RESIDENTIAL ACCREDIT LOANS INC
8-K, 1997-06-12
ASSET-BACKED SECURITIES
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                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549



                                    FORM 8-K

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


          Date of Report (Date of earliest event reported) May 1, 1997

RESIDENTIAL  ACCREDIT  LOANS,  INC.  (as company  under a Pooling and  Servicing
Agreement  dated as of May 1, 1997  providing  for,  inter alia, the issuance of
Mortgage Asset- Backed Pass-Through Certificates, Series 1997-QS4)



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

      DELAWARE                       333-8733                51-0368240
State or other jurisdiction       (Commission)             (I.R.S. employer
  of incorporation)               file number)             identification no.)
 


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


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



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



                         Exhibit Index located on Page 2


<PAGE>



Items 1 through 6 and Item 8 are not included because they are not applicable.


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

                  (a)      Not applicable

                  (b)      Not applicable

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


                                                                   Sequentially
Exhibit                                                                Numbered
Number                                                             Exhibit Page
                                                                            4
 
10.1          Pooling and Servicing Agreement, dated as of May 1, 1997    
              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:  May 30, 1997



<PAGE>




                                                                   Exhibit 10.1


                  Pooling and Servicing Agreement, dated as of May 1, 1997 among
                  Residential  Accredit  Loans,  Inc.,  as company,  Residential
                  Funding  Corporation,   as  master  servicer,  and  The  First
                  National Bank of Chicago, as trustee.




<PAGE>




                                                2

<PAGE>




                                                                 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 May 1, 1997



                 Mortgage Asset-Backed Pass-Through Certificates

                                 Series 1997-QS4



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

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





NY1-208760.2

<PAGE>



                                TABLE OF CONTENTS
                                                                            Page

                                    ARTICLE I

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


NY1-208760.2
                                        i

<PAGE>


                                                                            Page

Class M-1 Percentage .................................................     11
Class M-2 Percentage .................................................     11
Class M-2 Prepayment Distribution Trigger ............................     11
Class M-3 Percentage .................................................     11
Class M-3 Prepayment Distribution Trigger ............................     11
Class R Certificate ..................................................     12
Closing Date .........................................................     12
Code .................................................................     12
Compensating Interest ................................................     12
Cooperative ..........................................................     12
Cooperative Apartment ................................................     12
Cooperative Lease ....................................................     12
Cooperative Loans ....................................................     12
Cooperative Stock ....................................................     13
Cooperative Stock Certificate ........................................     13
Corporate Trust Office ...............................................     13
Credit Support Depletion Date ........................................     13
Curtailment ..........................................................     13
Custodial Account ....................................................     13
Custodial Agreement ..................................................     13
Custodian ............................................................     13
Cut-off Date .........................................................     13
Cut-off Date Principal Balance .......................................     13
Debt Service Reduction ...............................................     14
Defaulted Mortgage Loss ..............................................     14
Deficient Valuation ..................................................     14
Definitive Certificate ...............................................     14
Deleted Mortgage Loan ................................................     14
Depository ...........................................................     14
Depository Participant ...............................................     14
Destroyed Mortgage Note ..............................................     14
Determination Date ...................................................     15
Discount Fraction ....................................................     15
Discount Mortgage Loan ...............................................     15
Disqualified Organization ............................................     15
Distribution Date ....................................................     15
Due Date .............................................................     16
Due Period ...........................................................     16
Eligible Account .....................................................     16
Eligible Funds .......................................................     16
Event of Default .....................................................     17
Excess Bankruptcy Loss ...............................................     17
Excess Fraud Loss ....................................................     17
Excess Special Hazard Loss ...........................................     17
Excess Subordinate Principal Amount ..................................     17
Extraordinary Events .................................................     17
Extraordinary Losses .................................................     18
FASIT ................................................................     18
FDIC .................................................................     18
FHLMC ................................................................     18
Final Distribution Date ..............................................     18
Fitch ................................................................     18


NY1-208760.2
                                                    ii

<PAGE>


                                                                          Page

FNMA .................................................................     18
Foreclosure Profits ..................................................     18
Fraud Loss Amount ....................................................     19
Fraud Losses .........................................................     19
Independent ..........................................................     19
Initial Certificate Principal Balance ................................     20
Initial Class A-9 Notional Amount ....................................     20
Initial Monthly Payment Fund .........................................     20
Insurance Proceeds ...................................................     20
Insurer ..............................................................     20
Interest Accrual Period ..............................................     20
International Borrower ...............................................     20
Late Collections .....................................................     20
Liquidation Proceeds .................................................     20
Loan-to-Value Ratio ..................................................     21
Lockout Distribution Percentage ......................................     21
Maturity Date ........................................................     21
Monthly Payment ......................................................     21
Mortgage .............................................................     21
Mortgage File ........................................................     22
Mortgage Loan Schedule ...............................................     22
Mortgage Loans .......................................................     23
Mortgage Note ........................................................     23
Mortgage Rate ........................................................     23
Mortgaged Property ...................................................     23
Mortgagor ............................................................     23
Net Mortgage Rate ....................................................     23
Non-Discount Mortgage Loan: ..........................................     23
Non-Primary Residence Loans ..........................................     23
Non-United States Person .............................................     23
Nonrecoverable Advance ...............................................     24
Nonsubserviced Mortgage Loan .........................................     24
Officers' Certificate ................................................     24
Opinion of Counsel ...................................................     24
Outstanding Mortgage Loan ............................................     24
Ownership Interest ...................................................     24
Parent PowerSM Loan ..................................................     24
Paying Agent .........................................................     25
Percentage Interest ..................................................     25
Permitted Investments ................................................     25
Permitted Transferee .................................................     27
Person ...............................................................     27
Pool Stated Principal Balance ........................................     27
Prepayment Assumption ................................................     27
Prepayment Distribution Percentage ...................................     28
Prepayment Distribution Trigger ......................................     29
Prepayment Interest Shortfall ........................................     29
Prepayment Period ....................................................     29
Primary Insurance Policy .............................................     30
Principal Prepayment .................................................     30


NY1-208760.2
                                       iii

<PAGE>


                                                                         Page

Principal Prepayment in Full .........................................     30
Program Guide ........................................................     30
Purchase Price .......................................................     30
Qualified Substitute Mortgage Loan ...................................     30
Rating Agency ........................................................     31
Realized Loss ........................................................     31
Record Date ..........................................................     32
Regular Certificate ..................................................     32
REMIC ................................................................     32
REMIC Administrator ..................................................     32
REMIC Provisions .....................................................     32
REO Acquisition ......................................................     32
REO Disposition ......................................................     32
REO Imputed Interest .................................................     33
REO Proceeds .........................................................     33
REO Property .........................................................     33
Request for Release ..................................................     33
Required Insurance Policy ............................................     33
Required Surety Payment ..............................................     33
Residential Funding ..................................................     33
Responsible Officer ..................................................     33
Schedule of Discount Fractions: ......................................     34
Security Agreement ...................................................     34
Seller ...............................................................     34
Senior Accelerated Distribution Percentage ...........................     34
Seller's Agreement ...................................................     35
Senior Percentage ....................................................     35
Senior Principal Distribution Amount .................................     35
Servicing Accounts ...................................................     35
Servicing Advances ...................................................     35
Servicing Fee ........................................................     36
Servicing Officer ....................................................     36
Special Hazard Amount ................................................     36
Special Hazard Loss ..................................................     37
Standard & Poor's ....................................................     37
Stated Principal Balance .............................................     37
Subclass Notional Amount .............................................     38
Subordinate Percentage ...............................................     38
Subordinate Principal Distribution Amount ............................     38
Subserviced Mortgage Loan ............................................     38
Subservicer ..........................................................     39
Subservicer Advance ..................................................     39
Subservicing Account .................................................     39
Subservicing Agreement ...............................................     39
Subservicing Fee .....................................................     39
Surety ...............................................................     39
Surety Bond ..........................................................     39
Tax Returns ..........................................................     39
Transfer .............................................................     40
Transferee ...........................................................     40
Transferor ...........................................................     40
Trust Fund ...........................................................     40


NY1-208760.2
                                       iv

<PAGE>


                                                                          Page

Uncertificated REMIC Regular Interests ...............................     40
Uniform Single Attestation Program for
Mortgage Bankers: ....................................................     40
Uninsured Cause ......................................................     41
United States Person .................................................     41
Voting Rights ........................................................     41

                                   ARTICLE II

                          CONVEYANCE OF MORTGAGE LOANS;
                        ORIGINAL ISSUANCE OF CERTIFICATES

Section 2.01    Conveyance of Mortgage Loans .........................    42
Section 2.02    Acceptance by Trustee ................................    47
Section 2.03    Representations, Warranties and
                           Covenants of the Master Servicer and the
                           Company.....................................   49
Section 2.04    Representations and Warranties
                           of Sellers..................................   54
Section 2.05    Execution and Authentication of
                           Certificates................................   56

                                   ARTICLE III

                          ADMINISTRATION AND SERVICING
                                OF MORTGAGE LOANS

Section 3.01    Master Servicer to Act as Servicer ...................    57
Section 3.02    Subservicing Agreements Between Master
                           Servicer and Subservicers; Enforcement
                           of Subservicers' and Sellers'
                           Obligations.................................   58
Section 3.03    Successor Subservicers ...............................    59
Section 3.04    Liability of the Master Servicer .....................    60
Section 3.05    No Contractual Relationship Between
                           Subservicer and Trustee or
                           Certificateholders..........................   60
Section 3.06    Assumption or Termination of
                           Subservicing Agreements by Trustee..........   61
Section 3.07    Collection of Certain Mortgage Loan
                           Payments; Deposits to
                           Custodial Account...........................   61
Section 3.08    Subservicing Accounts; Servicing
                           Accounts....................................   64
Section 3.09    Access to Certain Documentation and
                           Information Regarding the Mortgage
                           Loans ......................................   66
Section 3.10    Permitted Withdrawals from the
                           Custodial Account...........................   66
Section 3.11    Maintenance of the Primary Insurance
                           Policies; Collections Thereunder.............  68


NY1-208760.2
                                        v

<PAGE>


                                                                         Page

Section 3.12    Maintenance of Fire Insurance and
                           Omissions and Fidelity Coverage...........     69
Section 3.13    Enforcement of Due-on-Sale Clauses;
                           Assumption and Modification Agreements;
                           Certain Assignments.......................     71
Section 3.14    Realization Upon Defaulted Mortgage
                           Loans.....................................     74
Section 3.15    Trustee to Cooperate;
                           Release of Mortgage Files.................     77
Section 3.16    Servicing and Other Compensation;
                           Compensating Interest ....................     79
Section 3.17    Reports to the Trustee and the Company ...............    80
Section 3.18    Annual Statement as to Compliance ....................    80
Section 3.19    Annual Independent Public Accountants'
                           Servicing Report...........................    81
Section 3.20    Rights of the Company in Respect
                           of the Master Servicer ....................    81

Section 3.21    Administration of Buydown Funds ......................    82


                                   ARTICLE IV

                         PAYMENTS TO CERTIFICATEHOLDERS

Section 4.01    Certificate Account ..................................    83
Section 4.02    Distributions ........................................    83
Section 4.03    Statements to Certificateholders .....................    93
Section 4.04    Distribution of Reports to the
                           Trustee and the Company; Advances
                           by the Master Servicer ....................    96
Section 4.05    Allocation of Realized Losses ........................    98
Section 4.06    Reports of Foreclosures and Abandonment
                           of Mortgaged Property......................    99
Section 4.07    Optional Purchase of Defaulted Mortgage
                           Loans......................................   100
Section 4.08    Surety Bond ..........................................   100


                                    ARTICLE V

                                THE CERTIFICATES

Section 5.01    The Certificates .....................................    102
Section 5.02    Registration of Transfer and Exchange of
                           Certificates                                   105
Section 5.03    Mutilated, Destroyed, Lost or Stolen
                           Certificates                                   110
Section 5.04    Persons Deemed Owners ................................    111
Section 5.05    Appointment of Paying Agent ..........................    111
Section 5.06    Optional Purchase of Certificates ....................    112
                                    
                                   ARTICLE VI

                       THE COMPANY AND THE MASTER SERVICER


NY1-208760.2
                                       vi

<PAGE>


                                                                         Page


Section 6.01    Respective Liabilities of the Company
                         and the Master Servicer......................    114
Section 6.02    Merger or Consolidation of the
                         Company or the Master Servicer;
                         Assignment of Rights and Delegation
                         of Duties by Master Servicer.................    114
Section 6.03    Limitation on Liability of the Company,
                         the Master Servicer and Others...............    115
Section 6.04    Comapany and Master Servicer Not to Resign ...........    116

                                   ARTICLE VII

                                     DEFAULT

Section 7.01    Events of Default ....................................    117
Section 7.02    Trustee or Company to Act; Appointment
                         of Successor................................     119
Section 7.03    Notification to Certificateholders ...................    120
Section 7.04    Waiver of Events of Default ..........................    120
                                  

                                  ARTICLE VIII

                             CONCERNING THE TRUSTEE

Section 8.01    Duties of Trustee ....................................    122
Section 8.02    Certain Matters Affecting the Trustee ................    124
Section 8.03    Trustee Not Liable for Certificates or
                           Mortgage Loans............................     126
Section 8.04    Trustee May Own Certificates .........................    126  
                          and Expenses; Indemnification .............     126
Section 8.06    Eligibility Requirements for Trustee .................    127  
Section 8.07    Resignation and Removal of the Trustee ...............    128  
Section 8.08    Successor Trustee ....................................    129  
Section 8.09    Merger or Consolidation of Trustee ...................    129  
                           Trustee...................................     130
Section 8.11    Appointment of Custodians ............................    131  
Section 8.12    Appointment of Office or Agency ......................    131
                                                                          

                                   ARTICLE IX

                                   TERMINATION

Section 9.01    Termination Upon Purchase by the Master
                           Servicer or the Company or
                           Liquidation of All Mortgage Loans.........     132
Section 9.02    Additional Termination Requirements ..................    135
                                    
                                   
                                   ARTICLE X



NY1-208760.2
                                       vii

<PAGE>

                                                                           Page

                                REMIC PROVISIONS

Section 10.01   REMIC Administration .................................    136

Section 10.02   Master Servicer, REMIC Administrator and
                           Trustee Indemnification                        140

                                   ARTICLE XI

                            MISCELLANEOUS PROVISIONS

Section 11.01   Amendment ............................................    142
Section 11.02   Recordation of Agreement; Counterparts ...............    145
Section 11.03   Limitation on Rights
                           of Certificateholders......................    145
Section 11.04   Governing Law ........................................    146
Section 11.05   Notices ..............................................    146
Section 11.06   Notices to Rating Agency .............................    147
Section 11.07   Severability of Provisions ...........................    148
Section 11.08   Supplemental Provisions
                for Resecuritization..................................    148



NY1-208760.2
                                      viii

<PAGE>




                                    EXHIBITS

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


NY1-208760.2
                                       ix

<PAGE>




         This is a Pooling  and  Servicing  Agreement,  dated as of May 1, 1997,
among  RESIDENTIAL  ACCREDIT  LOANS,  INC.,  as the company  (together  with its
permitted   successors  and  assigns,   the  "Company"),   RESIDENTIAL   FUNDING
CORPORATION,  as master  servicer  (together  with its permitted  successors and
assigns,  the "Master  Servicer"),  and THE FIRST  NATIONAL BANK OF CHICAGO,  as
Trustee (together with its permitted successors and assigns, the "Trustee").

                                              PRELIMINARY STATEMENT:

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



NY1-208760.2

<PAGE>



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


                                        Aggregate Initial
                                           Certificate
<CAPTION>

              Pass-Through            Principal                                    Maturity     Standard  
Designation     Rate                    Balance              Features                Date       & Poor's  Fitch
- ----------     ------                  ---------             --------               ------      --------  -----

<S>     <C>       <C>            <C>                                                 <C> <C>                  
Class A-1         7.25%          $   43,231,010.00              Senior           May 25, 2027     AAA      AAA
Class A-2         7.25%          $   35,775,000.00              Senior           May 25, 2027     AAA      AAA
Class A-3         7.25%          $   22,398,546.00              Senior           May 25, 2027     AAA      AAA
Class A-4         10.00%         $   24,498,244.00              Senior           May 25, 2027     AAA      AAA
Class A-5         7.50%          $   17,675,100.00              Senior           May 25, 2027     AAA      AAA
Class A-6         7.75%          $    7,150,100.00              Senior           May 25, 2027     AAA      AAA
Class A-7         7.75%          $   52,000,000.00          Lockout/Senior       May 25, 2027     AAA      AAA
Class A-8         0.00%          $      155,284.33       Principal Only/Senior   May 25, 2027     AAAr     AAA
Class A-9     Variable Rate      $               0       Interest Only/Senior    May 25, 2027     AAAr     AAA
Class R           7.75%          $          100.00          Residual/Senior      May 25, 2027     AAA      AAA
Class M-1         7.75%          $    7,186,600.00             Mezzanine         May 25, 2027     N/A       AA
Class M-2         7.75%          $    4,975,300.00             Mezzanine         May 25, 2027     N/A       A
Class M-3         7.75%          $    3,316,900.00             Mezzanine         May 25, 2027     N/A      BBB
Class B-1         7.75%          $    1,216,200.00            Subordinate        May 25, 2027     N/A       BB
Class B-2         7.75%          $      552,900.00            Subordinate        May 25, 2027     N/A       B
Class B-3         7.75%          $      995,114.30            Subordinate        May 25, 2027     N/A      N/A

</TABLE>

         The Mortgage  Loans have an aggregate  Cut-off Date  Principal  Balance
equal to $221,126,398.63.  The Mortgage Loans are fixed-rate first lien mortgage
loans having terms to maturity at origination or  modification  of not more than
30 years.

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


                                    ARTICLE I

                                   DEFINITIONS

         Section 1.01.              Definitions.

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

         Accrued Certificate  Interest:  With respect to each Distribution Date,
as to any Class A Certificate  (other than the Class A-8  Certificates and Class
A-9 Certificates), any Class M Certificate, any Class B Certificate or any Class
R Certificate,  interest  accrued during the related  Interest Accrual Period at
the related  Pass-Through  Rate on the  Certificate  Principal  Balance  thereof
immediately prior to such Distribution Date.


NY1-208760.2
                                                         2

<PAGE>



With respect to each Distribution  Date, as to the Class A-9 Certificates in the
aggregate,  interest  accrued during the related  Interest Accrual Period at the
related Pass-Through Rate on the Class A-9 Notional Amount. With respect to each
Distribution  Date,  as to any  Subclass  of Class  A-9  Certificates,  interest
accrued during the related Interest  Accrual Period at the related  Pass-Through
Rate on the Subclass  Notional  Amount.  Accrued  Certificate  Interest  will be
calculated on the basis of a 360-day year,  consisting of twelve 30-day  months.
In each case Accrued  Certificate  Interest on any Class of Certificates will be
reduced by the amount of (i) Prepayment  Interest  Shortfalls (to the extent not
offset  by the  Master  Servicer  with a payment  of  Compensating  Interest  as
provided  in Section  4.01),  (ii) the  interest  portion  (adjusted  to the Net
Mortgage  Rate) of Realized  Losses  (including  Excess  Special  Hazard Losses,
Excess Fraud Losses,  Excess  Bankruptcy  Losses and  Extraordinary  Losses) not
allocated  solely to one or more specific  Classes of  Certificates  pursuant to
Section  4.05,  (iii) the  interest  portion of  Advances  previously  made with
respect to a Mortgage Loan or REO Property which remained unreimbursed following
the Cash  Liquidation  or REO  Disposition of such Mortgage Loan or REO Property
that were made with respect to delinquencies that were ultimately  determined to
be Excess Special Hazard Losses,  Excess Fraud Losses,  Excess Bankruptcy Losses
or  Extraordinary  Losses and (iv) any other interest  shortfalls not covered by
the subordination provided by the Class M Certificates and Class B Certificates,
including  interest that is not collectible  from the Mortgagor  pursuant to the
Soldiers'  and  Sailors'  Civil  Relief  Act of 1940,  as  amended,  or  similar
legislation  or  regulations  as in  effect  from  time to  time,  with all such
reductions  allocated  among  all of the  Certificates  in  proportion  to their
respective amounts of Accrued Certificate  Interest payable on such Distribution
Date which  would have  resulted  absent  such  reductions.  Any  portion of the
reductions described in the immediately preceding sentence that are allocated to
the Class A-9 Certificates shall be allocated among the Subclasses  thereof,  if
any, in proportion to their respective amounts of Accrued  Certificate  Interest
payable  on such  Distribution  Date  which  would  have  resulted  absent  such
reductions.  In  addition to that  portion of the  reductions  described  in the
second  preceding   sentence  that  are  allocated  to  any  Class  of  Class  B
Certificates or any Class of Class M Certificates,  Accrued Certificate Interest
on such Class of Class B Certificates or such Class of Class M Certificates will
be  reduced by the  interest  portion  (adjusted  to the Net  Mortgage  Rate) of
Realized Losses that are allocated  solely to such Class of Class B Certificates
or such Class of Class M Certificates pursuant to Section 4.05.

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



NY1-208760.2
                                        3

<PAGE>



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

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

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

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

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

         Agreement:  This Pooling and Servicing Agreement and all
amendments hereof and supplements hereto.

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

         Appraised Value:  As to any Mortgaged Property, the lesser
of (i) the appraised value of such Mortgaged Property based upon
the appraisal made at the time of the origination of the related
Mortgage Loan, and (ii) the sales price of the Mortgaged Property


NY1-208760.2
                                        4

<PAGE>



at such time of origination, except in the case of a Mortgaged Property securing
a refinanced  or modified  Mortgage  Loan as to which it is either the appraised
value  determined above or the appraised value determined in an appraisal at the
time of refinancing or modification, as the case may be.

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

         Assignment Agreement:  The Assignment and Assumption
Agreement,  dated May 30,  1997,  between  Residential  Funding  and the Company
relating to the transfer and assignment of the Mortgage Loans.

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

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

         Bankruptcy Amount: As of any date of determination,  an amount equal to
the excess,  if any, of (A) $146,943 over (B) the aggregate amount of Bankruptcy
Losses  allocated  solely to one or more  specific  Classes of  Certificates  in
accordance with Section


NY1-208760.2
                                        5

<PAGE>



4.05. As of any date of determination  on or after the first  anniversary of the
Cut-off  Date,  an amount equal to the excess,  if any, of (1) the lesser of (a)
the Bankruptcy Amount calculated as of the close of business on the Business Day
immediately preceding the most recent anniversary of the Cut-off Date coinciding
with or preceding such date of determination  (or, if such date of determination
is an anniversary of the Cut-off Date,  the Business Day  immediately  preceding
such date of  determination)  (for  purposes of this  definition,  the "Relevant
Anniversary") and (b) the greater of

                    (A) the greater of (i) 0.0006 times the aggregate  principal
         balance  of all  the  Mortgage  Loans  in the  Mortgage  Pool as of the
         Relevant  Anniversary having a Loan-to-Value Ratio at origination which
         exceeds 75% and (ii)  $100,000;  and (B) the greater of (i) the product
         of (x) an amount equal to the largest difference in the related Monthly
         Payment for any  Non-Primary  Residence  Loan remaining in the Mortgage
         Pool which had an original  Loan-to-Value  Ratio of 80% or greater that
         would result if the Net Mortgage Rate thereof was equal to the weighted
         average (based on the principal balance of the Mortgage Loans as of the
         Relevant  Anniversary)  of the Net Mortgage Rates of all Mortgage Loans
         as of the Relevant Anniversary less 1.25% per annum, (y) a number equal
         to the weighted average  remaining term to maturity,  in months, of all
         Non-Primary  Residence  Loans  remaining in the Mortgage Pool as of the
         Relevant  Anniversary,  and (z) one plus the  quotient of the number of
         all Non-Primary  Residence Loans remaining in the Mortgage Pool divided
         by the total number of Outstanding  Mortgage Loans in the Mortgage Pool
         as of the Relevant Anniversary, and (ii) $50,000,

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


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

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

         Bankruptcy Loss:  With respect to any Mortgage Loan, a
Deficient Valuation or Debt Service Reduction; provided, however,


NY1-208760.2
                                        6

<PAGE>



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

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

         Business  Day:  Any day other than (i) a Saturday or a Sunday or (ii) a
day on which  banking  institutions  in the  State  of New  York,  the  State of
Michigan, the State of California or the State of Illinois (and such other state
or states in which the Custodial  Account or the Certificate  Account are at the
time located) are required or authorized by law or executive order to be closed.

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

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

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

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

         Certificate  Account:  The  separate  account or  accounts  created and
maintained pursuant to Section 4.01, which shall be entitled "The First National
Bank of Chicago,  as trustee, in trust for the registered holders of Residential
Accredit Loans, Inc., Mortgage Asset-Backed  Pass-Through  Certificates,  Series
1997-QS4" and which must be an Eligible Account.


NY1-208760.2
                                        7

<PAGE>




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

         Certificateholder  or Holder: The Person in whose name a Certificate is
registered  in the  Certificate  Register,  except that  neither a  Disqualified
Organization  nor a  Non-United  States  Person  shall be a holder  of a Class R
Certificate  for  purposes  hereof  and,  solely  for the  purpose of giving any
consent or direction pursuant to this Agreement,  any Certificate,  other than a
Class R Certificate,  registered in the name of the Company, the Master Servicer
or  any  Subservicer  or  any  Affiliate  thereof  shall  be  deemed  not  to be
outstanding and the Percentage Interest or Voting Rights evidenced thereby shall
not be taken  into  account  in  determining  whether  the  requisite  amount of
Percentage  Interests or Voting  Rights  necessary to effect any such consent or
direction   has  been   obtained.   All   references   herein  to  "Holders"  or
"Certificateholders"  shall reflect the rights of Certificate Owners as they may
indirectly exercise such rights through the Depository and participating members
thereof,  except as otherwise  specified  herein;  provided,  however,  that the
Trustee shall be required to recognize as a "Holder" or "Certificateholder" only
the  Person  in  whose  name a  Certificate  is  registered  in the  Certificate
Register.

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

         Certificate Principal Balance: With respect to each Class A Certificate
(other than any Class A-9 Certificate)  and Class R Certificate,  on any date of
determination,  an amount equal to (i) the Initial Certificate Principal Balance
of such Certificate as specified on the face thereof,  minus (ii) the sum of (x)
the  aggregate  of all  amounts  previously  distributed  with  respect  to such
Certificate  (or  any  predecessor   Certificate)  and  applied  to  reduce  the
Certificate  Principal  Balance thereof  pursuant to Section 4.02(a) and (y) the
aggregate of all  reductions in  Certificate  Principal  Balance  deemed to have
occurred in connection with Realized  Losses which were previously  allocated to
such Certificate (or any predecessor Certificate) pursuant to Section 4.05. With
respect to each Class M  Certificate,  on any date of  determination,  an amount
equal  to (i)  the  Initial  Certificate  Principal  Balance  of  such  Class  M
Certificate  as  specified  on the face  thereof,  minus (ii) the sum of (x) the
aggregate of all amounts previously distributed with respect to such Certificate
(or any predecessor Certificate) and applied to reduce the Certificate Principal
Balance  thereof  pursuant  to  Section  4.02(a)  and (y) the  aggregate  of all
reductions in Certificate Principal Balance deemed to have occurred in


NY1-208760.2
                                        8

<PAGE>



connection  with  Realized  Losses  which  were  previously  allocated  to  such
Certificate (or any predecessor Certificate) pursuant to Section 4.05; provided,
that if the Certificate Principal Balances of the Class B Certificates have been
reduced to zero, the Certificate  Principal  Balance of each Class M Certificate
of those Class M Certificates outstanding with the highest numerical designation
at any given  time  shall  thereafter  be  calculated  to equal  the  Percentage
Interest evidenced by such Certificate times the excess, if any, of (A) the then
aggregate  Stated  Principal  Balance  of the  Mortgage  Loans over (B) the then
aggregate  Certificate  Principal  Balance of all other Classes of  Certificates
then  outstanding.  With  respect  to each Class B  Certificate,  on any date of
determination,  an amount equal to (i) the Initial Certificate Principal Balance
of such Class B Certificate as specified on the face thereof, minus (ii) the sum
of (x) the aggregate of all amounts previously  distributed with respect to such
Certificate  (or  any  predecessor   Certificate)  and  applied  to  reduce  the
Certificate  Principal  Balance thereof  pursuant to Section 4.02(a) and (y) the
aggregate of all  reductions in  Certificate  Principal  Balance  deemed to have
occurred in connection with Realized  Losses which were previously  allocated to
such  Certificate  (or any  predecessor  Certificate)  pursuant to Section 4.05;
provided,  that the Certificate Principal Balance of each Class B Certificate of
those Class B Certificates outstanding with the highest numerical designation at
any given time shall be calculated to equal the Percentage Interest evidenced by
such  Certificate  times the excess,  if any, of (A) the then  aggregate  Stated
Principal Balance of the Mortgage Loans over (B) the then aggregate  Certificate
Principal  Balance of all other Classes of Certificates  then  outstanding.  The
Class A-9 Certificates will have no Certificate Principal Balance.

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

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

         Class A  Certificate:  Any one of the Class A-1,  Class A-2, Class A-3,
Class A-4, Class A-5, Class A-6, Class A-7, Class A-8 or Class A-9 Certificates,
executed  by  the  Trustee  and  authenticated  by  the  Certificate   Registrar
substantially  in the form  annexed  hereto as Exhibit A, each such  Certificate
(other than the Class A-9 Certificates)  evidencing an interest  designated as a
"regular interest" in the REMIC for purposes of the REMIC Provisions.  The Class
A-9 Certificates will represent the entire beneficial  ownership interest in the
Uncertificated REMIC Regular Interests. On and after the date of issuance of any
Subclass  of Class  A-9  Certificates  pursuant  to  Section  5.01(c),  any such
Subclass will represent the Uncertificated


NY1-208760.2
                                        9

<PAGE>



REMIC Regular Interest or Interests specified by the initial Holder of the Class
A-9 Certificates pursuant to said Section.


         Class A-8 Collection Shortfall: With respect to the Cash Liquidation or
REO  Disposition  of a Discount  Mortgage Loan and any  Distribution  Date,  the
excess of the  amount  described  in  Section  4.02(b)(i)(C)(1)  over the amount
described in Section 4.02(b)(i)(C)(2).

         Class A-8 Principal Distribution Amount:  As defined in
Section 4.02(b)(i).

         Class A-9 Certificates:  The Class A Certificates designated
as Class A-9 Certificates, including any Subclass thereof.

         Class A-9 Notional Amount: As of any Distribution Date, with respect to
the Class A-9  Certificates,  the  aggregate  Stated  Principal  Balance  of the
Mortgage Loans immediately prior to such Distribution Date.

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

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

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

         Class  B-1  Prepayment   Distribution  Trigger:  With  respect  to  any
Distribution Date, a test that shall be satisfied if the fraction  (expressed as
a  percentage)  equal to the sum of the  Certificate  Principal  Balances of the
Class B-1  Certificates,  Class  B-2  Certificates  and  Class B-3  Certificates
immediately  prior to such  Distribution  Date divided by the  aggregate  Stated
Principal  Balance of all of the  Mortgage  Loans (or  related  REO  Properties)
immediately prior to such Distribution Date is greater than or equal to 1.25%.

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


NY1-208760.2
                                       10

<PAGE>



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

         Class  B-2  Prepayment   Distribution  Trigger:  With  respect  to  any
Distribution Date, a test that shall be satisfied if the fraction  (expressed as
a  percentage)  equal to the sum of the  Certificate  Principal  Balances of the
Class B-2  Certificates  and Class B-3  Certificates  immediately  prior to such
Distribution  Date divided by the aggregate Stated  Principal  Balance of all of
the  Mortgage  Loans  (or  related  REO  Properties)  immediately  prior to such
Distribution Date is greater than or equal to 0.70%.

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

         Class  B-3  Prepayment   Distribution  Trigger:  With  respect  to  any
Distribution Date, a test that shall be satisfied if the fraction  (expressed as
a  percentage)  equal to the sum of the  Certificate  Principal  Balances of the
Class B-3 Certificates  immediately  prior to such  Distribution Date divided by
the aggregate Stated Principal  Balance of all of the Mortgage Loans (or related
REO Properties)  immediately  prior to such Distribution Date is greater than or
equal to 0.45%.

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

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

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



NY1-208760.2
                                       11

<PAGE>



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

         Class  M-2  Prepayment   Distribution  Trigger:  With  respect  to  any
Distribution Date, a test that shall be satisfied if the fraction  (expressed as
a  percentage)  equal to the sum of the  Certificate  Principal  Balances of the
Class M-2 Certificates,  Class M-3 Certificates,  Class B-1 Certificates,  Class
B-2  Certificates  and  Class  B-3  Certificates   immediately   prior  to  such
Distribution  Date divided by the aggregate Stated  Principal  Balance of all of
the  Mortgage  Loans  (or  related  REO  Properties)  immediately  prior to such
Distribution Date is greater than or equal to 5.00%.

         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 2.75%.

         Class R Certificate:  Any one of the Class R  Certificates  executed by
the Trustee and authenticated by the Certificate Registrar  substantially in the
form annexed  hereto as Exhibit D and  evidencing  an interest  designated  as a
"residual interest" in the REMIC for purposes of the REMIC Provisions.

         Closing Date:  May 30, 1997.

         Code:  The Internal Revenue Code of 1986.

         Compensating Interest:  With respect to any Distribution
Date, an amount equal to Prepayment Interest Shortfalls resulting
from Principal Prepayments in Full during the related Prepayment
Period, but not more than the lesser of (a) one-twelfth of 0.125%


NY1-208760.2
                                       12

<PAGE>



of the Stated Principal Balance of the Mortgage Loans immediately preceding such
Distribution  Date and (b) the sum of the Servicing  Fee, all income and gain on
amounts held in the Custodial Account and the Certificate Account and payable to
the  Certificateholders  with respect to such  Distribution  Date and  servicing
compensation  to which the Master  Servicer may be entitled  pursuant to Section
3.10(a)(v) and (vi); provided that for purposes of this definition the amount of
the Servicing Fee will not be reduced  pursuant to Section 7.02 except as may be
required pursuant to the last sentence of such Section.

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

         Cooperative  Apartment:  A dwelling unit in a  multi-dwelling  building
owned or leased by a  Cooperative,  which unit the  Mortgagor  has an  exclusive
right to  occupy  pursuant  to the  terms of a  proprietary  lease or  occupancy
agreement.

         Cooperative  Lease: With respect to a Cooperative Loan, the proprietary
lease or occupancy agreement with respect to the Cooperative  Apartment occupied
by the Mortgagor and relating to the related  Cooperative  Stock, which lease or
agreement  confers an exclusive right to the holder of such Cooperative Stock to
occupy such apartment.

         Cooperative  Loans:  Any of the  Mortgage  Loans  made in  respect of a
Cooperative  Apartment,  evidenced  by a  Mortgage  Note  and  secured  by (i) a
Security  Agreement,  (ii) the related  Cooperative Stock Certificate,  (iii) an
assignment of the Cooperative  Lease, (iv) financing  statements and (v) a stock
power (or other  similar  instrument),  and  ancillary  thereto,  a  recognition
agreement  between the Cooperative  and the originator of the Cooperative  Loan,
each of which was  transferred  and assigned to the Trustee  pursuant to Section
2.01 and are from time to time held as part of the Trust Fund.

         Cooperative Stock:  With respect to a Cooperative Loan, the
single outstanding class of stock, partnership interest or other
ownership instrument in the related Cooperative.

         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


NY1-208760.2
                                       13

<PAGE>



the date of the execution of this instrument is located at One
First National Plaza, Chicago, Illinois  60670, Attention:
Residential Funding Corporation Series 1997-QS4.

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

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

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

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

         Custodian:  A custodian appointed pursuant to a Custodial
Agreement.

         Cut-off Date: May 1, 1997.

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

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

         Defaulted  Mortgage Loss: With respect to any Mortgage Loan, a Realized
Loss that is  attributable  to the  Mortgagor's  failure to make any  payment of
principal or interest as required under the Mortgage Note, not including Special
Hazard Losses,  Extraordinary Losses (or any other loss resulting from damage to
the related  Mortgaged  Property (or, with respect to a  Cooperative  Loan,  the
related Cooperative  Apartment)),  Bankruptcy Losses, Fraud Losses and any other
interest shortfalls not covered by the subordination  described in Section 4.05,
including  interest that is not collectible  from the Mortgagor  pursuant to the
Soldiers'  and  Sailors'  Civil  Relief  Act of 1940 or similar  legislation  or
regulations as in effect from time to time.


NY1-208760.2
                                       14

<PAGE>




         Deficient Valuation:  With respect to any Mortgage Loan, a valuation by
a court of competent  jurisdiction  of the Mortgaged  Property in an amount less
than the then outstanding indebtedness under the Mortgage Loan, or any reduction
in the amount of principal to be paid in connection  with any scheduled  Monthly
Payment that constitutes a permanent  forgiveness of principal,  which valuation
or reduction results from a proceeding under the Bankruptcy Code.

         Definitive Certificate:  Any definitive, fully registered
Certificate.

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

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

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

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

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

         Discount  Fraction:  With respect to each Discount  Mortgage  Loan, the
fraction  expressed as a  percentage,  the numerator of which is 7.75% minus the
Net Mortgage Rate (or the initial Net Mortgage Rate with respect to any Discount
Mortgage  Loans as to which the Mortgage  Rate is modified  pursuant to 3.07(a))
for such  Mortgage  Loan and the  denominator  of which is 7.75%.  The  Discount
Fraction with respect to each  Discount  Mortgage Loan is set forth on Exhibit P
attached hereto.

         Discount  Mortgage  Loan:  Any Mortgage Loan having a Net Mortgage Rate
(or the initial Net Mortgage Rate) of less than 7.75% per annum and any Mortgage
Loan  deemed to be a  Discount  Mortgage  Loan  pursuant  to the  definition  of
Qualified Substitute Mortgage Loan.


NY1-208760.2
                                       15

<PAGE>




         Disqualified Organization:  Any organization defined as a "disqualified
organization"  under Section  860E(e)(5) of the Code,  which includes any of the
following:  (i) the United States, any State or political  subdivision  thereof,
any possession of the United States, or any agency or  instrumentality of any of
the foregoing  (other than an  instrumentality  which is a corporation if all of
its activities  are subject to tax and,  except for the FHLMC, a majority of its
board of directors is not selected by such  governmental  unit),  (ii) a foreign
government, any international organization,  or any agency or instrumentality of
any of the  foregoing,  (iii) any  organization  (other  than  certain  farmers'
cooperatives  described in Section 521 of the Code) which is exempt from the tax
imposed by Chapter 1 of the Code  (including  the tax  imposed by Section 511 of
the  Code on  unrelated  business  taxable  income),  (iv)  rural  electric  and
telephone  cooperatives  described in Section  1381(a)(2)(C) of the Code and (v)
any other Person so  designated  by the Trustee based upon an Opinion of Counsel
that the  holding of an  Ownership  Interest  in a Class R  Certificate  by such
Person may cause the Trust Fund or any Person  having an  Ownership  Interest in
any Class of Certificates  (other than such Person) to incur a liability for any
federal tax imposed  under the Code that would not  otherwise be imposed but for
the Transfer of an Ownership  Interest in a Class R Certificate  to such Person.
The terms "United States",  "State" and "international  organization" shall have
the meanings set forth in Section 7701 of the Code or successor provisions.

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

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

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

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


NY1-208760.2
                                       16

<PAGE>



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

         Eligible Funds: On any Distribution  Date, the portion,  if any, of the
Available  Distribution  Amount  remaining after reduction by the sum of (i) the
aggregate amount of Accrued Certificate Interest on the Class A Certificates and
Class R Certificates,  (ii) the Senior Principal Distribution Amount (determined
without  regard  to  Section  4.02(a)(ii)(Y)(D)  hereof),  (iii)  the  Class A-8
Principal   Distribution   Amount   (determined   without   regard  to   Section
4.02(b)(i)(E)  hereof)  and (iv) the  aggregate  amount of  Accrued  Certificate
Interest on the Class M, Class B-1 and Class B-2 Certificates.

         Event of Default:  As defined in Section 7.01.

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

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

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

         Excess Subordinate  Principal Amount:  With respect to any Distribution
Date on which the Certificate Principal Balance of the most subordinate class or
classes of Certificates (as established in Section 4.05 hereof) then outstanding
is to be reduced to zero and on which  Realized  Losses are to be  allocated  to
such  class or  classes,  the  excess,  if any,  of (i) the  amount  that  would
otherwise be  distributable  in respect of principal on such class or classes of
Certificates on such Distribution Date


NY1-208760.2
                                       17

<PAGE>



over (ii) the excess, if any, of the Certificate Principal Balance of such class
or classes of Certificates  immediately prior to such Distribution Date over the
aggregate  amount  of  Realized  Losses  to be  allocated  to  such  classes  of
Certificates  on such  Distribution  Date as reduced  by any  amount  calculated
pursuant to Section 4.02(b)(i)(E).

         Extraordinary Events:  Any of the following conditions with
respect to a Mortgaged Property (or, with respect to a
Cooperative Loan, the Cooperative Apartment) or Mortgage Loan
causing or resulting in a loss which causes the liquidation of
such Mortgage Loan:

                    (a) losses that are of the type that would be covered by the
         fidelity bond and the errors and omissions insurance policy required to
         be  maintained  pursuant  to Section  3.12(b)  but are in excess of the
         coverage maintained thereunder;

                    (b) nuclear  reaction or nuclear  radiation  or  radioactive
         contamination, all whether controlled or uncontrolled, and whether such
         loss be direct or  indirect,  proximate  or remote or be in whole or in
         part caused by,  contributed to or aggravated by a peril covered by the
         definition of the term "Special Hazard Loss";

                    (c)  hostile  or  warlike  action  in time of  peace or war,
         including  action in  hindering,  combatting  or  defending  against an
         actual, impending or expected attack:

                            1.   by any government or sovereign power, de
                    jure or de facto, or by any authority maintaining or
                    using military, naval or air forces; or

                            2.   by military, naval or air forces; or

                            3.   by an agent of any such government, power,
                    authority or forces;

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

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

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



NY1-208760.2
                                       18

<PAGE>



         FASIT:  A "financial asset securitization investment trust"
within the meaning of Section 860L of the Code.

         FDIC:  Federal Deposit Insurance Corporation or any
successor thereto.

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

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

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

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

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

         Fraud Loss Amount:  As of any date of  determination  after the Cut-off
Date, an amount equal to: (X) prior to the first anniversary of the Cut-off Date
an amount equal to 3.00% of the aggregate  outstanding  principal balance of all
of the Mortgage Loans as of the Cut-off Date minus the aggregate amount of Fraud
Losses  allocated  solely to one or more  specific  Classes of  Certificates  in
accordance  with  Section  4.05  since  the  Cut-off  Date  up to  such  date of
determination, (Y) from the first to the second anniversary of the Cut-off Date,
an amount  equal to (1) the lesser of (a) the Fraud  Loss  Amount as of the most
recent anniversary of the Cut-off Date and (b) 2.00% of the aggregate  principal
balance of all of the Mortgage  Loans as of the most recent  anniversary  of the
Cut-off Date minus (2) the  aggregate  amounts  allocated  solely to one or more
specific Classes of


NY1-208760.2
                                       19

<PAGE>



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

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

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

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

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

         Initial  Class  A-9  Notional  Amount.  With  respect  to any Class A-9
Certificate,   the  Cut-off  Date  Principal   Balance  of  the  Mortgage  Loans
corresponding to the Uncertificated REMIC Regular Interests  represented by such
Class A-9 Certificate.

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

         Insurance Proceeds:  Proceeds paid in respect of the
Mortgage Loans pursuant to any Primary Insurance Policy or any


NY1-208760.2
                                       20

<PAGE>



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

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

         Interest Accrual Period:  With respect to any Certificate,
and any Distribution Date, the calendar month preceding the month
in which such Distribution Date occurs.

         International  Borrower:  In  connection  with  any  Mortgage  Loan,  a
borrower who is (a) a United States citizen employed in a foreign country, (b) a
non-permanent resident alien employed in the United States or (c) a citizen of a
country  other than the United States with income  derived from sources  outside
the United States.

         Late  Collections:  With  respect to any  Mortgage  Loan,  all  amounts
received during any Due Period,  whether as late payments of Monthly Payments or
as Insurance Proceeds,  Liquidation Proceeds or otherwise,  which represent late
payments or collections of Monthly Payments due but delinquent for a previous
Due Period and not previously recovered.

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

         Loan-to-Value  Ratio:  As of any date,  the  fraction,  expressed  as a
percentage,  the  numerator  of which is the  current  principal  balance of the
related Mortgage Loan at the date of determination  and the denominator of which
is the Appraised Value of the related Mortgaged Property.

         Lockout  Distribution  Percentage:  For any Distribution Date occurring
prior to the  Distribution  Date in June  2002,  0%; for any  Distribution  Date
occurring after May 2002 but prior to June 2003, 30%; for any Distribution  Date
occurring after May 2003 but prior to June 2004, 40%; for any Distribution  Date
occurring after May 2004 but prior to June 2005, 60%; for any Distribution  Date
occurring after May 2005 but prior to June 2006, 80%; for any Distribution  Date
after May 2006, 100%.



NY1-208760.2
                                       21

<PAGE>



         Maturity Date: The latest possible  maturity date,  solely for purposes
of  Section  1.860G-1(a)(4)(iii)  of the  Treasury  regulations,  by  which  the
Certificate  Principal  Balance of each Class of  Certificates  (other  than the
Class A-9 Certificates which have no Certificate Principal Balance) representing
a regular interest in the REMIC would be reduced to zero, which is May 25, 2027,
the Distribution Date immediately  following the latest scheduled  maturity date
of any Mortgage Loan. The latest possible Maturity Date for each  Uncertificated
REMIC  Regular  Interest  is  May  25,  2027,  which  is the  Distribution  Date
immediately following the latest scheduled maturity date of any Mortgage Loan.

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

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

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

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

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

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

         Mortgage Loan Schedule:  The list of the Mortgage Loans attached hereto
as Exhibit F (as amended  from time to time to reflect the addition of Qualified
Substitute  Mortgage  Loans),  which  list  shall  set  forth at a  minimum  the
following information as to each Mortgage Loan:

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


NY1-208760.2
                                       22

<PAGE>




         (ii)               the street  address of the  Mortgaged  Property (or,
                            with  respect to a  Cooperative  Loan,  the  related
                            Cooperative  Apartment) including state and zip code
                            ("ADDRESS");

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

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

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

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

         (vii)              the Pool Strip Rate ("STRIP");

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

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

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

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

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

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

Such schedule may consist of multiple reports that collectively set forth all of
the information required.

         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.


NY1-208760.2
                                       23

<PAGE>




         Mortgage  Note:  The  originally  executed  note or other  evidence  of
indebtedness  evidencing the  indebtedness of a Mortgagor under a Mortgage Loan,
together with any modification thereto.

         Mortgage Rate:  As to any Mortgage Loan, the interest rate
borne by the related Mortgage Note, or any modification thereto.

         Mortgaged Property:  The underlying real property securing a
Mortgage Loan or, with respect to a Cooperative Loan, the related
Cooperative Lease and Cooperative Stock.

         Mortgagor:  The obligor on a Mortgage Note.

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

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

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

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

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

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

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



NY1-208760.2
                                       24

<PAGE>



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

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

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

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

         Pass-Through Rate: With respect to the Class A Certificates (other than
the Class A-8  Certificates and Class A-9  Certificates),  Class M Certificates,
Class B Certificates and Class R Certificates and any Distribution Date, the per
annum rates set forth in the Preliminary  Statement hereto.  With respect to the
Class A-9  Certificates  (other than any Subclass  thereof) and any Distribution
Date, a rate equal to the weighted  average,  expressed as a percentage,  of the
Pool  Strip  Rates of all  Mortgage  Loans as of the Due Date in the month  next
preceding  the month in which such  Distribution  Date  occurs,  weighted on the
basis of the respective Stated Principal  Balances of such Mortgage Loans, which
Stated  Principal  Balances  shall  be the  Stated  Principal  Balances  of such
Mortgage  Loans  at  the  close  of  business  on  the   immediately   preceding
Distribution  Date after giving  effect to  distributions  thereon  allocable to
principal to the Holders of the  Certificates  (or,  with respect to the initial
Distribution  Date, at the close of business on the Cut-off Date).  With respect
to  the  Class  A-9  Certificates  and  the  initial   Distribution   Date,  the
Pass-Through Rate is equal to 0.7616% per annum. With respect to any Subclass of
Class A-9 Certificates  and any Distribution  Date, a rate equal to the weighted
average,  expressed  as a  percentage,  of the Pool Strip Rates of all  Mortgage
Loans corresponding to the Uncertificated REMIC Regular Interests represented by
such Subclass as of the Due Date in the month next  preceding the month in which
such  Distribution  Date occurs,  weighted on the basis of the respective Stated
Principal Balances of such Mortgage Loans, which Stated Principal Balances shall
be the Stated Principal Balances of such Mortgage Loans at


NY1-208760.2
                                       25

<PAGE>



the close of  business  on the  immediately  preceding  Distribution  Date after
giving effect to distributions  thereon allocable to principal to the Holders of
the Certificates (or with respect to the initial Distribution Date, at the close
of  business  on  the  Cut-off  Date).  The  Class  A-8  Certificates   have  no
Pass-Through Rate and are not entitled to Accrued Certificate Interest.

         Paying Agent:  The First National Bank of Chicago or any
successor Paying Agent appointed by the Trustee.

         Percentage  Interest:  With  respect to any  Certificate  (other than a
Class R Certificate), the undivided percentage ownership interest in the related
Class evidenced by such Certificate,  which percentage  ownership interest shall
be equal to the Initial  Certificate  Principal Balance thereof or Initial Class
A-9 Notional Amount thereof (in the case of any Class A-9  Certificate)  divided
by the aggregate Initial  Certificate  Principal Balance or the aggregate of the
Initial Class A-9 Notional  Amounts,  as applicable,  of all the Certificates of
the  same  Class.  With  respect  to a  Class R  Certificate,  the  interest  in
distributions to be made with respect to such Class evidenced thereby, expressed
as a percentage, as stated on the face of each such Certificate.

         Permitted Investments:  One or more of the following:

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

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

                    (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)


NY1-208760.2
                                       26

<PAGE>



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

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

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

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

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

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


NY1-208760.2
                                       27

<PAGE>




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

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

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

         Pool Strip Rate:  With respect to each Mortgage  Loan, a per annum rate
equal to the excess of (a) the Net Mortgage  Rate of such Mortgage Loan over (b)
7.75% per annum (but not less than 0.00%).

         Prepayment  Assumption:  The  prepayment  assumption  to  be  used  for
determining  the  accrual of  original  issue  discount  and  premium and market
discount on such  Certificates for federal income tax purposes,  which assumes a
constant  prepayment  rate of 4.0% per annum of the then  outstanding  principal
balance of the  Mortgage  Loans in the first month of the life of such  Mortgage
Loans and an additional  1.090909% per annum in each month  thereafter until the
twelfth month,  and beginning in the twelfth month and in each month  thereafter
during the life of the Mortgage  Loans, a constant  prepayment rate of 16.0% per
annum.

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

         (i)        For any Distribution  Date prior to the Distribution Date in
                    June 2002 (unless the Certificate  Principal Balances of the
                    Class A Certificates (other than the Class A-8 Certificates)
                    and Class R Certificates, have been reduced to zero), 0%.

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

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


NY1-208760.2
                                       28

<PAGE>



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

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

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


NY1-208760.2
                                       29

<PAGE>



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

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

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

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

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

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

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

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

         Purchase  Price:  With respect to any Mortgage  Loan (or REO  Property)
required to be or  otherwise  purchased  on any date  pursuant to Section  2.02,
2.03,  2.04 or  4.07,  an  amount  equal  to the sum of (i)  100% of the  Stated
Principal Balance thereof plus the principal portion of any related unreimbursed
Advances and


NY1-208760.2
                                       30

<PAGE>



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

         Qualified  Substitute  Mortgage  Loan: A Mortgage Loan  substituted  by
Residential  Funding or the Company for a Deleted  Mortgage  Loan which must, on
the  date  of  such  substitution,  as  confirmed  in an  Officers'  Certificate
delivered to the  Trustee,  (i) have an  outstanding  principal  balance,  after
deduction of the  principal  portion of the monthly  payment due in the month of
substitution  (or in the case of a  substitution  of more than one Mortgage Loan
for a Deleted Mortgage Loan, an aggregate outstanding  principal balance,  after
such deduction),  not in excess of the Stated  Principal  Balance of the Deleted
Mortgage  Loan (the  amount of any  shortfall  to be  deposited  by  Residential
Funding  in the  Custodial  Account in the month of  substitution);  (ii) have a
Mortgage  Rate and a Net  Mortgage  Rate no lower  than and not more than 1% per
annum higher than the Mortgage Rate and Net Mortgage Rate, respectively,  of the
Deleted Mortgage Loan as of the date of substitution; (iii) have a Loan-to-Value
Ratio at the time of  substitution  no higher than that of the Deleted  Mortgage
Loan at the time of substitution;  (iv) have a remaining term to stated maturity
not  greater  than (and not more than one year less  than)  that of the  Deleted
Mortgage  Loan;  (v) comply with each  representation  and warranty set forth in
Sections  2.03 and 2.04 hereof and Section 4 of the  Assignment  Agreement;  and
(vi)  have a Pool  Strip  Rate  equal to or  greater  than  that of the  Deleted
Mortgage Loan.  Notwithstanding any other provisions herein, (x) with respect to
any Qualified  Substitute  Mortgage Loan substituted for a Deleted Mortgage Loan
which was a Discount  Mortgage  Loan,  such Qualified  Substitute  Mortgage Loan
shall be deemed to be a Discount  Mortgage Loan and to have a Discount  Fraction
equal to the Discount Fraction of the Deleted Mortgage Loan and (y) in the event
that  the  "Pool  Strip  Rate"  of any  Qualified  Substitute  Mortgage  Loan as
calculated  pursuant to the  definition of "Pool Strip Rate" is greater than the
Pool Strip Rate of the related Deleted  Mortgage Loan (i) the Pool Strip Rate of
such Qualified Substitute Mortgage Loan shall be equal to the Pool Strip Rate of
the related Deleted  Mortgage Loan for purposes of calculating the  Pass-Through
Rate on the Class A-9 Certificates and (ii) the excess of the Pool Strip Rate on
such Qualified Substitute Mortgage Loan as calculated pursuant to the definition
of "Pool Strip Rate" over the Pool Strip Rate on the  related  Deleted  Mortgage
Loan shall be  payable  to the Class R  Certificates  pursuant  to Section  4.02
hereof.

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


NY1-208760.2
                                       31

<PAGE>



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

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

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

         Regular Certificate:  Any of the Certificates other than a
Class R Certificate.


NY1-208760.2
                                       32

<PAGE>




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

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

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

         REO  Acquisition:  The  acquisition by the Master Servicer on behalf of
the  Trustee  for the  benefit  of the  Certificateholders  of any REO  Property
pursuant to Section 3.14.

         REO Disposition:  As to any REO Property, a determination by the Master
Servicer that it has received all Insurance Proceeds,  Liquidation Proceeds, REO
Proceeds and other payments and 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.



NY1-208760.2
                                       33

<PAGE>



         Required  Insurance  Policy:  With  respect to any Mortgage  Loan,  any
insurance policy which is required to be maintained from time to time under this
Agreement, the Program Guide or the related Subservicing Agreement in respect of
such Mortgage Loan.

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

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

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

         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:



NY1-208760.2
                                       34

<PAGE>



                                                         Senior Accelerated
Distribution Date                                       Distribution Percentage

June 1997 through
May 2002................................................   100%

June 2002 through
May 2003................................................    Senior Percentage,
                                        plus 70% of the Subordinate Percentage

June 2003 through
May 2004................................................   Senior Percentage, 
                                        plus 60% of the Subordinate Percentage
June 2004 through
May 2005................................................     Senior Percentage,
                                         plus 40% of the Subordinate Percentage
June 2005 through
May 2006................................................   Senior Percentage, 
                                        plus 20% of the Subordinate Percentage
June 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
(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


NY1-208760.2
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<PAGE>



than the Class A-8 Certificates) and Class R Certificates, to
zero, the Senior Accelerated Distribution Percentage shall
thereafter be 0%.

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

         Senior Percentage:  As of any Distribution Date, the lesser of 100% and
a fraction,  expressed as a percentage,  the numerator of which is the aggregate
Certificate  Principal Balance of the Class A Certificates (other than the Class
A-8   Certificates)   and  Class  R  Certificates   immediately  prior  to  such
Distribution Date and the denominator of which is the aggregate Stated Principal
Balance of all of the Mortgage Loans (or related REO Properties) (other than the
related Discount  Fraction of each Discount  Mortgage Loan) immediately prior to
such Distribution Date.

         Senior Principal  Distribution Amount: As to any Distribution Date, the
lesser of (a) the balance of the Available  Distribution  Amount remaining after
the distribution of all amounts  required to be distributed  pursuant to Section
4.02(a)(i) and Section 4.02(a)(ii)(X) and (b) the sum of the amounts required to
be distributed to the Class A Certificateholders  and Class R Certificateholders
on such Distribution Date pursuant to Section 4.02(a)(ii)(Y), (xvi) and (xvii).

         Servicing Accounts:  The account or accounts created and
maintained pursuant to Section 3.08.

         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


NY1-208760.2
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<PAGE>



SERV FEE" for such  Mortgage  Loan, as may be adjusted with respect to successor
Master Servicers as provided in Section 7.02.

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

         Special Hazard Amount: As of any Distribution  Date, an amount equal to
$2,211,264  minus the sum of (i) the aggregate  amount of Special  Hazard Losses
allocated  solely to one or more specific  Classes of Certificates in accordance
with  Section  4.05 and (ii) the  Adjustment  Amount (as defined  below) as most
recently  calculated.  For each  anniversary of the Cut-off Date, the Adjustment
Amount shall be equal to the amount,  if any, by which the amount  calculated in
accordance with the preceding  sentence  (without giving effect to the deduction
of the Adjustment  Amount for such  anniversary)  exceeds the greater of (A) the
greatest of (i) twice the outstanding  principal balance of the Mortgage Loan in
the Trust  Fund  which has the  largest  outstanding  principal  balance  on the
Distribution Date immediately  preceding such  anniversary,  (ii) the product of
1.00% multiplied by the outstanding  principal  balance of all Mortgage Loans on
the  Distribution  Date  immediately  preceding such  anniversary  and (iii) the
aggregate  outstanding  principal  balance  (as  of  the  immediately  preceding
Distribution Date) of the Mortgage Loans in any single five-digit California zip
code area with the  largest  amount of  Mortgage  Loans by  aggregate  principal
balance as of such  anniversary  and (B) the greater of (i) the product of 0.50%
multiplied by the  outstanding  principal  balance of all Mortgage  Loans on the
Distribution  Date  immediately  preceding  such  anniversary  multiplied  by  a
fraction, the numerator of which is equal to the aggregate outstanding principal
balance  (as of  the  immediately  preceding  Distribution  Date)  of all of the
Mortgage  Loans  secured  by  Mortgaged  Properties  located  in  the  State  of
California  divided by the aggregate  outstanding  principal  balance (as of the
immediately preceding Distribution Date) of all of the Mortgage Loans, expressed
as a  percentage,  and the  denominator  of  which is  equal  to  18.36%  (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


NY1-208760.2
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<PAGE>



rating  assigned to any Class of  Certificates  by such Rating  Agency below the
lower of the then-current  rating or the rating assigned to such Certificates as
of the  Closing  Date by such  Rating  Agency  and (ii)  provide  a copy of such
written confirmation to the Trustee.

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

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

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

         Subclass:  With  respect to the Class A-9  Certificates,  any  Subclass
thereof issued pursuant to Section 5.01(c). Any such Subclass will represent the
Uncertificated  REMIC  Regular  Interest or  Interests  specified by the initial
Holder of the Class A-9 Certificates pursuant to Section 5.01(c).

         Subclass Notional Amount: As of any Distribution  Date, with respect to
any Subclass of Class A-9 Certificates  issued pursuant to Section 5.01(c),  the
aggregate  Stated Principal  Balance of the Mortgage Loans  corresponding to the
Uncertificated REMIC Regular Interests  represented by such Subclass immediately
prior to such date.

         Subordinate Percentage: As of any Distribution Date, 100%
minus the Senior Percentage as of such Distribution Date.


NY1-208760.2
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<PAGE>




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

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

         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


NY1-208760.2
                                       39

<PAGE>



3.02, generally in the form of the servicer contract referred to or contained in
the  Program  Guide or in such  other  form as has been  approved  by the Master
Servicer and the Company.  With respect to Mortgage  Loans  subserviced by MLCC,
the  Subservicing  Agreement  shall also  include the  Addendum  and  Assignment
Agreement and the Pledged Asset Mortgage Servicing Agreement.

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

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

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

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

         Transfer:  Any direct or indirect transfer, sale, pledge,
hypothecation or other form of assignment of any Ownership
Interest in a Certificate.

         Transferee:  Any Person who is acquiring by Transfer any
Ownership Interest in a Certificate.

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

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

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



NY1-208760.2
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<PAGE>



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

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

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

         (v)        all proceeds of clauses (i) through (iv) above.

         Uncertificated  REMIC  Regular  Interests:   The  1,972  uncertificated
partial undivided  beneficial  ownership  interests in the Trust Fund,  numbered
sequentially  from 1 to 1,972,  each  relating to the  particular  Mortgage Loan
identified by such sequential number on the Mortgage Loan Schedule,  each having
no principal  balance,  and each bearing  interest at the respective  Pool Strip
Rate on the Stated Principal Balance of the related Mortgage Loan.

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

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

         United States  Person:  A citizen or resident of the United  States,  a
corporation,  partnership  or other entity created or organized in, or under the
laws of, the United States or any political  subdivision  thereof,  or an estate
that is  described  in Section  7701(a)(30)(D)  of the Code,  or a trust that is
described in Section 7701(a)(30)(E) of the Code.

         Voting  Rights:  The  portion  of  the  voting  rights  of  all  of the
Certificates  which is allocated to any Certificate.  98.0% of all of the Voting
Rights shall be allocated  among Holders of  Certificates,  other than the Class
A-9  Certificates  and Class R  Certificates,  in proportion to the  outstanding
Certificate Principal Balances of their respective Certificates; 1% of all


NY1-208760.2
                                       41

<PAGE>



Voting Rights shall be allocated among the Holders of the Class A-9 Certificates
and the  Holders of the Class R  Certificates  shall be entitled to 1% of all of
the  Voting  Rights,  allocated  among the  Certificates  of each such  Class in
accordance with their respective Percentage Interests.





NY1-208760.2
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<PAGE>



                                   ARTICLE II

                          CONVEYANCE OF MORTGAGE LOANS;
                        ORIGINAL ISSUANCE OF CERTIFICATES

         Section 2.01.              Conveyance of Mortgage Loans.

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

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

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

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

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

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

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


NY1-208760.2
                                       43

<PAGE>



         by the public recording office in which such document has
         been recorded.

         and (II) with respect to each Cooperative Loan so assigned:

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

                  (ii) A counterpart of the Cooperative Lease and the Assignment
         of  Proprietary  Lease to the originator of the  Cooperative  Loan with
         intervening  assignments  showing an unbroken  chain of title from such
         originator to the Trustee;

                  (iii) The related Cooperative Stock Certificate,  representing
         the related  Cooperative Stock pledged with respect to such Cooperative
         Loan,   together   with  an  undated  stock  power  (or  other  similar
         instrument) executed in blank;

                  (iv)   The original recognition agreement by the
         Cooperative of the interests of the mortgagee with respect
         to the related Cooperative Loan;

                  (v)    The Security Agreement;

                  (vi) Copies of the original UCC-1 financing statement, and any
         continuation  statements,  filed by the originator of such  Cooperative
         Loan as  secured  party,  each  with  evidence  of  recording  thereof,
         evidencing the interest of the originator under the Security  Agreement
         and the Assignment of Proprietary Lease;

                  (vii)  Copies of the filed UCC-3  assignments  of the security
         interest  referenced in clause (vi) above showing an unbroken  chain of
         title  from the  originator  to the  Trustee,  each  with  evidence  of
         recording thereof,  evidencing the interest of the originator under the
         Security Agreement and the Assignment of Proprietary Lease;

                  (viii)  An  executed   assignment   of  the  interest  of  the
         originator in the Security  Agreement,  Assignment of Proprietary Lease
         and the recognition  agreement referenced in clause (iv) above, showing
         an unbroken chain of title from the originator to the Trustee;

                  (ix) The original of each modification,  assumption  agreement
         or preferred loan agreement, if any, relating to such Cooperative Loan;
         and


NY1-208760.2
                                       44

<PAGE>




                  (x) An executed UCC-1 financing  statement  showing the Master
         Servicer  as debtor,  the  Company as secured  party and the Trustee as
         assignee and an executed UCC-1 financing  statement showing the Company
         as debtor and the Trustee as secured party,  each in a form  sufficient
         for filing,  evidencing the interest of such debtors in the Cooperative
         Loans.

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

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

         (d) In the event that in connection  with any Mortgage Loan the Company
cannot deliver the Mortgage, any assignment, modification,  assumption agreement
or preferred loan agreement (or copy thereof  certified by the public  recording
office) with evidence of recording  thereon  concurrently with the execution and
delivery  of this  Agreement  solely  because  of a delay  caused by the  public
recording  office  where such  Mortgage,  assignment,  modification,  assumption
agreement or preferred loan agreement as the case may be, has been delivered for
recordation,  the Company  shall deliver or cause to be delivered to the Trustee
or the  respective  Custodian a true and  correct  photocopy  of such  Mortgage,
assignment, modification, assumption agreement or preferred loan agreement.



NY1-208760.2
                                       45

<PAGE>



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

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

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

         (f) It is intended that the conveyance by the Company to the Trustee of
the  Mortgage  Loans as provided for in this Section 2.01 be construed as a sale
by the  Company to the  Trustee  of the  Mortgage  Loans for the  benefit of the
Certificateholders.  Further,  it is not intended that such conveyance be deemed
to be a pledge of the  Mortgage  Loans by the Company to the Trustee to secure a
debt or other obligation of the Company. However, in


NY1-208760.2
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<PAGE>



the event that the  Mortgage  Loans are held to be property of the Company or of
Residential  Funding,  or if for any reason this  Agreement is held or deemed to
create a security  interest in the Mortgage Loans,  then it is intended that (a)
this  Agreement  shall  also be deemed to be a  security  agreement  within  the
meaning of  Articles  8 and 9 of the New York  Uniform  Commercial  Code and the
Uniform Commercial Code of any other applicable jurisdiction; (b) the conveyance
provided for in Section 2.01 shall be deemed to be (1) a grant by the Company to
the Trustee of a security  interest in all of the Company's right (including the
power to  convey  title  thereto),  title  and  interest,  whether  now owned or
hereafter acquired, in and to (A) the Mortgage Loans, including (i) with respect
to each  Cooperative  Loan,  the  related  Mortgage  Note,  Security  Agreement,
Assignment of Proprietary  Lease,  Cooperative  Stock  Certificate,  Cooperative
Lease,  any insurance  policies and all other documents in the related  Mortgage
File and (ii) with respect to each Mortgage Loan other than a Cooperative  Loan,
the related  Mortgage Note, the Mortgage,  any insurance  policies and all other
documents in the related  Mortgage File, (B) all amounts payable pursuant to the
Mortgage Loans in accordance  with the terms thereof and (C) any and all general
intangibles consisting of, arising from or relating to any of the foregoing, and
all proceeds of the conversion,  voluntary or involuntary, of the foregoing into
cash,  instruments,  securities or other property,  including without limitation
all amounts from time to time held or invested in the Certificate Account or the
Custodial Account, whether in the form of cash, instruments, securities or other
property  and (2) an  assignment  by the Company to the Trustee of any  security
interest in any and all of Residential  Funding's right  (including the power to
convey  title  thereto),  title and  interest,  whether  now owned or  hereafter
acquired,  in and to the property described in the foregoing clauses (1)(A), (B)
and (C) granted by Residential Funding to the Company pursuant to the Assignment
Agreement;  (c) the possession by the Trustee,  the Custodian or any other agent
of the Trustee of Mortgage  Notes or such other items of property as  constitute
instruments,  money, negotiable documents or chattel paper shall be deemed to be
"possession  by the secured  party," or  possession  by a purchaser  or a person
designated  by such  secured  party,  for  purposes of  perfecting  the security
interest  pursuant  to the  Minnesota  Uniform  Commercial  Code and the Uniform
Commercial  Code  of  any  other  applicable  jurisdiction  (including,  without
limitation,  Section 9-305,  8-313 or 8-321 thereof);  and (d)  notifications to
persons holding such property,  and  acknowledgments,  receipts or confirmations
from  persons  holding  such  property,  shall be  deemed  notifications  to, or
acknowledgments,  receipts  or  confirmations  from,  financial  intermediaries,
bailees or agents (as  applicable)  of the Trustee for the purpose of perfecting
such security interest under applicable law.

         The Company and, at the Company's  direction,  Residential  Funding and
the Trustee shall, to the extent consistent with this


NY1-208760.2
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<PAGE>



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

         (g) The Master Servicer hereby  acknowledges  the receipt by it of cash
in  an  amount  equal  to  $241,402  (the  "Initial   Monthly   Payment  Fund"),
representing  scheduled principal  amortization and interest at the Net Mortgage
Rate for the Due Date in June  1997,  for  those  Mortgage  Loans  for which the
Trustee will not be entitled to receive such payment.  The Master Servicer shall
hold such  Initial  Monthly  Payment  Fund in the  Custodial  Account  and shall
include such Initial Monthly Payment Fund in the Available  Distribution  Amount
for the Distribution Date in June 1997.  Notwithstanding  anything herein to the
contrary,  the Initial  Monthly Payment Fund shall not be an asset of the REMIC.
To the extent that the Initial Monthly  Payment Fund  constitutes a reserve fund
for federal income tax purposes, (1) it shall be an outside reserve fund and not
an asset of the  REMIC,  (2) it shall  be owned by the  Seller  and (3)  amounts
transferred by the REMIC to the Initial Monthly Payment Fund shall be treated as
transferred  to the Seller or any  successor,  all within the meaning of Section
1.860G-2(h) of the Treasury Regulations.

         Section 2.02.              Acceptance by Trustee.

         The Trustee  acknowledges  receipt (or, with respect to Mortgage  Loans
subject  to  a  Custodial  Agreement,   and  based  solely  upon  a  receipt  or
certification executed by the Custodian,  receipt by the respective Custodian as
the duly appointed agent of the Trustee) of the documents referred to in Section
2.01(b)(i) through (iii) above (except that for purposes of such acknowledgement
only, a Mortgage Note may be endorsed in blank


NY1-208760.2
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<PAGE>



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

         If the  Custodian,  as the  Trustee's  agent,  finds  any  document  or
documents  constituting  a part of a Mortgage File to be missing or defective in
any material  respect,  the Trustee shall promptly so notify the Master Servicer
and the  Company.  Pursuant  to  Section  2.3 of the  Custodial  Agreement,  the
Custodian  will notify the Master  Servicer,  the Company and the Trustee of any
such  omission or defect found by it in respect of any Mortgage File held by it.
The Master Servicer shall promptly  notify the related  Subservicer or Seller of
such omission or defect and request that such  Subservicer  or Seller correct or
cure such  omission or defect  within 60 days from the date the Master  Servicer
was notified of such omission or defect and, if such  Subservicer or Seller does
not  correct or cure such  omission  or defect  within  such  period,  that such
Subservicer  or Seller  purchase  such  Mortgage Loan from the Trust Fund at its
Purchase  Price, in either case within 90 days from the date the Master Servicer
was notified of such omission or defect; provided that if the omission or defect
would cause the Mortgage Loan to be other than a "qualified mortgage" as defined
in Section 860G(a)(3) of the Code, any such cure or repurchase must occur within
90 days from the date such breach was  discovered.  The  Purchase  Price for any
such Mortgage Loan, whether purchased by


NY1-208760.2
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<PAGE>



the Seller or the  Subservicer,  shall be deposited or caused to be deposited by
the Master  Servicer  in the  Custodial  Account  maintained  by it  pursuant to
Section 3.07 and,  upon receipt by the Trustee of written  notification  of such
deposit signed by a Servicing Officer, the Trustee or any Custodian, as the case
may be, shall release to the Master  Servicer the related  Mortgage File and the
Trustee  shall  execute and deliver such  instruments  of transfer or assignment
prepared by the Master  Servicer,  in each case  without  recourse,  as shall be
necessary  to vest in the  Seller  or its  designee  or the  Subservicer  or its
designee,  as the case may be, any Mortgage  Loan released  pursuant  hereto and
thereafter  such  Mortgage  Loan  shall  not be part of the  Trust  Fund.  It is
understood and agreed that the obligation of the Seller or the  Subservicer,  as
the case may be, to so cure or purchase any Mortgage Loan as to which a material
defect in or omission of a constituent document exists shall constitute the sole
remedy respecting such defect or omission available to Certificateholders or the
Trustee on behalf of the Certificateholders.

         Section 2.03.              Representations, Warranties and Covenants
                                    of the Master Servicer and the Company.

         (a)      The Master Servicer hereby represents and warrants to
the Trustee for the benefit of the Certificateholders that:

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

                  (ii) The  execution  and  delivery  of this  Agreement  by the
         Master  Servicer and its  performance  and compliance with the terms of
         this  Agreement will not violate the Master  Servicer's  Certificate of
         Incorporation  or Bylaws or constitute a material  default (or an event
         which,  with  notice  or lapse of time,  or both,  would  constitute  a
         material  default)  under,  or result in the  material  breach  of, any
         material  contract,  agreement or other  instrument to which the Master
         Servicer is a party or which may be applicable  to the Master  Servicer
         or any of its assets;

                  (iii) This Agreement,  assuming due  authorization,  execution
         and delivery by the Trustee and the Company, constitutes a valid, legal
         and binding obligation of the Master Servicer,  enforceable  against it
         in accordance  with the terms hereof subject to applicable  bankruptcy,
         insolvency,  reorganization,  moratorium  and other laws  affecting the
         enforcement of creditors' rights generally and to general principles of
         equity, regardless of whether such


NY1-208760.2
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<PAGE>



         enforcement is considered in a proceeding in equity or at
         law;

                  (iv) The Master Servicer is not in default with respect to any
         order or decree of any court or any order,  regulation or demand of any
         federal,  state,  municipal or governmental agency, which default might
         have  consequences  that  would  materially  and  adversely  affect the
         condition  (financial or other) or operations of the Master Servicer or
         its  properties  or  might  have  consequences  that  would  materially
         adversely affect its performance hereunder;

                  (v) No  litigation  is  pending  or, to the best of the Master
         Servicer's  knowledge,  threatened  against the Master  Servicer  which
         would  prohibit its entering  into this  Agreement  or  performing  its
         obligations under this Agreement;

                  (vi) The Master Servicer will comply in all material  respects
         in the  performance of this  Agreement  with all  reasonable  rules and
         requirements of each insurer under each Required Insurance Policy;

                  (vii) No  information,  certificate  of an officer,  statement
         furnished in writing or report delivered to the Company,  any Affiliate
         of the  Company  or the  Trustee by the Master  Servicer  will,  to the
         knowledge  of the Master  Servicer,  contain any untrue  statement of a
         material  fact  or  omit  a  material   fact   necessary  to  make  the
         information, certificate, statement or report not misleading; and

                  (viii) The Master  Servicer has examined  each  existing,  and
         will  examine  each  new,  Subservicing  Agreement  and is or  will  be
         familiar   with  the  terms   thereof.   The  terms  of  each  existing
         Subservicing  Agreement and each designated  Subservicer are acceptable
         to the Master Servicer and any new Subservicing  Agreements will comply
         with the provisions of Section 3.02.

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

         Upon discovery by either the Company, the Master Servicer,  the Trustee
or any Custodian of a breach of any representation or warranty set forth in this
Section  2.03(a) which  materially  and  adversely  affects the interests of the
Certificateholders in any Mortgage Loan, the party discovering such breach shall
give  prompt  written  notice  to the  other  parties  (any  Custodian  being so
obligated under a Custodial  Agreement).  Within 90 days of its discovery or its
receipt of notice of such breach, the Master Servicer shall either (i) cure such
breach in all material


NY1-208760.2
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<PAGE>



respects or (ii) to the extent  that such  breach is with  respect to a Mortgage
Loan or a related  document,  purchase such Mortgage Loan from the Trust Fund at
the Purchase Price and in the manner set forth in Section 2.02; provided that if
the  omission  or  defect  would  cause  the  Mortgage  Loan to be other  than a
"qualified mortgage" as defined in Section 860G(a)(3) of the Code, any such cure
must  occur  within  90 days  from the date  such  breach  was  discovered.  The
obligation  of the Master  Servicer to cure such  breach or to so purchase  such
Mortgage  Loan  shall  constitute  the sole  remedy in  respect of a breach of a
representation  and warranty set forth in this Section 2.03(a)  available to the
Certificateholders or the Trustee on behalf of the Certificateholders.

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

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

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

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

                  (iv)  To the  best of the  Company's  knowledge,  except  with
         respect to 25 Mortgage  Loans  representing  approximately  1.9% of the
         Mortgage Loans by aggregate Stated  Principal  Balance (18 of which are
         Additional  Collateral  Loans  representing  approximately  1.5% 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;



NY1-208760.2
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<PAGE>



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

                  (vi) No more  than  0.5% of the  Mortgage  Loans by  aggregate
         Stated  Principal  Balance  as of  the  Cut-off  Date  are  secured  by
         Mortgaged Properties located in any one zip code area in California and
         no more than 0.8% of the Mortgage Loans by aggregate  Stated  Principal
         Balance as of the  Cut-off  Date are  secured by  Mortgaged  Properties
         located in any one zip code area  outside  California,  and none of the
         Mortgage Loans is a Cooperative Loan;

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

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

                  (ix)  Approximately  25.11% of the Mortgage Loans by aggregate
         Stated Principal Balance as of the Cut-off Date were underwritten under
         a reduced loan  documentation  program and approximately  25.56% of the
         Mortgage Loans by aggregate Stated Principal  Balance as of the Cut-off
         Date were underwritten under a no-stated income program;

                  (x)  Approximately  32.20% of the Mortgage  Loans by aggregate
         Stated Principal Balance as of the Cut-off Date are non-owner  occupied
         properties as of the date of origination of such Mortgage Loans;

                  (xi)            Approximately 0.1% 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;



NY1-208760.2
                                       53

<PAGE>



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

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

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

                  (xvii) Not more than 2.0% of the  Mortgage  Loans by aggregate
         Stated Principal  Balance as of the Cut-off Date will have been made to
         International Borrowers, and no such Mortgagor is a member of a foreign
         diplomatic mission with diplomatic rank; and

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

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

         Upon discovery by any of the Company, the Master Servicer,  the Trustee
or any Custodian of a breach of any of the  representations  and  warranties set
forth in this  Section  2.03(b)  which  materially  and  adversely  affects  the
interests of the  Certificateholders in any Mortgage Loan, the party discovering
such breach shall give prompt written notice to the other parties (any Custodian
being so obligated under a Custodial Agreement);  provided, however, that in the
event of a breach  of the  representation  and  warranty  set  forth in  Section
2.03(b)(xii),  the party  discovering  such breach shall give such notice within
five days of discovery. Within 90 days of its discovery or its receipt of notice
of  breach,  the  Company  shall  either  (i) cure such  breach in all  material
respects or (ii) purchase such Mortgage Loan from the Trust Fund at the Purchase
Price and in the manner set forth in Section  2.02;  provided  that the  Company
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


NY1-208760.2
                                       54

<PAGE>



same terms and  conditions  as provided  in Section  2.04 for  substitutions  by
Residential  Funding.  It is  understood  and agreed that the  obligation of the
Company to cure such  breach or to so purchase or  substitute  for any  Mortgage
Loan as to which such a breach has occurred and is continuing  shall  constitute
the sole remedy  respecting such breach available to the  Certificateholders  or
the Trustee on behalf of the Certificateholders.  Notwithstanding the foregoing,
the Company shall not be required to cure breaches or purchase or substitute for
Mortgage  Loans as  provided in this  Section  2.03(b) if the  substance  of the
breach  of a  representation  set  forth  above  also  constitutes  fraud in the
origination of the Mortgage Loan.

         Section 2.04.              Representations and Warranties of Sellers.

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


NY1-208760.2
                                       55

<PAGE>



Deleted Mortgage Loan pursuant to this Section 2.04,  Residential  Funding shall
deliver to the Trustee for the benefit of the Certificateholders with respect to
such Qualified  Substitute  Mortgage Loan or Loans, the original  Mortgage Note,
the Mortgage,  an Assignment of the Mortgage in recordable  form, and such other
documents and agreements as are required by Section 2.01, with the Mortgage Note
endorsed  as  required  by Section  2.01.  No  substitution  will be made in any
calendar month after the Determination Date for such month. Monthly Payments due
with respect to Qualified Substitute Mortgage Loans in the month of substitution
shall not be part of the Trust Fund and will be retained by the Master  Servicer
and  remitted  by the  Master  Servicer  to  Residential  Funding  on  the  next
succeeding  Distribution  Date. For the month of substitution,  distributions to
the  Certificateholders  will  include  the  Monthly  Payment  due on a  Deleted
Mortgage  Loan  for such  month  and  thereafter  Residential  Funding  shall be
entitled to retain all  amounts  received  in respect of such  Deleted  Mortgage
Loan.  The Master  Servicer shall amend or cause to be amended the Mortgage Loan
Schedule,  and, if the Deleted  Mortgage Loan was a Discount  Mortgage Loan, the
Schedule of Discount  Fractions,  for the benefit of the  Certificateholders  to
reflect the removal of such Deleted  Mortgage Loan and the  substitution  of the
Qualified  Substitute  Mortgage  Loan or Loans  and the  Master  Servicer  shall
deliver the amended  Mortgage Loan Schedule,  and, if the Deleted  Mortgage Loan
was a Discount Loan, the amended Schedule of Discount Fractions, to the Trustee.
Upon such substitution, the Qualified Substitute Mortgage Loan or Loans shall be
subject to the terms of this Agreement and the related Subservicing Agreement in
all   respects,   the  related   Seller   shall  be  deemed  to  have  made  the
representations and warranties with respect to the Qualified Substitute Mortgage
Loan contained in the related Seller's Agreement as of the date of substitution,
and the  Company  and the  Master  Servicer  shall be  deemed  to have made with
respect to any Qualified  Substitute  Mortgage Loan or Loans,  as of the date of
substitution,  the covenants,  representations  and warranties set forth in this
Section  2.04,  in  Section  2.03  hereof  and in  Section  4 of the  Assignment
Agreement,  and  the  Master  Servicer  shall  be  obligated  to  repurchase  or
substitute for any Qualified  Substitute  Mortgage Loan as to which a Repurchase
Event (as defined in the Assignment  Agreement) has occurred pursuant to Section
4 of the Assignment Agreement.

         In connection with the substitution of one or more Qualified Substitute
Mortgage Loans for one or more Deleted  Mortgage Loans, the Master Servicer will
determine  the amount (if any) by which the aggregate  principal  balance of all
such Qualified  Substitute Mortgage Loans as of the date of substitution is less
than the aggregate Stated  Principal  Balance of all such Deleted Mortgage Loans
(in each case after application of the principal portion of the Monthly Payments
due  in  the  month  of   substitution   that  are  to  be  distributed  to  the
Certificateholders  in the month of  substitution).  Residential  Funding  shall
deposit the amount of


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such shortfall into the Custodial  Account on the day of  substitution,  without
any reimbursement therefor.  Residential Funding shall give notice in writing to
the Trustee of such event,  which  notice shall be  accompanied  by an Officers'
Certificate  as to the  calculation  of such  shortfall  and (subject to Section
10.01(f)) by an Opinion of Counsel to the effect that such substitution will not
cause (a) any  federal tax to be imposed on the Trust  Fund,  including  without
limitation,  any federal tax imposed on "prohibited  transactions" under Section
860F(a)(1)  of the Code or on  "contributions  after  the  startup  date"  under
Section  860G(d)(1)  of the Code or (b) any portion of the Trust Fund to fail to
qualify as a REMIC at any time that any Certificate is outstanding.

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

         Section 2.05.             Execution and Authentication of Certificates.

         The Trustee acknowledges the assignment to it of the Mortgage Loans and
the  delivery  of the  Mortgage  Files to it, or any  Custodian  on its  behalf,
subject to any exceptions noted, together with the assignment to it of all other
assets  included  in the Trust  Fund,  receipt of which is hereby  acknowledged.
Concurrently with such delivery and in exchange therefor, the Trustee,  pursuant
to the written request of the Company  executed by an officer of the Company has
executed and caused to be  authenticated  and  delivered to or upon the order of
the  Company  the  Certificates  in  authorized   denominations  which  evidence
ownership of the entire Trust Fund.




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                                   ARTICLE III

                          ADMINISTRATION AND SERVICING
                                OF MORTGAGE LOANS

         Section 3.01.              Master Servicer to Act as Servicer.

         (a) The Master Servicer shall service and administer the Mortgage Loans
in accordance with the terms of this Agreement and the respective Mortgage Loans
and shall have full power and authority, acting alone or through Subservicers as
provided in Section 3.02,  to do any and all things which it may deem  necessary
or desirable in  connection  with such  servicing  and  administration.  Without
limiting the generality of the foregoing, the Master Servicer in its own name or
in the name of a Subservicer  is hereby  authorized and empowered by the Trustee
when the Master  Servicer or the  Subservicer,  as the case may be,  believes it
appropriate  in its best  judgment,  to execute  and  deliver,  on behalf of the
Certificateholders  and the Trustee or any of them,  any and all  instruments of
satisfaction or cancellation,  or of partial or full release or discharge, or of
consent to assumption or modification in connection with a proposed  conveyance,
or of  assignment  of any  Mortgage  and Mortgage  Note in  connection  with the
repurchase  of a Mortgage  Loan and all other  comparable  instruments,  or with
respect to the  modification  or  re-recording  of a Mortgage for the purpose of
correcting the Mortgage,  the subordination of the lien of the Mortgage in favor
of a public utility company or government  agency or unit with powers of eminent
domain, the taking of a deed in lieu of foreclosure,  the completion of judicial
or  non-judicial  foreclosure,  the  conveyance  of a Mortgaged  Property to the
related Insurer, the acquisition of any property acquired by foreclosure or deed
in lieu of  foreclosure,  or the  management,  marketing  and  conveyance of any
property  acquired by foreclosure or deed in lieu of foreclosure with respect to
the Mortgage Loans and with respect to the Mortgaged Properties. Notwithstanding
the foregoing,  subject to Section 3.07(a), the Master Servicer shall not permit
any modification  with respect to any Mortgage Loan that would both constitute a
sale or exchange of such Mortgage Loan within the meaning of Section 1001 of the
Code and any proposed,  temporary or final  regulations  promulgated  thereunder
(other than in  connection  with a proposed  conveyance  or  assumption  of such
Mortgage  Loan that is treated as a  Principal  Prepayment  in Full  pursuant to
Section  3.13(d)  hereof)  and cause the Trust  Fund to fail to  qualify as such
under the Code. The Trustee shall furnish the Master Servicer with any powers of
attorney  and other  documents  necessary  or  appropriate  to enable the Master
Servicer to service and administer the Mortgage Loans.  The Trustee shall not be
liable for any action taken by the Master Servicer or any  Subservicer  pursuant
to such powers of attorney.  In servicing and administering  any  Nonsubserviced
Mortgage Loan, the Master Servicer shall,  to the extent not  inconsistent  with
this Agreement, comply with the


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<PAGE>



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

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

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

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

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


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<PAGE>



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

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

         Section 3.03.              Successor Subservicers.

         The Master  Servicer  shall be entitled to terminate  any  Subservicing
Agreement  that may exist in  accordance  with the terms and  conditions of such
Subservicing  Agreement and without any limitation by virtue of this  Agreement;
provided,  however,  that  in the  event  of  termination  of  any  Subservicing
Agreement by the Master Servicer or the  Subservicer,  the Master Servicer shall
either act as servicer of the related Mortgage Loan or enter into


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<PAGE>



a Subservicing Agreement with a successor Subservicer which will be bound by the
terms of the  related  Subservicing  Agreement.  If the Master  Servicer  or any
Affiliate of Residential Funding acts as servicer,  it will not assume liability
for the representations and warranties of the Subservicer which it replaces.  If
the Master  Servicer  enters  into a  Subservicing  Agreement  with a  successor
Subservicer,  the  Master  Servicer  shall use  reasonable  efforts  to have the
successor  Subservicer assume liability for the  representations  and warranties
made by the terminated Subservicer in respect of the related Mortgage Loans and,
in the event of any such  assumption  by the successor  Subservicer,  the Master
Servicer may, in the exercise of its business  judgment,  release the terminated
Subservicer from liability for such representations and warranties.

         Section 3.04.              Liability of the Master Servicer.

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

         Section 3.05.              No Contractual Relationship Between
                                    Subservicer and Trustee or
                                    Certificateholders.


         Any  Subservicing  Agreement  that may be  entered  into and any  other
transactions or services  relating to the Mortgage Loans involving a Subservicer
in its capacity as such and not as an  originator  shall be deemed to be between
the  Subservicer  and  the  Master  Servicer  alone  and  the  Trustee  and  the
Certificateholders shall not be deemed parties thereto and shall have no claims,
rights,  obligations,  duties or liabilities  with respect to the Subservicer in
its  capacity  as such  except  as set  forth in  Section  3.06.  The  foregoing
provision  shall  not in any way  limit a  Subservicer's  obligation  to cure an
omission or defect or to  repurchase  a Mortgage  Loan as referred to in Section
2.02 hereof.



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<PAGE>



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

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

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

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

         (a) The Master  Servicer shall make  reasonable  efforts to collect all
payments  called for under the terms and provisions of the Mortgage  Loans,  and
shall, to the extent such procedures shall be consistent with this Agreement and
the terms and provisions of any related Primary  Insurance  Policy,  follow such
collection procedures as it would employ in its good faith business judgment and
which  are  normal  and  usual in its  general  mortgage  servicing  activities.
Consistent  with the  foregoing,  the Master  Servicer may in its discretion (i)
waive any late payment  charge or any prepayment  charge or penalty  interest in
connection  with the  prepayment of a Mortgage Loan and (ii) extend the Due Date
for  payments  due on a Mortgage  Loan in  accordance  with the  Program  Guide;
provided,  however, that the Master Servicer shall first determine that any such
waiver  or  extension  will not  impair  the  coverage  of any  related  Primary
Insurance  Policy  or  materially  adversely  affect  the  lien  of the  related
Mortgage.  In the event of any such arrangement,  the Master Servicer shall make
timely  advances on the related  Mortgage  Loan during the  scheduled  period in
accordance  with  the  amortization  schedule  of  such  Mortgage  Loan  without
modification  thereof by reason of such arrangements  unless otherwise agreed to
by the  Holders  of the  Classes of  Certificates  affected  thereby;  provided,
however,  that no  such  extension  shall  be made  if any  advance  would  be a
Nonrecoverable Advance. Consistent with the


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<PAGE>



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

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

                    (i)  All  payments  on  account  of   principal,   including
         Principal  Prepayments made by Mortgagors on the Mortgage Loans and the
         principal  component of any Subservicer  Advance or of any REO Proceeds
         received  in  connection   with  an  REO  Property  for  which  an  REO
         Disposition has occurred;

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

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



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

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

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

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

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

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

         (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


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<PAGE>



the Certificate  Account Deposit Date next following the date of such investment
(with the exception of the Amount Held for Future  Distribution) and which shall
not be sold or  disposed  of prior  to their  maturities.  All  income  and gain
realized  from  any  such  investment  shall be for the  benefit  of the  Master
Servicer  as  additional  servicing  compensation  and shall be  subject  to its
withdrawal  or order from time to time.  The amount of any  losses  incurred  in
respect of any such  investments  attributable  to the  investment of amounts in
respect of the Mortgage Loans shall be deposited in the Custodial Account by the
Master Servicer out of its own funds  immediately as realized  without any right
of reimbursement.

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

         Section 3.08.              Subservicing Accounts; Servicing Accounts.

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


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by the Trust Fund by deed in lieu of foreclosure or otherwise. All such advances
received  by the  Master  Servicer  shall  be  deposited  promptly  by it in the
Custodial Account.

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

         (c) In addition to the Custodial  Account and the Certificate  Account,
the Master Servicer shall for any Nonsubserviced  Mortgage Loan, and shall cause
the Subservicers  for Subserviced  Mortgage Loans to, establish and maintain one
or more Servicing  Accounts and deposit and retain therein all collections  from
the  Mortgagors  (or  advances  from  Subservicers)  for the  payment  of taxes,
assessments,  hazard insurance premiums,  Primary Insurance Policy premiums,  if
applicable,  or  comparable  items  for  the  account  of the  Mortgagors.  Each
Servicing Account shall satisfy the requirements for a Subservicing Account and,
to the extent  permitted by the Program  Guide or as is otherwise  acceptable to
the Master Servicer, may also function as a Subservicing Account. Withdrawals of
amounts  related to the Mortgage  Loans from the Servicing  Accounts may be made
only to effect timely payment of taxes, assessments,  hazard insurance premiums,
Primary  Insurance  Policy  premiums,  if applicable,  or comparable  items,  to
reimburse the Master Servicer or Subservicer out of related  collections for any
payments made  pursuant to Sections 3.11 (with respect to the Primary  Insurance
Policy)  and  3.12(a)  (with  respect  to  hazard  insurance),  to refund to any
Mortgagors  any sums as may be  determined to be overages,  to pay interest,  if
required,  to Mortgagors  on balances in the  Servicing  Account or to clear and
terminate  the  Servicing  Account  at the  termination  of  this  Agreement  in
accordance with Section 9.01 or in accordance with the Program Guide. As part of
its servicing  duties,  the Master Servicer shall,  and the  Subservicers  will,
pursuant to the  Subservicing  Agreements,  be required to pay to the Mortgagors
interest on funds in this account to the extent required by law.

         (d) The Master  Servicer shall advance the payments  referred to in the
preceding  subsection  that are not timely paid by the Mortgagors or advanced by
the  Subservicers on the date when the tax, premium or other cost for which such
payment is intended is due, but the Master Servicer shall be required so to


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advance only to the extent that such advances, in the good faith judgment of the
Master  Servicer,  will be recoverable  by the Master  Servicer out of Insurance
Proceeds, Liquidation Proceeds
or otherwise.

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

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

         Section 3.10.              Permitted Withdrawals from the
                                    Custodial Account.

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

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

                    (ii) to  reimburse  itself or the  related  Subservicer  for
         previously  unreimbursed advances or expenses made pursuant to Sections
         3.01,  3.07(a),  3.08,  3.11,  3.12(a),  3.14  and  4.04  or  otherwise
         reimbursable  pursuant to the terms of this Agreement,  such withdrawal
         right being limited to amounts  received on particular  Mortgage  Loans
         (including,  for  this  purpose,  REO  Proceeds,   Insurance  Proceeds,
         Liquidation  Proceeds and proceeds from the purchase of a Mortgage Loan
         pursuant to Section 2.02,  2.03, 2.04 or 4.07) which represent (A) Late
         Collections of Monthly  Payments for which any such advance was made in
         the case of Subservicer  Advances or Advances  pursuant to Section 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


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         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 as of the
         date on which the related Stated Principal Balance or Purchase Price is
         determined;

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

                    (viii) to  reimburse  itself  or the  Company  for  expenses
         incurred by and  reimbursable to it or the Company pursuant to Sections
         3.13,  3.14(c),  6.03,  10.01  or  otherwise,  or  in  connection  with
         enforcing any repurchase, substitution or indemnification obligation of
         any Seller  (other than an Affiliate  of the  Company)  pursuant to the
         related Seller's Agreement;

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


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

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

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

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

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


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representation in Section 2.03(b)(iv)) and that such Mortgage Loan has a current
Loan-to-Value  Ratio in excess  of 80% then the  Master  Servicer  shall use its
reasonable  efforts to obtain and  maintain  a Primary  Insurance  Policy to the
extent  that such a policy is  obtainable  at a  reasonable  price.  The  Master
Servicer shall not cancel or refuse to renew any such Primary  Insurance  Policy
applicable to a  Nonsubserviced  Mortgage  Loan,  or consent to any  Subservicer
canceling or refusing to renew any such Primary Insurance Policy applicable to a
Mortgage  Loan  subserviced  by it, that is in effect at the date of the initial
issuance  of the  Certificates  and is  required  to be kept in force  hereunder
unless the replacement Primary Insurance Policy for such canceled or non-renewed
policy is maintained with an insurer whose  claims-paying  ability is acceptable
to each Rating  Agency for mortgage  pass-through  certificates  having a rating
equal to or better  than the  lower of the  then-current  rating  or the  rating
assigned to the Certificates as of the Closing Date by such Rating Agency.

         (b) In connection with its activities as administrator  and servicer of
the  Mortgage  Loans,  the  Master  Servicer  agrees to  present or to cause the
related  Subservicer  to  present,  on  behalf  of  the  Master  Servicer,   the
Subservicer,  if any, the Trustee and Certificateholders,  claims to the related
Insurer under any Primary Insurance  Policies,  in a timely manner in accordance
with such  policies,  and,  in this  regard,  to take or cause to be taken  such
reasonable  action as shall be  necessary to permit  recovery  under any Primary
Insurance  Policies  respecting  defaulted  Mortgage Loans.  Pursuant to Section
3.07,  any Insurance  Proceeds  collected by or remitted to the Master  Servicer
under  any  Primary  Insurance  Policies  shall be  deposited  in the  Custodial
Account, subject to withdrawal pursuant to Section 3.10.

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

         (a) The Master  Servicer shall cause to be maintained for each Mortgage
Loan (other than a Cooperative Loan) fire insurance with extended coverage in an
amount  which is equal to the  lesser  of the  principal  balance  owing on such
Mortgage  Loan  or 100  percent  of the  insurable  value  of the  improvements;
provided,  however,  that such coverage may not be less than the minimum  amount
required to fully compensate for any loss or damage on a replacement cost basis.
To the extent it may do so without breaching the related Subservicing Agreement,
the Master  Servicer  shall  replace  any  Subservicer  that does not cause such
insurance, to the extent it is available, to be maintained.  The Master Servicer
shall also cause to be maintained on property acquired upon foreclosure, or deed
in lieu of  foreclosure,  of any Mortgage Loan (other than a Cooperative  Loan),
fire  insurance  with extended  coverage in an amount which is at least equal to
the  amount  necessary  to avoid  the  application  of any  co-insurance  clause
contained in the related hazard insurance policy.


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Pursuant to Section 3.07, any amounts collected by the Master Servicer under any
such policies  (other than amounts to be applied to the restoration or repair of
the related Mortgaged  Property or property thus acquired or amounts released to
the  Mortgagor  in  accordance  with  the  Master  Servicer's  normal  servicing
procedures) shall be deposited in the Custodial  Account,  subject to withdrawal
pursuant  to  Section  3.10.  Any  cost  incurred  by  the  Master  Servicer  in
maintaining any such insurance shall not, for the purpose of calculating monthly
distributions to the Certificateholders,  be added to the amount owing under the
Mortgage  Loan,  notwithstanding  that the terms of the Mortgage Loan so permit.
Such costs  shall be  recoverable  by the Master  Servicer  out of related  late
payments by the Mortgagor or out of Insurance Proceeds and Liquidation  Proceeds
to the extent  permitted by Section 3.10.  It is  understood  and agreed that no
earthquake or other  additional  insurance is to be required of any Mortgagor or
maintained  on  property  acquired  in  respect  of a  Mortgage  Loan other than
pursuant  to such  applicable  laws and  regulations  as shall at any time be in
force and as shall require such additional insurance.  Whenever the improvements
securing a Mortgage Loan (other than a Cooperative Loan) are located at the time
of  origination  of such Mortgage Loan in a federally  designated  special flood
hazard area,  the Master  Servicer  shall cause flood  insurance  (to the extent
available) to be maintained in respect thereof. Such flood insurance shall be in
an amount equal to the lesser of (i) the amount  required to compensate  for any
loss or damage to the Mortgaged  Property on a  replacement  cost basis and (ii)
the  maximum  amount  of such  insurance  available  for the  related  Mortgaged
Property under the national flood insurance  program  (assuming that the area in
which such Mortgaged Property is located is participating in such program).

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


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behalf of itself, the Trustee and the Certificateholders, claims
under any such blanket policy.

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

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

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

                    (i) the Master Servicer shall not be deemed to be in default
         under this  Section  3.13(a) by reason of any  transfer  or  assumption
         which the Master Servicer is restricted by law from preventing; and

                    (ii) if the Master Servicer determines that it is reasonably
         likely that any Mortgagor  will bring,  or if any Mortgagor does bring,
         legal action to declare  invalid or otherwise  avoid  enforcement  of a
         due-on-sale  clause  contained  in any Mortgage  Note or Mortgage,  the
         Master Servicer shall not be required to enforce the due-on-sale clause
         or to contest such action.

         (b) Subject to the Master  Servicer's  duty to enforce any  due-on-sale
clause  to the  extent  set  forth in  Section  3.13(a),  in any case in which a
Mortgaged Property is to be conveyed to a Person by a Mortgagor, and such Person
is to enter into an assumption or modification agreement or supplement to the


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Mortgage Note or Mortgage which requires the signature of the Trustee,  or if an
instrument of release signed by the Trustee is required  releasing the Mortgagor
from liability on the Mortgage Loan, the Master Servicer is authorized,  subject
to the requirements of the sentence next following,  to execute and deliver,  on
behalf of the  Trustee,  the  assumption  agreement  with the Person to whom the
Mortgaged  Property  is  to be  conveyed  and  such  modification  agreement  or
supplement  to the  Mortgage  Note  or  Mortgage  or  other  instruments  as are
reasonable  or necessary to carry out the terms of the Mortgage Note or Mortgage
or otherwise to comply with any  applicable  laws  regarding  assumptions or the
transfer of the Mortgaged Property to such Person;  provided,  however,  none of
such  terms  and   requirements   shall  both  (i)   constitute  a  "significant
modification"  effecting an exchange or  reissuance  of such Mortgage Loan under
the Code (or final,  temporary  or  proposed  Treasury  Regulations  promulgated
thereunder)  and (ii) cause the Trust  Fund to fail to qualify as a REMIC  under
the Code or (subject to Section  10.01(f)),  result in the imposition of any tax
on "prohibited  transactions" or constitute  "contributions"  after the start-up
date under the REMIC  Provisions.  The Master Servicer shall execute and deliver
such  documents  only if it  reasonably  determines  that (i) its  execution and
delivery  thereof will not conflict with or violate any terms of this  Agreement
or  cause  the  unpaid   balance  and  interest  on  the  Mortgage  Loan  to  be
uncollectible in whole or in part, (ii) any required  consents of insurers under
any Required  Insurance  Policies have been obtained and (iii) subsequent to the
closing of the transaction involving the assumption or transfer (A) the Mortgage
Loan will continue to be secured by a first  mortgage lien pursuant to the terms
of the Mortgage,  (B) such  transaction  will not adversely  affect the coverage
under any Required Insurance Policies, (C) the Mortgage Loan will fully amortize
over the  remaining  term  thereof,  (D) no material  term of the Mortgage  Loan
(including  the interest rate on the Mortgage Loan) will be altered nor will the
term of the  Mortgage  Loan be 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


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Master Servicer or such Subservicer as additional servicing compensation.

         (c) The Master Servicer or the related Subservicer, as the case may be,
shall be entitled to approve a request from a Mortgagor for a partial release of
the related Mortgaged Property,  the granting of an easement thereon in favor of
another Person,  any alteration or demolition of the related Mortgaged  Property
(or, with respect to a Cooperative Loan, the related  Cooperative  Apartment) or
other similar matters if it has  determined,  exercising its good faith business
judgment  in the same  manner  as it would if it were the  owner of the  related
Mortgage Loan, that the security for, and the timely and full collectability of,
such  Mortgage Loan would not be adversely  affected  thereby and that the Trust
Fund would not fail to continue to qualify as a REMIC under the Code as a result
thereof  and  (subject  to  Section   10.01(f))   that  no  tax  on  "prohibited
transactions" or  "contributions"  after the startup day would be imposed on the
REMIC as a result  thereof.  Any fee  collected  by the Master  Servicer  or the
related Subservicer for processing such a request will be retained by the Master
Servicer or such Subservicer as additional servicing compensation.

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



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         Section 3.14.              Realization Upon Defaulted Mortgage Loans.

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


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related  Mortgage  and  Mortgage  Note and to the  terms and  conditions  of any
security agreement,  guarantee agreement,  mortgage or other agreement governing
the  disposition  of the  proceeds  of  such  Additional  Collateral)  shall  be
deposited in the Custodial  Account,  subject to withdrawal  pursuant to Section
3.10.  Any other  payment  received  by the Master  Servicer  in respect of such
Additional  Collateral  shall be deposited in the Custodial  Account  subject to
withdrawal pursuant to Section 3.10. Concurrently with the foregoing, the Master
Servicer may pursue any remedies  that may be  available  in  connection  with a
breach of a  representation  and warranty with respect to any such Mortgage Loan
in accordance with Sections 2.03 and 2.04.  However,  the Master Servicer is not
required  to  continue to pursue both  foreclosure  (or similar  remedies)  with
respect to the  Mortgage  Loans and  remedies in  connection  with a breach of a
representation and warranty if the Master Servicer  determines in its reasonable
discretion  that one such remedy is more likely to result in a greater  recovery
as to the  Mortgage  Loan.  Upon the  occurrence  of a Cash  Liquidation  or REO
Disposition,  following  the deposit in the  Custodial  Account of all Insurance
Proceeds,  Liquidation Proceeds and other payments and recoveries referred to in
the definition of "Cash Liquidation" or "REO  Disposition," as applicable,  upon
receipt by the  Trustee  of written  notification  of such  deposit  signed by a
Servicing  Officer,  the  Trustee or any  Custodian,  as the case may be,  shall
release to the Master  Servicer the related  Mortgage File and the Trustee shall
execute and deliver such  instruments of transfer or assignment  prepared by the
Master Servicer, in each case without recourse, as shall be necessary to vest in
the Master  Servicer or its designee,  as the case may be, the related  Mortgage
Loan,  and  thereafter  such  Mortgage Loan shall not be part of the Trust Fund.
Notwithstanding  the foregoing or any other provision of this Agreement,  in the
Master Servicer's sole discretion with respect to any defaulted Mortgage Loan or
REO Property as to either of the following provisions, (i) a Cash Liquidation or
REO  Disposition  may be deemed to have  occurred if  substantially  all amounts
expected by the Master  Servicer to be received in  connection  with the related
defaulted  Mortgage  Loan or REO  Property  have  been  received,  and  (ii) for
purposes  of  determining  the  amount of any  Liquidation  Proceeds,  Insurance
Proceeds, REO Proceeds or any other unscheduled collections or the amount of any
Realized  Loss,  the Master  Servicer may take into account  minimal  amounts of
additional  receipts  expected  to  be  received  or  any  estimated  additional
liquidation  expenses  expected to be incurred  in  connection  with the related
defaulted Mortgage Loan or REO Property.

         (b) In the event that title to any  Mortgaged  Property  is acquired by
the  Trust  Fund  as an REO  Property  by  foreclosure  or by  deed  in  lieu of
foreclosure,  the deed or  certificate of sale shall be issued to the Trustee or
to its  nominee  on  behalf  of  Certificateholders.  Notwithstanding  any  such
acquisition of title and cancellation of the related Mortgage Loan, such REO


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Property shall (except as otherwise  expressly provided herein) be considered to
be an  Outstanding  Mortgage  Loan held in the Trust Fund until such time as the
REO Property  shall be sold.  Consistent  with the foregoing for purposes of all
calculations hereunder so long as such REO Property shall be considered to be an
Outstanding  Mortgage  Loan it shall be assumed that,  notwithstanding  that the
indebtedness  evidenced by the related Mortgage Note shall have been discharged,
such Mortgage Note and the related  amortization  schedule in effect at the time
of  any  such  acquisition  of  title  (after  giving  effect  to  any  previous
Curtailments  and before any  adjustment  thereto by reason of any bankruptcy or
similar  proceeding or any  moratorium or similar waiver or grace period) remain
in effect.

         (c) In the event  that the Trust  Fund  acquires  any REO  Property  as
aforesaid  or otherwise in  connection  with a default or imminent  default on a
Mortgage Loan, the Master  Servicer on behalf of the Trust Fund shall dispose of
such REO Property  within two years after its  acquisition by the Trust Fund for
purposes of Section 860G(a)(8) of the Code or, at the expense of the Trust Fund,
request,  more than 60 days before the day on which the  two-year  grace  period
would  otherwise  expire,  an extension of the two-year  grace period unless the
Master Servicer (subject to Section 10.01(f)) obtains for the Trustee an Opinion
of Counsel, addressed to the Trustee and the Master Servicer, to the effect that
the holding by the Trust Fund of such REO Property  subsequent  to such two-year
period will not result in the imposition of taxes on  "prohibited  transactions"
as  defined  in  Section  860F of the Code or cause  the  Trust  Fund to fail to
qualify as a REMIC at any time that any Certificates  are outstanding,  in which
case the Trust  Fund may  continue  to hold such REO  Property  (subject  to any
conditions  contained in such Opinion of Counsel).  The Master Servicer shall be
entitled to be reimbursed  from the Custodial  Account for any costs incurred in
obtaining such Opinion of Counsel, as provided in Section 3.10.  Notwithstanding
any other  provision of this  Agreement,  no REO Property  acquired by the Trust
Fund shall be rented (or allowed to continue to be rented) or otherwise  used by
or on behalf of the Trust  Fund in such a manner or  pursuant  to any terms that
would (i) cause such REO Property to fail to qualify as  "foreclosure  property"
within the meaning of Section  860G(a)(8)  of the Code or (ii) subject the Trust
Fund to the  imposition  of any federal  income taxes on the income  earned from
such REO Property,  including any taxes imposed by reason of Section  860G(c) of
the Code,  unless the Master  Servicer has agreed to indemnify and hold harmless
the Trust Fund with respect to the imposition of any such taxes.

         (d) The proceeds of any Cash  Liquidation,  REO Disposition or purchase
or repurchase of any Mortgage Loan pursuant to the terms of this  Agreement,  as
well as any  recovery  resulting  from a  collection  of  Liquidation  Proceeds,
Insurance  Proceeds or REO Proceeds,  will be applied in the following  order of
priority:


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first, to reimburse the Master Servicer or the related Subservicer in accordance
with Section  3.10(a)(ii);  second, to the  Certificateholders  to the extent of
accrued and unpaid  interest on the Mortgage  Loan,  and any related REO Imputed
Interest,  at the Net  Mortgage  Rate to the Due Date prior to the  Distribution
Date  on  which   such   amounts   are  to  be   distributed;   third,   to  the
Certificateholders  as a recovery  of  principal  on the  Mortgage  Loan (or REO
Property)(provided that if any such Class of Certificates to which such Realized
Loss was allocated is no longer  outstanding,  such subsequent recovery shall be
distributed  to the persons  who were the Holders of such Class of  Certificates
when it was  retired);  fourth,  to all  Servicing  Fees and  Subservicing  Fees
payable  therefrom (and the Master  Servicer and the  Subservicer  shall have no
claims for any  deficiencies  with  respect to such fees which  result  from the
foregoing allocation); and fifth, to Foreclosure Profits.

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

         Section 3.15.              Trustee to Cooperate;
                                    Release of Mortgage Files.

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


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reconveyance shall be chargeable to the Custodial Account or the
Certificate Account.

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

         (c) The Trustee or the Master  Servicer on the  Trustee's  behalf shall
execute and deliver to the Master Servicer,  if necessary,  any court pleadings,
requests for trustee's sale or other  documents  necessary to the foreclosure or
trustee's sale in respect of a Mortgaged Property or to any legal action brought
to obtain judgment  against any Mortgagor on the Mortgage Note or Mortgage or to
obtain a  deficiency  judgment,  or to  enforce  any  other  remedies  or rights
provided by the Mortgage  Note or Mortgage or  otherwise  available at law or in
equity.  Together  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


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termination of such a lien upon completion of the foreclosure or
trustee's sale.

         Section 3.16.              Servicing and Other Compensation;
                                    Compensating Interest.

         (a) The Master Servicer,  as compensation for its activities hereunder,
shall be entitled to receive on each  Distribution Date the amounts provided for
by clauses (iii),  (iv), (v) and (vi) of Section 3.10(a),  subject to clause (e)
below. The amount of servicing  compensation  provided for in such clauses shall
be accounted for on a Mortgage  Loan-by-Mortgage  Loan basis.  In the event that
Liquidation  Proceeds,  Insurance  Proceeds  and REO  Proceeds  (net of  amounts
reimbursable  therefrom  pursuant to Section  3.10(a)(ii))  in respect of a Cash
Liquidation  or REO  Disposition  exceed  the unpaid  principal  balance of such
Mortgage  Loan plus  unpaid  interest  accrued  thereon  (including  REO Imputed
Interest) at a per annum rate equal to the related Net Mortgage Rate, the Master
Servicer  shall be entitled to retain  therefrom and to pay to itself and/or the
related   Subservicer,   any  Foreclosure  Profits  and  any  Servicing  Fee  or
Subservicing Fee considered to be accrued but unpaid.

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

         (c) The Master  Servicer shall be required to pay, or cause to be paid,
all  expenses  incurred  by it  in  connection  with  its  servicing  activities
hereunder (including payment of premiums for the Primary Insurance Policies,  if
any,  to the extent  such  premiums  are not  required to be paid by the related
Mortgagors,  and the fees and  expenses of the Trustee  and any  Custodian)  and
shall not be entitled to reimbursement  therefor except as specifically provided
in Sections 3.10 and 3.14.

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

         (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


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realized  from any  investment  of funds  held in the  Custodial  Account or the
Certificate  Account  to which the  Master  Servicer  is  entitled  pursuant  to
Sections  3.07(c)  or  4.01(b),  respectively;  and  third,  to any  amounts  of
servicing  compensation  to which the Master  Servicer is  entitled  pursuant to
Section  3.10(a)(v) or (vi). In making such  reduction,  the Master Servicer (i)
will not withdraw from the Custodial Account any such amount representing all or
a portion  of the  Servicing  Fee to which it is  entitled  pursuant  to Section
3.10(a)(iii);  (ii) will not withdraw from the Custodial  Account or Certificate
Account any such amount to which it is entitled  pursuant to Section  3.07(c) or
4.01(b) and (iii) will not withdraw from the  Custodial  Account any such amount
of servicing compensation to which it is entitled pursuant to Section 3.10(a)(v)
or (vi).

         Section 3.17.              Reports to the Trustee and the Company.

         Not later than fifteen days after each  Distribution  Date,  the Master
Servicer shall forward to the Trustee and the Company a statement,  certified by
a Servicing Officer, setting forth the status of the Custodial Account as of the
close of business on such  Distribution Date as it relates to the Mortgage Loans
and showing, for the period covered by such statement, the aggregate of deposits
in or  withdrawals  from the Custodial  Account in respect of the Mortgage Loans
for each  category of deposit  specified  in Section  3.07 and each  category of
withdrawal specified in Section 3.10.

         Section 3.18.              Annual Statement as to Compliance.

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


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Attestation  Program for Mortgage  Bankers and has fulfilled all of its material
obligations under its Subservicing Agreement in all material respects throughout
such year,  or, if there has been  material  noncompliance  with such  servicing
standards or a material default in the fulfillment of such obligations  relating
to  this  Agreement,   such  statement  shall  include  a  description  of  such
noncompliance  or specify each such  default,  as the case may be, known to such
officer and the nature and status thereof.

         Section 3.19.              Annual Independent Public Accountants'
                                    Servicing Report.

         On or before March 31 of each year,  beginning  with the first March 31
that occurs at least six months after the Cut-off Date,  the Master  Servicer at
its expense shall cause a firm of independent public accountants, which shall be
members of the American Institute of Certified Public Accountants,  to furnish a
report to the Company and the Trustee  stating its opinion that, on the basis of
an examination conducted by such firm substantially in accordance with standards
established  by the  American  Institute of Certified  Public  Accountants,  the
assertions  made pursuant to Section 3.18 regarding  compliance with the minimum
servicing  standards  set forth in the Uniform  Single  Attestation  Program for
Mortgage  Bankers  during the  preceding  calendar year are fairly stated in all
material respects,  subject to such exceptions and other qualifications that, in
the opinion of such firm, such  accounting  standards  require it to report.  In
rendering  such  statement,  such firm may rely,  as to matters  relating to the
direct servicing of mortgage loans by Subservicers,  upon comparable  statements
for examinations  conducted by independent public  accountants  substantially in
accordance  with standards  established  by the American  Institute of Certified
Public Accountants  (rendered within one year of such statement) with respect to
such Subservicers.

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

         The Master Servicer shall afford the Company,  upon reasonable  notice,
during  normal  business  hours access to all records  maintained  by the Master
Servicer  in  respect  of its rights  and  obligations  hereunder  and access to
officers of the Master Servicer responsible for such obligations.  Upon request,
the Master  Servicer  shall  furnish the Company with its most recent  financial
statements and such other information as the Master Servicer possesses regarding
its business,  affairs,  property and  condition,  financial or  otherwise.  The
Master   Servicer  shall  also  cooperate  with  all  reasonable   requests  for
information  including,  but not limited to, notices, tapes and copies of files,
regarding  itself,  the Mortgage  Loans or the  Certificates  from any Person or
Persons identified by the Company or Residential  Funding.  The Company may, but
is not obligated


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to, enforce the obligations of the Master Servicer hereunder and may, but is not
obligated to, perform, or cause a designee to perform,  any defaulted obligation
of the Master  Servicer  hereunder or exercise the rights of the Master Servicer
hereunder; provided that the Master Servicer shall not be relieved of any of its
obligations  hereunder  by  virtue of such  performance  by the  Company  or its
designee.  The Company  shall not have any  responsibility  or liability for any
action  or  failure  to act by  the  Master  Servicer  and is not  obligated  to
supervise  the  performance  of the  Master  Servicer  under this  Agreement  or
otherwise.

         Section 3.21.              Administration of Buydown Funds.

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

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


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                                   ARTICLE IV

                         PAYMENTS TO CERTIFICATEHOLDERS

         Section 4.01.              Certificate Account.

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

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

         Section 4.02.              Distributions.

         (a) On each  Distribution Date (x) the Master Servicer on behalf of the
Trustee or (y) the Paying Agent  appointed by the Trustee,  shall  distribute to
the  Master  Servicer,  in  the  case  of a  distribution  pursuant  to  Section
4.02(a)(iii),  the amount required to be distributed to the Master Servicer or a
Subservicer pursuant to Section 4.02(a)(iii),  and to each  Certificateholder of
record on the next preceding Record Date (other than as provided in Section 9.01
respecting the final


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distribution)  either  in  immediately  available  funds  (by wire  transfer  or
otherwise)  to the account of such  Certificateholder  at a bank or other entity
having  appropriate  facilities  therefor,  if  such  Certificateholder  has  so
notified  the Master  Servicer or the Paying  Agent,  as the case may be, or, if
such  Certificateholder  has not so notified  the Master  Servicer or the Paying
Agent by the  Record  Date,  by check  mailed to such  Certificateholder  at the
address  of  such   Holder   appearing   in  the   Certificate   Register   such
Certificateholder's  share  (which  share  (A)  with  respect  to each  Class of
Certificates  (other than any Subclass of the Class A-9 Certificates),  shall be
based on the aggregate of the Percentage  Interests  represented by Certificates
of the applicable Class held by such Holder or (B) with respect to the Class A-9
Certificates,  shall be equal to the amount  (if any)  distributed  pursuant  to
Section  4.02(a)(i) below to each Holder of a Subclass thereof) of the following
amounts,  in the  following  order of  priority  (subject to the  provisions  of
Section  4.02(b)),  in each  case to the  extent of the  Available  Distribution
Amount:

                    (i) to the Class A Certificateholders  (other than the Class
         A-8 Certificateholders)  and Class R Certificateholders,  on a pro rata
         basis   based  on  Accrued   Certificate   Interest   payable  on  such
         Certificates   with  respect  to  such   Distribution   Date,   Accrued
         Certificate  Interest on such Classes of Certificates (or Subclass,  if
         any, with respect to the Class A-9  Certificates) for such Distribution
         Date, plus any Accrued  Certificate  Interest thereon  remaining unpaid
         from any  previous  Distribution  Date  except as  provided in the last
         paragraph of this Section 4.02(a); and

                    (ii)    (X)     to the Class A-8 Certificateholders, the
         Class A-8 Principal Distribution Amount; and

                            (Y)     to the Class A Certificateholders (other
         than the Class A-8  Certificateholders) and Class R Certificateholders,
         in the priorities and amounts set forth in Section  4.02(b)(ii) through
         (iv) and Section 4.02(c),  the sum of the following  (applied to reduce
         the  Certificate  Principal  Balances of such Class A  Certificates  or
         Class R Certificates, as applicable):

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

                                    (1) the  principal  portion of each  Monthly
                            Payment  due during the  related  Due Period on each
                            Outstanding  Mortgage  Loan  (other than the related
                            Discount  Fraction of the principal  portion of such
                            payment with respect to a Discount  Mortgage  Loan),
                            whether or not  received  on or prior to the related
                            Determination Date, minus the principal


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                            portion of any Debt  Service  Reduction  (other than
                            the  related  Discount  Fraction  of  the  principal
                            portion of such Debt Service Reductions with respect
                            to each Discount  Mortgage Loan) which together with
                            other  Bankruptcy   Losses  exceeds  the  Bankruptcy
                            Amount;

                                    (2)  the  Stated  Principal  Balance  of any
                            Mortgage   Loan   repurchased   during  the  related
                            Prepayment   Period  (or  deemed  to  have  been  so
                            repurchased  in  accordance  with  Section  3.07(b))
                            pursuant to Section 2.02, 2.03, 2.04 or 4.07 and the
                            amount of any  shortfall  deposited in the Custodial
                            Account in  connection  with the  substitution  of a
                            Deleted  Mortgage  Loan  pursuant to Section 2.03 or
                            2.04 during the  related  Prepayment  Period  (other
                            than the  related  Discount  Fraction of such Stated
                            Principal  Balance or shortfall with respect to each
                            Discount Mortgage Loan); and

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

                            (B) with respect to each  Mortgage  Loan for which a
                    Cash  Liquidation or a REO  Disposition  occurred during the
                    related  Prepayment  Period (or was deemed to have  occurred
                    during such period in accordance  with Section  3.07(b)) and
                    did not result in any Excess Special  Hazard Losses,  Excess
                    Fraud  Losses,  Excess  Bankruptcy  Losses or  Extraordinary
                    Losses,  an amount  equal to the  lesser  of (a) the  Senior
                    Percentage  for such  Distribution  Date  times  the  Stated
                    Principal  Balance of such  Mortgage  Loan  (other  than the
                    related Discount Fraction of such Stated Principal  Balance,
                    with  respect to each  Discount  Mortgage  Loan) and (b) the
                    Senior   Accelerated   Distribution   Percentage   for  such
                    Distribution Date times the related unscheduled  collections
                    (including


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                    without limitation Insurance Proceeds,  Liquidation Proceeds
                    and  REO  Proceeds)  to the  extent  applied  by the  Master
                    Servicer as recoveries of principal of the related  Mortgage
                    Loan  pursuant to Section  3.14 (in each case other than the
                    portion of such unscheduled  collections,  with respect to a
                    Discount Mortgage Loan, included in Section 4.02(b)(i) (C));

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

                            (D)     any Excess Subordinate Principal Amount for
                    such Distribution Date; and

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

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

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

                    (v) to the Holders of the Class M-1 Certificates,  an amount
         equal to (x) the  Subordinate  Principal  Distribution  Amount for such
         Class of Certificates for such Distribution  Date, minus (y) the amount
         of any Class A-8 Collection Shortfalls for such Distribution Date or


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         remaining unpaid for all previous Distribution Dates, to the extent the
         amounts  available  pursuant  to clause (x) of  Sections  4.02(a)(vii),
         (ix), (xi), (xiii), (xiv) and (xv) are insufficient  therefor,  applied
         in  reduction  of the  Certificate  Principal  Balance of the Class M-1
         Certificates;

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

                    (vii) to the  Holders  of the  Class  M-2  Certificates,  an
         amount equal to (x) the Subordinate  Principal  Distribution Amount for
         such Class of Certificates  for such  Distribution  Date, minus (y) the
         amount of any Class A-8  Collection  Shortfalls  for such  Distribution
         Date or remaining  unpaid for all previous  Distribution  Dates, to the
         extent  the  amounts  available  pursuant  to  clause  (x) of  Sections
         4.02(a)(ix),  (xi), (xiii),  (xiv) and (xv) are insufficient  therefor,
         applied in reduction of the Certificate  Principal Balance of the Class
         M-2 Certificates;

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

                    (ix) to the Holders of the Class M-3 Certificates, an amount
         equal to (x) the  Subordinate  Principal  Distribution  Amount for such
         Class of Certificates for such  Distribution  Date minus (y) the amount
         of any Class A-8 Collection  Shortfalls for such  Distribution  Date or
         remaining unpaid for all previous Distribution Dates, to the extent the
         amounts  available  pursuant  to clause  (x) of  Sections  4.02(a)(xi),
         (xiii), (xiv) and (xv) are insufficient therefor,  applied in reduction
         of the Certificate Principal Balance of the Class M-3 Certificates;

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

                    (xi) to the Holders of the Class B-1 Certificates, an amount
         equal to (x) the  Subordinate  Principal  Distribution  Amount for such
         Class of Certificates for such  Distribution  Date minus (y) the amount
         of any Class A-8 Collection  Shortfalls for such  Distribution  Date or
         remaining unpaid for all previous Distribution Dates, to the extent the
         amounts available pursuant to clause (x) of


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<PAGE>



         Sections  4.02(a)(xiii),  (xiv)  and  (xv) are  insufficient  therefor,
         applied in reduction of the Certificate  Principal Balance of the Class
         B-1 Certificates;

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

                    (xiii) to the  Holders  of the Class  B-2  Certificates,  an
         amount equal to (x) the Subordinate  Principal  Distribution Amount for
         such Class of  Certificates  for such  Distribution  Date minus (y) the
         amount of any Class A-8  Collection  Shortfalls  for such  Distribution
         Date or remaining  unpaid for all previous  Distribution  Dates, to the
         extent  the  amounts  available  pursuant  to  clause  (x) of  Sections
         4.02(a)(xiv) and (xv) are insufficient  therefor,  applied in reduction
         of the Certificate Principal Balance of the Class B-2 Certificates;

                    (xiv) to the  Holders  of the  Class  B-3  Certificates,  an
         amount equal to (x) the Accrued  Certificate  Interest thereon for such
         Distribution  Date,  plus  any  Accrued  Certificate  Interest  thereon
         remaining  unpaid  from  any  previous  Distribution  Date,  except  as
         provided  below,  minus (y) the  amount  of any  Class  A-8  Collection
         Shortfalls  for such  Distribution  Date or  remaining  unpaid  for all
         previous  Distribution  Dates,  to the  extent  the  amounts  available
         pursuant  to  clause  (x) of  Section  4.02(a)  (xv)  are  insufficient
         therefor;

                    (xv) to the Holders of the Class B-3 Certificates, an amount
         equal to (x) the  Subordinate  Principal  Distribution  Amount for such
         Class of Certificates for such  Distribution  Date minus (y) the amount
         of any Class A-8 Collection  Shortfalls for such  Distribution  Date or
         remaining  unpaid  for  all  previous  Distribution  Dates  applied  in
         reduction  of  the  Certificate  Principal  Balance  of the  Class  B-3
         Certificates;

                    (xvi)  to  the  Class  A  Certificateholders   and  Class  R
         Certificateholders,  in the priority set forth in Section 4.02(b),  the
         portion,  if any, of the Available  Distribution Amount remaining after
         the  foregoing   distributions,   applied  to  reduce  the  Certificate
         Principal   Balances  of  such  Class  A   Certificates   and  Class  R
         Certificates,   but  in  no  event  more  than  the  aggregate  of  the
         outstanding  Certificate Principal Balances of each such Class of Class
         A Certificates and Class R Certificates,  and thereafter, to each Class
         of Class M Certificates then outstanding beginning with such Class with
         the  lowest  numerical  designation,   any  portion  of  the  Available
         Distribution Amount remaining after the Class A


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         Certificates  and Class R  Certificates  have been retired,  applied to
         reduce the Certificate  Principal Balance of each such Class of Class M
         Certificates,  but in no event  more than the  outstanding  Certificate
         Principal  Balance  of each  such  Class of Class M  Certificates;  and
         thereafter to each such Class of Class B Certificates  then outstanding
         beginning with such Class with the lowest  numerical  designation,  any
         portion of the Available  Distribution Amount remaining after the Class
         M  Certificates  have been retired,  applied to reduce the  Certificate
         Principal Balance of each such Class of Class B Certificates, but in no
         event more than the outstanding  Certificate  Principal Balance of each
         such Class of Class B Certificates; and

                    (xvii)          to the Class R Certificateholders, the
         balance, if any, of the Available Distribution Amount.

