes or otherwise
comply with, or facilitate a refinancing under, the laws of such jurisdiction;
(ii) the substance of the assignment is, and is intended to be, a
refinancing of such Mortgage Loan and the form of the transaction is solely to
comply with, or facilitate the transaction under, such local laws;
<PAGE>
(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.
Very truly yours,
(Lender)
By:
Name:
Title:
2
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EXHIBIT P
SCHEDULE OF DISCOUNT FRACTIONS
Schedule of Discount Fractions
PRINCIPAL NET MORTGAGE DISCOUNT PO
LOAN # BALANCE RATE FRACTION BALANCE
1508030 100,305.80 6.670 13.9354838710% 13,978.10
1507641 92,629.91 7.045 9.0967741935% 8,426.33
1507623 122,152.64 7.170 7.4838709677% 9,141.75
1529026 123,197.76 7.220 6.8387096774% 8,425.14
1541482 65,000.00 7.295 5.8709677419% 3,816.13
1507455 117,743.33 7.420 4.2580645161% 5,013.59
1507574 112,658.25 7.420 4.2580645161% 4,797.06
1507580 61,583.42 7.420 4.2580645161% 2,622.26
1507632 160,778.99 7.420 4.2580645161% 6,846.07
1507672 89,929.81 7.420 4.2580645161% 3,829.27
1507392 137,983.69 7.545 2.6451612903% 3,649.89
1507534 134,600.75 7.545 2.6451612903% 3,560.41
1507542 159,984.97 7.545 2.6451612903% 4,231.86
1507543 105,710.31 7.545 2.6451612903% 2,796.21
1507568 118,126.17 7.545 2.6451612903% 3,124.63
1507630 89,372.88 7.545 2.6451612903% 2,364.06
1507865 55,187.51 7.545 2.6451612903% 1,459.80
1508050 176,630.25 7.545 2.6451612903% 4,672.16
1544385 165,000.00 7.545 2.6451612903% 4,364.52
1544386 52,000.00 7.545 2.6451612903% 1,375.48
1444230 149,756.53 7.595 2.0000000000% 2,995.13
1544298 164,500.00 7.595 2.0000000000% 3,290.00
1507549 261,753.81 7.660 1.1612903226% 3,039.72
1507594 55,178.15 7.660 1.1612903226% 640.78
1507391 156,048.43 7.670 1.0322580645% 1,610.82
1507969 117,861.13 7.670 1.0322580645% 1,216.63
1537043 184,376.20 7.670 1.0322580645% 1,903.24
1483309 243,281.61 7.720 0.3870967742% 941.74
1536286 72,301.45 7.720 0.3870967742% 279.88
1537712 59,900.00 7.720 0.3870967742% 231.87
1539663 23,584.16 7.720 0.3870967742% 91.29
1541231 33,900.00 7.720 0.3870967742% 131.23
1542527 60,200.00 7.720 0.3870967742% 233.03
1544321 187,200.00 7.720 0.3870967742% 724.65
$4,010,417.91 2.8880956108% $115,824.70
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