         Notwithstanding  the foregoing,  on any Distribution Date, with respect
to the Class of Class B Certificates  outstanding on such Distribution Date with
the highest numerical designation,  or in the event the Class B Certificates are
no longer  outstanding,  the Class of Class M Certificates then outstanding with
the highest numerical designation,  or in the event the Class B Certificates and
Class  M  Certificates  are no  longer  outstanding,  the  Class  A and  Class R
Certificates,  Accrued  Certificate  Interest thereon remaining unpaid remaining
unpaid from any previous  Distribution  Date will be  distributable  only to the
extent  that such  unpaid  Accrued  Certificate  Interest  was  attributable  to
interest  shortfalls  relating to  Nonrecoverable  Advances as determined by the
Master  Servicer  with respect to the related  Mortgage Loan where such Mortgage
Loan has not yet been the subject of a Cash Liquidation or REO Disposition.

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

                    (i)  first,  to  the  Class  A-8  Certificates,   until  the
         Certificate  Principal  Balance  thereof is reduced to zero,  an amount
         (the "Class A-8 Principal  Distribution Amount") equal to the aggregate
         of:

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



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

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

                            (D)  any  amounts  allocable  to  principal  for any
                    previous  Distribution Date (calculated  pursuant to clauses
                    (A) through (C) above) that remain undistributed; and

                            (E)  the   amount  of  any   Class  A-8   Collection
                    Shortfalls for such  Distribution Date and the amount of any
                    Class A-8  Collection  Shortfalls  remaining  unpaid for all
                    previous  Distribution  Dates, but only to the extent of the
                    Eligible Funds for such Distribution Date;

                    (ii)  the  Senior  Principal  Distribution  Amount  shall be
         distributed to the Class R Certificates until the Certificate Principal
         Balance thereof has been reduced to zero;

                    (iii) from the  balance,  if any,  of the  Senior  Principal
         Distribution  Amount  remaining  after the  distribution  described  in
         clause  4.02(b)(ii)  above, there shall be distributed to the Class A-7
         Certificates, an amount equal to the Lockout Distribution Percentage of
         the Class A-7  Certificates'  pro rata  share  (based on the  aggregate
         Certificate   Principal  Balance  thereof  relative  to  the  aggregate
         Certificate  Principal Balance of the Class A Certificates  (other than
         the Class A-8  Certificates)  and Class R  Certificates)  of the Senior
         Principal Distribution


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         Amount remaining after the distribution, if any, described
         in Section 4.02(b)(ii) above; and

                    (iv) the balance of the Senior Principal Distribution Amount
         remaining after the  distributions,  if any,  described in clauses (ii)
         and (iii) above shall be distributed as follows:

                            (A) first, 81.8181835387% and 18.1818164613% of such
                    amount shall be  distributed  concurrently  to the Class A-1
                    and  Class  A-4   Certificates,   respectively,   until  the
                    Certificate  Principal Balance of the Class A-1 Certificates
                    has been reduced to zero;

                            (B) second,  81.8181818182%  and  18.1818181818%  of
                    such amount shall be distributed  concurrently  to the Class
                    A-2 and  Class  A-4  Certificates,  respectively,  until the
                    Certificate  Principal Balance of the Class A-2 Certificates
                    has been reduced to zero;

                            (C) third, 81.8181838106% and 18.1818161894% of such
                    amount shall be  distributed  concurrently  to the Class A-3
                    and  Class  A-4   Certificates,   respectively,   until  the
                    Certificate  Principal Balance of the Class A-3 Certificates
                    has been reduced to zero;

                            (D) fourth,  10.0% and 90.0% of such amount shall be
                    distributed  concurrently  to the  Class  A-4 and  Class A-5
                    Certificates,  respectively, until the Certificate Principal
                    Balance of each such Class of Certificates  has been reduced
                    to zero;

                            (E) fifth,  such amount shall be  distributed to the
                    Class  A-6  Certificates  until  the  Certificate  Principal
                    Balance thereof has been reduced to zero; and

                            (F) sixth,  such amount shall be  distributed to the
                    Class  A-7  Certificates  until  the  Certificate  Principal
                    Balance thereof has been reduced to zero.

         (c) On or after the  occurrence of the Credit Support  Depletion  Date,
all priorities  relating to  distributions as described in Section 4.02(b) above
in respect of principal among the various classes of Class A Certificates (other
than the Class A-8  Certificates)  and Class R Certificates will be disregarded,
and an  amount  equal to the  Discount  Fraction  of the  principal  portion  of
scheduled payments and unscheduled  collections  received or advanced in respect
of  the  Discount   Mortgage   Loans  will  be  distributed  to  the  Class  A-8
Certificates,  the Senior Principal  Distribution  Amount will be distributed to
all Classes of Class A Certificates  (other than the Class A-8 Certificates) and
the Class R Certificates pro rata in accordance with their


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<PAGE>



respective  outstanding  Certificate Principal Balances and the amount set forth
in Section 4.02(a)(i) will be distributed as set forth therein.

         (d) After reduction of the Certificate  Principal Balances of the Class
A Certificates  (other than the Class A-8 Certificates) and Class R Certificates
to zero but prior to the  occurrence of the Credit Support  Depletion  Date, the
Class A  Certificates  (other  than the  Class  A-8  Certificates)  and  Class R
Certificates  will be entitled to no further  distributions of principal thereon
and the Available  Distribution Amount will be paid solely to the holders of the
Class  A-8,  Class  A-9,  Class M and  Class  B  Certificates,  in each  case as
described herein.

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


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respect  to  the   Certificates   of  any  Class   (other  than  the  Class  A-9
Certificates),  on a pro rata basis based on the Percentage Interest represented
by each  Certificate  of such Class as of such Record Date and (ii) with respect
to the Class A-9  Certificates,  to the Class A-9  Certificates  or any Subclass
thereof in the same proportion as the related  Realized Loss was allocated.  Any
amounts to be so distributed  shall not be remitted to or  distributed  from the
Trust Fund, and shall constitute  subsequent recoveries with respect to Mortgage
Loans that are no longer assets of the Trust Fund.

         (f) Each distribution with respect to a Book-Entry Certificate shall be
paid  to the  Depository,  as  Holder  thereof,  and  the  Depository  shall  be
responsible for crediting the amount of such distribution to the accounts of its
Depository   Participants  in  accordance  with  its  normal  procedures.   Each
Depository  Participant shall be responsible for disbursing such distribution to
the  Certificate  Owners that it represents  and to each indirect  participating
brokerage firm (a "brokerage firm" or "indirect  participating  firm") for which
it acts as agent.  Each brokerage firm shall be responsible for disbursing funds
to  the  Certificate  Owners  that  it  represents.  None  of the  Trustee,  the
Certificate  Registrar,  the  Company  or the  Master  Servicer  shall  have any
responsibility  therefor  except as  otherwise  provided  by this  Agreement  or
applicable law.

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

         Section 4.03.              Statements to Certificateholders.

         (a)  Concurrently  with each  distribution  charged to the  Certificate
Account and with respect to each  Distribution  Date the Master  Servicer  shall
forward to the Trustee and the Trustee


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shall  forward by mail to each Holder and the Company a statement  setting forth
the  following  information  as to each  Class  of  Certificates  to the  extent
applicable:

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

                    (ii)    the amount of such distribution to Holders of
         such Class of Certificates allocable to interest;

                    (iii) if the  distribution  to the  Holders of such Class of
         Certificates  is less than the full amount that would be  distributable
         to such Holders if there were sufficient funds available therefor,  the
         amount of the shortfall;

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

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

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

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

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

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

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

                    (xi)    the Special Hazard Amount, Fraud Loss Amount
         and Bankruptcy Amount as of the close of business on such


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         Distribution Date and a description of any change in the
         calculation of such amounts;

                    (xii)  the  weighted   average  Pool  Strip  Rate  for  such
         Distribution  Date and the Pass-Through  Rate with respect to the Class
         A-9 Certificates and each Subclass, if any, thereof;

                    (xiii)          the Class A-9 Notional Amount and each
         Subclass Notional Amount;

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

                    (xv)    the Senior Accelerated Distribution
         Percentage applicable to such distribution;

                    (xvi)           the Senior Percentage for such Distribution
         Date;

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

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

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

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

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

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


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

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

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

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

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

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


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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  required to be made on the following  Distribution Date. The
Master  Servicer  shall be entitled to use any Advance made by a Subservicer  as
described in Section 3.07(b) that has been deposited in the Custodial Account on
or before  such  Distribution  Date as part of the  Advance  made by the  Master
Servicer pursuant to this Section 4.04. The amount of any reimbursement pursuant
to Section  4.02(a)(iii) in respect of outstanding  Advances on any Distribution
Date shall be allocated to specific  Monthly  Payments  due but  delinquent  for
previous Due Periods, which allocation shall be made, to the extent practicable,
to Monthly  Payments which have been  delinquent for the longest period of time.
Such allocations shall be conclusive for purposes of reimbursement to the Master
Servicer from recoveries on related Mortgage Loans pursuant to Section 3.10.

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

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


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Master  Servicer  shall have given notice  pursuant to the  preceding  sentence,
pursuant to Section 7.01, (a) terminate all of the rights and obligations of the
Master  Servicer  under this  Agreement in accordance  with Section 7.01 and (b)
assume the rights and  obligations of the Master Servicer  hereunder,  including
the  obligation  to deposit in the  Certificate  Account an amount  equal to the
Advance for the immediately succeeding Distribution Date.

         The  Trustee  shall  deposit  all funds it  receives  pursuant  to this
Section 4.04 into the Certificate Account.

         Section 4.05.              Allocation of Realized Losses.

         Prior to each  Distribution  Date, the Master  Servicer shall determine
the  total  amount of  Realized  Losses,  if any,  that  resulted  from any Cash
Liquidation, Debt Service Reduction, Deficient Valuation or REO Disposition that
occurred during the related  Prepayment Period. The amount of each Realized Loss
shall be evidenced by an Officers' Certificate.  All Realized Losses, other than
Excess Special Hazard Losses,  Extraordinary Losses, Excess Bankruptcy Losses or
Excess Fraud  Losses,  shall be allocated  as follows:  first,  to the Class B-3
Certificates until the Certificate Principal Balance thereof has been reduced to
zero;  second,  to the Class B-2  Certificates  until the Certificate  Principal
Balance thereof has been reduced to zero;  third, to the Class B-1  Certificates
until the  Certificate  Principal  Balance  thereof  has been  reduced  to zero;
fourth,  to the Class M-3 Certificates  until the Certificate  Principal Balance
thereof has been reduced to zero; fifth, to the Class M-2 Certificates until the
Certificate  Principal  Balance thereof has been reduced to zero;  sixth, to the
Class M-1 Certificates until the Certificate  Principal Balance thereof has been
reduced to zero;  and,  thereafter,  if such  Realized  Losses are on a Discount
Mortgage Loan, to the Class A-8 Certificates, in an amount equal to the Discount
Fraction of the principal  portion  thereof,  and the remainder of such Realized
Losses and the entire amount of such Realized  Losses on  Non-Discount  Mortgage
Loans among all the Class A Certificates (other than the Class A-8 Certificates)
and Class R Certificates, on a pro rata basis, as described below. The principal
portion of any Excess Special Hazard Losses,  Excess Bankruptcy  Losses,  Excess
Fraud  Losses  and  Extraordinary  Losses on  Discount  Mortgage  Loans  will be
allocated  to the  Class A-8  Certificates  in an  amount  equal to the  related
Discount Fraction thereof, and the remainder of such losses on Discount Mortgage
Loans and the entire amount of such losses on  Non-Discount  Mortgage Loans will
be  allocated  among  the  Class  A  Certificates  (other  than  the  Class  A-8
Certificates),  Class M, Class B and Class R Certificates,  on a pro rata basis,
as described below.

         As used herein,  an allocation of a Realized Loss on a "pro rata basis"
among two or more specified Classes of Certificates means an allocation on a pro
rata basis, among the various


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Classes so specified,  to each such Class of  Certificates on the basis of their
then  outstanding  Certificate  Principal  Balances  prior to  giving  effect to
distributions to be made on such  Distribution Date in the case of the principal
portion of a Realized Loss or based on the Accrued Certificate  Interest thereon
payable on such Distribution  Date (without regard to any Compensating  Interest
for such  Distribution  Date) in the case of an  interest  portion of a Realized
Loss.  Except as provided  in the  following  sentence,  any  allocation  of the
principal  portion of Realized Losses (other than Debt Service  Reductions) to a
Class  of  Certificates  shall be made by  reducing  the  Certificate  Principal
Balance thereof by the amount so allocated,  which allocation shall be deemed to
have occurred on such Distribution Date. Any allocation of the principal portion
of  Realized  Losses  (other  than  Debt  Service  Reductions)  to the  Class  B
Certificates  or,  after  the  Certificate  Principal  Balances  of the  Class B
Certificates  have been  reduced to zero,  to the Class of Class M  Certificates
then  outstanding  with  the  highest  numerical  designation  shall  be made by
operation of the definition of "Certificate  Principal Balance" and by operation
of the provisions of Section  4.02(a).  Allocations of the interest  portions of
Realized Losses shall be made in proportion to the amount of Accrued Certificate
Interest and by operation of the  definition of "Accrued  Certificate  Interest"
and by  operation  of the  provisions  of Section  4.02(a).  Allocations  of the
principal  portion of Debt Service  Reductions shall be made by operation of the
provisions  of  Section  4.02(a).  All  Realized  Losses  and all  other  losses
allocated  to a Class of  Certificates  hereunder  will be  allocated  among the
Certificates of such Class in proportion to the Percentage  Interests  evidenced
thereby; provided that if any Subclasses of the Class A-9 Certificates have been
issued  pursuant  to Section  5.01(c),  all  Realized  Losses  and other  losses
allocated to the Class A-9 Certificates shall be allocated among such Subclasses
in proportion to the respective amounts of Accrued Certificate  Interest payable
on such Distribution Date that would have resulted absent such reductions.

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

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



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         Section 4.07.              Optional Purchase of Defaulted Mortgage
                                    Loans.

         As to any Mortgage  Loan which is  delinquent  in payment by 90 days or
more, the Master  Servicer may, at its option,  purchase such Mortgage Loan from
the Trustee at the Purchase Price  therefor.  If at any time the Master Servicer
makes a payment to the Certificate  Account  covering the amount of the Purchase
Price for such a Mortgage Loan, and the Master Servicer  provides to the Trustee
a  certification  signed by a Servicing  Officer stating that the amount of such
payment has been deposited in the  Certificate  Account,  then the Trustee shall
execute  the  assignment  of such  Mortgage  Loan at the  request  of the Master
Servicer  without recourse to the Master Servicer which shall succeed to all the
Trustee's  right,  title and  interest  in and to such  Mortgage  Loan,  and all
security and documents relative thereto.  Such assignment shall be an assignment
outright and not for  security.  The Master  Servicer  will  thereupon  own such
Mortgage, and all such security and documents, free of any further obligation to
the Trustee or the  Certificateholders  with  respect  thereto.  Notwithstanding
anything  to the  contrary  in this  Section  4.07,  the Master  Servicer  shall
continue to service any such  Mortgage  Loan after the date of such  purchase in
accordance  with the terms of this  Agreement  and,  if any  Realized  Loss with
respect to such Mortgage  Loan occurs,  allocate such Realized Loss to the Class
or  Classes  of  Certificates  that  would  have  borne  such  Realized  Loss in
accordance  with  the  terms  hereof  as if such  Mortgage  Loan had not been so
purchased.  For purposes of this  Agreement,  a payment of the Purchase Price by
the Master Servicer  pursuant to this Section 4.07 will be viewed as an advance,
and the  amount  of any  Realized  Loss  shall be  recoverable  pursuant  to the
provisions for the recovery of  unreimbursed  Advances under Section 4.02(a) or,
to the extent not recoverable under such provisions, as a Nonrecoverable Advance
as set forth herein.

         Section 4.08.              Surety Bond.             
         (a)  If a Required Surety Payment is payable pursuant to the Surety 
Bond with respect to any Additional  Collateral  Loan, the Master Servicer shall
so notify the Trustee as soon as  reasonably  practicable  and the Trustee shall
promptly  complete the notice in the form of Attachment 1 to the Surety Bond and
shall  promptly  submit  such  notice to the  Surety  as a claim for a  Required
Surety.  The Master Servicer shall upon request assist the Trustee in completing
such  notice and shall  provide  any  information  requested  by the  Trustee in
connection therewith.
         (b) Upon receipt of a Required Surety Payment from the Surety on behalf
of the Holders of  Certificates,  the Trustee shall deposit such Required Surety
Payment in the  Certificate  Account and shall  distribute  such Required Surety
Payment,  or the proceeds thereof,  in accordance with the provisions of Section
4.02.


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




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                                    ARTICLE V

                                THE CERTIFICATES

         Section 5.01.              The Certificates.

         (a)  The  Class  A,  Class  M,  Class  B  and  Class  R   Certificates,
respectively,  shall be substantially in the forms set forth in Exhibits A, B, C
and D and shall,  on original issue, be executed and delivered by the Trustee to
the Certificate  Registrar for  authentication and delivery to or upon the order
of the  Company  upon  receipt by the Trustee or one or more  Custodians  of the
documents  specified in Section 2.01. The  Certificates,  other than the Class R
Certificates  and Class A-9  Certificates,  shall be issuable in minimum  dollar
denominations  of $25,000 (or $250,000 in the case of the Class M-2,  Class M-3,
Class B-1, Class B-2 and Class B-3  Certificates)  and integral  multiples of $1
(in the case of the Class A Certificates, other than the Class A-8 Certificates)
and $1,000 (in the case of the Class A-8, Class M and Class B  Certificates)  in
excess thereof, except that one Certificate of each of the Class A-8, Class M-1,
Class M-2,  Class M-3, Class B-1,  Class B-2 and Class B-3  Certificates  may be
issued in a denomination equal to the denomination set forth as follows for such
Class or the sum of such denomination and an integral multiple of $1,000:

  Class A-8                                          $25,284.33
  Class M-1                                          $25,600.00
  Class M-2                                         $250,300.00
  Class M-3                                         $250,900.00
  Class B-1                                         $250,200.00
  Class B-2                                         $302,900.00
  Class B-3                                         $495,114.30

The Class R Certificates and Class A-9 Certificates shall be issuable in minimum
denominations  of not less than a 20% Percentage  Interest;  provided,  however,
that one Class R  Certificate  will be issuable to  Residential  Funding as "tax
matters person" pursuant to Section  10.01(c) and (e) in a minimum  denomination
representing  a  Percentage  Interest of not less than 0.01%.  Each  Subclass of
Class A-9  Certificates  shall be issuable in minimum  denominations of not less
than a 100% Percentage Interest, except as provided in Section 5.01(c).

         The Certificates shall be executed by manual or facsimile  signature on
behalf of an authorized officer of the Trustee.  Certificates bearing the manual
or facsimile  signatures of individuals who were at any time the proper officers
of the Trustee shall bind the Trustee,  notwithstanding that such individuals or
any of them have ceased to hold such  offices  prior to the  authentication  and
delivery of such  Certificate  or did not hold such  offices at the date of such
Certificates. No Certificate shall be entitled to any benefit under this


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Agreement, or be valid for any purpose, unless there appears on such Certificate
a certificate of  authentication  substantially  in the form provided for herein
executed by the Certificate Registrar by manual signature,  and such certificate
upon any Certificate shall be conclusive evidence,  and the only evidence,  that
such  Certificate  has been duly  authenticated  and  delivered  hereunder.  All
Certificates shall be dated the date of their authentication.

         (b) The Class A Certificates, other than the Class A-8 Certificates and
Class A-9  Certificates,  shall initially be issued as one or more  Certificates
registered in the name of the Depository or its nominee and,  except as provided
below,  registration of such  Certificates may not be transferred by the Trustee
except to  another  Depository  that  agrees to hold such  Certificates  for the
respective  Certificate  Owners with Ownership  Interests  therein.  The Class A
Certificateholders  shall hold their  respective  Ownership  Interests in and to
each of the Class A  Certificates,  other  than the Class A-8  Certificates  and
Class A-9 Certificates, through the book-entry facilities of the Depository and,
except as provided  below,  shall not be entitled to Definitive  Certificates in
respect of such  Ownership  Interests.  All transfers by  Certificate  Owners of
their respective  Ownership  Interests in the Book-Entry  Certificates  shall be
made in accordance with the procedures established by the Depository Participant
or  brokerage  firm  representing   such  Certificate   Owner.  Each  Depository
Participant  shall  transfer  the  Ownership  Interests  only in the  Book-Entry
Certificates of Certificate Owners it represents or of brokerage firms for which
it acts as agent in accordance with the Depository's normal procedures.

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

         If  (i)(A)  the  Company  advises  the  Trustee  in  writing  that  the
Depository is no longer willing or able to properly discharge


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its  responsibilities  as  Depository  and (B) the Company is unable to locate a
qualified  successor  or (ii) the  Company at its option  advises the Trustee in
writing  that  it  elects  to  terminate  the  book-entry   system  through  the
Depository,  the  Trustee  shall  notify all  Certificate  Owners,  through  the
Depository,  of the  occurrence  of any such  event and of the  availability  of
Definitive   Certificates  to  Certificate  Owners  requesting  the  same.  Upon
surrender  to the  Trustee of the  Book-Entry  Certificates  by the  Depository,
accompanied by registration instructions from the Depository for registration of
transfer,  the Trustee  shall  issue the  Definitive  Certificates.  Neither the
Company,  the Master  Servicer  nor the Trustee  shall be liable for any actions
taken by the Depository or its nominee, including, without limitation, any delay
in  delivery of such  instructions  and may  conclusively  rely on, and shall be
protected  in relying on, such  instructions.  Upon the  issuance of  Definitive
Certificates  all  references  herein  to  obligations  imposed  upon  or  to be
performed  by the Company in  connection  with the  issuance  of the  Definitive
Certificates  pursuant to this  Section  5.01 shall be deemed to be imposed upon
and  performed by the  Trustee,  and the Trustee and the Master  Servicer  shall
recognize  the  Holders of the  Definitive  Certificates  as  Certificateholders
hereunder.

         (c) From time to time Residential Funding, as the initial Holder of the
Class A-9  Certificates,  may exchange such Holder's Class A-9  Certificates for
Subclasses  of Class A-9  Certificates  to be issued  under  this  Agreement  by
delivering a "Request for Exchange" substantially in the form attached hereto as
Exhibit Q executed by an authorized officer, which Subclasses, in the aggregate,
will represent the Uncertificated  REMIC Regular Interests  corresponding to the
Class A-9 Certificates so surrendered for exchange. Any Subclass so issued shall
bear  a  numerical  designation  commencing  with  Class  A-9-1  and  continuing
sequentially thereafter, and will evidence ownership of the Uncertificated REMIC
Regular Interest or Interests specified in writing by such initial Holder to the
Trustee.  The Trustee may  conclusively,  without any independent  verification,
rely  on,  and  shall  be  protected  in  relying  on,   Residential   Funding's
determinations of the  Uncertificated  REMIC Regular Interests  corresponding to
any Subclass,  the initial Subclass Notional Amount and the initial Pass-Through
Rate on a Subclass  as set forth in such  Request for  Exchange  and the Trustee
shall have no duty to determine if any  Uncertificated  REMIC  Regular  Interest
designated  on an Request  for  Exchange  corresponds  to a  Subclass  which has
previously been issued.  Each Subclass so issued shall be  substantially  in the
form set forth in  Exhibit A and shall,  on  original  issue,  be  executed  and
delivered by the Trustee to the  Certificate  Registrar for  authentication  and
delivery in accordance  with Section  5.01(a).  Every  Certificate  presented or
surrendered  for  exchange  by the initial  Holder  shall (if so required by the
Trustee or the Certificate  Registrar) be duly endorsed by, or be accompanied by
a written  instrument  of  transfer  attached to such  Certificate  and shall be
completed to


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the satisfaction of the Trustee and the Certificate  Registrar duly executed by,
the initial  Holder  thereof or his attorney  duly  authorized  in writing.  The
Certificates  of any Subclass of Class A-9  Certificates  may be  transferred in
whole, but not in part, in accordance with the provisions of Section 5.02.

         Section 5.02.              Registration of Transfer and Exchange of
                                    Certificates.

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

         (b) Upon surrender for  registration  of transfer of any Certificate at
any office or agency of the  Trustee  maintained  for such  purpose  pursuant to
Section  8.12 and,  in the case of any Class M, Class B or Class R  Certificate,
upon  satisfaction of the conditions set forth below,  the Trustee shall execute
and the Certificate Registrar shall authenticate and deliver, in the name of the
designated  transferee or  transferees,  one or more new  Certificates of a like
Class (or Subclass) and aggregate Percentage Interest.

         (c)  At  the  option  of the  Certificateholders,  Certificates  may be
exchanged for other Certificates of authorized denominations of a like Class (or
Subclass) and aggregate Percentage Interest,  upon surrender of the Certificates
to be exchanged at any such office or agency.  Whenever any  Certificates are so
surrendered for exchange the Trustee shall execute and the Certificate Registrar
shall  authenticate  and  deliver  the  Certificates  of such  Class  which  the
Certificateholder  making the exchange is entitled to receive. Every Certificate
presented or  surrendered  for exchange  shall (if so required by the Trustee or
the  Certificate  Registrar) be duly endorsed by, or be accompanied by a written
instrument of transfer in form  satisfactory  to the Trustee and the Certificate
Registrar duly executed by, the Holder  thereof or his attorney duly  authorized
in writing.

         (d) No  transfer,  sale,  pledge  or  other  disposition  of a  Class B
Certificate  shall  be  made  unless  such  transfer,   sale,  pledge  or  other
disposition is exempt from the  registration  requirements of the Securities Act
of 1933, as amended,  and any  applicable  state  securities  laws or is made in
accordance with


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

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


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be an expense of the  Trustee,  the  Company or the Master  Servicer or (ii) the
prospective transferee shall be required to provide the Trustee, the Company and
the Master  Servicer with a  certification  to the effect set forth in paragraph
six of  Exhibit  J (with  respect  to any  Class M  Certificate  or any  Class B
Certificate) or with a  certification  to the effect set forth in paragraph five
of Exhibit I-1 (with respect to any Class R Certificate),  which the Trustee may
rely upon without further inquiry or investigation, or such other certifications
as the Trustee may deem  desirable or necessary in order to establish  that such
transferee or the Person in whose name such  registration is requested is not an
employee  benefit  plan or other  plan  subject  to the  prohibited  transaction
provisions  of ERISA or Section 4975 of the Code,  or any Person  (including  an
investment  manager,  a named  fiduciary  or a trustee  of any such plan) who is
using "plan assets" of any such plan to effect such acquisition.

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

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

                  (B) In connection with any proposed  Transfer of any Ownership
         Interest in a Class R Certificate,  the Trustee shall require  delivery
         to it, and shall not register  the Transfer of any Class R  Certificate
         until its receipt  of, (I) an  affidavit  and  agreement  (a  "Transfer
         Affidavit and  Agreement," in the form attached  hereto as Exhibit I-1)
         from the proposed Transferee, in form and substance satisfactory to the
         Master Servicer,  representing and warranting, among other things, that
         it is a Permitted  Transferee,  that it is not  acquiring its Ownership
         Interest in the Class R Certificate that is the subject of the proposed
         Transfer  as a  nominee,  trustee  or agent for any Person who is not a
         Permitted  Transferee,  that for so long as it  retains  its  Ownership
         Interest  in a Class  R  Certificate,  it will  endeavor  to  remain  a
         Permitted  Transferee,  and that it has reviewed the provisions of this
         Section 5.02(f) and agrees


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         to be bound  by them,  and  (II) a  certificate,  in the form  attached
         hereto as Exhibit I-2, from the Holder  wishing to transfer the Class R
         Certificate, in form and substance satisfactory to the Master Servicer,
         representing and warranting, among other things, that no purpose of the
         proposed Transfer is to impede the assessment or collection of tax.

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

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

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

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

         (iii) (A) If any Disqualified  Organization  shall become a holder of a
Class R  Certificate,  then the last  preceding  Permitted  Transferee  shall be
restored,  to the extent  permitted  by law,  to all rights and  obligations  as
Holder thereof  retroactive to the date of registration of such Transfer of such
Class R  Certificate.  If a Non-United  States Person shall become a holder of a
Class R  Certificate,  then the last  preceding  United  States  Person shall be
restored,  to the extent  permitted  by law,  to all rights and  obligations  as
Holder thereof retroactive to


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the date of  registration  of such  Transfer of such Class R  Certificate.  If a
transfer of a Class R Certificate is  disregarded  pursuant to the provisions of
Treasury  Regulations  Section  1.860E-1  or  Section  1.860G-3,  then  the last
preceding  Permitted  Transferee  shall be restored,  to the extent permitted by
law, to all rights and obligations as Holder thereof  retroactive to the date of
registration of such Transfer of such Class R Certificate.  The Trustee shall be
under no liability to any Person for any  registration  of Transfer of a Class R
Certificate  that is in fact not permitted by this Section 5.02(f) or for making
any payments  due on such  Certificate  to the holder  thereof or for taking any
other action with respect to such holder under the provisions of this Agreement.

                  (B) If any  purported  Transferee  shall  become a Holder of a
Class R Certificate in violation of the restrictions in this Section 5.02(f) and
to the extent that the  retroactive  restoration  of the rights of the Holder of
such Class R Certificate as described in clause (iii)(A) above shall be invalid,
illegal or unenforceable, then the Master Servicer shall have the right, without
notice to the holder or any prior  holder of such Class R  Certificate,  to sell
such Class R Certificate to a purchaser  selected by the Master Servicer on such
terms as the  Master  Servicer  may  choose.  Such  purported  Transferee  shall
promptly  endorse and deliver each Class R Certificate  in  accordance  with the
instructions of the Master  Servicer.  Such purchaser may be the Master Servicer
itself or any Affiliate of the Master  Servicer.  The proceeds of such sale, net
of the commissions (which may include commissions payable to the Master Servicer
or its  Affiliates),  expenses  and taxes due,  if any,  will be remitted by the
Master  Servicer to such purported  Transferee.  The terms and conditions of any
sale under this clause  (iii)(B)  shall be determined in the sole  discretion of
the Master  Servicer,  and the Master Servicer shall not be liable to any Person
having  an  Ownership  Interest  in a Class R  Certificate  as a  result  of its
exercise of such discretion.

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


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<PAGE>



information may be required by the Master Servicer from such
Person.

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

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

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

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

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

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

         If (i) any mutilated  Certificate  is  surrendered  to the  Certificate
Registrar,  or the Trustee and the  Certificate  Registrar  receive  evidence to
their  satisfaction of the destruction,  loss or theft of any  Certificate,  and
(ii) there is  delivered  to the  Trustee  and the  Certificate  Registrar  such
security or indemnity as may be required by them to save each of them  harmless,
then, in the absence of notice to the Trustee or the Certificate  Registrar that
such  Certificate has been acquired by a bona fide purchaser,  the Trustee shall
execute  and the  Certificate  Registrar  shall  authenticate  and  deliver,  in
exchange for or in lieu of any such mutilated, destroyed, lost or stolen


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

         Section 5.04.              Persons Deemed Owners.

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

         Section 5.05.              Appointment of Paying Agent.

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

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



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         Section 5.06.              Optional Purchase of Certificates.

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

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

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

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

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

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

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


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Interest Accrual Period and any previously unpaid Accrued  Certificate  Interest
with respect thereto.

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


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                                   ARTICLE VI

                       THE COMPANY AND THE MASTER SERVICER

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

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

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

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

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

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


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

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

         Neither the  Company,  the Master  Servicer  nor any of the  directors,
officers,  employees  or agents of the Company or the Master  Servicer  shall be
under any liability to the Trust Fund or the  Certificateholders  for any action
taken or for refraining  from the taking of any action in good faith pursuant to
this  Agreement,  or for  errors  in  judgment;  provided,  however,  that  this
provision shall not protect the Company,  the Master Servicer or any such Person
against any breach of warranties or representations made herein or any liability
which would otherwise be imposed by reason of willful misfeasance,  bad faith or
gross negligence in the performance of duties or by reason of reckless disregard
of obligations and duties  hereunder.  The Company,  the Master Servicer and any
director,  officer,  employee or agent of the Company or the Master Servicer may
rely in good faith on any document of any kind prima facie properly executed and
submitted by any Person respecting any matters arising  hereunder.  The Company,
the Master Servicer and any director,  officer, employee or agent of the Company
or the Master  Servicer shall be indemnified by the Trust Fund and held harmless
against any loss,  liability or expense  incurred in  connection  with any legal
action  relating to this  Agreement  or the  Certificates,  other than any loss,
liability or expense  related to any specific  Mortgage  Loan or Mortgage  Loans
(except as any such loss,  liability or expense shall be otherwise  reimbursable
pursuant  to this  Agreement)  and any loss,  liability  or expense  incurred by
reason of willful misfeasance, bad faith or gross negligence in


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

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

         Section 6.04.              Company and Master Servicer Not to Resign.

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


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                                   ARTICLE VII

                                     DEFAULT

         Section 7.01.              Events of Default.

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

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

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

                  (iii) a decree or order of a court or  agency  or  supervisory
         authority  having  jurisdiction in the premises in an involuntary  case
         under any present or future federal or state bankruptcy,  insolvency or
         similar law or  appointing a  conservator  or receiver or liquidator in
         any  insolvency,  readjustment  of  debt,  marshalling  of  assets  and
         liabilities   or  similar   proceedings,   or  for  the  winding-up  or
         liquidation of its affairs,  shall have been entered against the Master
         Servicer  and  such  decree  or  order  shall  have  remained  in force
         undischarged or unstayed for a period of 60 days; or



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

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

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

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


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<PAGE>



for administration by it of all cash amounts which shall at the time be credited
to the Custodial  Account or the  Certificate  Account or thereafter be received
with respect to the Mortgage Loans. No such termination shall release the Master
Servicer for any liability that it would otherwise have hereunder for any act or
omission prior to the effective time of such termination.

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

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

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


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

         Section 7.03.              Notification to Certificateholders.

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

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

         Section 7.04.              Waiver of Events of Default.

         The Holders  representing at least 66% of the Voting Rights affected by
a default  or Event of  Default  hereunder  may waive  such  default or Event of
Default; provided,  however, that (a) a default or Event of Default under clause
(i) of Section  7.01 may be waived  only by all of the  Holders of  Certificates
affected by such default or Event of Default and (b) no waiver  pursuant to this
Section 7.04 shall affect the Holders of Certificates in the


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<PAGE>



manner set forth in Section 11.01(b)(i),  (ii) or (iii). Upon any such waiver of
a  default  or  Event of  Default  by the  Holders  representing  the  requisite
percentage of Voting Rights  affected by such default or Event of Default,  such
default  or Event of  Default  shall  cease to exist and shall be deemed to have
been  remedied for every purpose  hereunder.  No such waiver shall extend to any
subsequent or other  default or Event of Default or impair any right  consequent
thereon except to the extent expressly so waived.


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<PAGE>



                                  ARTICLE VIII

                             CONCERNING THE TRUSTEE

         Section 8.01.              Duties of Trustee.

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

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

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

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

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


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<PAGE>



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

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

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

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

                  (v)  Except  to  the  extent  provided  in  Section  7.02,  no
         provision in this Agreement shall require the Trustee to expend or risk
         its  own  funds  (including,  without  limitation,  the  making  of any
         Advance) or  otherwise  incur any personal  financial  liability in the
         performance  of any of  its  duties  as  Trustee  hereunder,  or in the
         exercise  of any of its rights or  powers,  if the  Trustee  shall have
         reasonable  grounds for believing  that  repayment of funds or adequate
         indemnity  against such risk or liability is not reasonably  assured to
         it.

         (d)      The Trustee shall timely pay, from its own funds, the
amount of any and all federal, state and local taxes imposed on


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

         Section 8.02.              Certain Matters Affecting the Trustee.

         (a)      Except as otherwise provided in Section 8.01:

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

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

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

                  (iv) The Trustee shall not be personally liable for any action
         taken, suffered or omitted by it in good faith and believed by it to be
         authorized or within the discretion or rights or powers  conferred upon
         it by this Agreement;



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

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

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

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



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

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

         Section 8.04.              Trustee May Own Certificates.

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

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

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

         (b) The Master  Servicer  agrees to  indemnify  the Trustee for, and to
hold the Trustee  harmless  against,  any loss,  liability  or expense  incurred
without negligence or willful


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misconduct on its part,  arising out of, or in connection  with,  the acceptance
and  administration  of  the  Trust  Fund,  including  the  costs  and  expenses
(including  reasonable  legal fees and expenses) of defending itself against any
claim in  connection  with the exercise or  performance  of any of its powers or
duties under this Agreement, provided that:

                  (i) with  respect to any such claim,  the  Trustee  shall have
         given the Master  Servicer  written notice  thereof  promptly after the
         Trustee shall have actual knowledge thereof;

                  (ii)  while  maintaining  control  over its own  defense,  the
         Trustee shall  cooperate and consult fully with the Master  Servicer in
         preparing such defense; and

                  (iii)  notwithstanding  anything  in  this  Agreement  to  the
         contrary, the Master Servicer shall not be liable for settlement of any
         claim by the Trustee  entered  into  without  the prior  consent of the
         Master Servicer which consent shall not be unreasonably withheld.

No termination of this Agreement  shall affect the  obligations  created by this
Section  8.05(b) of the Master  Servicer  to  indemnify  the  Trustee  under the
conditions and to the extent set forth herein.

         Notwithstanding  the  foregoing,  the  indemnification  provided by the
Master Servicer in this Section 8.05(b) shall not pertain to any loss, liability
or expense of the Trustee,  including the costs and expenses of defending itself
against any claim,  incurred in connection with any actions taken by the Trustee
at the  direction  of the  Certificateholders  pursuant  to the  terms  of  this
Agreement.

         Section 8.06.              Eligibility Requirements for Trustee.

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


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resign immediately in the manner and with the effect specified in
Section 8.07.

         Section 8.07.              Resignation and Removal of the Trustee.

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

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

         (c)      The Holders of Certificates entitled to at least 51% of
the Voting Rights may at any time remove the Trustee and appoint


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a successor trustee by written instrument or instruments, in triplicate,  signed
by such Holders or their attorneys-in-fact duly authorized,  one complete set of
which  instruments  shall be delivered  to the Company,  one complete set to the
Trustee so removed and one complete set to the successor so appointed.

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

         Section 8.08.              Successor Trustee.

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

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

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

         Section 8.09.              Merger or Consolidation of Trustee.

         Any corporation or national banking  association into which the Trustee
may be  merged  or  converted  or  with  which  it may  be  consolidated  or any
corporation or national banking association


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resulting  from any merger,  conversion  or  consolidation  to which the Trustee
shall be a party, or any corporation or national banking association  succeeding
to the business of the Trustee, shall be the successor of the Trustee hereunder,
provided such  corporation  or national  banking  association  shall be eligible
under the  provisions  of Section  8.06,  without the execution or filing of any
paper or any  further  act on the part of any of the  parties  hereto,  anything
herein to the  contrary  notwithstanding.  The Trustee  shall mail notice of any
such merger or consolidation to the Certificateholders at their address as shown
in the Certificate Register.

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

         (a)  Notwithstanding  any other provisions hereof, at any time, for the
purpose of meeting any legal  requirements of any jurisdiction in which any part
of the Trust Fund or property securing the same may at the time be located,  the
Master  Servicer and the Trustee  acting  jointly shall have the power and shall
execute and deliver all  instruments to appoint one or more Persons  approved by
the Trustee to act as co-trustee or  co-trustees,  jointly with the Trustee,  or
separate trustee or separate trustees, of all or any part of the Trust Fund, and
to vest in such Person or  Persons,  in such  capacity,  such title to the Trust
Fund, or any part thereof,  and, subject to the other provisions of this Section
8.10, such powers, duties, obligations, rights and trusts as the Master Servicer
and the Trustee may consider  necessary  or  desirable.  If the Master  Servicer
shall not have joined in such appointment within 15 days after the receipt by it
of a request so to do, or in case an Event of Default shall have occurred and be
continuing, the Trustee alone shall have the power to make such appointment.  No
co-trustee or separate trustee  hereunder shall be required to meet the terms of
eligibility as a successor trustee under Section 8.06 hereunder and no notice to
Holders  of  Certificates  of  the  appointment  of  co-trustee(s)  or  separate
trustee(s) shall be required under Section 8.08 hereof.

         (b) In the case of any appointment of a co-trustee or separate  trustee
pursuant  to this  Section  8.10 all  rights,  powers,  duties  and  obligations
conferred  or imposed  upon the Trustee  shall be  conferred or imposed upon and
exercised or performed by the Trustee,  and such separate  trustee or co-trustee
jointly,  except to the extent that under any law of any  jurisdiction  in which
any particular act or acts are to be performed  (whether as Trustee hereunder or
as successor to the Master Servicer hereunder), the Trustee shall be incompetent
or unqualified to perform such act or acts, in which event such rights,  powers,
duties and obligations  (including the holding of title to the Trust Fund or any
portion  thereof in any such  jurisdiction)  shall be exercised and performed by
such separate trustee or co-trustee at the direction of the Trustee.


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

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

         Section 8.11.              Appointment of Custodians.

         The  Trustee  may,  with the  consent  of the Master  Servicer  and the
Company,  appoint one or more  Custodians who are not Affiliates of the Company,
the Master Servicer or any Seller to hold all or a portion of the Mortgage Files
as agent for the Trustee,  by entering  into a Custodial  Agreement.  Subject to
Article  VIII,  the Trustee  agrees to comply  with the terms of each  Custodial
Agreement and to enforce the terms and provisions  thereof against the Custodian
for the benefit of the Certificateholders.  Each Custodian shall be a depository
institution  subject to supervision by federal or state authority,  shall have a
combined  capital and surplus of at least  $15,000,000 and shall be qualified to
do  business  in the  jurisdiction  in which it holds any  Mortgage  File.  Each
Custodial  Agreement  may be amended  only as  provided  in Section  11.01.  The
Trustee shall notify the  Certificateholders of the appointment of any Custodian
(other than the  Custodian  appointed as of the Closing  Date)  pursuant to this
Section 8.11.

         Section 8.12.              Appointment of Office or Agency.

         The Trustee  will  maintain an office or agency in the City of New York
where  Certificates may be surrendered for registration of transfer or exchange.
The Trustee  initially  designates  its offices  located at 14 Wall Street,  8th
Floor,  New York, New York,  10005,  for the purpose of keeping the  Certificate
Register.  The Trustee will maintain an office at the address  stated in Section
11.05(c)  hereof where  notices and demands to or upon the Trustee in respect of
this Agreement may be served.


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<PAGE>



                                   ARTICLE IX

                                   TERMINATION

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

         (a)  Subject  to  Section  9.02,   the   respective   obligations   and
responsibilities  of the Company,  the Master  Servicer and the Trustee  created
hereby in respect of the Certificates  (other than the obligation of the Trustee
to make certain payments after the Final Distribution Date to Certificateholders
and the  obligation of the Company to send certain  notices as  hereinafter  set
forth) shall  terminate upon the last action required to be taken by the Trustee
on the Final Distribution Date pursuant to this Article IX following the earlier
of:

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

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

         The right of the Master  Servicer or the  Company to  purchase  all the
assets of the Trust Fund pursuant to clause (ii) above is  conditioned  upon the
Pool Stated Principal Balance as of the Final  Distribution Date being less than
ten percent of the Cut-off Date Principal Balance of the Mortgage Loans. If such
right is exercised by the Master Servicer, the Master Servicer


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

         (b) The Master  Servicer or, in the case of a final  distribution  as a
result of the exercise by the Company of its right to purchase the assets of the
Trust  Fund,  the  Company  shall give the  Trustee not less than 60 days' prior
notice of the Distribution Date on which the Master Servicer or the Company,  as
applicable,   anticipates   that  the  final   distribution   will  be  made  to
Certificateholders  (whether as a result of the exercise by the Master  Servicer
or the  Company  of its  right to  purchase  the  assets  of the  Trust  Fund or
otherwise).  Notice  of  any  termination,   specifying  the  anticipated  Final
Distribution  Date (which shall be a date that would otherwise be a Distribution
Date) upon which the  Certificateholders may surrender their Certificates to the
Trustee  (if  so  required  by the  terms  hereof)  for  payment  of  the  final
distribution and cancellation, shall be given promptly by the Master Servicer or
the Company, as applicable (if it is exercising its right to purchase the assets
of the Trust  Fund),  or by the  Trustee  (in any  other  case) by letter to the
Certificateholders  mailed not earlier  than the 15th day and not later than the
25th day of the  month  next  preceding  the  month of such  final  distribution
specifying:

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

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

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

If the Master  Servicer or the  Company,  as  applicable,  is  obligated to give
notice to  Certificateholders  as  aforesaid,  it shall give such  notice to the
Certificate Registrar at the time such notice is given to Certificateholders. In
the event such notice is given by the Master Servicer or the Company, the Master
Servicer or the Company, as applicable, shall deposit in the Certificate Account
before the Final Distribution Date in


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immediately available funds an amount equal to the purchase price for the assets
of the Trust Fund computed as above provided.

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

         (d) In the event that any Certificateholders  shall not surrender their
Certificates  for  final  payment  and  cancellation  on  or  before  the  Final
Distribution  Date (if so required by the terms  hereof),  the Trustee  shall on
such date cause all funds in the  Certificate  Account not  distributed in final
distribution to Certificateholders to be withdrawn therefrom and credited to the
remaining  Certificateholders  by  depositing  such funds in a  separate  escrow
account for the benefit of such  Certificateholders,  and the Master Servicer or
the Company,  as applicable (if it exercised its right to purchase the assets of
the Trust Fund),  or the Trustee (in any other case) shall give a second written
notice to the remaining  Certificateholders  to surrender their Certificates for
cancellation and receive the final distribution with respect thereto.  If within
six  months  after  the  second  notice  any  Certificate  shall  not have  been
surrendered  for  cancellation,  the  Trustee  shall take  appropriate  steps as
directed by the Master  Servicer or the Company,  as applicable,  to contact the
remaining  Certificateholders  concerning  surrender of their Certificates.  The
costs  and  expenses  of  maintaining  the  escrow  account  and  of  contacting
Certificateholders  shall be paid out of the assets  which  remain in the escrow
account.  If within nine months after the second notice any  Certificates  shall
not have been surrendered for cancellation,  the Trustee shall pay to the Master
Servicer or the Company, as applicable, all amounts distributable to the holders
thereof and the Master Servicer or the Company, as applicable,  shall thereafter
hold such amounts until distributed to such holders. No interest shall accrue or
be payable to any  Certificateholder on any amount held in the escrow account or
by the  Master  Servicer  or the  Company,  as  applicable,  as a result of such
Certificateholder's  failure to surrender its  Certificate(s)  for final payment
thereof in accordance with this Section 9.01.


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<PAGE>




         Section 9.02.              Additional Termination Requirements.

         (a) The Trust Fund shall be terminated in accordance with the following
additional  requirements,  unless (subject to Section  10.01(f)) the Trustee and
the Master  Servicer  have  received  an Opinion  of Counsel  (which  Opinion of
Counsel  shall not be an expense of the  Trustee) to the effect that the failure
of the Trust Fund to comply with the  requirements of this Section 9.02 will not
(i) result in the imposition on the Trust of taxes on "prohibited transactions,"
as described  in Section 860F of the Code,  or (ii) cause the Trust Fund to fail
to qualify as a REMIC at any time that any Certificate is outstanding:

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

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

                  (iii) If the Master  Servicer or the Company is exercising its
         right to  purchase  the assets of the Trust Fund,  the Master  Servicer
         shall,  during  the  90-day  liquidation  period and at or prior to the
         Final Distribution  Date,  purchase all of the assets of the Trust Fund
         for cash; provided,  however, that in the event that a calendar quarter
         ends after the commencement of the 90-day  liquidation period but prior
         to the Final  Distribution  Date,  the Master  Servicer  or the Company
         shall not  purchase  any of the  assets of the Trust  Fund prior to the
         close of that calendar quarter.

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


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                                    ARTICLE X

                                REMIC PROVISIONS

         Section 10.01.             REMIC Administration.

                  (a) The REMIC  Administrator  shall make an  election to treat
the Trust Fund as a REMIC under the Code and,  if  necessary,  under  applicable
state law. Such election will be made on Form 1066 or other appropriate  federal
tax or information  return (including Form 8811) or any appropriate state return
for the taxable  year ending on the last day of the  calendar  year in which the
Certificates  are issued.  For the purposes of the REMIC  election in respect of
the Trust  Fund,  each of the Class A (other  than the Class A-9  Certificates),
Class M and Class B Certificates and the Uncertificated  REMIC Regular Interests
shall be  designated  as the "regular  interests"  and the Class R  Certificates
shall be designated as the sole class of "residual  interests" in the REMIC. The
REMIC  Administrator  and the  Trustee  shall not  permit  the  creation  of any
"interests"  (within the meaning of Section 860G of the Code) in the REMIC other
than the Certificates and the Uncertificated REMIC Regular Interests.

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

                  (c) The REMIC  Administrator  shall hold a Class R Certificate
representing a 0.01%  Percentage  Interest of all Class R Certificates and shall
be  designated  as "the tax  matters  person"  with  respect to the REMIC in the
manner  provided under Treasury  regulations  section  1.860F-4(d) and temporary
Treasury  regulations  section  301.6231(a)(7)-1T.  Residential  Funding, as tax
matters  person,  shall (i) act on behalf  of the REMIC in  relation  to any tax
matter or controversy involving the Trust Fund and (ii) represent the Trust Fund
in any administrative or judicial proceeding relating to an examination or audit
by any governmental  taxing authority with respect thereto.  The legal expenses,
including without  limitation  attorneys' or accountants' fees, and costs of any
such proceeding and any liability  resulting  therefrom shall be expenses of the
Trust  Fund and the  REMIC  Administrator  shall be  entitled  to  reimbursement
therefor out of amounts  attributable  to the  Mortgage  Loans on deposit in the
Custodial  Account as provided by Section  3.10 unless such legal  expenses  and
costs are incurred by reason of the REMIC  Administrator's  willful misfeasance,
bad faith or gross  negligence.  If the  REMIC  Administrator  is no longer  the
Master Servicer  hereunder,  at its option the REMIC  Administrator may continue
its duties as REMIC Administrator and shall be paid reasonable  compensation not
to exceed  $3,000 per year by any  successor  Master  Servicer  hereunder for so
acting as the REMIC Administrator.



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

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

                  (f) The Master Servicer and the REMIC Administrator shall take
such actions and shall cause the REMIC created hereunder to take such actions as
are reasonably within the Master Servicer's or the REMIC Administrator's control
and the scope of its  duties  more  specifically  set  forth  herein as shall be
necessary or desirable to maintain the status thereof as a REMIC under the REMIC
Provisions  (and the  Trustee  shall  assist the Master  Servicer  and the REMIC
Administrator, to the extent reasonably requested by the Master Servicer and the
REMIC  Administrator to do so). The Master Servicer and the REMIC  Administrator
shall not knowingly or  intentionally  take any action,  cause the Trust Fund to
take any  action  or fail to take (or fail to  cause  to be  taken)  any  action
reasonably within their respective control that, under the REMIC Provisions,  if
taken or not taken,  as the case may be,  could (i)  endanger  the status of the
REMIC as a REMIC  or (ii)  result  in the  imposition  of a tax  upon the  REMIC
(including but not limited to the tax on prohibited  transactions  as defined in
Section 860F(a)(2) of the Code and the tax on contributions to a REMIC set forth
in Section 860G(d) of the Code) (either such event, in the absence of an Opinion
of Counsel or the  indemnification  referred  to in this  sentence,  an "Adverse
REMIC  Event")  unless  the  Master  Servicer  or the  REMIC  Administrator,  as
applicable,  has  received  an Opinion of Counsel  (at the  expense of the party
seeking to take such action or, if such party fails to pay such expense, and the


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Master  Servicer or the REMIC  Administrator,  as  applicable,  determines  that
taking  such  action  is in  the  best  interest  of  the  Trust  Fund  and  the
Certificateholders,  at the  expense of the Trust  Fund,  but in no event at the
expense of the Master Servicer,  the REMIC  Administrator or the Trustee) to the
effect that the contemplated  action will not, with respect to the REMIC created
hereunder,  endanger  such  status or,  unless the  Master  Servicer,  the REMIC
Administrator or both, as applicable,  determine in its or their sole discretion
to indemnify the Trust Fund against the imposition of such a tax,  result in the
imposition of such a tax.  Wherever in this Agreement a contemplated  action may
not be taken because the timing of such action might result in the imposition of
a tax on the Trust Fund, or may only be taken  pursuant to an Opinion of Counsel
that such  action  would not  impose a tax on the Trust  Fund,  such  action may
nonetheless be taken provided that the indemnity given in the preceding sentence
with respect to any taxes that might be imposed on the Trust Fund has been given
and  that all  other  preconditions  to the  taking  of such  action  have  been
satisfied. The Trustee shall not take or fail to take any action (whether or not
authorized   hereunder)   as  to  which  the  Master   Servicer   or  the  REMIC
Administrator,  as applicable, has advised it in writing that it has received an
Opinion of Counsel to the effect  that an Adverse  REMIC  Event could occur with
respect to such action. In addition,  prior to taking any action with respect to
the REMIC or its assets,  or causing the REMIC to take any action,  which is not
expressly permitted under the terms of this Agreement,  the Trustee will consult
with the Master  Servicer  or the REMIC  Administrator,  as  applicable,  or its
designee, in writing, with respect to whether such action could cause an Adverse
REMIC Event to occur with respect to the REMIC,  and the Trustee  shall not take
any such  action  or cause  the  REMIC to take any such  action  as to which the
Master  Servicer or the REMIC  Administrator,  as applicable,  has advised it in
writing  that an Adverse  REMIC Event could  occur.  The Master  Servicer or the
REMIC  Administrator,  as  applicable,  may  consult  with  counsel to make such
written advice, and the cost of same shall be borne by the party seeking to take
the action not  expressly  permitted by this  Agreement,  but in no event at the
expense of the Master Servicer or the REMIC  Administrator.  At all times as may
be  required  by the Code,  the Master  Servicer  will to the extent  within its
control and the scope of its duties more specifically set forth herein, maintain
substantially all of the assets of the REMIC as "qualified mortgages" as defined
in Section  860G(a)(3)  of the Code and  "permitted  investments"  as defined in
Section 860G(a)(5) of the Code.

                  (g) In the  event  that  any  tax is  imposed  on  "prohibited
transactions" of the REMIC created hereunder as defined in Section 860F(a)(2) of
the Code, on "net income from  foreclosure  property" of the REMIC as defined in
Section 860G(c) of the Code, on any contributions to the REMIC after the Startup
Day therefor pursuant to Section 860G(d) of the Code, or any


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other tax is imposed by the Code or any applicable  provisions of state or local
tax laws,  such tax shall be  charged  (i) to the Master  Servicer,  if such tax
arises out of or  results  from a breach by the  Master  Servicer  of any of its
obligations  under  this  Agreement  or the  Master  Servicer  has  in its  sole
discretion  determined to indemnify the Trust Fund against such tax, (ii) to the
Trustee,  if such tax arises out of or results  from a breach by the  Trustee of
any of its obligations  under this Article X, or (iii) otherwise against amounts
on  deposit in the  Custodial  Account as  provided  by Section  3.10 and on the
Distribution  Date(s)  following such  reimbursement the aggregate of such taxes
shall be  allocated in  reduction  of the Accrued  Certificate  Interest on each
Class  entitled  thereto  in the same  manner  as if such  taxes  constituted  a
Prepayment Interest Shortfall.

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

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

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

                  (k) Solely for the purposes of Section  1.860G-1(a)(4)(iii) of
the  Treasury  Regulations,  the "latest  possible  maturity  date" by which the
Certificate  Principal  Balance of each Class of  Certificates  (other  than the
Class A-9  Certificates)  representing a regular  interest in the REMIC would be
reduced to zero is May 25,  2027,  which is the  Distribution  Date  immediately
following  the  latest  scheduled  maturity  of any  Mortgage  Loan.  The latest
possible Maturity Date for each Uncertificated REMIC Regular Interest is May 25,
2027, which is the Distribution Date immediately  following the latest scheduled
maturity date of any Mortgage Loan.

                  (l)      Within 30 days after the Closing Date, the REMIC
Administrator shall prepare and file with the Internal Revenue


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Service Form 8811, "Information Return for Real Estate Mortgage
Investment Conduits (REMIC) and Issuers of Collateralized Debt
Obligations" for the REMIC.

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

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

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

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

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


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<PAGE>



Fund,  the Company,  the REMIC  Administrator  or the Trustee,  as a result of a
breach of the  Master  Servicer's  covenants  set forth in this  Article X or in
Article III with  respect to  compliance  with the REMIC  Provisions,  including
without  limitation,  any penalties arising from the Trustee's  execution of Tax
Returns prepared by the Master Servicer that contain errors or omissions.


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<PAGE>



                                   ARTICLE XI

                            MISCELLANEOUS PROVISIONS

         Section 11.01.             Amendment.

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

                  (i)               to cure any ambiguity,

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

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

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

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


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<PAGE>



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

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

         (b) This Agreement or any Custodial  Agreement may also be amended from
time to time by the  Company,  the  Master  Servicer  and the  Trustee  with the
consent of the Holders of Certificates evidencing in the aggregate not less than
66% of the Percentage  Interests of each Class of Certificates  affected thereby
for the  purpose  of adding  any  provisions  to or  changing  in any  manner or
eliminating any of the provisions of this Agreement or such Custodial  Agreement
or of modifying in any manner the rights of the Holders of  Certificates of such
Class; provided, however, that no such amendment shall:

                  (i)               reduce in any manner the amount of, or delay
         the timing of, payments which are required to be distributed
         on any Certificate without the consent of the Holder of such
         Certificate,

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

         (c)  Notwithstanding  any  contrary  provision of this  Agreement,  the
Trustee  shall not consent to any  amendment to this  Agreement  unless it shall
have first  received an Opinion of Counsel  (subject to Section  10.01(f) and at
the  expense  of the party  seeking  such  amendment)  to the  effect  that such
amendment  or the  exercise  of any power  granted to the Master  Servicer,  the
Company or the Trustee in accordance  with such amendment will not result in the
imposition of a federal tax on the Trust Fund or cause the Trust Fund to fail to
qualify as a REMIC at any time that any Certificate is outstanding.

         (d)      Promptly after the execution of any such amendment the
Trustee shall furnish written notification of the substance of
such amendment to each Certificateholder.  It shall not be


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<PAGE>



necessary  for the consent of  Certificateholders  under this  Section  11.01 to
approve  the  particular  form  of  any  proposed  amendment,  but it  shall  be
sufficient if such consent shall  approve the substance  thereof.  The manner of
obtaining  such consents and of evidencing  the  authorization  of the execution
thereof by Certificateholders shall be subject to such reasonable regulations as
the Trustee may prescribe.

         (e) The  Company  shall have the  option,  in its sole  discretion,  to
obtain and deliver to the Trustee any corporate  guaranty,  payment  obligation,
irrevocable  letter  of  credit,   surety  bond,  insurance  policy  or  similar
instrument or a reserve  fund,  or any  combination  of the  foregoing,  for the
purpose of protecting the Holders of the Class B Certificates against any or all
Realized Losses or other  shortfalls.  Any such instrument or fund shall be held
by the Trustee for the benefit of the Class B Certificateholders,  but shall not
be and shall not be deemed to be under any  circumstances  included in the Trust
Fund. To the extent that any such instrument or fund  constitutes a reserve fund
for federal income tax purposes, (i) any reserve fund so established shall be an
outside  reserve fund and not an asset of the Trust Fund,  (ii) any such reserve
fund shall be owned by the Company,  and (iii) amounts  transferred by the Trust
Fund to any such  reserve  fund shall be treated as amounts  distributed  by the
Trust Fund to the Company or any  successor,  all within the meaning of Treasury
Regulations  Section  1.860G-2(h)  as  it  reads  as of  the  Cut-off  Date.  In
connection with the provision of any such instrument or fund, this Agreement and
any provision hereof may be modified,  added to, deleted or otherwise amended in
any manner  that is  related or  incidental  to such  instrument  or fund or the
establishment or  administration  thereof,  such amendment to be made by written
instrument  executed or  consented  to by the Company but without the consent of
any  Certificateholder  and without  the  consent of the Master  Servicer or the
Trustee being  required  unless any such  amendment  would impose any additional
obligation  on, or  otherwise  adversely  affect  the  interests  of the Class A
Certificateholders,    the   Class   R    Certificateholders,    the   Class   M
Certificateholders,  the Master Servicer or the Trustee, as applicable; provided
that the Company  obtains  (subject to Section  10.01(f))  an Opinion of Counsel
(which  need not be an opinion of  Independent  counsel)  to the effect that any
such  amendment  will not cause (a) any  federal  tax to be imposed on the Trust
Fund,  including  without  limitation,  any federal  tax imposed on  "prohibited
transactions"  under Section  860F(a)(1) of the Code or on "contributions  after
the startup date" under Section 860G(d)(1) of the Code and (b) the Trust Fund to
fail to qualify as a REMIC at any time that any Certificate is  outstanding.  In
the event that the  Company  elects to provide  such  coverage  in the form of a
limited guaranty provided by General Motors Acceptance Corporation,  the Company
may  elect  that  the  text  of  such  amendment  to  this  Agreement  shall  be
substantially  in  the  form  attached  hereto  as  Exhibit  M  (in  which  case
Residential  Funding's  Subordinate  Certificate Loss Obligation as described in
such


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<PAGE>



exhibit shall be established by Residential Funding's consent to such amendment)
and that the limited  guaranty shall be executed in the form attached  hereto as
Exhibit N, with such  changes as the Company  shall deem to be  appropriate;  it
being  understood that the Trustee has reviewed and approved the content of such
forms and that the  Trustee's  consent  or  approval  to the use  thereof is not
required.

         Section 11.02.             Recordation of Agreement; Counterparts.

         (a) To the extent  permitted  by  applicable  law,  this  Agreement  is
subject to  recordation  in all  appropriate  public  offices for real  property
records in all the counties or other  comparable  jurisdictions  in which any or
all of the  properties  subject to the Mortgages are situated,  and in any other
appropriate  public  recording  office  or  elsewhere,  such  recordation  to be
effected by the Master  Servicer  and at its expense on direction by the Trustee
(pursuant to the request of Holders of Certificates  entitled to at least 25% of
the Voting Rights), but only upon direction accompanied by an Opinion of Counsel
to the effect that such  recordation  materially  and  beneficially  affects the
interests of the Certificateholders.

         (b) For the purpose of  facilitating  the recordation of this Agreement
as herein  provided  and for other  purposes,  this  Agreement  may be  executed
simultaneously in any number of counterparts,  each of which  counterparts shall
be deemed to be an original,  and such counterparts shall constitute but one and
the same instrument.

         Section 11.03.             Limitation on Rights of Certificateholders.

         (a) The death or incapacity of any Certificateholder  shall not operate
to   terminate   this   Agreement   or  the  Trust  Fund,   nor   entitle   such
Certificateholder's  legal representatives or heirs to claim an accounting or to
take any action or  proceeding in any court for a partition or winding up of the
Trust Fund, nor otherwise affect the rights,  obligations and liabilities of any
of the parties hereto.

         (b) No  Certificateholder  shall  have  any  right to vote  (except  as
expressly  provided herein) or in any manner otherwise control the operation and
management  of the Trust Fund, or the  obligations  of the parties  hereto,  nor
shall anything herein set forth, or contained in the terms of the  Certificates,
be construed so as to  constitute  the  Certificateholders  from time to time as
partners or members of an association;  nor shall any Certificateholder be under
any  liability  to any third person by reason of any action taken by the parties
to this Agreement pursuant to any provision hereof.

         (c)      No Certificateholder shall have any right by virtue of
any provision of this Agreement to institute any suit, action or


NY1-208760.2
                                       146

<PAGE>



proceeding in equity or at law upon or under or with respect to this  Agreement,
unless such Holder  previously  shall have given to the Trustee a written notice
of default and of the continuance thereof, as hereinbefore  provided, and unless
also the Holders of  Certificates  of any Class  evidencing in the aggregate not
less than 25% of the related Percentage Interests of such Class, shall have made
written request upon the Trustee to institute such action, suit or proceeding in
its own name as Trustee  hereunder  and shall have  offered to the Trustee  such
reasonable  indemnity  as  it  may  require  against  the  costs,  expenses  and
liabilities  to be incurred  therein or thereby,  and the  Trustee,  for 60 days
after its receipt of such  notice,  request and offer of  indemnity,  shall have
neglected or refused to institute  any such action,  suit or proceeding it being
understood   and   intended,    and   being   expressly   covenanted   by   each
Certificateholder  with every other  Certificateholder  and the Trustee, that no
one or more  Holders of  Certificates  of any Class  shall have any right in any
manner whatever by virtue of any provision of this Agreement to affect,  disturb
or prejudice the rights of the Holders of any other of such Certificates of such
Class or any  other  Class,  or to obtain  or seek to  obtain  priority  over or
preference  to any  other  such  Holder,  or to  enforce  any right  under  this
Agreement,  except in the manner herein  provided and for the common  benefit of
Certificateholders  of such  Class or all  Classes,  as the case may be. For the
protection and  enforcement  of the  provisions of this Section 11.03,  each and
every  Certificateholder and the Trustee shall be entitled to such relief as can
be given either at law or in equity.

         Section 11.04.             Governing Law.

         This agreement and the Certificates  shall be governed by and construed
in accordance with the laws of the State of New York and the obligations, rights
and remedies of the parties  hereunder  shall be determined  in accordance  with
such laws.

         Section 11.05.             Notices.

         All  demands  and  notices  hereunder  shall be in writing and shall be
deemed  to have  been  duly  given  if  personally  delivered  at or  mailed  by
registered mail,  postage prepaid (except for notices to the Trustee which shall
be deemed to have been duly given only when received), to (a) in the case of the
Company,  8400  Normandale  Lake Boulevard,  Suite 700,  Minneapolis,  Minnesota
55437, Attention: President, or such other address as may hereafter be furnished
to the Master  Servicer  and the Trustee in writing by the  Company,  (b) in the
case of the Master  Servicer,  10 Universal  City Plaza,  Suite 2100,  Universal
City,  California 91608,  Attention:  Ms. Becker or such other address as may be
hereafter  furnished  to the Company  and the Trustee by the Master  Servicer in
writing, (c) in the case of the Trustee,  Corporate Trust Services Division, One
First National Plaza, Chicago,  Illinois 60670, Attention:  Residential Accredit
Loans, Inc.


NY1-208760.2
                                       147

<PAGE>



Series  1997-QS4 or such other  address as may  hereafter  be  furnished  to the
Company and the Master  Servicer in writing by the  Trustee,  (d) in the case of
Fitch,  One State Street Plaza,  New York, New York 10004, or such other address
as may  hereafter  be  furnished  to the  Company,  the  Trustee  and the Master
Servicer  in  writing  by Fitch and (e) in the case of  Standard  &  Poor's,  26
Broadway,  New York,  New York 10004 or such other  address as may be  hereafter
furnished to the Company,  Trustee and Master Servicer by Standard & Poor's. Any
notice required or permitted to be mailed to a Certificateholder  shall be given
by first class mail, postage prepaid,  at the address of such holder as shown in
the  Certificate  Register.  Any notice so mailed within the time  prescribed in
this Agreement shall be conclusively  presumed to have been duly given,  whether
or not the Certificateholder receives such notice.

         Section 11.06.             Notices to Rating Agency.

         The Company,  the Master Servicer or the Trustee, as applicable,  shall
notify each Rating  Agency and the  Subservicer  at such time as it is otherwise
required  pursuant to this Agreement to give notice of the occurrence of, any of
the events described in clause (a), (b), (c), (d), (g), (h), (i) or (j) below or
provide a copy to each Rating  Agency at such time as  otherwise  required to be
delivered  pursuant to this  Agreement  of any of the  statements  described  in
clauses (e) and (f) below:

                  (a)      a material change or amendment to this Agreement,

                  (b)      the occurrence of an Event of Default,

                  (c)      the termination or appointment of a successor
         Master Servicer or Trustee or a change in the majority
         ownership of the Trustee,

                  (d) the  filing  of any  claim  under  the  Master  Servicer's
         blanket  fidelity  bond and the errors and omissions  insurance  policy
         required  by  Section  3.12  or the  cancellation  or  modification  of
         coverage under any such instrument,

                  (e)      the statement required to be delivered to the
         Holders of each Class of Certificates pursuant to Section
         4.03,

                  (f)      the statements required to be delivered pursuant
         to Sections 3.18 and 3.19,

                  (g)      a change in the location of the Custodial Account
         or the Certificate Account,

                  (h)      the occurrence of any monthly cash flow shortfall
         to the Holders of any Class of Certificates resulting from


NY1-208760.2
                                       148

<PAGE>



         the failure by the Master Servicer to make an Advance
         pursuant to Section 4.04,

                  (i)      the occurrence of the Final Distribution Date, and

                  (j)      the repurchase of or substitution for any Mortgage
         Loan,

provided,  however,  that with respect to notice of the occurrence of the events
described in clauses (d), (g) or (h) above,  the Master  Servicer  shall provide
prompt  written  notice to each Rating  Agency and the  Subservicer  of any such
event known to the Master Servicer.

         Section 11.07.             Severability of Provisions.

         If any one or more of the covenants, agreements, provisions or terms of
this  Agreement  shall be for any  reason  whatsoever  held  invalid,  then such
covenants,  agreements,  provisions or terms shall be deemed  severable from the
remaining covenants, agreements, provisions or terms of this Agreement and shall
in no way affect the validity or  enforceability of the other provisions of this
Agreement or of the Certificates or the rights of the Holders thereof.

         Section 11.08.             Supplemental Provisions
                                    for Resecuritization.

         This  Agreement  may be  supplemented  by  means of the  addition  of a
separate  Article  hereto  (a   "Supplemental   Article")  for  the  purpose  of
resecuritizing  any of the Certificates  issued  hereunder,  under the following
circumstances.  With  respect  to any Class or Classes  of  Certificates  issued
hereunder,  or any portion of any such Class,  as to which the Company or any of
its  Affiliates  (or  any  designee  thereof)  is  the  registered  Holder  (the
"Resecuritized  Certificates"),  the  Company  may  deposit  such  Resecuritized
Certificates into a new REMIC, grantor trust, FASIT or custodial  arrangement (a
"Restructuring  Vehicle") to be held by the Trustee  pursuant to a  Supplemental
Article.  The instrument adopting such Supplemental Article shall be executed by
the Company,  the Master  Servicer and the Trustee;  provided,  that neither the
Master  Servicer nor the Trustee shall withhold  their consent  thereto if their
respective  interests would not be materially adversely affected thereby. To the
extent that the terms of the  Supplemental  Article do not in any way affect any
provisions  of this  Agreement as to any of the  Certificates  initially  issued
hereunder,  the adoption of the  Supplemental  Article  shall not  constitute an
"amendment" of this Agreement.

         Each  Supplemental  Article  shall set forth all  necessary  provisions
relating to the holding of the  Resecuritized  Certificates by the Trustee,  the
establishment of the  Restructuring  Vehicle,  the issuing of various classes of
new


NY1-208760.2
                                       149

<PAGE>



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).



NY1-208760.2
                                       150

<PAGE>



         IN WITNESS  WHEREOF,  the Company,  the Master Servicer and the Trustee
have  caused  their  names to be  signed  hereto  by their  respective  officers
thereunto  duly  authorized and their  respective  seals,  duly attested,  to be
hereunto affixed, all as of the day and year first above written.

                        RESIDENTIAL ACCREDIT LOANS, INC.

[Seal]
                                                     By:  /s/Randy Van Zee
                                                     Name:   Randy Van Zee
                                                     Title: Vice President

Attest:  /s/Diane S. Wold
    Name:  Diane S. Wold
    Title: Vice President


                         RESIDENTIAL FUNDING CORPORATION

[Seal]
                                                     By:    /s/Diane S. Wold
                                                     Name:   Diane S. Wold
                                                     Title:  Director


Attest:  /s/Randy Van Zee
    Name:   Randy Van Zee
    Title:  Director


                       THE FIRST NATIONAL BANK OF CHICAGO,
                                                     as Trustee

[Seal]
                                                     By:    /s/Steven M. Wagner
                                                       Name:   Steven M. Wagner
                                                       Title: Vice President

Attest:   /s/Faye Wright
     Name:  Faye Wright
     Title: Assistant Secretary



NY1-208760.2

<PAGE>



STATE OF MINNESOTA                    )
                                      ) ss.:
COUNTY OF HENNEPIN                    )


                  On the 30th day of May, 1997 before me, a notary public in and
for said  State,  personally  appeared  Randy Van Zee,  known to me to be a Vice
President of Residential  Accredit  Loans,  Inc., one of the  corporations  that
executed  the  within  instrument,  and also  known to me to be the  person  who
executed  it on behalf of said  corporation,  and  acknowledged  to me that such
corporation executed the within instrument.

                  IN WITNESS WHEREOF, I have hereunto set my hand and affixed my
official seal the day and year in this certificate first above written.


                                                                   Notary Public

[Notarial Seal]




NY1-208760.2

<PAGE>



STATE OF MINNESOTA                    )
                                      ) ss.:
COUNTY OF HENNEPIN                    )


                  On the 30th day of May, 1997 before me, a notary public in and
for said State,  personally appeared Diane S. Wold, known to me to be a Director
of Residential  Funding  Corporation,  one of the corporations that executed the
within  instrument,  and also known to me to be the person  who  executed  it on
behalf  of  said  corporation,  and  acknowledged  to me that  such  corporation
executed the within instrument.

                  IN WITNESS WHEREOF, I have hereunto set my hand and affixed my
official seal the day and year in this certificate first above written.


                                                                   Notary Public

[Notarial Seal]


NY1-208760.2

<PAGE>



STATE OF ILLINOIS                     )
                                      ) ss.:
COUNTY OF COOK                        )


                  On the 30th day of May, 1997 before me, a notary public in and
for said State, personally appeared  ________________,  known to me to be a Vice
President  of  The  First  National  Bank  of  Chicago,   the  national  banking
association that executed the within instrument,  and also known to me to be the
person who executed it on behalf of said banking corporation and acknowledged to
me that such banking corporation executed the within instrument.

                  IN WITNESS WHEREOF, I have hereunto set my hand and affixed my
official seal the day and year in this certificate first above written.


                                                                   Notary Public

[Notarial Seal]


NY1-208760.2

<PAGE>



                                    EXHIBIT A

                           FORM OF CLASS A CERTIFICATE




                  SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES,  THIS CERTIFICATE
IS A "REGULAR INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT," AS THOSE
TERMS ARE  DEFINED,  RESPECTIVELY,  IN  SECTIONS  860G AND 860D OF THE  INTERNAL
REVENUE CODE OF 1986.

                  [THE FOLLOWING INFORMATION IS PROVIDED SOLELY FOR THE PURPOSES
OF APPLYING THE U.S. FEDERAL INCOME TAX ORIGINAL ISSUE DISCOUNT ("OID") RULES TO
THIS CERTIFICATE.  THE ISSUE DATE OF THIS CERTIFICATE IS MAY 30, 1997.  ASSUMING
THAT  THE  MORTGAGE  LOANS  PREPAY  AT 100%  OF THE  PREPAYMENT  ASSUMPTION  (AS
DESCRIBED IN THE PROSPECTUS  SUPPLEMENT),  [AND ASSUMING A CONSTANT PASS-THROUGH
RATE EQUAL TO THE INITIAL  PASS-THROUGH  RATE,] THIS CERTIFICATE HAS BEEN ISSUED
WITH NO MORE THAN $_____ OF OID PER [$1,000] [$100,000] OF [INITIAL  CERTIFICATE
PRINCIPAL  BALANCE]  [NOTIONAL  AMOUNT],  THE YIELD TO  MATURITY IS ___% AND THE
AMOUNT  OF OID  ATTRIBUTABLE  TO THE  INITIAL  ACCRUAL  PERIOD  IS NO MORE  THAN
$_______ PER [$1,000]  [$100,000]  OF [INITIAL  CERTIFICATE  PRINCIPAL  BALANCE]
[NOTIONAL AMOUNT],  COMPUTED USING THE APPROXIMATE  METHOD. NO REPRESENTATION IS
MADE  THAT THE  MORTGAGE  LOANS  WILL  PREPAY  AT A RATE  BASED ON THE  STANDARD
PREPAYMENT  ASSUMPTION  OR AT  ANY  OTHER  RATE  OR AS TO THE  CONSTANCY  OF THE
PASS-THROUGH RATE.]




NY1-208760.2

<PAGE>



Certificate No. ____                    [____%][Variable] Pass-Through
                                        Rate [based on a Notional Amount]

Class A-__ Senior
Date of Pooling and Servicing
Agreement and Cut-off Date:             [Percentage Interest: ___%]
May 1, 1997
                                         Aggregate Initial [Certificate
                                         Principal Balance] [Class A-9
                                         Notional Amount] [Subclass
                                         Notional Amount] of the Class
                                         A-__ Certificates:

First Distribution Date:
June 25, 1997


Master Servicer:                         [Initial] [Certificate Principal
Residential Funding                       Balance] [[Class A-9] [Subclass]
Corporation                               Notional Amount] of this
                                          Certificate: $_____________]

Assumed Final
Distribution Date:                        CUSIP 76110F-_____
[May 25, 2027]


                 MORTGAGE ASSET-BACKED PASS-THROUGH CERTIFICATE
                                 SERIES 1997-QS4

         evidencing a percentage interest in the distributions  allocable to the
         Class  A-__  Certificates  with  respect  to a  Trust  Fund  consisting
         primarily of a pool of conventional  one- to four-family fixed interest
         rate  first  mortgage  loans  formed and sold by  RESIDENTIAL  ACCREDIT
         LOANS, INC.

                  This  Certificate  is  payable  solely  from the assets of the
Trust Fund,  and does not represent an obligation of or interest in  Residential
Accredit Loans, Inc., the Master Servicer, the Trustee referred to below or GMAC
Mortgage Group,  Inc. or any of their  affiliates.  Neither this Certificate nor
the  underlying  Mortgage  Loans are  guaranteed or insured by any  governmental
agency or  instrumentality  or by Residential  Accredit Loans,  Inc., the Master
Servicer,  the Trustee or GMAC Mortgage Group,  Inc. or any of their affiliates.
None of the Company,  the Master Servicer,  GMAC Mortgage Group,  Inc. or any of
their  affiliates  will have any obligation  with respect to any  certificate or
other obligation secured by or payable from payments on the Certificates.

                  This  certifies  that   _____________________________  is  the
registered  owner  of the  Percentage  Interest  evidenced  by this  Certificate
[(obtained by dividing the [Initial Certificate


NY1-208760.2
                                       A-2

<PAGE>



Principal  Balance]  [Initial Class A-9 Notional  Amount] of this Certificate by
the  aggregate  [Initial  Certificate  Principal  Balance  of  all  Class  A-___
Certificates]   [Initial   Class  A-9   Notional   Amounts   of  all  Class  A-9
Certificates],  both as specified above)] in certain  distributions with respect
to the Trust Fund consisting  primarily of an interest in a pool of conventional
one- to  four-family  fixed  interest rate first  mortgage  loans (the "Mortgage
Loans"), formed and sold by Residential Accredit Loans, Inc. (hereinafter called
the  "Company,"  which term  includes any  successor  entity under the Agreement
referred  to  below).  The Trust  Fund was  created  pursuant  to a Pooling  and
Servicing  Agreement  dated as  specified  above  (the  "Agreement")  among  the
Company,  the Master Servicer and The First National Bank of Chicago, as trustee
(the  "Trustee"),  a summary of certain of the pertinent  provisions of which is
set forth  hereafter.  To the extent not defined herein,  the capitalized  terms
used herein have the meanings  assigned in the  Agreement.  This  Certificate is
issued  under and is subject  to the terms,  provisions  and  conditions  of the
Agreement,  to which  Agreement the Holder of this  Certificate by virtue of the
acceptance hereof assents and by which such Holder is bound.

                  Pursuant to the terms of the Agreement, a distribution will be
made on the 25th day of each month or, if such 25th day is not a  Business  Day,
the Business Day immediately following (the "Distribution Date"),  commencing as
described  in the  Agreement,  to the Person in whose name this  Certificate  is
registered  at the close of business on the last day (or if such last day is not
a Business  Day, the Business Day  immediately  preceding  such last day) of the
month immediately  preceding the month of such distribution (the "Record Date"),
from the Available  Distribution Amount in an amount equal to the product of the
Percentage  Interest  evidenced by this Certificate and the amount [(of interest
and  principal,  if any)]  required to be  distributed  to Holders of Class A-__
Certificates  on such  Distribution  Date. [The Class A-9 Notional Amount of the
Class A-9 Certificates as of any date of determination is equal to the aggregate
Stated   Principal   Balance  of  the  Mortgage  Loans   corresponding   to  the
Uncertificated   REMIC  Regular   Interests   represented   by  such  Class  A-9
Certificates.]  [The Subclass Notional Amount of the Class A-9-_ Certificates as
of any date of determination is equal to the aggregate Stated Principal  Balance
of  the  Mortgage  Loans  corresponding  to  the  Uncertificated  REMIC  Regular
Interests represented by such Class A-9-_ Certificates immediately prior to such
date.] [The Class A-9[-_] Certificates have no Certificate Principal Balance.]

                  Distributions  on this  Certificate will be made either by the
Master  Servicer  acting on behalf of the Trustee or by a Paying Agent appointed
by the Trustee in  immediately  available  funds (by wire transfer or otherwise)
for the  account of the Person  entitled  thereto if such  Person  shall have so
notified  the Master  Servicer or such Paying  Agent,  or by check mailed to the
address of the


NY1-208760.2
                                       A-3

<PAGE>



Person  entitled  thereto,  as  such  name  and  address  shall  appear  on  the
Certificate Register.

                  Notwithstanding  the  above,  the final  distribution  on this
Certificate  will be made after due notice of the pendency of such  distribution
and only upon  presentation  and surrender of this  Certificate at the office or
agency  appointed  by the Trustee for that  purpose in the City and State of New
York. The [Initial  Certificate  Principal  Balance] [Initial Class A-9 Notional
Amount]  [initial  Subclass  Notional  Amount] of this  Certificate is set forth
above.] [The Certificate  Principal Balance hereof will be reduced to the extent
of  distributions  allocable to  principal  and any  Realized  Losses  allocable
hereto.]

                  This  Certificate  is  one  of  a  duly  authorized  issue  of
Certificates  issued in several  Classes  designated  as  Mortgage  Asset-Backed
Pass-Through  Certificates of the Series specified  hereon (herein  collectively
called the "Certificates").

                  The  Certificates  are  limited in right of payment to certain
collections  and  recoveries   respecting  the  Mortgage  Loans,   all  as  more
specifically set forth herein and in the Agreement. In the event Master Servicer
funds  are  advanced  with  respect  to  any  Mortgage  Loan,  such  advance  is
reimbursable  to the Master  Servicer,  to the extent provided in the Agreement,
from related recoveries on such Mortgage Loan or from other cash that would have
been distributable to Certificateholders.

                  As provided in the Agreement,  withdrawals  from the Custodial
Account   and/or  the   Certificate   Account   created   for  the   benefit  of
Certificateholders  may be made by the  Master  Servicer  from  time to time for
purposes other than distributions to Certificateholders, such purposes including
without  limitation  reimbursement  to the  Company  and the Master  Servicer of
advances made, or certain expenses incurred, by either of them.

                  The  Agreement   permits,   with  certain  exceptions  therein
provided,  the amendment of the Agreement and the modification of the rights and
obligations of the Company,  the Master  Servicer and the Trustee and the rights
of the  Certificateholders  under the Agreement at any time by the Company,  the
Master  Servicer and the Trustee with the consent of the Holders of Certificates
evidencing  in the aggregate  not less than 66% of the  Percentage  Interests of
each Class of Certificates  affected thereby.  Any such consent by the Holder of
this  Certificate  shall be  conclusive  and binding on such Holder and upon all
future  holders  of this  Certificate  and of any  Certificate  issued  upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such consent is made upon the  Certificate.  The  Agreement  also permits the
amendment thereof in certain circumstances without the consent of the Holders of
any of the Certificates and, in certain  additional  circumstances,  without the
consent of the Holders of certain Classes of Certificates.


NY1-208760.2
                                       A-4

<PAGE>




                  As   provided  in  the   Agreement   and  subject  to  certain
limitations  therein set forth,  the transfer of this Certificate is registrable
in the Certificate  Register upon surrender of this Certificate for registration
of transfer at the offices or agencies  appointed by the Trustee in the City and
State of New York, duly endorsed by, or accompanied by an assignment in the form
below or other  written  instrument  of  transfer  in form  satisfactory  to the
Trustee and the Certificate Registrar duly executed by the Holder hereof or such
Holder's  attorney  duly  authorized  in writing,  and thereupon one or more new
Certificates of authorized denominations evidencing the same Class and aggregate
Percentage Interest will be issued to the designated transferee or transferees.

                  The Certificates are issuable only as registered  Certificates
without coupons in Classes and in denominations  specified in the Agreement.  As
provided in the Agreement and subject to certain  limitations therein set forth,
Certificates are  exchangeable for new Certificates of authorized  denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.

                  No service  charge will be made for any such  registration  of
transfer or exchange, but the Trustee may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith.

                  The  Company,  the  Master  Servicer,   the  Trustee  and  the
Certificate  Registrar and any agent of the Company,  the Master  Servicer,  the
Trustee  or the  Certificate  Registrar  may treat the Person in whose name this
Certificate is registered as the owner hereof for all purposes,  and neither the
Company,  the Master Servicer,  the Trustee nor any such agent shall be affected
by notice to the contrary.

                  This  Certificate  shall  be  governed  by  and  construed  in
accordance with the laws of the State of New York.

                  The  obligations  created by the  Agreement  in respect of the
Certificates and the Trust Fund created thereby shall terminate upon the payment
to  Certificateholders  of all  amounts  held by or on behalf of the Trustee and
required to be paid to them pursuant to the  Agreement  following the earlier of
(i) the maturity or other  liquidation of the last Mortgage Loan subject thereto
or the disposition of all property  acquired upon foreclosure or deed in lieu of
foreclosure of any Mortgage Loan and (ii) the purchase by the Master Servicer or
the Company from the Trust Fund of all remaining Mortgage Loans and all property
acquired in respect of such Mortgage Loans,  thereby  effecting early retirement
of the Certificates.  The Agreement  permits,  but does not require,  the Master
Servicer or the Company to (i) purchase at a price determined as provided in the
Agreement all remaining  Mortgage Loans and all property  acquired in respect of
any  Mortgage  Loan or (ii)  purchase  in  whole,  but not in  part,  all of the
Certificates


NY1-208760.2
                                       A-5

<PAGE>



from the Holders thereof;  provided,  that any such option may only be exercised
if  the  Pool  Stated  Principal  Balance  of  the  Mortgage  Loans  as  of  the
Distribution  Date upon which the proceeds of any such purchase are  distributed
is less than ten percent of the Cut-off Date  Principal  Balance of the Mortgage
Loans.

                  Reference  is hereby  made to the further  provisions  of this
Certificate set forth on the reverse hereof,  which further provisions shall for
all purposes have the same effect as if set forth at this place.

                  Unless  the  certificate  of  authentication  hereon  has been
executed by the Certificate  Registrar,  by manual  signature,  this Certificate
shall not be  entitled to any benefit  under the  Agreement  or be valid for any
purpose.


NY1-208760.2
                                       A-6

<PAGE>



                  IN WITNESS WHEREOF, the Trustee has caused this Certificate to
be duly executed.

Dated:                                            THE FIRST NATIONAL BANK OF
                                                  CHICAGO,
                                                  as Trustee


                                                  By:
                                                  Authorized Signatory



                                           CERTIFICATE OF AUTHENTICATION

                  This is one of the Class A-__ Certificates  referred to in the
within-mentioned Agreement.

                           THE FIRST NATIONAL BANK OF
                            CHICAGO,
                            as Certificate Registrar


                                                         By:
                                                         Authorized Signatory


NY1-208760.2
                                       A-7

<PAGE>



                                   ASSIGNMENT


                  FOR VALUE RECEIVED, the undersigned hereby sell(s),
assign(s) and transfer(s) unto
                                       (Please print or typewrite
name and address  including  postal zip code of assignee) a Percentage  Interest
evidenced  by the within  Mortgage  Asset-Backed  Pass-Through  Certificate  and
hereby  authorizes the transfer of  registration of such interest to assignee on
the Certificate Register of the Trust Fund.

                  I (We) further direct the Certificate Registrar to issue a new
Certificate of a like  denomination  and Class,  to the above named assignee and
deliver such Certificate to the following address:





Dated:
                                     Signature by or on behalf of assignor




                                     Signature Guaranteed


                            DISTRIBUTION INSTRUCTIONS

The  assignee  should  include the  following  for purposes of distribution:

Distributions shall be made, by wire transfer or
otherwise, in immediately available funds to_________________________
for the____________________________________________
account of____________________________________,account number  ________________,
or, if mailed by check, to_______________________________
Applicable statements should be mailed to_____________________________.
                                                

                  This information is provided by_____________________________,
the assignee named above, or__________________________________________________,
as its agent.
                
<PAGE>



                                    EXHIBIT B

                           FORM OF CLASS M CERTIFICATE


THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS A CERTIFICATES
AND CLASS R CERTIFICATES  [CLASS M-1 CERTIFICATES]  [AND CLASS M-2 CERTIFICATES]
AS DESCRIBED IN THE AGREEMENT (AS DEFINED BELOW).

SOLELY FOR U.S.  FEDERAL  INCOME TAX PURPOSES,  THIS  CERTIFICATE  IS A "REGULAR
INTEREST" IN A "REAL  ESTATE  MORTGAGE  INVESTMENT  CONDUIT," AS THOSE TERMS ARE
DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF
1986 (THE "CODE").

NO TRANSFER OF THIS CERTIFICATE MAY BE MADE TO ANY PERSON, UNLESS THE TRANSFEREE
PROVIDES EITHER A CERTIFICATION  PURSUANT TO SECTION 5.02(e) OF THE AGREEMENT OR
AN OPINION OF COUNSEL  SATISFACTORY TO THE MASTER SERVICER,  THE COMPANY AND THE
TRUSTEE THAT THE PURCHASE OF THIS CERTIFICATE WILL NOT CONSTITUTE OR RESULT IN A
NON-EXEMPT  PROHIBITED  TRANSACTION UNDER SECTION 406 OF THE EMPLOYEE RETIREMENT
INCOME SECURITY ACT OF 1974, AS AMENDED  ("ERISA"),  OR SECTION 4975 OF THE CODE
AND WILL NOT  SUBJECT  THE MASTER  SERVICER,  THE  COMPANY OR THE TRUSTEE TO ANY
OBLIGATION OR LIABILITY IN ADDITION TO THOSE UNDERTAKEN IN THE AGREEMENT.

THIS  CERTIFICATE  HAS NOT BEEN AND WILL NOT BE REGISTERED  UNDER THE SECURITIES
ACT OF 1933,  AS  AMENDED,  OR THE  SECURITIES  LAWS OF ANY STATE AND MAY NOT BE
RESOLD OR TRANSFERRED  UNLESS IT IS REGISTERED  PURSUANT TO SUCH ACT AND LAWS OR
IS SOLD OR TRANSFERRED IN TRANSACTIONS  WHICH ARE EXEMPT FROM REGISTRATION UNDER
SUCH ACT AND UNDER  APPLICABLE  STATE LAW AND IS TRANSFERRED IN ACCORDANCE  WITH
THE PROVISIONS OF SECTION 5.02 OF THE AGREEMENT.

[THE FOLLOWING  INFORMATION IS PROVIDED  SOLELY FOR THE PURPOSES OF APPLYING THE
U.S.   FEDERAL  INCOME  TAX  ORIGINAL  ISSUE  DISCOUNT  ("OID")  RULES  TO  THIS
CERTIFICATE.  THE ISSUE DATE OF THIS CERTIFICATE IS MAY 30, 1997.  ASSUMING THAT
THE MORTGAGE LOANS PREPAY AT 100% OF THE PREPAYMENT  ASSUMPTION (AS DESCRIBED IN
THE PROSPECTUS SUPPLEMENT), THIS CERTIFICATE HAS BEEN ISSUED WITH NO MORE THAN $
OF OID PER  $1,000  OF  INITIAL  CERTIFICATE  PRINCIPAL  BALANCE,  THE  YIELD TO
MATURITY IS % AND THE AMOUNT OF OID  ATTRIBUTABLE  TO THE INITIAL ACCRUAL PERIOD
IS NO MORE THAN $
        PER $1,000 OF INITIAL CERTIFICATE PRINCIPAL BALANCE,
COMPUTED UNDER THE APPROXIMATE METHOD.  NO REPRESENTATION IS MADE
THAT THE MORTGAGE LOANS WILL PREPAY AT A RATE BASED ON THE STANDARD
PREPAYMENT ASSUMPTION OR AT ANY OTHER RATE.]


NY1-208760.2

<PAGE>



Certificate No. ___                                [___]% Pass-Through Rate

Class M-    Subordinate                            Aggregate Certificate
                                                   Principal Balance
                                                   of the Class M Certificates:
Date of Pooling and Servicing                      $_______________
Agreement and Cut-off Date:
May 1, 1997                                        Initial Certificate Principal
                                                   Balance of this Certificate:
First Distribution Date:                           $_______________
June 25, 1997
                                                   CUSIP: 76110F-_____
Master Servicer:
Residential Funding Corporation

Assumed Final Distribution Date:
May 25, 2027



                 MORTGAGE ASSET-BACKED PASS-THROUGH CERTIFICATE,
                                 SERIES 1997-QS4

         evidencing a percentage interest in any distributions  allocable to the
         Class M-__  Certificates  with  respect  to the Trust  Fund  consisting
         primarily of a pool of conventional  one- to four-family fixed interest
         rate  first  mortgage  loans  formed and sold by  RESIDENTIAL  ACCREDIT
         LOANS, INC.

                  This  Certificate  is  payable  solely  from the assets of the
Trust Fund,  and does not represent an obligation of or interest in  Residential
Accredit Loans, Inc., the Master Servicer, the Trustee referred to below or GMAC
Mortgage Group,  Inc. or any of their  affiliates.  Neither this Certificate nor
the  underlying  Mortgage  Loans are  guaranteed or insured by any  governmental
agency or  instrumentality  or by Residential  Accredit Loans,  Inc., the Master
Servicer,  the Trustee or GMAC Mortgage Group,  Inc. or any of their affiliates.
None of the Company,  the Master Servicer,  GMAC Mortgage Group,  Inc. or any of
their  affiliates  will have any obligation  with respect to any  certificate or
other obligation secured by or payable from payments on the Certificates.

                  This   certifies   that   _________________________   is   the
registered  owner  of the  Percentage  Interest  evidenced  by this  Certificate
(obtained by dividing the Certificate  Principal  Balance of this Certificate by
the aggregate Certificate Principal Balance of all Class M-__ Certificates, both
as  specified  above) in  certain  distributions  with  respect  to a Trust Fund
consisting  primarily  of a pool  of  conventional  one-  to  four-family  fixed
interest rate first mortgage loans (the  "Mortgage  Loans"),  formed and sold by
Residential  Accredit Loans, Inc.  (hereinafter called the "Company," which term
includes any successor entity under the Agreement


NY1-208760.2
                                       B-2

<PAGE>



referred  to  below).  The Trust  Fund was  created  pursuant  to a Pooling  and
Servicing  Agreement  dated as  specified  above  (the  "Agreement")  among  the
Company,  the Master Servicer and The First National Bank of Chicago, as trustee
(the  "Trustee"),  a summary of certain of the pertinent  provisions of which is
set forth  hereafter.  To the extent not defined herein,  the capitalized  terms
used herein have the meanings  assigned in the  Agreement.  This  Certificate is
issued  under and is subject  to the terms,  provisions  and  conditions  of the
Agreement,  to which  Agreement the Holder of this  Certificate by virtue of the
acceptance hereof assents and by which such Holder is bound.

                  Pursuant to the terms of the Agreement, a distribution will be
made on the 25th day of each month or, if such 25th day is not a  Business  Day,
the Business Day immediately following (the "Distribution Date"),  commencing as
described  in the  Agreement,  to the Person in whose name this  Certificate  is
registered  at the close of business on the last day (or if such last day is not
a Business  Day, the Business Day  immediately  preceding  such last day) of the
month immediately  preceding the month of such distribution (the "Record Date"),
from the Available  Distribution Amount in an amount equal to the product of the
Percentage  Interest  evidenced by this  Certificate and the amount (of interest
and  principal,  if any)  required  to be  distributed  to Holders of Class M-__
Certificates on such Distribution Date.

                  Distributions  on this  Certificate will be made either by the
Master  Servicer  acting on behalf of the Trustee or by a Paying Agent appointed
by the Trustee in  immediately  available  funds (by wire transfer or otherwise)
for the  account of the Person  entitled  thereto if such  Person  shall have so
notified  the Master  Servicer or such Paying  Agent,  or by check mailed to the
address of the Person entitled thereto, as such name and address shall appear on
the Certificate Register.

                  Notwithstanding  the  above,  the final  distribution  on this
Certificate  will be made after due notice of the pendency of such  distribution
and only upon  presentation  and surrender of this  Certificate at the office or
agency  appointed  by the Trustee for that  purpose in the City and State of New
York. The Initial Certificate Principal Balance of this Certificate is set forth
above. The Certificate Principal Balance hereof will be reduced to the extent of
the  distributions  allocable to principal  and any  Realized  Losses  allocable
hereto.

                  No  transfer of this Class M  Certificate  will be made unless
the Trustee has received  either (i) an opinion of counsel  acceptable to and in
form and  substance  satisfactory  to the  Trustee,  the  Company and the Master
Servicer with respect to the  permissibility of such transfer under the Employee
Retirement Income Security Act of 1974, as amended  ("ERISA"),  and Section 4975
of the Internal Revenue Code (the "Code") and stating,  among other things, that
the transferee's acquisition of a Class M Certificate


NY1-208760.2
                                       B-3

<PAGE>



will not  constitute  or result in a  non-exempt  prohibited  transaction  under
Section  406 of  ERISA  or  Section  4975 of the  Code or (ii) a  representation
letter,  in the form as  described  by the  Agreement,  either  stating that the
transferee  is not an employee  benefit or other plan subject to the  prohibited
transaction  provisions of ERISA or Section 4975 of the Code (a "Plan"),  or any
other person (including an investment manager, a named fiduciary or a trustee of
any Plan)  acting,  directly  or  indirectly,  on behalf  of or  purchasing  any
Certificate with "plan assets" of any Plan, or stating that the transferee is an
insurance  company,  the  source  of  funds  to be  used by it to  purchase  the
Certificate is an "insurance  company  general  account"  (within the meaning of
Department of Labor Prohibited  Transaction Class Exemption ("PTCE") 95-60), and
the purchase is being made in reliance  upon the  availability  of the exemptive
relief afforded under Section III of PTCE 95-60.

                  This  Certificate  is  one  of  a  duly  authorized  issue  of
Certificates  issued in several  Classes  designated  as  Mortgage  Asset-Backed
Pass-Through  Certificates of the Series specified  hereon (herein  collectively
called the "Certificates").

                  The  Certificates  are  limited in right of payment to certain
collections  and  recoveries   respecting  the  Mortgage  Loans,   all  as  more
specifically set forth herein and in the Agreement. In the event Master Servicer
funds  are  advanced  with  respect  to  any  Mortgage  Loan,  such  advance  is
reimbursable  to the Master  Servicer,  to the extent provided in the Agreement,
from related recoveries on such Mortgage Loan or from other cash that would have
been distributable to Certificateholders.

                  As provided in the Agreement,  withdrawals  from the Custodial
Account   and/or  the   Certificate   Account   created   for  the   benefit  of
Certificateholders  may be made by the  Master  Servicer  from  time to time for
purposes other than distributions to Certificateholders, such purposes including
without  limitation  reimbursement  to the  Company  and the Master  Servicer of
advances made, or certain expenses incurred, by either of them.

                  The  Agreement   permits,   with  certain  exceptions  therein
provided,  the amendment of the Agreement and the modification of the rights and
obligations of the Company,  the Master  Servicer and the Trustee and the rights
of the  Certificateholders  under the Agreement at any time by the Company,  the
Master  Servicer and the Trustee with the consent of the Holders of Certificates
evidencing  in the aggregate  not less than 66% of the  Percentage  Interests of
each Class of Certificates  affected thereby.  Any such consent by the Holder of
this  Certificate  shall be  conclusive  and binding on such Holder and upon all
future  holders  of this  Certificate  and of any  Certificate  issued  upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such consent is made upon the  Certificate.  The  Agreement  also permits the
amendment thereof in certain circumstances without the consent of the Holders of
any of the Certificates and, in certain additional


NY1-208760.2
                                       B-4

<PAGE>



circumstances, without the consent of the Holders of certain
Classes of Certificates.

                  As   provided  in  the   Agreement   and  subject  to  certain
limitations  therein set forth,  the transfer of this Certificate is registrable
in the Certificate  Register upon surrender of this Certificate for registration
of transfer at the offices or agencies  appointed by the Trustee in the City and
State of New York, duly endorsed by, or accompanied by an assignment in the form
below or other  written  instrument  of  transfer  in form  satisfactory  to the
Trustee and the Certificate Registrar duly executed by the Holder hereof or such
Holder's  attorney  duly  authorized  in writing,  and thereupon one or more new
Certificates of authorized denominations evidencing the same Class and aggregate
Percentage Interest will be issued to the designated transferee or transferees.

                  The Certificates are issuable only as registered  Certificates
without coupons in Classes and in denominations  specified in the Agreement.  As
provided in the Agreement and subject to certain  limitations therein set forth,
Certificates are  exchangeable for new Certificates of authorized  denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.

                  No service  charge will be made for any such  registration  of
transfer or exchange, but the Trustee may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith.

                  The  Company,  the  Master  Servicer,   the  Trustee  and  the
Certificate  Registrar and any agent of the Company,  the Master  Servicer,  the
Trustee  or the  Certificate  Registrar  may treat the Person in whose name this
Certificate is registered as the owner hereof for all purposes,  and neither the
Company,  the Master Servicer,  the Trustee nor any such agent shall be affected
by notice to the contrary.

                  This  Certificate  shall  be  governed  by  and  construed  in
accordance with the laws of the State of New York.

                  The  obligations  created by the  Agreement  in respect of the
Certificates and the Trust Fund created thereby shall terminate upon the payment
to  Certificateholders  of all  amounts  held by or on behalf of the Trustee and
required to be paid to them pursuant to the  Agreement  following the earlier of
(i) the maturity or other  liquidation of the last Mortgage Loan subject thereto
or the disposition of all property  acquired upon foreclosure or deed in lieu of
foreclosure of any Mortgage Loan and (ii) the purchase by the Master Servicer or
the Company from the Trust Fund of all remaining Mortgage Loans and all property
acquired in respect of such Mortgage Loans,  thereby  effecting early retirement
of the Certificates.  The Agreement  permits,  but does not require,  the Master
Servicer or the Company to (i) purchase at a price


NY1-208760.2
                                       B-5

<PAGE>



determined as provided in the Agreement  all  remaining  Mortgage  Loans and all
property acquired in respect of any Mortgage Loan or (ii) purchase in whole, but
not in part, all of the Certificates  from the Holders thereof;  provided,  that
any such option may only be  exercised if the Pool Stated  Principal  Balance of
the Mortgage  Loans as of the  Distribution  Date upon which the proceeds of any
such  purchase  are  distributed  is less than ten percent of the  Cut-off  Date
Principal Balance of the Mortgage Loans.

                  Unless  the  certificate  of  authentication  hereon  has been
executed by the Certificate  Registrar,  by manual  signature,  this Certificate
shall not be  entitled to any benefit  under the  Agreement  or be valid for any
purpose.


NY1-208760.2
                                       B-6

<PAGE>



                  IN WITNESS WHEREOF, the Trustee has caused this Certificate to
be duly executed.

Dated:                                       THE FIRST NATIONAL BANK OF CHICAGO,

                                              as Trustee


                                              By:
                                              Authorized Signatory




                          CERTIFICATE OF AUTHENTICATION

                  This is one of the Class M-__ Certificates  referred to in the
within-mentioned Agreement.

                                                      THE FIRST NATIONAL BANK OF
                                                      CHICAGO,
                                                      as Certificate Registrar


                                                       By:
                                                       Authorized Signatory

<PAGE>



                                   ASSIGNMENT


                  FOR VALUE RECEIVED, the undersigned hereby sell(s),
assign(s) and transfer(s) unto
                                       (Please print or typewrite
name and address  including  postal zip code of assignee) a Percentage  Interest
evidenced  by the within  Mortgage  Asset-Backed  Pass-Through  Certificate  and
hereby  authorizes the transfer of  registration of such interest to assignee on
the Certificate Register of the Trust Fund.

                  I (We) further direct the Certificate Registrar to issue a new
Certificate of a like  denomination  and Class,  to the above named assignee and
deliver such Certificate to the following address:





Dated:
                                           Signature by or on behalf of assignor




                                           Signature Guaranteed

                            DISTRIBUTION INSTRUCTIONS


 The  assignee  should  include the  following  for purposes of distribution:

Distributions shall be made, by wire transfer or
otherwise, in immediately available funds to_________________________
for the____________________________________________
account of____________________________________,account number  ________________,
or, if mailed by check, to_______________________________
Applicable statements should be mailed to_____________________________.
                                                

                  This information is provided by_____________________________,
the assignee named above, or__________________________________________________,
as its agent.

<PAGE>



                                    EXHIBIT C

                           FORM OF CLASS B CERTIFICATE

THIS   CERTIFICATE  IS   SUBORDINATED  IN  RIGHT  OF  PAYMENT  TO  THE  CLASS  A
CERTIFICATES,  CLASS R CERTIFICATES AND CLASS M CERTIFICATES AS DESCRIBED IN THE
AGREEMENT (AS DEFINED HEREIN).

THIS  CERTIFICATE  HAS NOT BEEN AND WILL NOT BE REGISTERED  UNDER THE SECURITIES
ACT OF 1933,  AS  AMENDED,  OR THE  SECURITIES  LAWS OF ANY STATE AND MAY NOT BE
RESOLD OR TRANSFERRED  UNLESS IT IS REGISTERED  PURSUANT TO SUCH ACT AND LAWS OR
IS SOLD OR TRANSFERRED IN TRANSACTIONS  WHICH ARE EXEMPT FROM REGISTRATION UNDER
SUCH ACT AND UNDER  APPLICABLE  STATE LAW AND IS TRANSFERRED IN ACCORDANCE  WITH
THE PROVISIONS OF SECTION 5.02 OF THE AGREEMENT.

NO TRANSFER OF THIS CERTIFICATE MAY BE MADE TO ANY PERSON, UNLESS THE TRANSFEREE
PROVIDES EITHER A CERTIFICATION  PURSUANT TO SECTION 5.02(e) OF THE AGREEMENT OR
AN OPINION OF COUNSEL  SATISFACTORY TO THE MASTER SERVICER,  THE COMPANY AND THE
TRUSTEE THAT THE PURCHASE OF THIS CERTIFICATE WILL NOT CONSTITUTE OR RESULT IN A
NON-EXEMPT  PROHIBITED  TRANSACTION UNDER SECTION 406 OF THE EMPLOYEE RETIREMENT
INCOME SECURITY ACT OF 1974, AS AMENDED  ("ERISA"),  OR SECTION 4975 OF THE CODE
AND WILL NOT  SUBJECT  THE MASTER  SERVICER,  THE  COMPANY OR THE TRUSTEE TO ANY
OBLIGATION OR LIABILITY IN ADDITION TO THOSE UNDERTAKEN IN THE AGREEMENT.

SOLELY FOR U.S.  FEDERAL  INCOME TAX PURPOSES,  THIS  CERTIFICATE  IS A "REGULAR
INTEREST" IN A "REAL  ESTATE  MORTGAGE  INVESTMENT  CONDUIT," AS THOSE TERMS ARE
DEFINED,  RESPECTIVELY,  IN SECTIONS  860G AND 860D OF THE CODE.  THE  FOLLOWING
INFORMATION  IS PROVIDED  SOLELY FOR THE PURPOSES OF APPLYING  THE U.S.  FEDERAL
INCOME TAX ORIGINAL ISSUE DISCOUNT ("OID") RULES TO THIS CERTIFICATE.  THE ISSUE
DATE OF THIS  CERTIFICATE  IS MAY 30, 1997.  ASSUMING  THAT THE  MORTGAGE  LOANS
PREPAY AT 100% OF THE  PREPAYMENT  ASSUMPTION  (AS  DESCRIBED IN THE  PROSPECTUS
SUPPLEMENT),  THIS CERTIFICATE HAS BEEN ISSUED WITH NO MORE THAN $___ OF OID PER
$1,000 OF INITIAL CERTIFICATE  PRINCIPAL BALANCE, THE YIELD TO MATURITY IS ____%
AND THE AMOUNT OF OID ATTRIBUTABLE TO THE INITIAL ACCRUAL PERIOD IS NO MORE THAN
$____ PER $1,000 OF INITIAL  CERTIFICATE  PRINCIPAL BALANCE,  COMPUTED UNDER THE
APPROXIMATE  METHOD.  NO  REPRESENTATION  IS MADE THAT THE  MORTGAGE  LOANS WILL
PREPAY AT A RATE BASED ON THE  STANDARD  PREPAYMENT  ASSUMPTION  OR AT ANY OTHER
RATE.


NY1-208760.2

<PAGE>



Certificate No. __                        [___]% Pass-Through Rate

Class B-__ Subordinate                    Aggregate Certificate
                                          Principal Balance
                                          of the Class B-__
                                          Certificates as of
Date of Pooling and Servicing             the Cut-off Date:
Agreement and Cut-off Date:               $_______________
May 1, 1997
                                          Initial Certificate Principal
                                          Balance of this Certificate:
First Distribution Date:                  $_______________
June 25, 1997

Master Servicer:
Residential Funding Corporation

Assumed Final Distribution Date:
May 25, 2027


                 MORTGAGE ASSET-BACKED PASS-THROUGH CERTIFICATE,
                                 SERIES 1997-QS4

         evidencing a percentage interest in any distributions  allocable to the
         Class B-__  Certificates  with  respect  to the Trust  Fund  consisting
         primarily of a pool of conventional  one- to four-family fixed interest
         rate  first  mortgage  loans  formed and sold by  RESIDENTIAL  ACCREDIT
         LOANS, INC.

                  This  Certificate  is  payable  solely  from the assets of the
Trust Fund,  and does not represent an obligation of or interest in  Residential
Accredit Loans, Inc., the Master Servicer, the Trustee referred to below or GMAC
Mortgage Group,  Inc. or any of their  affiliates.  Neither this Certificate nor
the  underlying  Mortgage  Loans are  guaranteed or insured by any  governmental
agency or  instrumentality  or by Residential  Accredit Loans,  Inc., the Master
Servicer,  the Trustee or GMAC Mortgage Group,  Inc. or any of their affiliates.
None of the Company,  the Master Servicer,  GMAC Mortgage Group,  Inc. or any of
their  affiliates  will have any obligation  with respect to any  certificate or
other obligation secured by or payable from payments on the Certificates.

                  This certifies that  Residential  Accredit Loans,  Inc. is the
registered  owner  of the  Percentage  Interest  evidenced  by this  Certificate
(obtained by dividing the Certificate  Principal  Balance of this Certificate by
the aggregate Certificate Principal Balance of all Class B-__ Certificates, both
as  specified  above) in  certain  distributions  with  respect  to a Trust Fund
consisting  primarily  of a pool  of  conventional  one-  to  four-family  fixed
interest rate first mortgage loans (the  "Mortgage  Loans"),  formed and sold by
Residential Accredit Loans, Inc. (hereinafter called the "Company,"


NY1-208760.2
                                       C-2

<PAGE>



which term includes any successor entity under the Agreement referred to below).
The Trust Fund was created  pursuant to a Pooling and Servicing  Agreement dated
as specified above (the "Agreement") among the Company,  the Master Servicer and
The First  National Bank of Chicago,  as trustee (the  "Trustee"),  a summary of
certain of the  pertinent  provisions  of which is set forth  hereafter.  To the
extent not defined herein,  the capitalized  terms used herein have the meanings
assigned in the  Agreement.  This  Certificate is issued under and is subject to
the terms,  provisions and conditions of the Agreement,  to which  Agreement the
Holder of this  Certificate  by virtue of the  acceptance  hereof assents and by
which such Holder is bound.

                  Pursuant to the terms of the Agreement, a distribution will be
made on the 25th day of each month or, if such 25th day is not a  Business  Day,
the Business Day immediately following (the "Distribution Date"),  commencing on
the first  Distribution  Date specified  above, to the Person in whose name this
Certificate  is  registered at the close of business on the last day (or if such
last day is not a Business Day, the Business Day immediately preceding such last
day) of the month next  preceding  the month of such  distribution  (the "Record
Date"), from the Available Distribution Amount in an amount equal to the product
of the  Percentage  Interest  evidenced by this  Certificate  and the amount (of
interest and principal, if any) required to be distributed to Holders of Class B
Certificates on such Distribution Date.

                  Distributions  on this  Certificate will be made either by the
Master  Servicer  acting on behalf of the Trustee or by a Paying Agent appointed
by the Trustee in  immediately  available  funds (by wire transfer or otherwise)
for the  account of the Person  entitled  thereto if such  Person  shall have so
notified  the Master  Servicer or such Paying  Agent,  or by check mailed to the
address of the Person entitled thereto, as such name and address shall appear on
the Certificate Register.

                  Notwithstanding  the  above,  the final  distribution  on this
Certificate  will be made after due notice of the pendency of such  distribution
and only upon  presentation  and surrender of this  Certificate at the office or
agency  appointed  by the Trustee for that  purpose in the City and State of New
York. The Initial Certificate Principal Balance of this Certificate is set forth
above. The Certificate Principal Balance hereof will be reduced to the extent of
the  distributions  allocable to principal  and any  Realized  Losses  allocable
hereto.

                  No  transfer of this Class B  Certificate  will be made unless
such transfer is exempt from the registration requirements of the Securities Act
of 1933, as amended,  and any  applicable  state  securities  laws or is made in
accordance  with said Act and laws.  In the event that such a transfer  is to be
made,  (i) the  Trustee  or the  Company  may  require  an  opinion  of  counsel
acceptable  to and in form and  substance  satisfactory  to the  Trustee and the
Company that


NY1-208760.2
                                       C-3

<PAGE>



such  transfer is exempt  (describing  the  applicable  exemption  and the basis
therefor) from or is being made pursuant to the registration requirements of the
Securities Act of 1933, as amended,  and of any applicable  statute of any state
and (ii) the transferee shall execute an investment letter in the form described
by the Agreement.  The Holder hereof desiring to effect such transfer shall, and
does hereby agree to,  indemnify the Trustee,  the Company,  the Master Servicer
and the  Certificate  Registrar  acting  on behalf of the  Trustee  against  any
liability  that may  result if the  transfer  is not so exempt or is not made in
accordance  with  such  Federal  and state  laws.  In  connection  with any such
transfer,  the  Trustee  will also  require  either  (i) an  opinion  of counsel
acceptable to and in form and substance satisfactory to the Trustee, the Company
and the Master  Servicer  with respect to the  permissibility  of such  transfer
under the Employee Retirement Income Security Act of 1974, as amended ("ERISA"),
and Section  4975 of the Internal  Revenue Code (the "Code") and stating,  among
other things,  that the  transferee's  acquisition of a Class B Certificate will
not constitute or result in a non-exempt  prohibited  transaction  under Section
406 of ERISA or Section 4975 of the Code or (ii) a representation letter, in the
form as described by the Agreement, either stating that the transferee is not an
employee benefit or other plan subject to the prohibited  transaction provisions
of ERISA or Section 4975 of the Code (a "Plan"),  or any other person (including
an  investment  manager,  a named  fiduciary  or a trustee of any Plan)  acting,
directly or indirectly,  on behalf of or purchasing any  Certificate  with "plan
assets" of any Plan, or stating that the transferee is an insurance company, the
source of funds to be used by it to purchase the  Certificate  is an  "insurance
company general  account"  (within the meaning of Department of Labor Prohibited
Transaction Class Exemption  ("PTCE") 95-60),  and the purchase is being made in
reliance upon the  availability  of the exemptive  relief afforded under Section
III of PTCE 95-60.

                  This  Certificate  is  one  of  a  duly  authorized  issue  of
Certificates  issued in several  Classes  designated  as  Mortgage  Asset-Backed
Pass-Through  Certificates of the Series specified  hereon (herein  collectively
called the "Certificates").

                  The  Certificates  are  limited in right of payment to certain
collections  and  recoveries   respecting  the  Mortgage  Loans,   all  as  more
specifically set forth herein and in the Agreement. In the event Master Servicer
funds  are  advanced  with  respect  to  any  Mortgage  Loan,  such  advance  is
reimbursable  to the Master  Servicer,  to the extent provided in the Agreement,
from related recoveries on such Mortgage Loan or from other cash that would have
been distributable to Certificateholders.

                  As provided in the Agreement,  withdrawals  from the Custodial
Account   and/or  the   Certificate   Account   created   for  the   benefit  of
Certificateholders  may be made by the  Master  Servicer  from  time to time for
purposes other than distributions to Certificateholders, such purposes including
without limitation


NY1-208760.2
                                       C-4

<PAGE>



reimbursement  to the Company  and the Master  Servicer  of  advances  made,  or
certain expenses incurred, by either of them.

                  The  Agreement   permits,   with  certain  exceptions  therein
provided,  the amendment of the Agreement and the modification of the rights and
obligations of the Company,  the Master  Servicer and the Trustee and the rights
of the  Certificateholders  under the Agreement at any time by the Company,  the
Master  Servicer and the Trustee with the consent of the Holders of Certificates
evidencing  in the aggregate  not less than 66% of the  Percentage  Interests of
each Class of Certificates  affected thereby.  Any such consent by the Holder of
this  Certificate  shall be  conclusive  and binding on such Holder and upon all
future  holders  of this  Certificate  and of any  Certificate  issued  upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such consent is made upon the  Certificate.  The  Agreement  also permits the
amendment thereof in certain circumstances without the consent of the Holders of
any of the Certificates and, in certain  additional  circumstances,  without the
consent of the Holders of certain Classes of Certificates.

                  As   provided  in  the   Agreement   and  subject  to  certain
limitations  therein set forth,  the transfer of this Certificate is registrable
in the Certificate  Register upon surrender of this Certificate for registration
of transfer at the offices or agencies  appointed by the Trustee in the City and
State of New York, duly endorsed by, or accompanied by an assignment in the form
below or other  written  instrument  of  transfer  in form  satisfactory  to the
Trustee and the Certificate Registrar duly executed by the Holder hereof or such
Holder's  attorney  duly  authorized  in writing,  and thereupon one or more new
Certificates of authorized denominations evidencing the same Class and aggregate
Percentage Interest will be issued to the designated transferee or transferees.

                  The Certificates are issuable only as registered  Certificates
without coupons in Classes and in denominations  specified in the Agreement.  As
provided in the Agreement and subject to certain  limitations therein set forth,
Certificates are  exchangeable for new Certificates of authorized  denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.

                  No service  charge will be made for any such  registration  of
transfer or exchange, but the Trustee may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith.

                  The  Company,  the  Master  Servicer,   the  Trustee  and  the
Certificate  Registrar and any agent of the Company,  the Master  Servicer,  the
Trustee  or the  Certificate  Registrar  may treat the Person in whose name this
Certificate is registered as the owner hereof for all purposes,  and neither the
Company, the Master


NY1-208760.2
                                       C-5

<PAGE>



Servicer,  the  Trustee  nor any such agent  shall be  affected by notice to the
contrary.

                  This  Certificate  shall  be  governed  by  and  construed  in
accordance with the laws of the State of New York.

                  The  obligations  created by the  Agreement  in respect of the
Certificates and the Trust Fund created thereby shall terminate upon the payment
to  Certificateholders  of all  amounts  held by or on behalf of the Trustee and
required to be paid to them pursuant to the  Agreement  following the earlier of
(i) the maturity or other  liquidation of the last Mortgage Loan subject thereto
or the disposition of all property  acquired upon foreclosure or deed in lieu of
foreclosure of any Mortgage Loan and (ii) the purchase by the Master Servicer or
the Company from the Trust Fund of all remaining Mortgage Loans and all property
acquired in respect of such Mortgage Loans,  thereby  effecting early retirement
of the Certificates.  The Agreement  permits,  but does not require,  the Master
Servicer or the Company to (i) purchase at a price determined as provided in the
Agreement all remaining  Mortgage Loans and all property  acquired in respect of
any  Mortgage  Loan or (ii)  purchase  in  whole,  but not in  part,  all of the
Certificates from the Holders thereof;  provided,  that any such option may only
be exercised if the Pool Stated  Principal  Balance of the Mortgage  Loans as of
the  Distribution  Date  upon  which  the  proceeds  of any  such  purchase  are
distributed  is less than ten percent of the Cut-off Date  Principal  Balance of
the Mortgage Loans.

                  Unless  the  certificate  of  authentication  hereon  has been
executed by the Certificate  Registrar,  by manual  signature,  this Certificate
shall not be  entitled to any benefit  under the  Agreement  or be valid for any
purpose.


NY1-208760.2
                                       C-6

<PAGE>



                  IN WITNESS WHEREOF, the Trustee has caused this Certificate to
be duly executed.

Dated:                                       THE FIRST NATIONAL BANK OF CHICAGO,

                                             as Trustee


                                             By:
                                             Authorized Signatory




                          CERTIFICATE OF AUTHENTICATION

                  This is one of the Class M-__ Certificates  referred to in the
within-mentioned Agreement.

                                                      THE FIRST NATIONAL BANK OF
                                                      CHICAGO,
                                                      as Certificate Registrar


                                                      By:
                                                      Authorized Signatory


NY1-208760.2
                                       C-7

<PAGE>



                                   ASSIGNMENT


                  FOR VALUE RECEIVED, the undersigned hereby sell(s),
assign(s) and transfer(s) unto
                                       (Please print or typewrite
name and address  including  postal zip code of assignee) a Percentage  Interest
evidenced  by the within  Mortgage  Asset-Backed  Pass-Through  Certificate  and
hereby  authorizes the transfer of  registration of such interest to assignee on
the Certificate Register of the Trust Fund.

                  I (We) further direct the Certificate Registrar to issue a new
Certificate of a like  denomination  and Class,  to the above named assignee and
deliver such Certificate to the following address:





Dated:
                                          Signature by or on behalf of assignor




                                          Signature Guaranteed

                            DISTRIBUTION INSTRUCTIONS

 The  assignee  should  include the  following  for purposes of distribution:

                  Distributions shall be made, by wire transfer or
otherwise, in immediately available funds to_________________________
for the____________________________________________
account of____________________________________,account number  ________________,
or, if mailed by check, to_______________________________
Applicable statements should be mailed to_____________________________.
                                                

                  This information is provided by_____________________________,
the assignee named above, or__________________________________________________,
as its agent.


<PAGE>



                                    EXHIBIT D

                           FORM OF CLASS R CERTIFICATE

THIS CERTIFICATE MAY NOT BE HELD BY OR TRANSFERRED TO A NON-UNITED STATES PERSON
OR A DISQUALIFIED ORGANIZATION (AS DEFINED BELOW).

SOLELY FOR U.S.  FEDERAL  INCOME TAX PURPOSES,  THIS  CERTIFICATE IS A "RESIDUAL
INTEREST"  IN A "REAL  ESTATE  MORTGAGE  INVESTMENT  CONDUIT" AS THOSE TERMS ARE
DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF
1986 (THE "CODE").

NO TRANSFER OF THIS CERTIFICATE MAY BE MADE TO ANY PERSON, UNLESS THE TRANSFEREE
PROVIDES EITHER A CERTIFICATION  PURSUANT TO SECTION 5.02(e) OF THE AGREEMENT OR
AN OPINION OF COUNSEL  SATISFACTORY TO THE MASTER SERVICER,  THE COMPANY AND THE
TRUSTEE THAT THE PURCHASE OF THIS CERTIFICATE WILL NOT CONSTITUTE OR RESULT IN A
NON-EXEMPT  PROHIBITED  TRANSACTION UNDER SECTION 406 OF THE EMPLOYEE RETIREMENT
INCOME SECURITY ACT OF 1974, AS AMENDED  ("ERISA"),  OR SECTION 4975 OF THE CODE
AND WILL NOT  SUBJECT  THE MASTER  SERVICER,  THE  COMPANY OR THE TRUSTEE TO ANY
OBLIGATION OR LIABILITY IN ADDITION TO THOSE UNDERTAKEN IN THE AGREEMENT.

ANY RESALE,  TRANSFER OR OTHER  DISPOSITION OF THIS CERTIFICATE MAY BE MADE ONLY
IF THE PROPOSED  TRANSFEREE PROVIDES A TRANSFER AFFIDAVIT TO THE MASTER SERVICER
AND THE TRUSTEE THAT (1) SUCH TRANSFEREE IS NOT (A) THE UNITED STATES, ANY STATE
OR POLITICAL  SUBDIVISION  THEREOF,  ANY FOREIGN  GOVERNMENT,  ANY INTERNATIONAL
ORGANIZATION,  OR ANY AGENCY OR INSTRUMENTALITY OF ANY OF THE FOREGOING, (B) ANY
ORGANIZATION  (OTHER THAN A  COOPERATIVE  DESCRIBED  IN SECTION 521 OF THE CODE)
WHICH IS  EXEMPT  FROM THE TAX  IMPOSED  BY  CHAPTER 1 OF THE CODE  UNLESS  SUCH
ORGANIZATION  IS SUBJECT TO THE TAX IMPOSED BY SECTION 511 OF THE CODE,  (C) ANY
ORGANIZATION  DESCRIBED IN SECTION  1381(a)(2)(C)  OF THE CODE, (ANY SUCH PERSON
DESCRIBED IN THE FOREGOING CLAUSES (A), (B) OR (C) BEING HEREIN REFERRED TO AS A
"DISQUALIFIED ORGANIZATION") OR (D) AN AGENT OF A DISQUALIFIED ORGANIZATION, (2)
NO PURPOSE OF SUCH TRANSFER IS TO IMPEDE THE ASSESSMENT OR COLLECTION OF TAX AND
(3) SUCH TRANSFEREE  SATISFIES  CERTAIN  ADDITIONAL  CONDITIONS  RELATING TO THE
FINANCIAL CONDITION OF THE PROPOSED TRANSFEREE. NOTWITHSTANDING THE REGISTRATION
IN THE CERTIFICATE  REGISTER OR ANY TRANSFER,  SALE OR OTHER DISPOSITION OF THIS
CERTIFICATE  TO A  DISQUALIFIED  ORGANIZATION  OR  AN  AGENT  OF A  DISQUALIFIED
ORGANIZATION,  SUCH  REGISTRATION  SHALL BE  DEEMED  TO BE OF NO LEGAL  FORCE OR
EFFECT WHATSOEVER AND SUCH PERSON SHALL NOT BE DEEMED TO BE A  CERTIFICATEHOLDER
FOR ANY  PURPOSE  HEREUNDER,  INCLUDING,  BUT NOT  LIMITED  TO,  THE  RECEIPT OF
DISTRIBUTIONS ON THIS CERTIFICATE. EACH HOLDER OF THIS CERTIFICATE BY ACCEPTANCE
OF THIS CERTIFICATE  SHALL BE DEEMED TO HAVE CONSENTED TO THE PROVISIONS OF THIS
PARAGRAPH.


NY1-208760.2

<PAGE>



Certificate No. ___                          [___]% Pass-Through Rate

Class R Senior                               Aggregate Initial Certificate
                                             Principal Balance of the
                                             Class R Certificates:
Date of Pooling and Servicing                $100.00
Agreement and Cut-off Date:
May 1, 1997                                  Initial Certificate Principal
                                             Balance of this Certificate:
First Distribution Date:                     $_______________
June 25, 1997
                                             Percentage Interest:
Master Servicer:                             _______%
Residential Funding Corporation
                                             CUSIP 76110F-_____
Assumed Final Distribution Date:
May 25, 2027


                 MORTGAGE ASSET-BACKED PASS-THROUGH CERTIFICATE,
                                 SERIES 1997-QS4

         evidencing a percentage interest in any distributions  allocable to the
         Class  R  Certificates  with  respect  to  the  Trust  Fund  consisting
         primarily of a pool of conventional  one- to four-family fixed interest
         rate  first  mortgage  loans  formed and sold by  RESIDENTIAL  ACCREDIT
         LOANS, INC.

                  This  Certificate  is  payable  solely  from the assets of the
Trust Fund,  and does not represent an obligation of or interest in  Residential
Accredit Loans, Inc., the Master Servicer, the Trustee referred to below or GMAC
Mortgage Group,  Inc. or any of their  affiliates.  Neither this Certificate nor
the  underlying  Mortgage  Loans are  guaranteed or insured by any  governmental
agency or  instrumentality  or by Residential  Accredit Loans,  Inc., the Master
Servicer,  the Trustee or GMAC Mortgage Group,  Inc. or any of their affiliates.
None of the Company,  the Master Servicer,  GMAC Mortgage Group,  Inc. or any of
their  affiliates  will have any obligation  with respect to any  certificate or
other obligation secured by or payable from payments on the Certificates.

                  This   certifies   that   _________________________   is   the
registered  owner  of the  Percentage  Interest  evidenced  by this  Certificate
(obtained  by  dividing  the  Initial  Certificate  Principal  Balance  of  this
Certificate by the aggregate Initial Certificate  Principal Balance of all Class
R Certificates,  both as specified above) in certain  distributions with respect
to the  Trust  Fund  consisting  primarily  of a pool  of  conventional  one- to
four-family  fixed interest rate first  mortgage  loans (the "Mortgage  Loans"),
formed and sold by Residential  Accredit  Loans,  Inc.  (hereinafter  called the
"Company," which term includes any successor entity under the Agreement referred
to below).  The Trust  Fund was  created  pursuant  to a Pooling  and  Servicing
Agreement dated as specified


NY1-208760.2
                                       D-2

<PAGE>



above (the  "Agreement")  among the Company,  the Master  Servicer and The First
National Bank of Chicago,  as trustee (the  "Trustee"),  a summary of certain of
the  pertinent  provisions  of which is set forth  hereafter.  To the extent not
defined herein,  the capitalized terms used herein have the meanings assigned in
the  Agreement.  This  Certificate  is issued under and is subject to the terms,
provisions  and conditions of the  Agreement,  to which  Agreement the Holder of
this  Certificate by virtue of the  acceptance  hereof assents and by which such
Holder is bound.

                  Pursuant to the terms of the Agreement, a distribution will be
made on the 25th day of each month or, if such 25th day is not a  Business  Day,
the Business Day immediately following (the "Distribution Date"),  commencing as
described  in the  Agreement,  to the Person in whose name this  Certificate  is
registered  at the close of business on the last day (or if such last day is not
a Business  Day, the Business Day  immediately  preceding  such last day) of the
month immediately  preceding the month of such distribution (the "Record Date"),
from the Available  Distribution Amount in an amount equal to the product of the
Percentage  Interest  evidenced by this  Certificate and the amount (of interest
and  principal,  if any)  required  to be  distributed  to  Holders  of  Class R
Certificates on such Distribution Date.

                  Each Holder of this  Certificate will be deemed to have agreed
to be bound by the  restrictions  set forth in the  Agreement to the effect that
(i) each person holding or acquiring any Ownership  Interest in this Certificate
must be a United States Person and a Permitted Transferee,  (ii) the transfer of
any Ownership Interest in this Certificate will be conditioned upon the delivery
to the Trustee of, among other  things,  an affidavit to the effect that it is a
United States Person and Permitted Transferee,  (iii) any attempted or purported
transfer of any  Ownership  Interest in this  Certificate  in  violation of such
restrictions  will be  absolutely  null and void and will  vest no rights in the
purported  transferee,  and (iv) if any person other than a United States Person
and a Permitted  Transferee  acquires any Ownership Interest in this Certificate
in violation of such restrictions,  then the Company will have the right, in its
sole  discretion and without notice to the Holder of this  Certificate,  to sell
this Certificate to a purchaser selected by the Company,  which purchaser may be
the Company,  or any affiliate of the Company,  on such terms and  conditions as
the Company may choose.

                  Notwithstanding  the  above,  the final  distribution  on this
Certificate  will be made after due notice of the pendency of such  distribution
and only upon  presentation  and surrender of this  Certificate at the office or
agency  appointed  by the Trustee for that  purpose in the City and State of New
York. The Initial Certificate Principal Balance of this Certificate is set forth
above. The Certificate Principal Balance hereof will be reduced to the extent of
distributions  allocable to principal and any Realized Losses allocable  hereto.
Notwithstanding the reduction of the


NY1-208760.2
                                       D-3

<PAGE>



Certificate  Principal  Balance  hereof to zero,  this  Certificate  will remain
outstanding  under the  Agreement  and the  Holder  hereof  may have  additional
obligations with respect to this Certificate, including tax liabilities, and may
be entitled to certain additional  distributions  hereon, in accordance with the
terms and provisions of the Agreement.

                  No  transfer of this Class R  Certificate  will be made unless
the Trustee has received  either (i) an opinion of counsel  acceptable to and in
form and  substance  satisfactory  to the  Trustee,  the  Company and the Master
Servicer with respect to the  permissibility of such transfer under the Employee
Retirement Income Security Act of 1974, as amended  ("ERISA"),  and Section 4975
of the Internal Revenue Code (the "Code") and stating,  among other things, that
the  transferee's  acquisition  of a Class R Certificate  will not constitute or
result in a  non-exempt  prohibited  transaction  under  Section 406 of ERISA or
Section  4975 of the  Code  or  (ii) a  representation  letter,  in the  form as
described  by the  Agreement,  stating  that the  transferee  is not an employee
benefit or other plan subject to the prohibited  transaction provisions of ERISA
or  Section  4975 of the Code (a  "Plan"),  or any other  person  (including  an
investment manager, a named fiduciary or a trustee of any Plan) acting, directly
or indirectly,  on behalf of or purchasing any Certificate with "plan assets" of
any Plan.

                  This  Certificate  is  one  of  a  duly  authorized  issue  of
Certificates  issued in several  Classes  designated  as  Mortgage  Asset-Backed
Pass-Through  Certificates of the Series specified  hereon (herein  collectively
called the "Certificates").

                  The  Certificates  are  limited in right of payment to certain
collections  and  recoveries   respecting  the  Mortgage  Loans,   all  as  more
specifically set forth herein and in the Agreement. In the event Master Servicer
funds  are  advanced  with  respect  to  any  Mortgage  Loan,  such  advance  is
reimbursable  to the Master  Servicer,  to the extent provided in the Agreement,
from related recoveries on such Mortgage Loan or from other cash that would have
been distributable to Certificateholders.

                  As provided in the Agreement,  withdrawals  from the Custodial
Account   and/or  the   Certificate   Account   created   for  the   benefit  of
Certificateholders  may be made by the  Master  Servicer  from  time to time for
purposes other than distributions to Certificateholders, such purposes including
without  limitation  reimbursement  to the  Company  and the Master  Servicer of
advances made, or certain expenses incurred, by either of them.

                  The  Agreement   permits,   with  certain  exceptions  therein
provided,  the amendment of the Agreement and the modification of the rights and
obligations of the Company,  the Master  Servicer and the Trustee and the rights
of the  Certificateholders  under the Agreement at any time by the Company,  the
Master  Servicer and the Trustee with the consent of the Holders of Certificates
evidencing


NY1-208760.2
                                       D-4

<PAGE>



in the aggregate not less than 66% of the Percentage  Interests of each Class of
Certificates   affected  thereby.  Any  such  consent  by  the  Holder  of  this
Certificate  shall be conclusive  and binding on such Holder and upon all future
holders of this  Certificate  and of any  Certificate  issued upon the  transfer
hereof or in exchange  herefor or in lieu hereof whether or not notation of such
consent is made upon the  Certificate.  The Agreement also permits the amendment
thereof in certain  circumstances  without  the consent of the Holders of any of
the Certificates and, in certain additional  circumstances,  without the consent
of the Holders of certain Classes of Certificates.

                  As   provided  in  the   Agreement   and  subject  to  certain
limitations  therein set forth,  the transfer of this Certificate is registrable
in the Certificate  Register upon surrender of this Certificate for registration
of transfer at the offices or agencies  appointed by the Trustee in the City and
State of New York, duly endorsed by, or accompanied by an assignment in the form
below or other  written  instrument  of  transfer  in form  satisfactory  to the
Trustee and the Certificate Registrar duly executed by the Holder hereof or such
Holder's  attorney  duly  authorized  in writing,  and thereupon one or more new
Certificates of authorized denominations evidencing the same Class and aggregate
Percentage Interest will be issued to the designated transferee or transferees.

                  The Certificates are issuable only as registered  Certificates
without coupons in Classes and in denominations  specified in the Agreement.  As
provided in the Agreement and subject to certain  limitations therein set forth,
Certificates are  exchangeable for new Certificates of authorized  denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.

                  No service  charge will be made for any such  registration  of
transfer or exchange, but the Trustee may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith.

                  The  Company,  the  Master  Servicer,   the  Trustee  and  the
Certificate  Registrar and any agent of the Company,  the Master  Servicer,  the
Trustee  or the  Certificate  Registrar  may treat the Person in whose name this
Certificate is registered as the owner hereof for all purposes,  and neither the
Company,  the Master Servicer,  the Trustee nor any such agent shall be affected
by notice to the contrary.

                  This  Certificate  shall  be  governed  by  and  construed  in
accordance with the laws of the State of New York.

                  The  obligations  created by the  Agreement  in respect of the
Certificates and the Trust Fund created thereby shall terminate upon the payment
to  Certificateholders  of all  amounts  held by or on behalf of the Trustee and
required to be paid to them pursuant to


NY1-208760.2
                                       D-5

<PAGE>



the Agreement  following the earlier of (i) the maturity or other liquidation of
the last  Mortgage  Loan  subject  thereto or the  disposition  of all  property
acquired upon  foreclosure  or deed in lieu of  foreclosure of any Mortgage Loan
and (ii) the purchase by the Master  Servicer or the Company from the Trust Fund
of all  remaining  Mortgage  Loans and all property  acquired in respect of such
Mortgage Loans,  thereby  effecting early  retirement of the  Certificates.  The
Agreement permits,  but does not require,  the Master Servicer or the Company to
(i) purchase at a price  determined  as provided in the  Agreement all remaining
Mortgage Loans and all property acquired in respect of any Mortgage Loan or (ii)
purchase in whole,  but not in part,  all of the  Certificates  from the Holders
thereof; provided, that any such option may only be exercised if the Pool Stated
Principal  Balance of the Mortgage Loans as of the Distribution  Date upon which
the proceeds of any such  purchase are  distributed  is less than ten percent of
the Cut-off Date Principal Balance of the Mortgage Loans.

                  Reference  is hereby  made to the further  provisions  of this
Certificate set forth on the reverse hereof,  which further provisions shall for
all purpose have the same effect as if set forth at this place.

                  Unless  the  certificate  of  authentication  hereon  has been
executed by the Certificate  Registrar,  by manual  signature,  this Certificate
shall not be  entitled to any benefit  under the  Agreement  or be valid for any
purpose.


NY1-208760.2
                                       D-6

<PAGE>



                  IN WITNESS WHEREOF, the Trustee has caused this Certificate to
be duly executed.

Dated:                                       THE FIRST NATIONAL BANK OF CHICAGO
                                             as Trustee


                                             By:
                                             Authorized Signatory




                          CERTIFICATE OF AUTHENTICATION

                  This is one of the  Class R  Certificates  referred  to in the
within-mentioned Agreement.

                                                     THE FIRST NATIONAL BANK OF
                                                     CHICAGO,
                                                     as Certificate Registrar


                                                     By:
                                                     Authorized Signatory


NY1-208760.2
                                       D-7

<PAGE>



                                   ASSIGNMENT


                  FOR VALUE RECEIVED, the undersigned hereby sell(s),
assign(s) and transfer(s) unto
                                       (Please print or typewrite
name and address  including  postal zip code of assignee) a Percentage  Interest
evidenced  by the within  Mortgage  Asset-Backed  Pass-Through  Certificate  and
hereby  authorizes the transfer of  registration of such interest to assignee on
the Certificate Register of the Trust Fund.

                  I (We) further direct the Certificate Registrar to issue a new
Certificate of a like  denomination  and Class,  to the above named assignee and
deliver such Certificate to the following address:





Dated:
                                          Signature by or on behalf of assignor




                                          Signature Guaranteed


                            DISTRIBUTION INSTRUCTIONS


 The  assignee  should  include the  following  for purposes of distribution:

                  Distributions shall be made, by wire transfer or
otherwise, in immediately available funds to_________________________
for the____________________________________________
account of____________________________________,account number  ________________,
or, if mailed by check, to_______________________________
Applicable statements should be mailed to_____________________________.
                                                

                  This information is provided by_____________________________,
the assignee named above, or__________________________________________________,
as its agent.

<PAGE>



                                    EXHIBIT E

                               CUSTODIAL AGREEMENT

                  THIS  CUSTODIAL  AGREEMENT (as amended and  supplemented  from
time to time, the "Agreement"),  dated as of May 1, 1997, by and among THE FIRST
NATIONAL BANK OF CHICAGO, as Trustee (including its successors under the Pooling
Agreement  defined below,  the  "Trustee"),  RESIDENTIAL  ACCREDIT  LOANS,  INC.
(together with any successor in interest,  the "Company"),  RESIDENTIAL  FUNDING
CORPORATION,  as master  servicer  (together  with any  successor in interest or
successor under the Pooling Agreement referred to below, the "Master Servicer"),
and NORWEST BANK MINNESOTA, NATIONAL ASSOCIATION (together with any successor in
interest or any successor appointed hereunder, the "Custodian").


                          W I T N E S S E T H T H A T :

                  WHEREAS,  the Company,  the Master  Servicer,  and the Trustee
have entered  into a Pooling and  Servicing  Agreement  dated as of May 1, 1997,
relating  to  the  issuance  of  Residential   Accredit  Loans,  Inc.,  Mortgage
Asset-Backed  Pass-Through  Certificates,  Series  1997-QS4 (as in effect on the
date of this  agreement,  the "Original  Pooling  Agreement," and as amended and
supplemented from time to time, the "Pooling Agreement"); and

                  WHEREAS,  the  Custodian  has  agreed  to act as agent for the
Trustee for the purposes of receiving  and holding  certain  documents and other
instruments  delivered by the Company and the Master  Servicer under the Pooling
Agreement,  all upon the terms and  conditions  and  subject to the  limitations
hereinafter set forth;

                  NOW,  THEREFORE,  in  consideration  of the  premises  and the
mutual covenants and agreements hereinafter set forth, the Trustee, the Company,
the Master Servicer and the Custodian hereby agree as follows:


                                    ARTICLE I

                                   Definitions

                  Capitalized  terms  used in  this  Agreement  and not  defined
herein  shall have the  meanings  assigned in the  Original  Pooling  Agreement,
unless otherwise required by the context herein.




NY1-208760.2

<PAGE>



                                   ARTICLE II

                          Custody of Mortgage Documents

                  Section 2.1. Custodian to Act as Agent; Acceptance of Mortgage
Files.  The  Custodian,  as the duly  appointed  agent of the  Trustee for these
purposes,  acknowledges  receipt of the Mortgage  Files relating to the Mortgage
Loans  identified on the schedule  attached  hereto (the  "Mortgage  Files") and
declares  that it  holds  and  will  hold the  Mortgage  Files as agent  for the
Trustee,  in  trust,  for  the  use  and  benefit  of  all  present  and  future
Certificateholders.

                  Section 2.2. Recordation of Assignments.  If any Mortgage File
includes one or more  assignments  to the Trustee of Mortgage  Notes and related
Mortgages that have not been recorded,  each such assignment  shall be delivered
by the  Custodian  to  the  Company  for  the  purpose  of  recording  it in the
appropriate  public office for real  property  records,  and the Company,  at no
expense to the Custodian, shall promptly cause to be recorded in the appropriate
public office for real property  records each such  assignment and, upon receipt
thereof  from such  public  office,  shall  return each such  assignment  to the
Custodian.

                  Section 2.3.  Review of Mortgage Files.

                  (a) On or prior  to the  Closing  Date,  the  Custodian  shall
deliver to the Trustee an Initial  Certification  in the form annexed  hereto as
Exhibit One evidencing  receipt of a Mortgage File for each Mortgage Loan listed
on the Schedule attached hereto (the "Mortgage Loan Schedule").

                  (b)   Within  45  days  of  the   initial   issuance   of  the
Certificates,  the Custodian agrees, for the benefit of  Certificateholders,  to
review,  in  accordance  with the  provisions  of  Section  2.02 of the  Pooling
Agreement,  each  Mortgage  File,  and shall  deliver to the  Trustee an Interim
Certification  in the form annexed  hereto as Exhibit Two to the effect that all
documents  required to be delivered  pursuant to Section  2.01(b) of the Pooling
Agreement have been executed and received and that such documents  relate to the
Mortgage  Loans  identified  on the  Mortgage  Loan  Schedule,  except  for  any
exceptions listed on Schedule A attached to such Interim  Certification.  Within
45 days of receipt of the documents required to be delivered pursuant to Section
2.01(c) of the  Pooling  Agreement,  the  Custodian  agrees,  for the benefit of
Certificateholders, to review, in accordance with the provisions of Section 2.02
of the Pooling Agreement,  each such document,  and shall deliver to the Trustee
either (i) an Interim  Certification  in the form attached hereto as Exhibit Two
to the effect that all such documents relate to the Mortgage Loans identified on
the  Mortgage  Loan  Schedule,  except for any  exceptions  listed on Schedule A
attached to such  Interim  Certification  or (ii) a Final  Certification  as set
forth in subsection (c) below. The Custodian


NY1-208760.2
                                       E-2

<PAGE>



shall be  under  no duty or  obligation  to  inspect,  review  or  examine  said
documents, instruments,  certificates or other papers to determine that the same
are genuine,  enforceable,  or appropriate for the  represented  purpose or that
they have  actually  been recorded or that they are other than what they purport
to be on their face.  If in performing  the review  required by this Section 2.3
the Custodian finds any document or documents  constituting a part of a Mortgage
File to be defective in any material  respect,  the Custodian  shall promptly so
notify the Company, the Master Servicer and the Trustee. Upon receipt of written
notification from the Master Servicer,  signed by a Servicing Officer,  that the
Master  Servicer or a  Subservicer,  as the case may be, has made a deposit into
the Certificate Account in payment for the purchase of the related Mortgage Loan
in an amount equal to the Purchase  Price for such Mortgage  Loan, the Custodian
shall release to the Master Servicer the related Mortgage File.

                  (c)  Upon  receipt  of  all  documents  required  to be in the
Mortgage Files the Custodian shall deliver to the Trustee a Final  Certification
in the form annexed hereto as Exhibit Three  evidencing the  completeness of the
Mortgage Files.

                  Upon  receipt  of  written  request  from  the  Trustee,   the
Custodian shall as soon as practicable  supply the Trustee with a list of all of
the  documents  relating to the  Mortgage  Loans then  contained in the Mortgage
Files.

                  Section 2.4.  Notification of Breaches of Representations  and
Warranties. Upon discovery by the Custodian of a breach of any representation or
warranty made by the Master  Servicer or the Company as set forth in the Pooling
Agreement or by a Seller in a Seller's  Agreement or by  Residential  Funding or
the Company in the Assignment Agreement with respect to a Mortgage Loan relating
to a Mortgage  File,  the  Custodian  shall give  prompt  written  notice to the
Company, the Master Servicer and the Trustee.

                  Section  2.5.  Custodian  to  Cooperate;  Release of  Mortgage
Files.  Upon the  repurchase  or  substitution  of any Mortgage Loan pursuant to
Article II of the Pooling  Agreement or payment in full of any Mortgage Loan, or
the receipt by the Master  Servicer of a notification  that payment in full will
be escrowed in a manner  customary for such purposes,  the Master Servicer shall
immediately notify the Custodian by a certification  (which  certification shall
include a statement to the effect that all amounts received or to be received in
connection with such payment which are required to be deposited in the Custodial
Account  pursuant to Section 3.07 of the Pooling  Agreement have been or will be
so  deposited) of a Servicing  Officer and shall  request  delivery to it of the
Mortgage  File. The Custodian  agrees,  upon receipt of such  certification  and
request,  promptly to release to the Master Servicer the related  Mortgage File.
The Master  Servicer shall deliver to the Custodian and the Custodian  agrees to
accept the Mortgage Note and other


NY1-208760.2
                                       E-3

<PAGE>



documents   constituting  the  Mortgage  File  with  respect  to  any  Qualified
Substitute Mortgage Loan.

                  From  time to  time as is  appropriate  for the  servicing  or
foreclosures of any Mortgage Loan, including, for this purpose, collection under
any Primary Insurance Policy or any Mortgage Pool Insurance  Policy,  the Master
Servicer  shall deliver to the Custodian a  certificate  of a Servicing  Officer
requesting  that  possession of all, or any document  constituting  part, of the
Mortgage File be released to the Master Servicer and certifying as to the reason
for such  release  and that  such  release  will not  invalidate  any  insurance
coverage  provided  in respect of the  Mortgage  Loan under any of the  Required
Insurance Policies. With such certificate,  the Master Servicer shall deliver to
the  Custodian a trust  receipt  signed by a Servicing  Officer on behalf of the
Master Servicer, and upon receipt of the foregoing,  the Custodian shall deliver
the Mortgage File or such document to the Master  Servicer.  The Master Servicer
shall  cause  each  Mortgage  File or any  document  therein so  released  to be
returned  to the  Custodian  when the need  therefor  by the Master  Servicer no
longer  exists,  unless  (i) the  Mortgage  Loan  has  been  liquidated  and the
Liquidation  Proceeds  relating to the Mortgage Loan have been  deposited in the
Custodial  Account or (ii) the Mortgage File or such document has been delivered
to an attorney,  or to a public trustee or other public  official as required by
law, for purposes of  initiating or pursuing  legal action or other  proceedings
for  the   foreclosure   of  the  Mortgaged   Property   either   judicially  or
non-judicially,  and the  Master  Servicer  has  delivered  to the  Custodian  a
certificate of a Servicing Officer  certifying as to the name and address of the
Person to which  such  Mortgage  File or such  document  was  delivered  and the
purpose or  purposes  of such  delivery.  In the event of the  liquidation  of a
Mortgage  Loan,  the  Custodian  shall  deliver the Trust  Receipt  with respect
thereto to the Master Servicer upon deposit of the related Liquidation  Proceeds
in the Custodial Account as provided in the Pooling Agreement.

                  Section  2.6.  Assumption  Agreements.  In the event  that any
assumption agreement or substitution of liability agreement is entered into with
respect to any Mortgage Loan subject to this  Agreement in  accordance  with the
terms and provisions of the Pooling Agreement,  the Master Servicer shall notify
the Custodian that such assumption or substitution  agreement has been completed
by forwarding to the Custodian the original of such  assumption or  substitution
agreement,  which  shall be added to the  related  Mortgage  File  and,  for all
purposes, shall be considered a part of such Mortgage File to the same extent as
all other documents and instruments constituting parts thereof.




NY1-208760.2
                                       E-4

<PAGE>



                                   ARTICLE III

                            Concerning the Custodian

                  Section 3.1. Custodian a Bailee and Agent of the Trustee. With
respect to each Mortgage Note,  Mortgage and other documents  constituting  each
Mortgage File which are delivered to the Custodian, the Custodian is exclusively
the bailee and agent of the Trustee and has no instructions to hold any Mortgage
Note or Mortgage  for the benefit of any person  other than the  Trustee,  holds
such documents for the benefit of  Certificateholders  and undertakes to perform
such  duties  and  only  such  duties  as are  specifically  set  forth  in this
Agreement.  Except upon  compliance  with the  provisions of Section 2.5 of this
Agreement, no Mortgage Note, Mortgage or other document constituting a part of a
Mortgage  File shall be delivered by the  Custodian to the Company or the Master
Servicer or otherwise released from the possession of the Custodian.

                  Section 3.2.  Indemnification.  The Company  hereby  agrees to
indemnify  and  hold  the  Custodian  harmless  from  and  against  all  claims,
liabilities,  losses,  actions, suits or proceedings at law or in equity, or any
other expenses,  fees or charges of any character or nature, which the Custodian
may incur or with which the  Custodian may be threatened by reason of its acting
as custodian under this Agreement,  including  indemnification  of the Custodian
against  any and all  expenses,  including  attorney's  fees if counsel  for the
Custodian  has been  approved  by the  Company,  and the cost of  defending  any
action,  suit  or  proceedings  or  resisting  any  claim.  Notwithstanding  the
foregoing,  it is specifically  understood and agreed that in the event any such
claim,  liability,  loss,  action,  suit or proceeding or other expense,  fee or
charge shall have been caused by reason of any negligent act,  negligent failure
to act or  willful  misconduct  on the part of the  Custodian,  or  which  shall
constitute  a  willful  breach  of its  duties  hereunder,  the  indemnification
provisions of this Agreement shall not apply.

                  Section 3.3. Custodian May Own Certificates.  The Custodian in
its  individual  or any  other  capacity  may  become  the owner or  pledgee  of
Certificates with the same rights it would have if it were not Custodian.

                  Section  3.4.  Master  Servicer  to Pay  Custodian's  Fees and
Expenses.  The Master Servicer covenants and agrees to pay to the Custodian from
time to time, and the Custodian  shall be entitled to,  reasonable  compensation
for all services  rendered by it in the exercise and  performance  of any of the
powers and duties  hereunder of the Custodian,  and the Master Servicer will pay
or  reimburse  the  Custodian  upon its  request  for all  reasonable  expenses,
disbursements  and advances incurred or made by the Custodian in accordance with
any of the provisions of this Agreement  (including the reasonable  compensation
and the  expenses  and  disbursements  of its  counsel  and of all  persons  not
regularly


NY1-208760.2
                                       E-5

<PAGE>



in its employ),  except any such expense,  disbursement  or advance as may arise
from its negligence or bad faith.

                  Section  3.5.   Custodian  May  Resign;   Trustee  May  Remove
Custodian.  The  Custodian  may resign from the  obligations  and duties  hereby
imposed upon it as such obligations and duties relate to its acting as Custodian
of the Mortgage Loans.  Upon receiving such notice of  resignation,  the Trustee
shall either take custody of the  Mortgage  Files itself and give prompt  notice
thereof to the  Company,  the Master  Servicer  and the  Custodian,  or promptly
appoint a successor Custodian by written instrument,  in duplicate,  one copy of
which instrument  shall be delivered to the resigning  Custodian and one copy to
the  successor  Custodian.  If the Trustee  shall not have taken  custody of the
Mortgage Files and no successor  Custodian shall have been so appointed and have
accepted  appointment  within  30  days  after  the  giving  of such  notice  of
resignation,  the  resigning  Custodian  may  petition  any  court of  competent
jurisdiction for the appointment of a successor Custodian.

                  The Trustee may remove the Custodian at any time.  In
such event, the Trustee shall appoint, or petition a court of
competent jurisdiction to appoint, a successor Custodian hereunder.
Any successor Custodian shall be a depository institution subject
to supervision or examination by federal or state authority and
shall be able to satisfy the other requirements contained in
Section 3.7 and shall be unaffiliated with the Master Servicer or
the Company.

                  Any resignation or removal of the Custodian and appointment of
a successor  Custodian  pursuant to any of the  provisions  of this  Section 3.5
shall  become   effective  upon  acceptance  of  appointment  by  the  successor
Custodian.  The Trustee  shall give prompt  notice to the Company and the Master
Servicer of the appointment of any successor  Custodian.  No successor Custodian
shall be appointed by the Trustee  without the prior approval of the Company and
the Master Servicer.

                  Section 3.6.  Merger or Consolidation of Custodian.  Any
                                ------------------------------------
Person into which the Custodian may be merged or converted or with
which it may be consolidated, or any Person resulting from any
merger, conversion or consolidation to which the Custodian shall be
a party, or any Person succeeding to the business of the Custodian,
shall be the successor of the Custodian hereunder, without the
execution or filing of any paper or any further act on the part of
any of the parties hereto, anything herein to the contrary
notwithstanding.

                  Section 3.7.  Representations of the Custodian.  The Custodian
hereby represents that it is a depository  institution subject to supervision or
examination by a federal or state authority,  has a combined capital and surplus
of at least  $10,000,000 and is qualified to do business in the jurisdictions in
which it will hold any Mortgage File.


NY1-208760.2
                                       E-6

<PAGE>





                                   ARTICLE IV

                            Miscellaneous Provisions

                  Section  4.1.  Notices.  All notices,  requests,  consents and
demands and other  communications  required  under this Agreement or pursuant to
any other  instrument or document  delivered  hereunder shall be in writing and,
unless otherwise specifically provided, may be delivered personally, by telegram
or telex, or by registered or certified mail,  postage  prepaid,  return receipt
requested,  at the  addresses  specified on the  signature  page hereof  (unless
changed by the particular party whose address is stated herein by similar notice
in writing), in which case the notice will be deemed delivered when received.

                  Section 4.2.  Amendments.  No  modification or amendment of or
supplement to this Agreement  shall be valid or effective  unless the same is in
writing and signed by all parties  hereto,  and neither the Company,  the Master
Servicer  nor the  Trustee  shall  enter  into any  amendment  hereof  except as
permitted by the Pooling Agreement.  The Trustee shall give prompt notice to the
Custodian of any amendment or  supplement  to the Pooling  Agreement and furnish
the Custodian with written copies thereof.

                  Section 4.3.  Governing Law. This Agreement  shall be deemed a
contract made under the laws of the State of New York and shall be construed and
enforced in accordance with and governed by the laws of the State of New York.

                  Section 4.4. Recordation of Agreement. To the extent permitted
by applicable  law, this Agreement is subject to recordation in all  appropriate
public offices for real property records in all the counties or other comparable
jurisdictions in which any or all of the properties subject to the Mortgages are
situated,  and in any other  appropriate  public  recording office or elsewhere,
such  recordation  to be effected by the Master  Servicer  and at its expense on
direction  by the Trustee  (pursuant  to the request of holders of  Certificates
evidencing  undivided  interests  in the  aggregate  of not less than 25% of the
Trust  Fund),  but only upon  direction  accompanied  by an  Opinion  of Counsel
reasonably satisfactory to the Master Servicer to the effect that the failure to
effect  such  recordation  is likely to  materially  and  adversely  affect  the
interests of the Certificateholders.

                  For  the  purpose  of  facilitating  the  recordation  of this
Agreement  as herein  provided and for other  purposes,  this  Agreement  may be
executed   simultaneously   in  any  number  of  counterparts,   each  of  which
counterparts  shall be deemed to be an  original,  and such  counterparts  shall
constitute but one and the same instrument.

                  Section 4.5.  Severability of Provisions.  If any one or
more of the covenants, agreements, provisions or terms of this


NY1-208760.2
                                       E-7

<PAGE>



Agreement shall be for any reason whatsoever held invalid,  then such covenants,
agreements,  provisions  or terms shall be deemed  severable  from the remaining
covenants, agreements, provisions or terms of this Agreement and shall in no way
affect the validity or  enforceability of the other provisions of this Agreement
or of the Certificates or the rights of the holders thereof.


NY1-208760.2
                                       E-8

<PAGE>



                  IN WITNESS WHEREOF,  this Agreement is executed as of the date
first above written.

Address:                                           THE FIRST NATIONAL BANK OF
CHICAGO,
                                                   as Trustee
One First National Plaza
Chicago, Illinois  60670
Attention:  Residential Funding Corporation
              Series 1997-QS4
                                                   By:
                                                   Name:
                                                   Title:


Address:                                        RESIDENTIAL ACCREDIT LOANS, INC.
8400 Normandale Lake Boulevard
Minneapolis, Minnesota  55437
                                                   By:
                                                   Name:
                                                   Title: Vice President


Address: RESIDENTIAL FUNDING CORPORATION, as Master Servicer
8400 Normandale Lake Boulevard
Suite 700
Minneapolis, Minnesota 55437
                                                         By:
                                                         Name:
                                                         Title:  Director


Address:                                                 NORWEST BANK MINNESOTA,
                                                         NATIONAL ASSOCIATION
401 Second Avenue South
Minneapolis, Minnesota  55479

                                                         By:
                                                         Name:
                                                         Title:

                                       E-9

<PAGE>



STATE OF                                    )
                                            ) ss.:
COUNTY OF                                   )


                  On the 30th day of April,  1997, before me, a notary public in
and for said State, personally appeared _______________________,  known to me to
be a ______________ of The First National Bank of Chicago,  the national banking
association that executed the within instrument,  and also known to me to be the
person who executed it on behalf of said corporation and acknowledged to me that
such corporation executed the within instrument.

                  IN WITNESS WHEREOF, I have hereunto set my hand and affixed my
official seal the day and year in this certificate first above written.




                                                                   Notary Public


[SEAL]


<PAGE>



STATE OF MINNESOTA                  )
                                    ) ss.:
COUNTY OF HENNEPIN                  )


                  On the 30th day of April,  1997, before me, a notary public in
and for said State, personally appeared ___________________, known to me to be a
Trust  Officer of  Norwest  Bank  Minnesota,  National  Association,  a national
banking association that executed the within instrument, and also known to me to
be the person who executed it on behalf of said  national  banking  association,
and  acknowledged  to me that such  national  banking  association  executed the
within instrument.

                  IN WITNESS WHEREOF, I have hereunto set my hand and affixed my
official seal the day and year in this certificate first above written.





                                                                   Notary Public


[SEAL]


<PAGE>



STATE OF MINNESOTA                  )
                                    ) ss.:
COUNTY OF HENNEPIN                  )


                  On the 30th day of April,  1997, before me, a notary public in
and for said State,  personally appeared  ________________,  known to me to be a
Vice President of Residential Accredit Loans, Inc., one of the corporations that
executed  the  within  instrument,  and also  known to me to be the  person  who
executed  it on behalf of said  corporation,  and  acknowledged  to me that such
corporation executed the within instrument.

                  IN WITNESS WHEREOF, I have hereunto set my hand and affixed my
official seal the day and year in this certificate first above written.


                                                                   Notary Public

[Notarial Seal]




STATE OF MINNESOTA                          )
                                            ) ss:
COUNTY OF HENNEPIN                          )


                  On the 30th day of April,  1997, before me, a notary public in
and for said State,  personally appeared  ________________,  known to me to be a
Director  of  Residential  Funding  Corporation,  one of the  corporations  that
executed  the  within  instrument,  and also  known to me to be the  person  who
executed  it on behalf of said  corporation,  and  acknowledged  to me that such
corporation executed the within instrument.

                  IN WITNESS WHEREOF, I have hereunto set my hand and affixed my
official seal the day and year in this certificate first above written.


                                                                   Notary Public

[Notarial Seal]


<PAGE>



                                   EXHIBIT ONE

                                FORM OF CUSTODIAN
                              INITIAL CERTIFICATION


                                  May 30, 1997


The First National Bank of Chicago
One First National Plaza
Chicago, Illinois  60670

Attention:  Residential Funding Corporation Series 1997-QS4

                  Re:      Custodial Agreement dated as of May 1, 1997, by
                           and among The First National Bank of Chicago,
                           Residential Accredit Loans, Inc., Residential
                           Funding Corporation and Norwest Bank Minnesota,
                           National Association, Mortgage Asset-Backed Pass-
                           Through Certificates, Series 1997-QS4


Ladies and Gentlemen:

                  In  accordance   with  Section  2.3  of  the   above-captioned
Custodial Agreement,  and subject to Section 2.02 of the Pooling Agreement,  the
undersigned, as Custodian, hereby certifies that it has received a Mortgage File
(which  contains an original  Mortgage  Note) to the extent  required in Section
2.01(b) of the Pooling  Agreement  with respect to each  Mortgage Loan listed in
the Mortgage Loan Schedule.

                  Capitalized  words and  phrases  used  herein  shall  have the
respective meanings assigned to them in the above-captioned Custodial Agreement.

                                                       NORWEST BANK MINNESOTA,
                                                       NATIONAL ASSOCIATION



                                                       By:
                                                       Name:
                                                       Title:


<PAGE>



                                   EXHIBIT TWO

                     FORM OF CUSTODIAN INTERIM CERTIFICATION



                                                     ________________ ____, 1997



The First National Bank of Chicago
One First National Plaza
Chicago, Illinois  60670

Attention:  Residential Funding Corporation Series 1997-QS4

                  Re:      Custodial Agreement dated as of May 1, 1997, by
                           and among The First National Bank of Chicago,
                           Residential Accredit Loans, Inc., Residential
                           Funding Corporation and Norwest Bank Minnesota,
                           National Association, Mortgage Asset-Backed Pass-
                           Through Certificates, Series 1997-QS4


Ladies and Gentlemen:

                  In  accordance   with  Section  2.3  of  the   above-captioned
Custodial Agreement, the undersigned, as Custodian, hereby certifies that it has
received a Mortgage File to the extent  required  pursuant to Section 2.01(b) of
the Pooling  Agreement with respect to each Mortgage Loan listed in the Mortgage
Loan  Schedule,  and it has  reviewed the  Mortgage  File and the Mortgage  Loan
Schedule and has determined that: all required  documents have been executed and
received and that such documents related to the Mortgage Loans identified on the
Mortgage  Loan  Schedule,  with any  exceptions  listed on  Schedule  A attached
hereto.

                  Capitalized  words and  phrases  used  herein  shall  have the
respective meanings assigned to them in the above-captioned Custodial Agreement.

                                                         NORWEST BANK MINNESOTA,
                                                         NATIONAL ASSOCIATION



                                                          By:
                                                          Name:
                                                          Title:


<PAGE>



                                  EXHIBIT THREE

                      FORM OF CUSTODIAN FINAL CERTIFICATION



                                                         _____________ ___, 1997




The First National Bank of Chicago
One First National Plaza
Chicago, Illinois  60670

Attention:  Residential Funding Corporation Series 1997-QS4

                  Re:      Custodial Agreement dated as of May 1, 1997, by
                           and among The First National Bank of Chicago,
                           Residential Accredit Loans, Inc., Residential
                           Funding Corporation and Norwest Bank Minnesota,
                           National Association, Mortgage Asset-Backed Pass-
                           Through Certificates, Series 1997-QS4


Ladies and Gentlemen:

                  In  accordance   with  Section  2.3  of  the   above-captioned
Custodial Agreement, the undersigned, as Custodian, hereby certifies that it has
received  a  Mortgage  File with  respect to each  Mortgage  Loan  listed in the
Mortgage  Loan Schedule  containing  (I) with respect to each such Mortgage Loan
(other than a Cooperative Loan):

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

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

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

                  (iv)  With  respect  to  each   Mortgage  Loan  other  than  a
         Cooperative  Loan, the original  recorded  assignment or assignments of
         the Mortgage showing an unbroken chain of


<PAGE>



         title from the  originator  thereof to the Person  assigning  it to the
         Trustee or a copy of such  assignment  or  assignments  of the Mortgage
         certified by the public  recording  office in which such  assignment or
         assignments have been recorded; and

                  (v) The original of each modification, assumption agreement or
         preferred loan agreement,  if any,  relating to such Mortgage Loan or a
         copy of each  modification,  assumption  agreement  or  preferred  loan
         agreement  certified  by the  public  recording  office  in which  such
         document has been recorded;

and (II) with respect to each Cooperative Loan so assigned:

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

                  (ii) A counterpart of the Cooperative Lease and the Assignment
of Proprietary  Lease to the originator of the Cooperative Loan with intervening
assignments  showing  an  unbroken  chain of title from such  originator  to the
Trustee;

                  (iii) The related Cooperative Stock Certificate,  representing
the related  Cooperative  Stock pledged with respect to such  Cooperative  Loan,
together with an undated stock power (or other similar  instrument)  executed in
blank;

                  (iv)              The original recognition agreement by the
Cooperative of the interests of the mortgagee with respect to the
related Cooperative Loan;

                  (v)               The Security Agreement;

                  (vi) Copies of the original UCC-1 financing statement, and any
continuation  statements,  filed by the originator of such  Cooperative  Loan as
secured party, each with evidence of recording thereof,  evidencing the interest
of the originator under the Security Agreement and the Assignment of Proprietary
Lease;

                  (vii)  Copies of the filed UCC-3  assignments  of the security
interest referenced in clause (vi) above showing an unbroken chain of title from
the  originator  to the  Trustee,  each  with  evidence  of  recording  thereof,
evidencing the interest of the originator  under the Security  Agreement and the
Assignment of Proprietary Lease;


                                       E-4

<PAGE>



                  (viii)  An  executed   assignment   of  the  interest  of  the
originator in the Security  Agreement,  Assignment of Proprietary  Lease and the
recognition agreement referenced in clause (iv) above, showing an unbroken chain
of title from the originator to the Trustee;

                  (ix)            The original of each modification, assumption
agreement or preferred loan agreement, if any, relating to such
Cooperative Loan; and

                  (x) An executed UCC-1 financing  statement  showing the Master
Servicer as debtor, the Company as secured party and the Trustee as assignee and
an  executed  UCC-1  financing  statement  showing the Company as debtor and the
Trustee as secured party,  each in a form sufficient for filing,  evidencing the
interest of such debtors in the Cooperative Loans.

                  Capitalized  words and  phrases  used  herein  shall  have the
respective meanings assigned to them in the above-captioned Custodial Agreement.

                                                        NORWEST BANK MINNESOTA,
                                                        NATIONAL ASSOCIATION


                                                        By:
                                                        Name:
                                                        Title:

                                       E-5

<PAGE>



                                    EXHIBIT F

                             MORTGAGE LOAN SCHEDULE

  RUN ON     : 05/28/97           RFC DISCLOSURE SYSTEM       RFFSD177-01
  AT         : 12.21.27          FIXED RATE LOAN LISTING      AMORTIZED BALANCE
  SERIES     : RALI 1997-QS4 30 YR                            CUTOFF : 05/01/97
  POOL       : 0004247
             :
             :
  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 #
  ______________________________________________________________________________


    1508497          F41/G02             F           85,500.00         ZZ
                                         360         85,452.06          1
    2111 SW 48TH TERRACE               8.875            680.28         87
                                       8.625            680.28       99,000.00
    CAPE CORAL       FL   33914          1            03/19/97         01
    0430182840                           05           05/01/97         25
    39099                                N            04/01/27
    0


    1508498          F41/G02             F           85,500.00         ZZ
                                         360         85,452.06          1
    5426 SW 22ND AVENUE                8.875            680.28         87
                                       8.625            680.28       99,000.00
    CAPE CORAL       FL   33914          4            03/28/97         01
    0430204305                           05           05/01/97         25
    00039115                             N            04/01/27
    0


    1529883          626/G02             F          111,200.00         T
                                         360        110,765.06          1
    11260 N. 92ND STREET #1066         9.000            894.75         80
                                       8.750            894.75      139,000.00
    SCOTTSDALE       AZ   85260          1            09/13/96         00
    0430045468                           01           11/01/96          0
    6656557                              O            10/01/26
    0


    1535259          369/G02             F           61,000.00         ZZ
                                         360         60,802.79          1
    3620 INDEPENDENCE AVE S            8.250            458.28         73
    #41                                8.000            458.28       84,000.00
    ST LOUIS PARK    MN   55426          1            11/27/96         00
    0430099127                           09           01/01/97          0
1


    49811953                             O            12/01/26
    0


    1535782          568/G02             F          161,600.00         ZZ
                                         360        161,509.41          1
    7836 SILVER PLATEU AVENUE          8.875          1,285.76         80
                                       8.625          1,285.76      202,061.00
    LAS VEGAS        NV   89128          1            03/14/97         00
    0430193516                           03           05/01/97          0
    808465S                              O            04/01/27
    0


    1536713          971/G02             F           36,000.00         ZZ
                                         360         35,885.87          1
    3130 NW 32ND STREET                9.250            296.16         90
                                       9.000            296.16       40,000.00
    MIAMI            FL   33142          1            11/01/96         01
    0430070698                           05           12/01/96         30
    UNKNOWN                              N            11/01/26
    0


    1536754          180/G02             F          114,300.00         T
                                         360        114,116.14          1
    567 SUNRIDGE WOOD BOULEVARD        9.125            929.98         80
                                       8.875            929.98      142,875.00
    DAVENPORT        FL   33837          1            01/30/97         10
    0430193557                           05           03/01/97         12
    289886                               O            02/01/27
    0


    1540932          253/G02             F           55,000.00         ZZ
                                         360         54,746.80          1
    1726 WALNUT DR                     8.875            437.61         33
                                       8.625            437.61      168,000.00
    BOULDER          CO   80302          5            08/28/96         00
    0430099929                           05           10/01/96          0
    321255                               N            09/01/26
    0


    1541719          098/G02             F           91,800.00         ZZ
                                         360         91,800.00          4
    149 WAVERLY STREET                 9.500            771.91         90
                                       9.250            771.91      102,000.00
    YONKERS          NY   10701          1            04/10/97         01
    0430219394                           05           06/01/97         25
    461000504                            N            05/01/27
    0


1


    1543734          B24/G02             F           57,400.00         ZZ
                                         360         57,291.57          1
    444 BEDFORD STREET APT#5E          9.750            493.15         70
                                       9.500            493.15       82,000.00
    STAMFORD         CT   06901          1            12/20/96         00
    0430172965                           06           02/01/97          0
    192430                               O            01/01/27
    0


    1544059          E10/G02             F           26,550.00         ZZ
                                         360         26,509.46          2
    210 PRINCETON AVENUE               9.375            220.83         90
                                       9.125            220.83       29,500.00
    SAN ANTONIO      TX   78201          1            01/24/97         01
    0430198895                           05           03/01/97         25
    136960068                            N            02/01/27
    0


    1544941          003/G02             F          109,800.00         ZZ
                                         360        109,483.42          1
    2497 MACK DOBBS ROAD               9.000            883.48         90
                                       8.750            883.48      122,000.00
    KENNESAW         GA   30152          1            11/26/96         12
    0430156810                           03           01/01/97         25
    0003753308                           N            12/01/26
    0


    1547600          B42/G02             F          399,000.00         ZZ
                                         360        398,539.22          1
    1743 GULICK AVENUE                 8.750          3,138.93         68
                                       8.500          3,138.93      590,000.00
    HONOLULU         HI   96819          2            02/21/97         00
    0430167825                           05           04/01/97          0
    33432                                O            03/01/27
    0


    1547617          180/G02             F          101,200.00         ZZ
                                         360        101,144.72          1
    4501 SE 119TH ST                   9.000            814.28         85
                                       8.750            814.28      120,000.00
    OKLAHOMA CITY    OK   73165          2            03/26/97         04
    0430203893                           05           05/01/97         20
    4723441                              N            04/01/27
    0


    1548251          076/076             F          128,000.00         ZZ
                                         360        127,794.06          1
    7 INDEPENDENCE LANE                9.125          1,041.46         80
                                       8.875          1,041.46      160,000.00
1


    DOWNINGTOWN      PA   19335          2            01/13/97         00
    7073593                              05           03/01/97          0
    7073593                              O            02/01/27
    0


    1548467          F41/G02             F           28,000.00         T
                                         360         27,946.08          1
    822 SW 47TH TERRACE                8.250            210.35         80
    112                                8.000            210.35       35,000.00
    CAPE CORAL       FL   33914          1            01/10/97         23
    0430204651                           01           03/01/97          0
    00033993                             O            02/01/27
    0


    1548744          180/G02             F           56,900.00         ZZ
                                         360         56,870.50          2
    1125 BELLEAIR ROAD                 9.250            468.10         90
                                       9.000            468.10       63,240.00
    CLEARWATER       FL   34616          1            03/27/97         01
    0430205948                           05           05/01/97         25
    4736161                              N            04/01/27
    0


    1548759          180/G02             F           42,800.00         ZZ
                                         360         42,777.81          2
    1129-31 BELLEAIR ROAD              9.250            352.11         80
                                       9.000            352.11       53,500.00
    CLEARWATER       FL   34616          1            03/19/97         04
    0430216903                           05           05/01/97         12
    4736179                              N            04/01/27
    0


    1548782          638/G02             F           63,000.00         ZZ
                                         360         62,903.82          4
    1244 PERKIOMEN AVENUE              9.375            524.00         90
                                       9.125            524.00       70,000.00
    READING          PA   19602          1            01/10/97         04
    0430141580                           05           03/01/97         30
    08617238                             N            02/01/27
    0


    1548968          765/G02             F           80,000.00         ZZ
                                         360         79,960.64          3
    1033,1035,1037 GAVIOTA AVENUE      9.500            672.69         80
                                       9.250            672.69      100,000.00
    LONG BEACH       CA   90813          1            03/10/97         10
    0430195115                           05           05/01/97         12
    319825                               N            04/01/27
    0
1




    1549336          B75/G02             F           72,900.00         ZZ
                                         360         72,815.82          1
    6825 W CARON DRIVE                 8.750            573.50         90
                                       8.500            573.50       81,153.00
    PEORIA           AZ   85345          1            02/13/97         04
    0430213074                           09           04/01/97         25
    2721579                              N            03/01/27
    0


    1549382          201/G02             F           58,500.00         ZZ
                                         360         58,363.89          2
    3001-3003 HELMET STREET            8.750            460.22         65
                                       8.500            460.22       90,500.00
    IRVING           TX   75060          5            12/13/96         00
    0430213793                           07           02/01/97          0
    8800956347                           N            01/01/27
    0


    1549432          F30/G02             F           99,000.00         ZZ
                                         360         98,902.21          3
    212 EAST 4TH AVENUE                9.500            832.45         90
                                       9.250            832.45      110,000.00
    CHEYENNE         WY   82001          1            02/05/97         10
    0430210419                           05           04/01/97         25
    300478                               N            03/01/27
    0


    1549696          B35/G02             F          186,000.00         ZZ
                                         360        186,000.00          3
    143-45 WABASH AVENUE               9.000          1,496.60         89
                                       8.750          1,496.60      210,000.00
    PATERSON         NJ   07503          2            04/11/97         01
    0430206052                           05           06/01/97         25
    9782010025                           O            05/01/27
    0


    1549763          B81/G02             F          119,250.00         ZZ
                                         360        119,047.94          1
    5314 SE 37TH AVENUE                8.875            948.81         90
                                       8.625            948.81      132,500.00
    PORTLAND         OR   97202          1            01/24/97         01
    0430206888                           05           03/01/97         25
    0198065                              N            02/01/27
    0


    1550194          076/076             F          152,000.00         ZZ
                                         360        150,190.09          1
1


    1592 WEST BLUEMONT CIRCLE          9.000          1,223.03         80
                                       8.750          1,223.03      190,000.00
    SALT LAKE CITY   UT   84123          2            11/04/96         00
    6668962                              05           12/01/96          0
    6668962                              O            11/01/26
    0


    1550278          F41/G02             F           60,000.00         ZZ
                                         360         59,898.33          1
    536 MASSACHUSETTS AVENUE #2        8.875            477.39         75
                                       8.625            477.39       80,000.00
    BOSTON           MA   02118          1            01/17/97         00
    0430207142                           01           03/01/97          0
    34769                                O            02/01/27
    0


    1550358          A78/G02             F           89,250.00         ZZ
                                         360         89,086.63          1
    172 CALABRIA DRIVE                 8.500            686.26         75
                                       8.250            686.26      119,000.00
    WINDSOR          CO   80550          4            01/24/97         00
    0430196618                           05           03/01/97          0
    300571327                            N            02/01/27
    0


    1550467          A38/G02             F           34,200.00         ZZ
                                         360         34,126.32          1
    1007 PIRTLE LANE                   9.125            278.27         90
                                       8.875            278.27       38,000.00
    LA MARQUE        TX   77568          1            12/31/96         10
    0430153122                           05           02/01/97         25
    240038                               O            01/01/27
    0


    1550695          G80/G80             F           95,800.00         ZZ
                                         360         95,645.86          1
    330 JOREN                          9.125            779.47         88
                                       8.875            779.47      109,200.00
    ANTIOCH          IL   60002          1            01/31/97         04
    UNKNOWN                              05           03/01/97         25
    UNKNOWN                              N            02/01/27
    0


    1550824          076/076             F           53,900.00         ZZ
                                         360         53,765.33          1
    10 F FIDDLERS COVE                 9.500            453.22         90
                                       9.250            453.22       59,900.00
    HILTON HEAD ISL  SC   29928          1            11/15/96         12
    6569282                              01           01/01/97         25
1


    6569282                              N            12/01/26
    0


    1550842          076/076             F           72,000.00         ZZ
                                         360         71,783.24          3
    16 JULIETTE STREET                 9.500            605.42         70
                                       9.250            605.42      103,000.00
    DORCHESTER       MA   02122          5            10/22/96         00
    6436052                              05           12/01/96          0
    6436052                              N            11/01/26
    0


    1550860          076/076             F          147,000.00         ZZ
                                         360        146,557.46          2
    870-872 LARKSPUR LANE              9.500          1,236.06         85
                                       9.250          1,236.06      173,000.00
    FAYETTEVILLE     AR   72704          2            10/25/96         12
    6441322                              05           12/01/96         20
    6441322                              N            11/01/26
    0


    1550861          076/076             F          142,000.00         ZZ
                                         360        141,572.56          2
    798-800 LARKSPUR LANE              9.500          1,194.01         80
                                       9.250          1,194.01      177,500.00
    FAYETTEVILLE     AR   72704          5            10/25/96         12
    6441382                              05           12/01/96         12
    6441382                              N            11/01/26
    0


    1550985          668/G02             F          272,000.00         ZZ
                                         360        271,835.22          1
    1092 FOOTHILL ROAD                 8.500          2,091.45         80
                                       8.250          2,091.45      340,000.00
    GARDNERVILLE     NV   89410          1            03/13/97         00
    0430203018                           05           05/01/97          0
    0007085368                           O            04/01/27
    0


    1551257          F42/G02             F          134,000.00         ZZ
                                         360        133,932.33          1
    101 QUAKERTOWN AVENUE              9.375          1,114.55         90
                                       9.125          1,114.55      149,000.00
    PENNSBURG        PA   18073          1            03/11/97         04
    0430202051                           05           05/01/97         25
    55000020                             N            04/01/27
    0


1


    1551303          E86/G02             F          130,000.00         T
                                         360        129,927.12          1
    29 GULL ROAD                       8.875          1,034.34         75
                                       8.625          1,034.34      175,000.00
    MONTAUK          NY   11954          5            03/27/97         00
    0430200170                           05           05/01/97          0
    15531                                O            04/01/27
    0


    1551988          637/G02             F          103,300.00         ZZ
                                         360        103,239.01          1
    700 GLENARTHUR DRIVE               8.625            803.46         90
                                       8.375            803.46      114,800.00
    WILMINGTON       NC   28412          1            03/26/97         14
    0430202515                           03           05/01/97         25
    9458951                              N            04/01/27
    0


    1552026          B75/G02             F           67,900.00         ZZ
                                         360         67,729.41          1
    8011 COUNTRYSIDE DRIVE #214        8.375            516.09         70
                                       8.125            516.09       97,000.00
    LONGMONT         CO   80503          1            12/31/96         00
    0430133710                           01           02/01/97          0
    2524239                              N            01/01/27
    0


    1552083          G80/G80             F          232,000.00         ZZ
                                         360        231,596.62          1
    4001 NOTTAWAY ROAD                 8.750          1,825.15         80
                                       8.500          1,825.15      290,000.00
    DURHAM           NC   27707          1            01/31/97         00
    8035413                              05           03/01/97          0
    8035413                              O            02/01/27
    0


    1552262          129/G02             F           46,150.00         ZZ
                                         360         46,099.41          1
    257 44TH ST SW                     9.000            371.33         65
                                       8.750            371.33       71,000.00
    WYOMING          MI   49509          5            02/14/97         00
    0430209106                           05           04/01/97          0
    3020074021                           N            03/01/27
    0


    1552335          074/G02             F          174,400.00         ZZ
                                         360        174,004.57          4
    546 SOUTH STREET                   8.875          1,387.60         80
                                       8.625          1,387.60      218,000.00
1


    WRENTHAM         MA   02093          1            12/06/96         00
    0430143156                           05           02/01/97          0
    1811067124                           N            01/01/27
    0


    1552770          638/G02             F           54,000.00         ZZ
                                         360         54,000.00          1
    213 ANDERSON AVENUE                9.500            454.06         88
                                       9.250            454.06       62,000.00
    JOLIET           IL   60433          1            04/24/97         10
    0430220517                           05           06/01/97         25
    8620749                              N            05/01/27
    0


    1552798          560/560             F          136,600.00         ZZ
                                         360        136,429.59          2
    5 TRUMBULL STREET                  8.375          1,038.26         69
                                       8.125          1,038.26      200,000.00
    STONINGTON       CT   06378          2            02/21/97         00
    450649397                            05           04/01/97          0
    450649397                            O            03/01/27
    0


    1552816          G35/G02             F          144,000.00         ZZ
                                         360        144,000.00          2
    49-06 106TH STREET                10.125          1,277.02         90
                                       9.875          1,277.02      160,000.00
    CORONA           NY   11368          1            04/23/97         01
    0430221903                           05           06/01/97         35
    UNKNOWN                              N            05/01/27
    0


    1552913          129/G02             F          118,000.00         ZZ
                                         360        117,297.91          1
    2 GASKIN LANE                      8.375            896.89         72
                                       8.125            896.89      166,000.00
    JACKSON          NJ   08527          2            11/27/96         00
    0430131516                           05           02/01/97          0
    3900059951                           O            01/01/27
    0


    1553462          637/G02             F           40,500.00         ZZ
                                         360         40,456.71          1
    479 JAMES ROAD                     9.125            329.53         74
                                       8.875            329.53       54,890.00
    HIGH POINT       NC   27265          1            02/14/97         01
    0430157842                           03           04/01/97         25
    9460106                              N            03/01/27
    0
1




    1553501          225/225             F          137,250.00         ZZ
                                         360        137,099.49          1
    242 NORTH DELPHIA                  9.000          1,104.35         90
                                       8.750          1,104.35      152,500.00
    PARK RIDGE       IL   60068          1            02/24/97         04
    803634600                            05           04/01/97         25
    803634600                            N            03/01/27
    0


    1553572          F30/G02             F          162,150.00         ZZ
                                         360        161,908.82          4
    2115 NORTH 250 WEST                9.500          1,363.45         85
                                       9.250          1,363.45      190,800.00
    SUNSET           UT   84015          1            01/14/97         01
    0430136721                           05           03/01/97         20
    10110                                N            02/01/27
    0


    1553584          A26/G02             F          184,000.00         ZZ
                                         360        184,000.00          1
    1344 51ST STREET                   8.875          1,463.99         80
    UNIT 3                             8.625          1,463.99      230,000.00
    BROOKLYN         NY   11219          1            04/08/97         00
    0430219360                           01           06/01/97          0
    8293                                 O            05/01/27
    0


    1553708          180/G02             F           63,000.00         ZZ
                                         360         62,919.38          4
    5107 MARMON                        8.250            473.30         90
                                       8.000            473.30       70,000.00
    MILLS            WY   82644          1            02/21/97         10
    0430203919                           05           04/01/97         25
    4744660                              N            03/01/27
    0


    1553716          638/G02             F           88,000.00         ZZ
                                         360         87,949.37          1
    102 ANTLER ROAD                    8.750            692.30         85
                                       8.500            692.30      104,500.00
    CHARLESTON       WV   25314          5            03/17/97         10
    0430199430                           09           05/01/97         12
    8619715                              O            04/01/27
    0


    1554126          A38/G02             F           38,700.00         ZZ
                                         360         38,660.75          1
1


    5908 BARONCREST DRIVE              9.375            321.89         80
                                       9.125            321.89       48,400.00
    ARLINGTON        TX   76017          1            02/06/97         10
    0430152215                           05           04/01/97         12
    1610010                              N            03/01/27
    0


    1554131          A19/G02             F          105,000.00         ZZ
                                         360        104,896.29          2
    6 OAKLAND STREET                   9.500            882.90         68
                                       9.250            882.90      155,000.00
    PEABODY          MA   01960          1            02/14/97         00
    0430147538                           05           04/01/97          0
    184275                               O            03/01/27
    0


    1554150          626/G02             F          113,500.00         ZZ
                                         360        113,094.05          1
    6625 W BURNSIDE ROAD 216           8.750            892.91         80
                                       8.500            892.91      141,900.00
    PORTLAND         OR   97210          1            01/21/97         01
    0430215996                           08           03/01/97         12
    6695373                              O            02/01/27
    0


    1554156          638/G02             F           42,750.00         ZZ
                                         360         42,681.23          1
    MCARTHUR BLVD                      9.125            347.83         90
                                       8.875            347.83       47,500.00
    WARNER ROBINS    GA   31093          1            02/05/97         14
    0430166421                           05           03/01/97         25
    08618287                             N            02/01/27
    0


    1554656          225/225             F           71,500.00         ZZ
                                         360         71,458.85          1
    9275 SW FIRST PLACE                8.750            562.50         80
                                       8.500            562.50       89,475.00
    BOCA RATON       FL   33428          1            03/07/97         00
    803637200                            05           05/01/97          0
    803637200                            O            04/01/27
    0


    1554659          225/225             F          111,000.00         ZZ
                                         360        110,708.59          1
    5 HARBOR BEACH ROAD                8.375            843.69         67
                                       8.125            843.69      166,000.00
    MILLER PLACE     NY   11764          1            02/19/97         00
    803726100                            05           04/01/97          0
1


    803726100                            O            03/01/27
    0


    1554694          637/G02             F          232,000.00         ZZ
                                         360        231,710.59          1
    1523 32ND AVENUE                   8.375          1,763.37         80
                                       8.125          1,763.37      290,000.00
    SAN FRANCISCO    CA   94122          1            02/07/97         00
    0430164939                           05           04/01/97          0
    2998342                              O            03/01/27
    0


    1554696          637/G02             F          206,250.00         ZZ
                                         360        206,137.34          1
    8 CONKLIN TERRACE                  9.000          1,659.54         75
                                       8.750          1,659.54      275,000.00
    EAST HAMPTON     NY   11937          5            03/12/97         00
    0430208967                           05           05/01/97          0
    9594953                              O            04/01/27
    0


    1554751          637/G02             F           76,600.00         ZZ
                                         360         76,319.45          2
    1410 CHESTNUT STREET               8.875            609.47         65
                                       8.625            609.47      118,000.00
    SUSANVILLE       CA   96130          5            01/09/97         00
    0430183509                           05           03/01/97          0
    9517806                              N            02/01/27
    0


    1554754          637/G02             F           55,200.00         ZZ
                                         360         54,950.81          1
    1400 CHESTNUT STREET               8.625            429.34         65
                                       8.375            429.34       85,000.00
    SUSANVILLE       CA   96130          5            01/09/97         00
    0430183491                           05           03/01/97          0
    9517988                              N            02/01/27
    0


    1554846          637/G02             F          144,000.00         ZZ
                                         360        143,917.15          1
    12715 SOUTHWEST 33 TERRACE         8.750          1,132.85         80
                                       8.500          1,132.85      180,000.00
    MIAMI            FL   33175          5            02/28/97         00
    0430188185                           05           05/01/97          0
    9455742                              O            04/01/27
    0


1


    1554886          225/225             F           53,550.00         ZZ
                                         360         53,492.77          1
    60 CAMPBELL                        9.125            435.71         90
                                       8.875            435.71       59,500.00
    YPSILANTI        MI   48198          1            02/21/97         04
    8036766                              05           04/01/97         25
    8036766                              N            03/01/27
    0


    1554887          225/225             F           57,950.00         ZZ
                                         360         57,888.07          1
    543 ONANDAGA                       9.125            471.51         90
                                       8.875            471.51       64,400.00
    YPSILANTI        MI   48198          1            02/20/97         04
    8036449                              05           04/01/97         25
    8036449                              N            03/01/27
    0


    1554888          225/225             F           57,150.00         ZZ
                                         360         57,087.32          1
    1035 ROWLEY COURT                  9.000            459.85         90
                                       8.750            459.85       63,500.00
    YPSILANTI        MI   48198          1            02/21/97         04
    8036446                              05           04/01/97         25
    8036446                              N            03/01/27
    0


    1555291          225/225             F           69,000.00         ZZ
                                         360         68,961.31          1
    68 FRANKS NECK ROAD                8.875            549.00         38
                                       8.625            549.00      185,000.00
    NARRAGANSETT     RI   02882          2            03/17/97         00
    803657300                            05           05/01/97          0
    803657300                            O            04/01/27
    0


    1555383          225/225             F          165,000.00         T
                                         360        164,902.58          1
    105 9TH AVENUE                     8.625          1,283.36         75
                                       8.375          1,283.36      220,000.00
    BELMAR           NJ   07719          5            03/31/97         00
    803688400                            05           05/01/97          0
    803688400                            O            04/01/27
    0


    1555417          129/G02             F           67,400.00         ZZ
                                         360         67,258.58          3
    466 CENTRAL STREET                 9.250            554.49         89
                                       9.000            554.49       76,000.00
1


    MANCHESTER       NH   03013          1            12/09/96         01
    0430145060                           05           02/01/97         25
    3900059332                           N            01/01/27
    0


    1555775          E22/G02             F           27,150.00         ZZ
                                         360         27,107.43          1
    4442 N. TRACY                      9.250            223.36         71
                                       9.000            223.36       38,500.00
    KANSAS CITY      MO   64118          2            01/31/97         00
    0410324354                           05           03/01/97          0
    410324354                            N            02/01/27
    0


    1555987          758/G02             F           84,000.00         ZZ
                                         360         83,950.41          1
    27003 FM 2978                      8.625            653.34         80
                                       8.375            653.34      105,000.00
    MAGNOLIA         TX   77355          1            03/18/97         00
    0430194613                           05           05/01/97          0
    UNKNOWN                              O            04/01/27
    0


    1556020          526/G02             F           50,000.00         ZZ
                                         240         49,773.70          2
    888 HIGHLAND AVENUE                9.000            449.87         59
                                       8.750            449.87       85,000.00
    TONAWANDA        NY   14223          5            01/23/97         00
    0430194860                           05           03/01/97          0
    0160008                              N            02/01/17
    0


    1556035          A26/G02             F          215,000.00         ZZ
                                         360        214,882.56          2
    1225 53RD STREET                   9.000          1,729.94         78
                                       8.750          1,729.94      276,500.00
    BROOKLYN         NY   11219          1            03/25/97         00
    0430194472                           05           05/01/97          0
    8286                                 O            04/01/27
    0


    1556038          638/G02             F           45,000.00         ZZ
                                         360         45,000.00          3
    20 HENRY STREET                    9.500            378.38         90
                                       9.250            378.38       50,000.00
    NEW BRITAIN      CT   06051          1            04/08/97         10
    0430205294                           05           06/01/97         25
    08624060                             N            05/01/27
    0
1




    1556161          180/G02             F          100,000.00         ZZ
                                         360         99,890.35          1
    3684 DRYBREAD ROAD                 9.000            804.62         53
                                       8.750            804.62      190,000.00
    COTTONWOOD       CA   96022          5            02/26/97         00
    0430196303                           05           04/01/97          0
    4663720                              O            03/01/27
    0


    1556273          E57/G02             F          191,000.00         ZZ
                                         360        190,659.26          1
    3542 WILLOW AVENUE                 8.625          1,485.58         80
                                       8.375          1,485.58      238,950.00
    KINGSBURG        CA   93631          1            01/31/97         00
    0430194068                           03           03/01/97          0
    60602006                             O            02/01/27
    0


    1556369          455/G02             F          492,600.00         ZZ
                                         360        492,323.84          1
    207 ELLA LANE                      8.875          3,919.35         73
                                       8.625          3,919.35      680,000.00
    DALTON           GA   30720          5            03/14/97         00
    0430196568                           05           05/01/97          0
    54887                                O            04/01/27
    0


    1556401          225/225             F          106,100.00         ZZ
                                         360        105,970.99          1
    163 DAN MOODY TRAIL                8.500            815.82         80
                                       8.250            815.82      134,173.00
    GEORGETOWN       TX   78628          1            02/22/97         00
    8038101                              03           04/01/97          0
    8038101                              O            03/01/27
    0


    1556406          B75/G02             F          157,250.00         ZZ
                                         360        157,157.16          1
    960 CHENAULT WAY                   8.625          1,223.07         85
                                       8.375          1,223.07      185,000.00
    HAYWARD          CA   94541          5            03/13/97         23
    0430203646                           05           05/01/97          0
    2914513                              O            04/01/27
    0


    1556410          G81/G02             F          250,000.00         ZZ
                                         360        249,688.14          1
1


    12650 SW 104 AVENUE                8.375          1,900.18         55
                                       8.125          1,900.18      460,000.00
    MIAMI            FL   33176          1            02/24/97         00
    0430202317                           05           04/01/97          0
    021702048                            O            03/01/27
    0


    1556508          229/G02             F           38,700.00         ZZ
                                         360         38,679.93          1
    1409 U AVENUE                      9.250            318.38         90
                                       9.000            318.38       43,000.00
    LA GRANDE        OR   97850          1            03/18/97         12
    0430205682                           05           05/01/97         25
    UNKNOWN                              N            04/01/27
    0


    1556635          882/G02             F          100,000.00         T
                                         360        100,000.00          1
    5940 NE 6 COURT                   10.000            877.57         40
                                       9.750            877.57      255,000.00
    MIAMI            FL   33137          5            03/28/97         00
    0430205823                           05           06/01/97          0
    970037                               O            05/01/27
    0


    1556643          638/G02             F           63,000.00         ZZ
                                         360         62,967.33          1
    302 CAMPBELL AVENUE                9.250            518.29         90
                                       9.000            518.29       70,000.00
    WEST HAVEN       CT   06516          1            03/20/97         04
    0430196063                           05           05/01/97         25
    8623205                              N            04/01/27
    0


    1556655          A26/G02             F           35,000.00         ZZ
                                         360         34,982.78          1
    430 KENNEDY DRIVE                  9.500            294.30         69
                                       9.250            294.30       51,000.00
    SPRING VALLEY    NY   10977          1            03/20/97         00
    0430185959                           01           05/01/97          0
    8356                                 N            04/01/27
    0


    1556724          180/G02             F           59,400.00         ZZ
                                         360         59,334.86          1
    3744 ASHLEY HALL DRIVE             9.000            477.95         90
                                       8.750            477.95       66,000.00
    CHARLOTTE        NC   28227          1            02/25/97         04
    0430196253                           05           04/01/97         25
1


    4689121                              N            03/01/27
    0


    1556942          229/G02             F           54,000.00         ZZ
                                         360         53,973.43          1
    45 FARRAGUT DRIVE                  9.500            454.07         90
                                       9.250            454.07       60,000.00
    PALM COAST       FL   32137          1            03/25/97         10
    0430208272                           05           05/01/97         25
    7389083                              N            04/01/27
    0


    1556979          229/G02             F          142,200.00         ZZ
                                         360        142,126.27          1
    358-360 E 70TH STREET              9.250          1,169.85         90
                                       9.000          1,169.85      158,000.00
    CHICAGO          IL   60637          1            03/20/97         10
    0430197343                           05           05/01/97         25
    7399488                              N            04/01/27
    0


    1557018          470/G02             F           25,600.00         ZZ
                                         360         25,586.72          1
    3969 LOWER WYANDOTTE               9.250            210.61         80
                                       9.000            210.61       32,000.00
    OROVILLE         CA   95966          3            02/07/97         04
    0430202549                           05           05/01/97         25
    18016873                             N            04/01/27
    0


    1557020          470/G02             F          122,000.00         ZZ
                                         360        121,929.80          2
    15428-15428 1/2 S. WASHINGTON      8.750            959.78         70
    AVENUE                             8.500            959.78      175,000.00
    COMPTON AREA     CA   90221          2            03/07/97         00
    0430201640                           05           05/01/97          0
    23001945                             N            04/01/27
    0


    1557070          180/G02             F           30,150.00         ZZ
                                         360         30,132.20          1
    902 EAST INWOOD DRIVE              8.625            234.50         90
                                       8.375            234.50       33,500.00
    ARLINGTON        TX   76010          1            03/07/97         04
    0430195651                           05           05/01/97         25
    4618526                              N            04/01/27
    0


1


    1557099          765/G02             F          148,800.00         ZZ
                                         360        148,599.65          1
    520 VIA DE LA VALLE #A             8.000          1,091.84         88
                                       7.750          1,091.84      170,000.00
    SOLANA BEACH     CA   92075          2            02/03/97         10
    0430153056                           01           04/01/97         25
    320107                               O            03/01/27
    0


    1557143          590/G02             F           81,550.00         T
                                         360         81,550.00          1
    331 NW 82ND AVENUE UNIT 1306       9.750            700.64         80
                                       9.500            700.64      101,990.00
    MIAMI            FL   33126          1            04/18/97         23
    0430215087                           01           06/01/97          0
    501016274                            O            05/01/27
    0


    1557426          A78/G02             F           70,200.00         ZZ
                                         360         70,123.01          1
    1225 WEST PROSPECT ROAD P-14       9.000            564.85         90
                                       8.750            564.85       78,000.00
    FORT COLLINS     CO   80526          1            02/28/97         04
    0430195099                           01           04/01/97         30
    020013990                            N            03/01/27
    0


    1557453          637/G02             F          129,000.00         ZZ
                                         360        128,927.67          1
    284 MCMANUS ROAD                   8.875          1,026.39         80
                                       8.625          1,026.39      162,922.00
    MACON            GA   31210          2            03/13/97         00
    0430188094                           05           05/01/97          0
    9432873                              O            04/01/27
    0


    1557505          A19/G02             F          100,000.00         ZZ
                                         360         99,937.85          1
    98 LAKEVIEW AVENUE                 8.375            760.07         80
                                       8.125            760.07      125,000.00
    LYNN             MA   01902          1            03/05/97         00
    0430162578                           05           05/01/97          0
    187393                               O            04/01/27
    0


    1557514          F41/G02             F           85,500.00         ZZ
                                         360         85,452.06          1
    5229 SW 18TH AVENUE                8.875            680.28         87
                                       8.625            680.28       99,000.00
1


    CAPE CORAL       FL   33914          1            03/28/97         01
    0430202234                           05           05/01/97         25
    00039123                             N            04/01/27
    0


    1557580          E86/G02             F           36,000.00         ZZ
                                         360         36,000.00          1
    19 SHARON AVENUE                   9.250            296.16         90
                                       9.000            296.16       40,000.00
    WEST HAVEN       CT   06516          1            04/17/97         04
    0430204859                           05           06/01/97         25
    16183                                N            05/01/27
    0


    1557668          074/G02             F           50,000.00         ZZ
                                         360         49,912.99          1
    4911 SAGEBRUSH ROAD                8.750            393.36         41
                                       8.500            393.36      124,000.00
    GARDEN VALLEY    CA   95633          1            01/07/97         00
    0430156539                           05           03/01/97          0
    1573167483                           O            02/01/27
    0


    1557685          074/G02             F           52,200.00         ZZ
                                         360         52,111.31          1
    303 EAST MAIN STREET               9.000            420.02         80
                                       8.750            420.02       65,300.00
    WEST CARROLLTON  OH   45449          1            01/17/97         12
    0430156620                           05           03/01/97         17
    1581084268                           N            02/01/27
    0


    1557687          074/G02             F           68,000.00         ZZ
                                         360         67,887.71          1
    19600 SIBLEY                       9.000            547.15         57
                                       8.750            547.15      120,000.00
    CHELSEA          MI   48118          1            01/17/97         00
    0430156653                           05           03/01/97          0
    1581085555                           O            02/01/27
    0


    1557711          074/G02             F           82,400.00         ZZ
                                         360         82,012.24          1
    116 SUNNYSIDE AVENUE               9.125            670.43         80
                                       8.875            670.43      103,000.00
    WATERBURY        CT   06708          1            01/03/97         00
    0430157016                           05           02/01/97          0
    1817108654                           O            01/01/27
    0
1




    1557847          225/225             F          100,000.00         ZZ
                                         360         99,884.50          1
    180 GREEN STREET UNIT 308          8.750            786.71         80
                                       8.500            786.71      125,000.00
    MELROSE          MA   02176          1            02/27/97         10
    8038276                              01           04/01/97         30
    8038276                              N            03/01/27
    0


    1557891          B43/G02             F           56,604.00         ZZ
                                         360         56,570.57          1
    8322 SW MOHAWK ST                  8.625            440.27         75
                                       8.375            440.27       75,473.00
    TUALATIN         OR   97062          1            03/07/97         00
    0430201632                           01           05/01/97          0
    1557891                              O            04/01/27
    0


    1557916          E45/G02             F           94,400.00         ZZ
                                         360         94,342.82          1
    2407 PARK AVENUE                   8.500            725.85         78
                                       8.250            725.85      121,500.00
    LITHIA SPRINGS   GA   30057          2            03/17/97         00
    0430198754                           05           05/01/97          0
    70584                                O            04/01/27
    0


    1557922          180/G02             F          109,800.00         T
                                         360        109,736.83          1
    0045 BEELER PLACE                  8.750            863.80         80
    #2515                              8.500            863.80      137,275.00
    COPPER MOUNTAIN  CO   80443          1            03/13/97         95
    0430193607                           08           05/01/97          0
    4785218                              O            04/01/27
    0


    1557965          003/G02             F           84,350.00         ZZ
                                         360         84,214.31          1
    900 POWERS FERRY RD #704           9.125            686.30         88
                                       8.875            686.30       96,000.00
    MARIETTA         GA   30067          2            01/16/97         10
    0430157123                           01           03/01/97         25
    3773116                              N            02/01/27
    0


    1558004          F41/G02             F           85,500.00         ZZ
                                         360         85,452.06          1
1


    2103 SW 48TH TERRACE               8.875            680.28         87
                                       8.625            680.28       99,000.00
    CAPE CORAL       FL   33914          1            03/21/97         01
    0430195917                           05           05/01/97         25
    39107                                N            04/01/27
    0


    1558082          377/377             F           31,500.00         ZZ
                                         360         31,459.68          1
    7010 C LONGSTREET DRIVE            8.250            236.65         75
                                       8.000            236.65       42,000.00
    RALEIGH          NC   27615          1            02/13/97         00
    6165484                              01           04/01/97          0
    6165484                              N            03/01/27
    0


    1558115          624/G02             F           58,500.00         ZZ
                                         360         58,432.44          1
    1916 SOUTH ASH STREET              8.750            460.22         87
                                       8.500            460.22       68,000.00
    TACOMA           WA   98405          1            02/26/97         01
    0430169417                           05           04/01/97         25
    85100170083                          N            03/01/27
    0


    1558178          225/225             F          100,000.00         ZZ
                                         360         99,942.46          1
    126 RUNNING WATER STREET           8.750            786.71         76
                                       8.500            786.71      132,637.00
    GEORGETOWN       TX   78628          1            03/12/97         00
    8039768                              03           05/01/97          0
    8039768                              O            04/01/27
    0


    1558190          F03/G02             F          140,000.00         ZZ
                                         360        139,917.34          1
    3801 EAST 5TH AVENUE               8.625          1,088.91         69
                                       8.375          1,088.91      205,000.00
    DENVER           CO   80206          5            03/05/97         00
    0430174110                           07           05/01/97          0
    DEN10476                             O            04/01/27
    0


    1558207          B24/G02             F          191,750.00         ZZ
                                         360        191,539.75          1
    102 WEST BROAD STREET              9.000          1,542.86         65
                                       8.750          1,542.86      295,000.00
    STAMFORD         CT   06902          5            02/26/97         00
    0430162503                           05           04/01/97          0
1


    190464                               O            03/01/27
    0


    1558211          225/225             F           96,800.00         ZZ
                                         360         96,739.83          1
    1333 ALDERTON LANE                 8.375            735.75         80
                                       8.125            735.75      121,000.00
    SILVER SPRING    MD   20906          5            03/07/97         00
    8034071                              09           05/01/97          0
    8034071                              O            04/01/27
    0


    1558283          747/G02             F           65,000.00         ZZ
                                         360         64,968.86          1
    512-14 105TH AVENUE N              9.625            552.49         39
                                       9.375            552.49      170,000.00
    NAPLES           FL   34108          1            03/26/97         00
    0430194266                           05           05/01/97          0
    173875                               N            04/01/27
    0


    1558371          074/G02             F          112,000.00         ZZ
                                         360        111,795.01          1
    211 SWEETWOOD STREET               8.500            861.18         80
                                       8.250            861.18      140,000.00
    SAN DIEGO        CA   92114          2            01/21/97         00
    0430157446                           05           03/01/97          0
    1244001528                           O            02/01/27
    0


    1558374          074/G02             F          105,000.00         ZZ
                                         360        104,797.75          1
    25825 VIA CRUZ                     8.250            788.83         50
                                       8.000            788.83      210,000.00
    VALENCIA         CA   91355          1            01/10/97         00
    0430157537                           03           03/01/97          0
    1246020432                           O            02/01/27
    0


    1558399          074/G02             F          120,000.00         ZZ
                                         360        119,796.66          1
    938 WINONA DRIVE                   8.875            954.78         55
                                       8.625            954.78      220,000.00
    MANDEVILLE       LA   70471          5            01/28/97         00
    0430158618                           05           03/01/97          0
    1566088649                           O            02/01/27
    0


1


    1558765          180/G02             F           45,400.00         ZZ
                                         360         45,374.55          1
    1111 ASH STREET    210             8.875            361.22         80
                                       8.625            361.22       57,000.00
    DENVER           CO   80220          2            03/19/97         95
    0430196329                           06           05/01/97          0
    4785648                              N            04/01/27
    0


    1558766          G51/G02             F           17,550.00         ZZ
                                         360         17,541.37          2
    1815 BAILEY AVENUE                 9.500            147.57         90
                                       9.250            147.57       19,500.00
    BUFFALO          NY   14211          1            03/27/97         10
    0430196147                           05           05/01/97         30
    0190407                              N            04/01/27
    0


    1558770          G81/G02             F          100,000.00         ZZ
                                         360        100,000.00          1
    15726 SW 46 TERRACE                9.000            804.62         52
                                       8.750            804.62      196,000.00
    MIAMI            FL   33185          1            04/22/97         00
    0430213447                           05           06/01/97          0
    021702084                            O            05/01/27
    0


    1558774          637/G02             F           63,000.00         T
                                         360         63,000.00          1
    6781 ARTHUR STREET                 8.250            473.30         70
                                       8.000            473.30       90,000.00
    HOLLYWOOD        FL   33024          5            04/14/97         00
    0430204529                           05           06/01/97          0
    9456484                              O            05/01/27
    0


    1558788          F30/G02             F           58,500.00         ZZ
                                         360         58,469.67          1
    4491 WEST 3500 SOUTH 21D           9.250            481.27         88
                                       9.000            481.27       67,000.00
    WEST VALLEY CIT  UT   84120          1            03/03/97         12
    0430176586                           03           05/01/97         30
    10583                                N            04/01/27
    0


    1558800          638/G02             F           73,000.00         ZZ
                                         360         72,960.13          1
    29 WEST 566 WINCHESTER CIRCLE      9.000            587.37         86
    UNIT 1                             8.750            587.37       85,000.00
1


    WARRENVILLE      IL   60555          1            03/21/97         19
    0430196154                           01           05/01/97         25
    8627563                              N            04/01/27
    0


    1558808          638/G02             F           97,000.00         ZZ
                                         360         96,947.02          1
    1088-1090 100TH AVENUE             9.000            780.48         85
                                       8.750            780.48      115,000.00
    OAKLAND          CA   94603          2            03/13/97         10
    0430196907                           05           05/01/97         25
    8626052                              N            04/01/27
    0


    1558840          E22/G02             F           35,000.00         ZZ
                                         360         34,968.07          2
    137-139 INNIS ROAD                 9.875            303.92         88
                                       9.625            303.92       40,000.00
    COLUMBUS         OH   43207          2            02/13/97         04
    0410343933                           05           04/01/97         25
    410343933                            N            03/01/27
    0


    1558872          229/G02             F          195,000.00         ZZ
                                         360        194,887.81          1
    720 CARMEN HEIGHTS DRIVE           8.750          1,534.07         75
                                       8.500          1,534.07      260,000.00
    DUNDEE           OR   97115          5            03/27/97         00
    0430204073                           05           05/01/97          0
    7396591                              O            04/01/27
    0


    1558938          638/G02             F           62,100.00         ZZ
                                         360         62,069.46          1
    1410 WEST MAIN STREET              9.500            522.17         90
                                       9.250            522.17       69,000.00
    MUNCIE           IN   47303          1            03/31/97         10
    0430195909                           05           05/01/97         25
    8626406                              O            04/01/27
    0


    1558939          225/225             F           90,900.00         ZZ
                                         360         90,847.69          1
    615 N 940 WEST                     8.750            715.12         85
                                       8.500            715.12      107,000.00
    OREM             UT   84057          5            03/05/97         10
    8038982                              05           05/01/97         12
    8038982                              O            04/01/27
    0
1




    1558956          229/G02             F           63,000.00         ZZ
                                         360         62,967.33          1
    3323 EAST CARLISLE AVENUE          9.250            518.29         90
                                       9.000            518.29       70,000.00
    SPOKANE          WA   99207          1            03/06/97         10
    0430205013                           05           05/01/97         25
    0007393630                           N            04/01/27
    0


    1559066          405/405             F          397,500.00         T
                                         360        397,259.18          1
    50 NOHEA KAI DRIVE #4404           8.500          3,056.44         75
                                       8.250          3,056.44      530,000.00
    LAHAINA          HI   96761          1            03/07/97         00
    4135380                              06           05/01/97          0
    4135380                              O            04/01/27
    0


    1559069          G35/G02             F          224,950.00         ZZ
                                         360        224,833.38          1
    51 REVERE ROAD                     9.250          1,850.61         72
                                       9.000          1,850.61      315,000.00
    NEW ROCHELLE     NY   10583          1            04/01/97         00
    0430203406                           05           05/01/97          0
    UNKNOWN                              O            04/01/27
    0


    1559164          731/G02             F           82,800.00         ZZ
                                         360         82,653.73          1
    1426 SOUTH 83RD STREET             9.000            666.23         86
                                       8.750            666.23       97,000.00
    TACOMA           WA   98408          2            02/12/97         04
    0430158048                           05           04/01/97         25
    230332981                            N            03/01/27
    0


    1559166          B75/G02             F          111,350.00         ZZ
                                         360        111,350.00          1
    3009 SOUTH DAKOTA AVENUE NE        8.875            885.95         75
                                       8.625            885.95      148,500.00
    WASHINGTON       DC   20018          5            04/04/97         00
    0430220566                           05           06/01/97          0
    2920379                              O            05/01/27
    0


    1559167          229/G02             F           24,700.00         ZZ
                                         360         24,687.84          1
1


    113 CATALPA                        9.500            207.70         58
                                       9.250            207.70       43,000.00
    MANAZANOLA       CO   81058          5            03/17/97         00
    0430195230                           05           05/01/97          0
    7369432                              N            04/01/27
    0


    1559171          559/G02             F          147,000.00         ZZ
                                         360        146,821.25          1
    626 ALBION DRIVE                   8.500          1,130.31         74
                                       8.250          1,130.31      200,000.00
    SAN JOSE         CA   95136          2            02/04/97         00
    0430197400                           05           04/01/97          0
    5423520                              O            03/01/27
    0


    1559180          E45/G02             F           86,850.00         ZZ
                                         360         86,699.00          1
    137 GRAND ISLAND BOULEVARD         8.750            683.25         90
                                       8.500            683.25       96,500.00
    PANAMA CITY BEA  FL   32407          2            01/28/97         10
    0430200972                           09           03/01/97         25
    70415                                N            02/01/27
    0


    1559243          225/225             F          199,500.00         T
                                         360        199,391.02          1
    12670 N 79TH ST                    9.000          1,605.23         70
                                       8.750          1,605.23      285,000.00
    SCOTTSDALE       AZ   85260          1            03/12/97         00
    8038036                              05           05/01/97          0
    8038036                              O            04/01/27
    0


    1559250          638/G02             F          304,500.00         ZZ
                                         360        304,315.53          1
    11112 WEST 8570 NORTH              8.500          2,341.34         74
                                       8.250          2,341.34      412,000.00
    LEHI             UT   84043          5            03/21/97         00
    0430193797                           05           05/01/97          0
    8623558                              O            04/01/27
    0


    1559255          225/225             F          212,500.00         ZZ
                                         360        212,383.92          1
    37 TASHUA LANE                     9.000          1,709.83         73
                                       8.750          1,709.83      295,000.00
    TRUMBULL         CT   06611          2            03/21/97         00
    8039747                              05           05/01/97          0
1


    8039747                              O            04/01/27
    0


    1559278          180/G02             F           77,900.00         ZZ
                                         360         77,856.33          4
    919 16TH AVENUE NORTH              8.875            619.81         95
                                       8.625            619.81       82,000.00
    ST PETERSBURG    FL   33704          1            03/28/97         10
    0430211607                           05           05/01/97         30
    4015616                              O            04/01/27
    0


    1559313          225/225             F           36,750.00         ZZ
                                         360         36,728.30          2
    2716 & 2718 BROAD STREET           8.625            285.84         70
                                       8.375            285.84       52,500.00
    DURHAM           NC   27704          1            03/18/97         00
    UNKNOWN                              05           05/01/97          0
    UNKNOWN                              N            04/01/27
    0


    1559320          225/225             F           63,000.00         ZZ
                                         360         62,963.75          1
    7 AQUEDUCT STREET                  8.750            495.63         90
                                       8.500            495.63       70,000.00
    NORWICH          CT   06360          2            03/26/97         04
    803794200                            05           05/01/97         25
    803794200                            N            04/01/27
    0


    1559341          B24/G02             F          107,250.00         ZZ
                                         360        107,119.60          1
    26A DANBURY ROAD                   8.500            824.66         65
                                       8.250            824.66      165,000.00
    WILTON           CT   06897          1            02/25/97         00
    0430215608                           05           04/01/97          0
    1559341                              N            03/01/27
    0


    1559344          225/225             F           54,000.00         ZZ
                                         360         53,966.44          1
    2806 CAMELOT LANE                  8.375            410.44         90
                                       8.125            410.44       60,000.00
    MISSOURI CITY    TX   77459          1            04/03/97         04
    803643300                            09           05/01/97         25
    803643300                            N            04/01/27
    0


1


    1559346          405/405             F          330,000.00         T
                                         360        329,837.68          1
    50 NOHEA KAI DRIVE #3-403          9.500          2,774.82         60
                                       9.250          2,774.82      550,000.00
    LAHAINA          HI   96761          1            03/17/97         00
    4146577                              02           05/01/97          0
    4146577                              O            04/01/27
    0


    1559687          E86/G02             F           70,000.00         T
                                         360         70,000.00          1
    COUNTY ROUTE 3                     9.500            588.60         70
                                       9.250            588.60      100,000.00
    HALCOTT          NY   12437          5            04/25/97         00
    0430221515                           07           06/01/97          0
    16289                                O            05/01/27
    0


    1559689          A46/G02             F          188,700.00         ZZ
                                         360        188,588.59          1
    14019 LOCKSHIRE DRIVE              8.625          1,467.69         80
                                       8.375          1,467.69      235,900.00
    HOUSTON          TX   77077          1            04/02/97         00
    0430219667                           03           05/01/97          0
    UNKNOWN                              O            04/01/27
    0


    1559694          637/G02             F          207,000.00         ZZ
                                         360        206,658.24          1
    8 BERING WAY                       9.000          1,665.57         79
                                       8.750          1,665.57      265,000.00
    FRANKLIN TOWNSH  NJ   08873          1            01/22/97         00
    0430164285                           05           03/01/97          0
    9258815                              O            02/01/27
    0


    1559708          E53/G02             F           73,500.00         ZZ
                                         360         73,500.00          2
    208 210 SW 20 AVE                  9.250            604.67         64
                                       9.000            604.67      115,000.00
    FORT LAUDERDALE  FL   33312          5            04/07/97         00
    0430205500                           05           06/01/97          0
    11108326                             N            05/01/27
    0


    1559758          927/G02             F           65,800.00         ZZ
                                         360         65,763.11          2
    414 & 416 EAST BIJOU AVENUE        8.875            523.54         82
                                       8.625            523.54       81,000.00
1


    FORT MORGAN      CO   80701          1            03/14/97         10
    0430190249                           05           05/01/97         20
    295022                               N            04/01/27
    0


    1559773          225/225             F          110,000.00         ZZ
                                         360        109,933.36          1
    8801 N CALLE LOMA LINDA            8.500            845.81         71
                                       8.250            845.81      155,000.00
    TUCSON           AZ   85737          5            03/10/97         00
    803900000                            05           05/01/97          0
    803900000                            O            04/01/27
    0


    1559779          F03/G02             F          132,000.00         ZZ
                                         360        132,000.00          1
    3286 EAST 105TH PLACE              9.125          1,074.00         80
                                       8.875          1,074.00      165,000.00
    THORNTON         CO   80233          1            04/04/97         00
    0430205245                           05           06/01/97          0
    DEN10632                             O            05/01/27
    0


    1559784          286/286             F          162,550.00         ZZ
                                         360        162,465.73          4
    609 MONMOUTH AVENUE                9.250          1,337.26         80
                                       9.000          1,337.26      203,200.00
    SPRING LAKE      NJ   07762          1            03/07/97         00
    09161609                             05           05/01/97          0
    09161609                             O            04/01/27
    0


    1559794          225/225             F           98,250.00         ZZ
                                         360         98,190.48          1
    9425 WEST WAGON TRAIL DRIVE        8.500            755.46         75
                                       8.250            755.46      131,000.00
    LITTLETON        CO   80123          5            03/06/97         00
    804028600                            05           05/01/97          0
    804028600                            O            04/01/27
    0


    1559803          129/G02             F          130,800.00         ZZ
                                         360        130,595.00          1
    63-65 WALES AVENUE                 9.250          1,076.06         80
                                       9.000          1,076.06      165,000.00
    JERSEY CITY      NJ   07306          1            01/30/97         00
    0430157479                           05           03/01/97          0
    3900062351                           O            02/01/27
    0
1




    1559849          560/560             F          113,250.00         ZZ
                                         360        113,250.00          1
    140 FORT THOMPSON STREET           8.750            890.94         75
                                       8.500            890.94      151,000.00
    LABELLE          FL   33935          5            04/04/97         00
    450687884                            05           06/01/97          0
    450687884                            O            05/01/27
    0


    1559885          E86/G02             F           55,800.00         ZZ
                                         360         55,772.55          1
    23 VAN BUREN STREET                9.500            469.20         90
                                       9.250            469.20       62,000.00
    STATEN ISLAND    NY   10301          1            03/20/97         04
    0430182279                           05           05/01/97         25
    16102                                N            04/01/27
    0


    1559941          G51/G02             F           57,900.00         ZZ
                                         360         57,869.98          1
    2126 RIVER ROAD                    9.250            476.33         75
                                       9.000            476.33       77,200.00
    WHEATFIELD       NY   14304          1            03/18/97         00
    0430191288                           05           05/01/97          0
    0192404                              O            04/01/27
    0


    1559946          E22/G02             F          210,000.00         T
                                         360        209,763.67          1
    6370 KAAHELE STREET                8.875          1,670.85         70
                                       8.625          1,670.85      300,000.00
    KAPAA            HI   96746          1            01/31/97         00
    0410346399                           05           04/01/97          0
    410346399                            O            03/01/27
    0


    1559979          405/405             F          116,250.00         ZZ
                                         360        116,175.87          1
    110 KAANAPALI SHORES PLACE         8.250            873.35         75
    #802                               8.000            873.35      155,000.00
    LAHAINA          HI   96761          1            03/12/97         00
    4135604                              22           05/01/97          0
    4135604                              N            04/01/27
    0


    1559981          225/225             F           75,000.00         ZZ
                                         360         75,000.00          1
1


    1653 JACKSON STREET                9.375            623.82         64
                                       9.125            623.82      119,000.00
    DENVER           CO   80206          1            04/11/97         00
    8040444                              05           06/01/97          0
    8040444                              O            05/01/27
    0


    1559984          286/286             F           68,400.00         ZZ
                                         360         68,364.54          1
    270 BUFFALO ROAD UNIT 43           9.250            562.71         90
                                       9.000            562.71       76,000.00
    EAST AURORA      NY   14052          1            03/14/97         12
    09160894                             05           05/01/97         30
    09160894                             N            04/01/27
    0


    1560011          514/G02             F           75,600.00         ZZ
                                         360         75,519.23          2
    189 WARD STREET                    9.125            615.11         70
                                       8.875            615.11      108,000.00
    WALLINGFORD      CT   06492          5            02/13/97         00
    0430184622                           05           04/01/97          0
    359735                               N            03/01/27
    0


    1560026          E53/G02             F          114,000.00         ZZ
                                         360        114,000.00          1
    3220 NW 106TH AVE                  9.000            917.27         95
                                       8.750            917.27      120,000.00
    SUNRISE          FL   33351          1            04/21/97         01
    0430220608                           03           06/01/97         30
    0011108314                           O            05/01/27
    0


    1560041          967/G02             F          129,000.00         ZZ
                                         360        128,925.78          1
    3243 NE WASCO STREET               8.750          1,014.85         75
                                       8.500          1,014.85      172,000.00
    PORTLAND         OR   97232          1            03/07/97         00
    0430184754                           05           05/01/97          0
    4173936                              N            04/01/27
    0


    1560043          992/G02             F          154,000.00         ZZ
                                         360        153,906.70          1
    250 ANN STREET                     8.500          1,184.13         68
                                       8.250          1,184.13      229,000.00
    DOVER            NJ   07801          1            03/18/97         00
    0430184408                           05           05/01/97          0
1


    329689                               O            04/01/27
    0


    1560049          B75/G02             F           74,700.00         ZZ
                                         360         74,611.63          1
    657 26TH AVENUE                    8.750            587.67         90
                                       8.500            587.67       83,000.00
    LONGVIEW         WA   98632          1            02/20/97         10
    0430163071                           05           04/01/97         25
    2653970                              N            03/01/27
    0


    1560268          910/G02             F           77,000.00         ZZ
                                         360         76,961.11          1
    2822 SOUTH 3050 WEST               9.375            640.45         67
                                       9.125            640.45      115,000.00
    WEST VALLEY CIT  UT   84119          5            03/14/97         00
    0430197426                           05           05/01/97          0
    544412                               N            04/01/27
    0


    1560275          F30/G02             F          100,250.00         ZZ
                                         360        100,195.25          1
    5790 SPECTACULAR BID STREET        9.000            806.63         90
                                       8.750            806.63      111,400.00
    LAS VEGAS        NV   89113          1            03/17/97         01
    0430213348                           03           05/01/97         30
    20023                                N            04/01/27
    0


    1560280          369/G02             F           87,750.00         ZZ
                                         360         87,540.40          4
    1603 STEADMANTOWN LANE             9.000            706.06         90
                                       8.750            706.06       97,500.00
    FRANKFORT        KY   40601          1            01/31/97         01
    0430195560                           05           03/01/97         25
    0049583917                           N            02/01/27
    0


    1560374          180/G02             F          172,000.00         ZZ
                                         360        171,901.05          1
    15635 MIDDLETOWN PARK DRIVE        8.750          1,353.12         80
                                       8.500          1,353.12      215,000.00
    REDDING          CA   96001          1            03/14/97         00
    0430193573                           05           05/01/97          0
    4664421                              O            04/01/27
    0


1


    1560386          F64/G02             F           96,300.00         ZZ
                                         360         96,251.36          1
    7040 SANDY FORKS ROAD UNIT         9.375            800.98         90
    #205                               9.125            800.98      107,000.00
    RALEIGH          NC   27615          1            03/27/97         04
    0430198507                           01           05/01/97         25
    187433                               N            04/01/27
    0


    1560397          E38/G02             F           84,700.00         ZZ
                                         360         84,620.66          2
    4506 SOUTH 3820 WEST               9.750            727.70         70
                                       9.500            727.70      121,000.00
    WEST VALLEY CIT  UT   84120          5            02/12/97         00
    0430167106                           05           04/01/97          0
    186697                               N            03/01/27
    0


    1560433          526/G02             F           22,500.00         ZZ
                                         360         22,463.79          1
    7242 WYANDOTTE                     9.125            183.07         90
                                       8.875            183.07       25,000.00
    KANSAS CITY      MO   64114          1            01/31/97         10
    0430165613                           05           03/01/97         25
    163818                               N            02/01/27
    0


    1560444          638/G02             F           72,900.00         ZZ
                                         360         72,860.18          2
    3423 COTTMAN AVENUE                9.000            586.57         90
                                       8.750            586.57       81,000.00
    PHILADELPHIA     PA   19163          1            03/14/97         14
    0430195313                           05           05/01/97         25
    8614150                              N            04/01/27
    0


    1560453          225/225             F           74,250.00         ZZ
                                         360         74,208.37          1
    9355 NORTH 91ST STREET             8.875            590.77         75
    #129                               8.625            590.77       99,000.00
    SCOTTSDALE       AZ   85258          1            03/06/97         00
    804084500                            01           05/01/97          0
    804084500                            O            04/01/27
    0


    1560460          253/253             F           81,400.00         ZZ
                                         360         81,349.40          1
    5 MCKINLEYS WAY                    8.375            618.70         66
                                       8.125            618.70      125,000.00
1


    BLUFFTON         SC   29910          5            03/21/97         00
    325807                               05           05/01/97          0
    325807                               O            04/01/27
    0


    1560473          462/G02             F          111,000.00         ZZ
                                         360        110,857.95          1
    7990 PORT TOBACCO RD               8.250            833.91         80
                                       8.000            833.91      140,000.00
    PORT TOBACCO     MD   20677          1            02/20/97         01
    0430164731                           05           04/01/97         12
    0004508859                           N            03/01/27
    0


    1560482          B75/G02             F          650,000.00         ZZ
                                         360        649,249.34          1
    13953 NORTHEAST 31ST PLACE         8.750          5,113.55         75
                                       8.500          5,113.55      870,000.00
    BELLEVUE         WA   98005          1            02/24/97         00
    0430211664                           03           04/01/97          0
    2922318                              O            03/01/27
    0


    1560525          129/G02             F          243,750.00         ZZ
                                         360        243,377.84          3
    31 CHESTER STREET                  9.375          2,027.39         75
                                       9.125          2,027.39      325,000.00
    ALLSTON          MA   02134          1            01/15/97         00
    0430162768                           05           03/01/97          0
    3900062807                           N            02/01/27
    0


    1560543          E21/G02             F          103,500.00         ZZ
                                         360        103,446.34          1
    689 WEST 1600 NORTH                9.250            851.47         90
                                       9.000            851.47      115,000.00
    OREM             UT   84057          1            03/12/97         10
    0430177519                           05           05/01/97         25
    191427                               N            04/01/27
    0


    1560582          225/225             F          115,500.00         ZZ
                                         360        115,436.91          1
    3005 DUNCAN STREET                 9.000            929.34         70
                                       8.750            929.34      165,000.00
    COLUMBIA         SC   29205          5            03/17/97         00
    804006400                            05           05/01/97          0
    804006400                            N            04/01/27
    0
1




    1560604          638/G02             F           80,500.00         ZZ
                                         360         80,458.27          2
    5 PARK AVENUE                      9.250            662.25         93
                                       9.000            662.25       87,000.00
    ENFIELD          CT   06082          3            04/04/97         10
    0430205203                           05           05/01/97         25
    08628488                             N            04/01/27
    0


    1560609          560/560             F          144,650.00         ZZ
                                         360        144,557.76          1
    8758 CHESAPEAKE LANE               8.250          1,086.71         75
                                       8.000          1,086.71      192,900.00
    RIVERSIDE        CA   92508          1            03/10/97         00
    450667258                            05           05/01/97          0
    450667258                            O            04/01/27
    0


    1560624          907/G02             F          161,500.00         ZZ
                                         360        161,409.46          2
    53 CENTRE STREET                   8.875          1,284.97         85
                                       8.625          1,284.97      190,000.00
    CITY ISLAND      NY   10464          1            03/27/97         04
    0430201145                           05           05/01/97         20
    10001285                             N            04/01/27
    0


    1560647          934/G02             F           45,600.00         ZZ
                                         360         45,575.09          1
    10815 SW 112 AVE                   9.000            366.91         80
    # 318                              8.750            366.91       57,000.00
    MIAMI            FL   33176          1            03/27/97         00
    0430204644                           01           05/01/97          0
    71000215                             O            04/01/27
    0


    1560680          942/G02             F          160,000.00         ZZ
                                         360        160,000.00          1
    38 FAIRWAY DRIVE                   8.125          1,188.00         59
                                       7.875          1,188.00      275,000.00
    EAST HANOVER     NJ   07936          1            04/10/97         00
    0430197699                           05           06/01/97          0
    1069P7SA02                           O            05/01/27
    0


    1560711          A33/G02             F           31,500.00         ZZ
                                         360         31,481.41          1
1


    7567 FORD                          8.625            245.00         70
                                       8.375            245.00       45,000.00
    WARREN           MI   48091          3            03/17/97         00
    0430188714                           05           05/01/97          0
    007036779                            N            04/01/27
    0


    1560753          E45/G02             F          161,700.00         ZZ
                                         360        161,508.37          1
    4715 STONEBRIAR DRIVE              8.625          1,257.69         70
                                       8.375          1,257.69      231,000.00
    OLDSMAR          FL   34685          1            02/25/97         00
    0430168393                           03           04/01/97          0
    UNKNOWN                              O            03/01/27
    0


    1560814          687/G02             F           48,750.00         ZZ
                                         360         48,699.27          1
    9851 GOFF ROAD                     9.250            401.05         65
                                       9.000            401.05       75,000.00
    TEMPERANCE       MI   48182          5            02/18/97         00
    0430163634                           05           04/01/97          0
    1587145                              O            03/01/27
    0


    1560822          638/G02             F          144,900.00         ZZ
                                         360        144,900.00          3
    22-24 BUENA VISTA STREET &         9.250          1,192.06         90
    506 LINDA PLACE                    9.000          1,192.06      161,000.00
    REDLANDS         CA   92373          1            04/02/97         14
    0430205021                           05           06/01/97         25
    08623958                             N            05/01/27
    0


    1560828          405/405             F           64,850.00         ZZ
                                         360         64,812.68          1
    475 FRONT STREET #228              8.750            510.18         75
                                       8.500            510.18       86,500.00
    LAHAINA          HI   96761          1            03/17/97         00
    0004155842                           21           05/01/97          0
    0004155842                           N            04/01/27
    0


    1560863          225/225             F          155,200.00         ZZ
                                         360        155,115.22          4
    406 NORTH CHICAGO ST               9.000          1,248.78         80
                                       8.750          1,248.78      194,000.00
    SALT LAKE CITY   UT   84116          5            03/17/97         00
    804088000                            05           05/01/97          0
1


    804088000                            O            04/01/27
    0


    1560900          A71/G02             F          132,000.00         ZZ
                                         360        131,926.00          2
    2828 2832 JOHNSTON ST              8.875          1,050.25         80
                                       8.625          1,050.25      165,000.00
    LOS ANGELES      CA   90031          1            03/20/97         00
    0430180026                           05           05/01/97          0
    NA                                   O            04/01/27
    0


    1560929          705/G02             F           40,000.00         ZZ
                                         360         39,977.57          1
    683 DIANNE STREET                  8.875            318.26         20
                                       8.625            318.26      205,000.00
    SEAFORD          NY   11783          5            03/26/97         00
    0430193227                           05           05/01/97          0
    114385817                            O            04/01/27
    0


    1560998          776/G02             F           56,700.00         ZZ
                                         360         56,637.83          1
    1805 3RD STREET SOUTH              9.000            456.22         90
                                       8.750            456.22       63,000.00
    NAMPA            ID   83651          1            02/24/97         01
    0430169086                           05           04/01/97         25
    2541452                              N            03/01/27
    0


    1561031          E38/G02             F           88,100.00         ZZ
                                         360         88,054.32          2
    5693 SOUTH 2050 WEST               9.250            724.78         90
                                       9.000            724.78       97,900.00
    ROY              UT   84067          1            03/28/97         12
    0430195321                           05           05/01/97         25
    192770                               N            04/01/27
    0


    1561037          129/G02             F           36,000.00         ZZ
                                         360         35,905.26          1
    7857 GOLF CIRCLE DRIVE             9.250            296.16         88
                                       9.000            296.16       41,000.00
    MARGATE          FL   33063          1            11/25/96         10
    0430183566                           05           01/01/97         25
    3957666                              N            12/01/26
    0


1


    1561060          225/225             F           58,500.00         T
                                         360         58,464.55          1
    72846 TONY TRABERT LANE            8.500            449.82         90
    UNIT VII 10                        8.250            449.82       65,000.00
    PALM DESERT      CA   92260          1            03/17/97         10
    804034300                            01           05/01/97         25
    804034300                            O            04/01/27
    0


    1561113          470/G02             F           88,500.00         ZZ
                                         360         88,450.38          1
    1542 WEST 5TH STREET               8.875            704.15         75
                                       8.625            704.15      118,000.00
    CHICO            CA   95928          4            03/13/97         00
    0430201541                           05           05/01/97          0
    18017103                             O            04/01/27
    0


    1561173          480/G02             F           84,000.00         T
                                         360         83,956.45          1
    315 ALLISON AVENUE                 9.250            691.05         80
                                       9.000            691.05      105,000.00
    DAVENPORT        FL   33837          1            03/24/97         23
    0430200386                           03           05/01/97          0
    2067353                              O            04/01/27
    0


    1561187          637/G02             F          183,000.00         ZZ
                                         360        182,900.04          1
    6911 ELM DRIVE                     9.000          1,472.46         80
                                       8.750          1,472.46      230,000.00
    ALEXANDRIA       VA   22306          2            03/25/97         00
    0430222604                           05           05/01/97          0
    9440637                              O            04/01/27
    0


    1561249          G15/G15             F          115,200.00         ZZ
                                         360        115,128.98          2
    112 WEST TOWN STREET               8.625            896.02         90
                                       8.375            896.02      128,000.00
    MILFORD          CT   06460          1            03/26/97         10
    0000                                 05           05/01/97         25
    0000                                 N            04/01/27
    0


    1561262          907/G02             F           70,000.00         T
                                         240         69,893.52          1
    11687 W RIVERHAVEN DRIVE           8.875            624.19         70
                                       8.625            624.19      101,000.00
1


    HOMOSASSA        FL   34448          1            03/14/97         00
    0430206896                           05           05/01/97          0
    1561262                              O            04/01/17
    0


    1561311          225/225             F           57,850.00         ZZ
                                         360         57,814.03          1
    6545 BANCROFT AVENUE               8.375            439.71         65
                                       8.125            439.71       90,000.00
    ST LOUIS         MO   63109          2            03/14/97         00
    804134400                            05           05/01/97          0
    804134400                            O            04/01/27
    0


    1561366          225/225             F          160,000.00         ZZ
                                         360        159,914.85          4
    161 WHIPPLE STREET EXTENSION       9.125          1,301.82         80
                                       8.875          1,301.82      200,000.00
    PRESCOTT         AZ   86301          1            03/10/97         04
    803743500                            05           05/01/97         20
    803743500                            N            04/01/27
    0


    1561369          668/G02             F          257,600.00         ZZ
                                         360        257,600.00          1
    5152 D J PLACE                     8.500          1,980.73         80
                                       8.250          1,980.73      325,000.00
    AUBURN           CA   95602          1            03/31/97         00
    0430211730                           05           06/01/97          0
    7151111                              O            05/01/27
    0


    1561373          225/225             F          126,000.00         ZZ
                                         360        125,932.95          1
    8 BRYANT LANE                      9.125          1,025.18         89
                                       8.875          1,025.18      143,000.00
    HAMILTON         OH   45013          1            03/26/97         04
    8037430                              05           05/01/97         25
    8037430                              O            04/01/27
    0


    1561376          E20/G02             F           65,000.00         T
                                         360         64,967.17          1
    4642 CHEYENNE POINT TRAIL          9.375            540.64         51
                                       9.125            540.64      129,883.00
    KISSIMMEE        FL   34746          1            03/21/97         00
    0430216416                           05           05/01/97          0
    UNKNOWN                              O            04/01/27
    0
1




    1561406          559/G02             F          198,000.00         ZZ
                                         360        197,403.91          3
    314 EMPIRE COURT                   9.500          1,664.90         60
                                       9.250          1,664.90      330,000.00
    GRASS VALLEY     CA   95945          2            10/10/96         00
    0430197384                           05           12/01/96          0
    5379326                              N            11/01/26
    0


    1561456          B35/G02             F          168,000.00         ZZ
                                         360        167,898.22          1
    3140 BEAVER LANE                   8.500          1,291.78         84
                                       8.250          1,291.78      202,000.00
    TRAPPE           MD   21673          2            03/28/97         01
    0430213454                           05           05/01/97         12
    9782010197                           O            04/01/27
    0


    1561465          131/G02             F           60,000.00         ZZ
                                         360         60,000.00          1
    1850 SW PALM CITY ROAD             8.875            477.39         75
    LE 202                             8.625            477.39       80,000.00
    STUART           FL   34994          1            04/03/97         00
    0430223008                           01           06/01/97          0
    9806222                              O            05/01/27
    0


    1561474          405/405             F          133,500.00         ZZ
                                         360        133,412.67          1
    1375 ROSEMONT ROAD                 8.125            991.24         49
                                       7.875            991.24      275,000.00
    WEST LINN        OR   97068          5            03/14/97         00
    004157186                            05           05/01/97          0
    004157186                            O            04/01/27
    0


    1561476          129/G02             F           48,000.00         ZZ
                                         360         47,978.77          2
    3120 ANDREW STREET                10.000            421.23         80
                                       9.750            421.23       60,000.00
    MIDDLETOWN       OH   45044          1            03/21/97         14
    0430195982                           05           05/01/97         12
    1234                                 N            04/01/27
    0


    1561488          A38/G02             F           26,000.00         ZZ
                                         360         26,000.00          1
1


    102 HARRISON AVENUE                9.375            216.25         75
    UNIT 5                             9.125            216.25       34,700.00
    SAN ANTONIO      TX   78209          1            04/09/97         00
    0430207001                           05           06/01/97          0
    8110016                              N            05/01/27
    0


    1561499          A48/G02             F           51,750.00         T
                                         360         51,721.74          1
    264 N GRANT STREET                 9.000            416.39         90
                                       8.750            416.39       57,500.00
    COALINGA         CA   93210          1            03/18/97         04
    0430203273                           05           05/01/97         25
    7056                                 O            04/01/27
    0


    1561507          966/G02             F           25,500.00         ZZ
                                         360         25,485.70          1
    2318 VILLAGE NORTH DRIVE           8.875            202.89         75
                                       8.625            202.89       34,000.00
    RICHARDSON       TX   75081          1            03/17/97         00
    0430203604                           01           05/01/97          0
    30003221                             O            04/01/27
    0


    1561525          624/G02             F           74,400.00         ZZ
                                         360         74,356.07          1
    2415 EAST WHITEAKER AVENUE         8.625            578.68         80
                                       8.375            578.68       93,000.00
    COTTAGE GROVE    OR   97424          1            03/24/97         10
    0430197376                           05           05/01/97         12
    21000270183                          N            04/01/27
    0


    1561579          E22/G02             F           77,700.00         ZZ
                                         360         77,623.27          1
    685 SLOANE AVENUE                  9.500            653.34         87
                                       9.250            653.34       90,000.00
    MANSFIELD        OH   44903          2            02/28/97         04
    0410344394                           05           04/01/97         25
    410344394                            N            03/01/27
    0


    1561610          907/G02             F          187,500.00         ZZ
                                         360        187,500.00          1
    77 IRVING PLACE                    8.875          1,491.83         80
                                       8.625          1,491.83      237,000.00
    NEW ROCHELLE     NY   10801          5            04/02/97         00
    0430202259                           05           06/01/97          0
1


    10001298                             O            05/01/27
    0


    1561736          225/225             F           99,900.00         ZZ
                                         360         99,841.01          1
    9310 71ST AVE EAST                 8.625            777.02         75
                                       8.375            777.02      133,261.00
    PALMETTO         FL   34221          5            03/19/97         00
    604121100                            05           05/01/97          0
    604121100                            O            04/01/27
    0


    1561746          A33/G02             F          105,000.00         ZZ
                                         360        105,000.00          1
    35875 ELMIRA                       9.250            863.81         70
                                       9.000            863.81      150,000.00
    LIVONIA          MI   48150          1            04/04/97         00
    0430198440                           05           06/01/97          0
    015037147                            O            05/01/27
    0


    1561747          225/225             F          289,600.00         ZZ
                                         360        289,429.02          1
    875 NORTH PARK LANE                8.625          2,252.48         80
                                       8.375          2,252.48      362,000.00
    EAGLE            ID   83616          2            03/25/97         00
    804173900                            05           05/01/97          0
    804173900                            O            04/01/27
    0


    1561754          B65/G02             F           35,800.00         ZZ
                                         360         35,800.00          1
    222 WARRINGTON ROAD                8.875            284.85         69
                                       8.625            284.85       52,000.00
    TOLEDO           OH   43612          2            04/01/97         00
    0430184812                           05           06/01/97          0
    30297106                             N            05/01/27
    0


    1561757          638/G02             F           97,600.00         ZZ
                                         360         97,600.00          1
    27 MAPLE LANE                      9.000            785.31         83
                                       8.750            785.31      119,000.00
    JACKSON TOWNSHI  PA   17067          5            04/02/97         10
    0430202358                           05           06/01/97         25
    08625837                             O            05/01/27
    0


1


    1561760          225/225             F           65,200.00         ZZ
                                         360         65,164.38          1
    1392 GENEVA ST                     9.000            524.62         80
                                       8.750            524.62       81,500.00
    AURORA           CO   80010          2            03/14/97         00
    804180500                            05           05/01/97          0
    804180500                            O            04/01/27
    0


    1561776          927/G02             F           42,100.00         ZZ
                                         360         42,100.00          1
    1922 SARATOGA DRIVE                9.125            342.54         85
                                       8.875            342.54       50,000.00
    COLORADO SPRING  CO   80910          5            04/14/97         14
    0430216283                           09           06/01/97         12
    294447                               O            05/01/27
    0


    1561908          180/G02             F           99,000.00         ZZ
                                         360         98,947.31          4
    1011 SOUTH EATON STREET            9.125            805.50         90
                                       8.875            805.50      110,000.00
    LAKEWOOD         CO   80226          1            03/31/97         10
    0430206706                           05           05/01/97         25
    4787115                              O            04/01/27
    0


    1561938          907/907             F          184,000.00         ZZ
                                         360        184,000.00          1
    32 POND VIEW DRIVE                 9.250          1,513.72         80
                                       9.000          1,513.72      230,000.00
    WEST MILFORD     NJ   07480          5            04/03/97         00
    1561938                              05           06/01/97          0
    1561938                              O            05/01/27
    0


    1561942          F25/G02             F           49,500.00         ZZ
                                         360         49,500.00          2
    38 HANFORD STREET                  8.750            389.42         90
                                       8.500            389.42       55,000.00
    MIDDLETOWN       NY   10940          1            04/22/97         01
    0430217984                           05           06/01/97         25
    R9702044                             N            05/01/27
    0


    1561972          B35/G02             F          180,500.00         ZZ
                                         360        180,415.78          4
    417-19 KERRIGAN BLVD               9.750          1,550.78         95
                                       9.500          1,550.78      190,000.00
1


    NEWARK           NJ   07106          1            03/26/97         01
    0430191486                           05           05/01/97         30
    9782010212                           O            04/01/27
    0


    1561995          180/G02             F          160,000.00         ZZ
                                         360        160,000.00          1
    915 EAST 12600 SOUTH               8.625          1,244.46         80
                                       8.375          1,244.46      200,000.00
    DRAPER           UT   84020          1            04/02/97         00
    0430211383                           05           06/01/97          0
    4787362                              O            05/01/27
    0


    1561997          180/G02             F          119,700.00         ZZ
                                         360        119,636.30          1
    1628 SOUTH LOCUST STREET           9.125            973.92         90
                                       8.875            973.92      133,000.00
    DENVER           CO   80224          1            03/28/97         10
    0430204115                           05           05/01/97         25
    4787339                              N            04/01/27
    0


    1562026          E30/G02             F           51,000.00         ZZ
                                         360         50,972.14          1
    17514 NORTHAM STREET               9.000            410.36         60
                                       8.750            410.36       85,000.00
    LA PUENTE        CA   91744          1            03/20/97         00
    0430202457                           05           05/01/97          0
    14157                                N            04/01/27
    0


    1562031          638/G02             F           60,200.00         ZZ
                                         360         60,200.00          2
    6018 20 20TH AVENUE                9.500            506.19         90
                                       9.250            506.19       66,900.00
    KENOSHA          WI   53143          1            04/23/97         10
    0430222372                           05           06/01/97         25
    08626565                             N            05/01/27
    0


    1562032          964/G02             F          228,000.00         ZZ
                                         360        227,865.39          1
    5537 WEST 139TH STREET             8.625          1,773.36         80
                                       8.375          1,773.36      285,000.00
    HAWTHORNE        CA   90250          5            03/20/97         00
    0430194076                           05           05/01/97          0
    23668                                O            04/01/27
    0
1




    1562037          624/G02             F          308,000.00         ZZ
                                         360        307,808.56          1
    16495 TOPPING WAY                  8.375          2,341.02         70
                                       8.125          2,341.02      440,000.00
    LOS GATOS        CA   95032          5            03/20/97         00
    0430196519                           05           05/01/97          0
    2100270203                           O            04/01/27
    0


    1562103          664/G02             F           86,000.00         ZZ
                                         360         85,910.47          1
    8267 RIPPLE RIDGE                  9.250            707.51         69
                                       9.000            707.51      126,000.00
    DARIEN           IL   60561          1            02/28/97         00
    0430180356                           03           04/01/97          0
    2278679                              O            03/01/27
    0


    1562116          E22/G02             F           81,750.00         ZZ
                                         360         81,632.71          1
    241 CREEKSIDE LANE                 9.125            665.14         90
                                       8.875            665.14       90,866.00
    COPPELL          TX   75019          1            03/04/97         04
    0410356984                           05           04/01/97         25
    410356984                            N            03/01/27
    0


    1562151          637/G02             F           67,850.00         ZZ
                                         360         67,777.51          1
    5240 SOUTHWEST 121TH AVENUE        9.125            552.05         69
                                       8.875            552.05       98,500.00
    COOPER CITY      FL   33330          1            02/28/97         00
    0430179549                           09           04/01/97          0
    9455551                              O            03/01/27
    0


    1562179          313/G02             F           54,000.00         ZZ
                                         360         53,971.26          1
    134 ALMONT STREET                  9.125            439.37         80
                                       8.875            439.37       67,500.00
    MATTAPAN         MA   02126          1            03/28/97         00
    0430220681                           05           05/01/97          0
    6314660                              O            04/01/27
    0


    1562188          907/G02             F           47,500.00         ZZ
                                         360         47,473.37          2
1


    20 ST. JOHN STREET                 8.875            377.93         95
                                       8.625            377.93       50,000.00
    MIDDLETOWN       CT   06457          1            03/21/97         04
    0430212027                           05           05/01/97         35
    1562188                              O            04/01/27
    0


    1562197          G70/G02             F           74,100.00         ZZ
                                         360         74,100.00          2
    17-19 THOMAS LANE                  8.500            569.76         95
                                       8.250            569.76       78,000.00
    KINGSTON         PA   18704          1            04/22/97         10
    0430220210                           05           06/01/97         30
    100728                               O            05/01/27
    0


    1562218          F30/G02             F           60,900.00         ZZ
                                         360         60,866.73          1
    2583 SOUTH WEST TEMPLE STREET      9.000            490.02         70
                                       8.750            490.02       87,000.00
    SALT LAKE CITY   UT   84115          5            03/03/97         00
    0430171348                           05           05/01/97          0
    10475                                N            04/01/27
    0


    1562222          313/G02             F           35,550.00         ZZ
                                         360         35,530.58          1
    114 CANTYRE STREET                 9.000            286.05         90
                                       8.750            286.05       39,500.00
    PORT WENTWORTH   GA   31407          3            03/31/97         12
    0430195305                           05           05/01/97         25
    6268411                              N            04/01/27
    0


    1562274          608/G02             F          200,000.00         ZZ
                                         360        199,736.99          1
    2703 MATLACK DRIVE                 8.000          1,467.53         77
                                       7.750          1,467.53      261,490.00
    NORRISTOWN       PA   19403          1            03/06/97         00
    0430193292                           03           05/01/97          0
    93728                                O            04/01/27
    0


    1562833          G22/G02             F          265,000.00         ZZ
                                         360        244,536.12          1
    1580 EAST DESERT ISLAND DRIVE      8.500          2,037.62         80
                                       8.250          2,037.62      335,000.00
    FRESNO           CA   93720          1            02/12/97         00
    0430168047                           03           04/01/97          0
1


    535947                               O            03/01/27
    0


    1562839          560/560             F          156,000.00         ZZ
                                         360        155,897.95          1
    598 PINE STREET                    8.125          1,158.30         80
                                       7.875          1,158.30      195,000.00
    LINO LAKES       MN   55014          1            03/24/97         00
    450670666                            05           05/01/97          0
    450670666                            O            04/01/27
    0


    1562879          560/560             F           42,900.00         T
                                         360         42,845.09          1
    637 W 14TH STREET                  8.250            322.30         69
                                       8.000            322.30       62,900.00
    TEMPE            AZ   85281          1            02/25/97         00
    450660345                            03           04/01/97          0
    450660345                            O            03/01/27
    0


    1562904          F16/G02             F          121,600.00         ZZ
                                         360        121,522.45          1
    851 LINCOLN AVENUE                 8.250            913.55         80
                                       8.000            913.55      152,000.00
    EL CAJON         CA   92020          1            03/20/97         00
    0430199778                           05           05/01/97          0
    97D16875                             O            04/01/27
    0


    1562921          758/G02             F           99,600.00         ZZ
                                         360         99,600.00          1
    6003 BRIGSTONE PARK DRIVE          8.500            765.84         80
                                       8.250            765.84      124,521.00
    KATY             TX   77450          1            04/15/97         00
    0430205757                           03           06/01/97          0
    UNKNOWN                              O            05/01/27
    0


    1562955          965/G02             F          135,000.00         ZZ
                                         360        134,924.32          4
    2755-2761 NORTH MONTEZUMA AVE      8.875          1,074.12         90
                                       8.625          1,074.12      150,000.00
    TUCSON           AZ   85712          1            03/18/97         01
    0430197624                           05           05/01/97         25
    19562955                             N            04/01/27
    0


1


    1562970          180/G02             F           32,400.00         ZZ
                                         360         32,400.00          1
    23408 REYNOLDS                     9.000            260.70         84
                                       8.750            260.70       39,000.00
    HAZEL PARK       MI   48015          1            04/18/97         04
    0430221739                           05           06/01/97         25
    4637237                              N            05/01/27
    0


    1562972          A19/G02             F          106,200.00         ZZ
                                         360        106,144.94          3
    14 ROCK AVENUE                     9.250            873.68         90
                                       9.000            873.68      118,000.00
    LYNN             MA   01902          1            03/31/97         04
    0430183541                           05           05/01/97         25
    193912                               N            04/01/27
    0


    1563005          E26/G02             F           57,000.00         ZZ
                                         360         56,170.02          2
    556 SUMMIT STREET                  8.500            438.29         76
                                       8.250            438.29       75,000.00
    KING OF PRUSSIA  PA   19405          1            02/28/97         96
    0430204248                           05           04/01/97          0
    60700201                             N            03/01/27
    0


    1563011          B68/G02             F          105,000.00         ZZ
                                         360        104,944.13          1
    12707 SANTA PAULA-OJAI ROAD        9.125            854.31         71
                                       8.875            854.31      148,000.00
    SANTA PAULA      CA   93060          2            03/27/97         00
    0430199083                           05           05/01/97          0
    37027046                             O            04/01/27
    0


    1563038          731/G02             F           36,700.00         ZZ
                                         360         36,681.95          1
    15555 NORDHOFF STREET #7           9.500            308.59         80
                                       9.250            308.59       45,900.00
    NORTH HILLS ARE  CA   91343          1            03/06/97         10
    0430194845                           01           05/01/97         12
    6000107                              N            04/01/27
    0


    1563055          E86/G02             F           55,250.00         ZZ
                                         360         55,250.00          3
    607 ELM STREET                     9.500            464.58         85
                                       9.250            464.58       65,000.00
1


    NEW HAVEN        CT   06511          1            04/10/97         10
    0430202283                           05           06/01/97         25
    16365                                N            05/01/27
    0


    1563093          B77/G02             F          113,120.00         ZZ
                                         360        113,120.00          4
    11-13 HARBOR STREET                9.500            951.17         80
                                       9.250            951.17      141,400.00
    SALEM            MA   01970          1            04/23/97         01
    0430208843                           05           06/01/97         12
    97000177                             N            05/01/27
    0


    1563100          E53/G02             F          256,000.00         ZZ
                                         360        255,844.91          1
    1222 ENSENADA DRIVE                8.500          1,968.42         79
                                       8.250          1,968.42      328,000.00
    ORLANDO          FL   32825          2            04/09/97         00
    0430220111                           05           05/01/97          0
    11401005                             O            04/01/27
    0


    1563121          286/286             F           54,000.00         ZZ
                                         360         53,966.44          1
    34 INMAN STREET                    8.375            410.44         75
                                       8.125            410.44       72,000.00
    HOPEDALE         MA   01747          1            03/28/97         00
    9161757                              01           05/01/97          0
    9161757                              N            04/01/27
    0


    1563124          131/G02             F          231,000.00         ZZ
                                         360        230,174.17          1
    11330 TRENTON COURT                7.750          1,654.92         88
                                       7.500          1,654.92      265,000.00
    BRISTOW          VA   22013          3            11/08/96         04
    0430211854                           03           01/01/97         25
    9799072                              N            12/01/26
    0


    1563133          076/076             F           59,500.00         T
                                         360         59,465.76          1
    16761 HEMINGWAY DRIVE              8.750            468.09         70
                                       8.500            468.09       85,000.00
    FT LAUDERDALE    FL   33326          1            03/31/97         00
    7083533                              09           05/01/97          0
    7083533                              O            04/01/27
    0
1




    1563150          420/G02             F           53,000.00         ZZ
                                         360         52,966.20          1
    4032 LAMBERT ROAD                  8.250            398.18         80
                                       8.000            398.18       66,250.00
    EL SOBRANTE      CA   94803          1            03/18/97         00
    0430195958                           05           05/01/97          0
    350132                               O            04/01/27
    0


    1563165          225/225             F          152,000.00         ZZ
                                         360        152,000.00          1
    515 SECOND STREET                  8.500          1,168.75         80
                                       8.250          1,168.75      190,000.00
    FRANKLIN SQUARE  NY   11010          1            04/01/97         00
    804213100                            05           06/01/97          0
    804213100                            O            05/01/27
    0


    1563178          B37/G02             F           91,200.00         ZZ
                                         360         91,200.00          1
    6222 NW 22 CT                      9.125            742.03         95
                                       8.875            742.03       96,000.00
    MIAMI            FL   33147          1            04/03/97         01
    0430197335                           05           06/01/97         30
    R971104                              O            05/01/27
    0


    1563186          A38/G02             F           62,100.00         ZZ
                                         360         62,100.00          1
    4602 WATERLEAF                     8.500            477.50         75
                                       8.250            477.50       82,852.00
    SAN ANTONIO      TX   78247          1            04/19/97         00
    0430222174                           03           06/01/97          0
    8110015                              N            05/01/27
    0


    1563272          A26/G02             F           35,700.00         ZZ
                                         360         35,700.00          1
    216 KENNEDY DRIVE                  9.750            306.72         69
                                       9.500            306.72       52,000.00
    SPRING VALLEY    NY   10977          1            04/14/97         00
    0430215053                           01           06/01/97          0
    8448                                 N            05/01/27
    0


    1563273          A52/G02             F           50,000.00         ZZ
                                         360         49,969.71          1
1


    HIGHWAY 99 RIDGEVILLE              8.500            384.46         77
                                       8.250            384.46       65,000.00
    DARIEN           GA   31305          1            03/25/97         00
    0430179085                           05           05/01/97          0
    1563273                              O            04/01/27
    0


    1563274          180/G02             F           76,800.00         ZZ
                                         360         76,761.22          2
    1522-24 NW 8 AVENUE                9.375            638.78         80
                                       9.125            638.78       96,000.00
    FT LAUDERDALE    FL   33311          1            04/04/97         04
    0430206763                           05           05/01/97         12
    4825394                              N            04/01/27
    0


    1563282          G30/G02             F          200,000.00         ZZ
                                         360        200,000.00          1
    1750 POPLAR LANE NW                8.750          1,573.40         31
                                       8.500          1,573.40      650,000.00
    WASHINGTON       DC   20012          5            04/04/97         00
    0430203216                           05           06/01/97          0
    097552                               O            05/01/27
    0


    1563285          E20/G02             F           60,900.00         T
                                         360         60,867.58          1
    4514 DAKOTA POINT COURT            9.125            495.51         50
                                       8.875            495.51      121,813.00
    KISSIMMEE        FL   34746          1            03/19/97         00
    0430208363                           05           05/01/97          0
    UNKNOWN                              O            04/01/27
    0


    1563290          369/G02             F          135,000.00         ZZ
                                         360        134,840.01          1
    116 DREIBELBIS ROAD                8.625          1,050.02         68
                                       8.375          1,050.02      200,000.00
    PHOENIXVILLE     PA   19460          5            02/19/97         00
    0430173757                           05           04/01/97          0
    0060402344                           O            03/01/27
    0


    1563357          267/267             F          164,000.00         ZZ
                                         360        162,761.29          1
    1756 EL MONTE DR                   7.750          1,174.92         69
                                       7.500          1,174.92      240,000.00
    THOUSAND OAKS    CA   91362          2            02/19/97         00
    4440278                              05           04/01/97          0
1


    4440278                              O            03/01/27
    0


    1563396          B23/G02             F          158,000.00         ZZ
                                         360        157,906.72          1
    13801 GROVESITE DRIVE              8.625          1,228.91         80
                                       8.375          1,228.91      197,500.00
    SANTA ANA AREA   CA   92705          1            03/10/97         00
    0430170241                           05           05/01/97          0
    8800                                 O            04/01/27
    0


    1563402          638/G02             F          255,000.00         ZZ
                                         360        254,874.57          1
    1302 CENTRAL AVENUE                9.500          2,144.18         60
                                       9.250          2,144.18      431,000.00
    SAN JOSE         CA   95128          2            03/26/97         00
    0430213843                           05           05/01/97          0
    08630957                             O            04/01/27
    0


    1563404          911/G02             F           92,150.00         T
                                         360         92,100.96          1
    17373 SW 19 STREET                 9.125            749.76         70
                                       8.875            749.76      131,643.00
    MIRAMAR          FL   33029          1            03/26/97         00
    0430211110                           03           05/01/97          0
    UNKNOWN                              O            04/01/27
    0


    1563462          927/G02             F           53,600.00         ZZ
                                         360         53,570.72          2
    357 AND 359 FAIRWAY SOUTH          9.000            431.28         80
                                       8.750            431.28       67,000.00
    COLORADO SPRING  CO   80916          1            03/28/97         04
    0430209254                           05           05/01/97         12
    296012                               N            04/01/27
    0


    1563464          927/G02             F           53,600.00         ZZ
                                         360         53,570.72          2
    365 AND 367 FAIRWAY SOUTH          9.000            431.28         80
                                       8.750            431.28       67,000.00
    COLORADO SPRING  CO   80916          1            03/28/97         04
    0430205468                           05           05/01/97         12
    296004                               O            04/01/27
    0


1


    1563467          950/G02             F          145,000.00         ZZ
                                         360        144,918.71          1
    20510 SW DUCKRIDGE PLACE           8.875          1,153.69         83
                                       8.625          1,153.69      175,000.00
    SHERWOOD         OR   97140          2            03/26/97         01
    0430201939                           05           05/01/97         20
    02259700                             N            04/01/27
    0


    1563511          638/G02             F           58,500.00         ZZ
                                         360         58,471.23          2
    2512 ELM                           9.500            491.90         90
                                       9.250            491.90       65,000.00
    ARNOLD           MO   63010          1            03/27/97         04
    0430196022                           05           05/01/97         25
    8630861                              N            04/01/27
    0


    1563513          638/G02             F           56,700.00         ZZ
                                         360         56,671.37          1
    27 WEST 35TH PLACE                 9.375            471.60         90
                                       9.125            471.60       63,000.00
    STEGER           IL   60475          1            03/28/97         10
    0430200931                           05           05/01/97         25
    8624479                              N            04/01/27
    0


    1563517          G81/G02             F          121,600.00         ZZ
                                         360        121,531.83          1
    7021 SW 56 STREET                  8.875            967.50         80
                                       8.625            967.50      152,000.00
    MIAMI            FL   33155          1            03/27/97         00
    0430196485                           09           05/01/97          0
    021703049                            O            04/01/27
    0


    1563543          G10/G02             F           95,200.00         ZZ
                                         360         95,139.29          1
    17708 KNOLLMEADOW LANE             8.250            715.21         80
                                       8.000            715.21      119,005.00
    DALLAS           TX   75287          1            03/21/97         00
    0430182428                           05           05/01/97          0
    970144                               O            04/01/27
    0


    1563549          624/G02             F          131,750.00         T
                                         360        131,681.70          1
    114 ROBLE ROAD                     9.250          1,083.87         85
                                       9.000          1,083.87      155,000.00
1


    BOULDER CREEK    CA   95006          2            03/20/97         23
    0430193680                           05           05/01/97          0
    46000970033                          O            04/01/27
    0


    1563552          225/225             F          100,000.00         ZZ
                                         360         99,899.97          1
    405 MONTEREY AVENUE                9.125            813.64         88
                                       8.875            813.64      113,900.00
    DAYTON           OH   45419          1            03/25/97         04
    804201300                            05           05/01/97         25
    804201300                            N            04/01/27
    0


    1563558          180/G02             F           42,300.00         ZZ
                                         360         42,300.00          1
    5011 MARYANNA WAY                  9.375            351.83         90
                                       9.125            351.83       47,000.00
    NORTH RICHLAND   TX   76180          1            04/03/97         04
    0430203794                           07           06/01/97         25
    4656294                              N            05/01/27
    0


    1563564          225/225             F          184,000.00         ZZ
                                         360        183,885.63          1
    8201 PICKARD AVENUE NE             8.375          1,398.54         78
                                       8.125          1,398.54      236,000.00
    ALBUQUERQUE      NM   87110          5            03/22/97         00
    804041400                            05           05/01/97          0
    804041400                            O            04/01/27
    0


    1563793          227/G02             F          496,825.00         ZZ
                                         360        496,236.23          1
    34017 CACTUS DRIVE                 8.625          3,864.26         77
                                       8.375          3,864.26      650,000.00
    EVERGREEN        CO   80439          2            02/18/97         00
    0430198929                           05           04/01/97          0
    1689801                              O            03/01/27
    0


    1563796          637/G02             F           58,400.00         ZZ
                                         360         58,363.69          1
    213 ELBRIDGE AVENUE #E             8.375            443.89         80
                                       8.125            443.89       73,000.00
    CLOVERDALE       CA   95425          1            03/03/97         00
    0430194787                           01           05/01/97          0
    9635459                              O            04/01/27
    0
1




    1563806          225/225             F           67,400.00         ZZ
                                         360         67,400.00          1
    524 PLEASANT BREEZES WAY           9.000            542.32         90
                                       8.750            542.32       74,900.00
    SPARTANBURG      SC   29307          1            04/04/97         10
    8041515                              05           06/01/97         25
    8041515                              N            05/01/27
    0


    1563812          573/G02             F           90,000.00         ZZ
                                         360         89,950.83          1
    43236 HAVEN PLACE                  9.000            724.17         75
                                       8.750            724.17      120,000.00
    LANCASTER        CA   93536          1            03/03/97         00
    0430203687                           05           05/01/97          0
    707075                               O            04/01/27
    0


    1563869          F27/G02             F           39,150.00         T
                                         360         38,916.21          1
    1220 EDGEWATER AVENUE              9.000            315.01         88
    UNIT 11A                           8.750            315.01       44,500.00
    OCEAN CITY       MD   21842          2            10/23/96         12
    0430184135                           01           12/01/96         35
    156217632                            O            11/01/26
    0


    1563893          604/G02             F          170,800.00         ZZ
                                         360        170,693.84          1
    12855 HWY 175                      8.375          1,298.20         70
                                       8.125          1,298.20      244,000.00
    LOCH LOMOND      CA   95451          5            03/26/97         00
    0430218743                           05           05/01/97          0
    69990347                             O            04/01/27
    0


    1563894          B43/G02             F           65,100.00         ZZ
                                         360         65,100.00          1
    8450 SW MOHAWK STREET              9.000            523.81         71
                                       8.750            523.81       92,973.00
    TUALATIN         OR   97062          1            04/17/97         00
    0430211722                           01           06/01/97          0
    1563894                              O            05/01/27
    0


    1563918          638/G02             F          144,000.00         ZZ
                                         360        143,929.17          4
1


    3375 SOUTH 200 EAST                9.500          1,210.83         90
                                       9.250          1,210.83      160,000.00
    SALT LAKE CITY   UT   84115          1            03/24/97         14
    0430197822                           05           05/01/97         25
    8629305                              N            04/01/27
    0


    1563936          225/225             F           28,800.00         ZZ
                                         360         28,785.06          1
    1165 S ONEIDA ST                   9.250            236.94         80
    #F                                 9.000            236.94       36,000.00
    DENVER           CO   80224          1            03/24/97         04
    804124700                            01           05/01/97         25
    804124700                            N            04/01/27
    0


    1563951          F30/G02             F          113,400.00         ZZ
                                         360        113,341.21          2
    3737 SOUTH VAN BUREN AVENUE        9.250            932.91         90
                                       9.000            932.91      126,000.00
    OGDEN            UT   84403          1            03/26/97         01
    0430197558                           05           05/01/97         25
    10832                                N            04/01/27
    0


    1563981          637/G02             F           84,000.00         ZZ
                                         360         83,951.67          1
    905 SE 12TH COURT                  8.750            660.83         63
    APT 6                              8.500            660.83      134,000.00
    FORT LAUDERDALE  FL   33316          1            04/01/97         00
    0430199091                           01           05/01/97          0
    9543315                              O            04/01/27
    0


    1563982          180/G02             F           90,100.00         ZZ
                                         240         89,962.94          1
    1314 WEST SYCAMORE STREET          8.875            803.42         85
                                       8.625            803.42      106,000.00
    KOKOMO           IN   46901          5            03/28/97         23
    0430204677                           05           05/01/97          0
    4672440                              O            04/01/17
    0


    1563995          E22/G02             F          156,750.00         ZZ
                                         360        154,863.39          1
    8117 SUNSCAPE COURT                8.000          1,150.18         80
                                       7.750          1,150.18      195,980.00
    FT. WORTH        TX   76123          1            11/20/95         00
    0410368914                           03           01/01/96          0
1


    410368914                            O            12/01/25
    0


    1564010          638/G02             F           67,500.00         ZZ
                                         360         67,465.00          1
    81 MILK STREET                     9.250            555.31         90
                                       9.000            555.31       75,000.00
    WESTBOROUGH      MA   01581          1            03/27/97         04
    0430201921                           05           05/01/97         25
    8631563                              N            04/01/27
    0


    1564014          638/G02             F          156,750.00         ZZ
                                         360        156,750.00          1
    115 ANNAPOLIS DRIVE                8.875          1,247.17         95
                                       8.625          1,247.17      165,000.00
    GLOUCHESTER TOW  NJ   08081          2            04/18/97         14
    0430221457                           05           06/01/97         30
    8629171                              O            05/01/27
    0


    1564016          638/G02             F          175,500.00         ZZ
                                         360        175,413.68          4
    879 HARRISON AVENUE                9.500          1,475.70         90
                                       9.250          1,475.70      195,000.00
    BOSTON           MA   02118          1            04/03/97         04
    0430205591                           05           05/01/97         25
    08631510                             N            04/01/27
    0


    1564027          180/G02             F          110,000.00         ZZ
                                         360        110,000.00          4
    275-285 SOUTH DALE COURT           9.500            924.94         69
                                       9.250            924.94      160,000.00
    DENVER           CO   80219          2            04/04/97         00
    0430205617                           05           06/01/97          0
    4788105                              N            05/01/27
    0


    1564055          H05/H05             F          243,750.00         ZZ
                                         360        243,750.00          1
    26 MOUNT JOY AVENUE                9.375          2,027.39         75
                                       9.125          2,027.39      325,000.00
    SCARSDALE        NY   10583          1            04/25/97         00
    060385376                            05           06/01/97          0
    060385376                            N            05/01/27
    0


1


    1564060          560/560             F           90,000.00         ZZ
                                         360         89,946.86          1
    10571 NW 57 STREET                 8.625            700.02         74
                                       8.375            700.02      121,833.00
    CORAL SPRINGS    FL   33076          1            03/28/97         00
    450676259                            03           05/01/97          0
    450676259                            O            04/01/27
    0


    1564062          A52/G02             F           72,000.00         ZZ
                                         360         72,000.00          1
    2870 LANCASTER DRIVE               9.250            592.33         80
                                       9.000            592.33       90,000.00
    EAST POINT       GA   30344          2            04/14/97         12
    0430197749                           05           06/01/97         12
    194913                               N            05/01/27
    0


    1564106          076/076             F          125,000.00         ZZ
                                         360        124,463.20          1
    874 ELK PARK DRIVE                 8.375            950.09         36
                                       8.125            950.09      350,000.00
    GOLDEN           CO   80401          1            01/27/97         00
    6842432                              05           03/01/97          0
    6842432                              O            02/01/27
    0


    1564110          076/076             F          107,200.00         ZZ
                                         360        107,013.60          1
    1241 WILSHIRE DRIVE                8.750            843.35         80
                                       8.500            843.35      134,000.00
    HERNDON          VA   20170          1            01/24/97         00
    6828152                              03           03/01/97          0
    6828152                              O            02/01/27
    0


    1564112          076/076             F           34,650.00         ZZ
                                         360         34,590.64          1
    5018 42ND STREET                   9.375            288.20         90
                                       9.125            288.20       38,500.00
    LUBBOCK          TX   79414          1            01/17/97         04
    6831172                              05           03/01/97         25
    6831172                              N            02/01/27
    0


    1564113          076/076             F          136,000.00         ZZ
                                         360        135,744.63          1
    1617 236TH STREET NORTHEAST        8.375          1,033.70         58
                                       8.125          1,033.70      238,500.00
1


    ARLINGTON        WA   98223          2            01/15/97         00
    6841592                              05           03/01/97          0
    6841592                              O            02/01/27
    0


    1564119          076/076             F          100,800.00         ZZ
                                         360        100,629.18          1
    113 WILLOW ROAD                    8.875            802.02         80
                                       8.625            802.02      126,000.00
    HARRISBURG       PA   17109          1            01/10/97         00
    7073787                              05           03/01/97          0
    7073787                              O            02/01/27
    0


    1564120          076/076             F           71,750.00         ZZ
                                         360         71,667.14          1
    1019 WEST ORMAN AVENUE             8.750            564.46         70
                                       8.500            564.46      102,500.00
    PUEBLO           CO   81004          1            02/03/97         00
    6834772                              05           04/01/97          0
    6834772                              O            03/01/27
    0


    1564125          076/076             F           18,150.00         ZZ
                                         360         18,121.54          1
    3617 PINE AVENUE                   9.250            149.32         80
                                       9.000            149.32       22,700.00
    WACO             TX   76708          1            01/29/97         10
    6823892                              05           03/01/97         17
    6823892                              N            02/01/27
    0


    1564128          076/076             F           52,000.00         ZZ
                                         360         51,899.83          1
    320 E OSAGE AVE                    8.250            390.66         65
                                       8.000            390.66       80,000.00
    MCALESTER        OK   74501          2            01/09/97         00
    6798892                              05           03/01/97          0
    6798892                              O            02/01/27
    0


    1564129          076/076             F           59,500.00         ZZ
                                         360         59,409.15          1
    11996 COUNTY ROAD                  9.375            494.89         70
    NO.577                             9.125            494.89       85,000.00
    ANNA             TX   75409          5            01/20/97         00
    6824152                              05           03/01/97          0
    6824152                              N            02/01/27
    0
1




    1564131          076/076             F          105,000.00         ZZ
                                         360        104,878.73          1
    6217 SOUTH 160TH STREET            8.750            826.04         54
                                       8.500            826.04      195,000.00
    OMAHA            NE   68135          4            02/06/97         00
    6824542                              05           04/01/97          0
    6824542                              O            03/01/27
    0


    1564133          076/076             F          127,500.00         T
                                         360        127,305.29          1
    LOT 444 SEC K LAKESIDE DRIVE       9.375          1,060.49         75
                                       9.125          1,060.49      171,500.00
    TOBYHANNA        PA   18466          5            01/27/97         00
    7074234                              03           03/01/97          0
    7074234                              O            02/01/27
    0


    1564134          076/076             F           38,500.00         ZZ
                                         360         38,442.73          1
    4109 NEWPORT AVENUE                9.500            323.73         70
                                       9.250            323.73       55,000.00
    NORFOLK          VA   23508          1            01/10/97         00
    6827392                              05           03/01/97          0
    6827392                              O            02/01/27
    0


    1564137          076/076             F          115,500.00         ZZ
                                         360        115,309.31          1
    100 GREGORY ROAD                   9.000            929.34         70
                                       8.750            929.34      165,000.00
    HOLLISTON        MA   01746          1            01/15/97         00
    7074327                              05           03/01/97          0
    7074327                              O            02/01/27
    0


    1564139          076/076             F           65,500.00         ZZ
                                         360         65,386.11          1
    5033 FAWN LANE                     8.750            515.29         41
                                       8.500            515.29      162,500.00
    FORT COLLINS     CO   80526          1            01/21/97         00
    6812242                              03           03/01/97          0
    6812242                              O            02/01/27
    0


    1564142          076/076             F           55,250.00         ZZ
                                         360         55,151.43          1
1


    17229 JOCASTA AVENUE               8.625            429.73         85
                                       8.375            429.73       65,000.00
    RUTHER GLEN      VA   22546          2            01/30/97         01
    7074557                              05           03/01/97         20
    7074557                              N            02/01/27
    0


    1564145          076/076             F           45,450.00         ZZ
                                         360         45,370.97          1
    3912 REILLY LANE                   8.750            357.56         85
                                       8.500            357.56       53,500.00
    SHREVEPORT       LA   71105          1            01/22/97         12
    6819312                              05           03/01/97         12
    6819312                              N            02/01/27
    0


    1564147          076/076             F           89,700.00         ZZ
                                         360         89,120.43          1
    282 OLD FALL RIVER ROAD            9.000            721.75         65
                                       8.750            721.75      138,000.00
    SWANSEA          MA   02777          5            01/29/97         00
    7075941                              05           03/01/97          0
    7075941                              O            02/01/27
    0


    1564149          076/076             F           64,000.00         ZZ
                                         360         63,879.82          1
    4620 FORT AVENUE                   8.375            486.45         70
                                       8.125            486.45       91,500.00
    LYNCHBURG        VA   24502          1            01/31/97         00
    7076934                              05           03/01/97          0
    7076934                              O            02/01/27
    0


    1564150          076/076             F           78,300.00         ZZ
                                         360         78,163.86          1
    4013 BERKSHIRE DRIVE               8.750            615.99         44
                                       8.500            615.99      178,300.00
    EDMOND           OK   73034          1            01/14/97         00
    6820262                              03           03/01/97          0
    6820262                              O            02/01/27
    0


    1564151          076/076             F          130,000.00         ZZ
                                         360        129,786.77          1
    6740 BURMA ROAD                    8.250            976.65         42
                                       8.000            976.65      315,000.00
    WATERFORD        WI   53185          5            01/31/97         00
    6822802                              05           04/01/97          0
1


    6822802                              O            03/01/27
    0


    1564164          076/076             F          102,000.00         ZZ
                                         360        101,721.76          1
    619 RAINWOOD DRIVE                 8.750            802.44         78
                                       8.500            802.44      132,000.00
    HOUSTON          TX   77079          1            01/23/97         00
    7072966                              03           03/01/97          0
    7072966                              O            02/01/27
    0


    1564168          076/076             F          155,000.00         ZZ
                                         360        154,701.43          1
    50 BROOKS ROAD                     8.250          1,164.47         58
                                       8.000          1,164.47      268,000.00
    PAXTON           MA   01612          5            01/16/97         00
    7072891                              05           03/01/97          0
    7072891                              O            02/01/27
    0


    1564171          076/076             F           96,375.00         ZZ
                                         360         96,207.41          1
    6701 S SOLADO PLACE                8.750            758.19         75
                                       8.500            758.19      128,500.00
    GOLD CANYON      AZ   85219          1            01/09/97         00
    7073585                              03           03/01/97          0
    7073585                              O            02/01/27
    0


    1564178          076/076             F          240,000.00         ZZ
                                         360        239,593.35          1
    5960 N.W. 97TH DRIVE               8.875          1,909.55         80
                                       8.625          1,909.55      300,000.00
    PARKLAND         FL   33067          5            01/27/97         00
    17071908                             03           03/01/97          0
    17071908                             O            02/01/27
    0


    1564179          076/076             F           43,000.00         ZZ
                                         360         42,907.43          1
    1300 HIGHWAY 11 NORTH              9.125            349.86         85
                                       8.875            349.86       51,000.00
    MONROE           GA   30655          1            12/30/96         10
    6734952                              05           02/01/97         20
    6734952                              N            01/01/27
    0


1


    1564183          076/076             F           45,900.00         ZZ
                                         360         45,590.99          1
    2284 SHANE LANE                    8.750            361.10         85
                                       8.500            361.10       54,000.00
    DACULA           GA   30211          1            12/31/96         01
    6749182                              05           02/01/97         20
    6749182                              N            01/01/27
    0


    1564185          076/076             F           22,500.00         ZZ
                                         360         22,463.79          1
    2734 CHESTNUT ST                   9.125            183.07         90
                                       8.875            183.07       25,000.00
    TOLEDO           OH   43608          1            01/30/97         01
    6758935                              05           03/01/97         25
    6758935                              N            02/01/27
    0


    1564188          076/076             F           92,500.00         ZZ
                                         360         92,119.75          2
    12722  GREENWOOD                   8.250            694.93         60
                                       8.000            694.93      155,000.00
    BLUE ISLAND      IL   60406          5            01/06/97         00
    17070735                             05           03/01/97          0
    17070735                             O            02/01/27
    0


    1564191          076/076             F          361,000.00         ZZ
                                         360        360,322.12          1
    7101 ANDREA LANE                   8.375          2,743.87         80
                                       8.125          2,743.87      452,000.00
    MORRISON         CO   80465          2            01/09/97         00
    017070689                            05           03/01/97          0
    017070689                            O            02/01/27
    0


    1564195          076/076             F          213,750.00         ZZ
                                         360        213,277.71          4
    905 SOUTH CHEVY CHASE DRIVE        9.000          1,719.88         90
                                       8.750          1,719.88      237,500.00
    GLENDALE         CA   91205          1            12/17/96         14
    6778152                              05           02/01/97         25
    6778152                              O            01/01/27
    0


    1564200          225/225             F           76,500.00         ZZ
                                         360         76,460.34          1
    1080 NEWPORT HARBOR                9.250            629.35         90
                                       9.000            629.35       85,000.00
1


    SCHAUMBURG       IL   60194          1            03/28/97         04
    804283200                            01           05/01/97         25
    804283200                            N            04/01/27
    0


    1564208          369/G02             F           87,400.00         ZZ
                                         360         87,357.01          1
    2318 2320 E BROADWAY ROAD          9.500            734.91         90
                                       9.250            734.91       97,150.00
    MESA             AZ   85204          1            03/27/97         01
    0430195933                           05           05/01/97         25
    60115821                             N            04/01/27
    0


    1564210          225/225             F          232,000.00         ZZ
                                         360        231,859.45          1
    4956 BEAR MOUNTAIN DR              8.500          1,783.88         60
                                       8.250          1,783.88      390,000.00
    EVERGREEN        CO   80439          2            03/26/97         00
    8041807                              05           05/01/97          0
    8041807                              O            04/01/27
    0


    1564216          638/G02             F           57,400.00         ZZ
                                         360         57,371.77          1
    119 ANVIL CIRCLE                   9.500            482.65         70
                                       9.250            482.65       82,000.00
    FLORISSANT       CO   80816          5            04/04/97         00
    0430205476                           05           05/01/97          0
    08627523                             N            04/01/27
    0


    1564219          A78/G02             F          125,900.00         ZZ
                                         360        125,838.07          1
    1564 BRADLEY DRIVE UNIT 202        9.500          1,058.64         90
                                       9.250          1,058.64      139,900.00
    BOULDER          CO   80302          1            03/31/97         01
    0430208520                           01           05/01/97         25
    10051683                             N            04/01/27
    0


    1564249          470/G02             F          175,960.00         ZZ
                                         360        175,856.11          1
    8885 LEBEC LANE                    8.625          1,368.60         80
                                       8.375          1,368.60      219,950.00
    COTATI           CA   94931          1            03/21/97         00
    0430202366                           05           05/01/97          0
    75003954                             O            04/01/27
    0
1




    1564255          455/G02             F           49,000.00         T
                                         360         48,974.59          1
    302 BROWNS MOUNTAIN RD             9.250            403.12         69
                                       9.000            403.12       72,000.00
    SUCHESE          GA   30572          5            03/07/97         00
    0430198838                           05           05/01/97          0
    54862                                O            04/01/27
    0


    1564256          B93/G02             F           32,890.00         ZZ
                                         360         32,890.00          1
    920 NORTH SONORA STREET            9.000            264.65         65
                                       8.750            264.65       50,600.00
    COOLIDGE         AZ   85228          5            04/09/97         00
    0430202747                           05           06/01/97          0
    1000016974                           N            05/01/27
    0


    1564258          E19/G02             F          562,000.00         ZZ
                                         360        561,684.93          1
    22060 ROLLING RIDGE DRIVE          8.875          4,471.53         75
                                       8.625          4,471.53      750,000.00
    SANTA CLARITA    CA   91350          2            03/14/97         00
    0430195602                           05           05/01/97          0
    100020308                            O            04/01/27
    0


    1564262          862/G02             F          238,500.00         ZZ
                                         360        238,500.00          1
    3378 WISTERIA CIRCLE               8.875          1,897.62         90
                                       8.625          1,897.62      265,000.00
    COSTA MESA       CA   92626          1            04/10/97         11
    0430210021                           05           06/01/97         25
    4418299                              O            05/01/27
    0


    1564265          E21/G02             F          218,000.00         ZZ
                                         360        218,000.00          3
    4349-4351-4353 CLARISSA AVENUE     9.500          1,833.06         78
                                       9.250          1,833.06      280,000.00
    LOS ANGELES      CA   90027          2            04/01/97         00
    0430208488                           05           06/01/97          0
    1564265                              O            05/01/27
    0


    1564270          B23/G02             F           86,450.00         ZZ
                                         360         86,450.00          1
1


    3517 WEST 60TH STREET              9.125            703.39         65
                                       8.875            703.39      133,000.00
    LOS ANGELES      CA   90043          5            04/01/97         00
    0430193045                           05           06/01/97          0
    88001761                             N            05/01/27
    0


    1564272          227/G02             F          135,430.00         ZZ
                                         360        135,430.00          1
    12031 NORTH LAMONT DRIVE           8.500          1,041.34         90
    UNIT A                             8.250          1,041.34      150,479.00
    FOUNTAIN HILLS   AZ   85268          1            04/01/97         04
    0430219832                           05           06/01/97         25
    1702076                              N            05/01/27
    0


    1564291          180/G02             F           60,100.00         ZZ
                                         360         60,058.64          1
    5639 CREEKWOOD DRIVE               7.875            435.77         88
                                       7.625            435.77       69,000.00
    SAN ANTONIO      TX   78233          1            03/27/97         04
    0430199323                           05           05/01/97         25
    4816047                              N            04/01/27
    0


    1564294          225/225             F           55,200.00         ZZ
                                         360         55,166.55          1
    2910 EAST 28TH STREET              8.500            424.45         73
                                       8.250            424.45       76,000.00
    TUCSON           AZ   85713          5            03/24/97         00
    804042800                            05           05/01/97          0
    804042800                            O            04/01/27
    0


    1564296          225/225             F           70,000.00         ZZ
                                         360         69,959.72          1
    282 WHISPERING WIND                8.750            550.70         55
                                       8.500            550.70      129,258.00
    GEORGETOWN       TX   78628          1            03/25/97         00
    804266100                            03           05/01/97          0
    804266100                            O            04/01/27
    0


    1564312          H19/G02             F          540,000.00         ZZ
                                         360        539,705.03          1
    2360 BEAR HOLLOW DRIVE             9.000          4,344.97         69
                                       8.750          4,344.97      788,847.00
    PARK CITY        UT   84098          4            03/27/97         00
    0430194902                           05           05/01/97          0
1


    0002014587                           O            04/01/27
    0


    1564314          F03/G02             F           85,875.00         ZZ
                                         360         85,875.00          1
    2201 PEARL STREET                  9.500            722.09         75
    UNIT 216                           9.250            722.09      114,500.00
    BOULDER          CO   80302          1            04/10/97         00
    0430206789                           01           06/01/97          0
    DEN10698                             N            05/01/27
    0


    1564320          377/377             F           85,750.00         ZZ
                                         360         85,695.31          1
    429 WALNUT STREET                  8.250            644.22         75
                                       8.000            644.22      114,387.00
    CARY             NC   27513          1            03/06/97         00
    3655040                              05           05/01/97          0
    3655040                              N            04/01/27
    0


    1564322          225/225             F          162,000.00         ZZ
                                         360        162,000.00          3
    27 MEADOW STREET                   9.000          1,303.49         90
                                       8.750          1,303.49      180,000.00
    DANBURY          CT   06810          1            04/09/97         11
    804182300                            05           06/01/97         25
    804182300                            O            05/01/27
    0


    1564323          H19/G02             F          134,950.00         ZZ
                                         360        134,950.00          1
    261 NORFOLK AVENUE                 8.750          1,061.66         60
                                       8.500          1,061.66      225,000.00
    PARK CITY        UT   84060          3            04/03/97         00
    0430197392                           07           06/01/97          0
    2013910                              N            05/01/27
    0


    1564349          G41/G02             F          330,000.00         ZZ
                                         360        330,000.00          1
    12 QUAIL DRIVE                     8.000          2,421.42         48
                                       7.750          2,421.42      693,000.00
    DOYLESTOWN       PA   18901          5            04/02/97         00
    0430198499                           05           06/01/97          0
    62000075                             O            05/01/27
    0


1


    1564364          225/225             F          125,000.00         ZZ
                                         360        125,000.00          2
    11 MEADOW STREET                   8.250            939.09         70
                                       8.000            939.09      181,000.00
    DANBURY          CT   06810          2            04/15/97         00
    8040483                              05           06/01/97          0
    8040483                              N            05/01/27
    0


    1564374          225/225             F          150,600.00         ZZ
                                         360        150,511.08          1
    665 NW 87TH TERRACE                8.625          1,171.36         63
                                       8.000          1,171.36      242,000.00
    PORTLAND         OR   97225          5            03/24/97         00
    8041801                              05           05/01/97          0
    8041801                              O            04/01/27
    0


    1564375          638/G02             F          148,500.00         ZZ
                                         360        148,500.00          2
    34 FEDERAL AVENUE                  9.250          1,221.67         90
                                       9.000          1,221.67      165,000.00
    QUINCY           MA   02169          1            04/11/97         04
    0430204826                           05           06/01/97         25
    8627498                              N            05/01/27
    0


    1564381          E13/G02             F          180,000.00         ZZ
                                         360        179,862.44          1
    1975 PLAYA STREET                  8.750          1,416.06         57
                                       8.500          1,416.06      320,000.00
    SAN MATEO        CA   94403          5            03/25/97         00
    0430195222                           05           05/01/97          0
    194270                               O            04/01/27
    0


    1564402          E13/G02             F           65,500.00         ZZ
                                         360         65,466.92          1
    12055 238TH STREET                 9.375            544.80         48
                                       9.125            544.80      139,200.00
    SCANDIA          MN   55073          2            03/26/97         00
    0430195156                           05           05/01/97          0
    193798                               O            04/01/27
    0


    1564413          076/076             F           80,000.00         ZZ
                                         360         79,818.58          1
    221 STILL SPRINGS HOLLOW CT        8.875            636.52         56
                                       8.625            636.52      144,900.00
1


    NASHVILLE        TN   37221          1            12/31/96         00
    6785272                              03           02/01/97          0
    6785272                              O            01/01/27
    0


    1564415          076/076             F          396,000.00         ZZ
                                         360        395,506.00          1
    13 BRIDINGTON                      8.375          3,009.89         80
                                       8.125          3,009.89      495,000.00
    LAGUNA NIGUEL    CA   92677          1            02/03/97         00
    6867732                              03           04/01/97          0
    6867732                              O            03/01/27
    0


    1564416          076/076             F           81,000.00         ZZ
                                         360         80,859.17          1
    805 FORT CIRCLE                    8.750            637.23         75
                                       8.500            637.23      108,000.00
    PAPILLION        NE   68046          1            01/29/97         00
    6855132                              05           03/01/97          0
    6855132                              O            02/01/27
    0


    1564419          076/076             F          109,100.00         T
                                         360        108,846.12          1
    232 HUNTSMAN ROAD                  8.750            858.30         75
                                       8.500            858.30      145,500.00
    NORFOLK          VA   23502          1            12/31/96         00
    6646092                              05           02/01/97          0
    6646092                              O            01/01/27
    0


    1564420          076/076             F           73,300.00         ZZ
                                         360         73,169.23          1
    138 CARROLLWOOD DRIVE              8.625            570.12         64
                                       8.375            570.12      115,000.00
    FAYETTEVILLE     GA   30215          2            12/31/96         00
    6921032                              05           03/01/97          0
    6921032                              O            02/01/27
    0


    1564422          076/076             F           86,400.00         ZZ
                                         360         86,109.67          1
    3501 MEANDERING COURT              8.000            633.97         80
                                       7.750            633.97      108,000.00
    FORT SMITH       AR   72903          5            12/18/96         00
    6699852                              05           02/01/97          0
    6699852                              O            01/01/27
    0
1




    1564442          076/076             F          552,000.00         ZZ
                                         360        550,936.72          1
    2708 BOWMONT DRIVE                 8.250          4,147.00         80
                                       8.000          4,147.00      690,000.00
    LOS ANGELES      CA   90210          5            01/16/97         00
    7069396                              05           03/01/97          0
    7069396                              O            02/01/27
    0


    1564457          076/076             F          107,000.00         ZZ
                                         300        106,579.24          1
    308 SUMMIT DRIVE                   8.375            852.60         60
                                       8.125            852.60      179,000.00
    CRANSTON         RI   02920          5            01/16/97         00
    5972902                              05           03/01/97          0
    5972902                              O            02/01/22
    0


    1564459          076/076             F          185,000.00         ZZ
                                         360        184,510.99          1
    7450 JORDAN LANE                   8.125          1,373.62         71
                                       7.875          1,373.62      261,683.00
    MIDLOTHIAN       TX   76065          4            12/31/96         00
    6173242                              05           02/01/97          0
    6173242                              O            01/01/27
    0


    1564460          076/076             F           75,000.00         ZZ
                                         360         74,862.71          1
    22752 LOWE DAVIS ROAD              8.500            576.69         75
                                       8.250            576.69      100,000.00
    COVINGTON        LA   70435          2            01/13/97         00
    6214442                              05           03/01/97          0
    6214442                              O            02/01/27
    0


    1564464          076/076             F           31,000.00         ZZ
                                         360         30,946.09          1
    1968 STONE BRIDGE DRIVE            8.750            243.88         33
                                       8.500            243.88       96,000.00
    MEMPHIS          TN   38134          1            01/23/97         00
    6571332                              05           03/01/97          0
    6571332                              O            02/01/27
    0


    1564518          455/G02             F           43,700.00         ZZ
                                         360         43,605.91          1
1


    486 OAK WAY                        9.125            355.56         80
                                       8.875            355.56       54,670.00
    LAWRENCEVILLE    GA   30245          1            12/16/96         01
    0430210344                           05           02/01/97         12
    53784                                N            01/01/27
    0


    1564522          604/G02             F          125,550.00         ZZ
                                         360        125,550.00          2
    3920 & 3922 JACKSONVILLE HWY       9.375          1,044.26         90
                                       9.125          1,044.26      139,500.00
    MEDFORD          OR   97501          1            04/02/97         04
    0430222679                           05           06/01/97         25
    69990353                             N            05/01/27
    0


    1564526          229/G02             F          173,500.00         ZZ
                                         360        173,402.73          1
    1163 NE 3RD AVENUE                 8.875          1,380.45         46
                                       8.625          1,380.45      380,000.00
    HILLSBORO        OR   97124          2            03/24/97         00
    0430197285                           05           05/01/97          0
    7402506                              O            04/01/27
    0


    1564527          F03/G02             F           30,750.00         T
                                         360         30,734.87          1
    2015 PROSPECTOR AVENUE #141        9.500            258.57         75
                                       9.250            258.57       41,000.00
    PARK CITY        UT   84060          1            03/25/97         00
    0430211029                           01           05/01/97          0
    DEN10705                             O            04/01/27
    0


    1564535          229/G02             F          118,000.00         ZZ
                                         360        117,930.33          1
    2502 VAN DYKE STREET               8.625            917.80         78
                                       8.375            917.80      152,500.00
    RALEIGH          NC   27607          1            03/31/97         00
    0430204008                           05           05/01/97          0
    7421308                              O            04/01/27
    0


    1564545          687/G02             F           71,400.00         ZZ
                                         360         71,362.98          1
    2108 HIGHLAND                      9.250            587.39         84
                                       9.000            587.39       85,000.00
    MIDDLETOWN       OH   45044          1            03/31/97         10
    0430196717                           05           05/01/97         20
1


    1594133                              N            04/01/27
    0


    1564551          A32/G02             F           77,800.00         ZZ
                                         360         77,800.00          1
    4200 FLAMINGO CREST DRIVE #2       8.500            598.21         80
                                       8.250            598.21       97,400.00
    LAS VEGAS        NV   89121          1            04/01/97         00
    0430194084                           03           06/01/97          0
    137153                               O            05/01/27
    0


    1564553          F27/G02             F           36,000.00         ZZ
                                         360         35,978.19          1
    730 LIGHT STREET                   8.500            276.81         80
    UNIT C                             8.250            276.81       45,000.00
    BALTIMORE        MD   21230          1            03/31/97         04
    0430214742                           01           05/01/97         12
    UNKNOWN                              N            04/01/27
    0


    1564558          F15/G02             F           32,000.00         ZZ
                                         360         32,000.00          1
    2000 BROOKHURST STREET #20         9.250            263.26         80
                                       9.000            263.26       40,000.00
    MEDFORD          OR   97501          1            04/11/97         04
    0430205831                           07           06/01/97         12
    97010012                             N            05/01/27
    0


    1564560          G51/G02             F           35,750.00         ZZ
                                         360         35,750.00          1
    4524 BRAY ROAD                     9.125            290.88         90
                                       8.875            290.88       39,770.00
    TAMPA            FL   33634          1            04/08/97         10
    0430204388                           05           06/01/97         30
    194397                               N            05/01/27
    0


    1564567          F15/G02             F           32,000.00         ZZ
                                         360         32,000.00          1
    2000 BROOKHURST STREET #29         9.250            263.26         80
                                       9.000            263.26       40,000.00
    MEDFORD          OR   97501          1            04/11/97         01
    0430205849                           07           06/01/97         12
    97010013                             N            05/01/27
    0


1


    1564573          F15/G02             F           32,000.00         ZZ
                                         360         32,000.00          1
    2000 BROOKHURST STREET #28         9.250            263.26         80
                                       9.000            263.26       40,000.00
    MEDFORD          OR   97501          1            04/11/97         01
    0430205856                           07           06/01/97         12
    97010015                             N            05/01/27
    0


    1564575          F15/G02             F           32,000.00         ZZ
                                         360         32,000.00          1
    2000 BROOKHURST STREET #27         9.250            263.26         80
                                       9.000            263.26       40,000.00
    MEDFORD          OR   97501          1            04/11/97         04
    0430205864                           07           06/01/97         12
    97010014                             N            05/01/27
    0


    1564607          225/225             F           49,500.00         ZZ
                                         360         49,444.28          1
    620 EAST DULSE STREET              8.875            393.85         90
                                       8.625            393.85       55,000.00
    TYLER            TX   75701          1            02/21/97         04
    803875700                            05           04/01/97         25
    803875700                            N            03/01/27
    0


    1564623          H05/H05             F          133,600.00         ZZ
                                         360        133,600.00          1
    42 BELDING AVENUE                  8.500          1,027.27         80
                                       8.250          1,027.27      167,000.00
    WHITE PLAINS     NY   10603          1            04/25/97         00
    7030049                              05           06/01/97          0
    7030049                              O            05/01/27
    0


    1564625          225/225             F          115,200.00         ZZ
                                         360        115,130.21          1
    2586 S UNO WAY                     8.500            885.79         80
                                       8.250            885.79      144,000.00
    DENVER           CO   80219          5            03/26/97         00
    804316100                            05           05/01/97          0
    804316100                            O            04/01/27
    0


    1564639          180/G02             F           42,300.00         ZZ
                                         360         42,278.07          2
    1108 61ST STREET                   9.250            347.99         90
                                       9.000            347.99       47,000.00
1


    KENOSHA          WI   53143          1            03/27/97         10
    0430206557                           05           05/01/97         25
    4670790                              N            04/01/27
    0


    1564651          638/G02             F          224,400.00         ZZ
                                         360        224,283.67          1
    249 HIDDEN DEN CIRCLE              9.250          1,846.08         85
                                       9.000          1,846.08      264,000.00
    DOYLESTOWN TOWN  PA   18901          5            03/26/97         10
    0430198408                           05           05/01/97         12
    8626185                              O            04/01/27
    0


    1564730          757/757             F           43,200.00         ZZ
                                         360         43,174.49          2
    1108 4TH AVENUE                    8.625            336.01         80
                                       8.375            336.01       54,000.00
    ALBANY           GA   31707          2            03/14/97         01
    2951820                              05           05/01/97         12
    2951820                              N            04/01/27
    0


    1564745          144/144             F          480,000.00         ZZ
                                         360        480,000.00          1
    89 MCDONALD ROAD                   8.375          3,648.35         80
                                       8.125          3,648.35      600,000.00
    YORKTOWN         NY   10562          5            04/24/97         00
    160609032                            05           06/01/97          0
    160609032                            O            05/01/27
    0


    1564748          201/G02             F           60,000.00         ZZ
                                         360         60,000.00          1
    1281 HIGHWAY 22 UNIT 4             9.000            482.78         90
    AKA 1300 ROCK AVENUE               8.750            482.78       67,000.00
    NORTH PLAINFIEL  NJ   07060          1            04/14/97         11
    0430208652                           01           06/01/97         25
    1300972823                           O            05/01/27
    0


    1564757          927/G02             F           53,600.00         ZZ
                                         360         53,572.21          2
    361 & 363 GREENSBORO SOUTH         9.250            440.96         80
                                       9.000            440.96       67,000.00
    COLORADO SPRING  CO   80906          1            04/01/97         12
    0430211631                           05           05/01/97         12
    294389                               N            04/01/27
    0
1




    1564811          074/G02             F           87,000.00         ZZ
                                         360         86,882.85          1
    106 RIVA AVE                       8.000            638.38         63
                                       7.750            638.38      140,000.00
    MILLTOWN         NJ   08850          1            02/28/97         00
    0430181586                           05           04/01/97          0
    1101208136                           O            03/01/27
    0


    1564817          074/G02             F           46,000.00         ZZ
                                         360         45,946.86          1
    1013 DAVIS TERRACE                 8.750            361.89         80
                                       8.500            361.89       58,000.00
    SCHENECTADY      NY   12303          5            02/21/97         04
    0430178095                           05           04/01/97         12
    1111088358                           N            03/01/27
    0


    1564822          074/G02             F          159,200.00         ZZ
                                         360        159,016.14          1
    80-23 235TH STREET                 8.750          1,252.43         80
                                       8.500          1,252.43      199,000.00
    BELLEROSE        NY   11426          1            02/27/97         00
    0430180463                           05           04/01/97          0
    1111093700                           O            03/01/27
    0


    1564823          074/G02             F          171,200.00         ZZ
                                         360        170,991.84          1
    52 PIERMONT PLACE                  8.500          1,316.38         80
                                       8.250          1,316.38      214,000.00
    PIERMONT         NY   10968          1            02/28/97         00
    0430178343                           05           04/01/97          0
    1111093755                           O            03/01/27
    0


    1564827          074/G02             F          150,000.00         ZZ
                                         360        147,709.94          1
    345 EAST 80TH ST                   8.750          1,180.05         64
    UNIT 24F                           8.500          1,180.05      235,000.00
    NEW YORK         NY   10021          1            01/31/97         00
    0430180141                           01           03/01/97          0
    1116013855                           O            02/01/27
    0


    1564828          074/G02             F          198,000.00         ZZ
                                         360        197,765.36          1
1


    630 1ST AVE #5A                    8.625          1,540.02         85
                                       8.375          1,540.02      233,000.00
    NEW YORK         NY   10016          1            02/21/97         10
    0430178087                           06           04/01/97         20
    1116014097                           N            03/01/27
    0


    1564831          074/G02             F           53,500.00         ZZ
                                         360         53,436.59          1
    1430 RIVER RD                      8.625            416.12         60
                                       8.375            416.12       90,000.00
    UPPER BLACK EDD  PA   18972          5            02/26/97         00
    0430178038                           05           04/01/97          0
    1175040806                           N            03/01/27
    0


    1564832          074/G02             F          140,000.00         ZZ
                                         360        139,829.78          1
    17649 NORTH 55TH PLACE             8.500          1,076.48         49
                                       8.250          1,076.48      288,704.00
    SCOTTSDALE       AZ   85254          1            02/03/97         00
    0430178079                           03           04/01/97          0
    1203004490                           O            03/01/27
    0


    1564833          074/G02             F          233,400.00         ZZ
                                         360        232,972.82          1
    8302 EAST BUTEO DRIVE              8.500          1,794.64         80
                                       8.250          1,794.64      291,792.00
    SCOTTSDALE       AZ   85255          1            01/28/97         00
    0430178475                           03           03/01/97          0
    1203005095                           O            02/01/27
    0


    1564837          074/G02             F          284,950.00         ZZ
                                         360        284,467.20          1
    5467 EAST LUPINE AVENUE            8.875          2,267.19         80
                                       8.625          2,267.19      356,200.00
    SCOTTSDALE       AZ   85254          1            01/17/97         00
    0430178509                           05           03/01/97          0
    1204003142                           O            02/01/27
    0


    1564842          074/G02             F          119,700.00         ZZ
                                         360        119,507.44          1
    2532 AB 2536 AB E LINDEN ST        9.125            973.92         70
                                       8.875            973.92      171,000.00
    TUCSON           AZ   85716          5            01/28/97         00
    0430178145                           05           03/01/97          0
1


    1222001692                           N            02/01/27
    0


    1564843          074/G02             F          146,300.00         T
                                         360        146,058.47          1
    11260 OVERLAND AVENUE #15D         9.000          1,177.16         70
                                       8.750          1,177.16      209,000.00
    CULVER CITY      CA   90230          1            02/03/97         00
    0430177139                           01           03/01/97          0
    1234003902                           O            02/01/27
    0


    1564845          074/G02             F          105,950.00         ZZ
                                         360        105,814.41          1
    7895 BRIDGEFIELD LANE              8.250            795.97         78
                                       8.000            795.97      135,990.00
    LAS VEGAS        NV   89117          1            02/19/97         00
    0430178517                           05           04/01/97          0
    1251125203                           O            03/01/27
    0


    1564846          074/G02             F           87,100.00         ZZ
                                         360         86,994.10          1
    6102 GIANT FOREST LANE             8.500            669.72         87
                                       8.250            669.72      101,250.00
    NORTH LAS VEGAS  NV   89031          1            02/19/97         10
    0430180471                           03           04/01/97         25
    1251127468                           N            03/01/27
    0


    1564851          074/G02             F          103,700.00         ZZ
                                         360        103,540.94          1
    1117 PASSION FLOWER CIRCLE         8.125            769.97         85
                                       7.875            769.97      122,000.00
    LAS VEGAS        NV   89108          5            02/21/97         01
    0430180489                           05           04/01/97         12
    1251134576                           O            03/01/27
    0


    1564853          074/G02             F          153,750.00         ZZ
                                         360        153,338.05          1
    1330 JONES STREET                  9.250          1,264.86         75
                                       9.000          1,264.86      207,000.00
    RENO             NV   89503          5            02/03/97         00
    0430180646                           01           04/01/97          0
    1253044270                           O            03/01/27
    0


1


    1564854          074/G02             F          206,000.00         ZZ
                                         360        205,768.17          1
    5705 RANGE LAND ROAD               8.875          1,639.03         80
                                       8.625          1,639.03      257,500.00
    RENO             NV   89510          1            02/26/97         00
    0430179978                           05           04/01/97          0
    1253044714                           O            03/01/27
    0


    1564859          074/G02             F          350,000.00         T
                                         360        349,626.06          1
    6301 COLLINS AVE                   9.125          2,847.72         70
    UNIT PH 07                         8.875          2,847.72      500,000.00
    MIAMI BEACH      FL   33140          1            02/06/97         00
    0430178202                           06           04/01/97          0
    1311273557                           O            03/01/27
    0


    1564861          074/G02             F           95,000.00         ZZ
                                         360         94,812.31          1
    107 NE 103 STREET                  8.125            705.37         68
                                       7.875            705.37      140,000.00
    MIAMI SHORES     FL   33138          1            01/31/97         00
    0430179408                           05           03/01/97          0
    1311281680                           O            02/01/27
    0


    1564864          074/G02             F           48,450.00         ZZ
                                         360         48,391.09          1
    3726 SW 153 PLACE                  8.500            372.54         50
                                       8.250            372.54       96,990.00
    MIAMI            FL   33185          1            02/20/97         00
    0430180067                           03           04/01/97          0
    1311283175                           O            03/01/27
    0


    1564865          074/G02             F           30,000.00         ZZ
                                         360         29,943.52          1
    3181 SO OCEAN DR                   8.625            233.34         80
    UNIT 104                           8.375            233.34       37,500.00
    HALLANDALE       FL   33009          1            01/30/97         10
    0430180075                           08           03/01/97         12
    1312025539                           N            02/01/27
    0


    1564870          074/G02             F           69,600.00         ZZ
                                         360         69,517.52          1
    2158 TURMERIC AVE                  8.625            541.34         80
                                       8.375            541.34       87,000.00
1


    ORLANDO          FL   32837          1            02/21/97         00
    0430178244                           05           04/01/97          0
    1331154652                           O            03/01/27
    0


    1564873          074/G02             F          120,350.00         ZZ
                                         360        120,207.38          1
    991 GREERLAND DRIVE                8.625            936.07         75
                                       8.375            936.07      161,000.00
    NASHVILLE        TN   37204          2            02/13/97         00
    0430177147                           05           04/01/97          0
    1341026444                           O            03/01/27
    0


    1564875          074/G02             F           80,000.00         ZZ
                                         360         79,829.21          1
    3050 EDGEWORTH LANE                8.750            629.36         63
                                       8.500            629.36      129,000.00
    MEMPHIS          TN   38119          1            01/27/97         00
    0430180604                           05           03/01/97          0
    1345001650                           O            02/01/27
    0


    1564877          074/G02             F           61,600.00         T
                                         360         61,527.00          1
    1211 CAPRI ISLES BLVD              8.625            479.12         80
    #115                               8.375            479.12       77,000.00
    SARASOTA         FL   34292          1            02/12/97         00
    0430179937                           01           04/01/97          0
    1381077939                           O            03/01/27
    0


    1564878          074/G02             F          164,800.00         ZZ
                                         360        164,604.70          1
    210 PALM ISLAND NW                 8.625          1,281.80         80
                                       8.375          1,281.80      206,000.00
    CLEARWATER       FL   34630          1            02/28/97         00
    0430180711                           05           04/01/97          0
    1381084162                           O            03/01/27
    0


    1564882          074/G02             F           73,600.00         ZZ
                                         360         73,468.71          1
    213 FIRST AVENUE                   8.625            572.45         80
                                       8.375            572.45       92,000.00
    MELBOURNE BEACH  FL   32951          1            01/31/97         00
    0430179457                           05           03/01/97          0
    1391041461                           O            02/01/27
    0
1




    1564883          074/G02             F           24,300.00         T
                                         360         24,269.54          1
    310 TAYLOR AVE UN 3C-1             8.625            189.00         87
                                       8.375            189.00       28,000.00
    CAPE CANAVERAL   FL   32920          1            02/20/97         21
    0430179507                           01           04/01/97         25
    1391041687                           O            03/01/27
    0


    1564889          074/G02             F           75,000.00         ZZ
                                         360         74,365.52          2
    316 A & B SE MELODY LANE           8.875            596.73         84
                                       8.625            596.73       90,000.00
    LEES SUMMIT      MO   64063          1            01/31/97         04
    0430179572                           05           03/01/97         20
    1456005224                           N            02/01/27
    0


    1564890          074/G02             F          500,000.00         ZZ
                                         360        499,152.86          1
    106 ALDASORO BLVD                  8.875          3,978.22         77
                                       8.625          3,978.22      650,000.00
    TELLURIDE        CO   81435          2            01/31/97         00
    0430180703                           05           03/01/97          0
    1461084730                           O            02/01/27
    0


    1564892          074/G02             F          108,000.00         ZZ
                                         360        107,872.02          1
    23615 SOUTHEAST 384TH STREET       8.625            840.01         78
                                       8.375            840.01      138,800.00
    ENUMCLAW         WA   98022          1            02/26/97         00
    0430180778                           05           04/01/97          0
    1472003285                           O            03/01/27
    0


    1564895          074/G02             F          222,000.00         ZZ
                                         360        221,736.93          1
    14405 115TH AVE CT EAST            8.625          1,726.69         78
                                       8.375          1,726.69      286,000.00
    PUYALLUP         WA   98374          5            02/22/97         00
    0430178236                           03           04/01/97          0
    1472003853                           O            03/01/27
    0


    1564899          074/G02             F           80,000.00         ZZ
                                         360         78,802.48          1
1


    3606 HIGLEY ROAD                   9.000            643.70         74
                                       8.750            643.70      109,006.00
    FARR WEST        UT   84404          5            01/23/97         00
    0430180117                           05           03/01/97          0
    1499002680                           O            02/01/27
    0


    1564900          074/G02             F          127,000.00         ZZ
                                         360        126,857.07          1
    10208 OPEN GATE DRIVE              8.875          1,010.47         80
                                       8.625          1,010.47      159,000.00
    AUSTIN           TX   78726          1            02/05/97         00
    0430179879                           03           04/01/97          0
    1520007106                           O            03/01/27
    0


    1564901          074/G02             F           76,000.00         ZZ
                                         360         75,909.94          1
    2503 BERWYN CIRCLE                 8.625            591.12         85
                                       8.375            591.12       89,500.00
    AUSTIN           TX   78745          1            02/14/97         01
    0430180513                           05           04/01/97         20
    1520007503                           N            03/01/27
    0


    1564904          074/G02             F           85,000.00         ZZ
                                         360         84,826.96          1
    2810 CARRIAGE LANE                 8.125            631.12         68
                                       7.875            631.12      125,500.00
    CARROLLTON       TX   75006          1            02/24/97         00
    0430179580                           03           04/01/97          0
    1524004008                           O            03/01/27
    0


    1564910          074/G02             F          101,250.00         ZZ
                                         360        101,136.06          1
    865 EAST 5650 SOUTH                8.875            805.59         75
                                       8.625            805.59      135,000.00
    SOUTH OGDEN      UT   84403          5            02/21/97         00
    0430180620                           03           04/01/97          0
    1552001835                           O            03/01/27
    0


    1564911          074/G02             F           96,000.00         ZZ
                                         360         95,891.96          1
    1944 NORTH 1150 EAST               8.875            763.82         80
                                       8.625            763.82      120,000.00
    NORTH OGDEN      UT   84414          1            02/14/97         00
    0430179630                           05           04/01/97          0
1


    1552002124                           O            03/01/27
    0


    1564914          074/G02             F           61,150.00         ZZ
                                         360         61,082.94          1
    2809 SHADY LAKE COURT              9.000            492.03         85
                                       8.750            492.03       72,000.00
    IRVING           TX   75060          2            02/10/97         04
    0430180273                           05           04/01/97         25
    1563143106                           N            03/01/27
    0


    1564917          074/G02             F          131,900.00         ZZ
                                         360        131,682.23          1
    148 HOLT HILLS ROAD                9.000          1,061.30         80
                                       8.750          1,061.30      164,900.00
    NASHVILLE        TN   37211          1            01/31/97         00
    0430178251                           03           03/01/97          0
    1563144164                           O            02/01/27
    0


    1564918          074/G02             F           37,500.00         ZZ
                                         360         37,455.54          1
    303 E 6TH STREET                   8.625            291.68         89
                                       8.375            291.68       42,500.00
    GROVE            OK   74344          1            02/21/97         04
    0430180570                           05           04/01/97         25
    1563144390                           N            03/01/27
    0


    1564919          074/G02             F           22,800.00         ZZ
                                         360         22,776.89          1
    10555 TURTLEWOOD                   9.375            189.64         95
                                       9.125            189.64       24,000.00
    HOUSTON          TX   77072          1            02/18/97         01
    0430177154                           01           04/01/97         30
    1563144415                           O            03/01/27
    0


    1564920          074/G02             F           32,850.00         ZZ
                                         360         32,812.04          1
    4851 CEDAR SPRINGS ROAD            8.750            258.44         90
                                       8.500            258.44       36,500.00
    DALLAS           TX   75219          1            02/14/97         12
    0430180588                           01           04/01/97         25
    1563144481                           O            03/01/27
    0


1


    1564922          074/G02             F          141,000.00         ZZ
                                         360        140,828.55          1
    3645 SPRING VALLEY ROAD            8.500          1,084.17         85
                                       8.250          1,084.17      167,000.00
    BIRMINGHAM       AL   35223          5            02/19/97         01
    0430180430                           05           04/01/97         12
    1566089696                           O            03/01/27
    0


    1564923          074/G02             F           23,000.00         ZZ
                                         360         22,974.11          1
    256 LEE ROAD 215                   8.875            183.00         34
                                       8.625            183.00       69,000.00
    PHENIX CITY      AL   36867          5            02/18/97         00
    0430178129                           05           04/01/97          0
    1566090797                           O            03/01/27
    0


    1564925          074/G02             F          131,200.00         ZZ
                                         360        131,023.35          1
    1447 HADAWAY TRAIL                 8.000            962.70         80
                                       7.750            962.70      164,000.00
    LAWRENCEVILLE    GA   30243          1            03/03/97         00
    0430180695                           03           04/01/97          0
    1566091494                           O            03/01/27
    0


    1564927          074/G02             F           64,150.00         ZZ
                                         360         64,072.00          1
    447 SUMMERVILLE DRIVE              8.500            493.26         85
                                       8.250            493.26       75,500.00
    LAWRENCEVILLE    GA   30245          1            02/27/97         12
    0430180406                           05           04/01/97         25
    1566091789                           N            03/01/27
    0


    1564931          074/G02             F           78,400.00         ZZ
                                         360         78,316.24          4
    11229 NORTH 17TH AVENUE            9.125            637.89         80
                                       8.875            637.89       98,000.00
    PHOENIX          AZ   85029          1            02/18/97         00
    0430180539                           05           04/01/97          0
    1569161268                           N            03/01/27
    0


    1564934          074/G02             F          196,000.00         ZZ
                                         360        195,785.06          1
    601 FERGUSON ROAD                  9.000          1,577.07         56
                                       8.750          1,577.07      350,000.00
1


    SEBASTOPOL       CA   95472          5            02/12/97         00
    0430181313                           05           04/01/97          0
    1573168690                           O            03/01/27
    0


    1564935          074/G02             F           89,600.00         ZZ
                                         360         89,463.19          2
    3124 COLFAX AVENUE SOUTH           9.375            745.25         80
                                       9.125            745.25      112,000.00
    MINNEAPOLIS      MN   55408          1            01/31/97         04
    0430180653                           05           03/01/97         25
    1576036164                           N            02/01/27
    0


    1564936          074/G02             F          107,000.00         ZZ
                                         360        106,891.50          4
    308 SHERBURNE AVENUE               9.375            889.98         90
                                       9.125            889.98      118,900.00
    SAINT PAUL       MN   55103          2            02/06/97         12
    0430180661                           05           04/01/97         25
    1576036889                           O            03/01/27
    0


    1564938          074/G02             F           82,300.00         ZZ
                                         360         82,187.18          1
    704 HAYWOOD DRIVE                  8.875            654.82         80
                                       8.625            654.82      103,000.00
    HOWARD LAKE      MN   55349          2            02/07/97         00
    0430181396                           05           04/01/97          0
    1576037134                           O            03/01/27
    0


    1564942          074/G02             F           66,200.00         ZZ
                                         360         66,115.27          1
    129 L MITCHELL ROAD                8.250            497.34         85
                                       8.000            497.34       78,000.00
    FLINTVILLE       TN   37335          5            02/04/97         04
    0430183087                           05           04/01/97         12
    1577062046                           O            03/01/27
    0


    1564944          074/G02             F           88,000.00         ZZ
                                         360         87,903.50          1
    10300 HIGHWAY 17 NORTH             9.000            708.07         80
                                       8.750            708.07      110,000.00
    WILMINGTON       NC   28405          1            02/10/97         00
    0430178210                           05           04/01/97          0
    1577064380                           O            03/01/27
    0
1




    1564945          074/G02             F           51,000.00         ZZ
                                         360         50,948.30          1
    638 A & B JEFFERSON STREET         9.375            424.19         85
                                       9.125            424.19       60,000.00
    ROANOKE RAPIDS   NC   27870          1            02/14/97         01
    0430178327                           05           04/01/97         20
    1577065066                           N            03/01/27
    0


    1564947          074/G02             F           24,500.00         ZZ
                                         360         24,474.49          1
    1502 DALLAS STREET                 9.250            201.56         70
                                       9.000            201.56       35,000.00
    MEMPHIS          TN   38114          5            02/13/97         00
    0430183194                           05           04/01/97          0
    1577065394                           N            03/01/27
    0


    1564952          074/G02             F          117,000.00         ZZ
                                         360        116,930.92          1
    11616 CLUB DRIVE                   8.625            910.02         84
                                       8.375            910.02      140,000.00
    PARKER           CO   80134          1            03/03/97         10
    0430181644                           03           05/01/97         20
    1579042538                           N            04/01/27
    0


    1564954          074/G02             F          283,500.00         ZZ
                                         360        283,180.96          1
    80 VIEW STREET WEST                8.875          2,255.65         70
                                       8.625          2,255.65      405,000.00
    GREENWICH        CT   06830          5            02/14/97         00
    0430181412                           05           04/01/97          0
    1580044905                           N            03/01/27
    0


    1564958          074/G02             F          197,950.00         ZZ
                                         360        197,690.14          1
    320 CENTER ROAD                    8.125          1,469.78         60
                                       7.875          1,469.78      330,000.00
    EASTON           CT   06612          1            02/12/97         00
    0430178053                           05           04/01/97          0
    1580045613                           O            03/01/27
    0


    1564960          074/G02             F          150,000.00         T
                                         360        149,822.24          1
1


    30-32 PEARL STREET                 8.625          1,166.69         65
                                       8.375          1,166.69      231,000.00
    PROVINCETOWN     MA   02657          1            02/21/97         00
    0430181685                           05           04/01/97          0
    1580046117                           O            03/01/27
    0


    1564961          074/G02             F          104,000.00         ZZ
                                         360        103,863.48          1
    800 TOTOKET ROAD                   8.125            772.20         80
                                       7.875            772.20      130,000.00
    NORTH BRANFORD   CT   06472          1            02/25/97         00
    0430181677                           05           04/01/97          0
    1580046321                           O            03/01/27
    0


    1564964          074/G02             F          134,000.00         ZZ
                                         360        133,737.74          1
    42743 HUNT CLUB BLVD               8.875          1,066.17         80
                                       8.625          1,066.17      167,650.00
    STERLING HEIGHT  MI   48314          1            02/19/97         00
    0430182949                           01           04/01/97          0
    1581087073                           O            03/01/27
    0


    1564966          074/G02             F           41,600.00         ZZ
                                         360         41,553.18          1
    2451 COOLEDGE AVENUE               8.875            330.99         80
                                       8.625            330.99       52,000.00
    AKRON            OH   44305          1            02/14/97         12
    0430182048                           05           04/01/97         12
    1581087630                           N            03/01/27
    0


    1564967          074/G02             F          160,500.00         ZZ
                                         360        160,328.51          1
    25035 LAKEVIEW DRIVE               9.125          1,305.89         55
                                       8.875          1,305.89      293,500.00
    BAY VILLAGE      OH   44140          2            02/12/97         00
    0430181461                           05           04/01/97          0
    1581087710                           O            03/01/27
    0


    1564971          074/G02             F           72,250.00         ZZ
                                         360         72,164.37          1
    334 NORTH LINDY AVE                8.625            561.96         85
                                       8.375            561.96       85,000.00
    ZEELAND          MI   49464          5            02/21/97         04
    0430183111                           05           04/01/97         12
1


    1581088338                           O            03/01/27
    0


    1564976          074/G02             F          100,000.00         ZZ
                                         360         99,881.50          1
    8 SANDY'S ROAD                     8.625            777.79         69
                                       8.375            777.79      146,000.00
    BYRAM            NJ   07821          1            02/14/97         00
    0430181743                           05           04/01/97          0
    1587056797                           O            03/01/27
    0


    1564978          074/G02             F          138,000.00         ZZ
                                         360        137,844.70          1
    6112 OCCOQUAN FOREST DRIVE         8.875          1,097.99         73
                                       8.625          1,097.99      190,000.00
    MANASSAS         VA   22111          2            02/19/97         00
    0430181750                           05           04/01/97          0
    1587058282                           O            03/01/27
    0


    1564979          074/G02             F           28,500.00         T
                                         360         28,465.32          1
    7401 NORTHWEST 85TH STREET         8.500            219.15         75
    UNIT-11-206                        8.250            219.15       38,000.00
    TAMARAC          FL   33321          1            02/14/97         00
    0430181776                           01           04/01/97          0
    1589091030                           O            03/01/27
    0


    1564984          074/G02             F          116,000.00         ZZ
                                         360        115,851.54          1
    541 NW 39TH TERRACE                8.250            871.47         80
                                       8.000            871.47      145,000.00
    DEERFIELD BEACH  FL   33442          1            02/28/97         00
    0430181495                           03           04/01/97          0
    1589095870                           O            03/01/27
    0


    1564987          074/G02             F           50,000.00         T
                                         360         49,945.16          1
    10613 FORT MORGAN ROAAD            9.000            402.32         42
                                       8.750            402.32      120,000.00
    GULF SHORES      AL   36542          5            02/18/97         00
    0430178103                           05           04/01/97          0
    1590030612                           O            03/01/27
    0


1


    1564990          074/G02             F          132,000.00         ZZ
                                         360        131,847.55          1
    ROUTE 7, BOX 1090                  8.750          1,038.45         80
                                       8.500          1,038.45      165,500.00
    QUINCY           FL   32351          5            02/21/97         00
    0430181818                           05           04/01/97          0
    1590034158                           O            03/01/27
    0


    1564991          074/G02             F           31,200.00         T
                                         360         30,647.41          1
    958 HART PLACE                     8.750            245.46         60
                                       8.500            245.46       52,000.00
    MELBOURNE        FL   32940          1            02/28/97         00
    0430178160                           03           04/01/97          0
    1590034770                           O            03/01/27
    0


    1564992          074/G02             F          153,000.00         ZZ
                                         360        152,703.52          1
    9322 FIRESIDE DRIVE                8.250          1,149.44         75
                                       8.000          1,149.44      204,000.00
    HUNTINGTON BEAC  CA   92646          1            02/24/97         00
    0430181800                           05           04/01/97          0
    1595028550                           O            03/01/27
    0


    1564996          074/G02             F           83,000.00         ZZ
                                         360         82,893.79          1
    109 W ROCKWELL STREET              8.250            623.55         84
                                       8.000            623.55       99,000.00
    ELKHORN          WI   53121          5            02/10/97         10
    0430181537                           05           04/01/97         12
    1615009126                           O            03/01/27
    0


    1565002          074/G02             F           66,400.00         ZZ
                                         360         66,278.46          1
    405 WESTFIELD                      8.500            510.56         80
                                       8.250            510.56       83,000.00
    OFALLON          IL   62269          1            01/31/97         00
    0430181875                           05           03/01/97          0
    1634012809                           O            02/01/27
    0


    1565004          074/G02             F           84,000.00         ZZ
                                         360         83,895.22          1
    8131 SPRING LK RD                  8.375            638.46         70
                                       8.125            638.46      120,000.00
1


    MOUNDS VIEW      MN   55112          1            02/28/97         00
    0430182931                           05           04/01/97          0
    1664088355                           O            03/01/27
    0


    1565005          074/G02             F           24,400.00         ZZ
                                         360         24,369.56          1
    6077 MILL RUN ROAD                 8.375            185.46         28
                                       8.125            185.46       87,400.00
    MONTICELLO       MN   55362          1            02/28/97         00
    0430181891                           05           04/01/97          0
    1664088388                           O            03/01/27
    0


    1565006          074/G02             F           80,000.00         ZZ
                                         360         79,855.63          1
    5858 FLEMING CT                    8.750            629.36         50
                                       8.500            629.36      160,000.00
    GREENDALE        WI   53129          1            01/31/97         00
    0430182055                           05           03/01/97          0
    1671082676                           O            02/01/27
    0


    1565008          074/G02             F          113,050.00         ZZ
                                         360        112,912.54          1
    11111 JOYCETON DRIVE               8.500            869.26         85
                                       8.250            869.26      133,000.00
    UPPER MARLBORO   MD   20772          5            02/25/97         21
    0430183020                           09           04/01/97         12
    1701131735                           O            03/01/27
    0


    1565010          074/G02             F          230,400.00         ZZ
                                         360        230,126.96          1
    12011 CALIE COURT                  8.625          1,792.03         80
                                       8.375          1,792.03      288,000.00
    FAIRFAX          VA   22033          1            02/26/97         00
    0430181909                           03           04/01/97          0
    1761098707                           O            03/01/27
    0


    1565012          074/G02             F          116,850.00         ZZ
                                         360        116,718.50          4
    400 E MAIN STREET                  8.875            929.71         85
                                       8.625            929.71      137,500.00
    CHRISTIANSBURG   VA   24073          1            02/10/97         04
    0430182097                           05           04/01/97         25
    1785010187                           N            03/01/27
    0
1




    1565017          074/G02             F          177,000.00         ZZ
                                         360        176,800.81          2
    107 RUSSETT ROAD                   8.875          1,408.29         70
                                       8.625          1,408.29      254,000.00
    WEST ROXBURY     MA   02132          1            02/24/97         00
    0430182113                           05           04/01/97          0
    1813081443                           O            03/01/27
    0


    1565018          074/G02             F          108,750.00         ZZ
                                         360        108,627.63          1
    6 ROSEWOOD AVENUE                  8.875            865.26         75
                                       8.625            865.26      145,000.00
    BILLERICA        MA   01821          1            02/14/97         00
    0430182121                           05           04/01/97          0
    1813082093                           O            03/01/27
    0


    1565019          074/G02             F          205,000.00         ZZ
                                         360        204,763.24          1
    15 BEACON ROAD                     8.750          1,612.74         76
                                       8.500          1,612.74      270,000.00
    WEBSTER          MA   01570          2            02/21/97         00
    0430182147                           05           04/01/97          0
    1813082413                           O            03/01/27
    0


    1565022          074/G02             F           70,000.00         ZZ
                                         360         69,919.16          2
    143 145 LARKIN COURT               8.750            550.69         63
                                       8.500            550.69      112,000.00
    STRATFORD        CT   06497          5            02/20/97         00
    0430182154                           05           04/01/97          0
    1817110281                           N            03/01/27
    0


    1565032          E13/G02             F           48,720.00         T
                                         360         48,720.00          1
    2457 NW 56TH AVENUE 206            9.500            409.67         80
                                       9.250            409.67       60,900.00
    LAUDERHILL       FL   33313          1            04/07/97         12
    0430202440                           01           06/01/97         12
    21129                                O            05/01/27
    0


    1565171          225/225             F           30,600.00         ZZ
                                         360         30,600.00          1
1


    2315 & 2317 NORTH WOODWARD AVE     9.000            246.22         90
                                       8.750            246.22       34,000.00
    OKLAHOMA CITY    OK   73107          1            04/04/97         04
    804215700                            05           06/01/97         25
    804215700                            N            05/01/27
    0


    1565197          076/076             F          104,100.00         ZZ
                                         360        103,971.43          3
    521 WHITELAND AVENUE               8.750            818.96         85
                                       8.500            818.96      122,500.00
    DOWNINGTOWN      PA   19335          1            02/28/97         10
    7079998                              05           04/01/97         20
    7079998                              N            03/01/27
    0


    1565219          A33/G02             F           28,800.00         ZZ
                                         360         28,800.00          1
    8686 DODGE AVE                     8.875            229.15         90
                                       8.625            229.15       32,000.00
    WARREN           MI   48089          1            04/10/97         10
    0430222000                           05           06/01/97         25
    7037060                              N            05/01/27
    0


    1565220          E19/G02             F          120,000.00         ZZ
                                         360        119,929.15          1
    1019 THORNSBY LANE                 8.625            933.35         79
                                       8.375            933.35      152,000.00
    MATTHEWS         NC   28105          1            03/14/97         00
    0430180448                           05           05/01/97          0
    1000017840                           O            04/01/27
    0


    1565229          637/G02             F          249,375.00         ZZ
                                         360        248,003.90          2
    33-28 83RD STREET                  8.875          1,984.14         95
                                       8.625          1,984.14      262,500.00
    JACKSON HEIGHTS  NY   11372          1            08/30/96         04
    0430179598                           05           10/01/96         30
    9105966                              O            09/01/26
    0


    1565279          180/G02             F          134,300.00         ZZ
                                         360        134,300.00          4
    1807 MEADOWLAND DRIVE              9.250          1,104.85         85
                                       9.000          1,104.85      158,000.00
    CHEYENNE         WY   82009          1            04/04/97         01
    0430202093                           05           06/01/97         20
1


    4788352                              N            05/01/27
    0


    1565281          180/G02             F          134,300.00         ZZ
                                         360        134,300.00          4
    1772 MEADOWLAND DRIVE              9.250          1,104.85         85
                                       9.000          1,104.85      158,000.00
    CHEYENNE         WY   82009          1            04/04/97         10
    0430202069                           05           06/01/97         20
    4788378                              N            05/01/27
    0


    1565282          F18/G02             F          161,600.00         ZZ
                                         360        161,504.59          1
    4345 VICTORIA ANENUE               8.625          1,256.91         80
                                       8.375          1,256.91      202,000.00
    UNION CITY       CA   94587          1            03/26/97         00
    0430193821                           05           05/01/97          0
    1565282                              O            04/01/27
    0


    1565285          180/G02             F          134,300.00         ZZ
                                         360        134,300.00          4
    1815 MEADOWLAND DRIVE              9.250          1,104.85         85
                                       9.000          1,104.85      158,000.00
    CHEYENNE         WY   82009          1            04/04/97         04
    0430202085                           05           06/01/97         20
    4788360                              N            05/01/27
    0


    1565302          731/G02             F           39,200.00         ZZ
                                         360         39,178.59          1
    4531 BURKS ROAD                    9.000            315.41         70
                                       8.750            315.41       56,000.00
    FOREST PARK      GA   30050          5            03/11/97         00
    0430193441                           05           05/01/97          0
    3140963666                           N            04/01/27
    0


    1565308          964/G02             F          130,000.00         ZZ
                                         360        130,000.00          1
    18819 RENAULT STREET               8.750          1,022.71         78
    LA PUENTE AREA                     8.500          1,022.71      168,000.00
    LOS ANGELES      CA   91744          5            04/03/97         00
    0430201566                           05           06/01/97          0
    23265                                O            05/01/27
    0


1


    1565309          F03/G02             F          114,750.00         ZZ
                                         360        114,750.00          1
    4354 HOYT STREET                   9.000            923.31         85
                                       8.750            923.31      135,000.00
    WHEATRIDGE       CO   80033          5            04/03/97         01
    0430214965                           05           06/01/97         12
    DEN10708                             O            05/01/27
    0


    1565311          568/G02             F          420,000.00         ZZ
                                         360        419,738.95          1
    502 BUTLER NATIONAL DRIVE          8.375          3,192.30         80
                                       8.125          3,192.30      525,000.00
    DULUTH           GA   30155          5            04/01/97         00
    0430202192                           03           05/01/97          0
    808501                               O            04/01/27
    0


    1565322          180/G02             F           34,800.00         T
                                         360         34,800.00          1
    4172 INVERRARY DR #507             9.000            280.01         80
                                       8.750            280.01       43,500.00
    LAUDERHILL       FL   33319          1            04/11/97         23
    0430222943                           08           06/01/97          0
    4825626                              O            05/01/27
    0


    1565330          874/G02             F           97,650.00         ZZ
                                         360         97,650.00          1
    3154 ESPANOL DRIVE                 9.250            803.34         90
                                       9.000            803.34      108,500.00
    LAS VEGAS        NV   89121          1            04/01/97         10
    0430204628                           09           06/01/97         25
    193337                               N            05/01/27
    0


    1565342          638/G02             F          105,750.00         ZZ
                                         360        105,689.15          1
    545 NE SCOTT AVENUE                8.750            831.94         90
                                       8.500            831.94      117,500.00
    GRESHAM          OR   97030          1            03/25/97         10
    0430205435                           05           05/01/97         25
    08629119                             N            04/01/27
    0


    1565345          966/G02             F           55,100.00         ZZ
                                         360         55,100.00          1
    2201 2203 TREEMONT AVENUE          9.500            463.31         89
                                       9.250            463.31       62,000.00
1


    EL PASO          TX   79930          1            04/04/97         10
    0430204594                           05           06/01/97         25
    30003247                             N            05/01/27
    0


    1565346          225/225             F           86,600.00         ZZ
                                         360         86,551.45          1
    2689 TYLER AVENUE                  8.875            689.03         80
                                       8.625            689.03      108,300.00
    OGDEN            UT   84401          5            03/26/97         00
    804325000                            05           05/01/97          0
    804325000                            O            04/01/27
    0


    1565352          667/G02             F          120,000.00         ZZ
                                         360        119,925.41          1
    2243 FIG STREET                    8.375            912.09         80
                                       8.125            912.09      150,000.00
    SIMI VALLEY      CA   93063          1            03/26/97         00
    0430197202                           05           05/01/97          0
    73000432                             O            04/01/27
    0


    1565361          G52/G02             F          110,600.00         ZZ
                                         360        110,462.04          1
    844 EAST SPANISH MOSS LANE         8.375            840.64         80
                                       8.125            840.64      138,250.00
    PHOENIX          AZ   85022          1            02/19/97         00
    0430195354                           03           04/01/97          0
    0000                                 O            03/01/27
    0


    1565364          180/G02             F          147,150.00         ZZ
                                         360        147,069.63          1
    711 LYNDEN LANE                    9.000          1,184.00         90
                                       8.750          1,184.00      163,500.00
    ARLINGTON HEIGH  IL   60005          1            03/31/97         10
    0430199695                           05           05/01/97         25
    4670881                              N            04/01/27
    0


    1565379          638/G02             F           95,200.00         ZZ
                                         360         95,200.00          1
    1075 TIMBERLINE DRIVE              9.125            774.58         80
                                       8.875            774.58      119,000.00
    ST LOUIS         MO   63026          1            04/18/97         00
    0430216143                           05           06/01/97          0
    8629285                              O            05/01/27
    0
1




    1565414          B68/G02             F          115,500.00         ZZ
                                         360        115,500.00          2
    9430-32 S MANHATTAN PLACE          9.250            950.19         70
                                       9.000            950.19      165,000.00
    LOS ANGELES      CA   90047          5            04/01/97         00
    0430197772                           05           06/01/97          0
    37027101                             N            05/01/27
    0


    1565417          246/G02             F          220,000.00         ZZ
                                         360        219,856.08          1
    6802 HAMPSHIRE ROAD                8.125          1,633.50         51
                                       7.875          1,633.50      435,000.00
    MCLEAN           VA   22101          5            03/31/97         00
    0430199364                           05           05/01/97          0
    024019                               O            04/01/27
    0


    1565421          992/G02             F          168,750.00         ZZ
                                         360        168,750.00          1
    77 BLUE HILL ROAD                  8.250          1,267.77         75
                                       8.000          1,267.77      225,000.00
    HOPEWELL JUNCTI  NY   12533          1            04/18/97         00
    0430217968                           05           06/01/97          0
    334047                               O            05/01/27
    0


    1565425          G88/G02             F           35,750.00         ZZ
                                         360         35,750.00          1
    42 A GILLIS STREET UNIT 4          9.750            307.15         65
                                       9.500            307.15       55,000.00
    NASHUA           NH   03060          1            04/04/97         00
    0430195180                           01           06/01/97          0
    9703025                              N            05/01/27
    0


    1565444          575/G02             F           49,000.00         ZZ
                                         360         49,000.00          1
    69 TENNYSON TERRACE                8.875            389.87         68
                                       8.625            389.87       73,000.00
    AMHERST          NY   14221          5            04/23/97         00
    0430217737                           05           06/01/97          0
    972045896                            N            05/01/27
    0


    1565486          180/G02             F           34,200.00         ZZ
                                         360         34,162.50          1
1


    226 SOUTH E AVENUE                 9.000            275.18         90
                                       8.750            275.18       38,000.00
    GOODWELL         OK   73939          1            02/27/97         04
    0430195255                           05           04/01/97         25
    4683058                              N            03/01/27
    0


    1565492          286/286             F           57,600.00         ZZ
                                         360         57,529.95          1
    6315 CAMPBELL RD                   8.500            442.90         90
    602                                8.250            442.90       64,000.00
    DALLAS           TX   75248          1            02/26/97         12
    09163078                             01           04/01/97         25
    09163078                             O            03/01/27
    0


    1565493          286/286             F           38,700.00         ZZ
                                         360         38,655.30          1
    15926 ROSEBRIAR DRIVE              8.750            304.46         90
                                       8.500            304.46       43,000.00
    MISSOURI CITY    TX   77489          1            02/20/97         12
    09163285                             05           04/01/97         25
    09163285                             N            03/01/27
    0


    1565494          286/286             F           67,600.00         ZZ
                                         360         67,523.92          1
    108 ROBBINS REST CIRCLE            8.875            537.86         82
                                       8.625            537.86       83,400.00
    DAVENPORT        FL   33837          1            02/26/97         12
    09161703                             05           04/01/97         12
    09161703                             O            03/01/27
    0


    1565513          B75/G02             F          165,600.00         ZZ
                                         360        165,504.72          1
    3521 DICKASON AVENUE               8.750          1,302.78         80
                                       8.500          1,302.78      207,000.00
    DALLAS           TX   75219          1            04/01/97         00
    0430220129                           05           05/01/97          0
    2808509                              O            04/01/27
    0


    1565521          180/G02             F          133,250.00         ZZ
                                         360        133,184.46          1
    16 MOUNTAIN VIEW ROAD              9.500          1,120.44         65
                                       9.250          1,120.44      205,000.00
    MANITOU SPRINGS  CO   80829          5            03/31/97         00
    0430201533                           05           05/01/97          0
1


    4788873                              N            04/01/27
    0


    1565524          405/405             F           73,800.00         ZZ
                                         360         73,800.00          4
    11226 BELAIR DRIVE                 9.500            620.56         90
                                       9.250            620.56       82,000.00
    SAN ANTONIO      TX   78213          1            04/18/97         04
    4164877                              05           06/01/97         25
    4164877                              N            05/01/27
    0


    1565534          E22/G02             F          410,000.00         ZZ
                                         360        409,764.11          1
    196 SUMMERS ROAD                   8.750          3,225.47         88
                                       8.500          3,225.47      470,000.00
    CENTRALIA        WA   98531          2            03/10/97         04
    0410218895                           05           05/01/97         25
    410218895                            O            04/01/27
    0


    1565542          180/G02             F           49,050.00         ZZ
                                         360         49,025.87          1
    869 MEADOW PLACE                   9.500            412.44         90
                                       9.250            412.44       54,500.00
    MARIETTA         GA   30060          1            04/03/97         12
    0430211052                           05           05/01/97         30
    4614913                              N            04/01/27
    0


    1565547          225/225             F          102,800.00         ZZ
                                         360        102,737.72          1
    4009 ELGANZA COURT                 8.500            790.45         80
                                       8.250            790.45      128,500.00
    PLANO            TX   75023          1            03/31/97         00
    804199200                            05           05/01/97          0
    804199200                            O            04/01/27
    0


    1565564          225/225             F           51,750.00         ZZ
                                         360         51,722.46          1
    5004 DREW COURT                    9.125            421.06         90
                                       8.875            421.06       57,500.00
    ARLINGTON        TX   76017          1            03/27/97         10
    80434800                             05           05/01/97         25
    80434800                             N            04/01/27
    0


1


    1565566          G44/G02             F          160,400.00         T
                                         360        160,321.10          1
    6301 COLLINS AVENUE                9.500          1,348.73         70
    UNIT 1408                          9.250          1,348.73      230,400.00
    MIAMI BEACH      FL   33140          1            03/31/97         00
    0430202002                           06           05/01/97          0
    0397044                              O            04/01/27
    0


    1565567          225/225             F           98,800.00         ZZ
                                         360         98,800.00          1
    3972 HEATHERWOOD                   8.625            768.46         80
                                       8.375            768.46      123,500.00
    TRAVERSE CITY    MI   49684          1            04/11/97         00
    804331800                            05           06/01/97          0
    804331800                            O            05/01/27
    0


    1565570          225/225             F           42,500.00         ZZ
                                         360         42,477.38          1
    3116 SUTTON AVENUE                 9.125            345.80         85
                                       8.875            345.80       50,000.00
    KETTERING        OH   45429          1            03/28/97         04
    804077400                            05           05/01/97         12
    804077400                            N            04/01/27
    0


    1565575          637/G02             F          112,500.00         ZZ
                                         360        112,500.00          1
    7054-7056 BABCOCK ROAD             9.125            915.34         90
                                       8.875            915.34      125,000.00
    FORT MYERS       FL   33912          3            04/22/97         01
    0430221184                           05           06/01/97         25
    3008042                              N            05/01/27
    0


    1565579          637/G02             F          121,500.00         ZZ
                                         360        121,500.00          4
    5321 NORTHWEST 22TH STREET         9.500          1,021.64         90
                                       9.250          1,021.64      135,000.00
    LAUDERHILL       FL   33313          3            04/11/97         01
    0430208298                           05           06/01/97         25
    9457193                              N            05/01/27
    0


    1565580          874/G02             F           94,400.00         ZZ
                                         360         94,400.00          3
    816 EAST SECOND STREET             8.500            725.85         80
                                       8.250            725.85      118,000.00
1


    RENO             NV   89501          1            03/31/97         04
    0430203166                           05           06/01/97         12
    3684451                              N            05/01/27
    0


    1565582          405/405             F          130,000.00         ZZ
                                         360        130,000.00          1
    10921 SANDY RUN ROAD               9.250          1,069.48         80
                                       9.000          1,069.48      162,500.00
    JUPITER          FL   33478          1            04/18/97         00
    4165783                              05           06/01/97          0
    4165783                              O            05/01/27
    0


    1565606          624/G02             F          116,250.00         ZZ
                                         360        116,181.37          1
    1416 NORTH SAN ANTONIO AVENUE      8.625            904.18         75
                                       8.375            904.18      155,000.00
    UPLAND           CA   91786          1            03/27/97         00
    0430198325                           05           05/01/97          0
    34092070023                          O            04/01/27
    0


    1565624          B75/G02             F           90,000.00         ZZ
                                         360         89,948.22          1
    7838 PINE TRACE DRIVE UNIT 50      8.750            708.03         90
                                       8.500            708.03      100,000.00
    SARASOTA         FL   34243          1            03/19/97         01
    0430182345                           01           05/01/97         35
    2930014                              N            04/01/27
    0


    1565638          B59/G02             F          136,000.00         ZZ
                                         360        136,000.00          1
    1571 SOUTH SHORE DRIVE             8.500          1,045.72         80
                                       8.250          1,045.72      170,000.00
    ORANGE PARK      FL   32073          1            04/16/97         00
    0430211342                           05           06/01/97          0
    UNKNOWN                              O            05/01/27
    0


    1565652          003/G02             F           49,050.00         ZZ
                                         360         48,997.59          1
    9500 SW 3RD STREET #238B           9.125            399.09         90
                                       8.875            399.09       54,500.00
    BOCA RATON       FL   33428          1            02/28/97         10
    0430199141                           01           04/01/97         25
    3783925                              N            03/01/27
    0
1




    1565661          B28/G02             F           97,600.00         ZZ
                                         360         97,545.28          1
    1011 PIERCE STREET                 8.875            776.55         80
    22                                 8.625            776.55      122,000.00
    LAKEWOOD         CO   80214          1            03/28/97         23
    0430205633                           05           05/01/97          0
    11970220                             N            04/01/27
    0


    1565668          229/G02             F           77,000.00         ZZ
                                         360         77,000.00          1
    861 NORTH SIR PHILIP DRIVE         9.500            647.46         70
                                       9.250            647.46      110,000.00
    SALT LAKE CITY   UT   84116          5            04/01/97         00
    0430207100                           05           06/01/97          0
    0007408800                           N            05/01/27
    0


    1565677          377/377             F           93,100.00         T
                                         360         93,052.98          1
    501 FORGE ROAD                     9.375            774.36         70
                                       9.125            774.36      133,050.00
    DURHAM           NC   27713          1            03/31/97         00
    3657343                              05           05/01/97          0
    3657343                              O            04/01/27
    0


    1565679          F03/G02             F          108,000.00         ZZ
                                         360        108,000.00          1
    5569 MAJESTIC DRIVE                9.000            869.00         80
                                       8.750            869.00      136,300.00
    COLORADO SPRING  CO   80919          5            03/31/97         00
    0430195800                           05           06/01/97          0
    DEN10683                             O            05/01/27
    0


    1565692          229/G02             F           78,000.00         ZZ
                                         360         77,955.12          1
    148 LITTLE MILL ROAD               8.750            613.63         75
                                       8.500            613.63      104,000.00
    SANDOWN          NH   03873          1            03/31/97         00
    0430204032                           05           05/01/97          0
    7421266                              O            04/01/27
    0


    1565693          638/G02             F          141,500.00         ZZ
                                         360        141,420.67          2
1


    1830 1832 NE 226TH COURT           8.875          1,125.84         88
                                       8.625          1,125.84      161,500.00
    FAIRVIEW         OR   97024          1            03/28/97         10
    0430203026                           05           05/01/97         25
    8629120                              N            04/01/27
    0


    1565698          313/G02             F           89,900.00         ZZ
                                         360         89,845.53          1
    7860 WEST LAMAR ROAD               8.500            691.26         90
                                       8.250            691.26      100,000.00
    GLENDALE         AZ   85303          1            03/27/97         04
    0430196436                           05           05/01/97         30
    6295166                              N            04/01/27
    0


    1565701          225/225             F           53,550.00         ZZ
                                         360         53,519.98          1
    1220 VATTIER STREET                8.875            426.07         90
                                       8.625            426.07       59,500.00
    MANHATTAN        KS   66502          1            03/31/97         04
    8042063                              05           05/01/97         25
    8042063                              N            04/01/27
    0


    1565706          G26/G02             F          170,000.00         ZZ
                                         360        170,000.00          1
    13 SUMMER AVENUE                   9.000          1,367.86         40
                                       8.750          1,367.86      430,000.00
    GREAT NECK       NY   11020          1            04/11/97         00
    0430203117                           05           06/01/97          0
    UNKNOWN                              O            05/01/27
    0


    1565708          B75/G02             F           25,500.00         ZZ
                                         360         25,486.07          1
    912 THOMAS STREET                  9.000            205.18         75
                                       8.750            205.18       34,000.00
    SOUTH BEND       IN   46601          5            03/31/97         00
    0430203455                           05           05/01/97          0
    2902724                              O            04/01/27
    0


    1565711          828/G02             F          100,000.00         ZZ
                                         360         99,939.41          1
    3503 OAK KNOLL DRIVE               8.500            768.92         80
                                       8.250            768.92      126,000.00
    TYLER            TX   75707          1            03/26/97         00
    0430200113                           05           05/01/97          0
1


    70070070                             O            04/01/27
    0


    1565716          G41/G02             F          166,500.00         ZZ
                                         360        166,500.00          4
    908 EAST 213TH STREET              9.500          1,400.02         90
                                       9.250          1,400.02      185,000.00
    BRONX            NY   10466          1            04/04/97         10
    0430205054                           05           06/01/97         25
    061000184                            N            05/01/27
    0


    1565850          560/560             F           81,000.00         ZZ
                                         360         80,852.18          1
    1200 I STREET NO 309               8.625            630.01         90
                                       8.375            630.01       90,000.00
    ANCHORAGE        AK   99501          1            03/27/97         04
    450684519                            01           05/01/97         25
    450684519                            N            04/01/27
    0


    1565856          757/757             F           56,500.00         ZZ
                                         360         56,469.13          1
    612 SHERRY LANE                    9.000            454.62         65
                                       8.750            454.62       87,000.00
    LOGANVILLE       GA   30248          5            03/17/97         00
    2951903                              05           05/01/97          0
    2951903                              N            04/01/27
    0


    1565857          757/757             F           56,680.00         ZZ
                                         360         56,649.03          1
    210 ZION WOOD ROAD                 9.000            456.07         61
                                       8.750            456.07       94,000.00
    LOGANVILLE       GA   30249          5            03/17/97         00
    2951887                              05           05/01/97          0
    2951887                              N            04/01/27
    0


    1565858          757/757             F           70,150.00         ZZ
                                         360         70,111.68          1
    350 TOWLER SHOALS COURT            9.000            564.45         65
                                       8.750            564.45      108,000.00
    LOGANVILLE       GA   30249          5            03/17/97         00
    2951895                              05           05/01/97          0
    2951895                              N            04/01/27
    0


1


    1565872          A80/G02             F          144,000.00         ZZ
                                         360        144,000.00          1
    1870 EAST 3RD AVENUE               9.500          1,210.83         90
                                       9.250          1,210.83      160,000.00
    HIALEAH          FL   33010          1            04/11/97         12
    0430206110                           05           06/01/97         25
    9715440                              O            05/01/27
    0


    1565892          455/G02             F           87,300.00         ZZ
                                         360         87,251.06          1
    10159 REGENT CIRCLE                8.875            694.60         74
                                       8.625            694.60      119,000.00
    NAPLES           FL   34109          1            03/11/97         00
    0430194357                           03           05/01/97          0
    54695                                O            04/01/27
    0


    1565899          B68/G02             F           99,600.00         ZZ
                                         360         99,600.00          1
    6308 TRINIDAD AVENUE               9.250            819.38         80
                                       9.000            819.38      124,500.00
    BAKERSFIELD      CA   93313          1            04/04/97         10
    0430221044                           05           06/01/97         12
    37027188                             N            05/01/27
    0


    1565928          731/G02             F           67,000.00         ZZ
                                         360         66,957.28          1
    15315 SE EAST AVENUE               8.250            503.35         51
                                       8.000            503.35      133,000.00
    MILWAUKIE        OR   97267          5            03/10/97         00
    0430195479                           05           05/01/97          0
    411613330                            N            04/01/27
    0


    1565931          201/G02             F           34,200.00         ZZ
                                         360         34,180.32          1
    4730 CAROLINE STREET               8.750            269.06         90
                                       8.500            269.06       38,000.00
    SEABROOK         TX   77586          1            03/05/97         04
    0430207217                           05           05/01/97         25
    7800964962                           N            04/01/27
    0


    1566093          882/G02             F          730,000.00         ZZ
                                         360        730,000.00          1
    6825 SUNRISE DRIVE                 8.625          5,677.87         41
                                       8.375          5,677.87    1,800,000.00
1


    CORAL GABLES     FL   33133          5            04/01/97         00
    0430196444                           05           06/01/97          0
    970073                               O            05/01/27
    0


    1566099          A46/G02             F           35,100.00         ZZ
                                         360         35,082.74          2
    1917-1919 NW 30 STREET             9.500            295.14         90
                                       9.250            295.14       39,000.00
    OKLAHOMA CITY    OK   73118          1            03/31/97         01
    0430203703                           05           05/01/97         25
    0924047                              N            04/01/27
    0


    1566106          638/G02             F           55,800.00         ZZ
                                         360         55,770.30          1
    419 CORLEY DRIVE                   9.125            454.01         90
                                       8.875            454.01       62,000.00
    HIGHLANDS        TX   77562          1            04/04/97         10
    0430202101                           05           05/01/97         25
    08631928                             N            04/01/27
    0


    1566107          638/G02             F           26,800.00         ZZ
                                         360         26,786.10          1
    2415 FAYLE STREET                  9.250            220.48         80
                                       9.000            220.48       33,500.00
    BAYTOWN          TX   77521          1            04/04/97         10
    0430207183                           05           05/01/97         12
    08631642                             N            04/01/27
    0


    1566139          180/G02             F           32,250.00         ZZ
                                         360         32,231.92          1
    5700 RANCHO GRANDE DRIVE           8.875            256.60         75
                                       8.625            256.60       43,000.00
    ARLINGTON        TX   76017          1            03/28/97         00
    0430205211                           05           05/01/97          0
    4619268                              N            04/01/27
    0


    1566169          604/G02             F           62,400.00         ZZ
                                         360         62,400.00          1
    207 ST MARY STREET                 9.000            502.08         84
                                       8.750            502.08       75,000.00
    BURLINGTON       NJ   08016          2            04/04/97         10
    0430218941                           05           06/01/97         25
    44100804                             N            05/01/27
    0
1




    1566187          003/G02             F           66,850.00         ZZ
                                         360         66,815.34          1
    3580 KING DRIVE                    9.250            549.96         90
                                       9.000            549.96       74,300.00
    DOUGLASVILLE     GA   30135          1            03/11/97         10
    0430202143                           05           05/01/97         25
    3780210                              O            04/01/27
    0


    1566220          A80/G02             F          152,000.00         ZZ
                                         360        152,000.00          1
    17300 SW 246TH STREET              8.875          1,209.38         80
                                       8.625          1,209.38      190,000.00
    MIAMI            FL   33031          5            04/25/97         00
    0430220665                           05           06/01/97          0
    9715448                              O            05/01/27
    0


    1566223          225/225             F           38,700.00         ZZ
                                         360         38,655.30          1
    3333 HARRISON AVENUE               8.750            304.46         90
                                       8.500            304.46       43,000.00
    EL PASO          TX   79930          1            02/26/97         04
    803741000                            05           04/01/97         25
    803741000                            O            03/01/27
    0


    1566260          E46/G02             F          245,600.00         ZZ
                                         360        245,600.00          1
    2803 APPLE VALLEY LANE             9.000          1,976.15         75
                                       8.750          1,976.15      327,500.00
    LOWER PROVIDENC  PA   19403          1            04/02/97         00
    0430202424                           03           06/01/97          0
    24902                                O            05/01/27
    0


    1566261          253/253             F           55,000.00         ZZ
                                         360         54,965.81          1
    13655 CORRIGAN DR                  8.375            418.04         80
                                       8.125            418.04       68,800.00
    HOUSTON          TX   77014          1            03/14/97         23
    326758                               03           05/01/97          0
    326758                               N            04/01/27
    0


    1566265          225/225             F           84,350.00         ZZ
                                         360         84,350.00          1
1


    16321 LONGMIRE ROAD SOUTH EAST     8.750            663.59         72
                                       8.500            663.59      118,500.00
    YELM             WA   98597          5            04/04/97         00
    8043312                              05           06/01/97          0
    8043312                              O            05/01/27
    0


    1566278          737/G02             F           78,750.00         ZZ
                                         360         78,706.99          3
    11002 N 16TH AVENUE                9.000            633.64         90
                                       8.750            633.64       87,500.00
    PHOENIX          AZ   85029          1            03/13/97         01
    0430202465                           05           05/01/97         25
    512521                               O            04/01/27
    0


    1566284          737/G02             F           68,000.00         ZZ
                                         360         67,959.85          1
    4556 BRANDON DRIVE                 8.625            528.90         56
                                       8.375            528.90      123,000.00
    LILBURN          GA   30247          1            03/14/97         00
    0430193953                           05           05/01/97          0
    559478                               O            04/01/27
    0


    1566404          455/G02             F          145,150.00         ZZ
                                         360        145,057.44          1
    4364 CROFTON OVERLOOK              8.250          1,090.47         80
                                       8.000          1,090.47      181,462.00
    SUWANEE          GA   30174          1            03/14/97         00
    0430214247                           03           05/01/97          0
    54873                                O            04/01/27
    0


    1566411          131/G02             F          121,500.00         ZZ
                                         360        121,422.52          1
    3430 S ELIOT STREET                8.250            912.79         90
                                       8.000            912.79      135,000.00
    ENGLEWOOD        CO   80110          1            03/14/97         04
    0430194563                           05           05/01/97         25
    3248100                              N            04/01/27
    0


    1566413          G51/G02             F           94,450.00         ZZ
                                         360         94,450.00          1
    7250 EASTMOOR DRIVE #101-12        9.125            768.48         90
                                       8.875            768.48      104,950.00
    DENVER           CO   80237          1            04/03/97         10
    0430198432                           05           06/01/97         25
1


    192912                               O            05/01/27
    0


    1566416          911/G02             F          100,800.00         ZZ
                                         360        100,800.00          1
    9121 SW 113 PLACE CIRCLE           8.875            802.01         80
                                       8.625            802.01      126,000.00
    MIAMI            FL   33176          1            04/03/97         00
    0430197046                           09           06/01/97          0
    UNKNOWN                              O            05/01/27
    0


    1566430          313/G02             F           67,900.00         ZZ
                                         360         67,900.00          1
    3304 CALEY MILL DRIVE              9.125            552.46         85
                                       8.875            552.46       79,900.00
    POWDER SPRINGS   GA   30073          1            04/10/97         10
    0430218933                           03           06/01/97         20
    6231484                              N            05/01/27
    0


    1566468          G51/G02             F           61,850.00         ZZ
                                         360         61,850.00          1
    7265 C SOUTH XENIA CIRCLE          9.375            514.44         75
                                       9.125            514.44       82,500.00
    ENGLEWOOD        CO   80112          1            04/04/97         00
    0430196592                           01           06/01/97          0
    UNKNOWN                              N            05/01/27
    0


    1566484          225/225             F           79,800.00         ZZ
                                         360         79,800.00          2
    3013 TRUWOOD DRIVE                 8.750            627.79         70
                                       8.500            627.79      114,000.00
    PRESCOTT VALLEY  AZ   86314          5            04/01/97         00
    804038400                            05           06/01/97          0
    804038400                            N            05/01/27
    0


    1566495          568/G02             F          239,200.00         ZZ
                                         360        239,200.00          1
    14390 WINDRIVER LANE               8.500          1,839.24         80
                                       8.250          1,839.24      299,000.00
    RENO             NV   89509          1            04/01/97         00
    0430200923                           03           06/01/97          0
    808549                               O            05/01/27
    0


1


    1566509          405/405             F           57,600.00         ZZ
                                         360         57,567.70          2
    716-718 GRACE STREET               8.875            458.30         60
                                       8.625            458.30       96,000.00
    BAKERSFIELD      CA   93305          5            03/27/97         00
    4084059                              05           05/01/97          0
    4084059                              N            04/01/27
    0


    1566510          883/G02             F           46,400.00         ZZ
                                         360         46,400.00          1
    8584 SATALITE TERRACE              8.625            360.89         80
                                       8.375            360.89       58,000.00
    LAKE PARK        FL   33403          1            04/04/97         01
    0430203091                           05           06/01/97         12
    35077                                N            05/01/27
    0


    1566524          B93/G02             F           32,890.00         ZZ
                                         360         32,890.00          1
    230 EAST HESS AVENUE               9.000            264.65         65
                                       8.750            264.65       50,600.00
    COOLIDGE         AZ   85228          5            04/09/97         00
    0430202473                           05           06/01/97          0
    1000016975                           N            05/01/27
    0


    1566563          H05/G02             F          170,550.00         ZZ
                                         360        170,550.00          3
    128 TRIANGLE STREET                9.000          1,372.28         90
                                       8.750          1,372.28      189,500.00
    DANBURY          CT   06810          1            04/03/97         14
    0430195339                           05           06/01/97         25
    7030046                              O            05/01/27
    0


    1566583          757/757             F           79,100.00         ZZ
                                         360         79,055.65          1
    1675 WHITLEY ROAD                  8.875            629.36         90
                                       8.625            629.36       87,900.00
    DACULA           GA   30211          1            03/07/97         01
    2951564                              05           05/01/97         25
    UNKNOWN                              N            04/01/27
    0


    1566601          664/G02             F           54,800.00         ZZ
                                         360         54,667.41          1
    14419 BRIARMALL                    8.875            436.02         80
                                       8.625            436.02       68,500.00
1


    SAN ANTONIO      TX   78247          1            03/17/97         10
    0430199026                           05           05/01/97         12
    2149722                              N            04/01/27
    0


    1566617          811/G02             F          140,000.00         ZZ
                                         360        139,931.13          1
    740 CREMONA AVENUE                 9.500          1,177.20         44
                                       9.250          1,177.20      325,000.00
    CORAL GABLES     FL   33146          5            03/26/97         00
    0430211946                           05           05/01/97          0
    FM00105722                           O            04/01/27
    0


    1566632          561/G02             F          130,500.00         ZZ
                                         360        130,428.71          1
    2670 S OSWEGO                      9.000          1,050.04         90
                                       8.750          1,050.04      145,000.00
    AURORA           CO   80014          1            03/13/97         10
    0430183335                           05           05/01/97         25
    8992430                              N            04/01/27
    0


    1566677          B59/G02             F          168,000.00         ZZ
                                         360        167,908.23          4
    1000 THIRD ST                      9.000          1,351.77         80
    BLDG 6                             8.750          1,351.77      210,000.00
    NEPTUNE BEACH    FL   32266          3            04/02/97         04
    0430217786                           05           05/01/97         12
    794960444                            O            04/01/27
    0


    1566693          074/G02             F           58,150.00         ZZ
                                         360         58,051.47          1
    624 WESTBRIDGE                     8.875            462.67         60
                                       8.625            462.67       97,000.00
    ST PETERS        MO   63376          5            01/27/97         00
    0430182493                           03           03/01/97          0
    1633009730                           O            02/01/27
    0


    1566699          074/G02             F           27,900.00         ZZ
                                         360         27,862.44          1
    9636 S MERRILL                     8.000            204.72         90
                                       7.750            204.72       31,000.00
    CHICAGO          IL   60617          1            02/28/97         04
    0430182527                           05           04/01/97         25
    1621132965                           O            03/01/27
    0
1




    1566700          911/G02             F          128,000.00         ZZ
                                         360        128,000.00          1
    773 W 69 PL                        9.250          1,053.02         80
                                       9.000          1,053.02      160,000.00
    HIALEAH          FL   33014          1            04/10/97         00
    0430203075                           05           06/01/97          0
    UNKNOWN                              O            05/01/27
    0


    1566702          B75/G02             F           54,000.00         ZZ
                                         360         53,973.44          1
    8058 SOUTH KING DRIVE              9.500            454.06         64
                                       9.250            454.06       85,500.00
    CHICAGO          IL   60619          5            04/04/97         00
    0430204941                           05           05/01/97          0
    2806792                              N            04/01/27
    0


    1566705          A06/G02             F          175,000.00         ZZ
                                         360        174,901.89          1
    254 PINNACLE DR                    8.875          1,392.38         80
                                       8.625          1,392.38      220,000.00
    LAKE ORION       MI   48360          2            03/18/97         00
    0430205781                           05           05/01/97          0
    1000009610344                        O            04/01/27
    0


    1566722          074/G02             F          180,000.00         ZZ
                                         360        179,710.44          1
    51 EAST WINTERGREEN AVENUE         9.125          1,464.54         80
                                       8.875          1,464.54      225,000.00
    EDISON           NJ   08820          2            01/15/97         00
    0430182550                           05           03/01/97          0
    1587053824                           N            02/01/27
    0


    1566742          405/405             F           61,000.00         ZZ
                                         360         61,000.00          1
    735 WEST MARQUAM STREET            8.125            452.93         71
                                       7.875            452.93       87,000.00
    MT. ANGEL        OR   97362          2            04/07/97         00
    4172474                              05           06/01/97          0
    4172474                              O            05/01/27
    0


    1566834          A07/G02             F           99,000.00         ZZ
                                         360         99,000.00          1
1


    536 BEACH 68TH STREET             10.000            868.80         90
                                       9.750            868.80      110,000.00
    ARVERNE          NY   11692          1            04/09/97         04
    0430192260                           07           06/01/97         25
    1566834                              N            05/01/27
    0


    1566838          591/G02             F          161,500.00         ZZ
                                         360        161,500.00          1
    11200 HARBOR COURT                 8.500          1,241.80         85
                                       8.250          1,241.80      190,000.00
    RESTON           VA   20191          5            04/24/97         12
    0430220863                           01           06/01/97         12
    103003934                            O            05/01/27
    0


    1566860          377/377             F           39,150.00         ZZ
                                         360         39,150.00          2
    7708 ANNO ST                       9.375            325.63         95
                                       9.125            325.63       41,237.00
    TAMPA            FL   33625          1            04/08/97         01
    3657533                              05           06/01/97         30
    3657533                              O            05/01/27
    0


    1566885          927/G02             F          219,450.00         ZZ
                                         360        219,450.00          1
    5730 HARBOR PINES POINT            8.625          1,706.86         80
                                       8.375          1,706.86      274,372.00
    COLORADO SPRING  CO   80919          1            04/04/97         00
    0430211888                           09           06/01/97          0
    296178                               O            05/01/27
    0


    1566914          593/593             F           29,250.00         T
                                         360         29,164.61          1
    464 NORTH HIGHWAY 143              8.750            230.11         75
    UNIT 304A                          8.500            230.11       39,000.00
    BRIAN HEAD       UT   84719          1            11/08/96         00
    6766257                              20           01/01/97          0
    6766257                              O            12/01/26
    0


    1566916          862/G02             F           47,800.00         ZZ
                                         360         47,725.08          1
    308 B STREET                       9.250            393.24         90
                                       9.000            393.24       53,120.00
    SILVERTON        OR   97381          1            01/16/97         01
    0430195719                           05           03/01/97         25
1


    4327227                              N            02/01/27
    0


    1566918          862/G02             F          286,650.00         T
                                         360        286,462.49          1
    225 RIVERFRONT DRIVE               8.125          2,128.37         70
                                       7.875          2,128.37      410,000.00
    BULLHEAD CITY    AZ   86442          1            03/14/97         00
    0430195628                           05           05/01/97          0
    4376919                              O            04/01/27
    0


    1566927          638/G02             F          146,200.00         ZZ
                                         360        146,118.04          1
    1912 EAST 7130 SOUTH               8.875          1,163.23         85
                                       8.625          1,163.23      172,000.00
    SALT LAKE CITY   UT   84121          5            03/28/97         10
    0430202077                           05           05/01/97         12
    08632816                             O            04/01/27
    0


    1566971          E22/G02             F          321,750.00         ZZ
                                         360        321,574.26          1
    6 FARBER HILL ROAD                 9.000          2,588.87         75
                                       8.750          2,588.87      430,000.00
    BOONTON          NJ   07005          1            03/21/97         00
    0410247332                           05           05/01/97          0
    410247332                            O            04/01/27
    0


    1566979          E22/G02             F          385,000.00         ZZ
                                         360        384,760.70          1
    354 WAAK RD                        8.375          2,926.28         60
                                       8.125          2,926.28      641,666.00
    BELLVILLE        TX   77418          1            03/20/97         00
    0410357305                           05           05/01/97          0
    410357305                            O            04/01/27
    0


    1567018          608/G02             F           70,500.00         ZZ
                                         360         70,458.38          1
    124 EAST AVON ROAD                 8.625            548.34         75
                                       8.375            548.34       94,000.00
    PARKSIDE         PA   19015          5            03/17/97         00
    0430186080                           05           05/01/97          0
    95744                                O            04/01/27
    0


1


    1567028          514/G02             F           87,500.00         ZZ
                                         360         87,500.00          1
    909 EAGLE LANE                     9.250            719.84         74
                                       9.000            719.84      118,500.00
    APOLLO BEACH     FL   33572          1            04/07/97         00
    0430216440                           05           06/01/97          0
    360909                               O            05/01/27
    0


    1567030          811/G02             F           67,600.00         T
                                         360         67,600.00          1
    1808 SALERNO CIRCLE                9.500            568.42         70
                                       9.250            568.42       96,610.00
    FT LAUDERDALE    FL   33327          1            04/09/97         00
    0430208983                           03           06/01/97          0
    FM00103305                           O            05/01/27
    0


    1567032          E57/G02             F          340,000.00         ZZ
                                         360        340,000.00          1
    4827 ESCALON AVENUE                8.750          2,674.78         79
                                       8.500          2,674.78      435,000.00
    LOS ANGELES      CA   90043          2            04/17/97         00
    0430220921                           05           06/01/97          0
    934982005382                         O            05/01/27
    0


    1567035          B93/G02             F           43,550.00         ZZ
                                         360         43,550.00          1
    750 NORTH SONORA STREET            8.875            346.51         65
                                       8.625            346.51       67,000.00
    COOLIDGE         AZ   85228          5            04/09/97         00
    0430201046                           05           06/01/97          0
    10000017011                          N            05/01/27
    0


    1567037          E13/G02             F           74,250.00         ZZ
                                         360         74,250.00          1
    52 ODEON COURT                     8.750            584.13         75
                                       8.500            584.13       99,000.00
    BALTIMORE        MD   21234          5            04/08/97         00
    0430200691                           07           06/01/97          0
    190698                               O            05/01/27
    0


    1567042          766/G02             F          108,000.00         ZZ
                                         360        107,937.86          1
    100 LINCOLN ROAD #1422             8.750            849.64         80
                                       8.500            849.64      135,000.00
1


    MIAMI BEACH      FL   33139          1            03/13/97         00
    0430199471                           06           05/01/97          0
    97OZ0093                             O            04/01/27
    0


    1567056          757/757             F           47,000.00         ZZ
                                         360         47,000.00          1
    5411 TIMBERCREST TRAIL             9.375            390.93         63
                                       9.125            390.93       75,000.00
    KNOXVILLE        TN   37909          1            04/10/97         00
    2953727                              05           06/01/97          0
    2953727                              N            05/01/27
    0


    1567058          747/G02             F           79,900.00         ZZ
                                         360         79,900.00          1
    76 4TH STREET                      9.125            650.09         80
    #15-202                            8.875            650.09       99,900.00
    BONITA SPRINGS   FL   34134          1            04/04/97         00
    0430202200                           01           06/01/97          0
    173931                               O            05/01/27
    0


    1567059          180/G02             F          105,750.00         ZZ
                                         360        105,693.72          4
    37208 NORTH CONESTOGA TRAIL        9.125            860.42         90
                                       8.875            860.42      117,500.00
    CAVE CREEK       AZ   85331          1            03/05/97         10
    0430191726                           05           05/01/97         25
    4752606                              N            04/01/27
    0


    1567061          180/G02             F           94,300.00         ZZ
                                         360         94,239.87          1
    14406 NORTH GALATEA DRIVE #A       8.250            708.44         80
                                       8.000            708.44      117,900.00
    FOUNTAIN HILLS   AZ   85268          1            03/05/97         00
    0430194480                           01           05/01/97          0
    4752846                              O            04/01/27
    0


    1567075          H05/H05             F           80,000.00         ZZ
                                         360         80,000.00          1
    37 BAKER DRIVE                     8.875            636.52         80
                                       8.625            636.52      100,000.00
    NORTH UMBERLAND  NY   12831          1            04/15/97         00
    7020042                              05           06/01/97          0
    7020042                              O            05/01/27
    0
1




    1567082          A22/G02             F          207,000.00         ZZ
                                         360        207,000.00          1
    1776 WILLIS AVENUE                 9.000          1,665.57         90
                                       8.750          1,665.57      230,000.00
    MERRICK          NY   11566          2            04/23/97         23
    0430222125                           05           06/01/97          0
    97008                                O            05/01/27
    0


    1567091          907/G02             F           66,500.00         ZZ
                                         360         66,500.00          2
    4446 ORCHID BOULEVARD              8.875            529.10         90
                                       8.625            529.10       73,900.00
    CAPE CORAL       FL   33904          1            04/11/97         10
    0430207290                           07           06/01/97         25
    117327036                            N            05/01/27
    0


    1567246          A38/G02             F          400,000.00         ZZ
                                         360        400,000.00          1
    4126 SEA EAGLE LANE                9.500          3,363.42         80
                                       9.250          3,363.42      500,000.00
    GLAVESTON        TX   77554          2            04/04/97         00
    0430204289                           05           06/01/97          0
    960387                               O            05/01/27
    0


    1567277          964/G02             F          117,000.00         ZZ
                                         360        117,000.00          1
    1673 CARMEL CIRCLE WEST            8.625            910.01         90
                                       8.375            910.01      130,000.00
    UPLAND           CA   91784          1            04/01/97         10
    0430196659                           09           06/01/97         25
    23792                                N            05/01/27
    0


    1567322          638/G02             F           50,000.00         T
                                         360         50,000.00          1
    384 GROVE ISLE CIRCLE              9.250            411.34         66
                                       9.000            411.34       76,500.00
    VERO BEACH       FL   32962          1            04/21/97         00
    0430222398                           01           06/01/97          0
    08632929                             O            05/01/27
    0


    1567328          B35/G02             F           63,000.00         ZZ
                                         360         63,000.00          1
1


    2016 RT 35 NORTH UNIT 2E           8.750            495.63         90
                                       8.500            495.63       70,000.00
    DOVER            NJ   08751          1            04/30/97         01
    0430219444                           01           06/01/97         25
    9782010228                           N            05/01/27
    0


    1567335          964/G02             F           85,000.00         ZZ
                                         360         85,000.00          1
    3537 EAST PALMYRA AVENUE           9.125            691.59         50
                                       8.875            691.59      172,000.00
    ORANGE           CA   92869          5            04/07/97         00
    0430201665                           05           06/01/97          0
    24092                                N            05/01/27
    0


    1567347          737/G02             F          118,400.00         ZZ
                                         360        118,333.63          1
    8535 LAKE HOLLOW DRIVE             8.875            942.04         80
                                       8.625            942.04      148,000.00
    GAINESVILLE      GA   30506          1            04/02/97         00
    0430202580                           05           05/01/97          0
    559610                               O            04/01/27
    0


    1567355          638/G02             F           45,000.00         ZZ
                                         360         45,000.00          1
    1426 EAST WALNUT STREET            9.125            366.13         90
                                       8.875            366.13       50,000.00
    EVANSVILLE       IN   47716          1            04/11/97         10
    0430213710                           05           06/01/97         25
    08627716                             N            05/01/27
    0


    1567364          685/G02             F          192,000.00         ZZ
                                         360        191,889.54          1
    10540 LARAMIE AVENUE               8.750          1,510.46         80
                                       8.500          1,510.46      240,000.00
    LOS ANGELES      CA   91311          1            03/03/97         00
    0430195586                           05           05/01/97          0
    107091                               O            04/01/27
    0


    1567375          637/G02             F          110,000.00         ZZ
                                         360        109,928.04          1
    240 BEARDED OAK DRIVE              8.125            816.75         65
                                       7.875            816.75      170,000.00
    SARASOTA         FL   34232          5            03/18/97         00
    0430189001                           05           05/01/97          0
1


    3010139                              O            04/01/27
    0


    1567383          731/G02             F           55,500.00         T
                                         360         55,464.61          1
    6107 TUSCALOOSA DRIVE              8.250            416.95         75
                                       8.000            416.95       74,000.00
    HUNTSVILLE       AL   35810          5            03/19/97         00
    0430193409                           05           05/01/97          0
    3150863668                           O            04/01/27
    0


    1567531          637/G02             F           83,000.00         ZZ
                                         360         82,944.30          1
    3400 CLANDARA AVENUE               8.000            609.03         67
                                       7.750            609.03      125,000.00
    LAS VEGAS        NV   89121          2            03/13/97         00
    0430187591                           09           05/01/97          0
    9635293                              O            04/01/27
    0


    1567534          201/G02             F           70,400.00         ZZ
                                         360         70,360.53          1
    901 ELON LANE                      8.875            560.14         80
                                       8.625            560.14       88,000.00
    EL PASO          TX   79912          1            03/14/97         00
    0430185587                           05           05/01/97          0
    4200971960                           O            04/01/27
    0


    1567542          B65/G02             F          260,100.00         ZZ
                                         360        260,100.00          1
    1195 SOUTH CREEKWAY COURT          9.000          2,092.83         80
                                       8.750          2,092.83      327,000.00
    GAHANNA          OH   43230          2            04/17/97         00
    0430201988                           05           06/01/97          0
    10397144                             O            05/01/27
    0


    1567545          A80/G02             F          102,000.00         ZZ
                                         360        102,000.00          1
    333 EAST 18TH STREET               9.750            876.34         70
                                       9.500            876.34      146,000.00
    HIALEAH          FL   33010          5            04/11/97         00
    0430205542                           05           06/01/97          0
    9750768                              O            05/01/27
    0


1


    1567571          498/G02             F           24,300.00         ZZ
                                         360         24,224.69          1
    251 DECATUR AVENUE                 9.250            199.92         90
                                       9.000            199.92       27,000.00
    MACON            GA   31201          1            02/14/97         01
    0430191783                           05           04/01/97         25
    1471870                              N            03/01/27
    0


    1567572          B28/G02             F          107,200.00         ZZ
                                         360        107,142.95          4
    822 NORTH VINE AVE                 9.125            872.22         80
                                       8.875            872.22      134,000.00
    FARMINGTON       NM   87401          1            03/13/97         00
    0430194977                           05           05/01/97          0
    05970146                             N            04/01/27
    0


    1567578          B28/G02             F           83,600.00         ZZ
                                         360         83,551.89          1
    3281 SOUTH BANNOCK STREET          8.750            657.69         80
                                       8.500            657.69      104,500.00
    ENGLEWOOD        CO   80110          1            03/20/97         23
    0430193722                           05           05/01/97          0
    01970453                             N            04/01/27
    0


    1567652          E22/G02             F           30,000.00         ZZ
                                         360         29,983.18          1
    3211 CARLISLE STREET #106          8.875            238.69         80
                                       8.625            238.69       37,500.00
    DALLAS           TX   75204          1            03/21/97         00
    0410357230                           01           05/01/97          0
    410357230                            O            04/01/27
    0


    1567700          910/G02             F          212,000.00         ZZ
                                         360        212,000.00          4
    257 EAST 2ND AVENUE                8.625          1,648.91         80
                                       8.375          1,648.91      265,000.00
    SALT LAKE CITY   UT   84103          1            04/03/97         00
    0430207019                           05           06/01/97          0
    400610                               O            05/01/27
    0


    1567709          624/G02             F           49,600.00         ZZ
                                         360         49,600.00          2
    5312 ATASCOSA DRIVE                9.125            403.56         80
                                       8.875            403.56       62,000.00
1


    AUSTIN           TX   78744          1            04/11/97         10
    0430201525                           05           06/01/97         12
    8200507143                           N            05/01/27
    0


    1567713          F03/G02             F           76,500.00         ZZ
                                         360         76,500.00          2
    3431 & 3433 BELLAIRE STREET        9.000            615.54         85
                                       8.750            615.54       90,000.00
    DENVER           CO   80207          1            04/10/97         01
    0430200774                           05           06/01/97         20
    DEN10687                             N            05/01/27
    0


    1567715          638/G02             F           56,000.00         ZZ
                                         360         56,000.00          1
    217 VALI COURT                     9.500            470.88         70
                                       9.250            470.88       80,000.00
    INDIANAPOLIS     IN   46280          1            04/23/97         00
    0430222315                           05           06/01/97          0
    08633135                             N            05/01/27
    0


    1567742          965/G02             F           62,800.00         ZZ
                                         360         62,762.93          1
    6226 SOUTH CYPRESS POINT DRIVE     8.625            488.45         80
                                       8.375            488.45       78,500.00
    CHANDLER         AZ   85249          1            03/24/97         00
    0430206540                           03           05/01/97          0
    194253                               O            04/01/27
    0


    1567788          286/286             F           76,500.00         ZZ
                                         360         76,422.43          4
    1895 STOCKTON STREET               9.375            636.29         90
                                       9.125            636.29       85,000.00
    DECATUR          GA   30032          1            02/26/97         12
    9162091                              05           04/01/97         30
    9162091                              N            03/01/27
    0


    1567795          514/G02             F           86,000.00         ZZ
                                         360         85,951.79          1
    5321 OLD MILL ROAD                 8.875            684.25         80
                                       8.625            684.25      108,000.00
    FORT WAYNE       IN   46807          1            03/14/97         00
    0430197517                           05           05/01/97          0
    138325                               O            04/01/27
    0
1




    1567796          514/G02             F          291,200.00         ZZ
                                         360        291,028.08          1
    2 SOUTH BRIAR HOLLOW LANE  1       8.625          2,264.92         80
                                       8.375          2,264.92      364,000.00
    HOUSTON          TX   77027          1            03/13/97         00
    0430193375                           03           05/01/97          0
    360493                               O            04/01/27
    0


    1567799          180/G02             F           89,100.00         ZZ
                                         360         89,100.00          1
    444 NORTH FRONT STREET             9.375            741.09         90
    #306                               9.125            741.09       99,000.00
    COLUMBUS         OH   43215          1            04/16/97         10
    0430222570                           01           06/01/97         25
    4670972                              O            05/01/27
    0


    1567832          G88/G02             F           93,500.00         ZZ
                                         240         93,500.00          1
    4 GREGOIRE STREET                  8.500            811.42         80
                                       8.250            811.42      118,000.00
    DERRY            NH   03038          2            04/14/97         00
    0430206284                           05           06/01/97          0
    9703066                              O            05/01/17
    0


    1567857          225/225             F           48,300.00         ZZ
                                         360         48,300.00          1
    2871 LANCASTER DRIVE               9.000            388.64         70
                                       8.750            388.64       69,000.00
    PUEBLO           CO   81005          5            04/10/97         00
    803626100                            05           06/01/97          0
    803626100                            N            05/01/27
    0


    1567886          664/G02             F           50,850.00         T
                                         360         50,850.00          1
    4107 MEDICAL DRIVE #3205           8.875            404.59         90
                                       8.625            404.59       56,500.00
    SAN ANTONIO      TX   78229          1            04/09/97         12
    0430204255                           01           06/01/97         25
    2150001                              O            05/01/27
    0


    1567903          E22/G02             F           60,300.00         ZZ
                                         360         60,300.00          1
1


    1891 SCOTT ROAD                    9.125            490.62         90
                                       8.875            490.62       67,000.00
    SPRINGFIELD      OR   97477          1            03/26/97         04
    0410218606                           05           06/01/97         25
    410218606                            N            05/01/27
    0


    1567912          286/286             F           39,150.00         ZZ
                                         360         39,150.00          1
    4406 EANES LANE                    9.000            315.01         90
                                       8.750            315.01       43,500.00
    RICHMOND         VA   23231          1            04/14/97         04
    09163377                             05           06/01/97         25
    09163377                             N            05/01/27
    0


    1567914          961/G02             F          228,700.00         T
                                         360        228,700.00          1
    5041 LAUREL AVENUE                 9.500          1,923.03         80
                                       9.250          1,923.03      285,900.00
    CYPRESS          CA   90630          1            04/10/97         00
    0430222208                           05           06/01/97          0
    09109865                             O            05/01/27
    0


    1567951          568/G02             F           99,000.00         ZZ
                                         360         98,944.50          1
    4333 VALLEY REGAL WAY              8.875            787.69         90
                                       8.625            787.69      110,000.00
    NORTH LAS VEGAS  NV   89030          1            03/24/97         10
    0430195164                           05           05/01/97         25
    620547                               N            04/01/27
    0


    1567955          225/225             F           25,200.00         ZZ
                                         360         25,200.00          1
    150 DAFOSTE AVENUE                 9.125            205.04         90
                                       8.875            205.04       28,000.00
    SAN ANTONIO      TX   78220          1            04/10/97         04
    804423400                            05           06/01/97         25
    804423400                            N            05/01/27
    0


    1567980          664/G02             F           69,700.00         ZZ
                                         360         69,660.92          1
    398 21ST STREET NE                 8.875            554.57         85
                                       8.625            554.57       82,000.00
    SALEM            OR   97301          1            03/19/97         01
    0430193086                           05           05/01/97         20
1


    2249324                              N            04/01/27
    0


    1567990          E22/G02             F           55,250.00         ZZ
                                         360         55,225.56          2
    2434 2434 1/2 MERIDIAN            10.000            484.86         85
                                       9.750            484.86       65,000.00
    ANDERSON         IN   46016          1            03/07/97         04
    0410356828                           05           05/01/97         20
    410356828                            N            04/01/27
    0


    1567997          F60/G02             F           72,000.00         ZZ
                                         360         72,000.00          4
    1649 ALEXANDER COURT               9.250            592.33         80
                                       9.000            592.33       91,000.00
    GRETNA           LA   70056          1            04/09/97         04
    0430204164                           05           06/01/97         25
    442791                               N            05/01/27
    0


    1568001          881/G02             F          106,400.00         ZZ
                                         360        106,400.00          2
    726 SOUTH MOTT STREET              8.750            837.05         80
                                       8.500            837.05      133,000.00
    LOS ANGELES      CA   90023          1            03/28/97         00
    0430205724                           05           06/01/97          0
    104376                               O            05/01/27
    0


    1568012          687/G02             F           50,400.00         ZZ
                                         360         50,375.21          3
    3870 WEST 31ST STREET              9.500            423.79         90
                                       9.250            423.79       56,000.00
    CLEVELAND        OH   44109          1            03/25/97         04
    0430190587                           05           05/01/97         25
    591337                               N            04/01/27
    0


    1568014          201/G02             F           39,600.00         ZZ
                                         360         39,560.89          1
    606 WEST 5TH STREET                9.500            332.98         90
                                       9.250            332.98       44,000.00
    WESLACO          TX   78596          1            02/24/97         04
    0430196840                           05           04/01/97         25
    4200964155                           N            03/01/27
    0


1


    1568015          201/G02             F          138,000.00         ZZ
                                         360        137,920.60          1
    2080 TRIBBLE MILL PKWY             8.750          1,085.65         69
                                       8.500          1,085.65      200,000.00
    LAWRENCEVILLE    GA   30245          4            03/21/97         00
    0430192963                           05           05/01/97          0
    503237                               O            04/01/27
    0


    1568019          766/G02             F          126,250.00         ZZ
                                         360        126,250.00          1
    9715 SW 15 STREET                  9.250          1,038.63         95
                                       9.000          1,038.63      132,900.00
    MIAMI            FL   33174          1            04/09/97         01
    0430205260                           05           06/01/97         30
    970Z0211                             O            05/01/27
    0


    1568032          B28/G02             F           53,600.00         ZZ
                                         360         53,572.21          1
    369 AND 371 GREENSBORO             9.250            440.96         80
                                       9.000            440.96       67,000.00
    SOUTH COLORADO   CO   80916          1            03/24/97         10
    0430195768                           05           05/01/97         17
    05968258                             N            04/01/27
    0


    1568045          286/286             F           44,650.00         ZZ
                                         360         44,624.96          1
    5300 KELLER SPRINGS                8.875            355.26         90
    2022                               8.625            355.26       50,000.00
    DALLAS           TX   75248          1            03/17/97         12
    09165601                             01           05/01/97         30
    09165601                             O            04/01/27
    0


    1568046          286/286             F           35,100.00         ZZ
                                         360         35,080.31          1
    121 APRIL POINT SOUTH              8.875            279.28         90
                                       8.625            279.28       39,000.00
    MONTGOMERY       TX   77356          1            03/13/97         04
    9165356                              01           05/01/97         30
    9165356                              N            04/01/27
    0


    1568055          286/286             F          108,800.00         ZZ
                                         360        108,737.39          1
    1704 AUGUSTA CIRCLE                8.750            855.94         80
                                       8.500            855.94      136,000.00
1


    MOUNT LAUREL     NJ   08054          1            03/14/97         00
    9161004                              09           05/01/97          0
    9161004                              O            04/01/27
    0


    1568059          003/G02             F           89,900.00         ZZ
                                         360         89,850.89          1
    2272 DRESDEN GREEN                 9.000            723.36         90
                                       8.750            723.36       99,900.00
    KENNESAW         GA   30144          1            03/21/97         12
    0430195396                           05           05/01/97         25
    0003830189                           N            04/01/27
    0


    1568104          560/560             F          225,000.00         ZZ
                                         360        225,000.00          1
    75 YORKTOWN ROAD                   7.875          1,631.41         68
                                       7.625          1,631.41      335,000.00
    EAST BRUNSWICK   NJ   08816          1            04/16/97         00
    450692793                            05           06/01/97          0
    450692793                            O            05/01/27
    0


    1568110          G60/G02             F           39,200.00         ZZ
                                         360         39,200.00          1
    1529 EAST WYNSAM STREET            9.000            315.41         63
                                       8.750            315.41       62,500.00
    PHILADELPHIA     PA   19138          5            04/17/97         00
    0430213819                           05           06/01/97          0
    100883101                            N            05/01/27
    0


    1568151          G41/G02             F          240,000.00         ZZ
                                         360        240,000.00          1
    392 LAFAYETTE ROAD                 8.875          1,909.55         80
                                       8.625          1,909.55      300,000.00
    HARRINGTON PARK  NJ   07640          5            04/16/97         00
    0430209148                           05           06/01/97          0
    19397                                O            05/01/27
    0


    1568162          637/G02             F           86,100.00         ZZ
                                         360         86,100.00          1
    262 WILLIAMS ROAD                  8.750            677.35         54
                                       8.500            677.35      160,000.00
    OXFORD           GA   30267          5            04/23/97         00
    0430221358                           05           06/01/97          0
    9719279                              O            05/01/27
    0
1




    1568173          E22/G02             F          292,500.00         ZZ
                                         360        292,344.34          1
    2845 WEBSTER STREET                9.125          2,379.88         65
                                       8.875          2,379.88      450,000.00
    BERKELEY         CA   94705          5            03/21/97         00
    0410361075                           05           05/01/97          0
    410361075                            O            04/01/27
    0


    1568191          638/G02             F          180,000.00         ZZ
                                         360        180,000.00          1
    2114 CARLETON STREET               8.875          1,432.16         80
                                       8.625          1,432.16      225,000.00
    BERKELEY         CA   94704          1            04/08/97         10
    0430218974                           05           06/01/97         12
    8632238                              N            05/01/27
    0


    1568196          E22/G02             F          127,200.00         ZZ
                                         360        126,550.14          1
    3564 TRENTWOOD DR                  8.750          1,000.69         80
                                       8.500          1,000.69      159,000.00
    COMMERCE         MI   48382          1            02/26/97         00
    0410344782                           05           04/01/97          0
    410344782                            O            03/01/27
    0


    1568197          E22/G02             F          120,000.00         ZZ
                                         360        119,937.79          1
    12273 SW 32 TERRACE                9.250            987.21         85
                                       9.000            987.21      142,000.00
    MIAMI            FL   33175          5            03/20/97         23
    0410375711                           05           05/01/97          0
    410375711                            O            04/01/27
    0


    1568215          180/G02             F          104,300.00         ZZ
                                         360        104,300.00          1
    2319 28 1/2 AVENUE NW              9.375            867.51         90
                                       9.125            867.51      115,900.00
    ROCHESTER        MN   55901          1            04/11/97         10
    0430217976                           05           06/01/97         25
    4788030                              N            05/01/27
    0


    1568254          765/G02             F          140,000.00         ZZ
                                         360        139,929.30          1
1


    2021 DRIFTSTONE DRIVE              9.375          1,164.45         80
                                       9.125          1,164.45      175,000.00
    GLENDORA         CA   91740          1            03/17/97         00
    0430193193                           01           05/01/97          0
    321177                               O            04/01/27
    0


    1568257          129/G02             F           95,000.00         ZZ
                                         360         94,834.82          1
    2 DELL ANN CIRCLE                  8.750            747.37         80
                                       8.500            747.37      119,000.00
    MILFORD          MA   01757          2            01/17/97         01
    0430193094                           01           03/01/97         12
    3961924                              N            02/01/27
    0


    1568270          776/G02             F           47,700.00         ZZ
                                         360         47,676.54          1
    7093 COLEHAVEN LANE                9.500            401.09         90
                                       9.250            401.09       53,000.00
    BOISE            ID   83704          1            03/24/97         01
    0430197574                           01           05/01/97         25
    2543078                              N            04/01/27
    0


    1568271          G41/G02             F          138,400.00         ZZ
                                         360        138,324.40          1
    372 CENTRAL AVE                    9.000          1,113.60         80
                                       8.750          1,113.60      173,000.00
    HALEDON          NJ   07508          1            03/18/97         00
    0430195693                           05           05/01/97          0
    9700567                              O            04/01/27
    0


    1568280          731/G02             F          121,600.00         ZZ
                                         360        121,526.33          1
    302 EAST MAUNA LOA AVENUE          8.500            935.00         80
                                       8.250            935.00      152,000.00
    GLENDORA         CA   91740          2            03/24/97         00
    0430216077                           05           05/01/97          0
    411613243                            O            04/01/27
    0


    1568285          961/G02             F          209,000.00         ZZ
                                         360        208,885.84          2
    1349-1351 LAVETA TERRACE           9.000          1,681.66         95
                                       8.750          1,681.66      220,000.00
    LOS ANGELES      CA   90026          1            03/10/97         10
    0430193912                           05           05/01/97         30
1


    09109850                             O            04/01/27
    0


    1568287          E19/G02             F          148,000.00         ZZ
                                         360        147,912.62          1
    2315 MERIMONT DRIVE                8.625          1,151.13         80
                                       8.375          1,151.13      185,000.00
    TROY             OH   45373          5            03/26/97         00
    0430195487                           05           05/01/97          0
    300017708                            O            04/01/27
    0


    1568290          286/286             F           52,000.00         ZZ
                                         360         51,971.59          1
    332 SUYDAM STREET                  9.000            418.41         80
                                       8.750            418.41       65,000.00
    NEW BRUNSWICK    NJ   08901          1            03/17/97         10
    09164758                             05           05/01/97         12
    09164758                             N            04/01/27
    0


    1568292          286/286             F          135,000.00         ZZ
                                         360        134,930.00          1
    2217 LINDA VISTA COURT             9.250          1,110.62         90
                                       9.000          1,110.62      150,000.00
    ROCKFORD         IL   61107          1            03/14/97         12
    09164093                             05           05/01/97         25
    09164093                             N            04/01/27
    0


    1568296          776/G02             F          140,000.00         ZZ
                                         360        139,925.49          1
    2763 STORM LAKE DRIVE              9.125          1,139.09         80
                                       8.875          1,139.09      176,000.00
    ST. LOUIS        MO   63129          1            03/27/97         00
    0430193946                           05           05/01/97          0
    8642637                              O            04/01/27
    0


    1568325          B23/G02             F          126,000.00         ZZ
                                         360        126,000.00          1
    206 SHOREBREAKER DRIVE             9.250          1,036.57         80
                                       9.000          1,036.57      157,500.00
    LAGUNA NIGUEL    CA   92677          1            04/01/97         10
    0430189852                           01           06/01/97         17
    88001801                             N            05/01/27
    0


1


    1568330          369/G02             F          181,900.00         ZZ
                                         360        181,684.44          1
    8863 S EDGEWOOD STREET             8.625          1,414.80         80
                                       8.375          1,414.80      228,000.00
    HIGHLANDS RANCH  CO   80126          1            03/03/97         00
    0430191833                           03           04/01/97          0
    60343431                             O            03/01/27
    0


    1568334          286/286             F           43,650.00         ZZ
                                         360         43,627.37          1
    2157 BEDFORD ROAD                  9.250            359.10         90
                                       9.000            359.10       48,500.00
    JACKSONVILLE     FL   32207          1            03/21/97         12
    09166619                             05           05/01/97         25
    09166619                             N            04/01/27
    0


    1568338          225/225             F           99,920.00         ZZ
                                         360         94,694.27          1
    2204 SILVER HOLLY LANE             8.625            777.17         80
                                       8.375            777.17      124,900.00
    RICHARDSON       TX   75082          1            02/13/97         00
    8038572                              05           04/01/97          0
    8038572                              O            03/01/27
    0


    1568339          G34/G02             F           57,900.00         ZZ
                                         360         57,872.99          1
    3522 N BRYANT AVENUE               9.750            497.45         80
                                       9.500            497.45       72,400.00
    MINNEAPOLIS      MN   55412          1            03/26/97         04
    0430199273                           05           05/01/97         20
    UNKNOWN                              N            04/01/27
    0


    1568342          286/286             F           36,450.00         ZZ
                                         360         36,429.56          1
    6428 HORSEPEN BAYOU                8.875            290.02         90
                                       8.625            290.02       40,500.00
    HOUSTON          TX   77084          1            03/18/97         10
    09166033                             03           05/01/97         25
    09166033                             N            04/01/27
    0


    1568349          313/G02             F           56,500.00         ZZ
                                         360         56,500.00          1
    345 COPELAND ROAD UNIT B1          8.875            449.54         85
                                       8.625            449.54       66,500.00
1


    ATLANTA          GA   30342          1            04/07/97         10
    0430203208                           01           06/01/97         12
    6231476                              N            05/01/27
    0


    1568350          B28/G02             F           52,000.00         ZZ
                                         360         51,945.88          1
    1605-0 S TELSHOR BLVD              9.250            427.79         87
                                       9.000            427.79       60,000.00
    LAS CRUCES       NM   88001          1            02/28/97         10
    0430193847                           03           04/01/97         25
    05970158                             N            03/01/27
    0


    1568352          737/G02             F          107,000.00         ZZ
                                         360        106,940.01          1
    32345 PINE VIEW DRIVE              8.875            851.34         51
                                       8.625            851.34      210,000.00
    ELIZABETH        CO   80107          2            03/20/97         00
    0430196824                           05           05/01/97          0
    573324                               O            04/01/27
    0


    1568480          E18/G02             F           78,300.00         ZZ
                                         360         78,258.33          2
    4505 SPRUCE STREET                 9.125            637.08         90
                                       8.875            637.08       87,000.00
    PHILADELPHIA     PA   19139          1            03/31/97         01
    0430195495                           05           05/01/97         25
    0191167                              N            04/01/27
    0


    1568498          377/377             F          216,360.00         ZZ
                                         360        216,360.00          4
    4212 GREENCASTLE COURT             9.375          1,799.58         90
                                       9.125          1,799.58      240,400.00
    RALEIGH          NC   27604          1            04/29/97         01
    3657152                              05           06/01/97         30
    3657152                              O            05/01/27
    0


    1568504          608/G02             F          117,600.00         ZZ
                                         360        117,525.01          1
    479 KENT ROAD                      8.250            883.49         80
                                       8.000            883.49      147,000.00
    SPRINGFIELD      PA   19064          2            03/24/97         00
    0430199190                           05           05/01/97          0
    95685                                O            04/01/27
    0
1




    1568537          E22/G02             F          132,000.00         ZZ
                                         360        131,931.57          2
    56 HUNTINGTON STREET               9.250          1,085.93         75
                                       9.000          1,085.93      176,000.00
    NEW BRUNSWICK    NJ   08901          2            03/24/97         00
    0410354328                           05           05/01/97          0
    410354328                            O            04/01/27
    0


    1568538          405/405             F           60,800.00         ZZ
                                         360         60,763.17          1
    3009-106 LAUREN PLACE DRIVE        8.500            467.50         90
                                       8.250            467.50       67,580.00
    WILMINGTON       NC   28405          1            03/11/97         01
    4085882                              09           05/01/97         25
    4085882                              N            04/01/27
    0


    1568546          E22/G02             F           60,800.00         ZZ
                                         360         60,766.79          1
    7640 GREENWAY  5-B                 9.000            489.21         95
                                       8.750            489.21       64,000.00
    DALLAS           TX   75209          1            03/27/97         04
    0410369961                           01           05/01/97         30
    410369961                            O            04/01/27
    0


    1568548          559/G02             F           97,500.00         ZZ
                                         360         97,442.43          1
    2495 GLORIA WAY                    8.625            758.35         61
                                       8.375            758.35      160,500.00
    EAST PALO ALTO   CA   94303          5            03/26/97         00
    0430217547                           05           05/01/97          0
    5431028                              O            04/01/27
    0


    1568549          E22/G02             F          116,800.00         ZZ
                                         360        116,732.80          1
    523 ISLET DRIVE                    8.750            918.87         80
                                       8.500            918.87      146,000.00
    RUNAWAY BAY      TX   76426          1            03/27/97         00
    0410369524                           05           05/01/97          0
    410369524                            O            04/01/27
    0


    1568551          E22/G02             F           66,400.00         T
                                         360         66,366.47          1
1


    222 ETHAN AVENUE                   9.375            552.28         80
                                       9.125            552.28       83,000.00
    DAVENPORT        FL   33837          1            03/17/97         95
    0410375885                           03           05/01/97          0
    410375885                            O            04/01/27
    0


    1568554          559/G02             F          128,000.00         ZZ
                                         360        127,916.27          1
    791 VICTORIA AVENUE                8.125            950.40         80
                                       7.875            950.40      160,000.00
    SAN LEANDRO      CA   94577          1            03/17/97         00
    0430217596                           05           05/01/97          0
    5430400                              O            04/01/27
    0


    1568559          E22/G02             F           60,000.00         T
                                         360         59,969.70          1
    1628 PLUNKETT STREET               9.375            499.05         80
                                       9.125            499.05       75,000.00
    HOLLYWOOD        FL   33020          1            03/27/97         95
    0410376511                           05           05/01/97          0
    410376511                            O            04/01/27
    0


    1568560          927/G02             F           66,000.00         T
                                         360         65,962.03          1
    3 WOLVERINE DRIVE                  8.750            519.22         60
    AKA 2603 COUNTY RD 33              8.500            519.22      110,000.00
    FLORISSANT       CO   80816          5            03/18/97         00
    0430193417                           05           05/01/97          0
    295410                               O            04/01/27
    0


    1568570          A37/G02             F           95,400.00         ZZ
                                         360         95,353.08          1
    30 W 100 COTTONWOOD COURT          9.500            802.17         90
                                       9.250            802.17      106,000.00
    WARRENVILLE      IL   60555          1            03/21/97         04
    0430204149                           05           05/01/97         25
    97W6568                              O            04/01/27
    0


    1568571          731/G02             F           73,000.00         ZZ
                                         360         72,955.77          1
    914 EAST MOUNT CURVE AVENUE        8.500            561.31         33
                                       8.250            561.31      225,000.00
    ALTADENA         CA   91001          5            03/26/97         00
    0430193961                           05           05/01/97          0
1


    412610623                            O            04/01/27
    0


    1568577          B74/G02             F          251,250.00         ZZ
                                         360        248,880.53          1
    1350 ALA MOANA BLVD #1607          9.125          2,044.25         72
                                       8.875          2,044.25      350,000.00
    HONOLULU         HI   96814          1            12/07/95         00
    0430195685                           06           02/01/96          0
    956172                               O            01/01/26
    0


    1568581          B74/G02             F          102,700.00         ZZ
                                         360        102,643.90          2
    2160 AND 2162 256TH STREET         9.000            826.35         75
                                       8.750            826.35      137,000.00
    LOMITA           CA   90717          1            03/19/97         00
    0430194761                           05           05/01/97          0
    970433                               N            04/01/27
    0


    1568621          A83/G02             F          135,000.00         ZZ
                                         360        134,652.10          1
    18 BLAKE AVENUE                    8.250          1,014.21         80
                                       8.000          1,014.21      169,000.00
    WATSONVILLE      CA   95076          1            12/10/96         00
    0430193805                           05           02/01/97          0
    152357                               O            01/01/27
    0


    1568622          A83/G02             F          115,000.00         ZZ
                                         360        114,873.89          1
    4425 OPAL CLIFF DRIVE              9.000            925.32         43
                                       8.750            925.32      272,000.00
    SANTA CRUZ       CA   95062          2            02/24/97         00
    0430193755                           05           04/01/97          0
    154847                               O            03/01/27
    0


    1568633          A83/G02             F          227,500.00         ZZ
                                         360        227,243.98          4
    1400 SEVENTEENTH AVENUE            8.875          1,810.09         65
                                       8.625          1,810.09      354,000.00
    SANTA CRUZ       CA   95062          2            02/21/97         00
    0430193771                           05           04/01/97          0
    155854                               N            03/01/27
    0


1


    1568640          590/G02             F           48,750.00         ZZ
                                         360         48,750.00          1
    13607 SW 286TH TERRACE             9.000            392.25         75
                                       8.750            392.25       65,000.00
    HOMESTEAD        FL   33033          1            04/17/97         00
    0430214858                           05           06/01/97          0
    501016266                            N            05/01/27
    0


    1568641          A83/G02             F          226,400.00         ZZ
                                         360        226,138.53          1
    600 RIDER RIDGE ROAD               8.750          1,781.09         80
                                       8.500          1,781.09      283,000.00
    SANTA CRUZ       CA   95062          1            02/25/97         04
    0430193920                           05           04/01/97         12
    155951                               N            03/01/27
    0


    1568659          638/G02             F           70,200.00         ZZ
                                         360         70,200.00          1
    216 SOUTH PHILLIPI STREET          9.375            583.89         90
                                       9.125            583.89       78,000.00
    BOISE            ID   86706          1            04/09/97         04
    0430213827                           05           06/01/97         25
    08630889                             N            05/01/27
    0


    1568669          201/G02             F           78,850.00         T
                                         360         78,806.93          1
    116 SOUTHLAKE DRIVE SOUTHWEST      9.000            634.45         71
                                       8.750            634.45      112,500.00
    EATONTON         GA   31024          5            03/24/97         00
    0430219535                           05           05/01/97          0
    801041                               O            04/01/27
    0


    1568671          561/G02             F           75,600.00         ZZ
                                         360         75,563.77          3
    3015 MARY AVENUE                   9.625            642.60         90
                                       9.375            642.60       84,000.00
    BALTIMORE        MD   21214          1            03/26/97         10
    0430193581                           05           05/01/97         30
    8987448                              N            04/01/27
    0


    1568716          286/286             F          211,600.00         ZZ
                                         360        211,241.47          1
    541 ROCKY BRANCH LN                8.875          1,683.59         80
                                       8.625          1,683.59      264,500.00
1


    COPPELL          TX   75019          1            01/30/97         00
    0008617310                           05           03/01/97          0
    0008617310                           O            02/01/27
    0


    1568719          105/G02             F           93,750.00         ZZ
                                         360         93,693.20          1
    9623 WICKLOW DR                    8.500            720.86         90
                                       8.250            720.86      104,218.00
    SAN ANTONIO      TX   78250          1            03/12/97         10
    0430195552                           03           05/01/97         25
    934232                               N            04/01/27
    0


    1568724          757/757             F           40,900.00         ZZ
                                         360         40,874.58          1
    4571 SHADOWLAWN DRIVE              8.375            310.87         89
                                       8.125            310.87       46,000.00
    MACON            GA   31210          1            03/28/97         01
    2951846                              05           05/01/97         25
    2951846                              N            04/01/27
    0


    1568725          757/757             F          178,650.00         ZZ
                                         360        178,552.42          2
    479 NORTH HIGHLAND AVENUE          9.000          1,437.46         90
                                       8.750          1,437.46      198,500.00
    ATLANTA          GA   30307          1            03/27/97         10
    2951986                              05           05/01/97         25
    2951986                              N            04/01/27
    0


    1568726          E13/G02             F           63,750.00         ZZ
                                         360         63,750.00          1
    724 DIXIE BEND                     8.875            507.23         85
                                       8.625            507.23       75,000.00
    BURNSIDE         KY   42519          5            04/22/97         10
    0430215459                           05           06/01/97         12
    197868                               O            05/01/27
    0


    1568727          757/757             F          121,500.00         ZZ
                                         360        121,428.26          4
    108 BRANDON LANE                   8.625            945.02         90
                                       8.375            945.02      135,000.00
    SAVANNAH         GA   31416          1            03/31/97         10
    2951911                              05           05/01/97         25
    1951911                              N            04/01/27
    0
1




    1568729          757/757             F          212,000.00         ZZ
                                         360        211,884.20          1
    704 VILLAGE DRIVE                  9.000          1,705.80         72
                                       8.750          1,705.80      295,000.00
    GULF SHORES      AL   36542          5            03/21/97         00
    2951838                              03           05/01/97          0
    2951838                              O            04/01/27
    0


    1568730          757/757             F           74,700.00         ZZ
                                         360         74,659.19          1
    1915 4TH AVENUE SOUTH              9.000            601.06         88
                                       8.750            601.06       85,000.00
    BIRMINGHAM       AL   35210          1            03/27/97         01
    2951937                              05           05/01/97         25
    2951937                              N            04/01/27
    0


    1568731          757/757             F           76,450.00         ZZ
                                         360         76,410.36          1
    185 WINTERBERRY DRIVE              9.250            628.94         90
                                       9.000            628.94       85,000.00
    ATHENS           GA   30606          1            03/31/97         01
    2952000                              05           05/01/97         25
    2952000                              N            04/01/27
    0


    1568734          F34/G02             F          157,500.00         ZZ
                                         360        157,420.46          1
    821 ALTAVISTA TERRACE              9.375          1,310.01         75
                                       9.125          1,310.01      210,000.00
    DAVIE            FL   33325          5            03/26/97         00
    0430193995                           03           05/01/97          0
    9760075                              O            04/01/27
    0


    1568736          688/G02             F           84,700.00         ZZ
                                         360         84,653.73          1
    841 SOUTH BROSS STREET             9.000            681.52         70
                                       8.750            681.52      121,000.00
    LONGMONT         CO   80501          5            03/26/97         00
    0430197301                           05           05/01/97          0
    0043454                              N            04/01/27
    0


    1568742          G32/G32             F          148,000.00         ZZ
                                         360        148,000.00          1
1


    5701 WEST WAVELAND AVENUE          9.000          1,190.85         80
                                       8.750          1,190.85      185,000.00
    CHICAGO          IL   60634          2            04/08/97         00
    1000123                              05           06/01/97          0
    1000123                              O            05/01/27
    0


    1568768          E22/G02             F           57,200.00         T
                                         360         57,168.76          1
    250 MEDALLION BLVD UNIT F          9.000            460.24         80
    # # F                              8.750            460.24       71,500.00
    MADEIRA BEACH    FL   33708          1            03/28/97         95
    0410375794                           01           05/01/97          0
    410375794                            O            04/01/27
    0


    1568782          E22/G02             F          184,000.00         ZZ
                                         360        183,896.84          1
    27 CORTLAND STREET                 8.875          1,463.99         80
                                       8.625          1,463.99      230,000.00
    ROSELAND         NJ   07068          2            03/26/97         00
    0410354179                           05           05/01/97          0
    410354179                            O            04/01/27
    0


    1568784          E22/G02             F           40,000.00         ZZ
                                         360         39,979.26          2
    20-22 NW 40TH COURT                9.250            329.07         37
                                       9.000            329.07      110,000.00
    MIAMI            FL   33126          5            03/24/97         00
    0410351944                           05           05/01/97          0
    410351944                            O            04/01/27
    0


    1568786          E22/G02             F           48,000.00         ZZ
                                         360         47,973.78          1
    201 W. JOHANNA STREET              9.000            386.22         80
                                       8.750            386.22       60,000.00
    AUSTIN           TX   78704          1            03/31/97         04
    0410369003                           05           05/01/97         12
    410369003                            N            04/01/27
    0


    1568791          E22/G02             F          171,000.00         ZZ
                                         360        170,911.35          1
    603 PARADISE COURT                 9.250          1,406.78         75
                                       9.000          1,406.78      228,000.00
    GAITHERSBURG     MD   20877          5            03/24/97         00
    0410377865                           05           05/01/97          0
1


    410377865                            O            04/01/27
    0


    1568797          E22/G02             F          170,000.00         ZZ
                                         360        169,902.19          1
    15880 SW 151 TERRACE               8.750          1,337.39         78
                                       8.500          1,337.39      220,000.00
    MIAMI            FL   33196          1            03/28/97         00
    0410188213                           05           05/01/97          0
    410188213                            O            04/01/27
    0


    1568807          757/757             F           53,800.00         ZZ
                                         360         53,771.36          1
    2855 ROCK CREEK WAY                9.125            437.74         60
                                       8.875            437.74       91,000.00
    MARIETTA         GA   30060          5            03/24/97         00
    2880144                              05           05/01/97          0
    2880144                              O            04/01/27
    0


    1568809          E22/G02             F           73,800.00         ZZ
                                         360         73,757.55          4
    917 NW 3RD AVENUE                  8.750            580.58         90
                                       8.500            580.58       82,000.00
    FORT LAUDERDALE  FL   33311          1            03/28/97         04
    0410377683                           05           05/01/97         25
    410377683                            N            04/01/27
    0


    1568814          129/G02             F           30,000.00         ZZ
                                         360         29,957.66          1
    418 EUCLID AVENUE                  9.750            257.75         57
    #1B                                9.500            257.75       53,500.00
    MIAMI BEACH      FL   33139          1            01/23/97         00
    0430196360                           05           03/01/97          0
    390001771                            N            02/01/27
    0


    1568815          964/G02             F          150,000.00         ZZ
                                         360        150,000.00          1
    101 ESPERANZA AVENUE #C            8.625          1,166.68         80
                                       8.375          1,166.68      187,500.00
    SIERRA MADRE     CA   91024          1            04/09/97         00
    0430202499                           01           06/01/97          0
    21686                                O            05/01/27
    0


1


    1568816          737/G02             F           15,750.00         ZZ
                                         360         15,742.05          1
    4101 W WONDERVIEW ROAD             9.375            131.00         90
                                       9.125            131.00       17,500.00
    PHOENIX          AZ   85019          1            03/11/97         10
    0430196857                           09           05/01/97         25
    512576                               N            04/01/27
    0


    1568820          E22/G02             F          112,000.00         ZZ
                                         360        111,932.15          1
    550 WEST SANTA CRUZ STREET         8.500            861.18         80
                                       8.250            861.18      140,000.00
    LOS ANGELES      CA   90731          2            03/25/97         00
    0410296990                           05           05/01/97          0
    410296990                            O            04/01/27
    0


    1568825          E22/G02             F          180,000.00         ZZ
                                         360        179,882.26          1
    5563 OAKMONT CIRCLE                8.125          1,336.49         75
                                       7.875          1,336.49      240,000.00
    LIVERMORE        CA   94550          5            03/28/97         00
    0410385231                           05           05/01/97          0
    410385231                            O            04/01/27
    0


    1568837          638/G02             F           64,600.00         T
                                         360         64,600.00          1
    3425 E RUSSELL ROAD                9.375            537.31         80
    #209                               9.125            537.31       80,750.00
    LAS VEGAS        NV   89120          1            04/10/97         23
    0430205310                           01           06/01/97          0
    08624022                             O            05/01/27
    0


    1568840          253/253             F          115,000.00         ZZ
                                         360        114,930.32          1
    275 WILLOW AVE                     8.500            884.26         70
                                       8.250            884.26      164,500.00
    SOMERVILLE       MA   02144          1            03/28/97         00
    327117                               05           05/01/97          0
    327117                               O            04/01/27
    0


    1568842          G17/G02             F          700,000.00         T
                                         360        700,000.00          1
    27451 NORTH BAY ROAD               9.125          5,695.43         56
                                       8.875          5,695.43    1,250,000.00
1


    LAKE ARROWHEAD   CA   92352          5            04/25/97         00
    0430216887                           03           06/01/97          0
    275005                               O            05/01/27
    0


    1568845          253/253             F           99,000.00         ZZ
                                         360         98,947.31          2
    4509 13 ANCHOR COURT               9.125            805.50         90
                                       8.875            805.50      110,000.00
    FORT WORTH       TX   76135          1            03/25/97         12
    UNKNOWN                              05           05/01/97         25
    UNKNOWN                              N            04/01/27
    0


    1568848          253/253             F           45,000.00         ZZ
                                         360         44,947.73          1
    2422 NEWCASTLE DR                  8.500            346.02         90
                                       8.250            346.02       50,000.00
    GARLAND          TX   75041          1            03/25/97         01
    327529                               05           05/01/97         25
    327529                               N            04/01/27
    0


    1568863          F27/G02             F          147,000.00         ZZ
                                         360        147,000.00          2
    504 14TH STREET                    8.250          1,104.37         60
                                       8.000          1,104.37      248,000.00
    CHARLOTTESVILLE  VA   22903          5            04/14/97         00
    0430214718                           05           06/01/97          0
    6248132                              N            05/01/27
    0


    1568864          286/286             F           51,200.00         ZZ
                                         360         51,170.53          1
    304 WEST 20TH STREET               8.750            402.80         80
                                       8.500            402.80       64,000.00
    HOUSTON          TX   77008          1            03/12/97         04
    9164953                              05           05/01/97         12
    9164953                              N            04/01/27
    0


    1568865          B75/G02             F          100,000.00         ZZ
                                         360         99,939.42          1
    4700 LAVINA STREET                 8.500            768.91         74
                                       8.250            768.91      135,222.00
    VANCOUVER        WA   98663          1            03/11/97         00
    0430193987                           05           05/01/97          0
    2918282                              O            04/01/27
    0
1




    1568867          B75/G02             F           29,200.00         ZZ
                                         360         29,184.05          1
    5335 E BENT TREE FOREST DR         9.000            234.95         80
    #120                               8.750            234.95       36,500.00
    DALLAS           TX   75248          1            03/21/97         00
    0430198465                           01           05/01/97          0
    2913911                              O            04/01/27
    0


    1568871          766/G02             F           37,100.00         ZZ
                                         360         37,078.10          1
    3120 COLLINS AVE UNIT 408          8.625            288.56         70
                                       8.375            288.56       53,000.00
    MIAMI BEACH      FL   33139          1            03/24/97         00
    0430195248                           08           05/01/97          0
    97OZ0152                             O            04/01/27
    0


    1568880          737/G02             F           71,100.00         ZZ
                                         360         71,061.16          2
    804 E ERIE STREET                  9.000            572.09         90
                                       8.750            572.09       79,000.00
    CHANDLER         AZ   85225          1            03/25/97         10
    0430218834                           05           05/01/97         25
    512539                               N            04/01/27
    0


    1568886          638/G02             F           85,500.00         ZZ
                                         360         85,500.00          1
    12302 VAN SPRONSEN COURT           9.125            695.66         90
                                       8.875            695.66       95,000.00
    INDIANAPOLIS     IN   46236          1            04/11/97         10
    0430217398                           05           06/01/97         25
    08632374                             N            05/01/27
    0


    1568887          688/G02             F           58,800.00         ZZ
                                         360         58,764.38          1
    3001 HEADLY DRIVE                  8.500            452.12         70
                                       8.250            452.12       84,000.00
    AUSTIN           TX   78745          1            03/31/97         00
    0430194142                           05           05/01/97          0
    47023                                N            04/01/27
    0


    1568888          638/G02             F           85,500.00         ZZ
                                         360         85,500.00          1
1


    7403 PEBBLEBROOK WEST DRIVE        9.125            695.66         90
                                       8.875            695.66       95,000.00
    INDIANAPOLIS     IN   46236          1            04/11/97         10
    0430206714                           05           06/01/97         25
    08632375                             N            05/01/27
    0


    1568901          830/830             F          251,250.00         ZZ
                                         360        251,105.45          1
    9552 LAWNDALE                      8.750          1,976.58         75
                                       8.500          1,976.58      335,000.00
    EVANSTON         IL   60203          5            03/21/97         00
    530279                               05           05/01/97          0
    530279                               O            04/01/27
    0


    1568902          638/G02             F           68,850.00         ZZ
                                         360         68,850.00          1
    10017 SOUTH RHODES                 9.500            578.93         90
                                       9.250            578.93       76,500.00
    CHICAGO          IL   60628          1            04/15/97         10
    0430217711                           05           06/01/97         25
    08635940                             N            05/01/27
    0


    1568906          480/G02             F           96,000.00         T
                                         360         95,947.56          1
    6401 SOUTH SAWGRASS DRIVE          9.000            772.44         80
                                       8.750            772.44      120,000.00
    CHANDLER         AZ   85249          1            03/24/97         12
    0430195107                           03           05/01/97         12
    1971761                              O            04/01/27
    0


    1568913          G22/G02             F          203,900.00         ZZ
                                         360        203,759.67          1
    28717 PARK WOODLAND PLACE          7.875          1,478.42         80
                                       7.625          1,478.42      254,900.00
    SAUGUS           CA   91350          1            03/18/97         00
    0430197723                           05           05/01/97          0
    310052                               O            04/01/27
    0


    1568916          731/G02             F          150,000.00         ZZ
                                         360        149,918.07          3
    1069 TOPAZ AVENUE                  9.000          1,206.93         47
                                       8.750          1,206.93      320,000.00
    SAN JOSE         CA   95117          5            03/26/97         00
    0430194308                           05           05/01/97          0
1


    114253339                            N            04/01/27
    0


    1568935          559/G02             F          155,000.00         ZZ
                                         360        154,913.10          1
    1768 MT. RAINIER AVENUE            8.875          1,233.25         62
                                       8.625          1,233.25      250,000.00
    MILPITAS         CA   95035          5            03/20/97         00
    0430194910                           05           05/01/97          0
    5430756                              O            04/01/27
    0


    1568937          559/G02             F          231,000.00         T
                                         360        230,870.50          1
    833 LAKEVIEW AVENUE                8.875          1,837.94         70
                                       8.625          1,837.94      330,000.00
    SOUTH LAKE TAHO  CA   96150          5            03/18/97         00
    0430195024                           05           05/01/97          0
    0435321                              O            04/01/27
    0


    1568941          559/G02             F          255,200.00         ZZ
                                         360        255,056.93          1
    36599 MONTECITO DRIVE              8.875          2,030.49         80
                                       8.625          2,030.49      319,000.00
    FREMONT          CA   94536          1            03/18/97         00
    0430217604                           05           05/01/97          0
    5431705                              O            04/01/27
    0


    1568958          731/G02             F          273,750.00         ZZ
                                         360        273,584.16          1
    19500 VALDEZ DRIVE                 8.500          2,104.90         75
                                       8.250          2,104.90      365,000.00
    TARZANA          CA   91356          1            03/26/97         00
    0430194415                           05           05/01/97          0
    413313455                            O            04/01/27
    0


    1568959          961/G02             F          121,250.00         ZZ
                                         360        121,180.24          1
    255 CYPRESS DRIVE UNIT NO 12       8.750            953.87         79
                                       8.500            953.87      153,500.00
    LAGUNA BEACH     CA   92651          1            03/19/97         10
    0430199398                           01           05/01/97         12
    09109913                             N            04/01/27
    0


1


    1568965          E22/G02             F           56,950.00         ZZ
                                         360         56,920.48          1
    7300 NORTH U.S. HIGHWAY ONE        9.250            468.51         85
    UNIT#104                           9.000            468.51       67,000.00
    COCOA            FL   32927          5            03/24/97         23
    0410375018                           01           05/01/97          0
    410375018                            O            04/01/27
    0


    1569001          F64/G02             F           72,000.00         ZZ
                                         360         72,000.00          1
    304 KINGSTON WAY                   9.500            605.42         90
                                       9.250            605.42       80,000.00
    ANDERSON         SC   29625          1            04/11/97         04
    0430219873                           05           06/01/97         25
    1165                                 N            05/01/27
    0


    1569047          560/560             F           70,000.00         ZZ
                                         360         69,878.27          1
    1030 KANE DRIVE                    8.750            550.70         52
                                       8.500            550.70      135,000.00
    LONGMONT         CO   80501          5            03/12/97         00
    450662259                            05           05/01/97          0
    450662259                            N            04/01/27
    0


    1569050          560/560             F           46,200.00         ZZ
                                         360         46,169.00          1
    315 FIRST AVENUE                   8.000            339.00         70
                                       7.750            339.00       66,000.00
    YPSILANTI        MI   48197          5            03/13/97         00
    450662416                            05           05/01/97          0
    450662416                            N            04/01/27
    0


    1569051          638/G02             F           92,000.00         ZZ
                                         360         92,000.00          1
    16 BANCROFT COMMON                 8.625            715.57         70
                                       8.375            715.57      132,000.00
    FRANKLIN         MA   02038          1            04/28/97         00
    0430220459                           01           06/01/97          0
    8632182                              O            05/01/27
    0


    1569062          638/G02             F           46,350.00         ZZ
                                         360         46,350.00          1
    2073 SOUTH CLUBHOUSE DRIVE         9.250            381.31         90
                                       9.000            381.31       51,500.00
1


    CASA GRANDE      AZ   85222          1            04/14/97         04
    0430214825                           09           06/01/97         25
    08633852                             N            05/01/27
    0


    1569079          313/G02             F           67,400.00         ZZ
                                         360         67,400.00          1
    113 NEW SPRING COURT               8.875            536.27         90
                                       8.625            536.27       74,900.00
    SUMMERVILLE      SC   29485          1            04/15/97         04
    0430208769                           05           06/01/97         25
    6036529                              N            05/01/27
    0


    1569081          G52/G02             F           49,700.00         ZZ
                                         360         49,633.08          2
    3716 NORTH FORTH AVENUE            8.000            364.68         59
                                       7.750            364.68       85,000.00
    TUCSON           AZ   85716          5            02/04/97         00
    0430192609                           05           04/01/97          0
    187476                               N            03/01/27
    0


    1569083          638/G02             F          150,000.00         ZZ
                                         360        150,000.00          1
    42241 WELCHES COURT                8.875          1,193.47         74
                                       8.625          1,193.47      205,000.00
    HEMET            CA   92544          5            04/11/97         00
    0430222364                           05           06/01/97          0
    8635487                              O            05/01/27
    0


    1569088          637/G02             F          110,500.00         ZZ
                                         360        110,433.06          1
    14915 DEAD RIVER ROAD              8.500            849.65         85
                                       8.250            849.65      130,000.00
    THONOTOSASSA     FL   33592          5            03/17/97         01
    0430197525                           05           05/01/97         12
    9497157                              O            04/01/27
    0


    1569132          686/G02             F          138,400.00         ZZ
                                         360        138,308.54          1
    5558 LODI STREET                   8.075          1,022.78         80
                                       7.825          1,022.78      173,000.00
    SAN DIEGO        CA   92117          1            03/19/97         00
    0430200220                           05           05/01/97          0
    818182347                            O            04/01/27
    0
1




    1569145          313/G02             F           55,600.00         ZZ
                                         360         55,600.00          1
    3120 MORNING MEADOW LANE           9.500            467.52         88
                                       9.250            467.52       63,600.00
    GRAND PRAIRIE    TX   75052          1            04/11/97         04
    0430204776                           05           06/01/97         25
    6163745                              N            05/01/27
    0


    1569148          862/G02             F          246,300.00         ZZ
                                         360        246,300.00          1
    148 SOUTH EDINBURGH AVENUE         9.625          2,093.53         95
                                       9.375          2,093.53      259,300.00
    LOS ANGELES      CA   90048          1            04/11/97         11
    0430218305                           05           06/01/97         30
    4398947                              O            05/01/27
    0


    1569151          253/253             F           86,400.00         ZZ
                                         360         86,348.98          1
    428 SUMMIT CIRCLE                  8.625            672.02         79
                                       8.375            672.02      110,000.00
    FREDERICKSBURG   TX   78624          1            03/17/97         00
    327093                               05           05/01/97          0
    327093                               O            04/01/27
    0


    1569157          253/253             F           50,000.00         ZZ
                                         360         49,972.68          1
    765 37TH STREET                    9.000            402.32         33
                                       8.750            402.32      155,000.00
    BOULDER          CO   80303          1            03/31/97         00
    327754                               05           05/01/97          0
    327754                               N            04/01/27
    0


    1569160          253/253             F          100,500.00         ZZ
                                         360        100,437.53          1
    11313 THORNY BROOK TRAIL           8.375            763.88         80
                                       8.125            763.88      125,650.00
    AUSTIN           TX   78750          1            03/27/97         00
    327197                               05           05/01/97          0
    327197                               O            04/01/27
    0


    1569163          253/253             F          120,000.00         ZZ
                                         360        119,925.41          1
1


    23 ESQUINA DRIVE                   8.375            912.09         68
                                       8.125            912.09      178,000.00
    SAN FRANCISCO    CA   94134          5            03/26/97         00
    326573                               05           05/01/97          0
    326573                               O            04/01/27
    0


    1569168          B79/G02             F          793,000.00         ZZ
                                         360        793,000.00          1
    3 UNIONSTONE LANE                  9.625          6,740.42         65
                                       9.375          6,740.42    1,220,000.00
    SAN RAFAEL       CA   94903          2            04/24/97         00
    0430221580                           03           06/01/97          0
    101003                               O            05/01/27
    0


    1569169          E22/G02             F           80,000.00         ZZ
                                         360         79,948.99          1
    1365 NEAHKAHNIE STREET SOUTH       8.250            601.01         59
    EAST                               8.000            601.01      137,000.00
    SALEM            OR   97306          5            03/25/97         00
    0410218788                           05           05/01/97          0
    410218788                            O            04/01/27
    0


    1569170          E22/G02             F           99,000.00         ZZ
                                         360         99,000.00          2
    1705-1707 NORTH 19TH STREET        9.375            823.43         90
                                       9.125            823.43      110,000.00
    BOISE            ID   83702          1            03/27/97         10
    0410368492                           05           06/01/97         25
    410368492                            N            05/01/27
    0


    1569229          E22/G02             F          750,000.00         ZZ
                                         360        750,000.00          1
    13020 THOMAS ROAD KNP              9.250          6,170.07         58
                                       9.000          6,170.07    1,300,000.00
    GIG HARBOR       WA   98329          5            03/28/97         00
    0410219075                           05           06/01/97          0
    410219075                            O            05/01/27
    0


    1569235          E22/G02             F          162,000.00         ZZ
                                         360        161,913.79          1
    630 HAYWIRE RANCH ROAD             9.125          1,318.09         65
                                       8.875          1,318.09      250,000.00
    COLFAX           CA   95713          5            03/19/97         00
    0410277313                           05           05/01/97          0
1


    410277313                            O            04/01/27
    0


    1569239          E22/G02             F           26,700.00         ZZ
                                         360         26,700.00          1
    4715 HAYFORD WAY UNIT #1           8.750            210.05         66
                                       8.500            210.05       41,000.00
    SACRAMENTO       CA   95842          5            03/26/97         00
    0410277800                           01           06/01/97          0
    410277800                            O            05/01/27
    0


    1569241          E22/G02             F           40,000.00         ZZ
                                         360         40,000.00          1
    905 GARFIELD STREET                9.000            321.85         32
                                       8.750            321.85      125,000.00
    FAIRFIELD        CA   94533          5            03/31/97         00
    0410371991                           05           06/01/97          0
    410371991                            N            05/01/27
    0


    1569246          E22/G02             F           44,100.00         ZZ
                                         360         44,077.73          1
    1210 EAST MILTON                   9.375            366.80         90
                                       9.125            366.80       49,000.00
    HAZEL PARK       MI   48030          1            03/28/97         10
    0410369631                           05           05/01/97         25
    410369631                            N            04/01/27
    0


    1569247          E22/G02             F           44,100.00         ZZ
                                         360         44,075.91          1
    1847 MYRTLE JO DRIVE               9.000            354.84         90
                                       8.750            354.84       49,000.00
    ORMOND BEACH     FL   32174          1            03/31/97         04
    0410379044                           05           05/01/97         25
    410379044                            N            04/01/27
    0


    1569249          E22/G02             F           82,800.00         ZZ
                                         360         82,755.94          1
    5313 TARA HILL DRIVE               9.125            673.69         90
                                       8.875            673.69       92,000.00
    DUBLIN           OH   43017          1            03/28/97         10
    0410369706                           05           05/01/97         25
    410369706                            N            04/01/27
    0


1


    1569250          E22/G02             F          384,000.00         ZZ
                                         360        383,800.93          1
    7318 LAKE WILLIS DRIVE             9.250          3,159.07         75
                                       9.000          3,159.07      515,000.00
    ORLANDO          FL   32821          5            03/26/97         00
    0410354153                           05           05/01/97          0
    410354153                            O            04/01/27
    0


    1569252          E22/G02             F           55,000.00         ZZ
                                         360         54,966.68          1
    245 NE SAGAMORE TERRACE            8.500            422.90         43
                                       8.250            422.90      130,000.00
    PORT ST. LUCIE   FL   34983          2            03/25/97         00
    0410354427                           05           05/01/97          0
    410354427                            O            04/01/27
    0


    1569253          E22/G02             F          107,500.00         ZZ
                                         360        107,447.12          4
    809 COLLEGE AVE                    9.500            903.92         80
                                       9.250            903.92      134,900.00
    ADRIAN           MI   49221          1            03/28/97         23
    0410363915                           05           05/01/97          0
    410363915                            N            04/01/27
    0


    1569255          E22/G02             F           36,350.00         ZZ
                                         360         36,333.04          1
    10 DUNBILT COURT                   9.750            312.30         75
                                       9.500            312.30       48,500.00
    MANSFIELD        OH   44903          1            03/28/97         00
    0410364913                           05           05/01/97          0
    410364913                            N            04/01/27
    0


    1569260          964/G02             F          239,200.00         ZZ
                                         360        239,051.33          1
    1650 FORD STREET                   8.375          1,818.09         80
                                       8.125          1,818.09      299,000.00
    REDLANDS         CA   92373          1            03/27/97         00
    0430193342                           05           05/01/97          0
    23603                                O            04/01/27
    0


    1569262          E22/G02             F          130,500.00         ZZ
                                         360        130,420.94          1
    7002 CHANNEL VILLAGE COURT         8.500          1,003.43         75
    UNIT#202                           8.250          1,003.43      174,000.00
1


    ANNAPOLIS        MD   21403          1            03/31/97         00
    0410378046                           01           05/01/97          0
    410378046                            O            04/01/27
    0


    1569264          E22/G02             F          110,000.00         ZZ
                                         360        109,929.86          1
    1019 SOUTH LAKESIDE DRIVE          8.250            826.39         55
                                       8.000            826.39      200,000.00
    LAKE WORTH       FL   33460          5            03/26/97         00
    0410377741                           05           05/01/97          0
    410377741                            O            04/01/27
    0


    1569267          E22/G02             F           25,700.00         ZZ
                                         360         25,686.67          1
    618 ORANGE AVENUE                  9.250            211.43         75
    UNIT #214                          9.000            211.43       34,300.00
    ALTAMONTE SPRIN  FL   32701          1            03/31/97         00
    0410376719                           01           05/01/97          0
    410376719                            N            04/01/27
    0


    1569272          E22/G02             F           54,000.00         ZZ
                                         360         53,973.44          2
    3731 W. GREENFIELD AVENUE          9.500            454.06         90
                                       9.250            454.06       60,000.00
    MILWAUKEE        WI   53215          1            03/27/97         01
    0410356612                           05           05/01/97         25
    410356612                            N            04/01/27
    0


    1569289          180/G02             F          112,300.00         ZZ
                                         360        112,300.00          1
    34315 RICHLAND                     9.250            923.86         90
                                       9.000            923.86      124,800.00
    LIVONIA          MI   48150          1            04/15/97         04
    0430219386                           05           06/01/97         25
    4254447                              N            05/01/27
    0


    1569296          E22/G02             F          114,000.00         ZZ
                                         360        113,940.90          1
    425 MELODY COURT                   9.250            937.85         75
                                       9.000            937.85      152,000.00
    ROYAL OAK        MI   48073          5            02/27/97         00
    0410167472                           05           05/01/97          0
    410167472                            O            04/01/27
    0
1




    1569298          E22/G02             F          129,600.00         T
                                         360        129,521.49          1
    STATE HWY 361 #209 SANDPIPER       8.500            996.51         90
    CONDO                              8.250            996.51      144,000.00
    PORT ARANSAS     TX   78373          1            03/21/97         01
    0410315410                           06           05/01/97         25
    410315410                            O            04/01/27
    0


    1569304          E22/G02             F           70,000.00         T
                                         360         69,964.66          1
    4154 NW 45 AVENUE                  9.375            582.22         80
                                       9.125            582.22       87,500.00
    LAUDERDALE LAKE  FL   33319          1            03/13/97         95
    0410348809                           05           05/01/97          0
    410348809                            O            04/01/27
    0


    1569305          559/G02             F          144,000.00         ZZ
                                         360        143,910.49          1
    1547 CITRUS GROVE COURT            8.375          1,094.51         80
                                       8.125          1,094.51      180,000.00
    SAN JOSE         CA   95121          1            03/25/97         00
    0430217521                           05           05/01/97          0
    5429725                              O            04/01/27
    0


    1569308          E22/G02             F          101,500.00         ZZ
                                         360        101,444.56          1
    2630 RAINTREE CIRCLE               9.000            816.69         82
                                       8.750            816.69      125,000.00
    SAPULPA          OK   74063          2            03/21/97         10
    0410313308                           05           05/01/97         20
    410313308                            N            04/01/27
    0


    1569309          129/G02             F           81,000.00         ZZ
                                         360         80,915.68          4
    2128-2134 ELBRIDGE                 9.250            666.37         90
                                       9.000            666.37       90,000.00
    WESTLAND         MI   48186          1            02/28/97         04
    0430198911                           05           04/01/97         25
    3070073063                           N            03/01/27
    0


    1569311          E36/G02             F          185,000.00         ZZ
                                         360        185,000.00          1
1


    8 SUMMIT COURT                     8.125          1,373.62         58
                                       7.875          1,373.62      320,000.00
    OYSTER BAY       NY   11771          1            04/21/97         00
    0430201749                           05           06/01/97          0
    1569311                              O            05/01/27
    0


    1569313          559/G02             F          168,000.00         ZZ
                                         360        167,900.81          1
    3222 KIRK ROAD                     8.625          1,306.69         80
                                       8.375          1,306.69      210,000.00
    SAN JOSE         CA   95124          1            03/26/97         95
    0430217513                           05           05/01/97          0
    5431135                              N            04/01/27
    0


    1569319          664/G02             F           88,000.00         ZZ
                                         360         87,949.37          1
    11008 NE 131ST STREET              8.750            692.30         55
                                       8.500            692.30      160,000.00
    VANCOUVER        WA   98662          1            03/21/97         00
    0430195065                           05           05/01/97          0
    2249977                              N            04/01/27
    0


    1569405          776/G02             F          108,000.00         ZZ
                                         360        107,936.24          1
    8316 S.E. TAYLOR STREET            8.625            840.01         80
                                       8.375            840.01      135,000.00
    PORTLAND         OR   97216          1            03/25/97         00
    0430195297                           05           05/01/97          0
    5042025                              O            04/01/27
    0


    1569406          776/G02             F          121,000.00         ZZ
                                         360        120,928.56          1
    19455 ARABIAN LANE                 8.625            941.13         68
                                       8.375            941.13      180,000.00
    FRENCHTOWN       MT   59834          2            03/19/97         00
    0430197194                           03           05/01/97          0
    5042028                              O            04/01/27
    0


    1569412          776/G02             F           82,400.00         ZZ
                                         360         82,353.81          1
    2114 N. 19TH STREET                8.875            655.61         80
                                       8.625            655.61      103,000.00
    BOISE            ID   83702          1            03/18/97         00
    0430195271                           05           05/01/97          0
1


    2543074                              O            04/01/27
    0


    1569428          076/076             F           41,715.00         ZZ
                                         360         41,672.69          1
    2005 LUTHERAN ST                   9.375            346.97         90
                                       9.125            346.97       46,350.00
    GREENSBORO       NC   27401          1            02/28/97         01
    7076154                              05           04/01/97         25
    7076154                              N            03/01/27
    0


    1569429          140/G02             F          116,550.00         ZZ
                                         360        116,487.98          4
    4850 52 MAGAZINE STREET            9.125            948.29         90
                                       8.875            948.29      129,500.00
    NEW ORLEANS      LA   70115          1            03/27/97         12
    0430199307                           05           05/01/97         25
    432394                               N            04/01/27
    0


    1569430          687/G02             F           78,400.00         ZZ
                                         360         78,354.90          1
    134 LOCUST COURT                   8.750            616.77         70
                                       8.500            616.77      112,000.00
    PITTSBURGH       PA   15237          1            03/25/97         00
    0430194795                           01           05/01/97          0
    003297                               O            04/01/27
    0


    1569431          076/076             F          244,800.00         ZZ
                                         360        244,551.77          3
    51 HIGHLAND AVENUE                 9.375          2,036.13         90
                                       9.125          2,036.13      272,250.00
    NEW ROCHELLE     NY   10801          1            02/12/97         10
    7075602                              05           04/01/97         25
    7075602                              O            03/01/27
    0


    1569434          076/076             F           91,350.00         ZZ
                                         360         91,249.82          1
    4781 HILDA DRIVE                   9.000            735.03         73
                                       8.750            735.03      126,385.00
    LAS CRUCES       NM   88005          1            02/19/97         00
    7073329                              05           04/01/97          0
    7073329                              O            03/01/27
    0


1


    1569439          076/076             F          117,000.00         ZZ
                                         360        116,881.36          1
    25229 SHADESCALE DRIVE             9.375            973.15         90
                                       9.125            973.15      130,000.00
    MURRIETA         CA   92563          2            02/03/97         10
    6851462                              05           04/01/97         25
    6851462                              N            03/01/27
    0


    1569440          201/G02             F          142,500.00         ZZ
                                         360        142,500.00          4
    238 EAST MAIN STREET               9.000          1,146.59         95
                                       8.750          1,146.59      150,000.00
    TERRE HILL       PA   17581          1            04/25/97         01
    0430220558                           05           06/01/97         35
    3800980710                           O            05/01/27
    0


    1569442          942/G02             F           85,000.00         ZZ
                                         360         85,000.00          1
    11 HEIGHWOOD TRAIL                 9.250            699.28         45
                                       9.000            699.28      192,000.00
    SPARTA           NJ   07871          1            04/25/97         00
    0430215541                           03           06/01/97          0
    1154P7MC37                           O            05/01/27
    0


    1569443          076/076             F          140,400.00         T
                                         360        140,047.28          1
    5600 LAGUNA BOULEVARD              8.375          1,067.14         90
                                       8.125          1,067.14      156,000.00
    SOUTH PADRE ISL  TX   78597          2            12/23/96         10
    6779412                              01           02/01/97         35
    6779412                              O            01/01/27
    0


    1569445          076/076             F          112,500.00         ZZ
                                         360        112,382.91          1
    179 21 EVELETH ROAD                9.250            925.51         90
                                       9.000            925.51      125,000.00
    SPRINGFIELD GAR  NY   11434          1            02/13/97         10
    6723712                              05           04/01/97         25
    6723712                              N            03/01/27
    0


    1569462          661/661             F           85,000.00         ZZ
                                         360         84,769.58          4
    1404 TOOLE AVENUE                  8.000            623.70         57
                                       7.750            623.70      150,000.00
1


    MISSOULA         MT   59802          1            12/16/96         00
    2754000                              05           02/01/97          0
    2754000                              N            01/01/27
    0


    1569465          661/661             F           85,000.00         ZZ
                                         360         84,769.58          4
    1406 TOOLE AVENUE                  8.000            623.70         57
                                       7.750            623.70      150,000.00
    MISSOULA         MT   59802          1            12/16/96         00
    2754018                              05           02/01/97          0
    2754018                              N            01/01/27
    0


    1569466          B35/G02             F           85,850.00         ZZ
                                         360         85,850.00          1
    10005 FALCON BRIDGE DRIVE          8.750            675.39         75
                                       8.500            675.39      114,500.00
    RICHMOND         VA   23233          1            04/11/97         00
    0430209932                           05           06/01/97          0
    344403942                            N            05/01/27
    0


    1569469          E13/G02             F           89,550.00         ZZ
                                         360         89,550.00          4
    4960 OLEATHA AVENUE                9.000            720.54         90
                                       8.750            720.54       99,500.00
    ST. LOUIS        MO   63139          1            04/24/97         10
    0430213652                           05           06/01/97         25
    197807                               N            05/01/27
    0


    1569470          F30/G02             F          108,000.00         ZZ
                                         360        107,946.88          1
    4042 SOUTH 200 EAST                9.500            908.12         79
                                       9.250            908.12      138,000.00
    SALT LAKE CITY   UT   84107          1            03/25/97         01
    0430195503                           05           05/01/97         12
    10629                                N            04/01/27
    0


    1569472          B23/G02             F          297,500.00         ZZ
                                         360        297,500.00          1
    5895 PASEO DE LA RAMBLA            9.375          2,474.45         70
                                       9.125          2,474.45      425,000.00
    YORBA LINDA      CA   92887          1            04/03/97         00
    0430193029                           05           06/01/97          0
    88001725                             O            05/01/27
    0
1




    1569474          637/G02             F           98,000.00         T
                                         360         98,000.00          1
    910 W MADERA LANE                  9.125            797.36         70
                                       8.875            797.36      140,000.00
    PAYSON           AZ   85541          1            04/10/97         00
    0430211953                           09           06/01/97          0
    9794140                              O            05/01/27
    0


    1569478          E58/G02             F          109,900.00         ZZ
                                         360        109,900.00          1
    26 SUMMERWOOD DRIVE                7.875            796.86         69
                                       7.625            796.86      159,900.00
    STAFFORD         VA   22554          1            04/18/97         00
    0430216697                           03           06/01/97          0
    9007972                              O            05/01/27
    0


    1569508          B59/G02             F          160,000.00         ZZ
                                         360        159,910.30          2
    516 FIRST ST                       8.875          1,273.03         61
                                       8.625          1,273.03      265,000.00
    NEPTUNE BEACH    FL   32266          1            03/31/97         00
    0430203562                           05           05/01/97          0
    704058679                            O            04/01/27
    0


    1569513          964/G02             F          180,000.00         T
                                         360        179,893.73          1
    77730 CHEROKEE ROAD                8.625          1,400.02         75
                                       8.375          1,400.02      240,000.00
    INDIAN WELLS     CA   92210          2            03/24/97         00
    0430194811                           09           05/01/97          0
    23962                                O            04/01/27
    0


    1569519          687/G02             F           58,450.00         ZZ
                                         360         58,450.00          1
    7651 WASHINGTON                    9.500            491.48         90
                                       9.250            491.48       64,950.00
    KANSAS CITY      MO   64114          1            04/10/97         10
    0430213538                           05           06/01/97         25
    NG                                   N            05/01/27
    0


    1569523          964/G02             F          100,000.00         ZZ
                                         360         99,937.85          1
1


    2601 BROOKDALE LANE                8.375            760.07         50
                                       8.125            760.07      202,000.00
    DUARTE           CA   91010          5            03/31/97         00
    0430195016                           05           05/01/97          0
    24023                                O            04/01/27
    0


    1569525          A78/G02             F          128,250.00         ZZ
                                         360        128,250.00          3
    108 108 1/2 110 GARFIELD ST        9.250          1,055.08         90
                                       9.000          1,055.08      142,500.00
    FORT COLLINS     CO   80524          1            04/16/97         01
    0430216135                           05           06/01/97         25
    300571667                            N            05/01/27
    0


    1569547          E22/G02             F          105,000.00         T
                                         360        104,941.13          1
    21224 HARBOR WAY, #232-23          8.875            835.43         75
                                       8.625            835.43      140,000.00
    AVENTURA         FL   33180          1            03/05/97         00
    0410353387                           01           05/01/97          0
    410353387                            O            04/01/27
    0


    1569556          E22/G02             F           65,700.00         ZZ
                                         360         65,664.11          1
    6797 GRASSLAND                     9.000            528.64         90
                                       8.750            528.64       73,000.00
    WEST BLOOMFIELD  MI   48324          1            03/31/97         04
    0410345169                           05           05/01/97         25
    410345169                            N            04/01/27
    0


    1569559          E22/G02             F           30,400.00         ZZ
                                         360         30,385.05          1
    132 PACIFIC STREET                 9.500            255.62         70
                                       9.250            255.62       43,500.00
    ELKHART          IN   46516          5            03/21/97         00
    0410369359                           05           05/01/97          0
    410369359                            N            04/01/27
    0


    1569561          964/G02             F          113,600.00         BB
                                         360        113,527.56          1
    5126 VISTA SIERRA DRIVE            8.250            853.44         70
                                       8.000            853.44      162,296.00
    ANTELOPE         CA   95843          1            03/13/97         00
    0430198416                           05           05/01/97          0
1


    20924                                N            04/01/27
    0


    1569564          874/G02             F           61,750.00         ZZ
                                         360         61,750.00          1
    1381 FOREST STREET                 8.750            485.79         65
                                       8.500            485.79       95,000.00
    RENO             NV   89509          5            04/16/97         00
    0430215400                           05           06/01/97          0
    3711382                              N            05/01/27
    0


    1569566          E22/G02             F          100,000.00         ZZ
                                         360         99,942.47          1
    567 NORTH SIR PHILIP DRIVE         8.750            786.70         80
                                       8.500            786.70      125,000.00
    SALT LAKE CITY   UT   84116          5            03/26/97         00
    0410389621                           05           05/01/97          0
    410389621                            O            04/01/27
    0


    1569574          E22/G02             F           53,900.00         ZZ
                                         360         53,870.56          1
    6803 ROLLING MILL DRIVE            9.000            433.69         90
                                       8.750            433.69       59,900.00
    HOUSTON          TX   77088          1            03/28/97         01
    0410315238                           03           05/01/97         25
    410315238                            N            04/01/27
    0


    1569577          E22/G02             F           92,950.00         ZZ
                                         360         92,897.89          1
    509 GEYSER AVENUE                  8.875            739.55         80
                                       8.625            739.55      116,220.00
    PFLUGERVILLE     TX   78660          1            03/31/97         00
    0410315402                           05           05/01/97          0
    410315402                            O            04/01/27
    0


    1569579          F81/G02             F          140,000.00         ZZ
                                         360        140,000.00          1
    10125 SO SILVER STREAK DRIVE       8.750          1,101.38         49
                                       8.500          1,101.38      286,000.00
    SOUTH JORDAN     UT   84095          1            04/14/97         00
    0430211920                           05           06/01/97          0
    9700036                              O            05/01/27
    0


1


    1569582          E22/G02             F          110,500.00         ZZ
                                         360        110,500.00          1
    216 SOUTHEAST 3RD STREET           8.750            869.30         85
                                       8.500            869.30      130,000.00
    COLLEGE PLACE    WA   99324          5            03/27/97         01
    0410218275                           05           06/01/97         12
    410218275                            O            05/01/27
    0


    1569584          E22/G02             F           96,800.00         ZZ
                                         360         96,800.00          1
    5611 SOUTH AVON STREET             9.000            778.87         80
                                       8.750            778.87      121,000.00
    SEATTLE          WA   98178          1            04/01/97         04
    0410218440                           05           06/01/97         12
    410218440                            N            05/01/27
    0


    1569595          E22/G02             F          100,000.00         ZZ
                                         360        100,000.00          1
    100 SOUTH DOHENY DRIVE             8.625            777.79         58
    UNIT #912                          8.375            777.79      175,000.00
    LOS ANGELES      CA   90048          1            03/31/97         00
    0410297691                           06           06/01/97          0
    410297691                            O            05/01/27
    0


    1569600          562/562             F          325,000.00         ZZ
                                         360        324,835.87          3
    2880 LAMPORT PLACE                 9.375          2,703.19         87
                                       9.125          2,703.19      375,000.00
    BRONX            NY   10465          1            04/01/97         04
    530501                               05           05/01/97         25
    530501                               O            04/01/27
    0


    1569601          E22/G02             F           74,750.00         ZZ
                                         360         74,711.25          1
    3932 SHERMAN WAY                   9.250            614.95         65
                                       9.000            614.95      115,000.00
    SACRAMENTO       CA   95817          5            03/27/97         00
    0410277545                           05           05/01/97          0
    410277545                            O            04/01/27
    0


    1569603          E22/G02             F          462,000.00         ZZ
                                         360        461,772.75          2
    3936 BALBOA STREET                 9.500          3,884.75         73
                                       9.250          3,884.75      635,000.00
1


    SAN FRANCISCO    CA   94121          2            03/26/97         00
    0410360903                           05           05/01/97          0
    410360903                            O            04/01/27
    0


    1569665          129/G02             F           91,700.00         ZZ
                                         360         91,599.44          1
    286 DURAND                         9.000            737.84         70
                                       8.750            737.84      131,000.00
    EAST LANSING     MI   48823          5            02/10/97         00
    0430220988                           05           04/01/97          0
    3460007135                           N            03/01/27
    0


    1569681          638/G02             F           50,400.00         ZZ
                                         360         50,400.00          1
    2085 SOUTH CLUBHOUSE DRIVE         8.750            396.50         90
                                       8.500            396.50       56,000.00
    CASA GRANDE      AZ   85222          1            04/14/97         10
    0430214783                           03           06/01/97         25
    8633854                              N            05/01/27
    0


    1569690          638/G02             F           46,350.00         ZZ
                                         360         46,350.00          1
    2079 SOUTH CLUBHOUSE DRIVE         9.250            381.31         90
                                       9.000            381.31       51,500.00
    CASA GRANDE      AZ   85222          1            04/11/97         14
    0430217323                           09           06/01/97         25
    08633857                             N            05/01/27
    0


    1569709          638/G02             F           44,100.00         ZZ
                                         360         44,100.00          1
    434 WILSON AVENUE                  9.500            370.82         90
                                       9.250            370.82       49,000.00
    CALUMET CITY     IL   60409          1            04/22/97         10
    0430222133                           05           06/01/97         25
    8636705                              N            05/01/27
    0


    1569713          377/377             F          126,000.00         ZZ
                                         360        126,000.00          4
    76-82 CABOOSE COURT                8.625            980.02         90
                                       8.375            980.02      140,000.00
    LAWRENCEVILLE    GA   30244          1            04/18/97         01
    3656931                              05           06/01/97         25
    3656931                              N            05/01/27
    0
1




    1569725          696/G02             F          137,000.00         ZZ
                                         360        136,927.09          1
    723 MASSACHUSETTS AVENUE N.E.      9.125          1,114.68         41
                                       8.875          1,114.68      335,000.00
    WASHINGTON       DC   20002          5            03/31/97         00
    0430194225                           07           05/01/97          0
    3185077                              N            04/01/27
    0


    1569760          816/G02             F          279,000.00         ZZ
                                         360        278,862.77          1
    2739 E MAJESTIC RIDGE CIRCLE       9.500          2,345.98         79
                                       9.250          2,345.98      355,000.00
    SALT LAKE CITY   UT   84121          4            04/01/97         12
    0430195735                           05           05/01/97         25
    140277                               N            04/01/27
    0


    1569761          B74/G02             F          212,000.00         ZZ
                                         360        211,884.20          1
    36211 WORTHING DRIVE               9.000          1,705.80         80
                                       8.750          1,705.80      265,000.00
    NEWARK           CA   94560          1            03/10/97         00
    0430195859                           05           05/01/97          0
    970501                               O            04/01/27
    0


    1569762          816/G02             F          200,000.00         ZZ
                                         360        200,000.00          1
    2004 WEST SILVER STREAK DRIVE      9.000          1,609.25         77
                                       8.750          1,609.25      260,000.00
    SOUTH JORDAN     UT   84095          1            04/03/97         00
    0430196626                           05           06/01/97          0
    900076                               O            05/01/27
    0


    1569766          664/G02             F          158,000.00         ZZ
                                         360        157,911.42          1
    2312 N. NEWLAND AVENUE             8.875          1,257.12         78
                                       8.625          1,257.12      205,000.00
    CHICAGO          IL   60635          5            03/28/97         00
    0430203133                           05           05/01/97          0
    2279362                              O            04/01/27
    0


    1569769          G52/G02             F          164,100.00         ZZ
                                         360        163,998.00          1
1


    982 EAST CONSTITUTION DRIVE        8.375          1,247.28         80
                                       8.125          1,247.28      205,147.00
    GILBERT          AZ   85296          1            03/05/97         00
    0430206623                           03           05/01/97          0
    191878                               O            04/01/27
    0


    1569772          637/G02             F           76,500.00         ZZ
                                         360         76,461.37          2
    416-18 40TH STREET E               9.375            636.29         90
                                       9.125            636.29       85,000.00
    PALMETTO         FL   34221          1            03/28/97         01
    0430196899                           05           05/01/97         25
    3012457                              N            04/01/27
    0


    1569774          637/G02             F           63,750.00         ZZ
                                         360         63,711.37          4
    9748 BROADWAY                      8.500            490.19         75
                                       8.250            490.19       85,000.00
    LIVE OAK         CA   95953          3            03/24/97         00
    0430202374                           05           05/01/97          0
    4757340                              N            04/01/27
    0


    1569776          731/G02             F          112,500.00         ZZ
                                         360        112,444.67          2
    1287 PEACHTREE VIEW                9.500            945.96         90
                                       9.250            945.96      125,000.00
    ATLANTA          GA   30319          1            04/02/97         01
    0430201624                           05           05/01/97         25
    3140664067                           N            04/01/27
    0


    1569784          757/757             F          200,000.00         ZZ
                                         360        200,000.00          1
    51 HERON'S NEST                    8.500          1,537.83         64
                                       8.250          1,537.83      315,000.00
    SAVANNAH         GA   31410          1            04/03/97         00
    2880185                              03           06/01/97          0
    2880185                              O            05/01/27
    0


    1569791          A01/G02             F          120,000.00         ZZ
                                         360        119,934.45          1
    9972 RED ROCK COURT                9.000            965.55         80
                                       8.750            965.55      150,000.00
    SAN DIEGO        CA   92131          1            03/25/97         04
    0430198481                           05           05/01/97         12
1


    NG                                   N            04/01/27
    0


    1569792          560/560             F           49,500.00         ZZ
                                         360         49,472.24          1
    837 JULIET AVE                     8.875            393.85         90
                                       8.625            393.85       55,000.00
    MEMPHIS          TN   38122          1            03/13/97         04
    450662663                            05           05/01/97         25
    450662663                            N            04/01/27
    0


    1569793          560/560             F           31,500.00         T
                                         360         31,482.34          1
    320 W HARDING                      8.875            250.63         70
                                       8.625            250.63       45,000.00
    PINE BLUFF       AR   71601          5            03/21/97         00
    459008207                            05           05/01/97          0
    459008207                            O            04/01/27
    0


    1569795          560/560             F          101,250.00         ZZ
                                         360        101,133.06          1
    750 MCDONALD DRIVE                 8.750            796.54         75
                                       8.500            796.54      135,000.00
    RENO             NV   89503          1            02/27/97         00
    450652011                            05           04/01/97          0
    450652011                            N            03/01/27
    0


    1569799          560/560             F           63,000.00         ZZ
                                         360         62,964.68          2
    8320 ALMA STREET                   8.875            501.26         70
                                       8.625            501.26       90,000.00
    PHILADELPHIA     PA   19152          5            03/17/97         00
    450665310                            05           05/01/97          0
    450665310                            N            04/01/27
    0


    1569800          369/G02             F           74,400.00         ZZ
                                         360         74,357.19          1
    385 WILD ORANGE DRIVE              8.750            585.31         80
                                       8.500            585.31       93,000.00
    NEW SMYRNA BEAC  FL   32168          1            03/21/97         00
    0430200287                           05           05/01/97          0
    0060436300                           O            04/01/27
    0


1


    1569801          560/560             F           48,000.00         T
                                         360         47,973.09          1
    17021 N BAY ROAD # 724             8.875            381.91         60
                                       8.625            381.91       80,000.00
    SUNNY ISLES      FL   33160          1            03/14/97         00
    450662861                            06           05/01/97          0
    450662861                            O            04/01/27
    0


    1569803          105/G02             F          116,400.00         ZZ
                                         360        116,329.48          1
    4383 POINT VISTA PLACE S W         8.500            895.02         80
                                       8.250            895.02      145,500.00
    SHALLOTTE        NC   28459          1            03/31/97         00
    0430199711                           05           05/01/97          0
    1036748                              O            04/01/27
    0


    1569804          369/G02             F          128,250.00         ZZ
                                         360        128,181.74          1
    429 NEILL RIDGE ROAD               9.125          1,043.49         90
                                       8.875          1,043.49      142,500.00
    MATTHEWS         NC   28105          1            03/26/97         01
    0430196808                           05           05/01/97         25
    0049751936                           N            04/01/27
    0


    1569808          369/G02             F           21,200.00         ZZ
                                         360         21,189.29          1
    1009 WEST 6TH STREET               9.375            176.34         90
                                       9.125            176.34       23,578.00
    FLORENCE         NJ   08518          1            03/14/97         01
    0430196725                           07           05/01/97         25
    0060410370                           N            04/01/27
    0


    1569813          003/G02             F           89,100.00         ZZ
                                         360         89,055.00          1
    713-15 STILL LAKE DRIVE            9.375            741.09         90
                                       9.125            741.09       99,000.00
    LAWRENCEVILLE    GA   30245          1            03/31/97         10
    0430206037                           05           05/01/97         25
    0003826948                           N            04/01/27
    0


    1569815          B75/G02             F          101,700.00         ZZ
                                         360        101,648.64          1
    6771 BUENA VISTA DRIVE             9.375            845.89         90
                                       9.125            845.89      113,000.00
1


    UINTAH           UT   84405          1            03/12/97         01
    0430215673                           05           05/01/97         25
    2914067                              N            04/01/27
    0


    1569818          003/G02             F           89,100.00         ZZ
                                         360         89,055.00          2
    723-25 STILL LAKE DRIVE            9.375            741.09         90
                                       9.125            741.09       99,000.00
    LAWRENCEVILLE    GA   30245          1            03/31/97         12
    0430219097                           05           05/01/97         25
    0003803269                           N            04/01/27
    0


    1569822          F34/G02             F           37,500.00         ZZ
                                         360         37,481.56          1
    400 KINGS POINT DRIVE              9.500            315.32         75
    UNIT 414                           9.250            315.32       50,000.00
    NORTH MIAMI BEA  FL   33160          1            04/03/97         00
    0430196691                           06           05/01/97          0
    9700181                              O            04/01/27
    0


    1569837          E22/G02             F           38,600.00         ZZ
                                         360         38,576.01          1
    701 NORTH 5TH STREET               8.375            293.39         90
                                       8.125            293.39       42,900.00
    GOSHEN           IN   46526          1            03/21/97         04
    0410367379                           05           05/01/97         25
    410367379                            N            04/01/27
    0


    1569844          E22/G02             F          123,750.00         ZZ
                                         360        123,678.80          1
    4823 BURDSALL ROAD                 8.750            973.54         75
                                       8.500            973.54      165,000.00
    WILLIAMSBURG     OH   45176          5            03/26/97         00
    0410370100                           05           05/01/97          0
    410370100                            O            04/01/27
    0


    1569848          E22/G02             F          258,000.00         ZZ
                                         360        257,859.07          1
    165 PAULIN BLVD                    9.000          2,075.93         73
                                       8.750          2,075.93      355,000.00
    LEONIA           NJ   07605          5            03/27/97         00
    0410375877                           05           05/01/97          0
    410375877                            O            04/01/27
    0
1




    1569850          E22/G02             F           70,550.00         ZZ
                                         360         70,510.45          1
    19450 BELVIEW DRIVE                8.875            561.33         85
                                       8.625            561.33       83,000.00
    MIAMI            FL   33157          1            04/01/97         10
    0410375695                           05           05/01/97         20
    410375695                            N            04/01/27
    0


    1569852          E22/G02             F          250,000.00         ZZ
                                         360        249,863.44          1
    227 GREGORY RD                     9.000          2,011.56         50
                                       8.750          2,011.56      500,000.00
    FRANKLIN LAKES   NJ   07417          5            03/27/97         00
    0410376172                           05           05/01/97          0
    410376172                            O            04/01/27
    0


    1569855          E22/G02             F           50,400.00         ZZ
                                         360         50,372.47          1
    21O0 TANGLEWILDE ST. #315          9.000            405.53         90
                                       8.750            405.53       56,000.00
    HOUSTON          TX   77063          1            03/31/97         12
    0410368674                           01           05/01/97         25
    410368674                            O            04/01/27
    0


    1569856          E22/G02             F           54,000.00         ZZ
                                         360         53,973.44          2
    108 & 110 N CUMBERLAND ST          9.500            454.06         90
                                       9.250            454.06       60,000.00
    METAIRIE         LA   70003          1            03/28/97         04
    0410370167                           05           05/01/97         25
    410370167                            N            04/01/27
    0


    1569858          E22/G02             F          115,800.00         ZZ
                                         360        115,722.30          1
    5303 S. LOUISVILLE AVENUE E.       8.000            849.70         80
                                       7.750            849.70      144,750.00
    TULSA            OK   74145          1            03/31/97         00
    0410313357                           03           05/01/97          0
    410313357                            O            04/01/27
    0


    1569859          E22/G02             F          286,000.00         ZZ
                                         360        285,843.78          1
1


    164 PAULIN BLVD                    9.000          2,301.22         73
                                       8.750          2,301.22      395,000.00
    LEONIA           NJ   07605          5            03/27/97         00
    0410375869                           05           05/01/97          0
    410375869                            O            04/01/27
    0


    1569861          E22/G02             F          270,000.00         ZZ
                                         360        269,860.03          1
    790 WYCKOFF AVENUE                 9.250          2,221.22         64
                                       9.000          2,221.22      425,000.00
    WYCKOFF          NJ   07481          1            04/01/97         00
    0410353692                           05           05/01/97          0
    410353692                            O            04/01/27
    0


    1569862          E22/G02             F          105,300.00         ZZ
                                         360        105,242.48          3
    1505, 1507, & 1507 1/2 MARBLE      9.000            847.27         90
    ST NW                              8.750            847.27      117,000.00
    ALBUQUERQUE      NM   87104          1            03/28/97         04
    0410317184                           05           05/01/97         25
    410317184                            O            04/01/27
    0


    1569863          E22/G02             F           41,400.00         ZZ
                                         360         41,379.64          1
    913 NORTH SPURGEON STREET          9.500            348.11         90
                                       9.250            348.11       46,000.00
    ALTUS            OK   73521          2            03/26/97         04
    0410315550                           05           05/01/97         25
    410315550                            N            04/01/27
    0


    1569866          E22/G02             F          111,000.00         ZZ
                                         360        111,000.00          1
    16 SPRING HILL LANE                9.250            913.17         75
                                       9.000            913.17      148,000.00
    LAGUNA HILLS     CA   92653          5            04/01/97         00
    0410358816                           01           06/01/97          0
    410358816                            O            05/01/27
    0


    1569868          229/G02             F           37,875.00         ZZ
                                         360         37,875.00          1
    801 N 78TH STREET                  9.375            315.03         75
                                       9.125            315.03       50,500.00
    OMAHA            NE   68114          1            04/23/97         00
    0430221622                           05           06/01/97          0
1


    7415706                              N            05/01/27
    0


    1569869          E22/G02             F          190,400.00         ZZ
                                         360        190,293.26          1
    603 UPPER NAVARRA DRIVE            8.875          1,514.91         70
                                       8.625          1,514.91      272,000.00
    SCOTTS VALLEY    CA   95066          5            03/27/97         00
    0410277503                           05           05/01/97          0
    410277503                            N            04/01/27
    0


    1569870          E22/G02             F           41,300.00         ZZ
                                         360         41,300.00          1
    3137 OCCIDENTAL DRIVE UNIT #1      9.125            336.03         70
                                       8.875            336.03       59,000.00
    SACRAMENTO       CA   95826          5            03/31/97         00
    0410277412                           01           06/01/97          0
    410277412                            N            05/01/27
    0


    1569885          964/G02             F          104,800.00         ZZ
                                         360        104,736.51          1
    1938 WEST CULVER AVENUE #11        8.500            805.82         80
                                       8.250            805.82      131,000.00
    ORANGE           CA   92868          2            03/27/97         00
    0430213058                           09           05/01/97          0
    23955                                O            04/01/27
    0


    1569897          E22/G02             F          204,700.00         ZZ
                                         360        204,575.99          1
    512 CASTLE TERRACE                 8.500          1,573.97         90
                                       8.250          1,573.97      227,490.00
    ST. LOUIS        MO   63021          1            03/28/97         04
    0410364731                           05           05/01/97         25
    410364731                            O            04/01/27
    0


    1569912          896/G02             F           72,760.00         ZZ
                                         360         72,760.00          1
    1488 NORTH CROSSING CIRCLE         9.250            598.58         80
                                       9.000            598.58       90,950.00
    ATLANTA          GA   30329          1            04/17/97         00
    0430222661                           01           06/01/97          0
    23309                                O            05/01/27
    0


1


    1569930          696/G02             F           75,000.00         ZZ
                                         360         74,949.68          1
    23 KNIGHTSBRIDGE WAY               8.000            550.32         54
                                       7.750            550.32      140,000.00
    STAFFORD         VA   22554          1            04/02/97         00
    0430194951                           05           05/01/97          0
    2429519                              O            04/01/27
    0


    1569937          G92/G02             F           88,000.00         ZZ
                                         360         88,000.00          1
    5993 GARCES AVENUE                 9.500            739.95         40
                                       9.250            739.95      225,000.00
    SAN JOSE         CA   95123          5            04/01/97         00
    0430211680                           05           06/01/97          0
    NA                                   O            05/01/27
    0


    1569949          559/G02             F           55,000.00         ZZ
                                         360         54,969.16          1
    183 SONOMA STREET                  8.875            437.61         37
                                       8.625            437.61      152,000.00
    SAN JOSE         CA   95110          2            03/27/97         00
    0430217588                           05           05/01/97          0
    5428683                              O            04/01/27
    0


    1569952          862/G02             F          171,200.00         ZZ
                                         360        171,101.49          1
    27940 STAGELINE ROAD               8.750          1,346.84         80
                                       8.500          1,346.84      214,000.00
    CASTAIC          CA   91384          5            03/19/97         00
    0430199570                           03           05/01/97          0
    4409884                              O            04/01/27
    0


    1569955          882/G02             F          130,150.00         ZZ
                                         360        130,150.00          3
    1466 N W 31 STREET                 9.500          1,094.37         95
                                       9.250          1,094.37      137,000.00
    MIAMI            FL   33142          1            04/15/97         10
    0430210070                           05           06/01/97         30
    975076                               O            05/01/27
    0


    1569957          559/G02             F          160,000.00         ZZ
                                         360        159,905.53          1
    9801 EAST ROAD                     8.625          1,244.47         55
                                       8.375          1,244.47      292,200.00
1


    POTTER VALLEY    CA   95469          5            03/18/97         00
    0430217570                           05           05/01/97          0
    5429774                              O            04/01/27
    0


    1569967          G81/G02             F           27,900.00         ZZ
                                         360         27,900.00          1
    14311 S W 88 STREET                9.000            224.49         75
    UNIT 408A                          8.750            224.49       37,250.00
    MIAMI            FL   33186          1            04/25/97         00
    0430218537                           01           06/01/97          0
    021704013                            N            05/01/27
    0


    1569972          637/G02             F          285,000.00         ZZ
                                         360        284,831.74          1
    15410 91ST AVENUE S E              8.625          2,216.70         95
                                       8.375          2,216.70      300,000.00
    SNOHOMISH        WA   98290          1            03/24/97         11
    0430206268                           05           05/01/97         30
    9492554                              O            04/01/27
    0


    1569974          G51/G02             F          140,000.00         ZZ
                                         360        140,000.00          3
    5655 W 17TH AVE                    9.500          1,177.20         80
                                       9.250          1,177.20      175,000.00
    LAKEWOOD         CO   80214          2            04/17/97         00
    0430210112                           05           06/01/97          0
    UNKNOWN                              O            05/01/27
    0


    1569980          G51/G02             F           51,120.00         ZZ
                                         360         51,120.00          1
    3450 55TH ST N                     9.250            420.56         80
                                       9.000            420.56       63,900.00
    SAINT PETERSBUR  FL   33710          1            04/18/97         00
    0430210955                           05           06/01/97          0
    0196226                              O            05/01/27
    0


    1569998          003/G02             F          106,200.00         ZZ
                                         360        106,147.76          1
    1747 FOX HOLLOW                    9.500            892.99         90
                                       9.250            892.99      118,000.00
    LILBURN          GA   30247          1            04/01/97         10
    0430219014                           05           05/01/97         25
    3829348                              N            04/01/27
    0
1




    1570004          F32/G02             F           47,600.00         ZZ
                                         360         47,600.00          1
    4508 CHAMPLAIN AVE                 9.500            400.25         70
                                       9.250            400.25       68,000.00
    MOBILE           AL   36619          5            04/17/97         00
    0430218347                           05           06/01/97          0
    407004098                            N            05/01/27
    0


    1570006          F64/G02             F           54,000.00         ZZ
                                         360         54,000.00          1
    4921 BETHLEHEM ROAD                8.875            429.65         90
                                       8.625            429.65       60,000.00
    RICHMOND         VA   23230          1            04/24/97         04
    0430216291                           05           06/01/97         30
    195003                               N            05/01/27
    0


    1570012          E23/G02             F          278,000.00         ZZ
                                         360        277,827.20          1
    127 HEATHER COURT                  8.375          2,113.01         80
                                       8.125          2,113.01      350,000.00
    MEDFORD          OR   97504          5            03/20/97         00
    0430201905                           05           05/01/97          0
    110798                               O            04/01/27
    0


    1570013          862/G02             F           85,500.00         ZZ
                                         360         85,453.29          1
    5770 S W FRANKLIN AVENUE           9.000            687.96         90
                                       8.750            687.96       95,000.00
    BEAVERTON        OR   97005          1            03/17/97         01
    0430202762                           05           05/01/97         25
    4391843                              N            04/01/27
    0


    1570015          561/G02             F           94,500.00         ZZ
                                         360         94,441.26          1
    6325 PULPIT ROCK DRIVE             8.375            718.27         60
                                       8.125            718.27      159,500.00
    COLORADO SPRING  CO   80918          1            03/28/97         00
    0430195875                           05           05/01/97          0
    8996589                              O            04/01/27
    0


    1570016          862/G02             F          197,000.00         ZZ
                                         360        197,000.00          1
1


    2032 LORINDA WAY                   8.625          1,532.25         79
                                       8.375          1,532.25      250,000.00
    SANTA BARBARA    CA   93101          2            04/01/97         00
    0430198309                           05           06/01/97          0
    4383659                              O            05/01/27
    0


    1570017          909/G02             F          170,100.00         ZZ
                                         360        170,100.00          1
    18701-132 CAMINITO PASADERO        8.625          1,323.02         77
                                       8.375          1,323.02      222,801.00
    SAN DIEGO        CA   92128          1            04/02/97         00
    0430199232                           01           06/01/97          0
    6003907                              O            05/01/27
    0


    1570018          737/G02             F           99,900.00         ZZ
                                         360         99,845.43          1
    2701 BALLGROUND HIGHWAY            9.000            803.82         90
                                       8.750            803.82      111,000.00
    CANTON           GA   30114          1            03/31/97         01
    0430220202                           05           05/01/97         25
    559601                               N            04/01/27
    0


    1570023          591/G02             F           60,000.00         ZZ
                                         360         60,000.00          1
    RD 2 BOX 231M                      8.125            445.50         64
                                       7.875            445.50       95,000.00
    WINDSOR          PA   17366          1            04/22/97         00
    0430213777                           05           06/01/97          0
    103503223                            O            05/01/27
    0


    1570025          H05/H05             F          221,250.00         ZZ
                                         360        221,250.00          1
    84 ST JOHN AVENUE                  9.250          1,820.17         75
                                       9.000          1,820.17      295,000.00
    YONKERS          NY   10704          5            04/23/97         00
    7030149                              05           06/01/97          0
    7030149                              O            05/01/27
    0


    1570031          B35/G02             F           56,600.00         ZZ
                                         360         56,600.00          2
    528 FOSTER STREET                  9.000            455.42         88
                                       8.750            455.42       65,000.00
    PHILADELPHIA     PA   19116          1            04/21/97         01
    0430207191                           05           06/01/97         25
1


    9782010178                           N            05/01/27
    0


    1570034          G60/G02             F           76,500.00         ZZ
                                         360         76,500.00          2
    8246 FORREST AVENUE                8.750            601.83         90
                                       8.500            601.83       85,000.00
    PHILADELPHIA     PA   19150          1            04/22/97         01
    0430215962                           05           06/01/97         25
    0191161                              N            05/01/27
    0


    1570035          757/757             F           45,765.00         ZZ
                                         360         45,737.98          1
    2324 GROVE STREET                  8.625            355.96         85
                                       8.375            355.96       54,000.00
    MARYVILLE        TN   37804          3            03/24/97         01
    2951929                              05           05/01/97         20
    UNKNOWN                              N            04/01/27
    0


    1570052          B75/G02             F           20,050.00         ZZ
                                         360         20,050.00          1
    6207 E KING STREET                 9.375            166.77         90
                                       9.125            166.77       22,300.00
    TULSA            OK   74115          1            04/03/97         01
    0430199281                           05           06/01/97         25
    2881803                              N            05/01/27
    0


    1570053          B75/G02             F          220,000.00         ZZ
                                         360        219,876.66          1
    4433 51ST AVENUE SOUTH             8.875          1,750.42         80
                                       8.625          1,750.42      275,000.00
    SEATTLE          WA   98118          5            03/13/97         00
    0430201228                           05           05/01/97          0
    2914299                              O            04/01/27
    0


    1570058          B75/G02             F           75,000.00         ZZ
                                         360         74,957.96          1
    235 NORTHEAST EMERSON STREET       8.875            596.73         43
                                       8.625            596.73      174,500.00
    PORTLAND         OR   97211          5            03/12/97         00
    0430220467                           05           05/01/97          0
    2882330                              N            04/01/27
    0


1


    1570062          896/G02             F           91,400.00         T
                                         360         91,400.00          1
    2254 FORT MARTIN WAY               9.250            751.93         57
                                       9.000            751.93      161,400.00
    LAWRENCEVILLE    GA   30245          1            04/07/97         00
    0430198135                           05           06/01/97          0
    UNKNOWN                              O            05/01/27
    0


    1570069          F34/G02             F          375,000.00         ZZ
                                         360        374,778.59          1
    212 OLD LANDING COURT              8.625          2,916.72         79
                                       8.375          2,916.72      478,000.00
    FREDERICKSBURG   VA   22405          5            03/27/97         00
    0430198945                           05           05/01/97          0
    102890                               O            04/01/27
    0


    1570070          253/253             F           70,200.00         ZZ
                                         360         70,200.00          1
    5405 MERRYWING CIR                 8.625            546.01         32
                                       8.375            546.01      220,000.00
    AUSTIN           TX   78730          2            04/01/97         00
    327581                               05           06/01/97          0
    327581                               O            05/01/27
    0


    1570072          253/253             F           83,200.00         ZZ
                                         360         83,146.94          1
    4708 TROWBRIDGE                    8.250            625.06         80
                                       8.000            625.06      104,000.00
    ARLINGTON        TX   76013          1            03/28/97         00
    326421                               05           05/01/97          0
    326421                               O            04/01/27
    0


    1570075          737/G02             F           92,700.00         ZZ
                                         360         92,650.67          1
    15 SUMMIT DRIVE                    9.125            754.24         90
                                       8.875            754.24      103,000.00
    COVINGTON        GA   30210          1            03/31/97         04
    0430218420                           05           05/01/97         25
    559608                               N            04/01/27
    0


    1570076          225/225             F          249,600.00         ZZ
                                         360        249,460.07          1
    4562 ROYAL LANE                    8.875          1,985.93         76
                                       8.625          1,985.93      330,000.00
1


    DALLAS           TX   75229          1            03/21/97         00
    8042820                              05           05/01/97          0
    8042820                              O            04/01/27
    0


    1570078          480/G02             F          100,400.00         ZZ
                                         360        100,135.98          1
    3310 PEBBLE HILL DRIVE             8.250            754.27         80
                                       8.000            754.27      125,500.00
    MARIETTA         GA   30062          1            04/01/97         00
    0430199208                           05           05/01/97          0
    2035699                              O            04/01/27
    0


    1570079          140/G02             F           76,500.00         ZZ
                                         360         76,462.38          1
    4125 CHATEAU BLVD                  9.500            643.25         84
    UNIT D                             9.250            643.25       92,000.00
    KENNER           LA   70065          1            03/31/97         04
    0430205567                           01           05/01/97         12
    432443                               O            04/01/27
    0


    1570080          003/G02             F           71,900.00         ZZ
                                         360         71,862.72          1
    109-111 ST ANDREWS CT              9.250            591.51         90
                                       9.000            591.51       79,900.00
    ATHENS           GA   30605          1            03/28/97         12
    0430214338                           05           05/01/97         25
    3827136                              N            04/01/27
    0


    1570081          003/G02             F          116,000.00         ZZ
                                         360        115,936.63          1
    2282 REMINGTON COURT               9.000            933.37         90
                                       8.750            933.37      128,900.00
    MARIETTA         GA   30066          1            03/28/97         10
    0430203844                           05           05/01/97         25
    3828274                              N            04/01/27
    0


    1570083          003/G02             F           54,900.00         ZZ
                                         360         54,867.58          1
    64 NORTHWOODS DR                   8.625            427.01         50
                                       8.375            427.01      109,900.00
    CARTERSVILLE     GA   30121          1            03/31/97         00
    0430197509                           05           05/01/97          0
    3835683                              O            04/01/27
    0
1




    1570085          757/757             F          183,750.00         ZZ
                                         360        183,641.51          1
    312 ST GEORGE STREET               8.625          1,429.19         75
                                       8.375          1,429.19      245,000.00
    ST AUGUSTINE     FL   32084          1            03/27/97         00
    2951853                              05           05/01/97          0
    0002951853                           O            04/01/27
    0


    1570088          229/G02             F          201,200.00         ZZ
                                         360        201,200.00          1
    62777 ERICKSON ROAD                9.125          1,637.03         80
                                       8.875          1,637.03      251,500.00
    BEND             OR   97701          1            04/14/97         00
    0430221713                           05           06/01/97          0
    7427370                              O            05/01/27
    0


    1570100          E22/G02             F           50,000.00         ZZ
                                         360         49,973.39          1
    17 DOVER                           9.125            406.82         50
                                       8.875            406.82      100,000.00
    WATERFORD        MI   48328          5            03/26/97         00
    0410369730                           05           05/01/97          0
    410369730                            O            04/01/27
    0


    1570101          E22/G02             F           64,000.00         ZZ
                                         360         63,963.18          1
    46198 USHER LANE                   8.750            503.49         60
                                       8.500            503.49      106,734.00
    GREAT MILLS      MD   20634          2            03/28/97         00
    0410352595                           05           05/01/97          0
    410352595                            O            04/01/27
    0


    1570104          E22/G02             F           84,000.00         ZZ
                                         360         83,958.68          2
    14 SHAWNEE ROAD                    9.500            706.32         47
                                       9.250            706.32      180,000.00
    HOPATCONG        NJ   07843          5            03/28/97         00
    0410336838                           05           05/01/97          0
    410336838                            O            04/01/27
    0


    1570123          638/G02             F          102,500.00         ZZ
                                         360        102,500.00          1
1


    8355 WEST BLUEFIELD AVENUE         8.500            788.14         90
                                       8.250            788.14      113,900.00
    PEORIA           AZ   85382          1            04/16/97         04
    0430216549                           05           06/01/97         25
    08632113                             N            05/01/27
    0


    1570156          575/G02             F           42,000.00         ZZ
                                         360         41,973.90          1
    1261 ALBERT STREET                 8.375            319.23         32
                                       8.125            319.23      132,000.00
    MANDEVILLE       LA   70448          1            03/27/97         00
    0430196394                           05           05/01/97          0
    972295111                            O            04/01/27
    0


    1570157          568/G02             F          117,000.00         ZZ
                                         360        117,000.00          3
    5780 N. CASTLEGATE DRIVE           9.250            962.53         90
                                       9.000            962.53      130,000.00
    COLLEGE PARK     GA   30349          1            04/15/97         12
    0430209056                           05           06/01/97         25
    808576                               N            05/01/27
    0


    1570161          575/G02             F           93,000.00         ZZ
                                         360         92,943.66          1
    5001 ORLEANS COURT                 8.500            715.09         51
                                       8.250            715.09      185,000.00
    KENSINGTON       MD   20895          5            03/21/97         00
    0430196170                           05           05/01/97          0
    972275253                            N            04/01/27
    0


    1570170          405/405             F           55,700.00         ZZ
                                         360         55,671.11          2
    2838 EAST 11TH AVENUE              9.250            458.24         90
                                       9.000            458.24       61,900.00
    COLUMBUS         OH   43219          1            03/26/97         04
    4147583                              05           05/01/97         25
    4147583                              N            04/01/27
    0


    1570173          575/G02             F           63,000.00         ZZ
                                         360         62,968.19          1
    211 W. LOVE LANE                   9.375            524.00         90
                                       9.125            524.00       70,000.00
    NORWOOD          PA   19074          1            03/31/97         10
    0430196386                           05           05/01/97         25
1


    972264406                            N            04/01/27
    0


    1570175          405/405             F           94,500.00         ZZ
                                         360         94,445.62          1
    2321 HUNTERS CREST                 8.750            743.44         90
                                       8.500            743.44      105,000.00
    ST. LOUIS        MO   63038          1            03/14/97         04
    4149076                              05           05/01/97         25
    4149076                              N            04/01/27
    0


    1570180          A78/G02             F           60,000.00         ZZ
                                         360         60,000.00          1
    4327 FLAG DRIVE                    8.500            461.35         80
                                       8.250            461.35       75,000.00
    LAPORTE          CO   80535          1            04/16/97         04
    0430217463                           07           06/01/97         17
    51886                                N            05/01/27
    0


    1570182          201/G02             F          122,000.00         ZZ
                                         360        121,929.80          1
    1 LYONS PLACE UNIT A               8.750            959.78         79
                                       8.500            959.78      156,000.00
    MORRISTOWN       NJ   07960          2            03/27/97         12
    0430196881                           01           05/01/97         12
    4800969315                           N            04/01/27
    0


    1570193          129/G02             F           46,000.00         ZZ
                                         360         45,974.87          1
    2901 WEST 5TH                      9.000            370.13         76
                                       8.750            370.13       61,195.00
    EL DORADO        KS   67042          4            03/14/97         00
    0430196733                           05           05/01/97          0
    3800021580                           O            04/01/27
    0


    1570201          B75/G02             F           61,350.00         ZZ
                                         360         61,312.83          1
    1355 NORTH DEL MAR PARKWAY         8.500            471.73         80
                                       8.250            471.73       76,725.00
    AURORA           CO   80010          1            03/14/97         04
    0430201574                           05           05/01/97         12
    2916575                              N            04/01/27
    0


1


    1570202          593/593             F           94,000.00         ZZ
                                         360         93,701.89          2
    1503 EAST HARVARD AVENUE           9.250            773.32         43
                                       9.000            773.32      221,000.00
    SALT LAKE CITY   UT   84105          5            10/07/96         00
    6594212                              05           12/01/96          0
    6594212                              N            11/01/26
    0


    1570203          593/593             F           57,150.00         ZZ
                                         360         57,020.38          2
    349 AND 351 18TH STREET            8.875            454.72         90
                                       8.625            454.72       63,500.00
    OGDEN            UT   84401          3            12/24/96         04
    6444327                              05           02/01/97         30
    6444327                              N            01/01/27
    0


    1570204          882/G02             F          176,000.00         ZZ
                                         360        176,000.00          1
    1 GROVE ISLE DRIVE #307            9.125          1,431.99         80
                                       8.875          1,431.99      220,000.00
    COCONUT GROVE    FL   33133          1            04/21/97         00
    0430213595                           06           06/01/97          0
    970054                               O            05/01/27
    0


    1570205          593/593             F          155,600.00         ZZ
                                         360        155,066.80          4
    275 EAST CENTER #5-8               8.875          1,238.03         75
                                       8.625          1,238.03      207,500.00
    PLEASANT GROVE   UT   84062          1            10/21/96         00
    6671473                              05           12/01/96          0
    6671473                              N            11/01/26
    0


    1570207          593/593             F          155,600.00         ZZ
                                         360        155,066.80          4
    35 NORTH 300 EAST #1-4             8.875          1,238.03         75
                                       8.625          1,238.03      207,500.00
    PLEASANT GROVE   UT   84062          1            10/21/96         00
    6671481                              05           12/01/96          0
    6671481                              N            11/01/26
    0


    1570209          776/G02             F          123,000.00         ZZ
                                         360        122,927.38          1
    12496 RATTLESNAKE ROAD             8.625            956.68         74
                                       8.375            956.68      168,000.00
1


    GRASS VALLEY     CA   95945          2            03/21/97         00
    0430199075                           05           05/01/97          0
    6243031                              O            04/01/27
    0


    1570210          776/G02             F          129,500.00         ZZ
                                         360        129,421.55          1
    3422 MONTELLANO AVENUE             8.500            995.74         80
                                       8.250            995.74      161,990.00
    PALMDALE         CA   93551          1            03/25/97         00
    0430206078                           05           05/01/97          0
    2341819                              O            04/01/27
    0


    1570230          825/825             F          250,000.00         ZZ
                                         360        250,000.00          1
    812 SILVER CIRCLE                  8.500          1,922.28         61
                                       8.250          1,922.28      410,000.00
    BRECKENRIDGE     CO   80424          5            03/31/97         00
    04629                                05           06/01/97          0
    04629                                O            05/01/27
    0


    1570236          927/G02             F          108,000.00         ZZ
                                         360        107,942.52          1
    1904 CEDAR BLUFFS WAY              9.125            878.73         90
                                       8.875            878.73      120,000.00
    LAS VEGAS        NV   89128          1            03/26/97         10
    0430202291                           05           05/01/97         25
    137349                               N            04/01/27
    0


    1570237          E67/G02             F          178,400.00         ZZ
                                         360        178,400.00          1
    9250 N.E. 5TH STREET               8.375          1,355.97         80
                                       8.125          1,355.97      223,000.00
    TERREBONNE       OR   97760          4            04/04/97         00
    0430200493                           05           06/01/97          0
    6292                                 O            05/01/27
    0


    1570238          A06/G02             F           61,700.00         ZZ
                                         360         61,669.65          2
    333 ELLIOT ST                      9.500            518.81         90
                                       9.250            518.81       68,600.00
    GRAND HAVEN      MI   49417          1            04/03/97         10
    0430210054                           05           05/01/97         25
    9703270                              N            04/01/27
    0
1




    1570240          313/G02             F           51,750.00         ZZ
                                         360         51,750.00          1
    919 E LAS ANIMAS STREET            9.125            421.06         90
                                       8.875            421.06       57,500.00
    COLORADO SPRING  CO   80903          1            04/18/97         10
    0430212852                           05           06/01/97         25
    6254775                              N            05/01/27
    0


    1570241          227/G02             F          183,600.00         ZZ
                                         360        183,479.89          1
    10207 BENS WAY                     8.125          1,363.23         80
                                       7.875          1,363.23      229,500.00
    MANASSAS         VA   20110          1            03/28/97         00
    0430197368                           03           05/01/97          0
    1704280                              O            04/01/27
    0


    1570263          F34/G02             F          352,000.00         ZZ
                                         360        351,745.23          1
    6416 LITTLE LEIGH COURT            7.625          2,491.44         80
                                       7.375          2,491.44      440,000.00
    CABIN JOHN       MD   20818          1            03/27/97         00
    0430197137                           03           05/01/97          0
    102452                               O            04/01/27
    0


    1570281          967/G02             F          397,500.00         ZZ
                                         360        397,500.00          1
    3305 SOUTH SKYE WAY                9.375          3,306.20         75
                                       9.125          3,306.20      530,000.00
    FLAGSTAFF        AZ   86001          5            04/22/97         00
    0430218800                           05           06/01/97          0
    4201026                              O            05/01/27
    0


    1570290          F30/G02             F           83,000.00         ZZ
                                         360         82,953.46          1
    713 PARKVIEW DRIVE                 8.875            660.39         66
                                       8.625            660.39      126,000.00
    FORT COLLINS     CO   80525          2            03/21/97         00
    0430201111                           05           05/01/97          0
    300592                               O            04/01/27
    0


    1570300          286/286             F          122,000.00         ZZ
                                         360        121,918.13          4
1


    523 21ST STREET                    8.000            895.20         80
                                       7.750            895.20      152,500.00
    VIRGINIA BEACH   VA   23451          1            03/14/97         00
    9161947                              05           05/01/97          0
    9161947                              O            04/01/27
    0


    1570302          286/286             F           67,500.00         ZZ
                                         360         67,463.12          2
    115 OLIVIA STREET                  9.000            543.13         90
                                       8.750            543.13       75,000.00
    DERBY            CT   06418          1            03/25/97         12
    9164416                              05           05/01/97         25
    9164416                              N            04/01/27
    0


    1570337          253/253             F          110,250.00         ZZ
                                         360        110,181.47          1
    18928 MISTHAVEN PLACE              8.375            837.98         75
                                       8.125            837.98      147,000.00
    DALLAS           TX   75287          2            04/01/97         00
    326742                               05           05/01/97          0
    326742                               N            04/01/27
    0


    1570339          480/G02             F          158,150.00         ZZ
                                         360        158,049.15          1
    5 STERLING COURT                   8.250          1,188.13         80
                                       8.000          1,188.13      197,710.00
    CARTERSVILLE     GA   30120          1            03/31/97         00
    0430204362                           03           05/01/97          0
    1923697                              O            04/01/27
    0


    1570340          286/286             F           67,500.00         ZZ
                                         360         67,465.00          3
    2921 25 OLGA PLACE                 9.250            555.31         90
                                       9.000            555.31       75,000.00
    JACKSONVILLE     FL   32205          1            03/21/97         04
    9166615                              05           05/01/97         25
    9166615                              N            04/01/27
    0


    1570342          286/286             F           34,400.00         ZZ
                                         360         34,380.20          1
    4411 SW 34TH STREET UNIT 603       8.750            270.63         80
                                       8.500            270.63       43,000.00
    GAINESVILLE      FL   32608          1            03/25/97         00
    9162691                              01           05/01/97          0
1


    9162691                              O            04/01/27
    0


    1570345          375/G02             F          168,300.00         ZZ
                                         360        168,120.20          1
    8646 EAST THUNDERBIRD ROAD         9.125          1,369.34         90
                                       8.875          1,369.34      187,000.00
    PARKER           CO   80134          1            02/28/97         01
    0430217638                           05           04/01/97         25
    648281                               O            03/01/27
    0


    1570347          369/G02             F          244,000.00         ZZ
                                         360        243,836.28          1
    5324 FORREST COURT                 8.000          1,790.39         80
                                       7.750          1,790.39      305,000.00
    WARRENTON        VA   20187          1            03/27/97         00
    0430202135                           03           05/01/97          0
    0049476971                           O            04/01/27
    0


    1570354          B75/G02             F           93,000.00         ZZ
                                         360         92,946.50          1
    1017 NE 4 STREET                   8.750            731.63         75
                                       8.500            731.63      124,000.00
    HALLANDALE       FL   33009          5            03/14/97         00
    0430199653                           05           05/01/97          0
    2916625                              O            04/01/27
    0


    1570357          369/G02             F          118,300.00         T
                                         360        118,238.67          1
    8213 GRANADA BLVD                  9.250            973.23         70
                                       9.000            973.23      169,000.00
    ORLANDO          FL   32836          1            03/27/97         00
    0430201103                           03           05/01/97          0
    60537396                             O            04/01/27
    0


    1570362          B28/G02             F          108,500.00         T
                                         360        108,443.74          1
    143 RANGER STATION ROAD            9.250            892.61         70
                                       9.000            892.61      155,000.00
    FLORISSANT       CO   80816          1            03/27/97         00
    0430200410                           05           05/01/97          0
    05970312                             O            04/01/27
    0


1


    1570363          514/G02             F          244,000.00         ZZ
                                         360        243,844.41          1
    3147 NORTH POLLARD STREET          8.250          1,833.09         80
                                       8.000          1,833.09      305,000.00
    ARLINGTON        VA   22207          1            03/28/97         00
    0430199216                           05           05/01/97          0
    360140                               O            04/01/27
    0


    1570364          514/G02             F          145,500.00         ZZ
                                         360        145,409.56          1
    1225 GLENN LANE                    8.375          1,105.91         71
                                       8.125          1,105.91      206,000.00
    MOUNT PROSPECT   IL   60056          1            03/26/97         00
    0430199240                           05           05/01/97          0
    359485                               O            04/01/27
    0


    1570365          591/G02             F           46,200.00         ZZ
                                         360         46,172.01          1
    1481 MORRIS ROAD S.E.              8.500            355.24         70
                                       8.250            355.24       66,000.00
    WASHINGTON       DC   20020          5            03/24/97         00
    0430203596                           07           05/01/97          0
    105500996                            N            04/01/27
    0


    1570401          638/G02             F          136,800.00         ZZ
                                         360        136,800.00          1
    2250 DOVER COURT                   9.500          1,150.29         90
                                       9.250          1,150.29      152,000.00
    UPPER ALLEN      PA   17055          1            04/30/97         10
    0430220426                           05           06/01/97         25
    08636501                             N            05/01/27
    0


    1570402          964/G02             F          296,000.00         ZZ
                                         360        296,000.00          1
    3732 EAST LONGRIDGE DRIVE          8.250          2,223.75         80
                                       8.000          2,223.75      370,000.00
    ORANGE           CA   92867          1            04/03/97         00
    0430196501                           03           06/01/97          0
    21470                                O            05/01/27
    0


    1570404          964/G02             F          120,000.00         ZZ
                                         360        120,000.00          1
    14202 PURDY STREET                 8.500            922.70         75
                                       8.250            922.70      160,000.00
1


    WESTMINSTER      CA   92683          5            03/31/97         00
    0430196584                           05           06/01/97          0
    23964                                O            05/01/27
    0


    1570410          E22/G02             F          110,000.00         ZZ
                                         360        109,936.71          1
    3103 ROUTE 176                     8.750            865.37         66
                                       8.500            865.37      168,000.00
    CRYSTAL LAKE     IL   60014          1            03/31/97         00
    0410209878                           05           05/01/97          0
    410209878                            O            04/01/27
    0


    1570411          E22/G02             F           28,800.00         ZZ
                                         360         28,785.46          1
    25260 MARGARET STREET              9.375            239.54         80
                                       9.125            239.54       36,000.00
    SUMMERLAND KEY   FL   33042          1            04/03/97         00
    0410379341                           05           05/01/97          0
    410379341                            O            04/01/27
    0


    1570412          E22/G02             F           61,200.00         ZZ
                                         360         61,158.94          1
    2624 GEORGIA STREET N.E.           8.000            449.06         90
                                       7.750            449.06       68,000.00
    ALBUQUERQUE      NM   87110          1            04/02/97         10
    0410369581                           05           05/01/97         25
    410369581                            N            04/01/27
    0


    1570413          E22/G02             F           85,500.00         ZZ
                                         360         85,450.81          1
    1244 C STREET NE                   8.750            672.63         90
                                       8.500            672.63       95,000.00
    WASHINGTON       DC   20002          1            04/03/97         04
    0410375836                           07           05/01/97         25
    410375836                            N            04/01/27
    0


    1570419          E22/G02             F           53,200.00         ZZ
                                         360         53,200.00          2
    1625 HAMILTON STREET               9.250            437.66         70
                                       9.000            437.66       76,000.00
    RACINE           WI   53404          5            04/07/97         00
    0410209944                           05           06/01/97          0
    410209944                            N            05/01/27
    0
1




    1570421          E22/G02             F           26,100.00         ZZ
                                         360         26,087.17          1
    2712 MAY STREET                    9.500            219.46         90
                                       9.250            219.46       29,000.00
    CINCINNATI       OH   45206          1            04/02/97         04
    0410365431                           05           05/01/97         25
    410365431                            N            04/01/27
    0


    1570422          758/G02             F           66,000.00         ZZ
                                         360         66,000.00          1
    639 SOUTH RIPPLE CREEK DRIVE       8.875            525.13         80
                                       8.625            525.13       82,500.00
    HOUSTON          TX   77057          1            04/21/97         00
    0430217729                           01           06/01/97          0
    17301                                O            05/01/27
    0


    1570428          883/G02             F           63,900.00         ZZ
                                         360         63,900.00          1
    3660 PEACHTREE ROAD                8.500            491.34         80
    E-8                                8.250            491.34       79,900.00
    ATLANTA          GA   30319          1            04/18/97         04
    0430218008                           01           06/01/97         12
    33557                                O            05/01/27
    0


    1570430          E22/G02             F          141,350.00         ZZ
                                         360        141,278.62          1
    1467 WHITE LAKE ROAD               9.375          1,175.68         75
                                       9.125          1,175.68      188,500.00
    HIGHLAND         MI   48356          5            03/28/97         00
    0410363600                           05           05/01/97          0
    410363600                            O            04/01/27
    0


    1570434          874/G02             F           66,000.00         ZZ
                                         360         66,000.00          1
    3095 CASHILL BOULEVARD             8.500            507.48         75
                                       8.250            507.48       88,000.00
    RENO             NV   89509          1            04/16/97         00
    0430211979                           01           06/01/97          0
    3711081                              O            05/01/27
    0


    1570441          E22/G02             F          204,000.00         ZZ
                                         360        203,885.63          4
1


    610 GREGORY AVENUE                 8.875          1,623.12         80
                                       8.625          1,623.12      255,000.00
    WEEHAWKEN        NJ   07087          1            04/04/97         00
    0410340665                           05           05/01/97          0
    410340665                            O            04/01/27
    0


    1570449          737/G02             F           42,750.00         ZZ
                                         360         42,726.03          1
    2038 A MONTREAT CIRCLE             8.875            340.14         90
                                       8.625            340.14       47,500.00
    VESTAVIA         AL   35216          1            04/03/97         01
    0430203760                           01           05/01/97         25
    559620                               N            04/01/27
    0


    1570455          E22/G02             F          106,200.00         ZZ
                                         360        106,147.76          2
    104-106 MEADOW CIRCLE SOUTH        9.500            892.99         90
                                       9.250            892.99      118,000.00
    BURNSVILLE       MN   55337          1            04/04/97         01
    0410209381                           05           05/01/97         25
    410209381                            N            04/01/27
    0


    1570457          E22/G02             F           61,200.00         ZZ
                                         360         61,200.00          1
    2713 GEORGIA STREET N.E.           8.000            449.06         90
                                       7.750            449.06       68,000.00
    ALBUQUERQUE      NM   87110          1            04/02/97         04
    0410369599                           05           06/01/97         25
    410369599                            N            05/01/27
    0


    1570464          E22/G02             F           52,000.00         ZZ
                                         360         52,000.00          1
    23276 ORANGE AVENUE                8.000            381.56         73
    UNIT #5                            7.750            381.56       72,000.00
    LAKE FOREST      CA   92630          1            04/03/97         00
    0410297014                           01           06/01/97          0
    410297014                            O            05/01/27
    0


    1570465          E22/G02             F          278,000.00         ZZ
                                         360        278,000.00          1
    5842 JUMILLA AVE.                  8.750          2,187.03         75
    (WOODLAND HILLS)                   8.500          2,187.03      375,000.00
    LOS ANGELES      CA   91367          5            04/04/97         00
    0410297923                           05           06/01/97          0
1


    410297923                            O            05/01/27
    0


    1570469          737/G02             F           58,500.00         ZZ
                                         360         58,500.00          1
    3142 ROBIN ROAD                    9.500            491.90         90
                                       9.250            491.90       65,000.00
    DECATUR          GA   30032          1            04/04/97         04
    0430209494                           05           06/01/97         25
    559772                               N            05/01/27
    0


    1570474          003/G02             F           96,950.00         ZZ
                                         360         96,950.00          1
    751 ASHTON LANE                    9.000            780.09         90
                                       8.750            780.09      107,770.00
    LAWRENCVILLE     GA   30244          1            04/04/97         10
    0430200501                           05           06/01/97         25
    0003832300                           N            05/01/27
    0


    1570549          405/405             F           43,200.00         ZZ
                                         360         43,175.14          1
    5604 BAKER ROAD                    8.750            339.86         80
                                       8.500            339.86       54,000.00
    NEW PORT RICHEY  FL   34653          5            03/25/97         00
    4151502                              05           05/01/97          0
    4151502                              O            04/01/27
    0


    1570551          286/286             F           27,150.00         ZZ
                                         360         27,120.22          1
    8044 SIXTH AVE N                   9.000            218.46         90
                                       8.750            218.46       30,206.00
    BIRMINGHAM       AL   35206          1            02/14/97         10
    0008608811                           05           04/01/97         25
    0008608811                           N            03/01/27
    0


    1570553          405/405             F          113,300.00         ZZ
                                         360        113,234.81          1
    308 INVERNESS DRIVE                8.750            891.34         90
                                       8.500            891.34      125,900.00
    TROPHY CLUB      TX   76262          1            03/26/97         10
    4159695                              03           05/01/97         25
    4159695                              N            04/01/27
    0


1


    1570554          405/405             F          133,200.00         ZZ
                                         360        133,125.32          1
    10018 VICTOR PLACE                 8.875          1,059.80         80
                                       8.625          1,059.80      167,000.00
    ALGONQUIN        IL   60102          1            03/21/97         00
    4129748                              05           05/01/97          0
    4129748                              O            04/01/27
    0


    1570560          862/G02             F           72,100.00         ZZ
                                         360         72,100.00          1
    3510 "H" STREET                    9.000            580.14         70
                                       8.750            580.14      103,000.00
    VANCOUVER        WA   98663          5            03/27/97         00
    0430202481                           05           06/01/97          0
    4392783                              N            05/01/27
    0


    1570561          731/G02             F          208,500.00         ZZ
                                         360        208,500.00          1
    3624 252ND PLACE SOUTHEAST         8.625          1,621.69         75
                                       8.375          1,621.69      278,000.00
    ISSAQUAH         WA   98029          5            04/01/97         00
    0430201244                           03           06/01/97          0
    230233368                            O            05/01/27
    0


    1570566          862/G02             F          106,800.00         ZZ
                                         360        106,736.95          1
    619 N.W. 199TH STREET              8.625            830.68         64
                                       8.375            830.68      169,000.00
    RIDGEFIELD       WA   98642          5            03/19/97         00
    0430199786                           05           05/01/97          0
    4363081                              O            04/01/27
    0


    1570570          862/G02             F           27,500.00         T
                                         360         27,500.00          1
    200 SW FLORENCE AVENUE #E-14       9.500            231.24         58
                                       9.250            231.24       47,500.00
    GRESHAM          OR   97080          1            03/31/97         00
    0430199448                           01           06/01/97          0
    4346185                              O            05/01/27
    0


    1570571          862/G02             F          310,500.00         T
                                         360        310,316.68          1
    45550 MOHICAN CIRCLE               8.625          2,415.04         90
                                       8.375          2,415.04      345,000.00
1


    INDIAN WELLS     CA   92210          1            03/13/97         11
    0430204750                           05           05/01/97         25
    4397139                              O            04/01/27
    0


    1570574          E19/G02             F          312,000.00         ZZ
                                         360        312,000.00          1
    7909 WEST 81ST STREET              9.125          2,538.54         80
                                       8.875          2,538.54      390,000.00
    PLAYA DEL REY    CA   90293          1            04/04/97         00
    0430200816                           05           06/01/97          0
    200000598                            O            05/01/27
    0


    1570578          E19/G02             F          315,000.00         ZZ
                                         360        314,804.21          1
    2921 CANADA BLVD                   8.375          2,394.23         75
                                       8.125          2,394.23      420,000.00
    GLENDALE         CA   91208          5            03/25/97         00
    0430200840                           05           05/01/97          0
    100018537                            O            04/01/27
    0


    1570581          559/G02             F          281,200.00         ZZ
                                         360        281,029.64          1
    45450 CASPAR DRIVE                 8.500          2,162.19         75
                                       8.250          2,162.19      375,000.00
    MENDOCINO        CA   95460          5            03/25/97         00
    0430217554                           05           05/01/97          0
    5429980                              O            04/01/27
    0


    1570582          559/G02             F          116,200.00         ZZ
                                         360        116,200.00          1
    19733 FILBERT DRIVE                8.625            903.80         75
                                       8.375            903.80      155,000.00
    BOTHELL          WA   98012          5            03/25/97         00
    0430217562                           05           06/01/97          0
    5426291                              O            05/01/27
    0


    1570585          G22/G02             F          226,750.00         ZZ
                                         360        226,616.13          1
    1719 AMARELLE STREET               8.625          1,763.64         80
                                       8.375          1,763.64      283,457.00
    THOUSAND OAKS    CA   91320          1            03/27/97         00
    0430200089                           03           05/01/97          0
    310115                               O            04/01/27
    0
1




    1570586          B75/G02             F          153,750.00         ZZ
                                         360        153,656.86          1
    10238 EAST SAHUARO DRIVE           8.500          1,182.20         75
                                       8.250          1,182.20      205,000.00
    SCOTTSDALE       AZ   85260          1            03/28/97         00
    0430201582                           05           05/01/97          0
    2822641                              O            04/01/27
    0


    1570590          B75/G02             F           67,500.00         ZZ
                                         360         67,466.80          2
    11720 SW 222 STREET                9.500            567.58         90
                                       9.250            567.58       75,000.00
    MIAMI            FL   33177          1            03/26/97         01
    0430201616                           05           05/01/97         35
    2922086                              N            04/01/27
    0


    1570591          664/G02             F           73,800.00         ZZ
                                         360         73,800.00          2
    2048 HEBRON AVENUE                 8.750            580.59         90
                                       8.500            580.59       82,000.00
    ZION             IL   60099          1            04/04/97         10
    0430201772                           05           06/01/97         25
    2280923                              N            05/01/27
    0


    1570597          593/593             F           33,600.00         ZZ
                                         360         33,501.44          1
    3287 ADAMS AVENUE                  9.625            285.60         70
                                       8.500            285.60       48,000.00
    OGDEN            UT   84403          5            10/15/96         00
    6442354                              05           12/01/96          0
    6442354                              N            11/01/26
    0


    1570598          593/593             F          296,800.00         ZZ
                                         360        294,534.52          1
    9509 CORAL WAY                     8.750          2,334.93         80
                                       8.500          2,334.93      371,000.00
    LAS VEGAS        NV   89117          1            10/21/96         00
    6642995                              03           12/01/96          0
    6642995                              O            11/01/26
    0


    1570599          B75/G02             F           36,000.00         ZZ
                                         360         35,980.34          1
1


    BOX 3191 JACKSBORO HIGHWAY         9.000            289.66         90
                                       8.750            289.66       40,000.00
    SPRINGTOWN       TX   76082          1            04/01/97         01
    0430202531                           05           05/01/97         25
    2918308                              N            04/01/27
    0


    1570602          B75/G02             F           70,000.00         ZZ
                                         360         69,956.49          1
    15 WATCH HILL PLACE                8.375            532.05         39
                                       8.125            532.05      183,000.00
    GAITHERSBURG     MD   20878          1            03/26/97         00
    0430201491                           05           05/01/97          0
    2922607                              O            04/01/27
    0


    1570603          B75/G02             F           92,500.00         ZZ
                                         360         92,449.47          1
    4422 MAPLE LANE                    9.000            744.28         69
                                       8.750            744.28      135,000.00
    CEDAR CITY       UT   84720          1            04/01/97         00
    0430203679                           05           05/01/97          0
    2921385                              O            04/01/27
    0


    1570604          G97/G02             F           97,000.00         ZZ
                                         360         97,000.00          2
    6608 & 6610 ARDSLEY COURT          9.375            806.79         65
                                       9.125            806.79      150,000.00
    CANTON           MI   48187          5            04/22/97         00
    0430222984                           05           06/01/97          0
    1500006649                           N            05/01/27
    0


    1570605          180/G02             F           46,750.00         ZZ
                                         360         46,750.00          1
    4282 ROSWELL ROAD D2               9.250            384.60         90
                                       9.000            384.60       51,950.00
    ATLANTA          GA   30342          1            04/18/97         01
    0430221952                           01           06/01/97         25
    4615605                              N            05/01/27
    0


    1570607          766/G02             F           37,100.00         T
                                         360         37,100.00          1
    921 JEFFERSON AVENUE               9.500            311.96         70
    #3E                                9.000            311.96       53,000.00
    MIAMI BEACH      FL   33139          1            04/04/97         00
    0430200444                           01           06/01/97          0
1


    97SG0053                             O            05/01/27
    0


    1570615          405/405             F           55,700.00         ZZ
                                         360         55,671.11          2
    2892 EAST 11TH AVENUE              9.250            458.24         90
                                       9.000            458.24       61,900.00
    COLUMBUS         OH   43219          1            03/26/97         04
    4145785                              05           05/01/97         25
    4145785                              N            04/01/27
    0


    1570618          286/286             F           79,200.00         ZZ
                                         360         79,152.02          1
    5729 NORTH MILLRUN AVENUE          8.500            608.98         90
                                       8.250            608.98       88,250.00
    BOISE            ID   83714          1            03/18/97         10
    09163730                             05           05/01/97         25
    09163730                             N            04/01/27
    0


    1570634          B75/G02             F           27,450.00         ZZ
                                         360         27,436.50          1
    1959 WEST FAYETTE STREET           9.500            230.81         90
                                       9.250            230.81       30,500.00
    BALTIMORE        MD   21223          2            03/27/97         12
    0430201558                           05           05/01/97         25
    2910008                              N            04/01/27
    0


    1570647          561/G02             F           35,900.00         ZZ
                                         360         35,881.87          1
    1113 STERLING AVENUE               9.375            298.60         90
                                       9.125            298.60       39,900.00
    LINWOOD          PA   19061          1            03/27/97         12
    0430197665                           07           05/01/97         25
    9007337                              N            04/01/27
    0


    1570662          201/G02             F          248,500.00         T
                                         360        248,353.28          1
    5798 RIDGEWATER CIRCLE             8.625          1,932.81         70
                                       8.375          1,932.81      355,000.00
    GAINESVILLE      GA   30506          1            04/01/97         00
    0430197608                           03           05/01/97          0
    503266                               O            04/01/27
    0


1


    1570679          B99/G02             F           90,000.00         ZZ
                                         360         90,000.00          1
    30 WEBBER STREET                   9.000            724.16         60
                                       8.750            724.16      150,000.00
    MEDFORD          MA   02155          5            04/22/97         00
    0430207050                           05           06/01/97          0
    CL975880                             O            05/01/27
    0


    1570681          G60/G02             F           24,500.00         ZZ
                                         360         24,500.00          1
    2455 SOUTH EDGEWOOD STREET         8.625            190.56         70
                                       8.375            190.56       35,000.00
    PHILADELPHIA     PA   19142          5            04/24/97         00
    0430219642                           05           06/01/97          0
    100851101                            N            05/01/27
    0


    1570686          575/G02             F           86,450.00         ZZ
                                         360         85,681.98          1
    25006 RACCOON FORD RD              8.500            664.73         65
                                       8.250            664.73      133,000.00
    CULPEPER         VA   22701          5            03/22/96         00
    0430220228                           05           05/01/96          0
    428005268                            N            04/01/26
    0


    1570690          201/G02             F           57,150.00         ZZ
                                         360         57,150.00          1
    4601-A ABERDEEN DRIVE              9.250            470.16         90
                                       9.000            470.16       63,525.00
    MT. LAUREL       NJ   08054          1            04/17/97         01
    0430210328                           01           06/01/97         25
    1400981237                           N            05/01/27
    0


    1570693          E26/G02             F          230,000.00         ZZ
                                         360        229,867.66          1
    2457 CREST STREET                  8.750          1,809.42         80
                                       8.500          1,809.42      290,000.00
    COPLAY           PA   18037          2            03/26/97         00
    0430199703                           05           05/01/97          0
    60700146                             O            04/01/27
    0


    1570758          E08/G02             F           21,400.00         ZZ
                                         360         21,400.00          1
    619 N E 14 AVENUE                  9.250            176.05         47
    #301                               9.000            176.05       46,000.00
1


    HALLANDALE       FL   33009          1            04/21/97         00
    0430210237                           05           06/01/97          0
    197972                               O            05/01/27
    0


    1570762          638/G02             F          131,050.00         ZZ
                                         360        131,050.00          2
    651 653 SONG SPARROW DRIVE         9.500          1,101.94         90
                                       9.250          1,101.94      145,650.00
    PUEBLO WEST      CO   81007          1            04/23/97         14
    0430221614                           05           06/01/97         25
    8636423                              N            05/01/27
    0


    1570771          964/G02             F           79,850.00         ZZ
                                         360         79,850.00          1
    6590 VIA FLORENCIA                 8.875            635.32         75
                                       8.625            635.32      106,500.00
    RIVERSIDE        CA   92509          1            04/03/97         00
    0430197657                           05           06/01/97          0
    24318                                O            05/01/27
    0


    1570785          F16/G02             F          128,000.00         ZZ
                                         360        128,000.00          1
    11440 RANCHO POCONO DRIVE          8.000            939.22         80
                                       7.750            939.22      160,000.00
    RIVERSIDE        CA   92505          1            04/18/97         00
    0430220525                           05           06/01/97          0
    97117080                             O            05/01/27
    0


    1570805          E22/G02             F           32,000.00         ZZ
                                         360         31,984.26          2
    3717 LOUISANA                      9.500            269.07         80
                                       9.250            269.07       40,000.00
    ST LOUIS         MO   63118          1            04/02/97         23
    0410364061                           05           05/01/97          0
    410364061                            N            04/01/27
    0


    1570810          E22/G02             F          108,000.00         ZZ
                                         360        107,944.64          1
    1324 SAVAGE RD.                    9.500            908.12         72
                                       9.250            908.12      150,000.00
    KIRBYVILLE       MO   65679          5            03/28/97         00
    0410315626                           05           05/01/97          0
    410315626                            O            04/01/27
    0
1




    1570816          E22/G02             F           31,500.00         ZZ
                                         360         31,500.00          1
    3123 S.E. IOWA AVENUE              8.375            239.42         70
                                       8.125            239.42       45,000.00
    TOPEKA           KS   66605          5            04/03/97         00
    0410368575                           05           06/01/97          0
    410368575                            N            05/01/27
    0


    1570819          E22/G02             F          225,000.00         T
                                         360        224,870.55          1
    4853 EXETER ESTATES LANE           8.750          1,770.08         75
                                       8.500          1,770.08      300,000.00
    LAKE WORTH       FL   33467          1            03/31/97         00
    0410351399                           03           05/01/97          0
    410351399                            O            04/01/27
    0


    1570823          E22/G02             F           60,000.00         ZZ
                                         360         60,000.00          1
    4820 N.W. 58TH STREET              9.000            482.77         80
                                       8.750            482.77       75,000.00
    TAMARAC          FL   33319          1            04/07/97         00
    0410377600                           03           06/01/97          0
    410377600                            O            05/01/27
    0


    1570834          E22/G02             F           98,000.00         ZZ
                                         360         98,000.00          1
    3023 MAYHEW COURT UNIT #5          9.375            815.11         73
                                       9.125            815.11      135,000.00
    WALNUT CREEK     CA   94596          2            04/08/97         00
    0410370373                           01           06/01/97          0
    410370373                            N            05/01/27
    0


    1570835          757/757             F           48,600.00         ZZ
                                         360         48,600.00          1
    3025 HUNTLEIGH DRIVE               9.250            399.83         90
                                       9.000            399.83       54,000.00
    RALEIGH          NC   27604          1            04/07/97         10
    2957629                              01           06/01/97         25
    2957629                              N            05/01/27
    0


    1570838          253/253             F           81,850.00         ZZ
                                         360         81,850.00          1
1


    2107 PRESIDIO DRIVE                8.750            643.92         89
                                       8.500            643.92       92,000.00
    MT PLEASANT      SC   29464          1            04/04/97         04
    327368                               05           06/01/97         30
    327368                               N            05/01/27
    0


    1570839          E22/G02             F           60,000.00         ZZ
                                         360         59,967.23          1
    2413 WINSTED LANE                  9.000            482.77         75
                                       8.750            482.77       80,000.00
    AUSTIN           TX   78703          1            04/02/97         00
    0410370399                           05           05/01/97          0
    410370399                            N            04/01/27
    0


    1570841          286/286             F           55,000.00         ZZ
                                         360         54,933.11          1
    2329 BUCKSTONE CT                  8.500            422.91         43
                                       8.250            422.91      130,000.00
    FUQUAY VARINA    NC   27526          5            02/24/97         00
    0008575865                           05           04/01/97          0
    0008575865                           O            03/01/27
    0


    1570850          003/G02             F          131,250.00         ZZ
                                         360        131,250.00          1
    678 BLAIRSHIRE CIRCLE              8.750          1,032.55         75
                                       8.500          1,032.55      175,000.00
    WINTER PARK      FL   32792          1            04/04/97         00
    0430202044                           05           06/01/97          0
    0003802295                           O            05/01/27
    0


    1570856          450/450             F           74,400.00         ZZ
                                         360         74,351.33          1
    375 E SILVER LAKE                  8.125            552.42         80
                                       7.875            552.42       93,000.00
    GARFIELD         MI   49684          2            03/26/97         00
    4296851                              05           05/01/97          0
    4296851                              O            04/01/27
    0


    1570858          076/076             F          313,000.00         ZZ
                                         360        312,365.73          1
    105 WEST ORANGE HILL CIRCLE        8.000          2,296.69         75
                                       7.750          2,296.69      419,500.00
    ORANGE VILLAGE   OH   44022          5            01/24/97         00
    7073356                              05           03/01/97          0
1


    7073356                              O            02/01/27
    0


    1570860          E21/G02             F          188,000.00         ZZ
                                         360        187,886.11          1
    425 TUFTS AVENUE                   8.500          1,445.56         80
                                       8.250          1,445.56      235,000.00
    BURBANK          CA   91504          1            03/20/97         00
    0430205419                           05           05/01/97          0
    192748                               O            04/01/27
    0


    1570862          F41/G02             F           28,500.00         T
                                         360         28,500.00          1
    4904 VINCENNES COURT               8.500            219.14         75
    #105                               8.250            219.14       38,000.00
    CAPE CORAL       FL   33904          1            04/28/97         00
    0430221127                           01           06/01/97          0
    00046391                             O            05/01/27
    0


    1570864          638/G02             F           69,200.00         ZZ
                                         360         69,200.00          1
    6448 DEADWOOD ROAD                 9.250            569.29         80
                                       9.000            569.29       86,500.00
    LAS VEGAS        NV   89128          1            04/21/97         04
    0430222158                           05           06/01/97         12
    8633813                              N            05/01/27
    0


    1570870          757/757             F          155,000.00         ZZ
                                         360        154,913.10          1
    108 SPOONBILL POINT COURT          8.875          1,233.25         73
                                       8.625          1,233.25      215,000.00
    ST AUGUSTINE     FL   32084          2            03/28/97         00
    2880169                              05           05/01/97          0
    2880169                              O            04/01/27
    0


    1570871          514/G02             F          112,000.00         ZZ
                                         360        111,932.15          1
    15 SHEILA COURT                    8.500            861.18         63
                                       8.250            861.18      180,000.00
    NORWALK          CT   06851          2            03/18/97         00
    0430200667                           05           05/01/97          0
    360218                               O            04/01/27
    0


1


    1570876          757/757             F           69,200.00         ZZ
                                         360         69,200.00          2
    115 AND 117 CROWE'S NEST COURT     9.000            556.80         90
                                       8.750            556.80       76,900.00
    ATHENS           GA   30605          1            04/03/97         10
    2958759                              05           06/01/97         25
    2958759                              N            05/01/27
    0


    1570886          731/G02             F           96,000.00         ZZ
                                         360         96,000.00          1
    237 NORTH 74TH PLACE               8.750            755.23         80
                                       8.500            755.23      120,000.00
    SPRINGFIELD      OR   97478          5            04/02/97         00
    0430200956                           05           06/01/97          0
    411613436                            O            05/01/27
    0


    1570887          E67/G02             F           79,000.00         ZZ
                                         360         79,000.00          1
    2335 SW GLACIER AVENUE             8.375            600.46         80
                                       8.125            600.46       99,000.00
    REDMOND          OR   97756          2            04/08/97         00
    0430200345                           05           06/01/97          0
    6798                                 O            05/01/27
    0


    1570888          E67/G02             F           20,000.00         ZZ
                                         360         20,000.00          1
    1537 SW 34TH STREET                8.375            152.01         34
                                       8.125            152.01       59,800.00
    REDMOND          OR   97756          1            04/07/97         00
    0430200303                           05           06/01/97          0
    6291                                 O            05/01/27
    0


    1570889          227/G02             F          159,200.00         ZZ
                                         360        159,106.00          1
    28156 LUPINE DRIVE                 8.625          1,238.25         80
                                       8.375          1,238.25      199,000.00
    EVERGREEN        CO   80439          1            03/31/97         00
    0430199067                           05           05/01/97          0
    1702827                              O            04/01/27
    0


    1570892          201/G02             F          145,700.00         ZZ
                                         360        145,613.98          1
    4223 KESSLER RIDGE DRIVE           8.625          1,133.24         35
                                       8.375          1,133.24      420,000.00
1


    MARIETTA         GA   30062          5            03/27/97         00
    0430198572                           03           05/01/97          0
    503267                               O            04/01/27
    0


    1570899          731/G02             F           66,950.00         ZZ
                                         360         66,915.29          1
    12815 SOUTHEAST POWELL BLVD        9.250            550.78         65
                                       9.000            550.78      103,000.00
    PORTLAND         OR   97236          5            03/26/97         00
    0430200030                           05           05/01/97          0
    222333328                            N            04/01/27
    0


    1570932          227/G02             F           76,320.00         ZZ
                                         360         76,274.94          1
    921 COUNTY RD 601                  8.625            593.61         80
                                       8.375            593.61       95,400.00
    ASHLAND          OH   44805          1            03/17/97         00
    0430219949                           05           05/01/97          0
    1703420                              O            04/01/27
    0


    1570965          560/560             F           29,700.00         ZZ
                                         360         29,682.90          1
    11811 LAKE AVENUE                  8.750            233.66         90
    STE 701                            8.500            233.66       33,000.00
    LAKEWOOD         OH   44107          1            03/31/97         04
    450679832                            06           05/01/97         25
    450679832                            N            04/01/27
    0


    1570968          560/560             F          110,625.00         ZZ
                                         360        110,557.97          1
    516 PIOCHE STREET                  8.500            850.62         75
                                       8.250            850.62      147,500.00
    CARSON CITY      NV   89701          1            03/20/97         00
    450682190                            05           05/01/97          0
    450682190                            N            04/01/27
    0


    1570969          560/560             F           60,000.00         ZZ
                                         360         59,963.65          1
    22501 ARCADIA                      8.500            461.35         60
                                       8.250            461.35      100,000.00
    SAINT CLAIR SHO  MI   48080          5            03/25/97         00
    450671250                            05           05/01/97          0
    450671250                            N            04/01/27
    0
1




    1570973          560/560             F          185,000.00         ZZ
                                         360        185,000.00          2
    3214 N LAKEWOOD                    8.875          1,471.95         75
                                       8.625          1,471.95      247,000.00
    CHICAGO          IL   60657          1            04/04/97         00
    450685631                            05           06/01/97          0
    450685631                            N            05/01/27
    0


    1570978          560/560             F          350,000.00         ZZ
                                         360        349,793.36          1
    4936 BEAR MOUNTAIN DRIVE           8.625          2,722.27         28
                                       8.375          2,722.27    1,250,000.00
    EVERGREEN        CO   80439          4            03/31/97         00
    459828604                            05           05/01/97          0
    459828604                            O            04/01/27
    0


    1570994          405/405             F           61,840.00         ZZ
                                         360         61,801.56          1
    121 NORTH SINCLAIR AVENUE UNIT     8.375            470.03         80
    #104                               8.125            470.03       77,300.00
    GLENDALE         CA   91206          1            03/27/97         14
    8213076                              01           05/01/97         12
    8213076                              N            04/01/27
    0


    1571007          964/G02             F          165,900.00         ZZ
                                         360        165,900.00          1
    3645 LA HABRA WAY                  7.875          1,202.89         70
                                       7.625          1,202.89      237,000.00
    SACRAMENTO       CA   95864          1            04/02/97         00
    0430199901                           05           06/01/97          0
    22594                                O            05/01/27
    0


    1571009          E22/G02             F           31,500.00         ZZ
                                         360         31,486.06          1
    3229 S.W. 39TH STREET             10.000            276.44         90
                                       9.750            276.44       35,000.00
    OKLAHOMA CITY    OK   73119          2            04/04/97         04
    0410317481                           05           05/01/97         25
    410317481                            N            04/01/27
    0


    1571010          E22/G02             F          252,000.00         ZZ
                                         360        251,862.35          2
1


    3730 FAIRFAX AVE/5919 BORDEAUX     9.000          2,027.65         80
    AVE                                8.750          2,027.65      315,000.00
    DALLAS           TX   75209          1            03/27/97         00
    0410317200                           05           05/01/97          0
    410317200                            O            04/01/27
    0


    1571011          E22/G02             F           95,000.00         ZZ
                                         360         95,000.00          4
    1131 ROSEMARY STREET               9.250            781.54         71
                                       9.000            781.54      135,000.00
    DENVER           CO   80220          2            04/04/97         00
    0410313407                           05           06/01/97          0
    410313407                            N            05/01/27
    0


    1571015          E22/G02             F           27,300.00         ZZ
                                         360         27,300.00          1
    4079 SPRUCE STREET                 9.500            229.55         70
                                       9.250            229.55       39,000.00
    INKSTER          MI   48141          5            04/03/97         00
    0410343081                           05           06/01/97          0
    410343081                            N            05/01/27
    0


    1571018          E22/G02             F           56,000.00         ZZ
                                         360         55,970.97          1
    6904 FROSTVIEW LANE                9.250            460.70         90
                                       9.000            460.70       62,300.00
    HAZELWOOD        MO   63042          2            04/02/97         04
    0410363642                           05           05/01/97         25
    410363642                            N            04/01/27
    0


    1571020          E22/G02             F          104,300.00         ZZ
                                         360        104,243.03          1
    20206 MONKSWOOD DRIVE              9.000            839.22         80
                                       8.750            839.22      130,400.00
    KATY             TX   77450          2            04/03/97         04
    0410314652                           03           05/01/97         12
    410314652                            N            04/01/27
    0


    1571024          E22/G02             F           44,650.00         ZZ
                                         360         44,629.17          2
    750-752 24TH AVENUE NORTH          9.750            383.61         95
                                       9.500            383.61       47,000.00
    ST. PETERSBURG   FL   33704          1            04/08/97         10
    0410375927                           05           05/01/97         30
1


    410375927                            O            04/01/27
    0


    1571027          E22/G02             F           56,800.00         ZZ
                                         360         56,800.00          1
    6920 12TH                          9.250            467.28         80
                                       9.000            467.28       71,000.00
    JENISON          MI   49428          2            04/02/97         23
    0410363824                           05           06/01/97          0
    410363824                            N            05/01/27
    0


    1571036          816/G02             F          173,500.00         ZZ
                                         360        173,500.00          1
    7670 SOUTH BURNHAM AVENUE          9.125          1,411.65         79
                                       8.875          1,411.65      220,000.00
    LAS VEGAS        NV   89123          2            04/18/97         00
    0430219303                           05           06/01/97          0
    74085                                O            05/01/27
    0


    1571054          E22/G02             F           71,250.00         ZZ
                                         360         71,250.00          1
    14095 SOUTHWEST WALKER ROAD        8.750            560.52         95
    UNIT #30                           8.500            560.52       75,000.00
    BEAVERTON        OR   97005          1            04/08/97         01
    0410371082                           01           06/01/97         30
    410371082                            O            05/01/27
    0


    1571055          180/G02             F          136,350.00         ZZ
                                         360        136,350.00          1
    9800 WEST 82ND PLACE               9.250          1,121.72         90
                                       9.000          1,121.72      151,500.00
    ARVADA           CO   80005          1            04/23/97         10
    0430221556                           05           06/01/97         25
    4791265                              N            05/01/27
    0


    1571056          E22/G02             F           95,000.00         ZZ
                                         360         95,000.00          1
    4928 SOUTHEAST 74TH AVENUE         8.875            755.86         76
                                       8.625            755.86      126,000.00
    PORTLAND         OR   97206          1            04/09/97         00
    0410219935                           05           06/01/97          0
    410219935                            O            05/01/27
    0


1


    1571072          687/G02             F           87,000.00         ZZ
                                         360         87,000.00          2
    1785 - 1791 NORTH POST ROAD        9.250            715.73         90
                                       9.000            715.73       96,700.00
    INDIANAPOLIS     IN   46219          1            04/28/97         01
    0430221531                           05           06/01/97         25
    544317                               N            05/01/27
    0


    1571077          E67/G02             F           47,000.00         ZZ
                                         360         47,000.00          1
    69146 BARCLAY COURT                8.250            353.10         17
                                       8.000            353.10      280,000.00
    SISTERS          OR   97759          5            04/08/97         00
    0430200899                           03           06/01/97          0
    06267                                O            05/01/27
    0


    1571083          637/G02             F           60,375.00         ZZ
                                         360         60,375.00          1
    28 SYMPHONY ROAD #5                9.250            496.69         75
                                       9.000            496.69       80,500.00
    BOSTON           MA   02115          1            04/09/97         00
    0430202622                           01           06/01/97          0
    9651803                              N            05/01/27
    0


    1571096          862/G02             F          123,750.00         ZZ
                                         360        123,678.79          4
    6922 KEPLER DRIVE                  8.750            973.55         75
                                       8.500            973.55      165,000.00
    LAS VEGAS        NV   89115          1            03/18/97         00
    0430215384                           05           05/01/97          0
    4408969                              N            04/01/27
    0


    1571098          862/G02             F           95,400.00         ZZ
                                         360         95,353.07          1
    1196 EAST RIDGEDALE LANE           9.500            802.18         90
                                       9.250            802.18      106,000.00
    SALT LAKE CITY   UT   84106          1            03/31/97         01
    0430205559                           05           05/01/97         25
    4373569                              N            04/01/27
    0


    1571100          862/G02             F          144,000.00         ZZ
                                         360        143,923.36          1
    13937 VALERIO STREET               9.125          1,171.64         80
                                       8.875          1,171.64      180,000.00
1


    LOS ANGELES      CA   91405          5            03/26/97         00
    0430201095                           05           05/01/97          0
    4383691                              O            04/01/27
    0


    1571111          862/G02             F          119,000.00         ZZ
                                         360        118,938.30          2
    760-762 S.E. LAMBERT CIRCLE        9.250            978.99         70
                                       9.000            978.99      170,000.00
    GRESHAM          OR   97080          5            03/19/97         00
    0430201152                           05           05/01/97          0
    4392890                              N            04/01/27
    0


    1571115          862/G02             F           39,600.00         ZZ
                                         360         39,600.00          1
    5321 WEST BANFF LANE               8.875            315.08         90
                                       8.625            315.08       44,000.00
    GLENDALE         AZ   85306          1            04/07/97         01
    0430201053                           05           06/01/97         25
    4379079                              N            05/01/27
    0


    1571431          227/G02             F           87,181.00         ZZ
                                         360         87,132.13          1
    57 BELLE POINTE AVENUE             8.875            693.66         80
                                       8.500            693.66      109,568.00
    LAS VEGAS        NV   89123          1            03/17/97         00
    0430203414                           03           05/01/97          0
    1702664                              O            04/01/27
    0


    1571432          776/G02             F          186,400.00         ZZ
                                         360        186,281.14          1
    25734 BARNETT LANE                 8.250          1,400.36         80
                                       8.000          1,400.36      235,000.00
    STEVENSON RANCH  CA   91381          1            03/26/97         00
    0430201087                           03           05/01/97          0
    1137468                              O            04/01/27
    0


    1571437          560/560             F          110,700.00         ZZ
                                         360        110,637.94          4
    525 N  FLOWER STREET               8.875            880.78         90
                                       8.625            880.78      123,000.00
    ANCHORAGE        AK   99508          1            03/25/97         04
    450671359                            05           05/01/97         25
    450671359                            N            04/01/27
    0
1




    1571438          560/560             F           72,000.00         T
                                         360         71,916.84          1
    10224 JAMESTOWN DRIVE 4-A          8.750            566.43         90
                                       8.500            566.43       80,000.00
    ANCHORAGE        AK   99507          1            02/24/97         21
    450655402                            01           04/01/97         25
    450655402                            O            03/01/27
    0


    1571471          685/G02             F          136,000.00         ZZ
                                         360        136,000.00          1
    7259 HILLSIDE AVENUE #305          8.375          1,033.70         80
                                       8.125          1,033.70      170,000.00
    LOS ANGELES      CA   90046          1            04/03/97         00
    0430220277                           01           06/01/97          0
    107404                               O            05/01/27
    0


    1571472          664/G02             F           88,000.00         ZZ
                                         360         87,943.88          1
    56312 343RD AVENUE EAST            8.250            661.12         80
                                       8.000            661.12      110,000.00
    ASHFORD          WA   98304          1            03/28/97         00
    0430202705                           03           05/01/97          0
    2263432                              O            04/01/27
    0


    1571474          575/G02             F           94,500.00         ZZ
                                         360         94,447.03          1
    618 VISTA DEL CERRO                8.875            751.88         70
                                       8.625            751.88      135,000.00
    PRESCOTT         AZ   86301          2            03/28/97         00
    0430201996                           05           05/01/97          0
    972275857                            N            04/01/27
    0


    1571476          927/G02             F           49,000.00         ZZ
                                         360         48,977.14          1
    831 126TH PLACE NORTHEAST          9.750            420.99         68
    #B103                              9.500            420.99       73,000.00
    BELLEVUE         WA   98005          2            03/21/97         00
    0430203083                           01           05/01/97          0
    289892                               O            04/01/27
    0


    1571481          560/560             F           82,800.00         ZZ
                                         360         82,754.77          2
1


    1055  DELLWOOD STREET              9.000            666.23         90
                                       8.750            666.23       92,000.00
    WASILLA          AK   99654          1            03/21/97         04
    450671383                            05           05/01/97         25
    450671383                            N            04/01/27
    0


    1571483          560/560             F          123,750.00         ZZ
                                         360        123,680.61          3
    27-29 CLAYTON STREET               8.875            984.62         90
                                       8.625            984.62      137,500.00
    MALDEN           MA   02148          1            03/31/97         04
    450678792                            05           05/01/97         25
    450678792                            N            04/01/27
    0


    1571485          480/G02             F           69,550.00         ZZ
                                         360         69,513.94          1
    13312 FAIRWAY GREEN                9.250            572.17         90
                                       9.000            572.17       77,315.00
    ORLANDO          FL   32824          1            03/27/97         12
    0430207043                           01           05/01/97         25
    1930734                              N            04/01/27
    0


    1571487          687/G02             F          162,900.00         ZZ
                                         360        162,806.28          1
    8025 PAINTED PONY COURT            8.750          1,281.53         74
                                       8.500          1,281.53      222,900.00
    CHARLOTTE        NC   28269          1            03/31/97         00
    0430200584                           03           05/01/97          0
    1593587                              O            04/01/27
    0


    1571496          201/G02             F           62,000.00         ZZ
                                         360         61,968.69          1
    1439 HARDIN AVENUE                 9.375            515.69         90
                                       9.125            515.69       68,900.00
    COLLEGE PARK     GA   30337          1            03/28/97         01
    0430200865                           05           05/01/97         25
    303212                               N            04/01/27
    0


    1571498          A50/A50             F           40,000.00         T
                                         360         39,976.99          1
    8815 S THOMAS DR                   8.750            314.68         45
    UNIT 604                           8.500            314.68       89,500.00
    PANAMA CITY BEA  FL   32408          1            03/26/97         00
    19164                                08           05/01/97          0
1


    19164                                O            04/01/27
    0


    1571502          253/253             F          389,500.00         ZZ
                                         360        389,500.00          1
    4900 SHADYCREEK LANE               8.625          3,029.49         95
                                       8.375          3,029.49      410,000.00
    COLLEYVILLE      TX   76034          1            04/01/97         12
    326547                               05           06/01/97         30
    326547                               O            05/01/27
    0


    1571505          253/253             F           35,000.00         ZZ
                                         360         34,982.78          1
    118 E WILSON & 401 N PUERCO        9.500            294.30         59
                                       9.250            294.30       60,000.00
    GALLUP           NM   87301          5            04/07/97         00
    328098                               05           05/01/97          0
    328098                               N            04/01/27
    0


    1571506          140/G02             F           34,100.00         ZZ
                                         360         34,100.00          1
    7934 MICHIGAN STREET               9.500            286.73         90
                                       9.250            286.73       37,900.00
    NEW ORLEANS      LA   70128          1            04/08/97         01
    0430211003                           05           06/01/97         25
    432454                               N            05/01/27
    0


    1571508          253/253             F          103,500.00         ZZ
                                         360        103,441.97          1
    4801 PLUME ROAD NW                 8.875            823.50         90
                                       8.625            823.50      115,000.00
    ALBUQUERQUE      NM   87120          1            03/31/97         12
    328116                               05           05/01/97         25
    328116                               N            04/01/27
    0


    1571511          253/253             F          100,000.00         ZZ
                                         360         99,939.41          1
    2685 IRIS CT                       8.500            768.92         75
                                       8.250            768.92      135,000.00
    MONTROSE         CO   80141          1            03/29/97         00
    327243                               05           05/01/97          0
    327243                               N            04/01/27
    0


1


    1571524          E13/G02             F          114,750.00         ZZ
                                         360        114,750.00          2
    1672 TANGLEWOOD AVENUE             8.875            913.01         85
                                       8.625            913.01      135,000.00
    HANOVER PARK     IL   60103          1            04/30/97         10
    0430220970                           05           06/01/97         25
    197039                               N            05/01/27
    0


    1571527          180/G02             F          135,000.00         ZZ
                                         360        134,930.01          1
    10281 E BAY HARBOR DRIVE           9.250          1,110.61         90
                                       9.000          1,110.61      150,000.00
    BAY HARBOR ISLA  FL   33154          1            04/01/97         04
    0430211672                           01           05/01/97         25
    4817581                              N            04/01/27
    0


    1571537          003/G02             F           43,200.00         ZZ
                                         360         43,200.00          1
    28 GUINN STREET                    9.250            355.40         90
                                       9.000            355.40       48,000.00
    MARIETTA         GA   30060          1            04/10/97         10
    0430214650                           05           06/01/97         25
    0003831344                           N            05/01/27
    0


    1571538          375/G02             F           86,050.00         ZZ
                                         360         86,004.20          2
    9 LEXINGTON AVE                    9.125            700.14         90
                                       8.875            700.14       96,500.00
    MERCHANTVILLE    NJ   08109          1            03/14/97         01
    0430203547                           05           05/01/97         25
    646286                               N            04/01/27
    0


    1571542          375/G02             F          116,000.00         ZZ
                                         360        115,927.89          1
    3685 BUTTE ROAD                    8.375            881.69         80
                                       8.125            881.69      145,500.00
    JOEL             ID   83843          1            03/06/97         00
    0430206482                           05           05/01/97          0
    645698                               O            04/01/27
    0


    1571547          369/G02             F           68,500.00         ZZ
                                         360         68,465.41          1
    5216-5220 E BOISE ST               9.375            569.75         83
                                       9.125            569.75       83,500.00
1


    MESA             AZ   85205          2            03/26/97         01
    0430204024                           05           05/01/97         20
    60023033                             N            04/01/27
    0


    1571548          076/076             F          150,500.00         ZZ
                                         360        150,404.03          1
    2475 GITANA COURT                  8.250          1,130.66         68
                                       8.000          1,130.66      223,000.00
    MORGAN HILL      CA   95037          2            03/13/97         00
    7083981                              05           05/01/97          0
    7083981                              O            04/01/27
    0


    1571551          076/076             F           50,000.00         ZZ
                                         360         49,973.39          1
    155 ECHO AVE 2                     9.125            406.82         55
                                       8.875            406.82       91,000.00
    PORTSMOUTH       NH   03802          1            03/20/97         00
    7083096                              01           05/01/97          0
    7083096                              N            04/01/27
    0


    1571553          076/076             F           50,000.00         ZZ
                                         360         49,970.48          1
    121 W 70TH STREET                  8.625            388.90         90
                                       8.375            388.90       55,600.00
    CINCINNATI       OH   45216          1            03/18/97         01
    7083032                              05           05/01/97         25
    7083032                              N            04/01/27
    0


    1571554          369/G02             F          224,300.00         ZZ
                                         360        224,177.48          1
    7603 SOUTH TONI CIRCLE             9.000          1,804.77         78
                                       8.750          1,804.77      291,000.00
    SALT LAKE CITY   UT   84121          1            03/21/97         00
    0430203513                           05           05/01/97          0
    60496296                             O            04/01/27
    0


    1571556          076/076             F           82,650.00         ZZ
                                         360         82,608.25          2
    66 68 GROVE STREET                 9.375            687.45         95
                                       9.125            687.45       87,000.00
    CHELSEA          MA   02150          1            03/21/97         11
    7082377                              05           05/01/97         30
    7082377                              O            04/01/27
    0
1




    1571559          076/076             F           46,500.00         ZZ
                                         360         46,474.60          1
    4450 FOXWOOD BLVD                  9.000            374.15         58
                                       8.750            374.15       81,500.00
    ZEPHRYHILLS      FL   33543          1            03/20/97         00
    7081651                              05           05/01/97          0
    7081651                              O            04/01/27
    0


    1571560          369/G02             F           28,800.00         ZZ
                                         360         28,785.06          1
    911 SOUTH DECKER AVENUE            9.250            236.94         88
                                       9.000            236.94       33,000.00
    BALTIMORE        MD   21224          1            03/27/97         01
    0430204214                           05           05/01/97         25
    49932106                             N            04/01/27
    0


    1571561          B28/G02             F          168,500.00         ZZ
                                         360        168,405.53          1
    700 HONEYBEE PLACE                 8.875          1,340.67         41
                                       8.625          1,340.67      415,000.00
    PAGOSA SPRINGS   CO   81447          5            03/26/97         00
    0430203729                           05           05/01/97          0
    05970166                             O            04/01/27
    0


    1571562          076/076             F           38,000.00         ZZ
                                         360         37,980.30          1
    2135 JERNIGAN DRIVE                9.250            312.62         89
                                       9.000            312.62       43,000.00
    ATLANTA          GA   30315          1            03/07/97         10
    7081458                              05           05/01/97         25
    7081458                              N            04/01/27
    0


    1571567          076/076             F          127,000.00         ZZ
                                         360        126,923.05          1
    6131 SOUTH MARION WAY              8.500            976.53         57
                                       8.250            976.53      225,000.00
    LITTLETON        CO   80121          2            03/14/97         00
    7080946                              05           05/01/97          0
    7080946                              O            04/01/27
    0


    1571573          375/G02             F          225,000.00         ZZ
                                         360        224,719.31          1
1


    15117 NW 37TH AVENUE               8.375          1,710.17         68
                                       8.125          1,710.17      332,000.00
    VANCOUVER        WA   98685          2            02/27/97         00
    0430203448                           05           04/01/97          0
    646340                               O            03/01/27
    0


    1571578          076/076             F          139,000.00         ZZ
                                         360        138,926.03          1
    2617 210TH AVENUE EAST             9.125          1,130.95         82
                                       8.875          1,130.95      170,000.00
    SUMNER           WA   98390          2            03/11/97         04
    7080862                              05           05/01/97         20
    7080862                              N            04/01/27
    0


    1571580          076/076             F          397,800.00         ZZ
                                         360        397,340.59          3
    40 19 ITHACA STREET                8.750          3,129.50         90
                                       8.500          3,129.50      442,000.00
    ELMHURST         NY   11373          1            03/03/97         10
    7077192                              05           04/01/97         25
    7077192                              O            03/01/27
    0


    1571582          076/076             F          115,200.00         ZZ
                                         360        115,063.47          3
    438 WEST FOURTH STREET             8.625            896.02         90
                                       8.375            896.02      128,000.00
    SOUTH BOSTON     MA   02127          1            02/28/97         14
    5975142                              05           04/01/97         25
    5975142                              O            03/01/27
    0


    1571585          076/076             F          214,000.00         ZZ
                                         360        213,870.36          1
    2814 SW LABBE AVENUE               8.500          1,645.47         31
                                       8.250          1,645.47      705,000.00
    PORTLAND         OR   97221          5            03/11/97         00
    6835332                              05           05/01/97          0
    6835332                              O            04/01/27
    0


    1571586          076/076             F           83,000.00         ZZ
                                         360         82,949.72          1
    7501 SW 133 AVENUE                 8.500            638.20         65
                                       8.250            638.20      128,000.00
    MIAMI            FL   33183          1            03/12/97         00
    7078415                              03           05/01/97          0
1


    7078415                              O            04/01/27
    0


    1571588          076/076             F          320,600.00         ZZ
                                         240        319,621.00          1
    20 SURREY LANE                     8.875          2,858.80         70
                                       8.625          2,858.80      458,000.00
    NEEDHAM          MA   02192          5            02/14/97         00
    7078624                              05           04/01/97          0
    7078624                              O            03/01/17
    0


    1571593          560/560             F           47,600.00         ZZ
                                         360         47,575.32          2
    754-56 N. EMERSON AVENUE           9.250            391.60         70
                                       9.000            391.60       68,000.00
    INDIANAPOLIS     IN   46219          5            03/31/97         00
    450682869                            05           05/01/97          0
    450682869                            N            04/01/27
    0


    1571594          076/076             F           65,000.00         T
                                         360         64,928.71          1
    162 LORING AVE                     9.000            523.01         53
                                       8.750            523.01      123,000.00
    WEST DENNIS      MA   02670          1            02/28/97         00
    7080598                              05           04/01/97          0
    7080598                              O            03/01/27
    0


    1571599          560/560             F          102,432.00         ZZ
                                         360        102,373.06          1
    4929 PURCELL DRIVE NE              8.750            805.84         80
                                       8.500            805.84      128,040.00
    ALBUQUERQUE      NM   87111          1            03/31/97         00
    450682547                            07           05/01/97          0
    450682547                            O            04/01/27
    0


    1571601          560/560             F          124,650.00         ZZ
                                         360        124,583.66          4
    302 FULTON                         9.125          1,014.20         90
                                       8.875          1,014.20      138,500.00
    ELGIN            IL   60120          1            03/26/97         04
    450673579                            05           05/01/97         25
    450673579                            N            04/01/27
    0


1


    1571602          560/560             F           72,000.00         ZZ
                                         360         71,956.38          1
    16944 PENROD                       8.500            553.62         75
                                       8.250            553.62       96,000.00
    CLINTON TOWNSHI  MI   48035          1            03/25/97         00
    450671268                            05           05/01/97          0
    450671268                            N            04/01/27
    0


    1571603          560/560             F           64,800.00         ZZ
                                         360         64,761.74          1
    5105 EARLWICK ROAD                 8.625            504.01         90
                                       8.375            504.01       72,000.00
    RICHMOND         VA   23230          1            03/21/97         04
    450669189                            05           05/01/97         25
    450669189                            N            04/01/27
    0


    1571610          E22/G02             F          141,750.00         ZZ
                                         360        141,674.57          4
    3720 OWENS STREET                  9.125          1,153.32         75
                                       8.875          1,153.32      189,000.00
    WHEAT RIDGE      CO   80033          1            03/27/97         00
    0410368690                           05           05/01/97          0
    410368690                            N            04/01/27
    0


    1571615          E22/G02             F          124,700.00         ZZ
                                         360        124,631.89          1
    4867 EAST COLLINSVILLE PLACE       9.000          1,003.36         90
                                       8.750          1,003.36      138,575.00
    HIGHLANDS RANCH  CO   80126          1            04/04/97         01
    0410387385                           03           05/01/97         25
    410387385                            N            04/01/27
    0


    1571616          E22/G02             F          223,200.00         ZZ
                                         360        223,078.08          1
    147 HILLSIDE ROAD                  9.000          1,795.92         80
                                       8.750          1,795.92      279,000.00
    FARMINGDALE      NY   11735          1            03/27/97         00
    0410375653                           05           05/01/97          0
    410375653                            O            04/01/27
    0


    1571620          E22/G02             F          200,000.00         ZZ
                                         360        200,000.00          1
    1305 GREEN COVE ROAD               8.500          1,537.83         51
                                       8.250          1,537.83      394,000.00
1


    WINTER PARK      FL   32789          1            04/10/97         00
    0410377022                           05           06/01/97          0
    410377022                            O            05/01/27
    0


    1571629          E22/G02             F           91,050.00         ZZ
                                         360         91,050.00          2
    2024 MONROE STREET                 9.750            782.26         95
                                       9.500            782.26       95,877.00
    HOLLYWOOD        FL   33020          1            04/09/97         04
    0410377378                           05           06/01/97         30
    410377378                            O            05/01/27
    0


    1571646          A06/G02             F           67,000.00         ZZ
                                         360         67,000.00          1
    4628 LAUREL CLUB CIRCLE            9.125            545.14         43
                                       8.875            545.14      157,000.00
    WEST BLOOMFIELD  MI   48323          1            04/10/97         00
    0430203521                           01           06/01/97          0
    9702328                              O            05/01/27
    0


    1571650          405/405             F           94,500.00         ZZ
                                         360         94,448.38          2
    7309-7311 HILLSIDE STREET          9.000            760.37         90
                                       8.750            760.37      105,000.00
    OAKLAND          CA   94065          1            03/20/97         10
    4124459                              05           05/01/97         25
    4124459                              N            04/01/27
    0


    1571707          560/560             F           45,000.00         ZZ
                                         360         45,000.00          1
    1860 EIGHTH STREET                 9.125            366.14         60
                                       8.875            366.14       75,000.00
    CHAMBLEE         GA   30341          5            04/04/97         00
    450685276                            05           06/01/97          0
    450685276                            N            05/01/27
    0


    1571708          874/G02             F          139,000.00         ZZ
                                         360        139,000.00          3
    240,242,244 5TH STREET             8.750          1,093.51         90
                                       8.500          1,093.51      154,625.00
    SPARKS           NV   89431          1            04/21/97         10
    0430217752                           05           06/01/97         25
    3711023                              N            05/01/27
    0
1




    1571722          E82/G02             F           77,600.00         ZZ
                                         360         77,556.50          2
    103-115 GEARY STREET N.E.          8.875            617.42         78
                                       8.625            617.42      100,000.00
    ALBANY           OR   97321          1            03/28/97         04
    0400031928                           05           05/01/97         12
    400031928                            N            04/01/27
    0


    1571736          816/G02             F           76,500.00         ZZ
                                         360         76,500.00          1
    648 SOUTH 600 EAST                 9.375            636.29         90
                                       9.125            636.29       85,000.00
    SALT LAKE CITY   UT   84102          3            04/22/97         01
    0430219345                           05           06/01/97         25
    900074                               N            05/01/27
    0


    1571740          624/G02             F           99,600.00         ZZ
                                         360         99,600.00          1
    13110 KELLIES FARM LANE            8.750            783.55         80
                                       8.500            783.55      124,500.00
    AUSTIN           TX   78727          2            04/25/97         00
    0430221333                           05           06/01/97          0
    82000470063                          O            05/01/27
    0


    1571746          965/G02             F          116,000.00         ZZ
                                         360        116,000.00          4
    214-220 EAST LAGUNA STREET         9.000            933.36         80
                                       8.750            933.36      145,000.00
    TUCSON           AZ   85705          1            04/22/97         04
    0430216309                           05           06/01/97         30
    4787                                 N            05/01/27
    0


    1571765          H05/H05             F          145,000.00         ZZ
                                         360        145,000.00          1
    30 FOX RIDGE DRIVE                 8.500          1,114.92         54
                                       8.250          1,114.92      270,000.00
    ROSLYN           NY   11576          1            04/30/97         00
    119163731                            01           06/01/97          0
    119163731                            O            05/01/27
    0


    1571796          633/G02             F          131,600.00         ZZ
                                         360        131,509.44          1
1


    975 LAKE RIDGE DRIVE               7.875            954.19         80
                                       7.625            954.19      164,500.00
    SAN MARCOS       CA   92069          5            03/28/97         00
    0430202614                           05           05/01/97          0
    686399                               O            04/01/27
    0


    1571800          573/G02             F          204,000.00         ZZ
                                         360        204,000.00          1
    2712 GREEN BAY DRIVE               8.250          1,532.59         79
                                       8.000          1,532.59      260,000.00
    LAS VEGAS        NV   89129          2            04/02/97         00
    0430203737                           03           06/01/97          0
    111951                               O            05/01/27
    0


    1571804          E23/G02             F          130,000.00         ZZ
                                         360        130,000.00          4
    17231 BARBEE STREET                9.125          1,057.72         90
                                       8.875          1,057.72      144,500.00
    FONTANA          CA   92336          1            04/03/97         14
    0430214940                           05           06/01/97         25
    110058                               O            05/01/27
    0


    1571835          074/G02             F          110,000.00         ZZ
                                         360        109,936.70          2
    50-72 45TH STREET                  8.750            865.38         54
                                       8.500            865.38      205,000.00
    WOODSIDE         NY   11377          5            03/14/97         00
    0430204453                           05           05/01/97          0
    1106045764                           N            04/01/27
    0


    1571836          074/G02             F          214,600.00         ZZ
                                         360        214,476.53          1
    LOT 14 REBECCA LANE                8.750          1,688.26         56
                                       8.500          1,688.26      386,950.00
    MAHOPAC          NY   10541          1            03/11/97         00
    0430202937                           05           05/01/97          0
    1111087719                           O            04/01/27
    0


    1571837          074/G02             F          100,000.00         ZZ
                                         360         99,942.46          1
    16 BALDWIN BOULEVARD               8.750            786.71         43
                                       8.500            786.71      235,000.00
    BAYVILLE         NY   11709          5            02/27/97         00
    0430202929                           05           05/01/97          0
1


    1111088154                           O            04/01/27
    0


    1571838          074/G02             F           73,500.00         ZZ
                                         360         73,461.89          1
    200 EAST 58TH STREET               9.250            604.67         70
    UNIT 6G                            9.000            604.67      105,000.00
    NEW YORK         NY   10022          3            03/19/97         00
    0430208595                           06           05/01/97          0
    1111089791                           N            04/01/27
    0


    1571839          074/G02             F           78,700.00         ZZ
                                         360         78,659.20          1
    200 EAST 58TH STREET               9.250            647.45         70
    UNIT 9G                            9.000            647.45      112,500.00
    NEW YORK         NY   10022          1            03/19/97         00
    0430207605                           06           05/01/97          0
    1111089816                           N            04/01/27
    0


    1571840          074/G02             F           75,000.00         T
                                         360         74,961.12          1
    226 MONSELL PLACE                  9.250            617.01         69
                                       9.000            617.01      110,000.00
    GREENPORT        NY   11944          5            03/17/97         00
    0430202721                           05           05/01/97          0
    1111090000                           O            04/01/27
    0


    1571841          074/G02             F           50,000.00         T
                                         360         49,969.71          1
    235 EAST 40TH STREET               8.500            384.46         40
    APT. 20J                           8.250            384.46      127,000.00
    NEW YORK         NY   10016          1            03/05/97         00
    0430202739                           06           05/01/97          0
    1111090270                           O            04/01/27
    0


    1571842          074/G02             F           82,000.00         ZZ
                                         360         81,950.32          2
    137-18 95TH STREET                 8.500            630.51         45
                                       8.250            630.51      182,500.00
    OZONE PARK       NY   11417          1            03/14/97         00
    0430212175                           05           05/01/97          0
    1111090837                           O            04/01/27
    0


1


    1571843          074/G02             F          160,000.00         ZZ
                                         360        159,910.29          1
    15 RED CREEK CIRCLE                8.875          1,273.04         64
                                       8.625          1,273.04      250,000.00
    HAMPTON BAYS     NY   11946          2            02/26/97         00
    0430212183                           05           05/01/97          0
    1111091181                           O            04/01/27
    0


    1571844          074/G02             F           45,000.00         ZZ
                                         360         44,975.41          2
    368 SOUTH OGDEN STREET             9.000            362.09         90
                                       8.750            362.09       50,000.00
    BUFFALO          NY   14206          1            03/14/97         04
    0430212191                           05           05/01/97         25
    1111091909                           N            04/01/27
    0


    1571845          074/G02             F           60,000.00         ZZ
                                         360         59,865.47          1
    1277 STERLING STATION ROAD         8.750            472.03         75
                                       8.500            472.03       80,800.00
    STERLING         NY   13156          1            03/05/97         00
    0430212209                           05           05/01/97          0
    1111092399                           O            04/01/27
    0


    1571846          074/G02             F          248,000.00         ZZ
                                         360        247,857.31          1
    MCMANUS ROAD SOUTH                 8.750          1,951.02         80
                                       8.500          1,951.02      310,000.00
    PATTERSON        NY   12563          1            03/06/97         00
    0430212217                           05           05/01/97          0
    1111092628                           O            04/01/27
    0


    1571847          074/G02             F          136,500.00         ZZ
                                         360        136,423.47          1
    965 ADAMS AVENUE                   8.875          1,086.06         70
                                       8.625          1,086.06      195,000.00
    FRANKLIN SQUARE  NY   11010          5            03/10/97         00
    0430204198                           05           05/01/97          0
    1111094033                           O            04/01/27
    0


    1571848          074/G02             F           21,600.00         ZZ
                                         360         21,586.91          1
    1518 S CORLIES ST                  8.500            166.09         90
                                       8.250            166.09       24,000.00
1


    PHILADELPHIA     PA   19146          1            03/06/97         01
    0430203927                           05           05/01/97         25
    1175040840                           N            04/01/27
    0


    1571849          074/G02             F           37,800.00         ZZ
                                         360         37,756.36          1
    592 E GODFREY AVENUE               8.750            297.37         90
                                       8.500            297.37       42,011.00
    PHILADEPHIA      PA   19120          1            03/04/97         01
    0430202861                           05           04/01/97         25
    1175041059                           N            03/01/27
    0


    1571850          074/G02             F          100,000.00         ZZ
                                         360         99,943.94          1
    11961 N TAMI PL                    8.875            795.64         55
                                       8.625            795.64      185,000.00
    TUCSON           AZ   85737          1            03/03/97         00
    0430202846                           05           05/01/97          0
    1221165162                           O            04/01/27
    0


    1571851          074/G02             F          103,500.00         ZZ
                                         360        103,374.14          1
    2620 E CERRADA ADELITA             8.500            795.83         90
                                       8.250            795.83      115,000.00
    TUCSON           AZ   85718          1            02/19/97         04
    0430202853                           09           04/01/97         25
    1221165388                           N            03/01/27
    0


    1571852          074/G02             F           60,000.00         T
                                         360         59,966.36          1
    5846 NORTH CAMINO ESPLENDORA       8.875            477.39         42
                                       8.625            477.39      145,000.00
    TUCSON           AZ   85718          1            03/06/97         00
    0430212225                           01           05/01/97          0
    1222002935                           O            04/01/27
    0


    1571853          074/G02             F          108,000.00         ZZ
                                         360        107,944.01          1
    3417 3419 E BLACKLIDGE DR          9.250            888.49         90
                                       9.000            888.49      120,000.00
    TUCSON           AZ   85716          1            03/13/97         04
    0430204537                           07           05/01/97         25
    1222003304                           N            04/01/27
    0
1




    1571854          074/G02             F           97,900.00         ZZ
                                         360         97,842.20          1
    5438 PERCHERON STREET              8.625            761.46         90
                                       8.375            761.46      108,800.00
    LAS VEGAS        NV   89119          1            03/04/97         10
    0430202796                           05           05/01/97         25
    1251133223                           N            04/01/27
    0


    1571855          074/G02             F           61,200.00         ZZ
                                         360         61,166.57          2
    3950 52 NW 165 STREET              9.000            492.43         90
                                       8.750            492.43       68,000.00
    MIAMI            FL   33054          1            03/07/97         01
    0430203943                           05           05/01/97         25
    1302020095                           N            04/01/27
    0


    1571857          074/G02             F           43,750.00         ZZ
                                         360         43,694.01          2
    1515 N HAMPTON STREET              8.250            328.68         70
                                       8.000            328.68       62,500.00
    ORLANDO          FL   32803          1            03/04/97         00
    0430204461                           05           04/01/97          0
    1331155043                           N            03/01/27
    0


    1571858          074/G02             F          174,750.00         ZZ
                                         360        174,646.83          1
    206 WATERSIDE DRIVE                8.625          1,359.19         75
                                       8.375          1,359.19      233,000.00
    INDIAN HARBOUR   FL   32937          1            03/13/97         00
    0430202903                           03           05/01/97          0
    1391041155                           O            04/01/27
    0


    1571859          074/G02             F          284,500.00         ZZ
                                         360        284,336.32          1
    330 SAND LAKE DRIVE                8.750          2,238.16         73
                                       8.500          2,238.16      395,000.00
    LEEDS            AL   35094          5            03/06/97         00
    0430202887                           05           05/01/97          0
    1445003045                           O            04/01/27
    0


    1571860          074/G02             F           70,200.00         ZZ
                                         360         70,157.47          1
1


    7545 EATON                         8.500            539.78         90
                                       8.250            539.78       78,000.00
    PRAIRIE VILLAGE  KS   66208          1            03/06/97         04
    0430204479                           05           05/01/97         25
    1456003783                           N            04/01/27
    0


    1571861          074/G02             F           41,200.00         ZZ
                                         360         41,175.68          1
    5444-5446 FOREST AVENUE            8.625            320.45         90
                                       8.375            320.45       45,830.00
    KANSAS CITY      MO   64110          1            03/17/97         04
    0430202820                           05           05/01/97         25
    1456003874                           N            04/01/27
    0


    1571862          074/G02             F           46,100.00         ZZ
                                         360         46,072.78          2
    5440-5442 FOREST AVENUE            8.625            358.56         90
                                       8.375            358.56       51,230.00
    KANSAS CITY      MO   64110          1            03/17/97         10
    0430202838                           05           05/01/97         25
    1456003885                           N            04/01/27
    0


    1571863          074/G02             F           49,500.00         ZZ
                                         360         49,471.52          1
    8012 SUMMIT                        8.750            389.42         90
                                       8.500            389.42       55,000.00
    KANSAS CITY      MO   64114          1            03/10/97         04
    0430202812                           05           05/01/97         25
    1456004979                           N            04/01/27
    0


    1571864          074/G02             F           98,300.00         ZZ
                                         360         98,086.13          1
    425 ANVIL WY                       8.625            764.57         82
                                       8.375            764.57      120,000.00
    GOLDEN           CO   80401          1            01/10/97         10
    0430205005                           03           03/01/97         20
    1461097232                           N            02/01/27
    0


    1571865          074/G02             F          112,500.00         ZZ
                                         360        112,363.20          1
    14907 42ND AVENUE EAST             8.500            865.03         70
                                       8.250            865.03      162,500.00
    TACOMA           WA   98446          1            02/27/97         00
    0430202804                           05           04/01/97          0
1


    1472004051                           O            03/01/27
    0


    1571866          074/G02             F           93,650.00         ZZ
                                         360         93,594.71          1
    6422 ANITA STREET                  8.625            728.40         75
                                       8.375            728.40      124,900.00
    DALLAS           TX   75214          1            03/13/97         00
    0430204172                           05           05/01/97          0
    1524004890                           N            04/01/27
    0


    1571867          074/G02             F           31,500.00         ZZ
                                         360         31,429.52          1
    519 ADRIAN DRIVE                   8.500            242.21         90
                                       8.250            242.21       35,000.00
    SAN ANTONIO      TX   78213          1            01/22/97         04
    0430204156                           05           03/01/97         25
    1526002116                           N            02/01/27
    0


    1571868          074/G02             F           66,900.00         ZZ
                                         360         66,859.48          2
    14411-14413 WOODS HOLE             8.500            514.40         75
                                       8.250            514.40       89,300.00
    SAN ANTONIO      TX   78233          1            03/14/97         00
    0430204495                           05           05/01/97          0
    1526003323                           N            04/01/27
    0


    1571869          074/G02             F           65,700.00         ZZ
                                         360         65,664.11          2
    2030 SOUTH ORCHARD AVENUE          9.000            528.64         90
                                       8.750            528.64       73,000.00
    OGDEN            UT   84401          1            03/07/97         01
    0430207894                           05           05/01/97         25
    1552001529                           N            04/01/27
    0


    1571871          074/G02             F          159,750.00         ZZ
                                         360        159,655.68          4
    6343 RICHMOND AVENUE               8.625          1,242.52         75
                                       8.375          1,242.52      213,000.00
    DALLAS           TX   75214          1            03/06/97         00
    0430204545                           05           05/01/97          0
    1563144685                           N            04/01/27
    0


1


    1571872          074/G02             F          115,550.00         ZZ
                                         360        115,481.78          1
    11713 NW 118TH STREET              8.625            898.74         90
                                       8.375            898.74      128,400.00
    OKLAHOMA CITY    OK   73099          1            03/17/97         10
    0430212241                           03           05/01/97         25
    1563145848                           N            04/01/27
    0


    1571873          074/G02             F           88,200.00         ZZ
                                         360         88,147.92          1
    11904 SKYWAY AVENUE                8.625            686.02         90
                                       8.375            686.02       98,000.00
    OKLAHOMA CITY    OK   73162          1            03/17/97         04
    0430208793                           05           05/01/97         25
    1563145859                           N            04/01/27
    0


    1571875          074/G02             F          304,000.00         ZZ
                                         360        303,620.78          1
    709 COUNTRY CLUB DRIVE             8.375          2,310.62         79
                                       8.125          2,310.62      385,000.00
    YAKIMA           WA   98901          2            02/18/97         00
    0430212258                           05           04/01/97          0
    1565134875                           O            03/01/27
    0


    1571876          074/G02             F           59,100.00         ZZ
                                         360         59,065.10          1
    4060 GARY ST NE                    8.625            459.68         80
                                       8.375            459.68       73,900.00
    KEIZER           OR   97303          1            03/16/97         00
    0430204206                           05           05/01/97          0
    1565154216                           N            04/01/27
    0


    1571877          074/G02             F           79,200.00         ZZ
                                         360         79,156.73          1
    4665 N GREER ST                    9.000            637.27         90
                                       8.750            637.27       88,000.00
    BOISE            ID   83703          1            03/04/97         10
    0430204222                           05           05/01/97         25
    1565154996                           N            04/01/27
    0


    1571878          074/G02             F          124,200.00         ZZ
                                         360        124,096.21          1
    1159 45TH AVENUE NORTHEAST         9.250          1,021.77         90
                                       9.000          1,021.77      138,000.00
1


    SALEM            OR   97305          1            03/11/97         10
    0430204263                           05           05/01/97         25
    1565155117                           N            04/01/27
    0


    1571880          074/G02             F           44,900.00         ZZ
                                         360         44,848.15          1
    627 TOLLESON AVENUE EXTENSION      8.750            353.23         90
                                       8.500            353.23       49,900.00
    PERRY            GA   31069          1            03/05/97         12
    0430204354                           05           04/01/97         25
    1566090980                           N            03/01/27
    0


    1571881          074/G02             F           99,000.00         ZZ
                                         360         98,947.31          2
    5000-5002 MOUNTAIN SPRINGS WAY     9.125            805.50         90
                                       8.875            805.50      110,000.00
    STONE MOUNTAIN   GA   30340          1            03/14/97         14
    0430205187                           05           05/01/97         25
    1566094084                           N            04/01/27
    0


    1571882          074/G02             F          148,500.00         ZZ
                                         360        148,345.42          1
    2905 EAST KEIM DRIVE               9.250          1,221.68         90
    #29                                9.000          1,221.68      165,000.00
    PHOENIX          AZ   85016          1            02/24/97         10
    0430204370                           01           04/01/97         25
    1569160902                           N            03/01/27
    0


    1571883          074/G02             F           17,250.00         ZZ
                                         360         17,240.58          1
    2633 WEST OCOTILLO ROAD            9.000            138.80         75
                                       8.750            138.80       23,000.00
    PHOENIX          AZ   85017          1            03/10/97         00
    0430204396                           01           05/01/97          0
    1569162464                           N            04/01/27
    0


    1571884          074/G02             F           36,450.00         ZZ
                                         360         36,415.43          1
    2717 EAST 1ST STREET               9.000            293.29         90
                                       8.750            293.29       40,500.00
    MESA             AZ   85213          1            03/10/97         10
    0430206003                           05           05/01/97         25
    1569162486                           N            04/01/27
    0
1




    1571885          074/G02             F          318,750.00         ZZ
                                         360        318,566.61          1
    23626 NORTH CAMINO ADELE ROAD      8.750          2,507.61         75
                                       8.500          2,507.61      425,000.00
    SCOTTSDALE       AZ   85255          1            03/14/97         00
    0430204420                           03           05/01/97          0
    1569163423                           O            04/01/27
    0


    1571887          074/G02             F           66,300.00         ZZ
                                         360         66,256.63          1
    3636 15TH AVENUE COURT             8.125            492.28         85
                                       7.875            492.28       78,000.00
    ANOKA            MN   55303          2            03/07/97         10
    0430204511                           05           05/01/97         12
    1576037724                           O            04/01/27
    0


    1571888          074/G02             F          104,000.00         ZZ
                                         360        103,885.95          4
    5938-5944 FLINT                    9.000            836.81         68
                                       8.750            836.81      154,000.00
    SHAWNEE          KS   66203          1            03/03/97         00
    0430207332                           05           04/01/97          0
    1576038261                           N            03/01/27
    0


    1571889          074/G02             F           62,400.00         ZZ
                                         360         62,363.15          1
    29301 EAST AA HIGHWAY              8.625            485.35         90
                                       8.375            485.35       69,500.00
    BLUE SPRINGS     MO   64014          1            03/14/97         04
    0430206029                           05           05/01/97         25
    1576038727                           N            04/01/27
    0


    1571890          074/G02             F           48,600.00         ZZ
                                         360         48,574.80          1
    124 SOUTH VALLEY ROAD              9.250            399.83         90
                                       9.000            399.83       54,000.00
    HENDERSONVILLE   TN   37075          1            03/11/97         04
    0430204347                           05           05/01/97         25
    1577063796                           N            04/01/27
    0


    1571891          074/G02             F          131,200.00         ZZ
                                         360        130,996.16          1
1


    1311 CHANTELOUPE DRIVE             8.375            997.22         80
                                       8.125            997.22      164,000.00
    HENDERSONVILLE   NC   28739          1            02/28/97         00
    0430205989                           05           04/01/97          0
    1577064802                           O            03/01/27
    0


    1571892          074/G02             F          113,900.00         ZZ
                                         360        113,836.15          1
    1121 LINDLER DRIVE                 8.875            906.24         85
                                       8.625            906.24      134,000.00
    WEST COLUMBIA    SC   29169          5            03/07/97         11
    0430205971                           05           05/01/97         12
    1577064846                           O            04/01/27
    0


    1571893          074/G02             F           82,600.00         T
                                         360         82,552.47          1
    703 JESS FIELD ROAD                8.750            649.82         70
                                       8.500            649.82      118,000.00
    GATILINBURG      TN   37738          1            03/11/97         00
    0430205179                           05           05/01/97          0
    1577065204                           O            04/01/27
    0


    1571894          074/G02             F          110,400.00         ZZ
                                         360        110,333.11          1
    735 SMOKY MOUNTAIN VIEW DRIVE      8.500            848.89         80
                                       8.250            848.89      138,000.00
    SEVIERVILLE      TN   37862          1            03/07/97         00
    0430205997                           05           05/01/97          0
    1577066386                           O            04/01/27
    0


    1571895          074/G02             F          127,500.00         ZZ
                                         360        123,568.36          1
    6232 SIERRA CIRCLE                 8.500            980.37         85
                                       8.250            980.37      150,000.00
    ROCKFORD         TN   37853          5            03/07/97         11
    0430204321                           05           05/01/97         12
    1577066783                           O            04/01/27
    0


    1571896          074/G02             F           22,500.00         ZZ
                                         360         22,487.05          1
    1301 NEELY'S BEND ROAD G-60        8.750            177.01         75
                                       8.500            177.01       30,000.00
    MADISON          TN   37115          1            03/14/97         00
    0430206045                           01           05/01/97          0
1


    1577067174                           N            04/01/27
    0


    1571897          074/G02             F           95,400.00         ZZ
                                         360         95,347.89          1
    1103 BILTMORE DRIVE                9.000            767.61         90
                                       8.750            767.61      106,000.00
    NASHVILLE        TN   37204          1            03/07/97         04
    0430205138                           05           05/01/97         25
    1577067505                           N            04/01/27
    0


    1571898          074/G02             F          133,500.00         ZZ
                                         360        133,414.86          1
    7120 ASHBURTON DRIVE               8.250          1,002.95         75
                                       8.000          1,002.95      178,000.00
    KNOXVILLE        TN   37909          1            03/11/97         00
    0430205146                           05           05/01/97          0
    1577068836                           O            04/01/27
    0


    1571899          074/G02             F          127,500.00         ZZ
                                         360        127,412.25          1
    807 BARSTOW DRIVE                  7.875            924.47         84
                                       7.625            924.47      152,577.00
    RALEIGH          NC   27606          1            03/10/97         01
    0430205153                           05           05/01/97         25
    1577069056                           N            04/01/27
    0


    1571902          074/G02             F           92,700.00         ZZ
                                         360         92,642.38          1
    700 ALADDIN CIRCLE                 8.375            704.59         90
                                       8.125            704.59      103,000.00
    APEX             NC   27502          1            03/12/97         01
    0430204313                           05           05/01/97         25
    1577069690                           N            04/01/27
    0


    1571903          074/G02             F           55,000.00         ZZ
                                         360         54,969.16          1
    500 ST JOSEPH STREET               8.875            437.61         58
    #3201                              8.625            437.61       95,000.00
    CAROLINA BEACH   NC   28428          1            03/18/97         00
    0430207886                           01           05/01/97          0
    1577070340                           O            04/01/27
    0


1


    1571904          074/G02             F           69,300.00         ZZ
                                         360         69,264.07          2
    59-61 NORMAN STREET                9.250            570.12         90
                                       9.000            570.12       77,000.00
    MANCHESTER       CT   06040          1            03/14/97         01
    0430202754                           05           05/01/97         25
    1580044530                           N            04/01/27
    0


    1571905          074/G02             F           72,000.00         ZZ
                                         360         71,918.96          2
    18 ROOSEVELT AVENUE                8.875            572.87         80
                                       8.625            572.87       90,000.00
    PLYMOUTH         CT   06782          5            02/26/97         00
    0430205930                           05           04/01/97          0
    1580045191                           O            03/01/27
    0


    1571907          074/G02             F          124,400.00         ZZ
                                         360        124,256.32          1
    79 LAKE STREET                     8.750            978.66         80
                                       8.500            978.66      155,500.00
    UXBRIDGE         MA   01569          1            02/28/97         00
    0430205955                           05           04/01/97          0
    1580046183                           O            03/01/27
    0


    1571908          074/G02             F           40,000.00         ZZ
                                         360         39,953.79          2
    37-39 HIGH STREET                  8.750            314.69         80
                                       8.500            314.69       50,000.00
    SOUTH HADLEY     MA   01075          1            03/06/97         00
    0430204297                           05           04/01/97          0
    1580046332                           O            03/01/27
    0


    1571909          074/G02             F           81,000.00         ZZ
                                         360         80,955.75          3
    123 HILLIARD STREET                9.000            651.75         75
                                       8.750            651.75      108,000.00
    MANCHESTER       CT   06040          3            03/14/97         00
    0430203935                           05           05/01/97          0
    1580046445                           N            04/01/27
    0


    1571910          074/G02             F          153,000.00         ZZ
                                         360        152,918.58          2
    60-62 BEACON VIEW DRIVE            9.125          1,244.86         90
                                       8.875          1,244.86      170,000.00
1


    FAIRFIELD        CT   06432          1            03/14/97         01
    0430204271                           05           05/01/97         25
    1580046729                           N            04/01/27
    0


    1571911          074/G02             F           67,450.00         ZZ
                                         360         67,415.03          1
    50 LIBERTY STREET                  9.250            554.90         95
    UNIT #8                            9.000            554.90       71,000.00
    STAMFORD         CT   06901          1            03/14/97         01
    0430205096                           01           05/01/97         30
    1580047073                           O            04/01/27
    0


    1571912          074/G02             F           73,200.00         ZZ
                                         360         73,157.88          1
    5 ROSEMARY COURT UNIT 199          8.750            575.87         80
    LEDGEWOOD HILLS                    8.500            575.87       91,500.00
    NASHUA           NH   03062          1            03/14/97         00
    0430203950                           01           05/01/97          0
    1580047120                           O            04/01/27
    0


    1571913          074/G02             F          198,800.00         ZZ
                                         360        198,682.62          4
    1 FOURTH STREET                    8.625          1,546.25         80
                                       8.375          1,546.25      248,520.00
    NORWALK          CT   06855          1            03/18/97         00
    0430205088                           05           05/01/97          0
    1580047255                           O            04/01/27
    0


    1571915          074/G02             F           61,600.00         ZZ
                                         360         61,568.06          1
    27090 OSMUN                        9.250            506.77         70
                                       9.000            506.77       88,000.00
    MADISON HEIGHTS  MI   48071          5            03/13/97         00
    0430205914                           05           05/01/97          0
    1581087426                           N            04/01/27
    0


    1571916          074/G02             F           76,400.00         ZZ
                                         360         76,357.16          3
    215-217-219 HALIFAX                8.875            607.88         59
                                       8.625            607.88      130,000.00
    WALLED LAKE      MI   48390          2            03/13/97         00
    0430204438                           05           05/01/97          0
    1581087594                           N            04/01/27
    0
1




    1571917          074/G02             F           59,500.00         ZZ
                                         360         59,466.64          1
    1907 BROOKWOOD                     8.875            473.41         58
                                       8.625            473.41      104,000.00
    ROYAL OAK        MI   48073          2            03/13/97         00
    0430202945                           05           05/01/97          0
    1581087608                           N            04/01/27
    0


    1571918          074/G02             F          228,000.00         ZZ
                                         360        227,875.46          1
    2013 CROWNDALE LANE                9.000          1,834.54         80
                                       8.750          1,834.54      288,274.00
    CANTON           MI   48188          1            03/17/97         00
    0430202960                           05           05/01/97          0
    1581088190                           O            04/01/27
    0


    1571919          074/G02             F           51,000.00         ZZ
                                         360         50,968.40          1
    2254 OTTAWA RIVER ROAD             9.000            410.36         85
                                       8.750            410.36       60,000.00
    TOLEDO           OH   43611          5            03/11/97         14
    0430207977                           05           05/01/97         12
    1581089680                           O            04/01/27
    0


    1571920          074/G02             F           96,750.00         ZZ
                                         360         96,697.15          4
    248 MABRICK AVENUE                 9.000            778.48         90
                                       8.750            778.48      107,500.00
    PITTSBURGH       PA   15228          1            03/17/97         12
    0430207993                           05           05/01/97         25
    1581090271                           N            04/01/27
    0


    1571921          074/G02             F           46,350.00         ZZ
                                         360         46,325.96          1
    605 SUNSET LANE                    9.250            381.32         90
                                       9.000            381.32       51,500.00
    ST. CLAIR SHORE  MI   48081          1            03/12/97         10
    0430205062                           01           05/01/97         25
    1581091128                           N            04/01/27
    0


    1571922          074/G02             F          108,750.00         ZZ
                                         360        108,682.40          1
1


    136 SHEFFIELD ROAD                 8.375            826.58         75
                                       8.125            826.58      145,000.00
    COLUMBUS         OH   43214          1            03/14/97         00
    0430213413                           05           05/01/97          0
    1581091220                           N            04/01/27
    0


    1571923          074/G02             F           57,150.00         ZZ
                                         360         57,116.26          1
    103 RIVERVIEW PLACE                8.625            444.51         90
                                       8.375            444.51       63,500.00
    ROSSFORD         OH   43460          1            03/12/97         12
    0430204560                           05           05/01/97         25
    1581091434                           N            04/01/27
    0


    1571924          074/G02             F          154,100.00         ZZ
                                         360        154,015.82          1
    931 FRANKLIN TRACE                 9.000          1,239.93         85
                                       8.750          1,239.93      181,350.00
    ZIONSVILLE       IN   46077          1            03/11/97         04
    0430204552                           05           05/01/97         20
    1581091514                           N            04/01/27
    0


    1571925          074/G02             F           47,250.00         ZZ
                                         360         47,225.50          1
    16733 8 MILE ROAD                  9.250            388.72         90
                                       9.000            388.72       52,500.00
    EASTPOINTE       MI   48021          1            03/12/97         10
    0430205344                           05           05/01/97         25
    1581091547                           N            04/01/27
    0


    1571926          074/G02             F           42,300.00         ZZ
                                         360         42,275.02          1
    3303 ALTAMONT AVENUE               8.625            329.01         90
                                       8.375            329.01       47,000.00
    CLEVELAND        OH   44118          1            03/06/97         12
    0430203620                           05           05/01/97         25
    1581091897                           N            04/01/27
    0


    1571927          074/G02             F           49,500.00         ZZ
                                         360         49,472.96          2
    7385-7395 KITLEY AVENUE            9.000            398.29         90
                                       8.750            398.29       55,000.00
    INDIANAPOLIS     IN   46250          1            03/07/97         14
    0430207985                           05           05/01/97         25
1


    1581091977                           N            04/01/27
    0


    1571928          074/G02             F           77,350.00         ZZ
                                         360         77,305.50          1
    625 EAST WASHINGTON STREET         8.750            608.51         85
                                       8.500            608.51       91,000.00
    MARTINSVILLE     IN   46151          5            03/14/97         14
    0430205765                           05           05/01/97         12
    1581092550                           O            04/01/27
    0


    1571929          074/G02             F          128,000.00         ZZ
                                         360        127,933.64          3
    39 ABC N ROSLYN RD                 9.250          1,053.03         80
                                       9.000          1,053.03      160,000.00
    WATERFORD TOWNS  MI   48238          1            03/13/97         14
    0430205658                           05           05/01/97         12
    1581092700                           N            04/01/27
    0


    1571930          074/G02             F          140,000.00         ZZ
                                         360        139,917.34          2
    17 NORTH PARK AVENUE               8.625          1,088.91         70
                                       8.375          1,088.91      200,000.00
    RIVER FOREST     IL   60305          5            03/11/97         00
    0430207878                           05           05/01/97          0
    1583042269                           N            04/01/27
    0


    1571931          074/G02             F           46,800.00         ZZ
                                         360         46,773.07          1
    15430 TALBOT LANE                  8.750            368.18         90
                                       8.500            368.18       52,000.00
    WAYNESVILLE      MO   65583          1            03/07/97         04
    0430205641                           05           05/01/97         25
    1583042600                           N            04/01/27
    0


    1571932          074/G02             F          186,200.00         ZZ
                                         360        185,800.53          3
    2315 WEST MEDILL AVENUE            8.750          1,464.84         70
                                       8.500          1,464.84      266,000.00
    CHICAGO          IL   60647          5            03/12/97         00
    0430205898                           05           05/01/97          0
    1583042735                           N            04/01/27
    0


1


    1571933          074/G02             F           70,200.00         ZZ
                                         360         70,162.63          1
    1244 COLBERT                       9.125            571.18         90
                                       8.875            571.18       78,000.00
    FLORISSANT       MO   63031          2            03/14/97         01
    0430205195                           05           05/01/97         25
    1583042939                           N            04/01/27
    0


    1571934          074/G02             F           83,200.00         ZZ
                                         360         83,153.35          1
    1109 PARKVIEW LANE                 8.875            661.98         70
                                       8.625            661.98      118,900.00
    WASHINGTON       MO   63090          1            03/07/97         00
    0430205906                           05           05/01/97          0
    1583043080                           O            04/01/27
    0


    1571935          074/G02             F           98,900.00         ZZ
                                         360         98,844.55          1
    6512 BEULAH STREET                 8.875            786.90         60
                                       8.625            786.90      165,000.00
    ALEXANDRIA       VA   22310          2            03/10/97         00
    0430205161                           05           05/01/97          0
    1587057993                           N            04/01/27
    0


    1571936          074/G02             F           84,000.00         ZZ
                                         360         83,952.90          1
    1026 BURNLEY COURT                 8.875            668.35         80
                                       8.625            668.35      105,000.00
    BENSALEM         PA   19020          1            03/17/97         00
    0430206060                           07           05/01/97          0
    1587060615                           O            04/01/27
    0


    1571937          074/G02             F           70,000.00         ZZ
                                         360         69,919.12          1
    9902 NORTHWEST 71ST STREET         8.750            550.70         70
                                       8.500            550.70      100,000.00
    TAMARAC          FL   33321          5            02/27/97         00
    0430206094                           03           04/01/97          0
    1589095541                           O            03/01/27
    0


    1571938          074/G02             F           19,850.00         ZZ
                                         360         19,838.27          1
    1702 MCKINLEY STREET               8.625            154.40         75
                                       8.375            154.40       26,500.00
1


    HOLLYWOOD        FL   33020          1            03/06/97         00
    0430207340                           01           05/01/97          0
    1589096362                           N            04/01/27
    0


    1571939          074/G02             F           99,850.00         T
                                         360         99,792.54          1
    610 8TH ST                         8.750            785.53         85
                                       8.500            785.53      117,500.00
    MIAMI BEACH      FL   33139          1            03/17/97         04
    0430212266                           01           05/01/97         20
    1589096613                           O            04/01/27
    0


    1571940          074/G02             F           73,000.00         ZZ
                                         360         72,911.23          1
    23408 SHETLAND RUN                 8.500            561.31         80
                                       8.250            561.31       91,500.00
    BOCA RATON       FL   33433          1            03/03/97         00
    0430212274                           03           04/01/97          0
    1589097423                           O            03/01/27
    0


    1571941          074/G02             F           82,000.00         ZZ
                                         360         81,950.32          1
    1307 ROXBURY DRIVE                 8.500            630.51         80
                                       8.250            630.51      102,500.00
    SAFETY HARBOR    FL   34695          1            03/06/97         00
    0430208025                           03           05/01/97          0
    1589099520                           O            04/01/27
    0


    1571942          074/G02             F          166,100.00         ZZ
                                         360        166,006.88          1
    17678 SW 28TH CT                   8.875          1,321.57         80
                                       8.625          1,321.57      207,651.00
    MIRAMAR          FL   33029          1            03/13/97         00
    0430202895                           03           05/01/97          0
    1589099961                           O            04/01/27
    0


    1571943          074/G02             F           77,250.00         ZZ
                                         360         77,167.45          1
    1853 CRANE CREEK BLVD              9.125            628.54         75
                                       8.875            628.54      103,000.00
    MELBOURNE        FL   32940          1            02/03/97         00
    0430212282                           03           04/01/97          0
    1590032888                           O            03/01/27
    0
1




    1571944          074/G02             F           66,400.00         ZZ
                                         360         66,321.30          1
    1743 PALM ROAD                     8.625            516.46         80
                                       8.375            516.46       83,000.00
    ORMOND BEACH     FL   32174          5            02/25/97         00
    0430212290                           05           04/01/97          0
    1590033370                           O            03/01/27
    0


    1571945          074/G02             F          177,200.00         ZZ
                                         360        177,103.20          1
    1621 RIVERSIDE DRIVE               9.000          1,425.80         80
                                       8.750          1,425.80      221,500.00
    HOLLY HILL       FL   32117          1            03/06/97         00
    0430212308                           05           05/01/97          0
    1590034340                           O            04/01/27
    0


    1571946          074/G02             F          223,750.00         ZZ
                                         360        223,610.92          1
    34 MAPLE LEAF                      8.375          1,700.67         80
                                       8.125          1,700.67      279,690.00
    MISSION VIEJO    CA   92692          1            03/01/97         00
    0430212316                           03           05/01/97          0
    1595027932                           O            04/01/27
    0


    1571947          074/G02             F          239,850.00         ZZ
                                         360        239,708.39          1
    5797 CARLIN AVENUE                 8.625          1,865.53         80
                                       8.375          1,865.53      299,845.00
    WESTMINSTER      CA   92683          1            03/06/97         00
    0430212324                           03           05/01/97          0
    1595028028                           O            04/01/27
    0


    1571948          074/G02             F          116,250.00         ZZ
                                         360        116,115.75          1
    2917 BROOKSIDE AVE                 8.750            914.54         75
                                       8.500            914.54      155,000.00
    WAUKEGAN         IL   60085          5            02/25/97         00
    0430212340                           05           04/01/97          0
    1606072427                           O            03/01/27
    0


    1571949          074/G02             F           58,000.00         ZZ
                                         360         57,966.63          1
1


    8997 N KENNEDY DRIVE               8.750            456.29         80
                                       8.500            456.29       72,500.00
    DESPLAINES       IL   60016          1            03/10/97         00
    0430207241                           01           05/01/97          0
    1609071861                           O            04/01/27
    0


    1571950          074/G02             F           18,000.00         ZZ
                                         360         17,990.67          1
    1802 S BARBER ST                   9.250            148.08         90
                                       9.000            148.08       20,000.00
    BESSEMER         MI   49911          1            03/07/97         10
    0430207225                           05           05/01/97         25
    1615009148                           N            04/01/27
    0


    1571951          074/G02             F          152,000.00         ZZ
                                         360        151,810.38          1
    1732 N BISSELL                     8.375          1,155.31         72
                                       8.125          1,155.31      212,000.00
    CHICAGO          IL   60614          1            03/05/97         00
    0430207233                           05           04/01/97          0
    1617014138                           O            03/01/27
    0


    1571952          074/G02             F           51,000.00         ZZ
                                         360         50,971.41          1
    8855 SOUTH YALE AVENUE             8.875            405.78         63
                                       8.625            405.78       82,000.00
    CHICAGO          IL   60620          5            03/05/97         00
    0430206391                           05           05/01/97          0
    1621140340                           N            04/01/27
    0


    1571953          074/G02             F           47,600.00         ZZ
                                         360         47,574.67          1
    4540 FLAD                          9.125            387.29         70
                                       8.875            387.29       68,000.00
    ST LOUIS         MO   63110          5            03/12/97         00
    0430206417                           05           05/01/97          0
    1632018495                           N            04/01/27
    0


    1571954          074/G02             F           58,500.00         ZZ
                                         360         58,470.46          4
    440 EICHELBERGER                   9.375            486.57         90
                                       9.125            486.57       65,000.00
    ST LOUIS         MO   63111          1            03/04/97         01
    0430206433                           05           05/01/97         25
1


    1632021649                           N            04/01/27
    0


    1571955          074/G02             F           58,500.00         ZZ
                                         360         58,470.46          4
    444 EICHELBERGER                   9.375            486.57         90
                                       9.125            486.57       65,000.00
    ST LOUIS         MO   63111          1            03/04/97         01
    0430205450                           05           05/01/97         25
    1632021650                           N            04/01/27
    0


    1571956          074/G02             F           58,500.00         ZZ
                                         360         58,470.46          4
    448 EICHELBERGER                   9.375            486.57         90
                                       9.125            486.57       65,000.00
    ST LOUIS         MO   63111          1            03/04/97         01
    0430207316                           05           05/01/97         25
    1632021660                           N            04/01/27
    0


    1571957          074/G02             F           58,500.00         ZZ
                                         360         58,470.46          4
    5305 S COMPTON                     9.375            486.57         90
                                       9.125            486.57       65,000.00
    ST LOUIS         MO   63111          1            03/04/97         01
    0430207308                           05           05/01/97         25
    1632021671                           N            04/01/27
    0


    1571959          074/G02             F           25,200.00         ZZ
                                         360         25,184.73          1
    1400 HERITAGE LANDING 306          8.500            193.77         90
                                       8.250            193.77       28,000.00
    ST CHARLES       MO   63303          1            03/13/97         01
    0430205120                           01           05/01/97         25
    1633009263                           O            04/01/27
    0


    1571960          074/G02             F           95,100.00         ZZ
                                         360         95,046.68          1
    165 FALCON                         8.875            756.66         80
                                       8.625            756.66      118,900.00
    HIGHLAND         IL   62249          1            03/14/97         00
    0430207860                           05           05/01/97          0
    1634013437                           O            04/01/27
    0


1


    1571961          074/G02             F           39,900.00         ZZ
                                         360         39,874.55          1
    2716 MICHIGAN                      8.250            299.76         80
                                       8.000            299.76       49,900.00
    GRANITE CITY     IL   62040          1            03/05/97         21
    0430206011                           05           05/01/97         12
    1634014622                           N            04/01/27
    0


    1571963          074/G02             F          101,000.00         ZZ
                                         360        100,886.34          1
    52 VERNON STREET                   8.875            803.60         50
                                       8.625            803.60      202,000.00
    WALTHAM          MA   02154          1            03/03/97         00
    0430207282                           05           04/01/97          0
    1813080677                           N            03/01/27
    0


    1571964          074/G02             F           89,600.00         ZZ
                                         360         89,493.82          2
    63 CHURCH STREET                   8.625            696.90         64
                                       8.375            696.90      140,000.00
    BRISTOL          RI   02809          2            02/28/97         00
    0430207357                           05           04/01/97          0
    1814059370                           N            03/01/27
    0


    1571965          074/G02             F          106,400.00         ZZ
                                         360        103,361.28          1
    77 FORGE ROAD                      8.125            790.02         80
                                       7.875            790.02      133,000.00
    WESTPORT         MA   02790          1            01/17/97         00
    0430207274                           05           03/01/97          0
    1814059665                           O            02/01/27
    0


    1571966          074/G02             F          110,000.00         ZZ
                                         360        109,248.66          1
    456 LONG HIGHWAY                   8.625            855.57         27
                                       8.375            855.57      410,000.00
    LITTLE COMPTON   RI   02837          5            03/07/97         00
    0430207613                           05           05/01/97          0
    1814060518                           O            04/01/27
    0


    1571967          074/G02             F          103,500.00         ZZ
                                         360        103,441.98          1
    28 SEAVERBROOK LANE                8.875            823.49         90
                                       8.625            823.49      115,000.00
1


    PLAISTOW         NH   03865          1            03/14/97         11
    0430207266                           01           05/01/97         25
    1816005044                           N            04/01/27
    0


    1571968          074/G02             F           82,350.00         ZZ
                                         360         82,302.62          1
    409 ROCKVALE COURT                 8.750            647.85         90
                                       8.500            647.85       91,500.00
    BENSON           NC   27504          1            03/17/97         10
    0430207258                           05           05/01/97         25
    1841107432                           N            04/01/27
    0


    1571969          074/G02             F          120,600.00         ZZ
                                         360        120,397.07          1
    4615 WALKER ROAD                   9.000            970.37         89
                                       8.750            970.37      136,500.00
    CHARLOTTE        NC   28211          1            01/21/97         12
    0430206086                           05           03/01/97         25
    1842003283                           N            02/01/27
    0


    1572096          369/G02             F           76,950.00         ZZ
                                         360         76,911.13          2
    1428-1428 1/2 COACHLITE DR         9.375            640.04         90
                                       9.125            640.04       85,500.00
    GREENFIELD       IN   46140          1            03/31/97         01
    0430212779                           05           05/01/97         25
    60234812                             N            04/01/27
    0


    1572097          369/G02             F           76,950.00         ZZ
                                         360         76,911.13          2
    1434-1436 CANDELITE DRIVE          9.375            640.04         87
                                       9.125            640.04       89,000.00
    GREENFIELD       IN   46140          1            03/31/97         01
    0430212787                           05           05/01/97         25
    60234820                             N            04/01/27
    0


    1572098          369/G02             F           76,950.00         ZZ
                                         360         76,910.11          2
    1436-1438 COACHLITE DRIVE          9.250            633.05         90
                                       9.000            633.05       85,500.00
    GREENFIELD       IN   46140          1            03/31/97         01
    0430212753                           05           05/01/97         25
    60234622                             N            04/01/27
    0
1




    1572099          369/G02             F           76,950.00         ZZ
                                         360         76,910.11          2
    1430 1432 CANDLELITE DRIVE         9.250            633.05         86
                                       9.000            633.05       90,000.00
    GREENFIELD       IN   46140          1            03/31/97         01
    0430204016                           05           05/01/97         25
    60234630                             N            04/01/27
    0


    1572104          253/253             F          180,000.00         ZZ
                                         360        180,000.00          1
    9 SETEN CIRCLE                     8.250          1,352.28         46
                                       8.000          1,352.28      396,000.00
    ANDOVER          MA   01810          1            04/10/97         00
    327007                               05           06/01/97          0
    327007                               O            05/01/27
    0


    1572108          286/286             F          122,400.00         ZZ
                                         360        122,327.73          2
    1247 WASHINGTON STREET             8.625            952.02         80
                                       8.375            952.02      153,000.00
    CAPE MAY         NJ   08204          1            03/27/97         10
    09167289                             05           05/01/97         12
    09167289                             N            04/01/27
    0


    1572109          369/G02             F           76,950.00         ZZ
                                         360         76,910.11          2
    1221 & 1223 CANDLELITE DR          9.250            633.05         90
                                       9.000            633.05       85,500.00
    GREENFIELD       IN   46140          1            03/31/97         01
    0430206649                           05           05/01/97         25
    60234507                             N            04/01/27
    0


    1572111          A78/G02             F          169,600.00         ZZ
                                         360        169,600.00          1
    7835 S NATIVE DANCER TRAIL         8.750          1,334.24         80
                                       8.500          1,334.24      212,000.00
    EVERGREEN        CO   80439          1            04/03/97         00
    0430202788                           05           06/01/97          0
    010051654                            O            05/01/27
    0


    1572114          369/G02             F           76,950.00         ZZ
                                         360         76,911.13          2
1


    209 211 GASLITE LANE               9.375            640.04         90
                                       9.125            640.04       85,500.00
    GREENFIELD       IN   46140          1            03/31/97         01
    0430206656                           05           05/01/97         25
    60234804                             N            04/01/27
    0


    1572117          B28/G02             F          375,000.00         ZZ
                                         360        375,000.00          2
    420 PASEO DE CORRALES              8.625          2,916.72         75
                                       8.375          2,916.72      500,000.00
    CORRALES         NM   87048          5            04/01/97         00
    0430202978                           05           06/01/97          0
    05970278                             O            05/01/27
    0


    1572119          B28/G02             F           59,400.00         ZZ
                                         360         59,400.00          1
    602 TELLER AVENUE                  9.500            499.47         90
                                       9.250            499.47       66,000.00
    GRAND JUNCTION   CO   81501          1            04/08/97         10
    0430212910                           05           06/01/97         25
    05970346                             N            05/01/27
    0


    1572123          369/G02             F           76,950.00         ZZ
                                         360         76,911.13          2
    1431 & 1433 CANDELITE              9.375            640.04         90
                                       9.125            640.04       85,500.00
    GREENFIELD       IN   46140          1            03/31/97         01
    0430206672                           05           05/01/97         25
    60234796                             N            04/01/27
    0


    1572125          369/G02             F           76,950.00         ZZ
                                         360         76,910.11          2
    1430 & 1430 1/2 COACHLITE          9.250            633.05         90
                                       9.000            633.05       85,500.00
    GREENFIELD       IN   46140          1            03/31/97         01
    0430206680                           05           05/01/97         25
    60234614                             N            04/01/27
    0


    1572127          369/G02             F           77,400.00         ZZ
                                         360         77,360.91          1
    9713 NORTHEAST AVENUE              9.375            643.78         90
                                       9.125            643.78       86,000.00
    PHILADELPHIA     PA   19115          1            03/27/97         10
    0430206771                           05           05/01/97         25
1


    60626264                             N            04/01/27
    0


    1572129          369/G02             F          178,400.00         ZZ
                                         360        178,294.67          1
    56 HAILEYS TRAIL                   8.625          1,387.58         80
                                       8.375          1,387.58      223,500.00
    NEWARK           DE   19711          1            03/31/97         00
    0430203588                           05           05/01/97          0
    60412657                             O            04/01/27
    0


    1572131          369/G02             F           57,350.00         ZZ
                                         360         57,319.48          1
    115 EAST MCKENZIE ROAD             9.125            466.62         85
                                       8.875            466.62       68,000.00
    GREENFIELD       IN   46140          1            03/28/97         01
    0430213918                           05           05/01/97         25
    60234648                             N            04/01/27
    0


    1572132          369/G02             F           87,200.00         ZZ
                                         360         87,155.96          1
    112 ABERDARE LANE                  9.375            725.29         80
                                       9.125            725.29      109,000.00
    UWCHLAN TOWNSHI  PA   19341          1            03/28/97         00
    0430203067                           03           05/01/97          0
    60626751                             O            04/01/27
    0


    1572134          455/G02             F           76,850.00         ZZ
                                         360         76,806.91          1
    3755 WAKE AVE                      8.875            611.46         77
                                       8.625            611.46      101,000.00
    SARASOTA         FL   34240          1            03/26/97         00
    0430213090                           05           05/01/97          0
    55062                                O            04/01/27
    0


    1572135          B75/G02             F          160,000.00         ZZ
                                         360        159,903.07          1
    943 SOUTH 700 EAST                 8.500          1,230.26         53
                                       8.250          1,230.26      302,000.00
    SAINT GEORGE     UT   84790          5            03/24/97         00
    0430204123                           05           05/01/97          0
    2883908                              O            04/01/27
    0


1


    1572145          E22/G02             F          127,400.00         ZZ
                                         360        127,400.00          4
    2700-06 SNYDER COURT              10.500          1,165.38         75
                                      10.250          1,165.38      169,900.00
    COLUMBUS         OH   43081          1            04/07/97         00
    0410364798                           01           06/01/97          0
    410364798                            N            05/01/27
    0


    1572153          E22/G02             F          117,600.00         ZZ
                                         360        117,600.00          2
    411 W JOHANNA STREET               9.250            967.47         80
                                       9.000            967.47      147,000.00
    AUSTIN           TX   78704          1            04/11/97         00
    0410317283                           05           06/01/97          0
    410317283                            O            05/01/27
    0


    1572156          E22/G02             F           19,500.00         T
                                         360         19,500.00          1
    2950 NW 46 AVENUE UNIT#114A       10.000            171.13         75
                                       9.750            171.13       26,000.00
    FT. LAUDERDALE   FL   33313          1            04/10/97         00
    0410376081                           01           06/01/97          0
    410376081                            O            05/01/27
    0


    1572157          G81/G02             F           74,600.00         T
                                         360         74,600.00          1
    8124 SW 206 TERRACE                9.375            620.49         54
                                       9.125            620.49      140,000.00
    MIAMI            FL   33189          2            04/30/97         00
    0430222935                           03           06/01/97          0
    021704047                            O            05/01/27
    0


    1572159          E22/G02             F          199,500.00         ZZ
                                         360        199,500.00          4
    3401-03 W. CULLOM                  9.250          1,641.24         95
                                       9.000          1,641.24      210,000.00
    CHICAGO          IL   60618          1            04/11/97         04
    0410207468                           05           06/01/97         30
    410207468                            O            05/01/27
    0


    1572161          E22/G02             F          119,200.00         ZZ
                                         360        119,200.00          1
    106 NAMBE STREET                   8.750            937.75         80
                                       8.500            937.75      149,000.00
1


    SANTA FE         NM   87501          5            04/03/97         00
    0410316889                           05           06/01/97          0
    410316889                            O            05/01/27
    0


    1572165          E22/G02             F           32,400.00         ZZ
                                         360         32,400.00          1
    1029 SOUTH 31 STREET               9.500            272.44         90
                                       9.250            272.44       36,000.00
    OMAHA            NE   68105          1            04/10/97         04
    0410208946                           05           06/01/97         25
    410208946                            N            05/01/27
    0


    1572188          F18/G02             F          175,750.00         ZZ
                                         360        175,750.00          1
    2755 BUENA POINT COURT             8.875          1,398.35         95
                                       8.625          1,398.35      185,000.00
    SAN JOSE         CA   95121          1            04/25/97         12
    0430213603                           01           06/01/97         30
    1572188                              O            05/01/27
    0


    1572194          405/405             F          111,900.00         ZZ
                                         360        111,757.20          1
    3312 WINTER WOOD COURT             8.500            860.42         80
                                       8.250            860.42      139,900.00
    MARIETTA         GA   30062          1            03/21/97         00
    004134896                            05           05/01/97          0
    004134896                            O            04/01/27
    0


    1572212          405/405             F          153,600.00         ZZ
                                         360        153,511.62          1
    267 WESTBOURNE                     8.750          1,208.38         80
                                       8.500          1,208.38      192,000.00
    BLOOMFIELD       MI   48301          1            03/21/97         00
    4159430                              05           05/01/97          0
    4159430                              O            04/01/27
    0


    1572219          776/G02             F          156,000.00         ZZ
                                         360        156,000.00          2
    502 EAST OAK STREET                9.250          1,283.37         80
                                       9.000          1,283.37      195,000.00
    OJAI             CA   93023          1            04/10/97         00
    0430204107                           05           06/01/97          0
    7339792                              O            05/01/27
    0
1




    1572222          965/G02             F          132,000.00         ZZ
                                         360        132,000.00          1
    8775 EAST MUSTANG TRAIL            9.125          1,074.00         75
                                       8.875          1,074.00      176,000.00
    SCOTTSDALE       AZ   85258          5            04/07/97         00
    0430203323                           03           06/01/97          0
    192947                               O            05/01/27
    0


    1572239          776/G02             F           78,300.00         ZZ
                                         360         78,257.23          1
    7450 SOUTH EASTERN AVENUE          9.000            630.02         75
    #2023                              8.750            630.02      104,450.00
    LAS VEGAS        NV   89123          1            03/31/97         00
    0430203125                           01           05/01/97          0
    6343303                              O            04/01/27
    0


    1572262          608/G02             F           50,400.00         ZZ
                                         360         50,400.00          1
    25011 BENNETT PLACE                8.500            387.53         80
                                       8.250            387.53       63,000.00
    HOLLAND          PA   18966          1            04/04/97         04
    0430218230                           01           06/01/97         12
    95919                                N            05/01/27
    0


    1572266          560/560             F          180,000.00         ZZ
                                         360        180,000.00          1
    196 YEOMAN LANE                    9.000          1,448.33         80
                                       8.750          1,448.33      225,000.00
    MOORESVILLE      NC   28115          1            04/10/97         00
    450689047                            05           06/01/97          0
    450689047                            O            05/01/27
    0


    1572269          G52/G02             F          108,000.00         ZZ
                                         360        108,000.00          1
    1903 EAST JULIE DRIVE              9.250            888.49         80
                                       9.000            888.49      135,000.00
    TEMPE            AZ   85283          1            04/11/97         00
    0430210369                           05           06/01/97          0
    197660                               O            05/01/27
    0


    1572270          696/G02             F          176,000.00         ZZ
                                         360        176,000.00          1
1


    209 5TH STREET SE                  8.500          1,353.29         80
                                       8.250          1,353.29      220,000.00
    WASHINGTON       DC   20003          2            04/10/97         04
    0430203612                           07           06/01/97         12
    3265048                              N            05/01/27
    0


    1572271          862/G02             F          108,000.00         ZZ
                                         360        108,000.00          1
    501 SOUTHWEST 137TH STREET         9.000            869.00         90
                                       8.750            869.00      120,000.00
    SEATTLE          WA   98166          1            04/02/97         01
    0430204578                           05           06/01/97         25
    4358073                              N            05/01/27
    0


    1572273          961/G02             F          193,550.00         ZZ
                                         360        193,432.75          1
    28 MYKONOS                         8.500          1,488.23         70
                                       8.250          1,488.23      276,500.00
    LAGUNA NIGUEL    CA   92677          1            03/20/97         00
    0430204891                           03           05/01/97          0
    9109875                              O            04/01/27
    0


    1572274          862/G02             F          303,000.00         T
                                         360        303,000.00          1
    11887 EAST PARADISE DRIVE          9.500          2,547.79         60
                                       9.250          2,547.79      505,000.00
    SCOTTSDALE       AZ   85259          4            04/02/97         00
    0430204735                           05           06/01/97          0
    4377560                              O            05/01/27
    0


    1572277          862/G02             F          286,900.00         ZZ
                                         360        286,900.00          1
    8524 FOUCAUD WAY                   9.500          2,412.42         95
                                       9.250          2,412.42      302,000.00
    SAN DIEGO        CA   92129          1            04/02/97         01
    0430204768                           05           06/01/97         30
    4409199                              O            05/01/27
    0


    1572280          862/G02             F           81,250.00         ZZ
                                         360         81,210.03          4
    2731 MCCULLOCH BLVD                9.500            683.20         65
                                       9.250            683.20      125,000.00
    LAKE HAVASU CIT  AZ   86403          2            03/26/97         00
    0430202598                           05           05/01/97          0
1


    4378394                              N            04/01/27
    0


    1572282          862/G02             F          247,500.00         ZZ
                                         360        247,500.00          1
    4381 OLD STAGE ROAD                8.875          1,969.23         75
                                       8.625          1,969.23      330,000.00
    CENTRAL POINT    OR   97502          1            04/08/97         00
    0430203299                           05           06/01/97          0
    4343950                              O            05/01/27
    0


    1572285          201/G02             F           50,850.00         ZZ
                                         360         50,821.49          1
    4845 SWISS AVENUE 303              8.875            404.59         90
                                       8.625            404.59       56,500.00
    DALLAS           TX   75204          1            03/12/97         10
    0430203141                           01           05/01/97         25
    8800972112                           N            04/01/27
    0


    1572286          664/G02             F          126,000.00         ZZ
                                         360        126,000.00          4
    1213-1219 OAKHILL AVENUE SE        9.375          1,048.01         90
                                       9.125          1,048.01      140,000.00
    SALEM            OR   97302          1            04/02/97         01
    0430205575                           05           06/01/97         25
    2250751                              N            05/01/27
    0


    1572294          G52/G02             F          121,400.00         ZZ
                                         360        121,326.46          1
    6026 NORTH 81ST STREET             8.500            933.46         75
                                       8.250            933.46      162,250.00
    SCOTTSDALE       AZ   85260          1            03/24/97         00
    0430203364                           05           05/01/97          0
    194266                               O            04/01/27
    0


    1572320          E19/G02             F          105,000.00         ZZ
                                         360        104,933.05          1
    55 BURKE CREEK CIRCLE              8.250            788.83         75
                                       8.000            788.83      140,000.00
    STATELINE        NV   89449          1            03/12/97         00
    0430213587                           09           05/01/97          0
    100017914                            N            04/01/27
    0


1


    1572334          B75/G02             F          174,700.00         ZZ
                                         360        174,604.57          1
    3754 NORTH 154TH DRIVE             9.000          1,405.68         80
                                       8.750          1,405.68      218,419.00
    GOODYEAR         AZ   85338          1            03/28/97         00
    0430204917                           03           05/01/97          0
    2904449                              O            04/01/27
    0


    1572345          074/G02             F          227,200.00         ZZ
                                         360        227,065.86          1
    26 IVY HILL RD                     8.625          1,767.14         80
                                       8.375          1,767.14      284,000.00
    WARREN           NJ   07059          1            03/26/97         00
    0430212357                           05           05/01/97          0
    1101208602                           O            04/01/27
    0


    1572346          074/G02             F          105,000.00         ZZ
                                         360        104,939.58          2
    237 8TH STREET                     8.750            826.04         46
                                       8.500            826.04      230,000.00
    BROOKLYN         NY   11215          5            03/27/97         00
    0430208934                           07           05/01/97          0
    1111091385                           N            04/01/27
    0


    1572347          074/G02             F           99,000.00         ZZ
                                         360         98,945.92          1
    78 ROUTE 202                       9.000            796.58         90
                                       8.750            796.58      110,000.00
    GARNERVILLE      NY   10923          1            03/28/97         21
    0430208942                           05           05/01/97         25
    1111093449                           N            04/01/27
    0


    1572349          074/G02             F           48,750.00         ZZ
                                         360         48,724.72          2
    102-104 FRONTIER DRIVE             9.250            401.06         65
                                       9.000            401.06       75,000.00
    BLASDELL         NY   14219          5            03/27/97         00
    0430207910                           05           05/01/97          0
    1111094190                           N            04/01/27
    0


    1572350          074/G02             F          150,000.00         ZZ
                                         360        149,920.17          1
    20 WEST 64TH STREET                9.125          1,220.45         75
    APT. #14A                          8.875          1,220.45      200,000.00
1


    NEW YORK         NY   10023          1            03/27/97         00
    0430207902                           06           05/01/97          0
    1111095954                           O            04/01/27
    0


    1572351          074/G02             F           84,800.00         ZZ
                                         360         84,751.21          2
    3016 GLENWOOD ROAD                 8.750            667.12         42
                                       8.500            667.12      202,000.00
    BROOKLYN         NY   11210          5            03/20/97         00
    0430212365                           05           05/01/97          0
    1116013833                           N            04/01/27
    0


    1572353          074/G02             F           60,000.00         ZZ
                                         360         59,960.75          1
    42 SEA ISLAND DRIVE                8.125            445.50         26
                                       7.875            445.50      237,000.00
    NEWPORT BEACH    CA   92660          1            03/20/97         00
    0430212381                           01           05/01/97          0
    1233008558                           O            04/01/27
    0


    1572354          074/G02             F          143,000.00         ZZ
                                         360        142,680.69          1
    5924 CUMBERLAND STREET             8.500          1,099.55         90
                                       8.250          1,099.55      160,000.00
    SAN DIEGO        CA   92139          2            03/11/97         10
    0430212399                           05           05/01/97         25
    1244001700                           N            04/01/27
    0


    1572357          074/G02             F          345,000.00         T
                                         360        344,816.41          1
    6301 COLLINS AVE UNIT PH 06        9.125          2,807.03         75
                                       8.875          2,807.03      460,000.00
    MIAMI BEACH      FL   33140          1            03/31/97         00
    0430208884                           06           05/01/97          0
    1311273546                           O            04/01/27
    0


    1572358          074/G02             F           79,600.00         ZZ
                                         360         79,551.77          1
    9156 COLLINS AVENUE #403           8.500            612.06         80
                                       8.250            612.06       99,500.00
    SURFSIDE         FL   33154          1            03/18/97         00
    0430212415                           08           05/01/97          0
    1311277966                           O            04/01/27
    0
1




    1572359          074/G02             F           49,700.00         ZZ
                                         360         49,670.66          1
    304 NW 36TH STREET                 8.625            386.56         70
                                       8.375            386.56       71,000.00
    GAINESVILLE      FL   32605          1            03/25/97         00
    0430212423                           05           05/01/97          0
    1322018551                           N            04/01/27
    0


    1572360          074/G02             F           26,100.00         ZZ
                                         360         26,085.74          1
    116 WEST SLIGH AVENUE              9.000            210.01         90
                                       8.750            210.01       29,000.00
    TAMPA            FL   33604          1            03/31/97         01
    0430212431                           05           05/01/97         25
    1361076933                           N            04/01/27
    0


    1572361          074/G02             F           93,500.00         ZZ
                                         360         93,448.93          1
    1505 BOOTH DRIVE                   9.000            752.32         85
                                       8.750            752.32      110,000.00
    VALRICO          FL   33594          5            03/26/97         01
    0430214163                           05           05/01/97         12
    1361077302                           O            04/01/27
    0


    1572362          074/G02             F           90,000.00         T
                                         360         89,944.06          1
    145 OCEAN WAY DRIVE                8.375            684.07         68
                                       8.125            684.07      134,250.00
    MELBOURNE BEACH  FL   32951          1            03/20/97         00
    0430209650                           09           05/01/97          0
    1391042147                           O            04/01/27
    0


    1572363          074/G02             F           78,300.00         ZZ
                                         360         78,258.34          4
    3625 MARTINIQUE AVENUE             9.125            637.07         90
                                       8.875            637.07       87,000.00
    KENNER           LA   70065          1            03/26/97         04
    0430212449                           05           05/01/97         25
    1435006535                           N            04/01/27
    0


    1572364          074/G02             F           35,175.00         ZZ
                                         360         35,155.28          1
1


    709 SUNSET DRIVE                   8.875            279.87         75
                                       8.625            279.87       46,900.00
    INDEPENDENCE     MO   64056          1            03/20/97         00
    0430212456                           05           05/01/97          0
    1456003852                           N            04/01/27
    0


    1572365          074/G02             F           86,500.00         ZZ
                                         360         86,286.79          1
    533 N US HIGHWAY 287               8.500            665.11         75
                                       8.250            665.11      115,900.00
    FORT COLLINS     CO   80524          1            03/31/97         00
    0430212464                           05           05/01/97          0
    1464002120                           O            04/01/27
    0


    1572366          074/G02             F          168,550.00         ZZ
                                         360        168,455.51          1
    2376 LOWER BURRIS ROAD             8.875          1,341.06         95
                                       8.625          1,341.06      178,500.00
    CANTON           GA   30114          2            03/14/97         14
    0430208918                           05           05/01/97         30
    1566091790                           O            04/01/27
    0


    1572367          074/G02             F           61,600.00         ZZ
                                         360         61,562.67          1
    1508 NORTH LANGLEY CIRCLE          8.500            473.66         80
                                       8.250            473.66       77,500.00
    PAYSON           AZ   85541          1            03/26/97         00
    0430208900                           05           05/01/97          0
    1569160980                           O            04/01/27
    0


    1572368          074/G02             F           70,000.00         T
                                         360         69,956.48          1
    2399 ATLANTIC DRIVE                8.375            532.06         58
                                       8.125            532.06      122,000.00
    LAKE HAVASU CIT  AZ   86404          5            03/25/97         00
    0430207365                           05           05/01/97          0
    1569164255                           O            04/01/27
    0


    1572369          074/G02             F           68,000.00         ZZ
                                         360         67,959.85          1
    5323 WEST MOUNTAIN VIEW ROAD       8.625            528.90         80
                                       8.375            528.90       85,000.00
    GLENDALE         AZ   85302          1            03/27/97         00
    0430208892                           05           05/01/97          0
1


    1569164368                           O            04/01/27
    0


    1572370          074/G02             F           93,150.00         ZZ
                                         360         93,099.12          2
    5386-5392 FRANKLIN ROAD            9.000            749.51         90
                                       8.750            749.51      103,500.00
    MURFREESBORO     TN   37129          1            03/21/97         01
    0430207852                           05           05/01/97         25
    1577066070                           N            04/01/27
    0


    1572371          074/G02             F           40,950.00         ZZ
                                         360         40,926.43          1
    79 ONEIDA LANE                     8.750            322.16         90
                                       8.500            322.16       45,500.00
    CULLOWHEE        NC   28723          1            03/26/97         01
    0430209643                           05           05/01/97         25
    1577066182                           N            04/01/27
    0


    1572372          074/G02             F          102,600.00         ZZ
                                         360        102,540.96          1
    929 GREGG ROAD                     8.750            807.16         90
                                       8.500            807.16      114,000.00
    FRIENDSVILLE     TN   37737          1            03/31/97         04
    0430212472                           05           05/01/97         25
    1577069668                           N            04/01/27
    0


    1572374          074/G02             F           82,500.00         ZZ
                                         360         82,452.53          1
    1303 PALMER DRIVE                  8.750            649.03         75
                                       8.500            649.03      110,000.00
    LARAMIE          WY   82070          1            03/21/97         00
    0430207829                           05           05/01/97          0
    1579045810                           N            04/01/27
    0


    1572375          074/G02             F           72,800.00         ZZ
                                         360         72,760.23          1
    559 BURRITT STREET                 9.000            585.77         80
                                       8.750            585.77       91,000.00
    SOUTHINGTON      CT   06479          1            03/13/97         01
    0430207811                           05           05/01/97         12
    1580046671                           N            04/01/27
    0


1


    1572376          074/G02             F          150,000.00         ZZ
                                         360        149,915.90          1
    2 HILL ROAD                        8.875          1,193.47         90
                                       8.625          1,193.47      168,000.00
    MARLBOROUGH      MA   01752          2            03/28/97         01
    0430207803                           05           05/01/97         25
    1580047244                           N            04/01/27
    0


    1572377          074/G02             F          103,900.00         ZZ
                                         360        103,844.70          1
    17 WILLOW POND DRIVE               9.125            845.37         80
                                       8.875            845.37      129,900.00
    ROCKLAND         MA   02370          1            03/28/97         00
    0430207787                           01           05/01/97          0
    1580047313                           O            04/01/27
    0


    1572378          074/G02             F           65,700.00         ZZ
                                         360         65,664.11          1
    24131 WESTHAMPTON AVENUE           9.000            528.64         90
                                       8.750            528.64       73,000.00
    OAK PARK         MI   48237          1            03/28/97         12
    0430210047                           05           05/01/97         25
    1581088189                           N            04/01/27
    0


    1572379          074/G02             F           71,150.00         ZZ
                                         360         71,111.13          1
    5794 LAKE MICHIGAN DRIVE           9.000            572.49         90
                                       8.750            572.49       79,100.00
    ALLENDALE        MI   49401          1            03/21/97         14
    0430210195                           05           05/01/97         25
    1581089997                           N            04/01/27
    0


    1572380          074/G02             F          122,850.00         ZZ
                                         360        122,782.90          1
    4227 LAKE MICHIGAN DRIVE           9.000            988.48         90
                                       8.750            988.48      136,500.00
    ALLENDALE TOWNS  MI   49401          1            03/21/97         14
    0430210187                           05           05/01/97         25
    1581090023                           N            04/01/27
    0


    1572381          074/G02             F           87,550.00         ZZ
                                         360         87,500.92          1
    3975 EASTMONT AVENUE               8.875            696.59         85
                                       8.625            696.59      103,000.00
1


    BLOOMINGTON      IN   47403          2            03/26/97         14
    0430207779                           05           05/01/97         12
    1581090760                           O            04/01/27
    0


    1572382          074/G02             F           26,100.00         ZZ
                                         360         26,085.74          1
    1949 NORTH EXETER AVENUE           9.000            210.01         90
                                       8.750            210.01       29,000.00
    INDIANAPOLIS     IN   46241          1            03/21/97         04
    0430208041                           05           05/01/97         30
    1581092164                           N            04/01/27
    0


    1572383          074/G02             F           61,600.00         ZZ
                                         360         61,563.63          2
    2704 TATE AVENUE                   8.625            479.12         90
                                       8.375            479.12       68,500.00
    CLEVELAND        OH   44109          1            03/28/97         12
    0430207761                           05           05/01/97         25
    1581092492                           N            04/01/27
    0


    1572385          074/G02             F           49,300.00         ZZ
                                         360         49,273.07          1
    415 SUPERIOR DRIVE                 9.000            396.68         90
                                       8.750            396.68       54,790.00
    ST LOUIS         MO   63135          1            03/20/97         01
    0430212498                           05           05/01/97         25
    1583043160                           N            04/01/27
    0


    1572386          074/G02             F          380,000.00         ZZ
                                         360        379,781.36          1
    21 OPATUT COURT                    8.750          2,989.47         75
                                       8.500          2,989.47      510,000.00
    MORGANVILLE      NJ   07751          5            03/21/97         00
    0430212506                           05           05/01/97          0
    1587059820                           O            04/01/27
    0


    1572387          074/G02             F          133,450.00         ZZ
                                         360        133,358.16          1
    115 ELMWOOD AVENUE                 7.875            967.61         85
                                       7.625            967.61      157,000.00
    SOUTHAMPTON      PA   19053          5            03/22/97         01
    0430208017                           05           05/01/97         25
    1587062075                           O            04/01/27
    0
1




    1572388          074/G02             F           60,000.00         ZZ
                                         360         59,968.07          2
    5419 CORONADO PARKWAY              9.125            488.18         53
                                       8.875            488.18      115,000.00
    NAPLES           FL   34116          5            03/28/97         00
    0430209692                           05           05/01/97          0
    1589097161                           N            04/01/27
    0


    1572389          074/G02             F           23,400.00         ZZ
                                         360         23,386.54          1
    10305 BLUEFIELD COURT              8.750            184.09         90
    UNIT C                             8.500            184.09       26,000.00
    THONOTOSASSA     FL   33592          1            03/20/97         01
    0430208116                           01           05/01/97         25
    1589098947                           N            04/01/27
    0


    1572390          074/G02             F          112,500.00         ZZ
                                         360        112,438.54          4
    1941 PIERCE STREET                 9.000            905.21         90
                                       8.750            905.21      125,000.00
    HOLLYWOOD        FL   33020          1            03/28/97         01
    0430212514                           05           05/01/97         25
    1589099393                           O            04/01/27
    0


    1572391          074/G02             F           78,400.00         ZZ
                                         360         78,357.17          1
    2606 HUNTINGTON AVENUE             9.000            630.83         80
                                       8.750            630.83       98,000.00
    SARASOTA         FL   34232          1            03/26/97         00
    0430209676                           05           05/01/97          0
    1589100109                           O            04/01/27
    0


    1572393          074/G02             F          250,000.00         ZZ
                                         360        249,863.44          1
    3522 SWANS LANDING                 9.000          2,011.56         74
                                       8.750          2,011.56      340,956.00
    LAND O' LAKES    FL   34639          1            03/28/97         00
    0430209213                           03           05/01/97          0
    1589102046                           O            04/01/27
    0


    1572394          074/G02             F           38,700.00         ZZ
                                         360         38,677.73          1
1


    2735 GRAY FOX LANE                 8.750            304.46         90
                                       8.500            304.46       43,000.00
    ORLANDO          FL   32826          1            03/21/97         04
    0430209445                           09           05/01/97         25
    1590033869                           N            04/01/27
    0


    1572395          074/G02             F          130,600.00         ZZ
                                         360        130,526.79          3
    378-382 NORTH ST                   8.875          1,039.11         95
                                       8.625          1,039.11      137,500.00
    ELGIN            IL   60120          1            03/31/97         21
    0430208249                           05           05/01/97         30
    1605110870                           O            04/01/27
    0


    1572396          074/G02             F           53,000.00         ZZ
                                         360         52,968.71          1
    855 W CHICAGO ST                   8.625            412.23         50
                                       8.375            412.23      107,500.00
    ELGIN            IL   60123          5            03/20/97         00
    0430207753                           05           05/01/97          0
    1606077067                           O            04/01/27
    0


    1572397          074/G02             F           66,500.00         ZZ
                                         360         66,463.68          2
    5137 S HOMAN                       9.000            535.07         95
                                       8.750            535.07       70,000.00
    CHICAGO          IL   60632          1            03/20/97         04
    0430207746                           05           05/01/97         30
    1621142481                           O            04/01/27
    0


    1572398          074/G02             F           30,000.00         ZZ
                                         360         29,981.36          1
    2853 E 191ST ST                    8.375            228.02         25
                                       8.125            228.02      121,000.00
    LANSING          IL   60438          1            03/21/97         00
    0430207738                           05           05/01/97          0
    1625010880                           O            04/01/27
    0


    1572399          074/G02             F           27,000.00         ZZ
                                         360         26,984.06          2
    2708-2710 LOUISIANA                8.625            210.00         90
                                       8.375            210.00       30,000.00
    ST LOUIS         MO   63118          1            03/24/97         01
    0430207720                           05           05/01/97         25
1


    1632021955                           N            04/01/27
    0


    1572400          074/G02             F           65,250.00         ZZ
                                         360         65,213.42          1
    3625 STONEHAVEN                    8.875            519.16         75
                                       8.625            519.16       87,000.00
    FLORISSANT       MO   63033          1            03/21/97         00
    0430206169                           05           05/01/97          0
    1633010499                           N            04/01/27
    0


    1572401          074/G02             F          396,000.00         ZZ
                                         360        395,753.86          1
    3514 KEATS PLACE                   8.375          3,009.89         80
                                       8.125          3,009.89      495,000.00
    RALEIGH          NC   27609          5            03/19/97         00
    0430207712                           05           05/01/97          0
    1841109132                           O            04/01/27
    0


    1572402          074/G02             F           46,800.00         ZZ
                                         360         46,771.65          2
    1825/1827 LOGIE AVENUE             8.500            359.85         80
                                       8.250            359.85       58,500.00
    CHARLOTTE        NC   28205          1            03/31/97         21
    0430206201                           05           05/01/97         12
    1842003636                           N            04/01/27
    0


    1572515          253/253             F          107,000.00         ZZ
                                         360        107,000.00          1
    1501 WOODBEE COURT                 8.500            822.74         60
                                       8.250            822.74      180,000.00
    AZLE             TX   76020          1            04/24/97         00
    327959                               05           06/01/97          0
    327959                               O            05/01/27
    0


    1572517          377/377             F          130,700.00         ZZ
                                         360        130,700.00          1
    40 BARRINGTON GRANGE CT            9.250          1,075.24         80
                                       9.000          1,075.24      165,000.00
    SHARPSBURG       GA   30277          1            04/11/97         00
    3659034                              05           06/01/97          0
    3659034                              O            05/01/27
    0


1


    1572518          737/G02             F           72,000.00         ZZ
                                         360         72,000.00          1
    9648 WEST CORNELL PLACE            9.125            585.82         90
    #92                                8.875            585.82       80,000.00
    LAKEWOOD         CO   80227          1            04/08/97         10
    0430204842                           01           06/01/97         25
    573344                               N            05/01/27
    0


    1572532          140/G02             F           54,000.00         ZZ
                                         360         54,000.00          1
    4816 - 18 CLEVELAND AVENUE         8.875            429.65         75
                                       8.625            429.65       72,000.00
    NEW ORLEANS      LA   70119          1            04/10/97         00
    0430205237                           05           06/01/97          0
    432431                               N            05/01/27
    0


    1572561          129/G02             F           84,500.00         ZZ
                                         360         84,456.19          1
    3319 FRONTIER TRAIL                9.250            695.16         90
                                       9.000            695.16       93,900.00
    LOUISVILLE       KY   40220          3            03/31/97         01
    0430203984                           05           05/01/97         25
    3450115021                           N            04/01/27
    0


    1572582          E22/G02             F           44,650.00         ZZ
                                         360         44,650.00          1
    1492 OCEAN AVENUE UNIT# C-10       8.500            343.32         95
                                       8.250            343.32       47,000.00
    SEA BRIGHT       NJ   07760          1            04/10/97         10
    0410378285                           01           06/01/97         30
    410378285                            O            05/01/27
    0


    1572583          E22/G02             F           60,400.00         ZZ
                                         360         60,400.00          1
    901 CRICKLEWOOD DRIVE SW           8.750            475.17         80
                                       8.500            475.17       75,500.00
    GRAND RAPIDS     MI   49509          5            04/02/97         00
    0410363741                           05           06/01/97          0
    410363741                            O            05/01/27
    0


    1572585          E22/G02             F          108,375.00         T
                                         360        108,375.00          1
    45 BEELER PLACE UNIT 2509          9.500            911.28         75
                                       9.250            911.28      144,500.00
1


    COPPER MOUNTAIN  CO   80443          1            04/11/97         00
    0410387427                           08           06/01/97          0
    410387427                            O            05/01/27
    0


    1572591          E22/G02             F           82,000.00         ZZ
                                         360         82,000.00          1
    2902 MOLLY LANE                    9.000            659.79         64
                                       8.750            659.79      128,500.00
    PLACERVILLE      CA   95667          1            04/08/97         00
    0410373146                           05           06/01/97          0
    410373146                            O            05/01/27
    0


    1572593          E22/G02             F          148,000.00         ZZ
                                         360        148,000.00          3
    3733 BOSTWICK STREET               8.500          1,137.99         80
                                       8.250          1,137.99      185,000.00
    LOS ANGELES ARE  CA   90063          2            04/11/97         04
    0410295976                           05           06/01/97         12
    410295976                            N            05/01/27
    0


    1572596          E22/G02             F           27,000.00         ZZ
                                         360         27,000.00          2
    628 N. RURAL                      10.500            246.98         90
                                      10.250            246.98       30,000.00
    INDIANAPOLIS     IN   46201          1            04/07/97         10
    0410362735                           05           06/01/97         25
    410362735                            N            05/01/27
    0


    1572653          964/G02             F           80,000.00         ZZ
                                         360         80,000.00          1
    223 GABLE LANE                     8.500            615.13         51
                                       8.250            615.13      158,000.00
    LA HABRA         CA   90631          1            04/01/97         00
    0430204792                           09           06/01/97          0
    23563                                O            05/01/27
    0


    1572663          687/G02             F           59,000.00         ZZ
                                         360         59,000.00          1
    211 W 57TH NORTH                   8.000            432.92         80
                                       7.750            432.92       73,750.00
    COLWICH          KS   67030          1            04/28/97         10
    0430220798                           05           06/01/97         12
    8396                                 N            05/01/27
    0
1




    1572666          608/G02             F           43,200.00         ZZ
                                         360         43,177.60          1
    501 GORHAM AVENUE                  9.250            355.40         90
                                       9.000            355.40       48,000.00
    NORTH CAPE MAY   NJ   08204          1            03/26/97         12
    0430204404                           05           05/01/97         25
    95583                                N            04/01/27
    0


    1572679          698/G02             F          249,950.00         ZZ
                                         360        249,950.00          1
    5259 MONET COURT                   9.000          2,011.15         80
                                       8.750          2,011.15      312,480.00
    CHINO HILLS      CA   91709          1            04/03/97         00
    0430220483                           03           06/01/97          0
    1633453022                           O            05/01/27
    0


    1572693          776/G02             F           77,600.00         ZZ
                                         360         77,600.00          1
    4700 GLENN DAVIS DRIVE             9.125            631.38         80
                                       8.875            631.38       97,000.00
    LAS VEGAS        NV   89121          1            04/09/97         04
    0430208686                           05           06/01/97         30
    6343276                              N            05/01/27
    0


    1572701          766/G02             F           55,000.00         ZZ
                                         360         55,000.00          1
    1212 NE 11 STREET                  9.000            442.54         58
                                       8.750            442.54       95,000.00
    FT LAUDERDALE    FL   33304          2            04/08/97         00
    0430207134                           05           06/01/97          0
    97ML0043                             O            05/01/27
    0


    1572705          766/G02             F          130,000.00         ZZ
                                         360        129,923.25          1
    6228 WINDLASS CIRCLE               8.625          1,011.13         80
                                       8.375          1,011.13      162,500.00
    BOYNTON BEACH    FL   33437          1            03/07/97         00
    0430208744                           03           05/01/97          0
    97DA0095                             O            04/01/27
    0


    1572727          758/G02             F          104,900.00         ZZ
                                         360        104,900.00          4
1


    2407 PEDERNALES DRIVE              8.375            797.32         77
                                       8.125            797.32      137,000.00
    COLLEGE STATION  TX   77845          2            04/24/97         00
    0430222968                           05           06/01/97          0
    UNKNOWN                              N            05/01/27
    0


    1572743          377/377             F           55,200.00         ZZ
                                         360         55,200.00          1
    7417 SOUTHWIND DRIVE               9.250            454.12         70
                                       9.000            454.12       79,000.00
    HUDSON           FL   34667          5            04/11/97         00
    UNKNOWN                              05           06/01/97          0
    UNKNOWN                              N            05/01/27
    0


    1572745          286/286             F           55,800.00         ZZ
                                         360         55,768.72          1
    1601 S SHEPHERD DRIVE #158         8.875            443.97         90
                                       8.625            443.97       62,000.00
    HOUSTON          TX   77019          1            03/27/97         04
    9167934                              01           05/01/97         25
    9167934                              O            04/01/27
    0


    1572746          286/286             F           33,950.00         ZZ
                                         360         33,931.93          1
    206 RANDOLPH DRIVE                 9.125            276.23         90
                                       8.875            276.23       37,725.00
    LAFAYETTE        LA   70501          1            03/25/97         04
    9164461                              05           05/01/97         25
    9164461                              N            04/01/27
    0


    1572748          286/286             F           65,700.00         ZZ
                                         360         65,663.17          1
    523 EMILY COURT                    8.875            522.74         90
                                       8.625            522.74       73,000.00
    PATTERSON        CA   95363          1            03/28/97         10
    9164244                              05           05/01/97         25
    9164244                              N            04/01/27
    0


    1572750          286/286             F           33,600.00         ZZ
                                         360         33,580.66          1
    12755 MILL RIDGE DRIVE #206        8.750            264.34         80
                                       8.500            264.34       42,000.00
    CYPRESS          TX   77429          1            03/27/97         00
    9168002                              01           05/01/97          0
1


    9168002                              O            04/01/27
    0


    1572752          286/286             F           48,600.00         ZZ
                                         360         48,574.79          1
    149 SHENANDOAH ROAD                9.250            399.83         90
                                       9.000            399.83       54,000.00
    HAMPTON          VA   23666          1            03/26/97         04
    9164521                              05           05/01/97         25
    9164521                              N            04/01/27
    0


    1572753          286/286             F          142,000.00         ZZ
                                         360        141,913.97          1
    628 JEAN LAFITTE AVENUE            8.500          1,091.86         59
                                       8.250          1,091.86      242,000.00
    BATON ROUGE      LA   70810          1            03/28/97         00
    9167507                              05           05/01/97          0
    9167507                              O            04/01/27
    0


    1572759          003/G02             F           54,450.00         ZZ
                                         360         54,450.00          1
    126 STERLING CT                    8.875            433.23         90
                                       8.625            433.23       60,500.00
    ALPHARETTA       GA   30201          1            04/11/97         10
    0430211391                           01           06/01/97         25
    3805736                              O            05/01/27
    0


    1572762          G41/G02             F          142,000.00         ZZ
                                         360        142,000.00          1
    12 CEIL PLACE                      8.875          1,129.82         80
                                       8.625          1,129.82      178,000.00
    BETHPAGE         NY   11714          2            04/04/97         00
    0430204990                           05           06/01/97          0
    061000153                            O            05/01/27
    0


    1572795          687/G02             F           28,800.00         ZZ
                                         360         28,800.00          1
    8700 W UNIVERSITY B                9.375            239.54         90
                                       9.125            239.54       32,000.00
    WICHITA          KS   67209          1            04/04/97         10
    0430206490                           01           06/01/97         25
    1595016                              N            05/01/27
    0


1


    1572822          A65/G02             F          102,000.00         ZZ
                                         360        102,000.00          1
    15403 SOUTH LIME AVENUE            8.875            811.56         85
                                       8.625            811.56      120,000.00
    (COMPTON AREA)   CA   90221          5            04/29/97         96
    0430222083                           05           06/01/97          0
    1259710102                           O            05/01/27
    0


    1572833          638/G02             F          149,600.00         ZZ
                                         360        149,600.00          1
    40 NORTH MOUNTAIN ROAD             8.875          1,190.28         80
                                       8.625          1,190.28      187,000.00
    FRUIT HEIGHTS    UT   84037          1            04/28/97         00
    0430222554                           05           06/01/97          0
    08638553                             O            05/01/27
    0


    1572882          950/G02             F          156,800.00         ZZ
                                         360        156,800.00          1
    4229 CORLISS AVE N.                8.375          1,191.79         80
                                       8.125          1,191.79      196,000.00
    SEATTLE          WA   98103          1            04/28/97         00
    0430221143                           05           06/01/97          0
    12239618                             O            05/01/27
    0


    1572890          405/405             F          263,160.00         ZZ
                                         360        263,160.00          1
    95 STRATFORD DRIVE                 8.250          1,977.04         75
                                       8.000          1,977.04      353,000.00
    SAN FRANCISCO    CA   94132          1            04/07/97         00
    004180345                            05           06/01/97          0
    004180345                            N            05/01/27
    0


    1572902          E22/G02             F           77,400.00         ZZ
                                         360         77,400.00          1
    5220 WILLOWTREE ROAD               9.500            650.82         90
                                       9.250            650.82       86,000.00
    MARRERO          LA   70072          1            04/11/97         12
    0410372056                           05           06/01/97         25
    410372056                            N            05/01/27
    0


    1572903          E22/G02             F          105,000.00         ZZ
                                         360        105,000.00          1
    8415 SUMMER ROAD                   8.750            826.04         70
                                       8.500            826.04      150,000.00
1


    MACADONIA        OH   44056          1            04/09/97         00
    0410372122                           05           06/01/97          0
    410372122                            O            05/01/27
    0


    1572904          E22/G02             F           60,000.00         ZZ
                                         360         60,000.00          1
    3862 CARDINAL BOULEVARD            9.250            493.61         80
                                       9.000            493.61       75,000.00
    DAYTONA BEACH    FL   32127          1            04/14/97         00
    0410379606                           05           06/01/97          0
    410379606                            O            05/01/27
    0


    1572909          E22/G02             F          200,000.00         ZZ
                                         360        200,000.00          1
    38 WATCHUNG AVENUE                 9.750          1,718.31         69
                                       9.500          1,718.31      293,000.00
    UPPER MONTCLAIR  NJ   07043          5            04/09/97         00
    0410377550                           05           06/01/97          0
    410377550                            O            05/01/27
    0


    1572936          E22/G02             F           58,000.00         ZZ
                                         360         58,000.00          1
    113 KENT STREET                    9.250            477.15         73
                                       9.000            477.15       80,000.00
    YOUNGSVILLE      NC   27596          2            04/08/97         00
    0410377238                           05           06/01/97          0
    410377238                            O            05/01/27
    0


    1572940          E22/G02             F           42,300.00         ZZ
                                         360         42,300.00          1
    5315 BONHAM STREET                 9.250            347.99         85
                                       9.000            347.99       50,000.00
    CORPUS CHRISTI   TX   78414          2            04/07/97         10
    0410370720                           05           06/01/97         20
    410370720                            N            05/01/27
    0


    1572943          E22/G02             F           67,200.00         ZZ
                                         360         67,200.00          1
    45 BLACKSTOCK DRIVE #3             9.250            552.84         79
                                       9.000            552.84       86,000.00
    CRESTED BUTTE    CO   81224          1            04/14/97         00
    0410387450                           01           06/01/97          0
    410387450                            O            05/01/27
    0
1




    1572949          E22/G02             F          147,000.00         ZZ
                                         360        147,000.00          1
    224 MEDJAY LANE                    9.125          1,196.04         54
                                       8.875          1,196.04      274,025.00
    TOMS RIVER       NJ   08755          1            04/10/97         00
    0410337059                           05           06/01/97          0
    410337059                            O            05/01/27
    0


    1572950          E22/G02             F           69,750.00         ZZ
                                         360         69,750.00          1
    6226 ARCADIAN SHORES DRIVE         8.500            536.32         90
                                       8.250            536.32       77,500.00
    HOUSTON          TX   77804          1            04/11/97         01
    0410371934                           03           06/01/97         25
    410371934                            N            05/01/27
    0


    1572958          E22/G02             F          302,500.00         ZZ
                                         360        302,500.00          1
    5590 HAKATAYA ROAD                 9.000          2,433.98         58
                                       8.750          2,433.98      525,000.00
    PIONEERTOWN      CA   92268          1            04/11/97         00
    0410297162                           05           06/01/97          0
    410297162                            O            05/01/27
    0


    1572971          E22/G02             F          289,750.00         ZZ
                                         360        289,750.00          1
    562 WEST HAMMOND STREET            8.500          2,227.93         76
                                       8.250          2,227.93      385,000.00
    PASADENA         CA   91103          2            04/09/97         00
    0410357792                           05           06/01/97          0
    410357792                            O            05/01/27
    0


    1572982          E22/G02             F           66,000.00         ZZ
                                         360         66,000.00          1
    700 SUNTREE LANE                   9.500            554.96         75
                                       9.250            554.96       88,000.00
    PLEASANT HILL    CA   94523          2            04/08/97         00
    0410385686                           01           06/01/97          0
    410385686                            N            05/01/27
    0


    1573018          560/560             F           48,300.00         ZZ
                                         360         48,272.21          2
1


    2 WINTER STREET COURT              8.750            379.98         70
                                       8.500            379.98       69,000.00
    BATH             ME   04530          5            03/28/97         00
    450677596                            05           05/01/97          0
    450677596                            N            04/01/27
    0


    1573025          560/560             F           45,000.00         ZZ
                                         360         45,000.00          2
    6-8 EAST STREET                    9.125            366.14         75
                                       8.875            366.14       60,000.00
    DOVER            NH   03820          1            04/10/97         00
    450688981                            05           06/01/97          0
    450688981                            N            05/01/27
    0


    1573029          560/560             F           66,300.00         ZZ
                                         360         66,300.00          1
    405 S NACHES AVENUE                9.250            545.44         85
                                       9.000            545.44       78,000.00
    YAKIMA           WA   98901          5            04/04/97         21
    450691118                            05           06/01/97         12
    450691118                            O            05/01/27
    0


    1573072          B28/G02             F           52,650.00         ZZ
                                         360         52,624.10          1
    2241 CORONADO PARKWAY              9.500            442.71         90
    UNIT A                             9.250            442.71       58,500.00
    DENVER           CO   80229          1            04/03/97         10
    0430208785                           01           05/01/97         25
    01970262                             N            04/01/27
    0


    1573082          757/757             F           60,000.00         T
                                         360         60,000.00          1
    252 SUGAR MOUNTAIN ROAD            8.750            472.02         52
                                       8.500            472.02      117,500.00
    WAYNESVILLE      NC   28786          5            04/04/97         00
    655197624                            05           06/01/97          0
    655197624                            O            05/01/27
    0


    1573103          074/G02             F          135,000.00         ZZ
                                         360        134,894.50          1
    81 83 SEABREEZE WAY                8.750          1,062.05         90
                                       8.500          1,062.05      150,000.00
    KEANSBURG        NJ   07734          1            03/27/97         21
    0430209023                           05           05/01/97         30
1


    1101206119                           N            04/01/27
    0


    1573104          074/G02             F          100,000.00         ZZ
                                         360         99,936.23          1
    787 STEWART AVENUE                 8.250            751.27         79
                                       8.000            751.27      127,500.00
    BETHPAGE         NY   11714          1            03/24/97         00
    0430213397                           05           05/01/97          0
    1106043816                           O            04/01/27
    0


    1573105          074/G02             F           25,000.00         ZZ
                                         360         24,985.61          1
    136 BRANNON LANE                   8.750            196.68         22
                                       8.500            196.68      118,123.00
    WEBSTER          NY   14580          1            03/26/97         00
    0430207704                           05           05/01/97          0
    1107019668                           O            04/01/27
    0


    1573106          074/G02             F          164,350.00         ZZ
                                         360        164,257.86          1
    340 WEST 57TH STREET               8.875          1,307.65         95
    UNIT 14E                           8.625          1,307.65      173,000.00
    NEW YORK         NY   10019          1            03/21/97         12
    0430208207                           06           05/01/97         30
    1111088711                           O            04/01/27
    0


    1573107          074/G02             F          228,000.00         ZZ
                                         360        227,868.82          2
    78 READING AVENUE                  8.750          1,793.68         80
                                       8.500          1,793.68      285,000.00
    STATEN ISLAND    NY   10312          1            03/20/97         00
    0430207696                           05           05/01/97          0
    1111091840                           O            04/01/27
    0


    1573108          074/G02             F          224,900.00         ZZ
                                         360        224,773.91          2
    378 LORETTO STREET                 8.875          1,789.41         79
                                       8.625          1,789.41      288,000.00
    STATEN ISLAND    NY   10307          1            03/26/97         00
    0430207621                           05           05/01/97          0
    1111092402                           O            04/01/27
    0


1


    1573109          074/G02             F           51,450.00         ZZ
                                         360         51,421.90          2
    220-222 KENWOOD AVENUE             9.000            413.98         90
                                       8.750            413.98       57,200.00
    SYRACUSE         NY   13208          1            03/24/97         10
    0430209049                           05           05/01/97         25
    1111092934                           N            04/01/27
    0


    1573110          074/G02             F          136,000.00         ZZ
                                         360        135,929.49          1
    200 EAST 58TH STREET               9.250          1,118.84         80
                                       9.000          1,118.84      170,000.00
    NEW YORK         NY   10022          1            03/25/97         00
    0430208009                           06           05/01/97          0
    1111093610                           O            04/01/27
    0


    1573111          074/G02             F          252,000.00         T
                                         360        251,869.35          1
    200 EAST 58TH STREET               9.250          2,073.15         70
    UNIT 9J/10J                        9.000          2,073.15      360,000.00
    NEW YORK         NY   10022          1            03/25/97         00
    0430208033                           06           05/01/97          0
    1111093620                           O            04/01/27
    0


    1573114          074/G02             F           47,700.00         ZZ
                                         360         47,670.36          1
    235 NORTH FOURTH ST                8.375            362.55         90
                                       8.125            362.55       53,000.00
    WILLIAMSBURG     OH   45176          1            03/26/97         10
    0430207688                           05           05/01/97         25
    1113043598                           N            04/01/27
    0


    1573115          074/G02             F           86,400.00         ZZ
                                         360         86,347.66          1
    3917 ELLINGTON RD                  8.500            664.34         90
                                       8.250            664.34       96,000.00
    PHILADELPHIA     PA   19131          1            03/31/97         10
    0430208579                           05           05/01/97         25
    1172136476                           N            04/01/27
    0


    1573116          074/G02             F           28,000.00         ZZ
                                         360         27,982.60          1
    1443 E. NEVADA DR                  8.375            212.82         70
                                       8.125            212.82       40,000.00
1


    TUCSON           AZ   85706          5            03/21/97         00
    0430209015                           03           05/01/97          0
    1221165719                           N            04/01/27
    0


    1573117          074/G02             F           47,600.00         ZZ
                                         360         47,574.00          2
    3810 3814 E HAMPTON ST             9.000            383.00         70
                                       8.750            383.00       68,000.00
    TUCSON           AZ   85716          5            03/27/97         00
    0430207670                           05           05/01/97          0
    1222003360                           N            04/01/27
    0


    1573118          074/G02             F          150,000.00         ZZ
                                         360        149,911.44          1
    12009 CALLE NARANJA                8.625          1,166.68         75
                                       8.375          1,166.68      200,000.00
    EL CAJON         CA   92019          2            03/26/97         00
    0430208553                           05           05/01/97          0
    1235002869                           N            04/01/27
    0


    1573119          074/G02             F          116,050.00         ZZ
                                         360        115,981.48          1
    7964 CONSTANTINOPLE AVENUE         8.625            902.63         90
                                       8.375            902.63      128,950.00
    LAS VEGAS        NV   89129          1            03/12/97         01
    0430210088                           05           05/01/97         25
    1251134420                           N            04/01/27
    0


    1573120          074/G02             F          123,250.00         ZZ
                                         360        123,177.23          1
    7908 CONSTANTINOPLE AVENUE         8.625            958.63         90
                                       8.375            958.63      136,950.00
    LAS VEGAS        NV   89129          1            03/12/97         01
    0430210062                           05           05/01/97         25
    1251134430                           N            04/01/27
    0


    1573121          074/G02             F          117,850.00         ZZ
                                         360        117,776.74          1
    7918 CONSTANTINOPLE AVENUE         8.375            895.75         80
                                       8.125            895.75      148,050.00
    LAS VEGAS        NV   89129          1            03/18/97         00
    0430209221                           05           05/01/97          0
    1251135910                           O            04/01/27
    0
1




    1573122          074/G02             F           58,000.00         ZZ
                                         360         57,961.09          1
    575 NADINE DRIVE                   8.000            425.58         75
                                       7.750            425.58       78,000.00
    FALLON           NV   89407          1            03/21/97         00
    0430212530                           05           05/01/97          0
    1253045386                           O            04/01/27
    0


    1573124          074/G02             F           32,900.00         T
                                         360         32,882.03          1
    940 7TH STREET                     9.000            264.72         70
    UNIT C                             8.750            264.72       47,000.00
    MIAMI BEACH      FL   33139          1            03/31/97         00
    0430206375                           01           05/01/97          0
    1301122089                           O            04/01/27
    0


    1573125          074/G02             F          261,000.00         T
                                         360        260,861.11          1
    6301 COLLINS AVE PH4               9.125          2,123.58         75
                                       8.875          2,123.58      348,000.00
    MIAMI BEACH      FL   33140          1            03/27/97         00
    0430209239                           01           05/01/97          0
    1311273524                           O            04/01/27
    0


    1573126          074/G02             F          160,000.00         ZZ
                                         360        159,900.55          1
    4575 POST AVENUE                   8.375          1,216.12         80
                                       8.125          1,216.12      200,000.00
    MIAMI BEACH      FL   33140          1            03/31/97         00
    0430209197                           05           05/01/97          0
    1311283277                           O            04/01/27
    0


    1573127          074/G02             F           76,500.00         ZZ
                                         360         76,457.11          2
    550 SW 27 TRRACE                   8.875            608.67         90
                                       8.625            608.67       85,000.00
    FT LAUDERDALE    FL   33315          1            03/25/97         12
    0430207662                           05           05/01/97         25
    1311286800                           N            04/01/27
    0


    1573128          074/G02             F           79,200.00         ZZ
                                         360         79,156.74          1
1


    509 ELBA DRIVE                     9.000            637.26         90
                                       8.750            637.26       88,000.00
    GOODLETTSVILLE   TN   37072          1            03/25/97         01
    0430207654                           05           05/01/97         25
    1341027243                           N            04/01/27
    0


    1573129          074/G02             F           69,300.00         ZZ
                                         360         69,262.15          1
    588 BENJAMIN HARRISON ST           9.000            557.60         90
                                       8.750            557.60       77,000.00
    ORANGE PARK      FL   32073          1            03/21/97         10
    0430207647                           05           05/01/97         25
    1351015069                           N            04/01/27
    0


    1573130          074/G02             F          110,925.00         ZZ
                                         360        110,857.80          1
    4105 WEST PALMIRA AVE              8.500            852.92         85
                                       8.250            852.92      130,500.00
    TAMPA            FL   33629          5            03/26/97         11
    0430207639                           05           05/01/97         17
    1361077776                           O            04/01/27
    0


    1573131          074/G02             F           14,550.00         ZZ
                                         360         14,541.18          1
    204 E RAMPART STREET               8.500            111.88         90
                                       8.250            111.88       16,200.00
    TAMPA            FL   33604          1            03/19/97         01
    0430209189                           05           05/01/97         25
    1361077834                           N            04/01/27
    0


    1573132          074/G02             F           60,800.00         ZZ
                                         360         60,763.17          1
    427 NE 8TH TERRACE                 8.500            467.50         80
                                       8.250            467.50       76,000.00
    CAPE CORAL       FL   33909          1            03/28/97         00
    0430208215                           05           05/01/97          0
    1381068814                           O            04/01/27
    0


    1573133          074/G02             F           45,000.00         ZZ
                                         360         44,974.10          1
    8415 WEST 47TH STREET              8.750            354.02         90
                                       8.500            354.02       50,000.00
    OVERLAND PARK    KS   66203          1            03/31/97         04
    0430208108                           05           05/01/97         25
1


    1456003750                           N            04/01/27
    0


    1573134          074/G02             F          108,000.00         ZZ
                                         360        107,939.45          1
    2006 CONDOLEA                      8.875            859.30         90
                                       8.625            859.30      120,000.00
    LEAWOOD          KS   66209          1            03/26/97         14
    0430208223                           05           05/01/97         25
    1456003932                           N            04/01/27
    0


    1573135          074/G02             F          120,000.00         ZZ
                                         360        119,927.30          4
    4 SOUTH 190 RD                     8.500            922.70         82
                                       8.250            922.70      146,500.00
    WARRENSBURG      MO   64093          2            03/19/97         04
    0430207936                           05           05/01/97         20
    1456005166                           N            04/01/27
    0


    1573136          074/G02             F           93,500.00         ZZ
                                         360         93,440.38          1
    4021 S KALISPELL ST                8.250            702.43         80
                                       8.000            702.43      116,900.00
    AURORA           CO   80013          1            03/27/97         00
    0430208231                           03           05/01/97          0
    1461104269                           O            04/01/27
    0


    1573137          074/G02             F           61,200.00         ZZ
                                         360         61,166.57          2
    961 COLTON AVENUE                  9.000            492.43         90
                                       8.750            492.43       68,000.00
    COLTON           CA   92324          1            03/17/97         21
    0430210120                           05           05/01/97         25
    1485002820                           N            04/01/27
    0


    1573138          074/G02             F           74,900.00         ZZ
                                         360         74,856.91          1
    1715 BANNOCK ST W                  8.750            589.24         60
                                       8.500            589.24      125,000.00
    BOISE            ID   83702          5            03/25/97         00
    0430207597                           05           05/01/97          0
    1489003166                           N            04/01/27
    0


1


    1573140          074/G02             F           42,000.00         ZZ
                                         360         41,977.05          1
    366 EAST HUISACHE AVENUE           9.000            337.94         80
                                       8.750            337.94       52,500.00
    SAN ANTONIO      TX   78212          1            03/24/97         00
    0430207571                           05           05/01/97          0
    1520007456                           O            04/01/27
    0


    1573141          074/G02             F           90,700.00         ZZ
                                         360         90,642.16          1
    2103 COUGAR RIDGE                  8.250            681.40         70
                                       8.000            681.40      129,635.00
    SAN ANTONIO      TX   78230          1            03/21/97         00
    0430207563                           03           05/01/97          0
    1526003200                           O            04/01/27
    0


    1573142          074/G02             F           35,750.00         ZZ
                                         360         35,728.34          1
    7629 ORLAND PARK                   8.500            274.89         65
                                       8.250            274.89       55,000.00
    SAN ANTONIO      TX   78213          5            03/21/97         00
    0430207555                           05           05/01/97          0
    1526003210                           N            04/01/27
    0


    1573143          074/G02             F          139,500.00         ZZ
                                         360        139,419.74          1
    2409 STEFANIE DRIVE                8.750          1,097.45         90
                                       8.500          1,097.45      155,000.00
    ROCKLIN          CA   95765          1            03/13/97         10
    0430207548                           05           05/01/97         25
    1550003170                           N            04/01/27
    0


    1573144          074/G02             F           26,800.00         ZZ
                                         360         26,784.58          1
    3008 MITCHELL STREET               8.750            210.84         80
                                       8.500            210.84       33,500.00
    GREENVILLE       TX   75402          1            03/21/97         12
    0430207530                           05           05/01/97         12
    1563145305                           N            04/01/27
    0


    1573145          074/G02             F           98,400.00         ZZ
                                         360         98,341.90          1
    ROUTE 1, BOX 183                   8.625            765.35         80
                                       8.375            765.35      123,000.00
1


    MOUNDS           OK   74047          1            03/12/97         00
    0430207522                           05           05/01/97          0
    1563146578                           O            04/01/27
    0


    1573146          074/G02             F           74,400.00         ZZ
                                         360         74,359.36          1
    4303 CREEK VALLEY COURT            9.000            598.64         82
                                       8.750            598.64       91,000.00
    ATLANTA          GA   30331          2            03/26/97         01
    0430207514                           05           05/01/97         12
    1566092282                           N            04/01/27
    0


    1573147          074/G02             F           26,000.00         ZZ
                                         360         25,985.79          1
    7920 LUCERNE STREET                9.000            209.21         80
                                       8.750            209.21       32,500.00
    NEW ORLEANS      LA   70128          1            03/21/97         01
    0430207506                           05           05/01/97         12
    1566092362                           N            04/01/27
    0


    1573149          074/G02             F           87,300.00         ZZ
                                         360         87,247.10          1
    1952 WEST CHOLLA ESTATES DRIVE     8.500            671.27         80
                                       8.250            671.27      109,147.00
    TUCSON           AZ   85704          1            03/13/97         00
    0430207498                           03           05/01/97          0
    1569162191                           O            04/01/27
    0


    1573150          074/G02             F           58,500.00         ZZ
                                         360         58,464.56          1
    113 WEST PIERSON STREET            8.500            449.82         90
                                       8.250            449.82       65,000.00
    PHOENIX          AZ   85013          1            03/18/97         10
    0430212548                           05           05/01/97         25
    1569162599                           N            04/01/27
    0


    1573152          074/G02             F           67,950.00         ZZ
                                         360         67,910.90          1
    5031 OLEAN STREET                  8.750            534.57         90
                                       8.500            534.57       75,500.00
    FAIR OAKS        CA   95628          1            03/14/97         10
    0430212563                           05           05/01/97         25
    1573170138                           N            04/01/27
    0
1




    1573153          074/G02             F          100,000.00         ZZ
                                         360         99,943.93          2
    632 WOOL DRIVE                     8.875            795.65         40
                                       8.625            795.65      250,000.00
    MILPITAS         CA   95035          5            03/24/97         00
    0430208058                           05           05/01/97          0
    1573170998                           N            04/01/27
    0


    1573155          074/G02             F           64,000.00         ZZ
                                         360         63,961.22          1
    1092 COUNTY ROAD B2                8.500            492.11         60
                                       8.250            492.11      107,500.00
    ROSEVILLE        MN   55113          2            03/20/97         00
    0430208066                           05           05/01/97          0
    1576039005                           O            04/01/27
    0


    1573156          074/G02             F          104,000.00         ZZ
                                         360        103,936.99          1
    3349 PINEWOOD DRIVE                8.500            799.68         80
                                       8.250            799.68      130,000.00
    RAPID CITY       SD   57702          1            03/21/97         00
    0430208074                           05           05/01/97          0
    1576039107                           O            04/01/27
    0


    1573157          074/G02             F          116,000.00         ZZ
                                         360        115,939.86          1
    9235 RIVERVIEW DRIVE SOUTHEAST     9.250            954.31         80
                                       9.000            954.31      145,000.00
    BECKER           MN   55308          1            03/20/97         00
    0430207969                           05           05/01/97          0
    1576039581                           O            04/01/27
    0


    1573158          074/G02             F           72,400.00         ZZ
                                         360         72,286.43          1
    1269 LAKEFRONT DR                  8.500            556.70         85
                                       8.250            556.70       85,300.00
    CHARLESTON       SC   29412          1            02/28/97         01
    0430208082                           03           04/01/97         22
    1577064755                           N            03/01/27
    0


    1573159          074/G02             F          101,600.00         ZZ
                                         360        101,536.84          1
1


    13 BELMONT DRIVE                   8.375            772.24         80
                                       8.125            772.24      127,000.00
    FLETCHER         NC   28732          1            03/21/97         00
    0430207951                           05           05/01/97          0
    1577067684                           O            04/01/27
    0


    1573160          074/G02             F           78,200.00         ZZ
                                         360         78,048.84          1
    220 THOMPSON STREET                8.125            580.64         85
                                       7.875            580.64       92,000.00
    KINGSPORT        TN   37660          5            03/21/97         11
    0430208090                           05           05/01/97         12
    1577069023                           O            04/01/27
    0


    1573161          074/G02             F           50,000.00         ZZ
                                         360         49,968.92          1
    220 EAU CLAIR DRIVE                8.375            380.04         75
                                       8.125            380.04       67,500.00
    KINGSPORT        TN   37664          1            03/27/97         00
    0430207480                           05           05/01/97          0
    1577069894                           N            04/01/27
    0


    1573162          074/G02             F           43,600.00         ZZ
                                         360         43,576.18          1
    9617 VINCA CIRCLE                  9.000            350.82         90
    #J                                 8.750            350.82       48,454.00
    CHARLOTTE        NC   28213          1            03/24/97         01
    0430207472                           01           05/01/97         25
    1577070146                           N            04/01/27
    0


    1573163          074/G02             F           76,500.00         ZZ
                                         360         76,453.65          1
    230 WEST TIGRETT STREET            8.500            588.22         85
                                       8.250            588.22       90,000.00
    HALLS            TN   38040          5            03/24/97         11
    0430206631                           05           05/01/97         12
    1577070226                           O            04/01/27
    0


    1573164          074/G02             F          214,000.00         ZZ
                                         360        213,870.35          1
    6325 TAYLOR ROAD                   8.500          1,645.48         74
                                       8.250          1,645.48      290,000.00
    WENDELL          NC   27591          5            03/19/97         00
    0430207464                           05           05/01/97          0
1


    1577070383                           O            04/01/27
    0


    1573166          074/G02             F           93,000.00         T
                                         360         92,947.86          1
    205 CARRIAGE LOOP                  8.875            739.95         60
                                       8.625            739.95      155,000.00
    MCCORMICK        SC   29835          1            03/31/97         00
    0430210393                           05           05/01/97          0
    1577071036                           O            04/01/27
    0


    1573167          074/G02             F           29,700.00         ZZ
                                         360         29,683.77          1
    3535 THOMAS STREET                 9.000            238.98         90
                                       8.750            238.98       33,000.00
    MEMPHIS          TN   38127          1            03/31/97         01
    0430210211                           05           05/01/97         25
    1577071193                           N            04/01/27
    0


    1573168          074/G02             F           38,550.00         ZZ
                                         360         38,530.53          2
    785 EAST PARKWAY SOUTH             9.375            320.64         90
                                       9.125            320.64       42,850.00
    MEMPHIS          TN   38104          1            03/18/97         12
    0430210336                           05           05/01/97         25
    1577071502                           N            04/01/27
    0


    1573169          074/G02             F           81,000.00         ZZ
                                         360         80,954.58          1
    108 OAKLEAF COURT                  8.875            644.48         90
                                       8.625            644.48       90,000.00
    HENDERSONVILLE   TN   37073          1            03/26/97         01
    0430207456                           05           05/01/97         25
    1577072094                           N            04/01/27
    0


    1573170          074/G02             F           66,600.00         ZZ
                                         360         66,563.62          1
    8242 SOUTH FILLMORE WAY            9.000            535.88         65
                                       8.750            535.88      102,500.00
    LITTLETON        CO   80122          1            03/20/97         00
    0430207449                           03           05/01/97          0
    1579045398                           N            04/01/27
    0


1


    1573171          074/G02             F           99,000.00         ZZ
                                         360         98,944.50          1
    750 DELTA                          8.875            787.69         90
                                       8.625            787.69      110,000.00
    AKRON            CO   80720          1            03/24/97         10
    0430212571                           05           05/01/97         25
    1579045751                           N            04/01/27
    0


    1573172          074/G02             F           60,300.00         ZZ
                                         360         60,266.19          2
    373-375 FAIRWAY SOUTH              8.875            479.78         90
                                       8.625            479.78       67,000.00
    COLORADO SPRING  CO   80906          1            03/28/97         10
    0430212589                           05           05/01/97         25
    1579045773                           N            04/01/27
    0


    1573173          074/G02             F           82,800.00         ZZ
                                         360         82,757.07          1
    97 SOUTH MAIN STREET               9.250            681.18         90
                                       9.000            681.18       92,000.00
    WEST LEBANON     NH   03784          1            03/28/97         10
    0430207431                           05           05/01/97         25
    1580045828                           N            04/01/27
    0


    1573174          074/G02             F           74,700.00         ZZ
                                         360         74,658.12          1
    735 COVE ROAD, UNIT A2             8.875            594.35         90
                                       8.625            594.35       83,000.00
    STAMFORD         CT   06902          1            03/24/97         01
    0430212597                           01           05/01/97         25
    1580046048                           O            04/01/27
    0


    1573175          074/G02             F          165,750.00         ZZ
                                         360        165,652.14          1
    44 OAK RIDGE ROAD                  8.625          1,289.19         80
                                       8.375          1,289.19      207,200.00
    BETHEL           CT   06801          1            03/25/97         00
    0430212605                           05           05/01/97          0
    1580047062                           O            04/01/27
    0


    1573176          074/G02             F          104,000.00         ZZ
                                         360        103,943.19          1
    455 OLD OCEAN HOUSE ROAD           9.000            836.81         80
                                       8.750            836.81      130,000.00
1


    CAPE ELIZABETH   ME   04107          1            03/26/97         00
    0430212613                           05           05/01/97          0
    1580047481                           O            04/01/27
    0


    1573177          074/G02             F           63,000.00         ZZ
                                         360         62,967.34          1
    21 BEACON STREET                   9.250            518.29         75
    UNIT 6P                            9.000            518.29       84,000.00
    BOSTON           MA   02108          1            03/24/97         00
    0430207423                           06           05/01/97          0
    1580048010                           N            04/01/27
    0


    1573178          074/G02             F           68,400.00         ZZ
                                         360         68,365.46          2
    591-593 BENNINGTON STREET          9.375            568.92         88
                                       9.125            568.92       78,000.00
    EAST BOSTON      MA   02128          1            03/28/97         04
    0430207415                           05           05/01/97         25
    1580048065                           N            04/01/27
    0


    1573179          074/G02             F           36,000.00         ZZ
                                         360         35,980.84          2
    237 WHITE OAK DR                   9.125            292.91         80
                                       8.875            292.91       45,000.00
    ELYRIA           OH   44035          1            03/19/97         14
    0430207407                           05           05/01/97         12
    1581091300                           N            04/01/27
    0


    1573180          074/G02             F           35,100.00         ZZ
                                         360         35,080.82          1
    6217 MEADOWLARK DRIVE              9.000            282.43         90
                                       8.750            282.43       39,000.00
    INDIANAPOLIS     IN   46236          1            03/21/97         04
    0430207399                           05           05/01/97         30
    1581091569                           N            04/01/27
    0


    1573181          074/G02             F           50,000.00         ZZ
                                         360         49,571.96          1
    24621 WOOD                         8.875            397.83         53
                                       8.625            397.83       94,500.00
    SAINT CLAIR SHO  MI   48080          1            03/20/97         00
    0430210229                           05           05/01/97          0
    1581092674                           O            04/01/27
    0
1




    1573183          074/G02             F           51,300.00         ZZ
                                         360         51,273.41          4
    3714-16 BATES STREET               9.250            422.03         90
                                       9.000            422.03       57,000.00
    ST. LOUIS        MO   63116          1            03/28/97         01
    0430207373                           05           05/01/97         25
    1583044162                           N            04/01/27
    0


    1573184          074/G02             F           69,600.00         ZZ
                                         360         69,559.96          2
    1001-03 69TH STREET                8.750            547.54         80
                                       8.500            547.54       87,000.00
    KENOSHA          WI   53143          1            03/26/97         01
    0430212621                           05           05/01/97         12
    1583044195                           N            04/01/27
    0


    1573185          074/G02             F          176,000.00         ZZ
                                         360        175,701.33          1
    6 DUNDEE AVENUE                    8.875          1,400.34         80
                                       8.625          1,400.34      220,000.00
    ISELIN           NJ   08830          2            03/21/97         00
    0430212639                           05           05/01/97          0
    1587056651                           O            04/01/27
    0


    1573186          074/G02             F          187,500.00         ZZ
                                         360        187,397.58          1
    3 JACLYN DRIVE                     9.000          1,508.67         77
                                       8.750          1,508.67      245,000.00
    EAST HANOVER     NJ   07936          2            03/19/97         00
    0430212647                           05           05/01/97          0
    1587059718                           O            04/01/27
    0


    1573187          074/G02             F           65,600.00         T
                                         360         65,563.22          1
    4411 GROVELAND AVENUE              8.875            521.95         80
                                       8.625            521.95       82,000.00
    SARASOTA         FL   34231          1            03/12/97         00
    0430212654                           05           05/01/97          0
    1589097398                           O            04/01/27
    0


    1573188          074/G02             F          123,900.00         ZZ
                                         360        123,828.71          1
1


    5020 HERON PLACE                   8.750            974.73         79
                                       8.500            974.73      156,990.00
    COCONUT CREEK    FL   33073          1            03/24/97         00
    0430212662                           03           05/01/97          0
    1589101371                           O            04/01/27
    0


    1573189          074/G02             F           62,900.00         ZZ
                                         360         62,868.23          1
    601 N 65TH TERRACE                 9.375            523.18         90
                                       9.125            523.18       69,900.00
    HOLLYWOOD        FL   33024          1            03/19/97         01
    0430208199                           05           05/01/97         25
    1589101531                           N            04/01/27
    0


    1573190          074/G02             F           63,000.00         ZZ
                                         360         62,968.18          1
    6525 WILEY STREET                  9.375            524.01         90
                                       9.125            524.01       70,000.00
    HOLLYWOOD        FL   33023          1            03/24/97         01
    0430208181                           05           05/01/97         25
    1589101542                           N            04/01/27
    0


    1573191          074/G02             F           75,250.00         T
                                         360         75,208.90          1
    4702 WINWOOD DRIVE                 9.000            605.48         70
                                       8.750            605.48      107,500.00
    KISSIMMEE        FL   34746          1            03/27/97         00
    0430207944                           03           05/01/97          0
    1590037757                           O            04/01/27
    0


    1573192          074/G02             F           38,250.00         ZZ
                                         360         38,228.15          1
    4116 SPRUCE STREET                 9.000            307.77         90
                                       8.750            307.77       42,500.00
    MIMS             FL   32754          1            03/27/97         04
    0430208173                           05           05/01/97         25
    1590037848                           N            04/01/27
    0


    1573193          074/G02             F           76,800.00         ZZ
                                         360         76,756.94          1
    15760 SATICOY STREET               8.875            611.06         80
                                       8.625            611.06       96,000.00
    VAN NUYS         CA   91406          1            03/19/97         00
    0430208165                           05           05/01/97          0
1


    1596025761                           O            04/01/27
    0


    1573194          074/G02             F          129,600.00         ZZ
                                         360        129,521.49          1
    3001 SHEPHERD COURT                8.500            996.51         80
                                       8.250            996.51      162,000.00
    WOODRIDGE        IL   60517          1            03/31/97         00
    0430212670                           05           05/01/97          0
    1602095828                           O            04/01/27
    0


    1573195          074/G02             F           67,500.00         ZZ
                                         360         67,458.04          1
    802 GARFIELD                       8.375            513.05         90
                                       8.125            513.05       75,000.00
    HARVARD          IL   60033          1            03/31/97         10
    0430212688                           05           05/01/97         30
    1605110994                           N            04/01/27
    0


    1573196          074/G02             F          138,400.00         ZZ
                                         360        138,317.75          1
    910 MONTANA DR                     8.625          1,076.46         80
                                       8.375          1,076.46      173,000.00
    CARY             IL   60013          1            03/31/97         00
    0430212696                           05           05/01/97          0
    1605112151                           O            04/01/27
    0


    1573197          074/G02             F          132,000.00         ZZ
                                         360        131,920.03          1
    38377 DREXEL BLVD                  8.500          1,014.97         80
                                       8.250          1,014.97      165,000.00
    ANTIOCH          IL   60002          1            03/28/97         00
    0430212704                           05           05/01/97          0
    1606076870                           O            04/01/27
    0


    1573199          074/G02             F           25,000.00         ZZ
                                         360         24,985.24          1
    533 CENTRAL AVE                    8.625            194.45         32
                                       8.375            194.45       80,000.00
    KIRKWOOD         MO   63122          5            03/24/97         00
    0430213355                           05           05/01/97          0
    1632021977                           N            04/01/27
    0


1


    1573200          074/G02             F          352,000.00         ZZ
                                         360        351,757.76          1
    9821 FOX REST LANE                 7.875          2,552.24         80
                                       7.625          2,552.24      440,000.00
    VIENNA           VA   22181          1            03/31/97         00
    0430212712                           03           05/01/97          0
    1761093850                           O            04/01/27
    0


    1573201          074/G02             F          218,000.00         ZZ
                                         360        217,877.78          2
    9-11 LAWNDALE STREET               8.875          1,734.51         80
                                       8.625          1,734.51      272,500.00
    BELMONT          MA   02178          1            03/26/97         00
    0430212720                           05           05/01/97          0
    1816005317                           O            04/01/27
    0


    1573202          074/G02             F           42,300.00         ZZ
                                         360         42,275.67          1
    1807 FARRAND STREET                8.750            332.77         90
                                       8.500            332.77       47,000.00
    RICHMOND         VA   23231          1            03/31/97         04
    0430212738                           05           05/01/97         25
    1861013590                           N            04/01/27
    0


    1573203          074/G02             F           49,500.00         ZZ
                                         360         49,469.23          2
    7 MITCHELL AVENUE                  8.375            376.24         90
                                       8.125            376.24       55,000.00
    FRANKLIN         NJ   07416          1            03/12/97         10
    0430208140                           05           05/01/97         30
    1113044229                           N            04/01/27
    0


    1573204          074/G02             F           76,000.00         ZZ
                                         360         75,950.41          1
    3679 DEHAVEN DRIVE                 8.500            584.38         80
                                       8.250            584.38       95,000.00
    PALM HARBOR      FL   34684          1            03/14/97         00
    0430208124                           05           05/01/97          0
    1589099735                           O            04/01/27
    0


    1573205          074/G02             F           54,000.00         ZZ
                                         360         53,968.93          2
    406 MARION STREET                  8.750            424.82         90
                                       8.500            424.82       60,000.00
1


    JOLIET           IL   60436          1            03/14/97         10
    0430208132                           05           05/01/97         25
    1602095883                           N            04/01/27
    0


    1573220          E09/G02             F           97,200.00         ZZ
                                         360         97,200.00          1
    620 PAULSON DRIVE                  8.875            773.37         90
                                       8.625            773.37      108,000.00
    LAS VEGAS        NV   89123          1            04/14/97         04
    0430213025                           03           06/01/97         25
    01002651                             N            05/01/27
    0


    1573225          927/G02             F           62,000.00         T
                                         360         62,000.00          1
    2811 YUMA DRIVE                    8.625            482.23         80
                                       8.375            482.23       77,500.00
    LAKE HAVASU CIT  AZ   86406          1            03/31/97         00
    0430210401                           05           06/01/97          0
    252494                               O            05/01/27
    0


    1573232          731/G02             F          324,300.00         ZZ
                                         360        324,300.00          1
    2741 RINCONIA DRIVE                8.750          2,551.27         56
                                       8.500          2,551.27      580,000.00
    LOS ANGELES      CA   90068          5            04/07/97         00
    0430214189                           05           06/01/97          0
    413313510                            O            05/01/27
    0


    1573233          664/G02             F          121,500.00         ZZ
                                         360        121,431.88          4
    2306 BARTON VILLAGE CIRCLE         8.875            966.71         90
                                       8.625            966.71      135,000.00
    AUSTIN           TX   78704          1            03/31/97         10
    0430204446                           05           05/01/97         25
    2150035                              N            04/01/27
    0


    1573357          455/G02             F           42,000.00         ZZ
                                         360         41,978.79          1
    8847 WEST CHASE DRIVE              9.375            349.34         75
                                       9.125            349.34       56,000.00
    DOUGLASVILLE     GA   30134          1            03/24/97         00
    0430209403                           09           05/01/97          0
    55058                                N            04/01/27
    0
1




    1573366          286/286             F           94,400.00         ZZ
                                         360         94,400.00          1
    72 CONVERSE ST                     8.875            751.09         80
                                       8.625            751.09      118,000.00
    LONGMEADOW       MA   01106          1            04/14/97         10
    8366884                              05           06/01/97         12
    8366884                              N            05/01/27
    0


    1573371          E45/G02             F           74,000.00         ZZ
                                         360         74,000.00          1
    6915 SILVERMILL DRIVE              8.875            588.78         80
                                       8.625            588.78       92,500.00
    TAMPA            FL   33635          1            04/15/97         00
    0430211227                           05           06/01/97          0
    UNKNOWN                              O            05/01/27
    0


    1573372          498/G02             F           84,000.00         ZZ
                                         360         83,950.41          1
    213 LONGWOOD DRIVE                 8.625            653.34         80
                                       8.375            653.34      105,000.00
    WINSTON SALEM    NC   27104          1            03/26/97         00
    0430209460                           05           05/01/97          0
    1475608                              O            04/01/27
    0


    1573375          498/G02             F           49,450.00         ZZ
                                         360         49,422.99          1
    6820 NORTH RIDGE CT                9.000            397.89         87
                                       8.750            397.89       56,940.00
    CHARLOTTE        NC   28215          1            03/18/97         04
    0430209593                           05           05/01/97         25
    1475474                              N            04/01/27
    0


    1573377          498/G02             F           72,000.00         ZZ
                                         360         71,959.63          1
    6840 LA VISTA DRIVE                8.875            572.87         90
                                       8.625            572.87       80,000.00
    DALLAS           TX   75214          1            03/14/97         01
    0430206995                           05           05/01/97         25
    1476637                              N            04/01/27
    0


    1573380          253/253             F           84,000.00         ZZ
                                         360         84,000.00          1
1


    5012 REDLANDS RD NW                8.875            668.35         80
                                       8.625            668.35      105,000.00
    ALBUQUERQUE      NM   87120          1            04/08/97         12
    328130                               05           06/01/97         12
    328130                               N            05/01/27
    0


    1573391          498/G02             F           87,300.00         ZZ
                                         360         87,254.74          1
    4413 SAXONBURY LANE                9.250            718.20         90
                                       9.000            718.20       97,000.00
    CHARLOTTE        NC   28269          1            03/31/97         04
    0430209775                           03           05/01/97         25
    1476769                              N            04/01/27
    0


    1573417          E22/G02             F           56,250.00         ZZ
                                         360         56,250.00          1
    3324 HARRISON AVENUE               9.250            462.75         75
                                       9.000            462.75       75,000.00
    ROCKFORD         IL   61108          2            04/08/97         00
    0410210363                           05           06/01/97          0
    410210363                            O            05/01/27
    0


    1573418          E22/G02             F           25,100.00         ZZ
                                         360         25,100.00          1
    4130 S. 24TH WEST AVENUE          10.125            222.59         90
                                       9.875            222.59       27,900.00
    TULSA            OK   74107          1            04/11/97         04
    0410371371                           05           06/01/97         25
    410371371                            N            05/01/27
    0


    1573421          E22/G02             F          136,000.00         ZZ
                                         360        136,000.00          3
    538 SOUTH 1000 EAST               10.000          1,193.50         88
                                       9.750          1,193.50      155,000.00
    SALT LAKE        UT   84102          2            04/14/97         04
    0410387435                           05           06/01/97         25
    410387435                            N            05/01/27
    0


    1573425          E22/G02             F           71,200.00         ZZ
                                         360         71,200.00          1
    5733-A FOX HOLLOW DRIVE            8.875            566.50         80
                                       8.625            566.50       89,000.00
    BOCA RATON       FL   33486          1            04/15/97         00
    0410378160                           01           06/01/97          0
1


    410378160                            O            05/01/27
    0


    1573426          E22/G02             F          100,000.00         ZZ
                                         360        100,000.00          1
    9115 MASON AVENUE                  9.250            822.68         60
                                       9.000            822.68      168,000.00
    MORTON GROVE     IL   60053          5            04/11/97         00
    0410210488                           05           06/01/97          0
    410210488                            O            05/01/27
    0


    1573430          A78/G02             F          202,400.00         ZZ
                                         360        202,400.00          4
    1024 DRIFTWOOD DRIVE               8.375          1,538.39         75
                                       8.125          1,538.39      269,900.00
    FORT COLLINS     CO   80525          1            04/30/97         00
    0430222562                           05           06/01/97          0
    020013317                            N            05/01/27
    0


    1573431          E22/G02             F          193,500.00         ZZ
                                         360        193,500.00          4
    4964 PINE CONE COURT              10.375          1,751.96         90
                                      10.125          1,751.96      215,000.00
    LOVES PARK       IL   61111          1            04/16/97         04
    0410280283                           05           06/01/97         25
    410280283                            N            05/01/27
    0


    1573432          964/G02             F           69,200.00         ZZ
                                         360         69,200.00          2
    1830-1830 A EAST FLORIDA STREE     8.875            550.59         80
                                       8.625            550.59       86,500.00
    LONG BEACH       CA   90802          1            04/30/97         10
    0430222497                           05           06/01/97         12
    24652                                N            05/01/27
    0


    1573433          E22/G02             F          128,000.00         ZZ
                                         360        128,000.00          1
    205 BRANDING IRON LANE             9.125          1,041.45         80
                                       8.875          1,041.45      160,000.00
    BAILEY           CO   80421          1            04/14/97         04
    0410387716                           05           06/01/97         12
    410387716                            N            05/01/27
    0


1


    1573445          E22/G02             F           32,400.00         ZZ
                                         360         32,400.00          1
    470 NW 20 STREET                   9.500            272.44         65
    UNIT # 211C                        9.250            272.44       49,900.00
    BOCA RATON       FL   33431          1            04/11/97         00
    0410381420                           01           06/01/97          0
    410381420                            N            05/01/27
    0


    1573448          E22/G02             F          104,900.00         ZZ
                                         360        104,900.00          1
    27065 EVERETT                      9.500            882.06         73
                                       9.250            882.06      144,900.00
    SOUTHFIELD       MI   48076          1            04/11/97         00
    0410365456                           05           06/01/97          0
    410365456                            O            05/01/27
    0


    1573450          405/405             F          302,400.00         ZZ
                                         360        301,559.33          2
    221-221 1/2 MARINE PLACE           7.875          2,192.61         80
                                       7.625          2,192.61      378,500.00
    MANHATTAN BEACH  CA   90266          1            12/05/96         00
    4079604                              05           02/01/97          0
    4079604                              O            01/01/27
    0


    1573451          E22/G02             F           62,900.00         ZZ
                                         360         62,900.00          2
    136 & 138 S. HAWTHORNE LANE       10.750            587.16         90
                                      10.500            587.16       69,900.00
    INDIANAPOLIS     IN   46219          1            04/11/97         04
    0410371033                           05           06/01/97         25
    410371033                            N            05/01/27
    0


    1573457          E22/G02             F           50,000.00         ZZ
                                         360         50,000.00          1
    11330 SW 145 AVE                   8.750            393.35         31
                                       8.500            393.35      165,000.00
    MIAMI            FL   33186          5            04/01/97         00
    0410376685                           05           06/01/97          0
    410376685                            O            05/01/27
    0


    1573458          E22/G02             F          127,400.00         ZZ
                                         360        127,400.00          4
    2754-60 CHRISTINE BLVD            10.375          1,153.49         75
                                      10.125          1,153.49      169,900.00
1


    COLUMBUS         OH   43081          1            04/10/97         00
    0410364350                           01           06/01/97          0
    410364350                            N            05/01/27
    0


    1573459          E22/G02             F           63,000.00         ZZ
                                         360         63,000.00          1
    14372 S.W. 98TH TERRACE            8.875            501.26         70
                                       8.625            501.26       90,000.00
    MIAMI            FL   33186          1            04/02/97         00
    0410377774                           09           06/01/97          0
    410377774                            O            05/01/27
    0


    1573464          685/G02             F           55,200.00         ZZ
                                         360         55,200.00          1
    550 NORTH STATE STREET             8.625            429.34         80
                                       8.375            429.34       69,000.00
    MAYFIELD         UT   84643          5            04/03/97         00
    0430209270                           05           06/01/97          0
    107052                               O            05/01/27
    0


    1573472          862/G02             F           87,600.00         ZZ
                                         360         87,600.00          1
    3011 S.E. STARK STREET             9.000            704.85         80
                                       8.750            704.85      109,500.00
    PORTLAND         OR   97214          1            04/10/97         00
    0430212829                           05           06/01/97          0
    4344214                              O            05/01/27
    0


    1573473          862/G02             F          112,400.00         ZZ
                                         360        112,400.00          1
    1708 LIMPUS LANE                   9.000            904.40         75
                                       8.750            904.40      149,900.00
    FOREST GROVE     OR   97116          1            04/03/97         00
    0430207084                           05           06/01/97          0
    4392874                              O            05/01/27
    0


    1573475          862/G02             F           86,250.00         ZZ
                                         360         86,250.00          1
    1710 PLOVER STREET                 8.500            663.19         75
                                       8.250            663.19      115,000.00
    SAN DIEGO        CA   92114          5            04/14/97         00
    0430212837                           05           06/01/97          0
    4411450                              N            05/01/27
    0
1




    1573527          A78/G02             F           60,000.00         ZZ
                                         360         60,000.00          1
    218 NORTH SPRUCE STREET            9.125            488.18         75
                                       8.875            488.18       80,000.00
    COLORADO SPRING  CO   80905          1            04/10/97         00
    0430214510                           05           06/01/97          0
    10051772                             O            05/01/27
    0


    1573559          129/G02             F           87,750.00         ZZ
                                         360         87,658.67          1
    16 MOULTON STREET                  9.250            721.90         65
                                       9.000            721.90      135,000.00
    LACONIA          NH   03246          5            02/21/97         00
    0430222273                           05           04/01/97          0
    3966725                              N            03/01/27
    0


    1573606          661/661             F          112,000.00         ZZ
                                         360        111,655.92          1
    15922 WYANDOTTE STREET             8.500            861.18         80
                                       8.250            861.18      140,000.00
    LOS ANGELES (VA  CA   91406          5            11/01/96         00
    2734754                              05           01/01/97          0
    2734754                              O            12/01/26
    0


    1573608          661/661             F          240,000.00         ZZ
                                         360        239,722.83          1
    712 GLENMORE BOULEVARD             8.750          1,888.08         80
                                       8.500          1,888.08      300,000.00
    GLENDALE         CA   91206          5            02/01/97         00
    2819290                              05           04/01/97          0
    2819290                              O            03/01/27
    0


    1573615          661/661             F           80,000.00         ZZ
                                         360         79,950.28          1
    358 WEST DUANE STREET              8.375            608.05         80
                                       8.125            608.05      100,000.00
    BENSON           AZ   85602          5            03/25/97         00
    2830339                              05           05/01/97          0
    2830339                              O            04/01/27
    0


    1573642          286/286             F           42,600.00         ZZ
                                         360         42,571.41          1
1


    2920 BRIARWOOD ROAD                8.000            312.59         70
    #B3                                7.750            312.59       61,000.00
    BONITA           CA   91902          2            03/27/97         00
    9164007                              01           05/01/97          0
    9164007                              N            04/01/27
    0


    1573645          286/286             F          151,800.00         ZZ
                                         360        151,705.65          1
    4780 WEST DETROIT COURT            8.375          1,153.79         80
                                       8.125          1,153.79      189,750.00
    CHANDLER         AZ   85226          1            03/24/97         00
    9163134                              03           05/01/97          0
    9163134                              O            04/01/27
    0


    1573646          286/286             F           73,800.00         ZZ
                                         360         73,757.54          1
    4113 MANAYUNK AVENUE               8.750            580.59         90
                                       8.500            580.59       82,000.00
    PHILADELPHIA     PA   19128          1            03/31/97         10
    9166052                              07           05/01/97         25
    9166052                              N            04/01/27
    0


    1573647          286/286             F           73,800.00         ZZ
                                         360         73,757.54          1
    4115 MANAYUNK AVENUE               8.750            580.59         90
                                       8.500            580.59       82,000.00
    PHILADELPHIA     PA   19128          1            03/31/97         04
    9166050                              07           05/01/97         25
    9166050                              N            04/01/27
    0


    1573659          076/076             F          750,000.00         ZZ
                                         360        750,000.00          1
    253 OCEAN AVENUE                   9.500          6,306.41         54
                                       9.250          6,306.41    1,400,000.00
    KENNEBUNKPORT    ME   04046          2            03/31/97         00
    8137012                              05           06/01/97          0
    8137012                              O            05/01/27
    0


    1573663          253/253             F          145,350.00         ZZ
                                         360        145,350.00          1
    1510 136TH STREET COURT SOUTH      8.625          1,130.52         85
                                       8.375          1,130.52      171,000.00
    TACOMA           WA   98444          5            04/07/97         11
    328099                               05           06/01/97         20
1


    328099                               O            05/01/27
    0


    1573675          E22/G02             F           81,600.00         ZZ
                                         360         81,600.00          1
    1476 HAMPTON ROAD                  9.250            671.30         80
                                       9.000            671.30      102,000.00
    GRAPEVINE        TX   76051          1            04/15/97         04
    0410313621                           05           06/01/97         12
    410313621                            N            05/01/27
    0


    1573676          E22/G02             F           31,950.00         ZZ
                                         360         31,950.00          1
    6635 FRANKLIN STREET               9.000            257.08         90
                                       8.750            257.08       35,500.00
    OMAHA            NE   68104          1            04/18/97         04
    0410210900                           05           06/01/97         25
    410210900                            N            05/01/27
    0


    1573677          E22/G02             F           74,000.00         ZZ
                                         360         74,000.00          2
    2025 WEST BLVD.                    9.250            608.78         90
                                       9.000            608.78       82,400.00
    RACINE           WI   53403          1            04/18/97         04
    0410210785                           05           06/01/97         25
    410210785                            N            05/01/27
    0


    1573687          E22/G02             F          107,200.00         T
                                         360        107,200.00          1
    5207 SOUTH ATLANTIC AVENUE         9.125            872.21         80
    UNIT #223                          8.875            872.21      134,000.00
    NEW SMYRNA BEAC  FL   32169          1            04/16/97         00
    0410377782                           06           06/01/97          0
    410377782                            O            05/01/27
    0


    1573690          E22/G02             F           80,000.00         ZZ
                                         360         80,000.00          2
    2230 N. KENNETH AVE.               9.500            672.68         80
                                       9.250            672.68      100,000.00
    CHICAGO          IL   60639          1            04/18/97         00
    0410210280                           05           06/01/97          0
    410210280                            O            05/01/27
    0


1


    1573692          E22/G02             F           88,000.00         ZZ
                                         360         88,000.00          1
    1901 BAY OAKS COURT                8.500            676.64         80
                                       8.250            676.64      110,000.00
    FORT WORTH       TX   76112          1            04/15/97         00
    0410322796                           05           06/01/97          0
    410322796                            O            05/01/27
    0


    1573694          E22/G02             F           60,500.00         ZZ
                                         360         60,500.00          1
    4235 NW 52ND AVENUE                9.500            508.72         72
                                       9.250            508.72       85,000.00
    LAUDERDALE LAKE  FL   33319          2            04/07/97         00
    0410377428                           05           06/01/97          0
    410377428                            O            05/01/27
    0


    1573699          E22/G02             F          500,000.00         ZZ
                                         360        499,754.05          1
    4527 MAHOGANY LANE                 9.500          4,204.28         77
                                       9.250          4,204.28      649,500.00
    COPPER CANYON    TX   75067          1            03/24/97         00
    0410370944                           05           05/01/97          0
    410370944                            O            04/01/27
    0


    1573702          E22/G02             F           72,000.00         ZZ
                                         360         71,964.58          1
    5407 HARDY                         9.500            605.42         90
                                       9.250            605.42       80,000.00
    OVERLAND PARK    KS   66202          1            04/03/97         10
    0410316863                           05           05/01/97         25
    410316863                            N            04/01/27
    0


    1573707          E22/G02             F          161,600.00         ZZ
                                         360        161,600.00          1
    2403 COLLEGE DRIVE                 8.625          1,256.91         80
                                       8.375          1,256.91      202,000.00
    COSTA MESA       CA   92626          1            04/07/97         00
    0410362255                           05           06/01/97          0
    410362255                            O            05/01/27
    0


    1573710          E22/G02             F          322,300.00         ZZ
                                         360        322,300.00          1
    976 BLACKSTILT COURT               8.500          2,478.21         80
                                       8.250          2,478.21      402,910.00
1


    CARLSBAD         CA   92009          1            04/14/97         00
    0410372874                           03           06/01/97          0
    410372874                            O            05/01/27
    0


    1573743          405/405             F          224,950.00         ZZ
                                         360        224,813.72          1
    104 KENDALL LANE                   8.500          1,729.68         80
                                       8.250          1,729.68      283,000.00
    BOERNE           TX   78006          1            03/21/97         00
    4167656                              03           05/01/97          0
    4167656                              O            04/01/27
    0


    1573750          405/405             F           72,000.00         ZZ
                                         360         71,960.67          1
    3030 WOODLAND DRIVE                9.000            579.33         90
                                       8.750            579.33       80,000.00
    KENNESAW         GA   30144          1            03/24/97         04
    4167433                              05           05/01/97         25
    4167433                              N            04/01/27
    0


    1573751          405/405             F          120,000.00         ZZ
                                         360        120,000.00          1
    636 LILL STREET                    8.875            954.78         62
                                       8.625            954.78      196,000.00
    BARRINGTON       IL   60010          1            04/01/97         00
    4177937                              05           06/01/97          0
    4177937                              N            05/01/27
    0


    1573752          405/405             F           96,200.00         ZZ
                                         360         96,146.06          1
    218 PLAYERS CIRCLE                 8.875            765.42         90
                                       8.625            765.42      106,900.00
    FAYETTEVILLE     GA   30215          1            03/31/97         01
    4175667                              03           05/01/97         25
    4175667                              N            04/01/27
    0


    1573755          560/560             F           32,300.00         ZZ
                                         360         32,281.41          1
    12510 E  WHITE BLUFF ROAD          8.750            254.11         90
    1303                               8.500            254.11       35,900.00
    SAVANNAH         GA   31419          1            03/28/97         04
    450678636                            01           05/01/97         25
    450678636                            N            04/01/27
    0
1




    1573783          129/G02             F           95,000.00         ZZ
                                         360         94,878.44          1
    3300 SPRINGBROOK DR NW             8.250            713.70         55
                                       8.000            713.70      175,000.00
    WALKER           MI   49544          1            02/26/97         00
    0430211599                           05           04/01/97          0
    3020074435                           O            03/01/27
    0


    1573784          201/G02             F           60,000.00         ZZ
                                         360         59,963.65          1
    5431 HAVEN OAKS DRIVE              8.500            461.35         80
                                       8.250            461.35       75,000.00
    KINGWOOD         TX   77339          2            03/06/97         00
    0430208637                           05           05/01/97          0
    7800966595                           O            04/01/27
    0


    1573802          A83/G02             F          636,750.00         ZZ
                                         360        636,343.97          1
    210 SEA VIEW TERRACE               8.250          4,783.69         75
                                       8.000          4,783.69      849,000.00
    WATSONVILLE      CA   95076          1            03/19/97         00
    0430215111                           05           05/01/97          0
    155303                               O            04/01/27
    0


    1573807          664/G02             F          162,200.00         ZZ
                                         360        162,200.00          4
    3432 LOMBARD STREET                8.250          1,218.56         80
                                       8.000          1,218.56      202,750.00
    EVERETT          WA   98201          1            04/09/97         10
    0430215038                           05           06/01/97         12
    2262434                              N            05/01/27
    0


    1573809          664/G02             F          184,000.00         ZZ
                                         360        184,000.00          1
    13201 NE 69TH WAY                  8.875          1,463.99         80
                                       8.625          1,463.99      230,000.00
    REDMOND          WA   98052          1            04/11/97         00
    0430211268                           05           06/01/97          0
    2264851                              O            05/01/27
    0


    1573815          B75/G02             F           34,400.00         ZZ
                                         360         34,400.00          1
1


    7503 KIMBERLY BLVD UNIT #138       9.500            289.25         80
                                       9.250            289.25       43,000.00
    N LAUDERDALE     FL   33068          1            04/07/97         01
    0430213876                           01           06/01/97         12
    2817815                              N            05/01/27
    0


    1573820          B75/G02             F          141,050.00         ZZ
                                         360        140,970.92          1
    4691 W TOLEDO STREET               8.875          1,122.26         70
                                       8.625          1,122.26      201,500.00
    CHANDLER         AZ   85226          5            03/27/97         00
    0430209098                           03           05/01/97          0
    2807360                              O            04/01/27
    0


    1573822          225/225             F          146,200.00         ZZ
                                         360        145,815.10          1
    877 & 879 W 2000 NORTH             9.250          1,202.76         90
                                       9.000          1,202.76      162,500.00
    PROVO            UT   84604          1            11/12/96         10
    8027460                              05           01/01/97         25
    8027460                              N            12/01/26
    0


    1573826          225/225             F          412,500.00         ZZ
                                         360        411,564.65          3
    3646 NORTH MAGNOLIA AVENUE         8.875          3,282.04         75
                                       8.625          3,282.04      550,000.00
    CHICAGO          IL   60613          2            12/13/96         00
    8030411000                           05           02/01/97          0
    8030411000                           N            01/01/27
    0


    1573827          731/G02             F          200,000.00         ZZ
                                         360        200,000.00          1
    3353 WEST CACTUS AVENUE            8.500          1,537.83         76
                                       8.250          1,537.83      265,000.00
    LAS VEGAS        NV   89139          1            04/08/97         00
    0430209288                           05           06/01/97          0
    252533413                            O            05/01/27
    0


    1573832          685/G02             F          233,950.00         ZZ
                                         360        233,950.00          1
    18136 EAST DORSET COURT            8.500          1,798.87         80
                                       8.250          1,798.87      292,480.00
    ROWLAND HEIGHTS  CA   91748          1            04/14/97         00
    0430210989                           03           06/01/97          0
1


    107427                               O            05/01/27
    0


    1573835          559/G02             F          165,000.00         ZZ
                                         360        165,000.00          1
    16 KRISTY COURT                    8.625          1,283.36         63
                                       8.375          1,283.36      265,000.00
    NOVATO           CA   94947          5            04/10/97         00
    0430217497                           05           06/01/97          0
    5432398                              O            05/01/27
    0


    1573870          A83/G02             F          551,250.00         ZZ
                                         360        550,907.37          1
    3560 LA HONDA ROAD                 8.375          4,189.90         75
                                       8.125          4,189.90      735,000.00
    SAN GREGORIO     CA   94074          5            03/25/97         00
    0430220319                           05           05/01/97          0
    157594                               O            04/01/27
    0


    1573877          E26/G02             F          123,300.00         ZZ
                                         360        123,300.00          1
    310 ARLINGTON AVE UNIT 420         9.000            992.10         90
                                       8.750            992.10      137,000.00
    CHARLOTTE        NC   28203          1            04/17/97         10
    0430211425                           01           06/01/97         35
    50700269                             N            05/01/27
    0


    1573879          A19/G02             F          162,700.00         ZZ
                                         360        162,700.00          2
    7 NICKERSON ROAD                   9.125          1,323.78         90
                                       8.875          1,323.78      180,800.00
    PEABODY          MA   01960          1            05/02/97         10
    0430213462                           05           06/01/97         30
    UNKNOWN                              N            05/01/27
    0


    1573888          253/253             F           35,900.00         ZZ
                                         360         35,900.00          1
    542 LAKESIDE DRIVE                 9.125            292.10         90
                                       8.875            292.10       39,900.00
    AZLE             TX   76020          1            04/14/97         04
    328238                               05           06/01/97         25
    328238                               N            05/01/27
    0


1


    1573894          369/G02             F           63,200.00         ZZ
                                         360         63,200.00          1
    33 BISHOP LANE                     8.750            497.20         80
                                       8.500            497.20       79,000.00
    MOORESVILLE      IN   46158          1            04/11/97         00
    0430211334                           05           06/01/97          0
    60233046                             O            05/01/27
    0


    1573896          369/G02             F          107,100.00         ZZ
                                         360        107,045.91          1
    1473 SOUTH LINCOLN STREET          9.375            890.81         70
                                       9.125            890.81      153,000.00
    DENVER           CO   80210          5            03/26/97         00
    0430213868                           05           05/01/97          0
    60497567                             N            04/01/27
    0


    1573897          369/G02             F          135,450.00         ZZ
                                         360        135,372.07          1
    7705 LONG POINT DRIVE              8.750          1,065.59         70
                                       8.500          1,065.59      193,500.00
    AUSTIN           TX   78731          1            03/26/97         00
    0430214486                           05           05/01/97          0
    197983                               O            04/01/27
    0


    1573898          369/G02             F           45,600.00         T
                                         360         45,575.73          1
    119 SURF SCOOTER DRIVE             9.125            371.02         60
                                       8.875            371.02       76,000.00
    DAYTONA BEACH    FL   32119          1            03/31/97         00
    0430214155                           09           05/01/97          0
    60435526                             O            04/01/27
    0


    1573901          685/G02             F          197,550.00         ZZ
                                         360        197,550.00          1
    5 STANFORD COURT                   8.250          1,484.13         80
                                       8.000          1,484.13      246,990.00
    COTO DE CAZA     CA   92679          1            04/14/97         00
    0430206573                           03           06/01/97          0
    107419                               O            05/01/27
    0


    1573919          561/G02             F          180,000.00         ZZ
                                         360        180,000.00          2
    1236 BISCAYNE BOULEVARD            9.500          1,513.54         95
                                       9.250          1,513.54      190,000.00
1


    UNION            NJ   07083          1            04/03/97         10
    0430209155                           05           06/01/97         35
    8989501                              O            05/01/27
    0


    1573920          561/G02             F          294,500.00         ZZ
                                         360        294,500.00          1
    11017 TREVA COURT                  8.875          2,343.18         85
                                       8.625          2,343.18      350,000.00
    GERMANTOWN       MD   20876          5            03/28/97         10
    0430222166                           05           06/01/97         12
    9018821                              O            05/01/27
    0


    1573923          369/G02             F           54,500.00         T
                                         360         54,472.47          1
    3129 BEAR PATH DRIVE               9.375            453.31         50
                                       9.125            453.31      111,000.00
    KISSIMMEE        FL   34746          1            03/31/97         00
    0430214528                           05           05/01/97          0
    0060535945                           O            04/01/27
    0


    1573924          369/G02             F          142,000.00         ZZ
                                         360        141,922.43          1
    106 CROSS KEYS DRIVE               9.000          1,142.57         80
                                       8.750          1,142.57      178,000.00
    BOOTHWYN         PA   19061          1            03/31/97         00
    0430213124                           05           05/01/97          0
    0060408614                           O            04/01/27
    0


    1573933          E13/G02             F           63,900.00         ZZ
                                         360         63,900.00          1
    514 SOUTH ROBINSON STREET          9.250            525.69         90
                                       9.000            525.69       71,000.00
    BALTIMORE        MD   21224          1            04/30/97         01
    0430219485                           07           06/01/97         25
    196705                               N            05/01/27
    0


    1573934          757/757             F           61,000.00         ZZ
                                         360         61,000.00          1
    1621 ALLGOOD ROAD                  9.125            496.32         61
                                       8.875            496.32      100,000.00
    STONE MOUNTAIN   GA   30083          2            04/11/97         00
    2951960                              03           06/01/97          0
    2951960                              N            05/01/27
    0
1




    1573939          687/G02             F           70,800.00         ZZ
                                         360         70,800.00          1
    228 W FULTON STREET                9.000            569.67         80
                                       8.750            569.67       88,500.00
    BUTLER           PA   16001          1            04/10/97         00
    0430209114                           05           06/01/97          0
    970311013                            O            05/01/27
    0


    1573942          369/G02             F           55,200.00         ZZ
                                         360         55,171.38          1
    1142 ELEVENTH AVENUE EAST          9.250            454.12         77
                                       9.000            454.12       72,000.00
    MT DORA          FL   32757          1            03/24/97         00
    0430211359                           05           05/01/97          0
    60533841                             O            04/01/27
    0


    1573946          369/G02             F           36,000.00         ZZ
                                         360         35,981.82          1
    22823 HOCKADAY                     9.375            299.43         90
                                       9.125            299.43       40,000.00
    KATY             TX   77450          1            03/24/97         01
    0430214627                           03           05/01/97         25
    49674971                             N            04/01/27
    0


    1573947          766/G02             F          140,000.00         ZZ
                                         360        140,000.00          1
    9713 289TH STREET EAST             8.750          1,101.38         80
                                       8.500          1,101.38      175,000.00
    MYAKKA CITY      FL   34251          1            04/14/97         00
    0430212860                           05           06/01/97          0
    97DA0130                             O            05/01/27
    0


    1573948          369/G02             F           67,600.00         ZZ
                                         360         67,564.02          1
    2344 BUSH AVENUE                   9.125            550.02         77
                                       8.875            550.02       88,000.00
    ST PAUL          MN   55119          1            04/08/97         00
    0430213660                           05           05/01/97          0
    60198876                             O            04/01/27
    0


    1573949          737/G02             F          143,000.00         ZZ
                                         360        143,000.00          1
1


    1814 BOND CIRCLE                   9.375          1,189.40         90
                                       9.125          1,189.40      159,255.00
    PRESCOTT VALLEY  AZ   86314          1            04/11/97         10
    0430213470                           05           06/01/97         25
    512054                               N            05/01/27
    0


    1573951          369/G02             F           80,000.00         ZZ
                                         360         79,955.15          1
    131 ESTRELLA VISTA STREET          8.875            636.52         77
                                       8.625            636.52      105,000.00
    COLORADO SPRING  CO   80911          1            04/01/97         00
    0430214478                           05           05/01/97          0
    49750904                             O            04/01/27
    0


    1573952          253/253             F           27,342.00         ZZ
                                         360         27,342.00          1
    2305 FREETOWN COURT                9.125            222.47         89
    #2B                                8.875            222.47       31,000.00
    RESTON           VA   20191          1            04/11/97         10
    327791                               01           06/01/97         25
    327791                               N            05/01/27
    0


    1573955          140/G02             F           18,900.00         ZZ
                                         360         18,900.00          1
    1105 N EDWARD STREET               9.000            152.07         90
                                       8.750            152.07       21,000.00
    DECATUR          IL   62522          1            04/16/97         10
    0430214817                           05           06/01/97         25
    432044                               N            05/01/27
    0


    1573957          E45/G02             F          128,000.00         ZZ
                                         360        128,000.00          1
    11909 SHADOW RUN BLVD              8.875          1,018.43         80
                                       8.625          1,018.43      160,000.00
    RIVERVIEW        FL   33569          2            04/04/97         00
    0430215467                           05           06/01/97          0
    UNKNOWN                              O            05/01/27
    0


    1573992          874/G02             F           52,000.00         ZZ
                                         360         52,000.00          1
    5066 JEFFREYS STREET UNIT #102     9.000            418.40         80
                                       8.750            418.40       65,000.00
    LAS VEGAS        NV   89119          1            04/29/97         10
    0430221002                           01           06/01/97         12
1


    3700212                              N            05/01/27
    0


    1574038          201/G02             F           34,650.00         ZZ
                                         360         34,650.00          1
    4733 PINE STREET                   8.750            272.60         90
                                       8.500            272.60       38,500.00
    SEABROOK         TX   77586          1            04/09/97         04
    0430213017                           05           06/01/97         25
    7800977840                           N            05/01/27
    0


    1574049          E22/G02             F           44,100.00         ZZ
                                         360         44,100.00          1
    706 ST.VINCENT ST.                 9.250            362.80         90
                                       9.000            362.80       49,000.00
    SOUTH BEND       IN   46617          1            04/15/97         04
    0410366041                           05           06/01/97         25
    410366041                            N            05/01/27
    0


    1574055          E22/G02             F           78,400.00         ZZ
                                         360         78,400.00          1
    1000 COOK BLVD.                    8.750            616.77         80
                                       8.500            616.77       98,000.00
    BRADLEY          IL   60915          1            04/18/97         00
    0410209019                           05           06/01/97          0
    410209019                            O            05/01/27
    0


    1574063          E22/G02             F           34,200.00         ZZ
                                         360         34,200.00          2
    18866-18868 WIGWAM DRIVE          10.000            300.13         90
                                       9.750            300.13       38,000.00
    INDEPENDENCE     MO   64056          1            04/16/97         04
    0410315683                           05           06/01/97         25
    410315683                            N            05/01/27
    0


    1574066          405/405             F           36,000.00         ZZ
                                         360         36,000.00          1
    202 IVY LANE                       9.250            296.17         90
                                       9.000            296.17       40,000.00
    UNIVERSAL CITY   TX   78148          1            04/07/97         01
    4164927                              05           06/01/97         25
    4164927                              N            05/01/27
    0


1


    1574069          201/G02             F           34,650.00         ZZ
                                         360         34,650.00          1
    4802 PINE STREET                   8.750            272.60         90
                                       8.500            272.60       38,500.00
    SEABROOK         TX   77586          1            04/09/97         01
    0430211409                           05           06/01/97         25
    7800977873                           N            05/01/27
    0


    1574072          E22/G02             F          214,400.00         T
                                         360        214,400.00          1
    613 TEAL AVENUE                    8.875          1,705.86         80
                                       8.625          1,705.86      268,096.00
    KISSIMMEE        FL   34747          1            04/16/97         00
    0410381685                           03           06/01/97          0
    410381685                            O            05/01/27
    0


    1574073          E22/G02             F           28,800.00         ZZ
                                         360         28,800.00          2
    4430 STATION AVENUE               10.000            252.74         90
                                       9.750            252.74       32,000.00
    CINCINANTI       OH   45232          1            04/14/97         04
    0410370621                           05           06/01/97         25
    410370621                            N            05/01/27
    0


    1574076          E22/G02             F          248,000.00         ZZ
                                         360        248,000.00          1
    328 EL TUACA COURT                 8.750          1,951.02         80
                                       8.500          1,951.02      310,000.00
    CAMARILLO        CA   93010          1            04/08/97         00
    0410298954                           03           06/01/97          0
    410298954                            O            05/01/27
    0


    1574084          E22/G02             F          138,400.00         ZZ
                                         360        138,400.00          1
    21306 LEGEND AVENUE                8.875          1,101.17         80
                                       8.625          1,101.17      173,000.00
    CARSON           CA   90745          2            04/09/97         00
    0410342281                           05           06/01/97          0
    410342281                            O            05/01/27
    0


    1574088          E22/G02             F          180,000.00         ZZ
                                         360        180,000.00          1
    1587 TIMBER CREEK DRIVE            8.250          1,352.28         77
                                       8.000          1,352.28      234,950.00
1


    SAN JOSE         CA   95131          1            04/14/97         00
    0410370753                           09           06/01/97          0
    410370753                            O            05/01/27
    0


    1574090          E22/G02             F          148,000.00         T
                                         360        148,000.00          1
    13687 HANSEL AVENUE                9.000          1,190.84         65
                                       8.750          1,190.84      230,000.00
    TRUCKEE          CA   96161          2            04/17/97         00
    0410371447                           03           06/01/97          0
    410371447                            O            05/01/27
    0


    1574096          E22/G02             F           87,500.00         ZZ
                                         360         87,500.00          1
    514 B STREET                       9.000            704.04         70
                                       8.750            704.04      125,000.00
    HAYWARD          CA   94541          5            04/09/97         00
    0410361711                           05           06/01/97          0
    410361711                            N            05/01/27
    0


    1574098          E22/G02             F          220,500.00         ZZ
                                         360        220,500.00          3
    2120 WEST 135 AVENUE               9.250          1,814.00         70
                                       9.000          1,814.00      315,000.00
    SAN LEANDRO      CA   94577          5            04/17/97         00
    0410361703                           05           06/01/97          0
    410361703                            N            05/01/27
    0


    1574108          559/G02             F          161,800.00         ZZ
                                         360        161,800.00          1
    125 CASABELLA DRIVE                8.500          1,244.11         90
                                       8.250          1,244.11      181,500.00
    SONOMA           CA   95476          1            04/03/97         10
    0430214908                           05           06/01/97         30
    5431671                              N            05/01/27
    0


    1574113          559/G02             F          204,750.00         ZZ
                                         360        204,750.00          1
    15687 CRUISER COURT                8.750          1,610.77         80
                                       8.500          1,610.77      255,950.00
    SAN LEANDRO      CA   94579          1            04/15/97         00
    0430217505                           03           06/01/97          0
    5431390                              O            05/01/27
    0
1




    1574168          560/560             F           51,000.00         ZZ
                                         360         51,000.00          1
    9070 GREEN MEADOWS WAY             8.875            405.78         72
                                       8.625            405.78       71,000.00
    PALM BEACH GARD  FL   33418          1            04/22/97         00
    450697008                            03           06/01/97          0
    450697008                            O            05/01/27
    0


    1574172          757/757             F           40,800.00         T
                                         360         40,800.00          1
    23 BRADMORE LANE                   9.000            328.29         60
                                       8.750            328.29       68,000.00
    PALM COAST       FL   32137          1            04/14/97         00
    8900281                              05           06/01/97          0
    8900281                              O            05/01/27
    0


    1574173          757/757             F          102,060.00         ZZ
                                         360        102,060.00          1
    3083 ASCOT COURT                   9.250            839.63         90
                                       9.000            839.63      113,400.00
    CHAMBLEE         GA   30341          1            04/17/97         01
    2951978                              05           06/01/97         25
    2951978                              N            05/01/27
    0


    1574181          286/286             F           64,000.00         ZZ
                                         360         63,963.18          1
    1459 HOWELL STREET                 8.750            503.49         76
                                       8.500            503.49       85,000.00
    PHILADELPHIA     PA   19149          5            03/26/97         00
    9163853                              07           05/01/97          0
    9163853                              O            04/01/27
    0


    1574185          737/G02             F           69,300.00         ZZ
                                         360         69,300.00          1
    1984 POPLAR RIDGE DRIVE            9.500            582.71         90
                                       9.250            582.71       77,000.00
    LAWRENCEVILLE    GA   30244          1            04/15/97         04
    0430218404                           05           06/01/97         25
    559788                               N            05/01/27
    0


    1574186          286/286             F           33,550.00         ZZ
                                         360         33,532.60          1
1


    50 EAST STREET UNIT 7              9.250            276.01         80
                                       9.000            276.01       41,950.00
    DORCHESTER       MA   02121          1            03/31/97         10
    9162741                              01           05/01/97         12
    9162741                              N            04/01/27
    0


    1574189          286/286             F           65,925.00         ZZ
                                         360         65,888.99          1
    1639 GINGERLEAF LANE               9.000            530.45         90
                                       8.750            530.45       73,250.00
    HOUSTON          TX   77055          1            03/31/97         10
    9167859                              05           05/01/97         25
    9167859                              N            04/01/27
    0


    1574192          G34/G02             F          391,200.00         ZZ
                                         360        391,200.00          1
    280 SUMMIT AVE #2                  9.000          3,147.68         80
                                       8.750          3,147.68      489,000.00
    ST PAUL          MN   55102          1            04/15/97         00
    0430214460                           01           06/01/97          0
    UNKNOWN                              O            05/01/27
    0


    1574193          286/286             F           17,000.00         ZZ
                                         360         16,990.95          1
    1104 EDISON AVE                    9.125            138.32         90
                                       8.875            138.32       18,907.00
    AKRON            OH   44301          1            03/18/97         10
    0008569317                           05           05/01/97         25
    0008569317                           N            04/01/27
    0


    1574206          957/G02             F          106,500.00         ZZ
                                         360        106,500.00          1
    3950 3952 3954 3956 PORTLAND       8.500            818.90         75
    STREET                             8.250            818.90      142,000.00
    IRVING           TX   75038          1            04/17/97         00
    0430214403                           05           06/01/97          0
    0193638                              N            05/01/27
    0


    1574211          B28/G02             F          133,000.00         ZZ
                                         360        133,000.00          1
    2611 NORTH COLLEGE                 9.000          1,070.15         70
                                       8.750          1,070.15      190,000.00
    DURANGO          CO   81301          5            04/08/97         00
    0430214841                           05           06/01/97          0
1


    05970336                             N            05/01/27
    0


    1574214          B75/G02             F           97,450.00         ZZ
                                         360         97,450.00          1
    9303 SOUTHEAST FRANCIS STREET      9.000            784.10         85
                                       8.750            784.10      115,000.00
    PORTLAND         OR   97266          5            04/08/97         01
    0430213207                           05           06/01/97         25
    2808178                              N            05/01/27
    0


    1574215          286/286             F           41,400.00         ZZ
                                         360         41,376.18          1
    901 12TH ST                        8.750            325.70         82
                                       8.500            325.70       51,000.00
    PLEASANT GROVE   AL   35127          1            03/20/97         10
    0008608837                           05           05/01/97         25
    0008608837                           N            04/01/27
    0


    1574216          225/225             F          448,000.00         ZZ
                                         360        447,779.64          1
    290 MORAGA WAY                     9.500          3,767.03         60
                                       9.250          3,767.03      750,000.00
    ORINDA           CA   94563          2            03/26/97         00
    804365500                            05           05/01/97          0
    804365500                            O            04/01/27
    0


    1574217          286/286             F          112,800.00         ZZ
                                         360        112,726.21          1
    209 W PARK AVE                     8.125            837.54         80
                                       7.875            837.54      141,000.00
    CULPEPER         VA   22701          1            03/24/97         00
    0008231026                           05           05/01/97          0
    0008231026                           O            04/01/27
    0


    1574220          514/G02             F           72,400.00         ZZ
                                         360         72,356.14          1
    612 MYRTLE STREET                  8.500            556.69         84
                                       8.250            556.69       87,000.00
    LOUISVILLE       KY   40208          2            03/28/97         14
    0430214494                           05           05/01/97         20
    360060                               N            04/01/27
    0


1


    1574221          757/757             F           44,500.00         ZZ
                                         360         44,500.00          1
    605 CANDLER STREET B-11            9.000            358.06         71
                                       8.750            358.06       63,000.00
    GAINESVILLE      GA   30501          2            04/15/97         00
    2952190                              01           06/01/97          0
    2952190                              O            05/01/27
    0


    1574222          286/286             F           55,000.00         ZZ
                                         360         55,000.00          2
    776 BALTIMORE ST                   9.250            452.48         75
                                       9.000            452.48       74,000.00
    HANOVER          PA   17331          5            03/31/97         00
    UNKNOWN                              05           06/01/97          0
    UNKNOWN                              O            05/01/27
    0


    1574223          B28/G02             F           53,850.00         ZZ
                                         360         53,850.00          1
    4933 IRVING STREET                 8.875            428.46         90
                                       8.625            428.46       60,000.00
    DENVER           CO   80221          1            04/17/97         12
    0430214791                           05           06/01/97         25
    05970149                             N            05/01/27
    0


    1574249          591/G02             F           91,800.00         ZZ
                                         360         91,800.00          1
    4315 WEST MARKET STREET            8.500            705.87         90
                                       8.250            705.87      102,000.00
    YORK             PA   17404          1            04/30/97         10
    0430220038                           05           06/01/97         20
    103503303                            N            05/01/27
    0


    1574296          568/G02             F          100,000.00         ZZ
                                         360        100,000.00          1
    1287 WALKER ROAD                   9.250            822.68         80
                                       9.000            822.68      125,000.00
    TERRY            MS   39170          1            05/02/97         00
    0430221036                           05           06/01/97          0
    808632                               O            05/01/27
    0


    1574299          661/661             F          380,000.00         ZZ
                                         360        379,763.81          1
    25 SAN GABRIEL DRIVE               8.375          2,888.27         97
                                       8.125          2,888.27      392,000.00
1


    FAIRFAX          CA   94930          1            03/06/97         93
    970309                               05           05/01/97         30
    970309                               O            04/01/27
    0


    1574303          964/G02             F          312,000.00         ZZ
                                         360        312,000.00          1
    949 SILVERADO DRIVE                8.500          2,399.01         80
                                       8.250          2,399.01      390,000.00
    WOODLAND         CA   95695          1            04/11/97         00
    0430211540                           05           06/01/97          0
    23661                                O            05/01/27
    0


    1574306          661/661             F           70,775.00         ZZ
                                         360         70,513.14          1
    18 D CASTLE ROCK DRIVE             8.500            544.20         95
    CASTLE ROCK CONDOMINIUM            8.250            544.20       75,000.00
    CHARLESTOWN      RI   02813          1            10/16/96         92
    2684066                              01           12/01/96         30
    2684066                              O            11/01/26
    0


    1574308          661/661             F           84,000.00         ZZ
                                         360         83,939.20          1
    1750 SKIPPACK PIKE                 7.625            594.55        100
    #2004                              7.375            594.55       84,000.00
    BLUE BELL        PA   19422          1            03/20/97         92
    2784528                              09           05/01/97         30
    2784528                              O            04/01/27
    0


    1574312          661/661             F          155,000.00         ZZ
                                         360        154,796.53          1
    8 HADIK PARKWAY                    8.125          1,150.87         80
                                       7.875          1,150.87      195,000.00
    NORWALK          CT   06854          1            02/21/97         93
    2803468                              05           04/01/97         30
    2803468                              O            03/01/27
    0


    1574313          661/661             F           76,500.00         ZZ
                                         360         76,359.98          1
    421 15TH ST NORTHWEST              8.500            588.22         76
                                       8.250            588.22      101,500.00
    NAPLES           FL   34120          1            01/31/97         93
    2802304                              05           03/01/97         30
    2802304                              O            02/01/27
    0
1




    1574314          661/661             F           63,500.00         ZZ
                                         360         63,458.46          1
    1418 14TH LANE                     8.125            471.49        100
    UNIT D                             7.875            471.49       63,500.00
    LAKEWORTH        FL   33463          1            03/13/97         92
    2830412                              01           05/01/97         30
    2830412                              O            04/01/27
    0


    1574317          661/661             F          375,000.00         ZZ
                                         360        374,495.08          1
    11317 WOODBROOK LANE               8.000          2,751.62        100
                                       7.750          2,751.62      375,000.00
    RESTON           VA   20194          1            02/28/97         92
    2817385                              03           04/01/97         30
    2817385                              O            03/01/27
    0


    1574318          661/661             F           85,000.00         ZZ
                                         360         84,896.66          1
    1545 18TH STREET NORTHWEST         8.500            653.57        100
    UNIT 209                           8.250            653.57       85,000.00
    WASHINGTON       DC   20036          1            02/28/97         92
    2834539                              06           04/01/97         30
    2834539                              O            03/01/27
    0


    1574331          E67/G02             F          124,900.00         ZZ
                                         360        124,900.00          1
    17185 MILKY WAY                    8.500            960.37         56
                                       8.250            960.37      223,000.00
    BEND             OR   97702          2            04/18/97         00
    0430210682                           05           06/01/97          0
    06174                                O            05/01/27
    0


    1574352          927/G02             F          131,400.00         ZZ
                                         360        131,400.00          1
    4426 EAST ANDERSON DRIVE           9.375          1,092.92         90
                                       9.125          1,092.92      146,000.00
    PHOENIX          AZ   85032          1            04/09/97         01
    0430212332                           03           06/01/97         25
    252882                               N            05/01/27
    0


    1574392          201/G02             F           30,600.00         ZZ
                                         360         30,583.71          1
1


    8 WASHINGTON STREET                9.125            248.98         90
                                       8.875            248.98       34,000.00
    TRENTON          NJ   08611          1            03/27/97         01
    0430217695                           07           05/01/97         25
    3800978581                           N            04/01/27
    0


    1574395          227/G02             F          163,262.00         ZZ
                                         360        163,262.00          1
    7140 HARLAN LANE                   8.875          1,298.99         80
                                       8.625          1,298.99      204,078.00
    SYKESVILLE       MD   21784          1            04/11/97         00
    0430213215                           05           06/01/97          0
    1665524                              O            05/01/27
    0


    1574507          201/G02             F           45,550.00         ZZ
                                         360         45,550.00          1
    1240 BARTON HILLS DRIVE            9.250            374.73         95
    UNIT NUMBER 109                    9.000            374.73       48,000.00
    AUSTIN           TX   78704          1            04/11/97         11
    0430210765                           01           06/01/97         30
    4200982918                           O            05/01/27
    0


    1574521          766/G02             F           51,750.00         ZZ
                                         360         51,725.86          1
    7987 NW 7TH ST #D-9                9.750            444.61         75
                                       9.500            444.61       69,000.00
    MIAMI            FL   33126          1            03/31/97         00
    0430216168                           01           05/01/97          0
    97LO0005                             N            04/01/27
    0


    1574522          766/G02             F           51,750.00         ZZ
                                         360         51,725.86          1
    7987 NW 7TH ST #D-10               9.750            444.61         75
                                       9.500            444.61       69,000.00
    MIAMI            FL   33126          1            03/31/97         00
    0430215103                           01           05/01/97          0
    97LO0013                             N            04/01/27
    0


    1574525          766/G02             F           51,750.00         ZZ
                                         360         51,725.86          1
    7987 NW 7 STREET                   9.750            444.61         75
    UNIT #D6                           9.500            444.61       69,000.00
    MIAMI            FL   33126          1            03/31/97         00
    0430213744                           01           05/01/97          0
1


    97LO0036                             N            04/01/27
    0


    1574527          E10/G02             F           27,000.00         T
                                         360         27,000.00          1
    1799 N HIGHLAND AVENUE             9.500            227.03         90
    #140                               9.250            227.03       30,000.00
    CLEARWATER       FL   34615          1            04/22/97         01
    0430221960                           01           06/01/97         25
    019700111                            O            05/01/27
    0


    1574531          B75/G02             F          126,000.00         ZZ
                                         360        125,936.38          1
    4455-4457 MILLER STREET            9.375          1,048.00         70
                                       9.125          1,048.00      180,000.00
    WHEAT RIDGE      CO   80033          5            03/31/97         00
    0430216234                           05           05/01/97          0
    2914737                              N            04/01/27
    0


    1574540          B75/G02             F           99,900.00         ZZ
                                         360         99,900.00          2
    8270 & 8280 WEST 54TH AVENUE       9.250            821.85         80
                                       9.000            821.85      124,950.00
    ARVADA           CO   80003          1            04/08/97         10
    0430216259                           05           06/01/97         12
    2914729                              N            05/01/27
    0


    1574541          E45/G02             F           51,600.00         ZZ
                                         360         51,600.00          1
    171 ERIN COURT                     8.750            405.94         52
                                       8.500            405.94      100,000.00
    BYRON            GA   31008          2            04/11/97         00
    0430215327                           05           06/01/97          0
    70712                                O            05/01/27
    0


    1574548          003/G02             F          100,350.00         ZZ
                                         360        100,350.00          1
    135 STONEFOREST DRIVE              8.750            789.46         90
                                       8.500            789.46      111,500.00
    WOODSTOCK        GA   30189          1            04/16/97         10
    0430222240                           03           06/01/97         25
    0003830023                           N            05/01/27
    0


1


    1574557          225/225             F           74,700.00         ZZ
                                         360         74,700.00          1
    1301 N COURTHOUSE ROAD             8.500            574.38         90
    #916                               8.250            574.38       83,000.00
    ARLINGTON        VA   22201          1            04/17/97         10
    328104                               06           06/01/97         25
    328104                               N            05/01/27
    0


    1574558          076/076             F           45,000.00         ZZ
                                         360         44,977.27          2
    5036 NORTH 10TH STREET             9.375            374.29         90
                                       9.125            374.29       50,000.00
    PHILADELPHIA     PA   19140          1            03/28/97         10
    7079932                              05           05/01/97         30
    7079932                              N            04/01/27
    0


    1574561          076/076             F           82,800.00         ZZ
                                         360         82,493.60          1
    3639 REGENCY PARK DRIVE            8.500            636.67         90
                                       8.250            636.67       92,000.00
    DULUTH           GA   30136          1            10/25/96         10
    7063507                              07           12/01/96         30
    7063507                              N            11/01/26
    0


    1574564          286/286             F          149,600.00         ZZ
                                         360        149,600.00          2
    3652 ASBURY AVENUE                 8.875          1,190.29         63
                                       8.625          1,190.29      237,500.00
    OCEAN CITY       NJ   08226          2            04/04/97         00
    9166037                              05           06/01/97          0
    9166037                              N            05/01/27
    0


    1575416          201/G02             F           62,100.00         ZZ
                                         360         62,100.00          1
    4144 GEYSTONE                      8.875            494.10         90
                                       8.625            494.10       69,000.00
    SUGAR LAND       TX   77479          1            04/04/97         01
    0430212878                           01           06/01/97         25
    7800981123                           O            05/01/27
    0


    1575417          201/G02             F          100,000.00         ZZ
                                         360        100,000.00          1
    1015 D SPRING STREET               8.250            751.27         80
                                       8.000            751.27      125,000.00
1


    PHILADELPHIA     PA   19107          1            04/10/97         00
    0430212746                           09           06/01/97          0
    3800977302                           O            05/01/27
    0


    1575469          253/253             F          195,000.00         ZZ
                                         360        195,000.00          1
    1013 WALNUT ST                     8.625          1,516.69         53
                                       8.375          1,516.69      370,000.00
    NEWTON           MA   02161          1            04/23/97         00
    328473                               05           06/01/97          0
    328473                               O            05/01/27
    0


    1575492          757/757             F           88,650.00         ZZ
                                         360         88,650.00          2
    108 A & B LOCKWOOD TERRACE         8.875            705.34         90
                                       8.625            705.34       98,500.00
    DECATUR          GA   30030          1            04/22/97         10
    2952174                              05           06/01/97         25
    2952174                              N            05/01/27
    0


    1575495          757/757             F           83,700.00         ZZ
                                         360         83,700.00          2
    303 MATHEWS AVENUE                 9.500            703.80         65
                                       9.250            703.80      130,000.00
    ATLANTA          GA   30307          2            04/22/97         00
    2952125                              05           06/01/97          0
    2952125                              N            05/01/27
    0


    1575496          909/G02             F          180,000.00         ZZ
                                         360        180,000.00          1
    1325 CARLETON WAY                  8.125          1,336.49         80
                                       7.875          1,336.49      225,000.00
    FULLERTON        CA   92833          1            04/14/97         00
    0430215046                           05           06/01/97          0
    6004066                              O            05/01/27
    0


    1575497          B28/G02             F           77,400.00         ZZ
                                         360         77,400.00          1
    4315 ERICSON DRIVE                 9.125            629.76         90
                                       8.875            629.76       86,000.00
    COLORADO SPRING  CO   80906          1            04/09/97         01
    0430216523                           05           06/01/97         30
    05970394                             N            05/01/27
    0
1




    1575500          201/G02             F           52,150.00         T
                                         360         52,150.00          1
    4795 PERRY ROAD                    8.750            410.27         44
                                       8.500            410.27      120,000.00
    GAINESVILLE      GA   30506          5            04/09/97         00
    0430212001                           05           06/01/97          0
    405193                               O            05/01/27
    0


    1575540          776/G02             F          136,000.00         ZZ
                                         360        136,000.00          3
    4548-4550-4550 1/2 ELLENWOOD       8.625          1,057.79         80
    DRIVE                              8.375          1,057.79      170,000.00
    LOS ANGELES      CA   90041          2            04/08/97         14
    0430214197                           05           06/01/97         12
    2144463                              N            05/01/27
    0


    1575541          776/G02             F          124,500.00         ZZ
                                         360        124,500.00          3
    740-742 NORTH OCCIDENTAL BLVD      8.625            968.35         56
                                       8.375            968.35      225,000.00
    LOS ANGELES      CA   90026          2            04/07/97         00
    0430214098                           05           06/01/97          0
    2144464                              N            05/01/27
    0


    1575545          593/593             F           22,500.00         T
                                         360         22,443.46          1
    464 N HIGHWAY 143                  8.375            171.02         75
    UNIT 107A                          8.125            171.02       30,000.00
    BRIAN HEAD       UT   84719          1            12/20/96         00
    6830520                              01           02/01/97          0
    6830520                              O            01/01/27
    0


    1575547          593/593             F          272,000.00         ZZ
                                         360        271,660.68          1
    143 ARMIJO COURT                   8.375          2,067.40         80
                                       8.125          2,067.40      340,000.00
    CORRALES         NM   87048          1            03/05/97         00
    6859029                              05           04/01/97          0
    6859029                              O            03/01/27
    0


    1575553          664/G02             F           74,050.00         ZZ
                                         360         74,050.00          4
1


    2216 MISSION HILL DRIVE            9.375            615.92         90
                                       9.125            615.92       82,300.00
    AUSTIN           TX   78744          1            04/18/97         10
    0430213736                           05           06/01/97         25
    2150043                              N            05/01/27
    0


    1575565          731/G02             F          180,000.00         ZZ
                                         360        180,000.00          4
    1691-1697 WINNDOWNE TRAIL          9.250          1,480.82         90
                                       9.000          1,480.82      200,000.00
    SMYRNA           GA   30080          1            04/23/97         01
    0430213769                           05           06/01/97         25
    3140864005                           N            05/01/27
    0


    1575569          776/G02             F           98,500.00         ZZ
                                         360         98,500.00          3
    4375-4377 1/2 CAMERO AVENUE        8.625            766.12         57
                                       8.375            766.12      175,000.00
    LOS ANGELES      CA   90027          2            04/07/97         00
    0430213801                           05           06/01/97          0
    2144466                              N            05/01/27
    0


    1575570          776/G02             F          129,800.00         ZZ
                                         360        129,800.00          1
    165 SOUTH OAK AVENUE               8.500            998.05         74
                                       8.250            998.05      177,000.00
    PASADENA         CA   91107          2            04/09/97         00
    0430214171                           05           06/01/97          0
    2144465                              N            05/01/27
    0


    1575599          B28/G02             F           60,000.00         ZZ
                                         360         60,000.00          1
    1112 BROWNING AVENUE               8.875            477.39         62
                                       8.625            477.39       97,000.00
    WOODLAND PARK    CO   80863          5            04/14/97         00
    0430219584                           05           06/01/97          0
    05970310                             N            05/01/27
    0


    1575603          455/G02             F           40,000.00         ZZ
                                         360         40,000.00          1
    4437 OAK HILL TERRACE              9.500            336.35         54
                                       9.250            336.35       75,000.00
    MARIETTA         GA   30066          1            04/11/97         00
    0430216564                           05           06/01/97          0
1


    55250                                O            05/01/27
    0


    1575604          286/286             F           23,950.00         ZZ
                                         360         23,950.00          1
    8601 PARK LANE                     9.250            197.04         75
    #111                               9.000            197.04       31,950.00
    DALLAS           TX   75231          1            04/04/97         00
    9165823                              01           06/01/97          0
    9165823                              N            05/01/27
    0


    1575614          074/G02             F           85,000.00         ZZ
                                         360         84,949.82          1
    13 OAKLAND AVE                     8.625            661.12         40
                                       8.375            661.12      213,000.00
    WEST CALDWELL    NJ   07006          5            03/27/97         00
    0430212035                           05           05/01/97          0
    1101209467                           O            04/01/27
    0


    1575615          074/G02             F          112,000.00         ZZ
                                         360        111,867.28          2
    444-446 SOUTH QUAKER LANE          8.625            871.12         90
                                       8.375            871.12      125,000.00
    WEST HARTFORD    CT   06110          2            02/28/97         10
    0430212142                           05           04/01/97         25
    1113037631                           N            03/01/27
    0


    1575616          074/G02             F           48,800.00         ZZ
                                         360         48,771.92          1
    921 W UNIVERSITY DRIVE             8.750            383.91         80
    #1002                              8.500            383.91       61,000.00
    MESA             AZ   85201          1            03/03/97         00
    0430212134                           01           05/01/97          0
    1207002689                           O            04/01/27
    0


    1575617          074/G02             F           61,600.00         ZZ
                                         360         61,600.00          1
    7600 E LOGAN PL                    8.500            473.65         70
                                       8.250            473.65       88,000.00
    TUCSON           AZ   85730          5            04/04/97         00
    0430212126                           05           06/01/97          0
    1221165989                           N            05/01/27
    0


1


    1575618          074/G02             F           48,600.00         ZZ
                                         360         46,539.20          1
    8225 MERCIER STREET                9.000            391.05         90
                                       8.750            391.05       54,000.00
    KANSAS CITY      MO   64114          1            02/26/97         10
    0430212068                           05           04/01/97         25
    1456003659                           N            03/01/27
    0


    1575619          074/G02             F          180,000.00         ZZ
                                         360        179,792.12          1
    17812 CANTRELL                     8.750          1,416.06         80
                                       8.500          1,416.06      225,000.00
    LINWOOD          KS   66052          1            02/28/97         00
    0430212118                           05           04/01/97          0
    1456004844                           O            03/01/27
    0


    1575620          074/G02             F           36,000.00         ZZ
                                         360         35,959.49          4
    2005-2007 WABASH                   8.875            286.43         90
                                       8.625            286.43       40,000.00
    KANSAS CITY      MO   64127          1            02/28/97         04
    0430212092                           05           04/01/97         25
    1456004899                           N            03/01/27
    0


    1575621          074/G02             F          150,000.00         ZZ
                                         360        149,817.62          1
    12566 GRANDVIEW                    8.500          1,153.37         89
                                       8.250          1,153.37      170,000.00
    OVERLAND PARK    KS   66213          1            02/19/97         04
    0430214551                           03           04/01/97         25
    1456004924                           N            03/01/27
    0


    1575622          074/G02             F           62,750.00         ZZ
                                         360         62,750.00          1
    29464 BARBER ROAD                  8.875            499.27         80
                                       8.625            499.27       78,500.00
    WEST HARRISON    IN   47060          5            04/07/97         14
    0430212084                           05           06/01/97         12
    1577071309                           O            05/01/27
    0


    1575624          074/G02             F          152,000.00         ZZ
                                         360        152,000.00          1
    84 MAIN STREET                     9.250          1,250.47         80
                                       9.000          1,250.47      190,000.00
1


    HOLLIS           NH   03049          1            04/08/97         00
    0430214569                           05           06/01/97          0
    1580049396                           O            05/01/27
    0


    1575626          074/G02             F           19,500.00         ZZ
                                         360         19,500.00          1
    26424 ANNAPOLIS                    9.375            162.20         65
                                       9.125            162.20       30,000.00
    INKSTER          MI   48141          5            04/09/97         00
    0430214148                           05           06/01/97          0
    1581091536                           N            05/01/27
    0


    1575628          074/G02             F           60,000.00         ZZ
                                         360         59,932.47          1
    413 N CHURCH STREET                8.875            477.39         47
                                       8.625            477.39      130,000.00
    MOORESTOWN       NJ   08057          5            02/24/97         00
    0430213256                           05           04/01/97          0
    1587058715                           O            03/01/27
    0


    1575630          074/G02             F           46,400.00         T
                                         360         46,373.99          1
    521 SEAPORT BOULEVARD              8.875            369.18         70
                                       8.625            369.18       66,300.00
    CAPE CANAVERAL   FL   32920          1            04/01/97         00
    0430214122                           01           05/01/97          0
    1590037564                           O            04/01/27
    0


    1575632          074/G02             F          144,000.00         ZZ
                                         360        143,851.09          1
    53 EAST 54TH STREET                8.625          1,120.02         84
                                       8.375          1,120.02      173,000.00
    BROOKLYN         NY   11203          5            03/26/97         11
    0430215657                           05           05/01/97         12
    1111092989                           O            04/01/27
    0


    1575633          074/G02             F          108,000.00         ZZ
                                         360        107,872.78          1
    72 LIVINGSTON ROAD                 8.750            849.64         80
    TOWN OF KENT                       8.500            849.64      136,000.00
    CARMEL           NY   10512          2            03/25/97         00
    0430213975                           05           05/01/97          0
    1111094394                           O            04/01/27
    0
1




    1575634          074/G02             F           98,000.00         ZZ
                                         360         97,943.61          1
    634 KENYON ST NW                   8.750            770.97         70
                                       8.500            770.97      140,000.00
    WASHINGTON       DC   20010          2            03/31/97         00
    0430213967                           07           05/01/97          0
    1113041038                           N            04/01/27
    0


    1575636          074/G02             F          350,000.00         T
                                         360        349,813.74          1
    6301 COLLINS AVE PH8               9.125          2,847.72         74
                                       8.875          2,847.72      475,000.00
    MIAMI BEACH      FL   33140          1            03/31/97         00
    0430214056                           06           05/01/97          0
    1311273568                           O            04/01/27
    0


    1575639          074/G02             F           31,950.00         ZZ
                                         360         31,930.64          1
    8906 TIOGA AVE                     8.500            245.67         90
                                       8.250            245.67       35,500.00
    CLEVELAND        OH   44105          1            03/28/97         21
    0430214080                           05           05/01/97         25
    1402035990                           N            04/01/27
    0


    1575640          074/G02             F           45,900.00         ZZ
                                         360         45,873.59          4
    4328-4330 TROOST AVENUE            8.750            361.10         90
                                       8.500            361.10       51,000.00
    KANSAS CITY      MO   64111          1            03/28/97         10
    0430214106                           05           05/01/97         25
    1456003910                           N            04/01/27
    0


    1575641          074/G02             F           89,900.00         ZZ
                                         360         89,846.93          1
    30 WILLOWBROOK DRIVE WEST          8.625            699.23         90
                                       8.375            699.23       99,900.00
    MERIDIAN         ID   83642          1            03/20/97         11
    0430213504                           05           05/01/97         25
    1492002638                           N            04/01/27
    0


    1575642          074/G02             F          175,000.00         ZZ
                                         360        174,769.64          1
1


    2732 HARRISON STREET               8.125          1,299.38         70
                                       7.875          1,299.38      250,000.00
    RIVERSIDE        CA   92503          5            02/24/97         00
    0430214072                           05           04/01/97          0
    1506215464                           O            03/01/27
    0


    1575643          074/G02             F          122,400.00         ZZ
                                         240        122,210.84          1
    1704 WETHERSFIELD ROAD             8.750          1,081.66         90
                                       8.500          1,081.66      136,000.00
    AUSTIN           TX   78703          1            03/27/97         01
    0430213314                           05           05/01/97         25
    1520008608                           N            04/01/17
    0


    1575644          074/G02             F           68,800.00         ZZ
                                         360         68,756.13          1
    4043 OAKHAVEN                      8.250            516.87         75
                                       8.000            516.87       91,850.00
    SAN ANTONIO      TX   78217          1            03/14/97         00
    0430214007                           05           05/01/97          0
    1526002820                           O            04/01/27
    0


    1575645          074/G02             F          129,950.00         ZZ
                                         360        129,873.28          1
    4721 GLEN IVY CIRCLE UNIT 6        8.625          1,010.74         80
                                       8.375          1,010.74      162,450.00
    ROANOKE          VA   24018          1            03/21/97         12
    0430213439                           01           05/01/97         12
    1563146545                           O            04/01/27
    0


    1575646          074/G02             F          140,000.00         ZZ
                                         360        139,908.42          1
    13439 ESSEX COURT                  8.125          1,039.50         80
                                       7.875          1,039.50      175,000.00
    EDEN PRAIRIE     MN   55437          1            03/28/97         00
    0430213306                           05           05/01/97          0
    1576036608                           O            04/01/27
    0


    1575647          074/G02             F           25,200.00         ZZ
                                         360         25,186.23          1
    605 S CLEVELAND STREET             9.000            202.77         90
                                       8.750            202.77       28,000.00
    MEMPHIS          TN   38104          1            03/26/97         01
    0430213579                           05           05/01/97         25
1


    1577070500                           N            04/01/27
    0


    1575648          074/G02             F           60,300.00         ZZ
                                         360         60,266.19          1
    116 HAMILTON AVENUE                8.875            479.78         90
                                       8.625            479.78       67,000.00
    SPARTANBURG      SC   29302          1            03/31/97         04
    0430214593                           05           05/01/97         25
    1577071025                           N            04/01/27
    0


    1575650          074/G02             F           93,500.00         ZZ
                                         360         93,444.79          1
    623 FRUIT HILL AVENUE              8.625            727.24         85
                                       8.375            727.24      110,000.00
    NORTH PROVIDENC  RI   02904          5            03/26/97         01
    0430214015                           05           05/01/97         17
    1580048520                           O            04/01/27
    0


    1575651          074/G02             F          144,000.00         ZZ
                                         360        143,912.76          3
    3 SCHUYLER PLACE                   8.500          1,107.24         55
                                       8.250          1,107.24      265,000.00
    BAYONNE          NJ   07002          2            03/20/97         00
    0430214064                           05           05/01/97          0
    1587059467                           O            04/01/27
    0


    1575652          074/G02             F          126,400.00         ZZ
                                         360        126,317.31          1
    18 RANDALL STREET                  8.125            938.52         80
                                       7.875            938.52      158,000.00
    ANNAPOLIS        MD   21401          1            03/31/97         00
    0430213942                           07           05/01/97          0
    1587060524                           O            04/01/27
    0


    1575653          074/G02             F           87,400.00         ZZ
                                         360         87,351.00          2
    1005 E. BEACH AVENUE               8.875            695.40         95
                                       8.625            695.40       92,000.00
    BRIGANTINE       NJ   08203          1            03/26/97         14
    0430214023                           05           05/01/97         30
    1587061742                           O            04/01/27
    0


1


    1575654          074/G02             F          100,000.00         ZZ
                                         360         99,948.15          1
    171 DEVONSHIRE DRIVE, FAIRFAX      9.250            822.68         61
                                       9.000            822.68      165,000.00
    WILMINGTON       DE   19803          5            03/26/97         00
    0430212159                           05           05/01/97          0
    1587061822                           O            04/01/27
    0


    1575655          074/G02             F          256,000.00         ZZ
                                         360        255,848.85          1
    20014 HALLER AVENUE                8.625          1,991.15         80
                                       8.375          1,991.15      320,000.00
    POOLESVILLE      MD   20837          1            03/28/97         00
    0430214049                           05           05/01/97          0
    1587062949                           O            04/01/27
    0


    1575656          074/G02             F           35,000.00         ZZ
                                         360         34,979.86          4
    2714-2716 ANN AVE                  8.750            275.35         68
                                       8.500            275.35       52,000.00
    ST LOUIS         MO   63104          5            03/24/97         00
    0430213959                           05           05/01/97          0
    1632021707                           N            04/01/27
    0


    1575657          074/G02             F           49,500.00         ZZ
                                         360         49,472.96          1
    1470F SENECA DR                    9.000            398.29         90
                                       8.750            398.29       55,000.00
    BLACKSBURG       VA   24060          1            03/28/97         04
    0430214601                           01           05/01/97         30
    1785010959                           N            04/01/27
    0


    1575658          074/G02             F           23,100.00         ZZ
                                         360         23,088.34          1
    359 ECHO LAKE ROAD                 9.375            192.13         55
                                       9.125            192.13       42,000.00
    WATERTOWN        CT   06795          1            03/27/97         00
    0430212167                           05           05/01/97          0
    1817107593                           N            04/01/27
    0


    1575665          286/286             F           95,900.00         ZZ
                                         360         95,780.37          1
    8828 QUAILS BEND LN                8.375            728.91         80
                                       8.125            728.91      119,900.00
1


    KNOXVILLE        TN   37923          1            02/27/97         00
    8437665                              05           04/01/97          0
    8437665                              O            03/01/27
    0


    1575960          E22/G02             F          300,000.00         ZZ
                                         360        300,000.00          1
    2135 INVERNESS DRIVE               8.500          2,306.74         75
                                       8.250          2,306.74      401,000.00
    SOUTH LAKE TAHO  CA   96150          1            04/10/97         00
    0410371660                           03           06/01/97          0
    410371660                            O            05/01/27
    0


    1575976          E22/G02             F          139,000.00         ZZ
                                         360        139,000.00          1
    2440 OCEAN VISTA DRIVE             9.250          1,143.52         32
                                       9.000          1,143.52      439,500.00
    SEASIDE          OR   97138          2            04/14/97         00
    0410298640                           05           06/01/97          0
    410298640                            N            05/01/27
    0


    1575978          E22/G02             F          172,000.00         ZZ
                                         360        172,000.00          2
    34454 VIA VERDE                    8.750          1,353.12         80
                                       8.500          1,353.12      215,000.00
    DANA POINT       CA   92629          1            04/16/97         00
    0410295851                           05           06/01/97          0
    410295851                            O            05/01/27
    0


    1575986          E22/G02             F           61,750.00         ZZ
                                         360         61,750.00          1
    3041 W. 20TH AVENUE                9.750            530.53         65
                                       9.500            530.53       95,000.00
    DENVER           CO   80211          5            04/22/97         00
    0410387864                           05           06/01/97          0
    410387864                            N            05/01/27
    0


    1575987          E22/G02             F           17,050.00         ZZ
                                         360         17,050.00          1
    9665 COYLE AVE                     9.750            146.49         55
                                       9.500            146.49       31,000.00
    DETROIT          MI   48228          5            04/16/97         00
    0410379630                           05           06/01/97          0
    410379630                            N            05/01/27
    0
1




    1575991          E22/G02             F           84,500.00         ZZ
                                         360         84,500.00          1
    3420 W. 17TH AVENUE                9.750            725.99         65
                                       9.500            725.99      130,000.00
    DENVER           CO   80204          5            04/22/97         00
    0410387872                           05           06/01/97          0
    410387872                            N            05/01/27
    0


    1575994          E22/G02             F           66,800.00         ZZ
                                         360         66,800.00          1
    55 CINDY LANE                      9.375            555.61         80
                                       9.125            555.61       83,500.00
    PONCE INLET      FL   32127          1            04/21/97         00
    0410383780                           05           06/01/97          0
    410383780                            O            05/01/27
    0


    1575995          E22/G02             F           88,000.00         ZZ
                                         360         88,000.00          1
    26 SANDPIPER DRIVE                 8.000            645.71         80
                                       7.750            645.71      110,000.00
    LAPLACE          LA   70068          1            04/18/97         00
    0410370738                           05           06/01/97          0
    410370738                            O            05/01/27
    0


    1576006          E22/G02             F           63,750.00         ZZ
                                         360         63,750.00          1
    321 SE 7TH AVE                     8.875            507.22         75
                                       8.625            507.22       85,000.00
    DEERFIELD BEACH  FL   33441          1            04/21/97         00
    0410379523                           05           06/01/97          0
    410379523                            N            05/01/27
    0


    1576011          E22/G02             F           51,750.00         ZZ
                                         360         51,750.00          1
    407 DISSTON AVENUE                 9.500            435.14         90
                                       9.250            435.14       57,500.00
    MINNEOLA         FL   34711          1            04/15/97         10
    0410381461                           05           06/01/97         25
    410381461                            N            05/01/27
    0


    1576013          E22/G02             F           45,000.00         ZZ
                                         360         45,000.00          1
1


    6421 WEST 22ND COURT               9.250            370.20         50
                                       9.000            370.20       90,000.00
    HIALEAH          FL   33016          1            04/16/97         00
    0410379739                           05           06/01/97          0
    410379739                            O            05/01/27
    0


    1576019          E22/G02             F           25,200.00         ZZ
                                         360         25,200.00          1
    11560 KENMOOR                      9.750            216.51         70
                                       9.500            216.51       36,000.00
    DETROIT          MI   48205          5            04/18/97         00
    0410371348                           05           06/01/97          0
    410371348                            N            05/01/27
    0


    1576020          E22/G02             F           50,400.00         ZZ
                                         360         50,400.00          1
    15390 LOLA DRIVE                   9.500            423.79         90
                                       9.250            423.79       56,000.00
    REDFORD          MI   48154          1            04/10/97         01
    0410369946                           05           06/01/97         25
    410369946                            N            05/01/27
    0


    1576028          E22/G02             F           78,650.00         ZZ
                                         360         78,650.00          1
    47415 LADD                         9.125            639.92         65
                                       8.875            639.92      121,000.00
    SHELBY TOWNSHIP  MI   48317          5            04/14/97         00
    0410364897                           05           06/01/97          0
    410364897                            O            05/01/27
    0


    1576033          975/G02             F          150,000.00         ZZ
                                         360        150,000.00          1
    11360 MICHELLE STREET              8.500          1,153.37         58
                                       8.250          1,153.37      260,000.00
    CERRITOS         CA   90703          1            04/16/97         00
    0430219857                           05           06/01/97          0
    970975                               O            05/01/27
    0


    1576037          E22/G02             F           30,150.00         ZZ
                                         360         30,150.00          1
    822 S. CAMDEN STREET               9.375            250.77         90
                                       9.125            250.77       33,500.00
    SOUTH BEND       IN   46619          1            04/15/97         04
    0410370910                           05           06/01/97         25
1


    410370910                            N            05/01/27
    0


    1576040          G52/G02             F          124,000.00         ZZ
                                         360        124,000.00          1
    4002 EAST CALLE DE JARDIN          8.750            975.51         80
                                       8.500            975.51      155,000.00
    TUCSON           AZ   85711          1            04/17/97         00
    0430219550                           05           06/01/97          0
    196151                               O            05/01/27
    0


    1576041          E22/G02             F           46,000.00         ZZ
                                         360         46,000.00          1
    10551 W BROWARD BLVD UNIT# 309     9.250            378.43         80
                                       9.000            378.43       57,500.00
    PLANTATION       FL   33324          1            04/21/97         00
    0410379150                           01           06/01/97          0
    410379150                            O            05/01/27
    0


    1576050          776/G02             F          137,200.00         ZZ
                                         360        137,200.00          1
    1361 KENNETH DRIVE                 9.125          1,116.30         80
                                       8.875          1,116.30      171,500.00
    TUSTIN AREA      CA   92780          1            04/23/97         00
    0430214957                           05           06/01/97          0
    2144532                              O            05/01/27
    0


    1576051          E22/G02             F           44,000.00         ZZ
                                         360         44,000.00          1
    11033 W LAWRENCE RD.               9.250            361.98         80
                                       9.000            361.98       55,000.00
    NASHVILLE        MI   49073          1            04/15/97         00
    0410364004                           05           06/01/97          0
    410364004                            O            05/01/27
    0


    1576053          E22/G02             F           40,500.00         ZZ
                                         360         40,500.00          1
    1229 MADISON ST. EAST              9.250            333.18         90
                                       9.000            333.18       45,000.00
    SOUTH BEND       IN   46617          1            04/18/97         04
    0410369870                           05           06/01/97         25
    410369870                            N            05/01/27
    0


1


    1576073          E67/G02             F          204,500.00         ZZ
                                         360        204,500.00          1
    6784 THUNDERBIRD COURT             8.250          1,536.34         26
                                       8.000          1,536.34      800,000.00
    REDMOND          OR   97756          2            04/17/97         00
    0430219451                           03           06/01/97          0
    6295                                 O            05/01/27
    0


    1576075          637/G02             F          108,000.00         ZZ
                                         360        108,000.00          1
    1866 APALACHEE DRIVE               8.500            830.43         80
                                       8.250            830.43      135,000.00
    SOUTH LAKE TAHO  CA   96150          1            04/15/97         00
    0430215368                           05           06/01/97          0
    9659673                              O            05/01/27
    0


    1576083          180/G02             F          103,950.00         ZZ
                                         360        103,950.00          1
    108 LIVE OAK DRIVE                 9.125            845.77         90
                                       8.875            845.77      115,500.00
    GEORGETOWN       TX   78628          1            04/10/97         04
    0430216127                           05           06/01/97         25
    4820544                              N            05/01/27
    0


    1576094          E22/G02             F           54,000.00         ZZ
                                         360         53,972.01          2
    514 BRIGHTON STREET                9.250            444.24         90
                                       9.000            444.24       60,000.00
    LAPORTE          IN   46350          1            03/31/97         14
    0410365266                           05           05/01/97         25
    410365266                            N            04/01/27
    0


    1576095          561/G02             F          117,000.00         ZZ
                                         360        117,000.00          1
    6729 KNOLLBROOK DRIVE              9.375            973.15         90
                                       9.125            973.15      130,000.00
    HYATTSVILLE      MD   20783          1            04/09/97         12
    0430223123                           05           06/01/97         25
    9018078                              N            05/01/27
    0


    1576099          E22/G02             F          144,000.00         ZZ
                                         360        144,000.00          4
    4226 W. AUGUSTA                    8.750          1,132.85         84
                                       8.500          1,132.85      172,000.00
1


    CHICAGO          IL   60651          2            04/17/97         11
    0410209738                           05           06/01/97         12
    410209738                            O            05/01/27
    0


    1576100          286/286             F           36,450.00         ZZ
                                         360         36,430.09          1
    8012 3RD AVE N                     9.000            293.29         90
                                       8.750            293.29       40,500.00
    BIRMINGHAM       AL   35206          1            03/17/97         10
    0008608847                           05           05/01/97         25
    0008608847                           N            04/01/27
    0


    1576108          E22/G02             F           70,200.00         ZZ
                                         360         70,200.00          1
    4018 HOUNDS CHASE DRIVE            8.750            552.26         90
                                       8.500            552.26       78,000.00
    WILMINGTON       NC   28409          1            04/22/97         04
    0410379267                           05           06/01/97         25
    410379267                            N            05/01/27
    0


    1576109          E22/G02             F           90,000.00         ZZ
                                         360         90,000.00          3
    1759 W. SUPERIOR ST.               9.750            773.24         60
                                       9.500            773.24      150,000.00
    CHICAGO          IL   60622          1            04/22/97         00
    0410210587                           05           06/01/97          0
    410210587                            N            05/01/27
    0


    1576110          E22/G02             F           62,400.00         ZZ
                                         360         62,400.00          1
    2228 NEWTON STREET                 9.250            513.35         80
                                       9.000            513.35       78,000.00
    GRETNA           LA   70053          1            04/22/97         00
    0410316145                           05           06/01/97          0
    410316145                            O            05/01/27
    0


    1576112          E22/G02             F           59,900.00         ZZ
                                         360         59,900.00          1
    2400 TOWERWOOD DRIVE               9.250            492.78         80
                                       9.000            492.78       74,900.00
    CARROLLTON       TX   75006          1            04/22/97         00
    0410391304                           05           06/01/97          0
    410391304                            O            05/01/27
    0
1




    1576115          E22/G02             F          229,500.00         ZZ
                                         360        229,500.00          1
    4140 TREAT BOULEVARD               8.500          1,764.66         85
                                       8.250          1,764.66      270,000.00
    CONCORD          CA   94518          1            04/16/97         10
    0410360671                           05           06/01/97         20
    410360671                            N            05/01/27
    0


    1576132          201/G02             F           19,150.00         ZZ
                                         360         19,150.00          1
    3838 WESTMEADOW DRIVE              9.625            162.78         65
                                       9.375            162.78       29,500.00
    HOUSTON          TX   77082          1            04/17/97         00
    0430215731                           09           06/01/97          0
    7800983079                           N            05/01/27
    0


    1576145          201/G02             F           27,200.00         ZZ
                                         360         27,200.00          1
    3834 WESTMEADOW DRIVE              9.375            226.24         80
                                       9.125            226.24       34,000.00
    HOUSTON          TX   77082          1            04/17/97         00
    0430215079                           09           06/01/97          0
    7800983087                           O            05/01/27
    0


    1576149          003/G02             F           45,900.00         ZZ
                                         360         45,900.00          1
    2400 SW 19 AVENUE                  9.125            373.46         90
    #132                               8.875            373.46       51,000.00
    BOYNTON BEACH    FL   33426          1            04/23/97         10
    0430218263                           09           06/01/97         25
    0003800000                           N            05/01/27
    0


    1576311          405/405             F          138,000.00         ZZ
                                         360        138,000.00          1
    7185 DAVIT CIRCLE                  8.625          1,073.35         71
                                       8.375          1,073.35      195,000.00
    LAKE WORTH       FL   33497          2            04/03/97         00
    004174637                            03           06/01/97          0
    004174637                            O            05/01/27
    0


    1576314          A78/G02             F          180,000.00         ZZ
                                         360        179,888.12          1
1


    200 PELICAN COVE                   8.375          1,368.13         65
                                       8.125          1,368.13      277,000.00
    WINDSOR          CO   80550          4            04/04/97         00
    0430213835                           05           05/01/97          0
    300571584                            O            04/01/27
    0


    1576375          765/G02             F           55,000.00         ZZ
                                         360         55,000.00          1
    2700 WEST SEGERSTROM AVENUE B      9.500            462.47         65
                                       9.250            462.47       85,000.00
    SANTA ANA        CA   92704          1            04/03/97         00
    0430216473                           01           06/01/97          0
    321265                               O            05/01/27
    0


    1576399          862/G02             F          159,300.00         ZZ
                                         360        159,300.00          1
    4028 SE OXBOW PARKWAY              9.125          1,296.12         90
                                       8.875          1,296.12      177,000.00
    GRESHAM          OR   97080          1            04/16/97         01
    0430217281                           05           06/01/97         25
    4392882                              N            05/01/27
    0


    1576402          862/G02             F          183,200.00         ZZ
                                         360        183,200.00          1
    132 NORTH SUNSET PLACE             8.250          1,376.33         80
                                       8.000          1,376.33      229,000.00
    MONROVIA         CA   91016          1            04/11/97         00
    0430220285                           05           06/01/97          0
    4408316                              O            05/01/27
    0


    1576410          369/G02             F          112,500.00         ZZ
                                         360        112,500.00          1
    1133 WEST VICTOR AVENUE            8.625            875.01         84
                                       8.375            875.01      135,500.00
    VISALIA          CA   93277          1            03/31/97         01
    0430219881                           05           06/01/97         25
    60016672                             N            05/01/27
    0


    1576414          369/G02             F          123,250.00         ZZ
                                         360        123,177.23          1
    105 LOCUST DRIVE                   8.625            958.63         85
                                       8.375            958.63      145,000.00
    THURMONT         MD   21788          5            04/03/97         01
    0430219519                           05           05/01/97         12
1


    60412327                             O            04/01/27
    0


    1576426          E22/G02             F           63,750.00         ZZ
                                         360         63,750.00          1
    3075 WASHINGTON STREET             9.750            547.71         75
                                       9.500            547.71       85,000.00
    PLACERVILLE      CA   95667          1            04/11/97         00
    0410390710                           05           06/01/97          0
    410390710                            N            05/01/27
    0


    1576431          E22/G02             F          287,200.00         ZZ
                                         360        287,200.00          1
    19 MT. TALLAC COURT                8.250          2,157.64         80
                                       8.000          2,157.64      359,000.00
    SAN RAFAEL       CA   94903          1            04/21/97         00
    0410386817                           05           06/01/97          0
    410386817                            O            05/01/27
    0


    1576438          E22/G02             F           86,250.00         ZZ
                                         360         86,250.00          1
    2326 SAIDEL DRIVE UNIT #4          8.500            663.19         75
                                       8.250            663.19      115,000.00
    SAN JOSE         CA   95124          2            04/18/97         00
    0410385769                           01           06/01/97          0
    410385769                            O            05/01/27
    0


    1576442          E22/G02             F           35,000.00         ZZ
                                         360         35,000.00          1
    17926 S.W. 104TH AVENUE            9.750            300.70         59
                                       9.500            300.70       60,000.00
    MIAMI            FL   33157          5            04/24/97         00
    0410382261                           05           06/01/97          0
    410382261                            N            05/01/27
    0


    1576453          E22/G02             F          120,000.00         ZZ
                                         360        120,000.00          1
    1973 PALM VISTA DRIVE              9.250            987.21         80
                                       9.000            987.21      150,000.00
    APOPKA           FL   32712          1            04/14/97         00
    0410382774                           03           06/01/97          0
    410382774                            O            05/01/27
    0


1


    1576454          E22/G02             F          188,000.00         ZZ
                                         360        188,000.00          1
    544 SQUAWBROOK ROAD                8.500          1,445.56         80
                                       8.250          1,445.56      235,000.00
    NORTH HALEDON    NJ   07508          1            04/22/97         00
    0410339089                           05           06/01/97          0
    410339089                            O            05/01/27
    0


    1576456          E22/G02             F           29,250.00         ZZ
                                         360         29,250.00          1
    6810 RIVULET                       9.000            235.35         65
                                       8.750            235.35       45,000.00
    SAN ANTONIO      TX   78239          5            04/18/97         00
    0410369391                           05           06/01/97          0
    410369391                            N            05/01/27
    0


    1576459          E22/G02             F           32,000.00         ZZ
                                         360         32,000.00          1
    4206 NEWTON AVENUE UNIT 214        9.000            257.48         80
                                       8.750            257.48       40,000.00
    DALLAS           TX   75219          1            04/25/97         00
    0410317002                           01           06/01/97          0
    410317002                            O            05/01/27
    0


    1576460          E22/G02             F          109,000.00         ZZ
                                         360        109,000.00          1
    12835 HYLAND CIRCLE                9.250            896.72         52
                                       9.000            896.72      211,000.00
    BOCA RATON       FL   33428          1            04/23/97         00
    0410239958                           03           06/01/97          0
    410239958                            O            05/01/27
    0


    1576475          E45/G02             F           38,000.00         ZZ
                                         360         38,000.00          1
    2545 REDWOOD CIRCLE                9.000            305.76         47
                                       8.750            305.76       81,000.00
    CLEARWATER       FL   34623          1            04/25/97         00
    0430220392                           03           06/01/97          0
    UNKNOWN                              O            05/01/27
    0


    1576500          369/G02             F           70,650.00         ZZ
                                         360         70,650.00          3
    3605 WEST GLENN DRIVE              9.125            574.84         90
                                       8.875            574.84       78,500.00
1


    PHOENIX          AZ   85051          1            04/16/97         01
    0430219931                           05           06/01/97         25
    49682032                             N            05/01/27
    0


    1576508          201/G02             F           26,900.00         ZZ
                                         360         26,900.00          1
    152 TREMONT STREET                 9.125            218.87         90
                                       8.875            218.87       29,900.00
    TRENTON          NJ   08611          1            04/10/97         01
    0430218164                           07           06/01/97         25
    3800978458                           N            05/01/27
    0


    1576513          375/G02             F          118,400.00         ZZ
                                         360        118,331.88          1
    244 PUEBLO SOLANO ROAD NW          8.750            931.45         80
                                       8.500            931.45      148,000.00
    ALBUQUERQUE      NM   87107          1            03/24/97         00
    0430219907                           05           05/01/97          0
    650316                               O            04/01/27
    0


    1576517          375/G02             F          250,000.00         ZZ
                                         360        249,840.58          1
    241 S 4TH STREET                   8.250          1,878.17         64
                                       8.000          1,878.17      395,000.00
    PHILADELPHIA     PA   19106          5            03/27/97         00
    0430219766                           09           05/01/97          0
    648318                               O            04/01/27
    0


    1576518          688/G02             F          145,000.00         ZZ
                                         360        145,000.00          1
    302 MALABAR STREET                 8.625          1,127.80         75
                                       8.375          1,127.80      195,000.00
    LAKEWAY          TX   78734          1            04/21/97         00
    0430220830                           05           06/01/97          0
    47191                                O            05/01/27
    0


    1576519          286/286             F           66,600.00         ZZ
                                         360         66,565.46          3
    3117 LAS VEGAS TRAIL               9.250            547.91         80
                                       9.000            547.91       83,750.00
    FORT WORTH       TX   76116          1            04/01/97         00
    9168701                              05           05/01/97          0
    9168701                              N            04/01/27
    0
1




    1576527          286/286             F           94,500.00         ZZ
                                         360         94,500.00          1
    8403 SW 19TH STREET                9.250            777.43         90
                                       9.000            777.43      105,000.00
    NORTH LAUDERDAL  FL   33068          1            04/04/97         12
    9167298                              05           06/01/97         25
    9167298                              N            05/01/27
    0


    1576528          375/G02             F          337,500.00         ZZ
                                         360        337,333.99          1
    544 CUESTA DRIVE                   9.500          2,837.89         76
                                       9.250          2,837.89      449,700.00
    APTOS            CA   95003          1            03/06/97         00
    0430219774                           05           05/01/97          0
    647417                               O            04/01/27
    0


    1576529          375/G02             F           25,650.00         ZZ
                                         360         25,635.99          1
    416 3RD AVENUE WEST                9.000            206.39         90
                                       8.750            206.39       28,500.00
    JEROME           ID   83338          1            03/27/97         01
    0430219220                           05           05/01/97         25
    650236                               N            04/01/27
    0


    1576530          375/G02             F           50,700.00         ZZ
                                         360         50,675.06          3
    32 CENTRAL STREET                  9.500            426.32         65
                                       9.250            426.32       78,000.00
    ST JOHNSBURY     VT   05819          5            03/11/97         00
    0430219808                           05           05/01/97          0
    646860                               N            04/01/27
    0


    1576531          286/286             F           36,000.00         ZZ
                                         360         35,981.33          2
    14 EUCLID AVENUE                   9.250            296.17         90
                                       9.000            296.17       40,000.00
    CHEEKTOWAGA      NY   14211          1            03/27/97         04
    9160899                              05           05/01/97         25
    9160899                              N            04/01/27
    0


    1576532          369/G02             F           31,500.00         ZZ
                                         360         31,500.00          3
1


    632 E WASHINGTON STREET            9.500            264.87         90
                                       9.250            264.87       35,000.00
    HUNTINGTON       IN   46750          1            04/11/97         01
    0430220236                           05           06/01/97         25
    60368420                             N            05/01/27
    0


    1576542          514/G02             F          157,650.00         ZZ
                                         360        157,650.00          1
    402 COURTLEA CREEK DRIVE           8.750          1,240.23         80
                                       8.500          1,240.23      197,100.00
    WINTER GARDEN    FL   34787          1            04/16/97         00
    0430222463                           03           06/01/97          0
    361034                               O            05/01/27
    0


    1576543          514/G02             F          106,000.00         ZZ
                                         360        106,000.00          1
    705 KIOWA DRIVE WEST               9.000            852.90         61
                                       8.750            852.90      175,000.00
    LAKE KIOWA       TX   76240          1            04/23/97         00
    0430219915                           03           06/01/97          0
    361111                               O            05/01/27
    0


    1576549          A06/G02             F          109,900.00         ZZ
                                         360        109,900.00          1
    53360 ODILON AVE                   9.000            884.29         67
                                       8.750            884.29      164,900.00
    SHELBY TOWNSHIP  MI   48316          1            04/28/97         00
    0430219295                           05           06/01/97          0
    9704046                              O            05/01/27
    0


    1576557          074/G02             F           75,600.00         ZZ
                                         360         75,559.77          1
    202 DEERGRASS TRAIL                9.125            615.11         90
                                       8.875            615.11       84,000.00
    PEACHTREE CITY   GA   30269          1            03/31/97         12
    0430214361                           05           05/01/97         25
    1566095575                           N            04/01/27
    0


    1576563          074/G02             F           76,500.00         ZZ
                                         360         76,459.29          1
    103 SAGE BLUE                      9.125            622.43         90
                                       8.875            622.43       85,000.00
    PEACHTREE CITY   GA   30269          1            03/31/97         10
    0430214304                           05           05/01/97         25
1


    15660195553                          O            04/01/27
    0


    1576568          074/G02             F           76,500.00         ZZ
                                         360         76,459.29          1
    201 DEERGRASS TRAIL                9.125            622.43         90
                                       8.875            622.43       85,000.00
    PEACHTREE CITY   GA   30269          1            03/31/97         01
    0430214262                           05           05/01/97         25
    1566095564                           O            04/01/27
    0


    1576570          074/G02             F           45,500.00         ZZ
                                         360         45,420.89          1
    19002 FOREST TRACE DRIVE           8.750            357.95         65
                                       8.500            357.95       70,000.00
    HUMBLE           TX   77346          1            01/07/97         00
    0430214353                           03           03/01/97          0
    1521033940                           O            02/01/27
    0


    1576598          E22/G02             F          134,400.00         ZZ
                                         360        134,400.00          1
    6215 ZULMIDA AVENUE                8.875          1,069.35         80
                                       8.625          1,069.35      168,000.00
    NEWARK           CA   94560          2            04/24/97         00
    0410386171                           05           06/01/97          0
    410386171                            O            05/01/27
    0


    1576604          A06/G02             F           52,000.00         ZZ
                                         360         52,000.00          1
    17650 PRATT                        9.250            427.80         35
                                       9.000            427.80      150,000.00
    ARMADA           MI   48005          5            04/25/97         00
    0430218925                           05           06/01/97          0
    9702340                              O            05/01/27
    0


    1576605          E22/G02             F           98,500.00         ZZ
                                         360         98,500.00          1
    43941 TYLER ROAD                   8.500            757.38         76
                                       8.250            757.38      130,000.00
    VAN BUREN        MI   48111          5            04/18/97         00
    0410379119                           05           06/01/97          0
    410379119                            O            05/01/27
    0


1


    1576607          E22/G02             F           47,200.00         ZZ
                                         360         47,171.40          1
    301 BYBERRY ROAD                   8.500            362.93         80
                                       8.250            362.93       59,000.00
    PHILADELPHIA     PA   19116          1            03/31/97         00
    0410378996                           01           05/01/97          0
    410378996                            O            04/01/27
    0


    1576610          E22/G02             F           56,000.00         ZZ
                                         360         56,000.00          1
    345 CROSSPOINTE DRIVE              9.125            455.63         80
                                       8.875            455.63       70,000.00
    EAST BRUNSWICK   NJ   08816          1            04/25/97         00
    0410378111                           01           06/01/97          0
    410378111                            O            05/01/27
    0


    1576619          E22/G02             F           80,900.00         ZZ
                                         360         80,900.00          2
    327-328 BEECHWOOD COURT            9.750            695.06         65
                                       9.500            695.06      124,500.00
    NOBLESVILLE      IN   46060          5            04/23/97         00
    0410365274                           05           06/01/97          0
    410365274                            N            05/01/27
    0


    1576620          661/661             F          172,000.00         ZZ
                                         360        171,887.49          1
    518 HOWARD STREET                  8.125          1,277.09        100
                                       7.875          1,277.09      172,000.00
    SANTA ROSA       CA   95404          1            03/06/97         92
    2730778                              05           05/01/97         30
    2730778                              O            04/01/27
    0


    1576625          E22/G02             F           80,900.00         ZZ
                                         360         80,900.00          2
    325-326 BEECHWOOD COURT            9.750            695.06         65
                                       9.500            695.06      124,500.00
    NOBLESVILLE      IN   46060          5            04/23/97         00
    0410365282                           05           06/01/97          0
    410365282                            N            05/01/27
    0


    1576627          E22/G02             F          130,000.00         ZZ
                                         360        130,000.00          1
    8433 SOUTH PAINTED SKY STREET      9.500          1,093.11         83
                                       9.250          1,093.11      158,000.00
1


    HIGHLANDS RANCH  CO   80126          2            04/25/97         04
    0410320204                           03           06/01/97         20
    410320204                            N            05/01/27
    0


    1576633          E22/G02             F           58,000.00         ZZ
                                         360         58,000.00          1
    2629 ADAMS STREET N.E.             9.000            466.68         80
                                       8.750            466.68       72,500.00
    ALBUQUERQUE      NM   87110          1            04/25/97         00
    0410371009                           05           06/01/97          0
    410371009                            O            05/01/27
    0


    1576648          661/661             F          115,500.00         ZZ
                                         360        115,431.81          1
    7512 DEANE HILL DRIVE              8.625            898.35        100
                                       8.375            898.35      115,500.00
    KNOXVILLE        TN   37919          1            03/14/97         93
    2789618                              05           05/01/97         30
    2789618                              O            04/01/27
    0


    1576652          661/661             F          101,000.00         ZZ
                                         360        100,864.01          1
    5301 WESTBARD CIRCLE               8.000            741.10        100
    UNIT # 246                         7.750            741.10      101,900.00
    BETHESDA         MD   20816          1            02/21/97         93
    2800985                              01           04/01/97         30
    2800985                              O            03/01/27
    0


    1576654          661/661             F          300,000.00         ZZ
                                         360        299,802.50          1
    1296 BEACH AVENUE                  8.250          2,253.80        100
                                       8.000          2,253.80      300,000.00
    ATLANTIC BEACH   FL   32233          1            03/14/97         92
    2809978                              05           05/01/97         30
    2809978                              O            04/01/27
    0


    1576661          405/405             F          158,120.00         ZZ
                                         360        158,120.00          1
    3030 CASTRO STREET                 8.875          1,258.08         59
                                       8.625          1,258.08      268,000.00
    SAN FRANCISCO    CA   94131          5            04/09/97         00
    4185062                              05           06/01/97          0
    4185062                              N            05/01/27
    0
1




    1576662          661/661             F          270,000.00         ZZ
                                         360        270,000.00          1
    30220 POSITAS ROAD                 7.625          1,911.04         97
                                       7.375          1,911.04      280,000.00
    WINTERS          CA   95694          5            03/27/97         92
    2834141                              05           06/01/97         30
    2834141                              O            05/01/27
    0


    1576663          405/405             F          103,500.00         ZZ
                                         360        103,500.00          3
    3948,3950,3952 NORTH "H" STREE     8.750            814.24         89
    T                                  8.500            814.24      117,000.00
    SAN BERNARDINO   CA   92407          2            04/01/97         21
    8212185                              05           06/01/97         30
    8212185                              N            05/01/27
    0


    1576664          661/661             F           68,000.00         ZZ
                                         360         67,955.52          1
    2823 PARKLAND CIRCLE               8.125            504.90         86
                                       7.875            504.90       79,900.00
    ORLANDO          FL   32803          1            03/07/97         92
    2844660                              05           05/01/97         30
    2844660                              O            04/01/27
    0


    1576665          661/661             F           90,300.00         ZZ
                                         360         90,178.42          1
    500 RUBA ROAD                      8.000            662.59        100
                                       7.750            662.59       90,300.00
    ST AUGUSTINE     FL   32086          1            02/25/97         92
    2836591                              05           04/01/97         30
    2836591                              O            03/01/27
    0


    1576666          201/G02             F           30,500.00         ZZ
                                         360         30,500.00          1
    307 CUMMINGS AVENUE                9.375            253.69         90
                                       9.125            253.69       33,900.00
    TRENTON          NJ   08618          1            04/25/97         04
    0430218222                           07           06/01/97         25
    3800983300                           N            05/01/27
    0


    1576667          661/661             F           81,900.00         ZZ
                                         360         81,855.26          1
1


    101 FERRY ROAD                     9.000            658.99        100
    UNIT 28 B                          8.750            658.99       81,900.00
    SHALIMAR         FL   32578          1            03/31/97         92
    2862167                              01           05/01/97         30
    2862167                              O            04/01/27
    0


    1576670          661/661             F          600,000.00         ZZ
                                         360        599,617.40          1
    20320 ORCHARD ROAD                 8.250          4,507.60         89
                                       8.000          4,507.60      675,000.00
    SARATOGA         CA   95070          1            03/26/97         92
    2866143                              05           05/01/97         30
    2866143                              O            04/01/27
    0


    1576672          731/G02             F           89,900.00         ZZ
                                         360         89,900.00          1
    478 PATTERSON ROAD                 9.000            723.36         90
                                       8.750            723.36       99,900.00
    LAWRENCEVILLE    GA   30136          1            04/17/97         01
    0430217901                           05           06/01/97         25
    3140863698                           N            05/01/27
    0


    1576673          731/G02             F           96,000.00         ZZ
                                         360         96,000.00          1
    710 PLAYERS COURT                  9.250            789.77         80
                                       9.000            789.77      120,000.00
    WOODSTOCK        GA   30189          1            04/25/97         00
    0430218032                           05           06/01/97          0
    3140664183                           O            05/01/27
    0


    1576684          961/G02             F          124,650.00         ZZ
                                         360        124,650.00          1
    600 SOLANO CIRCLE                  9.000          1,002.96         90
                                       8.750          1,002.96      138,500.00
    PLACENTIA        CA   92870          1            04/09/97         10
    0430217794                           09           06/01/97         25
    09109976                             N            05/01/27
    0


    1576698          664/G02             F          170,300.00         ZZ
                                         360        170,300.00          1
    16677 N.W. KING RICHARD COURT      9.375          1,416.47         85
                                       9.125          1,416.47      202,000.00
    SHERWOOD         OR   97140          1            04/22/97         01
    0430217950                           05           06/01/97         20
1


    2249985                              N            05/01/27
    0


    1576715          661/661             F          200,000.00         ZZ
                                         360        199,872.47          1
    10550 SOUTHWEST 56TH TERRACE       8.250          1,502.53         80
                                       8.000          1,502.53      250,000.00
    MIAMI            FL   33173          5            03/26/97         00
    2821775                              05           05/01/97          0
    2821775                              O            04/01/27
    0


    1576717          661/661             F          444,000.00         ZZ
                                         360        436,805.09          1
    SOUTH SMITH ROAD                   7.625          3,142.60         90
                                       7.375          3,142.60      494,000.00
    UNIONVALE        NY   12540          1            07/20/95         21
    2179042                              05           09/01/95         17
    2179042                              O            08/01/25
    0


    1576725          664/G02             F           54,800.00         ZZ
                                         360         54,800.00          1
    14418 BRIARBERRY                   8.875            436.02         79
                                       8.625            436.02       69,750.00
    SAN ANTONIO      TX   78247          3            04/17/97         10
    0430215095                           05           06/01/97         12
    2150076                              N            05/01/27
    0


    1576726          608/G02             F           46,500.00         ZZ
                                         360         46,500.00          1
    138 E. MAIN STREET                 8.375            353.43         75
                                       8.125            353.43       62,000.00
    MACUNGIE         PA   18062          2            04/24/97         00
    0430216721                           05           06/01/97          0
    96210                                O            05/01/27
    0


    1576729          575/G02             F           80,000.00         ZZ
                                         360         80,000.00          1
    512 N SALISBURY STREET             9.125            650.91         80
                                       8.875            650.91      100,000.00
    WEST LAFAYETTE   IN   47906          1            04/24/97         12
    0430221168                           05           06/01/97         12
    972271104                            N            05/01/27
    0


1


    1576731          131/G02             F          160,000.00         ZZ
                                         360        160,000.00          1
    5380 ODELL AVENUE SOUTH            8.500          1,230.26         43
                                       8.250          1,230.26      375,000.00
    AFTON            MN   55001          2            04/23/97         00
    0430221796                           05           06/01/97          0
    6859033                              O            05/01/27
    0


    1576735          575/G02             F           46,300.00         ZZ
                                         360         46,300.00          1
    612 SPRING AVENUE                  8.375            351.91         64
                                       8.125            351.91       73,100.00
    HANOVER          PA   17331          5            04/24/97         00
    0430216366                           05           06/01/97          0
    972294502                            N            05/01/27
    0


    1576738          F60/G02             F          182,400.00         ZZ
                                         360        182,400.00          1
    #10 BELLINGRATH DRIVE              9.125          1,484.07         80
                                       8.875          1,484.07      228,000.00
    HARVEY           LA   70058          1            04/24/97         00
    0430221382                           03           06/01/97          0
    442827                               O            05/01/27
    0


    1576739          561/G02             F          128,350.00         ZZ
                                         360        128,350.00          1
    321 TIMBER BOULEVARD               7.875            930.63         85
                                       7.625            930.63      151,000.00
    LEBANON          PA   17042          5            04/18/97         12
    0430216481                           05           06/01/97         12
    9003054                              O            05/01/27
    0


    1576780          757/757             F          196,000.00         ZZ
                                         360        196,000.00          1
    147 15TH STREET                    8.875          1,559.47         50
    UNIT 10D                           8.625          1,559.47      395,000.00
    ATLANTA          GA   30309          5            04/21/97         00
    2952133                              06           06/01/97          0
    2952133                              O            05/01/27
    0


    1576803          757/757             F           54,400.00         ZZ
                                         360         54,400.00          1
    JODY TOWN ROAD                     8.875            432.84         80
                                       8.625            432.84       68,000.00
1


    CASHIERS         NC   28717          1            04/25/97         00
    2952216                              05           06/01/97          0
    2952216                              O            05/01/27
    0


    1576807          896/G02             F           68,000.00         T
                                         360         68,000.00          1
    1440 PARKS MILL DRIVE              9.250            559.42         58
                                       9.000            559.42      118,000.00
    GREENSBORO       GA   30642          1            04/22/97         00
    0430221879                           05           06/01/97          0
    RER2273840B                          O            05/01/27
    0


    1576850          405/405             F          114,400.00         ZZ
                                         360        114,400.00          1
    4146 MILLSTONE COURT               8.500            879.64         80
                                       8.250            879.64      143,000.00
    NORCROSS         GA   30092          1            04/17/97         00
    004188207                            05           06/01/97          0
    004188207                            O            05/01/27
    0


    1576855          E22/G02             F           95,150.00         ZZ
                                         360         95,150.00          1
    616 DEE DEE STREET                 9.250            782.78         75
                                       9.000            782.78      126,900.00
    ORLANDO          FL   32807          1            04/25/97         00
    0410380273                           05           06/01/97          0
    410380273                            O            05/01/27
    0


    1576857          E22/G02             F           30,600.00         ZZ
                                         360         30,600.00          1
    1628 SOUTH CINCINNATI AVENUE       8.375            232.58         90
                                       8.125            232.58       34,000.00
    TULSA            OK   74119          1            04/25/97         04
    0410313720                           05           06/01/97         25
    410313720                            N            05/01/27
    0


    1576858          E22/G02             F           31,200.00         ZZ
                                         360         31,200.00          1
    105 W. DAVIS AVE.                  9.000            251.04         80
                                       8.750            251.04       39,000.00
    HARLINGEN        TX   78550          1            04/25/97         04
    0410368203                           05           06/01/97         12
    410368203                            N            05/01/27
    0
1




    1576859          E22/G02             F          100,000.00         ZZ
                                         360        100,000.00          1
    560 GARFIELD AVENUE                9.000            804.62         73
                                       8.750            804.62      137,000.00
    MIDDLETOWN       NJ   07718          1            04/24/97         00
    0410376594                           05           06/01/97          0
    410376594                            O            05/01/27
    0


    1576862          E22/G02             F           57,375.00         ZZ
                                         360         57,375.00          1
    95 EAST 200 SOUTH                  9.000            461.65         85
                                       8.750            461.65       67,500.00
    REDMOND          UT   84652          5            04/22/97         04
    0410387807                           05           06/01/97         12
    410387807                            O            05/01/27
    0


    1576863          E22/G02             F           18,000.00         ZZ
                                         360         18,000.00          1
    22 JULIANA DRIVE                  10.125            159.63         90
                                       9.875            159.63       20,000.00
    DANVILLE         IL   61832          1            04/24/97         10
    0410365852                           05           06/01/97         25
    410365852                            N            05/01/27
    0


    1576864          E22/G02             F          368,000.00         ZZ
                                         360        368,000.00          1
    2356 OAKRIDGE                      9.125          2,994.17         80
                                       8.875          2,994.17      460,000.00
    TROY             MI   48098          1            04/24/97         00
    0410367213                           05           06/01/97          0
    410367213                            O            05/01/27
    0


    1576867          E22/G02             F          140,000.00         ZZ
                                         360        140,000.00          1
    850 E GREENVIEW AVENUE             8.750          1,101.38         80
                                       8.500          1,101.38      175,000.00
    DES PLAINS       IL   60016          1            04/29/97         00
    0410394050                           05           06/01/97          0
    410394050                            O            05/01/27
    0


    1576870          E22/G02             F           71,250.00         ZZ
                                         360         71,250.00          2
1


    2360-62 N.W. 26TH STREET           9.000            573.29         75
                                       8.750            573.29       95,000.00
    MIAMI            FL   33142          5            04/21/97         00
    0410379465                           05           06/01/97          0
    410379465                            O            05/01/27
    0


    1576871          E22/G02             F           79,200.00         ZZ
                                         360         79,200.00          1
    11208 PROSPECT AVE., N.E.          9.125            644.40         80
                                       8.875            644.40       99,000.00
    ALBUQUERQUE      NM   87112          1            04/28/97         00
    0410371207                           05           06/01/97          0
    410314090                            O            05/01/27
    0


    1576873          405/405             F           42,600.00         ZZ
                                         360         42,579.04          2
    1109-1110 STELLA AVENUE NORTH      9.500            358.21         90
                                       9.250            358.21       47,375.00
    LAKELAND         FL   33805          1            04/07/97         04
    004119681                            05           05/01/97         25
    004119681                            N            04/01/27
    0


    1576876          E22/G02             F           94,000.00         ZZ
                                         360         94,000.00          1
    3808 NORTH VASSAULT STREET         9.375            781.84         78
                                       9.125            781.84      122,000.00
    TACOMA           WA   98407          2            04/24/97         00
    0410217871                           05           06/01/97          0
    410217871                            O            05/01/27
    0


    1576879          E22/G02             F          104,300.00         ZZ
                                         360        104,300.00          1
    1386 DORNOCH AVENUE                8.750            820.53         70
                                       8.500            820.53      149,000.00
    SAN JOSE         CA   95122          2            04/25/97         00
    0410360614                           07           06/01/97          0
    410360614                            O            05/01/27
    0


    1576902          964/G02             F          399,000.00         ZZ
                                         360        399,000.00          1
    276 FOREST RIDGE ROAD              8.750          3,138.94         73
                                       8.500          3,138.94      550,000.00
    MONTEREY         CA   93940          5            04/11/97         00
    0430218156                           05           06/01/97          0
1


    23061                                O            05/01/27
    0


    1576918          405/405             F          272,000.00         ZZ
                                         360        272,000.00          1
    15 MARSH ROAD                      8.500          2,091.45         80
                                       8.250          2,091.45      340,000.00
    TIBURON          CA   94920          1            04/15/97         00
    4178505                              01           06/01/97          0
    4178505                              O            05/01/27
    0


    1576925          227/G02             F          155,800.00         ZZ
                                         360        155,800.00          1
    9098 EAST CALLE DE LAS BRISAS      8.375          1,184.20         59
                                       8.125          1,184.20      268,000.00
    SCOTTSDALE       AZ   85255          1            04/08/97         00
    0430219733                           03           06/01/97          0
    1703069                              O            05/01/27
    0


    1576935          A37/G02             F          144,500.00         ZZ
                                         360        144,500.00          1
    2432 VANDEN BERGH PLACE            9.000          1,162.68         85
                                       8.750          1,162.68      170,000.00
    GREEN BAY        WI   54311          5            04/25/97         10
    0430219048                           05           06/01/97         12
    97WW1232                             O            05/01/27
    0


    1576946          661/661             F           83,000.00         T
                                         360         82,945.71          1
    #67 PINE VALLEY CONDOMINIUMS       8.125            616.27        100
                                       7.875            616.27       83,000.00
    PINEHURST        NC   28374          1            03/10/97         92
    2813244                              01           05/01/97         30
    2813244                              O            04/01/27
    0


    1576947          661/661             F          145,000.00         ZZ
                                         360        144,909.87          1
    1935 BROADVIEW DR                  8.375          1,102.11        100
                                       8.125          1,102.11      145,000.00
    LOS ALAMOS       NM   87544          1            03/27/97         92
    2853976                              05           05/01/97         30
    2853976                              O            04/01/27
    0


1


    1576955          661/661             F          140,000.00         ZZ
                                         360        139,709.05          1
    66280 JERICHO ROAD                 7.875          1,015.10         86
                                       7.625          1,015.10      163,000.00
    BEND             OR   97701          5            12/30/96         92
    2741676                              05           03/01/97         30
    2741676                              N            02/01/27
    0


    1576970          776/G02             F          180,000.00         ZZ
                                         360        180,000.00          2
    106-108 EASTWOOD COURT             8.250          1,352.28         80
                                       8.000          1,352.28      225,000.00
    SAN JOSE         CA   95116          1            04/23/97         00
    0430219022                           05           06/01/97          0
    6244098                              O            05/01/27
    0


    1576972          776/G02             F           63,000.00         ZZ
                                         360         63,000.00          2
    1421 MANZANITA WAY                 9.500            529.74         90
                                       9.250            529.74       70,000.00
    LAS VEGAS        NV   89101          1            04/08/97         04
    0430218677                           05           06/01/97         25
    6343300                              N            05/01/27
    0


    1577004          560/560             F           54,000.00         ZZ
                                         360         54,000.00          1
    2303 ANSBURY DRIVE                 8.625            420.01         90
                                       8.375            420.01       60,000.00
    HOUSTON          TX   77018          1            04/22/97         04
    450696570                            05           06/01/97         25
    450696570                            N            05/01/27
    0


    1577019          201/G02             F           30,000.00         ZZ
                                         360         30,000.00          1
    98 BEACHWAY UNIT 1A                8.875            238.70         91
                                       8.625            238.70       33,000.00
    KEANSBURG        NJ   07734          1            04/22/97         11
    0430221937                           01           06/01/97         35
    1800973677                           O            05/01/27
    0


    1577039          575/G02             F           48,200.00         ZZ
                                         360         48,200.00          2
    917 ROUGEMONT AVENUE               9.375            400.90         70
                                       9.125            400.90       68,900.00
1


    CHARLOTTESVILLE  VA   22903          5            04/22/97         00
    0430217158                           05           06/01/97          0
    962229805                            N            05/01/27
    0


    1577060          286/286             F           26,100.00         ZZ
                                         240         26,100.00          2
    3407-3409 AVE L                    9.250            239.05         90
                                       9.000            239.05       29,000.00
    GALVESTON        TX   77550          1            04/09/97         10
    9168941                              05           06/01/97         25
    9168941                              O            05/01/17
    0


    1577062          286/286             F          208,000.00         ZZ
                                         360        208,000.00          2
    10 WASHINGTON AVE                  8.500          1,599.35         80
                                       8.250          1,599.35      260,000.00
    WALTHAM          MA   02154          1            04/11/97         00
    9164507                              05           06/01/97          0
    9164507                              N            05/01/27
    0


    1577063          561/G02             F          109,600.00         ZZ
                                         360        109,600.00          1
    9037 CONSTANT COURSE               8.500            842.73         90
                                       8.250            842.73      121,800.00
    COLUMBIA         MD   21046          1            04/23/97         10
    0430217885                           09           06/01/97         25
    9013426                              N            05/01/27
    0


    1577065          286/286             F           39,900.00         T
                                         360         39,878.20          1
    1805 W SPRING CREEK PKY            9.000            321.05         70
    #FF1                               8.750            321.05       57,000.00
    PLANO            TX   75023          1            03/25/97         00
    09165726                             01           05/01/97          0
    09165726                             O            04/01/27
    0


    1577075          696/G02             F          260,000.00         ZZ
                                         360        260,000.00          1
    13344 LIZA LANE                    8.875          2,068.68         80
                                       8.625          2,068.68      325,000.00
    CULPEPER         VA   22701          1            04/25/97         00
    0430218792                           05           06/01/97          0
    5011023                              O            05/01/27
    0
1




    1577079          317/G02             F          130,200.00         ZZ
                                         360        130,200.00          1
    5 CLEVELAND AVENUE                 7.625            921.55         53
                                       7.375            921.55      250,000.00
    TAKOMA PARK      MD   20912          5            04/23/97         00
    0430220376                           05           06/01/97          0
    248137                               O            05/01/27
    0


    1577106          514/G02             F           57,600.00         ZZ
                                         360         57,600.00          1
    2124 CYPRESS BAY BLVD              9.125            468.66         80
                                       8.875            468.66       72,000.00
    KISSIMMEE        FL   34743          1            04/25/97         00
    0430221085                           03           06/01/97          0
    361023                               O            05/01/27
    0


    1577119          E48/E48             F          122,850.00         ZZ
                                         360        122,850.00          1
    208 TURNBROOK LANE                 9.250          1,010.66         90
                                       9.000          1,010.66      136,500.00
    FRANKLIN         TN   37064          1            04/29/97         01
    UNKNOWN                              05           06/01/97         25
    UNKNOWN                              N            05/01/27
    0


    1577123          E48/E48             F          138,600.00         ZZ
                                         360        138,600.00          1
    1209 HOLT HILLS COURT              9.250          1,140.23         90
                                       9.000          1,140.23      154,400.00
    NASHVILLE        TN   37211          1            04/28/97         01
    17107                                05           06/01/97         25
    17107                                N            05/01/27
    0


    1577126          375/G02             F          182,000.00         ZZ
                                         360        181,910.47          1
    191 COMMONWEALTH AVE #21           9.500          1,530.36         80
                                       9.250          1,530.36      227,500.00
    BOSTON           MA   02116          1            03/18/97         04
    0430221119                           08           05/01/97         12
    650186                               N            04/01/27
    0


    1577130          286/286             F          116,350.00         ZZ
                                         360        116,350.00          1
1


    4766 PULLMAN AVE SE                8.625            904.96         90
                                       8.375            904.96      129,300.00
    SALEM            OR   97302          1            04/08/97         12
    09163628                             05           06/01/97         25
    09163628                             N            05/01/27
    0


    1577158          E22/G02             F           37,100.00         ZZ
                                         360         37,100.00          1
    1515 STAMFORD                      9.750            318.75         70
                                       9.500            318.75       53,000.00
    KALAMAZOO        MI   49001          5            04/25/97         00
    0410365886                           05           06/01/97          0
    410365886                            N            05/01/27
    0


    1577161          E22/G02             F           53,450.00         ZZ
                                         360         53,450.00          2
    1105 FOREST RIDGE WAY & 1107      10.125            474.01         90
    FOREST RIDGE WAY                   9.875            474.01       59,400.00
    HERMITAGE        TN   37076          1            04/28/97         10
    0410375406                           05           06/01/97         25
    410375406                            N            05/01/27
    0


    1577166          E22/G02             F           30,000.00         ZZ
                                         360         30,000.00          1
    409 WEST FOURTH STREET             9.750            257.75         75
                                       9.500            257.75       40,000.00
    MANSFIELD        OH   44907          1            04/24/97         00
    0410366660                           05           06/01/97          0
    410366660                            N            05/01/27
    0


    1577169          E22/G02             F           56,700.00         T
                                         360         56,700.00          1
    3300 W BRIGANTINE AVE UNIT #6      8.750            446.06         90
                                       8.500            446.06       63,000.00
    BRIGANTINE       NJ   08203          1            04/25/97         04
    0410377402                           01           06/01/97         25
    410377402                            O            05/01/27
    0


    1577173          E22/G02             F           50,000.00         ZZ
                                         360         50,000.00          1
    3293 CYPRESS COURT                 9.250            411.34         66
                                       9.000            411.34       76,000.00
    SOUTH BRUNSWICK  NJ   08852          1            04/24/97         00
    0410381594                           01           06/01/97          0
1


    410381594                            O            05/01/27
    0


    1577174          E22/G02             F          191,000.00         ZZ
                                         360        191,000.00          1
    400 FALLBROOK DRIVE                9.000          1,536.83         80
                                       8.750          1,536.83      239,068.00
    EAST DUNDEE      IL   60118          1            04/30/97         00
    0410209779                           05           06/01/97          0
    410209779                            O            05/01/27
    0


    1577183          E22/G02             F          110,000.00         ZZ
                                         360        110,000.00          1
    19 CACTUS LANE                     8.750            865.37         74
                                       8.500            865.37      150,000.00
    ST. ROSE         LA   70087          1            04/29/97         00
    0410314728                           05           06/01/97          0
    410314728                            O            05/01/27
    0


    1577184          E22/G02             F           54,000.00         ZZ
                                         360         54,000.00          1
    6279 SW 25TH STREET                9.375            449.14         90
                                       9.125            449.14       60,000.00
    MIRAMAR          FL   33023          1            04/25/97         04
    0410376107                           05           06/01/97         25
    410376107                            N            05/01/27
    0


    1577187          E22/G02             F          119,000.00         ZZ
                                         360        119,000.00          1
    249 LARCH LANE                     9.000            957.50         80
    UNIT #R                            8.750            957.50      149,000.00
    MAHWAH           NJ   07430          1            04/25/97         00
    0410378640                           01           06/01/97          0
    410378640                            O            05/01/27
    0


    1577190          E22/G02             F           59,200.00         ZZ
                                         360         59,170.10          1
    75 NORTH CENTURY STREET            9.375            492.40         80
                                       9.125            492.40       74,000.00
    MEMPHIS          TN   38111          1            03/18/97         01
    0410314371                           05           05/01/97         12
    410314371                            N            04/01/27
    0


1


    1577192          E22/G02             F           53,600.00         ZZ
                                         360         53,600.00          1
    2419 TULANE DR                     8.750            421.67         80
                                       8.500            421.67       67,000.00
    COCOA            FL   32926          2            04/21/97         00
    0410391742                           05           06/01/97          0
    410391742                            O            05/01/27
    0


    1577193          E22/G02             F          425,000.00         ZZ
                                         360        425,000.00          1
    159 BLUE BELL LANE                 8.625          3,305.61         80
                                       8.375          3,305.61      531,400.00
    FAIRFIELD        CT   06430          1            04/25/97         00
    0410375992                           05           06/01/97          0
    410375992                            O            05/01/27
    0


    1577194          E22/G02             F           78,200.00         ZZ
                                         360         78,200.00          1
    14413 SOUTH WEST 143RD CT          9.250            643.33         85
                                       9.000            643.33       92,000.00
    MIAMI            FL   33186          1            04/25/97         04
    0410391809                           09           06/01/97         20
    410391809                            N            05/01/27
    0


    1577211          568/G02             F          123,950.00         ZZ
                                         360        123,950.00          1
    609 AMPERE LANE                    8.250            931.19         78
                                       8.000            931.19      159,950.00
    LAS VEGAS        NV   89128          1            04/11/97         00
    0430220269                           05           06/01/97          0
    620491                               O            05/01/27
    0


    1577229          405/405             F          208,000.00         ZZ
                                         360        208,000.00          1
    5769 BALDWIN AVENUE                8.750          1,636.34         80
                                       8.500          1,636.34      260,000.00
    RIVERSIDE        CA   92509          5            04/04/97         00
    4179214                              05           06/01/97          0
    4179214                              O            05/01/27
    0


    1577233          688/G02             F          118,500.00         ZZ
                                         360        118,500.00          1
    2502 DISTILLERY ROAD               8.375            900.69         75
                                       8.125            900.69      158,000.00
1


    GREENBRIER       TN   37073          1            04/25/97         00
    0430222539                           05           06/01/97          0
    46958                                O            05/01/27
    0


    1577299          201/G02             F           34,200.00         ZZ
                                         360         34,200.00          1
    4822 PINE STREET                   8.875            272.12         90
                                       8.625            272.12       38,000.00
    PASADENA         TX   77503          1            04/22/97         04
    0430219683                           05           06/01/97         25
    7800986528                           N            05/01/27
    0


    1577302          E26/G02             F           60,300.00         ZZ
                                         360         60,300.00          1
    9527 D UNIVERSITY TERRACE DR       9.250            496.08         90
                                       9.000            496.08       67,000.00
    CHARLOTTE        NC   28262          1            04/23/97         04
    0430219527                           01           06/01/97         25
    50700211                             N            05/01/27
    0


    1577316          562/562             F          139,500.00         ZZ
                                         360        139,500.00          3
    669 BRADFORD STREET                9.500          1,173.00         90
                                       9.250          1,173.00      155,000.00
    BROOKLYN         NY   11207          1            04/30/97         04
    536441                               05           06/01/97         25
    536441                               O            05/01/27
    0


    1577320          608/G02             F           74,250.00         ZZ
                                         360         74,250.00          2
    206 NORTH ADAMS AVENUE             9.250            610.84         90
                                       9.000            610.84       82,500.00
    MARGATE          NJ   08402          1            04/25/97         04
    0430220251                           05           06/01/97         30
    95671                                N            05/01/27
    0


    1577334          286/286             F          189,000.00         ZZ
                                         360        189,000.00          1
    2138-40 WEST LYNDALE STREET        9.250          1,554.86         90
                                       9.000          1,554.86      210,000.00
    CHICAGO          IL   60618          1            04/11/97         04
    9166023                              05           06/01/97         25
    9166023                              N            05/01/27
    0
1




    1577336          286/286             F           63,900.00         ZZ
                                         360         63,865.09          3
    4 FRENCH TERRACE                   9.000            514.16         90
                                       8.750            514.16       71,000.00
    ROXBURY          MA   02219          1            03/31/97         10
    9165002                              05           05/01/97         25
    9165002                              N            04/01/27
    0


    1577345          731/G02             F          279,800.00         ZZ
                                         360        279,800.00          1
    7225 91ST PLACE SOUTHEAST          8.750          2,201.19         64
                                       8.500          2,201.19      439,000.00
    MERCER ISLAND    WA   98040          5            04/25/97         00
    0430219972                           05           06/01/97          0
    234933511                            O            05/01/27
    0


    1577347          F30/G02             F           71,000.00         ZZ
                                         360         71,000.00          1
    255 SOUTH FLINT STREET             8.750            558.56         80
                                       8.500            558.56       89,000.00
    LAYTON           UT   84041          1            04/23/97         00
    0430219436                           05           06/01/97          0
    11169                                O            05/01/27
    0


    1577352          180/G02             F           27,000.00         ZZ
                                         360         27,000.00          1
    405 NORTH MAIN STREET              9.375            224.57         90
                                       9.125            224.57       30,000.00
    OWASSO           OK   74055          1            04/18/97         04
    0430222513                           05           06/01/97         25
    4819918                              N            05/01/27
    0


    1577355          286/286             F           53,950.00         ZZ
                                         360         53,919.75          2
    20580-82 SW 114 AVENUE             8.875            429.26         65
                                       8.625            429.26       83,000.00
    MIAMI            FL   33189          1            03/31/97         00
    09166147                             05           05/01/97          0
    09166147                             N            04/01/27
    0


    1577357          286/286             F          119,700.00         ZZ
                                         360        119,632.89          4
1


    625 WHITE CLIFFS DRIVE             8.875            952.39         90
                                       8.625            952.39      133,000.00
    EL PASO          TX   79912          1            03/27/97         04
    09163207                             05           05/01/97         25
    09163207                             N            04/01/27
    0


    1577358          375/G02             F          215,000.00         ZZ
                                         360        214,862.90          1
    6839 E EVANS DRIVE                 8.250          1,615.23         59
                                       8.000          1,615.23      370,000.00
    SCOTTSDALE       AZ   85254          5            03/14/97         00
    0430222547                           05           05/01/97          0
    649285                               O            04/01/27
    0


    1577550          E22/G02             F           74,000.00         T
                                         360         74,000.00          1
    19451 GULF BLVD                    9.875            642.58         80
    UNIT #303                          9.625            642.58       92,500.00
    INDIAN SHORES    FL   34635          1            04/28/97         95
    0410381412                           08           06/01/97          0
    410381412                            O            05/01/27
    0


    1577587          E22/G02             F          384,000.00         ZZ
                                         360        384,000.00          1
    47 CROOKED BRANCH ROAD             9.375          3,193.92         80
                                       9.125          3,193.92      480,000.00
    JASPER           TX   75951          2            04/28/97         00
    0410316129                           05           06/01/97          0
    410316129                            O            05/01/27
    0


    1577590          E22/G02             F           62,400.00         ZZ
                                         360         62,400.00          2
    1002 - 1004 22ND AVENUE            9.500            524.69         80
                                       9.250            524.69       78,000.00
    COUNCIL BLUFFS   IA   51501          1            04/30/97         10
    0410372072                           05           06/01/97         12
    410372072                            N            05/01/27
    0


    1577592          E22/G02             F           89,250.00         ZZ
                                         360         89,250.00          1
    22317 SHARP CHAPEL ROAD            9.000            718.13         75
                                       8.750            718.13      119,000.00
    BUSH             LA   70431          5            04/24/97         00
    0410393383                           05           06/01/97          0
1


    410393383                            O            05/01/27
    0


    1577595          E22/G02             F           40,000.00         ZZ
                                         360         40,000.00          1
    3053 N OAKLAND FOREST DRIVE        9.500            336.34         80
    UNIT #101                          9.250            336.34       50,000.00
    OAKLAND PARK     FL   33309          1            04/29/97         00
    0410383707                           01           06/01/97          0
    410383707                            N            05/01/27
    0


    1577628          664/G02             F           62,550.00         ZZ
                                         360         62,550.00          1
    2420 PELHAM ROAD                   8.875            497.68         90
                                       8.625            497.68       69,500.00
    ROCKFORD         IL   61107          1            04/24/97         01
    0430220707                           05           06/01/97         25
    2284222                              N            05/01/27
    0


    1577639          201/G02             F           34,200.00         ZZ
                                         360         34,200.00          1
    4705 PINE STREET                   8.875            272.12         90
                                       8.625            272.12       38,000.00
    PASADENA         TX   77503          1            04/22/97         10
    0430220624                           05           06/01/97         25
    7800986544                           N            05/01/27
    0


    1577644          975/G02             F          224,000.00         ZZ
                                         360        224,000.00          1
    1854 CALLE SUENOS                  8.500          1,722.37         76
                                       8.250          1,722.37      297,000.00
    GLENDALE         CA   91208          1            04/28/97         00
    0430221325                           03           06/01/97          0
    970767                               O            05/01/27
    0


    1577688          286/286             F           26,100.00         ZZ
                                         360         26,100.00          1
    9696 WALNUT STREET #108            9.000            210.01         90
                                       8.750            210.01       29,000.00
    DALLAS           TX   75243          1            04/11/97         12
    09170249                             01           06/01/97         25
    09170249                             O            05/01/27
    0


1


    1577696          575/G02             F          175,000.00         ZZ
                                         360        175,000.00          1
    102 BELLE HAHN COURT               8.625          1,361.13         44
                                       8.375          1,361.13      400,000.00
    SEVERNA PARK     MD   21146          5            04/22/97         00
    0430218636                           03           06/01/97          0
    972293538                            O            05/01/27
    0


    1577753          286/286             F           38,950.00         ZZ
                                         360         38,950.00          1
    125 MYERS AVE                      9.250            320.44         90
                                       9.000            320.44       43,300.00
    AKRON            OH   44305          1            04/18/97         10
    8569351                              05           06/01/97         25
    8569351                              N            05/01/27
    0


    1577756          E82/G02             F          520,000.00         ZZ
                                         360        520,000.00          1
    120 WILLOW BRIDGE ROAD             8.000          3,815.58         65
    1 J VILLAGE                        7.750          3,815.58      800,000.00
    VAIL             CO   81657          2            04/16/97         00
    0400032736                           08           06/01/97          0
    400032736                            O            05/01/27
    0


    1577758          E82/G02             F          232,000.00         ZZ
                                         360        232,000.00          1
    3476 BENNETT VALLEY ROAD           8.750          1,825.14         80
                                       8.500          1,825.14      290,000.00
    SANTA ROSA       CA   95404          2            04/24/97         00
    0400035671                           05           06/01/97          0
    400035671                            O            05/01/27
    0


    1577762          896/G02             F          231,200.00         ZZ
                                         360        231,200.00          1
    2665 NORTHBROOK DRIVE              8.250          1,736.93         80
                                       8.000          1,736.93      289,000.00
    DORAVILLE        GA   30340          1            04/30/97         00
    0430222018                           05           06/01/97          0
    UNKNOWN                              O            05/01/27
    0


    1577772          F34/G02             F           96,300.00         ZZ
                                         360         96,300.00          1
    6920 DAWNTREE COURT                9.250            792.24         79
                                       9.000            792.24      122,062.00
1


    LAKE WORTH       FL   33467          1            04/30/97         00
    0430221820                           03           06/01/97          0
    9700268                              O            05/01/27
    0


    1577834          405/405             F          130,500.00         ZZ
                                         360        130,500.00          2
    7719 BROOKLINE TERRACE             9.000          1,050.04         90
                                       8.750          1,050.04      145,000.00
    ST. LOUIS        MO   63117          1            04/17/97         01
    4157384                              05           06/01/97         25
    4157384                              N            05/01/27
    0


    1577870          776/G02             F           56,000.00         ZZ
                                         360         56,000.00          2
    1420 CARSON AVENUE                 9.375            465.78         80
                                       9.125            465.78       70,000.00
    LAS VEGAS        NV   89101          1            04/21/97         04
    0430221283                           05           06/01/97         25
    6343299                              N            05/01/27
    0


    1577873          776/G02             F           99,100.00         ZZ
                                         360         99,100.00          1
    46 LADUE ESTATES DRIVE             8.500            761.99         33
                                       8.250            761.99      305,000.00
    ST. LOUIS        MO   63141          2            04/18/97         00
    0430221226                           05           06/01/97          0
    8242181                              O            05/01/27
    0


    1577875          776/G02             F          180,000.00         ZZ
                                         360        180,000.00          1
    1/2 PASO HONDO                     9.375          1,497.15         80
                                       9.125          1,497.15      225,000.00
    CARMEL VALLEY    CA   93921          1            04/24/97         00
    0430221499                           05           06/01/97          0
    6244095                              O            05/01/27
    0


    1577879          664/G02             F           75,150.00         ZZ
                                         360         75,150.00          1
    1126 CASTLEMAN DRIVE               9.500            631.91         90
                                       9.250            631.91       83,500.00
    LONGVIEW         WA   98632          1            04/17/97         01
    0430222612                           05           06/01/97         25
    2250066                              N            05/01/27
    0
1




    1577915          E22/G02             F           91,850.00         T
                                         360         91,850.00          1
    3320 NORTHEAST 29TH STREET         8.875            730.80         75
                                       8.625            730.80      122,500.00
    GRESHAM          OR   97030          1            04/23/97         00
    0410398069                           01           06/01/97          0
    410398069                            O            05/01/27
    0


    1577937          E22/G02             F          138,400.00         ZZ
                                         360        138,400.00          1
    9471 CEDAR ISLAND ROAD             9.500          1,163.74         80
                                       9.250          1,163.74      173,000.00
    WHITE LAKE       MI   48386          5            04/22/97         00
    0410366298                           05           06/01/97          0
    410366298                            O            05/01/27
    0


    1577946          E22/G02             F           98,000.00         ZZ
                                         360         98,000.00          2
    111 W. FRANKLIN STREET             9.500            824.04         70
                                       9.250            824.04      140,000.00
    BOUND BROOK      NJ   08805          5            04/29/97         00
    0410355093                           05           06/01/97          0
    410355093                            N            05/01/27
    0


    1577953          664/G02             F           51,000.00         ZZ
                                         360         51,000.00          1
    4808 TERRACE DRIVE NE #K4808       9.375            424.20         66
                                       9.125            424.20       78,200.00
    SEATTLE          WA   98105          1            04/21/97         00
    0430222588                           01           06/01/97          0
    2265429                              N            05/01/27
    0


    1577956          E22/G02             F          373,800.00         T
                                         360        373,800.00          1
    66 ROCKY RIDGE ROAD                9.000          3,007.68         60
                                       8.750          3,007.68      623,000.00
    HIGHLANDS        NC   28741          5            04/25/97         00
    0410380364                           05           06/01/97          0
    410380364                            O            05/01/27
    0


    1577958          E22/G02             F           28,150.00         ZZ
                                         360         28,150.00          1
1


    2604 NW 60TH WAY                   9.750            241.85         70
    UNIT #185                          9.500            241.85       40,235.00
    SUNRISE          FL   33313          5            04/29/97         00
    0410383996                           01           06/01/97          0
    410383996                            N            05/01/27
    0


    1577959          E22/G02             F           48,600.00         ZZ
                                         360         48,600.00          1
    507 LOOKOUT DRIVE                  9.000            391.05         90
                                       8.750            391.05       54,000.00
    RICHARDSON       TX   75080          1            04/30/97         10
    0410315915                           01           06/01/97         25
    410315915                            N            05/01/27
    0


    1577960          E22/G02             F           64,500.00         ZZ
                                         360         64,500.00          1
    2801 RIO GRANDE STREET             9.750            554.15         75
    UNIT #309                          9.500            554.15       86,000.00
    AUSTIN           TX   78705          1            04/25/97         00
    0410390355                           01           06/01/97          0
    410390355                            N            05/01/27
    0


    1577967          E22/G02             F          140,000.00         ZZ
                                         360        140,000.00          1
    7229 DOGWOOD CREEK LANE            8.375          1,064.10         67
                                       8.125          1,064.10      210,995.00
    DALLAS           TX   75252          1            04/30/97         00
    0410392203                           05           06/01/97          0
    410392203                            O            05/01/27
    0


    1578004          227/G02             F          240,100.00         ZZ
                                         360        240,100.00          1
    7272 SOUTH ACOMA STREET            8.875          1,910.35         79
                                       8.625          1,910.35      306,000.00
    LITTLETON        CO   80120          2            04/22/97         00
    0430221432                           03           06/01/97          0
    1709076                              O            05/01/27
    0


    1578006          A78/G02             F          265,000.00         ZZ
                                         360        265,000.00          1
    2570 EAGLE RIDGE ROAD              8.750          2,084.76         75
                                       8.500          2,084.76      355,000.00
    LYONS            CO   80540          1            05/01/97         00
    0430221911                           05           06/01/97          0
1


    010051822                            O            05/01/27
    0


    1578028          E22/G02             F          108,800.00         ZZ
                                         360        108,800.00          1
    9839 WINDLEDGE DRIVE               8.750            855.93         80
                                       8.500            855.93      136,000.00
    DALLAS           TX   75238          1            04/30/97         00
    0410392369                           05           06/01/97          0
    410392369                            O            05/01/27
    0


    1578031          E22/G02             F          160,000.00         ZZ
                                         360        160,000.00          1
    15935 CHANCELLOR                   9.375          1,330.80         75
                                       9.125          1,330.80      215,000.00
    LOCKPORT         IL   60441          1            04/30/97         00
    0410176820                           05           06/01/97          0
    410176820                            O            05/01/27
    0


    1578145          405/405             F           66,150.00         ZZ
                                         360         66,150.00          1
    557 BOYSENBERRY LANE               8.875            526.32         75
                                       8.625            526.32       88,251.00
    FREDERICK        MD   21702          1            04/07/97         00
    4174496                              09           06/01/97          0
    4174496                              N            05/01/27
    0


    1578159          927/G02             F           66,000.00         ZZ
                                         360         66,000.00          1
    1200 RIVERSIDE DRIVE #1209         8.750            519.23         69
                                       8.500            519.23       96,000.00
    RENO             NV   89503          1            04/01/97         00
    0430222687                           01           06/01/97          0
    266015                               O            05/01/27
    0


    1578168          731/G02             F           45,000.00         ZZ
                                         360         45,000.00          1
    56 DARWIN DRIVE                    9.250            370.20         69
                                       9.000            370.20       66,000.00
    JONESBORO        GA   30236          2            04/30/97         00
    0430222760                           05           06/01/97          0
    3140664039                           N            05/01/27
    0


1


    1578172          G52/G02             F          139,500.00         ZZ
                                         360        139,500.00          1
    5002 EAST CORRINE DRIVE            9.375          1,160.29         90
                                       9.125          1,160.29      155,000.00
    SCOTTSDALE       AZ   85254          3            04/24/97         10
    0430222752                           05           06/01/97         25
    198640                               N            05/01/27
    0


    1578210          862/G02             F           90,000.00         ZZ
                                         360         90,000.00          2
    6304-06 INMAN STREET               9.500            756.77         75
                                       9.250            756.77      120,000.00
    SAN DIEGO        CA   92111          1            04/18/97         00
    0430222927                           05           06/01/97          0
    4412078                              N            05/01/27
    0


    1578213          862/G02             F          123,500.00         ZZ
                                         360        123,500.00          4
    1017,1019,1003,1005 WEST L ST.     9.625          1,049.74         65
                                       9.375          1,049.74      190,000.00
    SPRINGFIELD      OR   97477          5            04/25/97         00
    0430222638                           03           06/01/97          0
    4363347                              N            05/01/27
    0


    1578221          862/G02             F          123,500.00         ZZ
                                         360        123,500.00          4
    957,959,971 & 973 WEST "L" ST.     9.625          1,049.74         65
                                       9.375          1,049.74      190,000.00
    SPRINGFIELD      OR   97477          5            04/25/97         00
    0430222620                           05           06/01/97          0
    4363354                              N            05/01/27
    0


    1578229          560/560             F           38,700.00         ZZ
                                         360         38,700.00          1
    158 JACKSON AVENUE                 9.250            318.38         90
                                       9.000            318.38       43,000.00
    NORTH TONAWANDA  NY   14120          1            04/28/97         04
    450702774                            05           06/01/97         25
    450702774                            N            05/01/27
    0


    1578242          560/560             F          184,000.00         ZZ
                                         360        184,000.00          2
    ONE ALLEN'S WAY                    8.750          1,447.53         70
                                       8.500          1,447.53      266,000.00
1


    NANTUCKET        MA   02554          5            04/15/97         00
    450692140                            05           06/01/97          0
    450692140                            N            05/01/27
    0


    1579066          560/560             F           51,300.00         ZZ
                                         360         51,300.00          2
    1832 COLEMAN ST                    9.125            417.40         90
                                       8.875            417.40       57,000.00
    LANSING          MI   48910          1            04/25/97         04
    450700117                            05           06/01/97         25
    450700117                            N            05/01/27
    0


    1579071          560/560             F           31,200.00         ZZ
                                         360         31,200.00          1
    901 HILLTOP DRIVE                  8.750            245.46         80
                                       8.500            245.46       39,000.00
    RICHMOND         VA   23225          1            04/30/97         00
    450711064                            05           06/01/97          0
    450711064                            O            05/01/27
    0


    1579114          560/560             F           41,600.00         ZZ
                                         360         41,600.00          1
    4418 CIMMARON DRIVE                9.250            342.24         84
                                       9.000            342.24       50,000.00
    MEMPHIS          TN   38109          2            04/23/97         04
    450698493                            05           06/01/97         20
    450698493                            N            05/01/27
    0


    1579178          560/560             F           39,150.00         ZZ
                                         360         39,150.00          1
    420 WALTON LANE B10                9.250            322.08         80
                                       9.000            322.08       48,999.00
    MADISON          TN   37115          1            04/30/97         04
    450710629                            07           06/01/97         12
    450710629                            N            05/01/27
    0


    1579181          405/405             F           57,500.00         ZZ
                                         360         57,500.00          1
    13201 LINDEN AVENUE #510A          9.375            478.26         90
                                       9.125            478.26       63,900.00
    SEATTLE          WA   98133          1            04/25/97         01
    4180436                              01           06/01/97         25
    4180436                              N            05/01/27
    0
1




    1579186          405/405             F          139,825.00         ZZ
                                         360        139,825.00          1
    15427 110TH AVENUE NORTHEAST       9.500          1,175.73         85
                                       9.250          1,175.73      164,500.00
    BOTHELL          WA   98011          1            04/28/97         01
    4208211                              05           06/01/97         25
    4208211                              N            05/01/27
    0


    1579187          560/560             F           57,000.00         ZZ
                                         360         57,000.00          1
    10240  PRINCE PLACE #101           9.000            458.64         75
                                       8.750            458.64       76,000.00
    UPPER MARLBORO   MD   20774          2            04/30/97         00
    450707401                            01           06/01/97          0
    450707401                            N            05/01/27
    0


    1579191          450/450             F          153,600.00         ZZ
                                         360        153,600.00          1
    51408 NICOLETTE                    9.000          1,235.90         80
                                       8.750          1,235.90      192,000.00
    CHESTERFIELD TW  MI   48047          5            04/24/97         00
    4297131                              05           06/01/97          0
    4297131                              O            05/01/27
    0


    1579193          560/560             F           86,450.00         ZZ
                                         360         86,450.00          1
    19424 ENADIA WAY                   9.250            711.21         65
                                       9.000            711.21      133,000.00
    LOS ANGELES      CA   91335          5            04/17/97         00
    450697065                            05           06/01/97          0
    450697065                            N            05/01/27
    0


    1579226          776/G02             F          105,000.00         ZZ
                                         360        105,000.00          4
    918-920 E. FREEMAN PLACE           9.000            844.85         75
                                       8.750            844.85      140,000.00
    TUCSON           AZ   85705          1            04/29/97         00
    0430222836                           05           06/01/97          0
    2343457                              N            05/01/27
    0


    1579232          664/G02             F           87,900.00         ZZ
                                         360         87,900.00          1
1


    4035 37TH AVENUE SOUTH             8.875            699.38         90
                                       8.625            699.38       97,682.00
    SEATTLE          WA   98118          1            04/28/97         10
    0430223099                           05           06/01/97         25
    2264810                              N            05/01/27
    0


    1579252          E82/G02             F          218,250.00         ZZ
                                         360        218,250.00          1
    1110 EMPIRE AVENUE                 8.750          1,716.97         75
                                       8.500          1,716.97      291,000.00
    PARK CITY        UT   84060          1            04/25/97         00
    0400025896                           05           06/01/97          0
    400025896                            N            05/01/27
    0


    1579304          561/G02             F           85,400.00         ZZ
                                         360         85,400.00          2
    4 DRAKE STREET                     9.250            702.57         90
                                       9.000            702.57       94,900.00
    BOUND BROOK      NJ   08805          1            04/29/97         10
    0430223164                           05           06/01/97         25
    9008418                              N            05/01/27
    0

   TOTAL NUMBER OF LOANS   :      1,972

   TOTAL ORIGINAL BALANCE  :   221,309,751.00

   TOTAL PRINCIPAL BALANCE :   221,126,398.63

   TOTAL ORIGINAL P+I      :     1,755,751.50

   TOTAL CURRENT P+I       :     1,755,751.50


                             ***************************
                             *      END OF REPORT      *
                             ***************************
 
 RUN ON     : 05/28/97           RFC DISCLOSURE SYSTEM       RFFSDFIX-01
  AT         : 12.21.27           FIXED PASSTHRU REPORT       AMORTIZED BALANCE
  SERIES     : RALI 1997-QS4 30 YEAR                          CUTOFF : 05/01/97
  POOL       : 0004247
             :
             :
  POOL STATUS: F

    RFC LOAN NUMBER                      SUB SERV FEE
    PRINCIPAL BALANCE                    MSTR SERV FEE
    CURR NOTE RATE                       ALL EXP
    RFC NET RATE                         MISC EXP
    NET MTG RATE(INVSTR RATE)            SPREAD
    POST STRIP RATE                      STRIP
  ------------------------------------------------------------------------------

      1508497                              .2500
       85,452.06                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
            7.7500                         .7950

      1508498                              .2500
       85,452.06                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
            7.7500                         .7950

      1529883                              .2500
      110,765.06                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                         .0000
            7.7500                         .9200

      1535259                              .2500
       60,802.79                           .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            7.7500                         .1700

      1535782                              .2500
      161,509.41                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
            7.7500                         .7950

      1536713                              .2500
       35,885.87                           .0800
            9.2500                         .0000
            9.0000                         .0000
            8.9200                         .0000
            7.7500                        1.1700
1



      1536754                              .2500
      114,116.14                           .0800
            9.1250                         .0000
            8.8750                         .0000
            8.7950                         .0000
            7.7500                        1.0450

      1540932                              .2500
       54,746.80                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
            7.7500                         .7950

      1541719                              .2500
       91,800.00                           .0800
            9.5000                         .0000
            9.2500                         .0000
            9.1700                         .0000
            7.7500                        1.4200

      1543734                              .2500
       57,291.57                           .0800
            9.7500                         .0000
            9.5000                         .0000
            9.4200                         .0000
            7.7500                        1.6700

      1544059                              .2500
       26,509.46                           .0800
            9.3750                         .0000
            9.1250                         .0000
            9.0450                         .0000
            7.7500                        1.2950

      1544941                              .2500
      109,483.42                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                         .0000
            7.7500                         .9200

      1547600                              .2500
      398,539.22                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
            7.7500                         .6700

      1547617                              .2500
      101,144.72                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                         .0000
            7.7500                         .9200
1



      1548251                              .2500
      127,794.06                           .0800
            9.1250                         .0000
            8.8750                         .0000
            8.7950                         .0000
            7.7500                        1.0450

      1548467                              .2500
       27,946.08                           .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            7.7500                         .1700

      1548744                              .2500
       56,870.50                           .0800
            9.2500                         .0000
            9.0000                         .0000
            8.9200                         .0000
            7.7500                        1.1700

      1548759                              .2500
       42,777.81                           .0800
            9.2500                         .0000
            9.0000                         .0000
            8.9200                         .0000
            7.7500                        1.1700

      1548782                              .2500
       62,903.82                           .0800
            9.3750                         .0000
            9.1250                         .0000
            9.0450                         .0000
            7.7500                        1.2950

      1548968                              .2500
       79,960.64                           .0800
            9.5000                         .0000
            9.2500                         .0000
            9.1700                         .0000
            7.7500                        1.4200

      1549336                              .2500
       72,815.82                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
            7.7500                         .6700

      1549382                              .2500
       58,363.89                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
            7.7500                         .6700
1



      1549432                              .2500
       98,902.21                           .0800
            9.5000                         .0000
            9.2500                         .0000
            9.1700                         .0000
            7.7500                        1.4200

      1549696                              .2500
      186,000.00                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                         .0000
            7.7500                         .9200

      1549763                              .2500
      119,047.94                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
            7.7500                         .7950

      1550194                              .2500
      150,190.09                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                         .0000
            7.7500                         .9200

      1550278                              .2500
       59,898.33                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
            7.7500                         .7950

      1550358                              .2500
       89,086.63                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.7500                         .4200

      1550467                              .2500
       34,126.32                           .0800
            9.1250                         .0000
            8.8750                         .0000
            8.7950                         .0000
            7.7500                        1.0450

      1550695                              .2500
       95,645.86                           .0800
            9.1250                         .0000
            8.8750                         .0000
            8.7950                         .0000
            7.7500                        1.0450
1



      1550824                              .2500
       53,765.33                           .0800
            9.5000                         .0000
            9.2500                         .0000
            9.1700                         .0000
            7.7500                        1.4200

      1550842                              .2500
       71,783.24                           .0800
            9.5000                         .0000
            9.2500                         .0000
            9.1700                         .0000
            7.7500                        1.4200

      1550860                              .2500
      146,557.46                           .0800
            9.5000                         .0000
            9.2500                         .0000
            9.1700                         .0000
            7.7500                        1.4200

      1550861                              .2500
      141,572.56                           .0800
            9.5000                         .0000
            9.2500                         .0000
            9.1700                         .0000
            7.7500                        1.4200

      1550985                              .2500
      271,835.22                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.7500                         .4200

      1551257                              .2500
      133,932.33                           .0800
            9.3750                         .0000
            9.1250                         .0000
            9.0450                         .0000
            7.7500                        1.2950

      1551303                              .2500
      129,927.12                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
            7.7500                         .7950

      1551988                              .2500
      103,239.01                           .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
            7.7500                         .5450
1



      1552026                              .2500
       67,729.41                           .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
            7.7500                         .2950

      1552083                              .2500
      231,596.62                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
            7.7500                         .6700

      1552262                              .2500
       46,099.41                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                         .0000
            7.7500                         .9200

      1552335                              .2500
      174,004.57                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
            7.7500                         .7950

      1552770                              .2500
       54,000.00                           .0800
            9.5000                         .0000
            9.2500                         .0000
            9.1700                         .0000
            7.7500                        1.4200

      1552798                              .2500
      136,429.59                           .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
            7.7500                         .2950

      1552816                              .2500
      144,000.00                           .0800
           10.1250                         .0000
            9.8750                         .0000
            9.7950                         .0000
            7.7500                        2.0450

      1552913                              .2500
      117,297.91                           .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
            7.7500                         .2950
1



      1553462                              .2500
       40,456.71                           .0800
            9.1250                         .0000
            8.8750                         .0000
            8.7950                         .0000
            7.7500                        1.0450

      1553501                              .2500
      137,099.49                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                         .0000
            7.7500                         .9200

      1553572                              .2500
      161,908.82                           .0800
            9.5000                         .0000
            9.2500                         .0000
            9.1700                         .0000
            7.7500                        1.4200

      1553584                              .2500
      184,000.00                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
            7.7500                         .7950

      1553708                              .2500
       62,919.38                           .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            7.7500                         .1700

      1553716                              .2500
       87,949.37                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
            7.7500                         .6700

      1554126                              .2500
       38,660.75                           .0800
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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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      1564106                              .2500
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      1564110                              .2500
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1



      1564112                              .2500
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      1564113                              .2500
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      1564119                              .2500
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      1564120                              .2500
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      1564125                              .2500
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      1564128                              .2500
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      1564129                              .2500
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      1564131                              .2500
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1



      1564133                              .2500
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      1564134                              .2500
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      1564137                              .2500
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      1564139                              .2500
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      1564142                              .2500
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      1564145                              .2500
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      1564147                              .2500
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      1564149                              .2500
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1



      1564150                              .2500
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      1564151                              .2500
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      1564164                              .2500
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      1564168                              .2500
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      1564171                              .2500
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      1564178                              .2500
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      1564179                              .2500
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      1564183                              .2500
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1



      1564185                              .2500
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      1564188                              .2500
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      1564191                              .2500
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      1564195                              .2500
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      1564200                              .2500
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      1564208                              .2500
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      1564210                              .2500
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      1564216                              .2500
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1



      1564219                              .2500
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      1564249                              .2500
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      1564255                              .2500
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      1564256                              .2500
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      1564258                              .2500
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      1564262                              .2500
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      1564265                              .2500
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      1564270                              .2500
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1



      1564272                              .2500
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      1564291                              .2500
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      1564294                              .2500
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      1564296                              .2500
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      1564312                              .2500
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      1564314                              .2500
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      1564320                              .2500
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      1564322                              .2500
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1



      1564323                              .2500
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      1564349                              .2500
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      1564364                              .2500
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      1564374                              .6250
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      1564375                              .2500
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      1564381                              .2500
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      1564402                              .2500
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      1564413                              .2500
       79,818.58                           .0800
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1



      1564415                              .2500
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      1564416                              .2500
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      1564419                              .2500
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      1564420                              .2500
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      1564422                              .2500
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      1564442                              .2500
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      1564457                              .2500
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      1564459                              .2500
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1



      1564460                              .2500
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      1564464                              .2500
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      1564518                              .2500
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      1564522                              .2500
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      1564526                              .2500
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      1564527                              .2500
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      1564535                              .2500
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      1564545                              .2500
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1



      1564551                              .2500
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      1564553                              .2500
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      1564558                              .2500
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      1564560                              .2500
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      1564567                              .2500
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      1564573                              .2500
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      1564575                              .2500
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      1564607                              .2500
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1



      1564623                              .2500
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      1564625                              .2500
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      1564639                              .2500
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      1564651                              .2500
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      1564730                              .2500
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      1564745                              .2500
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      1564748                              .2500
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      1564757                              .2500
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1



      1564811                              .2500
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      1564817                              .2500
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      1564822                              .2500
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      1564823                              .2500
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      1564828                              .2500
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      1564832                              .2500
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1



      1564833                              .2500
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      1564837                              .2500
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      1564842                              .2500
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      1564843                              .2500
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      1564845                              .2500
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      1564846                              .2500
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      1564853                              .2500
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1



      1564854                              .2500
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      1564864                              .2500
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1



      1564877                              .2500
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      1564883                              .2500
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      1564890                              .2500
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      1564895                              .2500
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1



      1564899                              .2500
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      1564900                              .2500
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      1564901                              .2500
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      1564904                              .2500
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      1564910                              .2500
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      1564911                              .2500
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      1564914                              .2500
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      1564917                              .2500
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1



      1564918                              .2500
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      1564919                              .2500
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      1564920                              .2500
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      1564922                              .2500
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      1564923                              .2500
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      1564925                              .2500
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      1564927                              .2500
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      1564931                              .2500
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1



      1564934                              .2500
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      1564935                              .2500
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      1564936                              .2500
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      1564938                              .2500
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      1564942                              .2500
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      1564944                              .2500
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      1564945                              .2500
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      1564947                              .2500
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1



      1564952                              .2500
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      1564958                              .2500
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      1564960                              .2500
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      1564961                              .2500
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      1564964                              .2500
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      1564966                              .2500
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      1564967                              .2500
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1



      1564971                              .2500
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      1564976                              .2500
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      1564978                              .2500
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      1564979                              .2500
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      1564984                              .2500
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      1564987                              .2500
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      1564990                              .2500
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      1564991                              .2500
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1



      1564992                              .2500
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      1564996                              .2500
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      1565002                              .2500
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      1565004                              .2500
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      1565005                              .2500
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      1565006                              .2500
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      1565008                              .2500
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      1565010                              .2500
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1



      1565012                              .2500
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      1565017                              .2500
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      1565018                              .2500
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      1565019                              .2500
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      1565022                              .2500
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      1565032                              .2500
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      1565171                              .2500
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      1565197                              .2500
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1



      1565219                              .2500
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      1565220                              .2500
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      1565229                              .2500
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      1565279                              .2500
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      1565281                              .2500
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      1565282                              .2500
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      1565285                              .2500
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      1565302                              .2500
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1



      1565308                              .2500
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      1565309                              .2500
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      1565311                              .2500
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      1565322                              .2500
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      1565330                              .2500
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      1565342                              .2500
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      1565345                              .2500
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      1565346                              .2500
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1



      1565352                              .2500
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      1565361                              .2500
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      1565364                              .2500
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      1565379                              .2500
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      1565414                              .2500
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      1565417                              .2500
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      1565421                              .2500
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      1565425                              .2500
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1



      1565444                              .2500
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      1565486                              .2500
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      1565492                              .2500
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      1565493                              .2500
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      1565513                              .2500
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      1565521                              .2500
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1



      1565534                              .2500
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      1565547                              .2500
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1



      1565579                              .2500
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1



      1565668                              .2500
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1



      1565708                              .2500
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1



      1565892                              .2500
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1



      1566139                              .2500
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1



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1



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1



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1



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      1566916                              .2500
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1



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      1567030                              .2500
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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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      1568352                              .2500
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      1568480                              .2500
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      1568498                              .2500
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1



      1568504                              .2500
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      1568537                              .2500
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      1568538                              .2500
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      1568546                              .2500
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      1568548                              .2500
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      1568549                              .2500
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      1568551                              .2500
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      1568554                              .2500
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1



      1568559                              .2500
       59,969.70                           .0800
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      1568560                              .2500
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      1568570                              .2500
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      1568571                              .2500
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      1568577                              .2500
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      1568581                              .2500
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      1568621                              .2500
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      1568622                              .2500
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1



      1568633                              .2500
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      1568640                              .2500
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      1568641                              .2500
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      1568659                              .2500
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      1568669                              .2500
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      1568671                              .2500
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      1568716                              .2500
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      1568719                              .2500
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1



      1568724                              .2500
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      1568725                              .2500
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      1568726                              .2500
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      1568727                              .2500
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      1568729                              .2500
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      1568730                              .2500
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      1568731                              .2500
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      1568734                              .2500
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1



      1568736                              .2500
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      1568742                              .2500
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      1568768                              .2500
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      1568782                              .2500
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      1568784                              .2500
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      1568786                              .2500
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      1568791                              .2500
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      1568797                              .2500
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1



      1568807                              .2500
       53,771.36                           .0800
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      1568809                              .2500
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      1568814                              .2500
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      1568815                              .2500
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      1568816                              .2500
       15,742.05                           .0800
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      1568820                              .2500
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      1568825                              .2500
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      1568837                              .2500
       64,600.00                           .0800
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1



      1568840                              .2500
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      1568842                              .2500
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      1568845                              .2500
       98,947.31                           .0800
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      1568848                              .2500
       44,947.73                           .0800
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      1568863                              .2500
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      1568864                              .2500
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      1568865                              .2500
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      1568867                              .2500
       29,184.05                           .0800
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1



      1568871                              .2500
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      1568880                              .2500
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      1568886                              .2500
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      1568887                              .2500
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      1568888                              .2500
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      1568901                              .2500
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      1568902                              .2500
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      1568906                              .2500
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1



      1568913                              .2500
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      1568916                              .2500
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      1568935                              .2500
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      1568937                              .2500
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      1568941                              .2500
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      1568958                              .2500
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      1568959                              .2500
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      1568965                              .2500
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1



      1569001                              .2500
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      1569047                              .2500
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      1569050                              .2500
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      1569062                              .2500
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      1569079                              .2500
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      1569081                              .2500
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      1569083                              .2500
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1



      1569088                              .2500
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      1569132                              .2500
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      1569145                              .2500
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      1569148                              .2500
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      1569151                              .2500
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      1569157                              .2500
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      1569160                              .2500
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      1569163                              .2500
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1



      1569168                              .2500
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      1569169                              .2500
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      1569170                              .2500
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      1569229                              .2500
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      1569235                              .2500
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      1569241                              .2500
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1



      1569247                              .2500
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      1569249                              .2500
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      1569260                              .2500
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      1569262                              .2500
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1



      1569264                              .2500
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      1569298                              .2500
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      1569305                              .2500
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1



      1569308                              .2500
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      1569406                              .2500
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      1569412                              .2500
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1



      1569428                              .2500
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      1569429                              .2500
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      1569430                              .2500
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      1569431                              .2500
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      1569434                              .2500
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      1569439                              .2500
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      1569440                              .2500
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      1569442                              .2500
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1



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      1569445                              .2500
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      1569462                              .2500
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      1569465                              .2500
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      1569466                              .2500
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      1569469                              .2500
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      1569470                              .2500
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      1569472                              .2500
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1



      1569474                              .2500
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      1569478                              .2500
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      1569508                              .2500
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      1569513                              .2500
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      1569519                              .2500
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      1569523                              .2500
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      1569525                              .2500
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      1569547                              .2500
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1



      1569556                              .2500
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      1569559                              .2500
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      1569561                              .2500
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      1569564                              .2500
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      1569566                              .2500
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      1569574                              .2500
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      1569577                              .2500
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      1569579                              .2500
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1



      1569582                              .2500
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      1569584                              .2500
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      1569595                              .2500
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      1569600                              .2500
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      1569601                              .2500
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      1569603                              .2500
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      1569665                              .2500
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      1569681                              .2500
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1



      1569690                              .2500
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      1569709                              .2500
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      1569713                              .2500
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      1569725                              .2500
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      1569760                              .2500
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      1569761                              .2500
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      1569762                              .2500
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      1569766                              .2500
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1



      1569769                              .2500
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      1569772                              .2500
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      1569774                              .2500
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      1569776                              .2500
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      1569784                              .2500
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      1569791                              .2500
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      1569792                              .2500
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      1569793                              .2500
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1



      1569795                              .2500
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      1569799                              .2500
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      1569800                              .2500
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      1569801                              .2500
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      1569803                              .2500
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      1569804                              .2500
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      1569808                              .2500
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      1569813                              .2500
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1



      1569815                              .2500
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      1569818                              .2500
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      1569822                              .2500
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      1569837                              .2500
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      1569844                              .2500
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      1569848                              .2500
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      1569850                              .2500
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1



      1569855                              .2500
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1



      1569868                              .2500
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1



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1



      1569998                              .2500
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1



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1



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1



      1570079                              .2500
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1



      1570104                              .2500
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      1570161                              .2500
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      1570170                              .2500
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      1570173                              .2500
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      1570175                              .2500
       94,445.62                           .0800
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1



      1570180                              .2500
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      1570182                              .2500
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      1570193                              .2500
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      1570201                              .2500
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      1570202                              .2500
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      1570203                              .2500
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      1570204                              .2500
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      1570205                              .2500
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1



      1570207                              .2500
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      1570209                              .2500
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      1570210                              .2500
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      1570230                              .2500
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      1570236                              .2500
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      1570237                              .2500
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      1570238                              .2500
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      1570240                              .2500
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1



      1570241                              .2500
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      1570263                              .2500
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      1570281                              .2500
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      1570290                              .2500
       82,953.46                           .0800
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      1570300                              .2500
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      1570302                              .2500
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      1570337                              .2500
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      1570339                              .2500
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1



      1570340                              .2500
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      1570342                              .2500
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      1570345                              .2500
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      1570347                              .2500
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      1570354                              .2500
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      1570357                              .2500
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      1570362                              .2500
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      1570363                              .2500
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1



      1570364                              .2500
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      1570365                              .2500
       46,172.01                           .0800
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      1570401                              .2500
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      1570402                              .2500
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      1570404                              .2500
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      1570410                              .2500
      109,936.71                           .0800
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      1570411                              .2500
       28,785.46                           .0800
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      1570412                              .2500
       61,158.94                           .0300
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1



      1570413                              .2500
       85,450.81                           .0800
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      1570419                              .2500
       53,200.00                           .0800
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      1570421                              .2500
       26,087.17                           .0800
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      1570422                              .2500
       66,000.00                           .0800
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      1570428                              .2500
       63,900.00                           .0800
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      1570430                              .2500
      141,278.62                           .0800
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      1570434                              .2500
       66,000.00                           .0800
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      1570441                              .2500
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1



      1570449                              .2500
       42,726.03                           .0800
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      1570455                              .2500
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      1570457                              .2500
       61,200.00                           .0300
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      1570464                              .2500
       52,000.00                           .0300
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      1570465                              .2500
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      1570469                              .2500
       58,500.00                           .0800
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      1570474                              .2500
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      1570549                              .2500
       43,175.14                           .0800
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1



      1570551                              .2500
       27,120.22                           .0800
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      1570553                              .2500
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      1570554                              .2500
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      1570560                              .2500
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      1570561                              .2500
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      1570566                              .2500
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      1570570                              .2500
       27,500.00                           .0800
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      1570571                              .2500
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1



      1570574                              .2500
      312,000.00                           .0800
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      1570578                              .2500
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      1570581                              .2500
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      1570582                              .2500
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      1570585                              .2500
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      1570586                              .2500
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      1570590                              .2500
       67,466.80                           .0800
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      1570591                              .2500
       73,800.00                           .0800
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1



      1570597                             1.1250
       33,501.44                           .0800
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      1570598                              .2500
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      1570599                              .2500
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      1570602                              .2500
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      1570603                              .2500
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      1570604                              .2500
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      1570605                              .2500
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      1570607                              .5000
       37,100.00                           .0800
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1



      1570615                              .2500
       55,671.11                           .0800
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      1570618                              .2500
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      1570634                              .2500
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      1570647                              .2500
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      1570662                              .2500
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      1570679                              .2500
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      1570681                              .2500
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      1570686                              .2500
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1



      1570690                              .2500
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      1570693                              .2500
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      1570758                              .2500
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      1570762                              .2500
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      1570771                              .2500
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      1570785                              .2500
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      1570805                              .2500
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      1570810                              .2500
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1



      1570816                              .2500
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      1570819                              .2500
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      1570823                              .2500
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      1570834                              .2500
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      1570835                              .2500
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      1570838                              .2500
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      1570839                              .2500
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      1570841                              .2500
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1



      1570850                              .2500
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      1570856                              .2500
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      1570858                              .2500
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      1570860                              .2500
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      1570862                              .2500
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      1570864                              .2500
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      1570870                              .2500
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      1570871                              .2500
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1



      1570876                              .2500
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      1570886                              .2500
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      1570887                              .2500
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      1570888                              .2500
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      1570889                              .2500
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      1570892                              .2500
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      1570899                              .2500
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      1570932                              .2500
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1



      1570965                              .2500
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      1570968                              .2500
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      1570969                              .2500
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      1570973                              .2500
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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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      1571878                              .2500
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      1571880                              .2500
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      1571881                              .2500
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      1571882                              .2500
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1



      1571883                              .2500
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      1571884                              .2500
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      1571885                              .2500
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      1571887                              .2500
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      1571888                              .2500
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      1571889                              .2500
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      1571890                              .2500
       48,574.80                           .0800
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      1571891                              .2500
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1



      1571892                              .2500
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      1571893                              .2500
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      1571894                              .2500
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      1571895                              .2500
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      1571896                              .2500
       22,487.05                           .0800
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      1571897                              .2500
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      1571898                              .2500
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      1571899                              .2500
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1



      1571902                              .2500
       92,642.38                           .0800
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      1571903                              .2500
       54,969.16                           .0800
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      1571904                              .2500
       69,264.07                           .0800
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      1571905                              .2500
       71,918.96                           .0800
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      1571907                              .2500
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      1571908                              .2500
       39,953.79                           .0800
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      1571909                              .2500
       80,955.75                           .0800
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      1571910                              .2500
      152,918.58                           .0800
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1



      1571911                              .2500
       67,415.03                           .0800
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      1571912                              .2500
       73,157.88                           .0800
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      1571913                              .2500
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      1571915                              .2500
       61,568.06                           .0800
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      1571916                              .2500
       76,357.16                           .0800
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      1571917                              .2500
       59,466.64                           .0800
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      1571918                              .2500
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      1571919                              .2500
       50,968.40                           .0800
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1



      1571920                              .2500
       96,697.15                           .0800
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      1571921                              .2500
       46,325.96                           .0800
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      1571922                              .2500
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      1571923                              .2500
       57,116.26                           .0800
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      1571924                              .2500
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      1571925                              .2500
       47,225.50                           .0800
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      1571926                              .2500
       42,275.02                           .0800
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      1571927                              .2500
       49,472.96                           .0800
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1



      1571928                              .2500
       77,305.50                           .0800
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      1571929                              .2500
      127,933.64                           .0800
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      1571930                              .2500
      139,917.34                           .0800
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      1571931                              .2500
       46,773.07                           .0800
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      1571932                              .2500
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      1571933                              .2500
       70,162.63                           .0800
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      1571934                              .2500
       83,153.35                           .0800
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      1571935                              .2500
       98,844.55                           .0800
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1



      1571936                              .2500
       83,952.90                           .0800
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      1571937                              .2500
       69,919.12                           .0800
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      1571938                              .2500
       19,838.27                           .0800
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      1571939                              .2500
       99,792.54                           .0800
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      1571940                              .2500
       72,911.23                           .0800
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      1571941                              .2500
       81,950.32                           .0800
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      1571942                              .2500
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      1571943                              .2500
       77,167.45                           .0800
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1



      1571944                              .2500
       66,321.30                           .0800
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      1571945                              .2500
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      1571946                              .2500
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      1571947                              .2500
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      1571948                              .2500
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      1571949                              .2500
       57,966.63                           .0800
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      1571950                              .2500
       17,990.67                           .0800
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      1571951                              .2500
      151,810.38                           .0800
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1



      1571952                              .2500
       50,971.41                           .0800
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      1571953                              .2500
       47,574.67                           .0800
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      1571954                              .2500
       58,470.46                           .0800
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      1571955                              .2500
       58,470.46                           .0800
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      1571956                              .2500
       58,470.46                           .0800
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      1571957                              .2500
       58,470.46                           .0800
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      1571959                              .2500
       25,184.73                           .0800
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      1571960                              .2500
       95,046.68                           .0800
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1



      1571961                              .2500
       39,874.55                           .0800
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      1571963                              .2500
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      1571964                              .2500
       89,493.82                           .0800
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      1571965                              .2500
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      1571966                              .2500
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      1571967                              .2500
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      1571968                              .2500
       82,302.62                           .0800
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      1571969                              .2500
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1



      1572096                              .2500
       76,911.13                           .0800
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      1572097                              .2500
       76,911.13                           .0800
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      1572098                              .2500
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      1572099                              .2500
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      1572104                              .2500
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      1572108                              .2500
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      1572109                              .2500
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      1572111                              .2500
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1



      1572114                              .2500
       76,911.13                           .0800
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      1572117                              .2500
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      1572119                              .2500
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      1572123                              .2500
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      1572125                              .2500
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      1572127                              .2500
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      1572129                              .2500
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      1572131                              .2500
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1



      1572132                              .2500
       87,155.96                           .0800
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      1572134                              .2500
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      1572135                              .2500
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      1572145                              .2500
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      1572153                              .2500
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      1572156                              .2500
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      1572157                              .2500
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      1572159                              .2500
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1



      1572161                              .2500
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      1572165                              .2500
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      1572188                              .2500
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      1572194                              .2500
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      1572219                              .2500
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      1572222                              .2500
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      1572239                              .2500
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1



      1572262                              .2500
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      1572266                              .2500
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      1572269                              .2500
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      1572270                              .2500
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      1572271                              .2500
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      1572273                              .2500
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      1572274                              .2500
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      1572277                              .2500
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1



      1572280                              .2500
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      1572282                              .2500
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      1572285                              .2500
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      1572286                              .2500
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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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      1573130                              .2500
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      1573131                              .2500
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      1573132                              .2500
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      1573133                              .2500
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1



      1573134                              .2500
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      1573135                              .2500
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      1573136                              .2500
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      1573137                              .2500
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      1573138                              .2500
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      1573140                              .2500
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      1573141                              .2500
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      1573142                              .2500
       35,728.34                           .0800
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1



      1573143                              .2500
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      1573144                              .2500
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      1573145                              .2500
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      1573146                              .2500
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      1573147                              .2500
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      1573149                              .2500
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      1573150                              .2500
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      1573152                              .2500
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1



      1573153                              .2500
       99,943.93                           .0800
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      1573155                              .2500
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      1573156                              .2500
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      1573157                              .2500
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      1573158                              .2500
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      1573159                              .2500
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      1573160                              .2500
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      1573161                              .2500
       49,968.92                           .0800
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1



      1573162                              .2500
       43,576.18                           .0800
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      1573163                              .2500
       76,453.65                           .0800
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      1573164                              .2500
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      1573166                              .2500
       92,947.86                           .0800
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      1573167                              .2500
       29,683.77                           .0800
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      1573168                              .2500
       38,530.53                           .0800
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      1573169                              .2500
       80,954.58                           .0800
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      1573170                              .2500
       66,563.62                           .0800
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1



      1573171                              .2500
       98,944.50                           .0800
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      1573172                              .2500
       60,266.19                           .0800
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      1573173                              .2500
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      1573174                              .2500
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      1573175                              .2500
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      1573176                              .2500
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      1573177                              .2500
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      1573178                              .2500
       68,365.46                           .0800
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1



      1573179                              .2500
       35,980.84                           .0800
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      1573180                              .2500
       35,080.82                           .0800
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      1573181                              .2500
       49,571.96                           .0800
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      1573183                              .2500
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      1573184                              .2500
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      1573185                              .2500
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      1573186                              .2500
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      1573187                              .2500
       65,563.22                           .0800
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1



      1573188                              .2500
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      1573189                              .2500
       62,868.23                           .0800
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      1573190                              .2500
       62,968.18                           .0800
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      1573191                              .2500
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      1573192                              .2500
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      1573193                              .2500
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      1573194                              .2500
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      1573195                              .2500
       67,458.04                           .0800
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1



      1573196                              .2500
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      1573197                              .2500
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      1573199                              .2500
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      1573200                              .2500
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      1573201                              .2500
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      1573202                              .2500
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      1573203                              .2500
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      1573204                              .2500
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1



      1573205                              .2500
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      1573220                              .2500
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      1573225                              .2500
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      1573232                              .2500
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      1573233                              .2500
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      1573357                              .2500
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1



      1573372                              .2500
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      1573375                              .2500
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      1573380                              .2500
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      1573391                              .2500
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      1573417                              .2500
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      1573418                              .2500
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      1573421                              .2500
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1



      1573425                              .2500
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      1573430                              .2500
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      1573431                              .2500
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      1573432                              .2500
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      1573445                              .2500
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      1573448                              .2500
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1



      1573450                              .2500
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      1573457                              .2500
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      1573458                              .2500
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1



      1573475                              .2500
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      1573606                              .2500
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1



      1573646                              .2500
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1



      1573690                              .2500
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      1573692                              .2500
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      1573699                              .2500
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      1573707                              .2500
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      1573710                              .2500
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      1573743                              .2500
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1



      1573750                              .2500
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      1573751                              .2500
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      1573752                              .2500
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      1573755                              .2500
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      1573784                              .2500
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      1573807                              .2500
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1



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      1573820                              .2500
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      1573822                              .2500
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      1573826                              .2500
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      1573827                              .2500
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      1573832                              .2500
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      1573835                              .2500
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1



      1573870                              .2500
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      1573877                              .2500
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      1573879                              .2500
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      1573888                              .2500
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      1573894                              .2500
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      1573896                              .2500
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      1573897                              .2500
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      1573898                              .2500
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1



      1573901                              .2500
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      1573919                              .2500
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      1573920                              .2500
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      1573923                              .2500
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      1573924                              .2500
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      1573933                              .2500
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      1573934                              .2500
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      1573939                              .2500
       70,800.00                           .0800
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1



      1573942                              .2500
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      1573946                              .2500
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      1573947                              .2500
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      1573948                              .2500
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      1573949                              .2500
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      1573951                              .2500
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      1573952                              .2500
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      1573955                              .2500
       18,900.00                           .0800
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1



      1573957                              .2500
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      1573992                              .2500
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      1574038                              .2500
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      1574049                              .2500
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      1574055                              .2500
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      1574063                              .2500
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      1574066                              .2500
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      1574069                              .2500
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1



      1574072                              .2500
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      1574073                              .2500
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      1574076                              .2500
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      1574084                              .2500
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      1574088                              .2500
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      1574090                              .2500
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      1574096                              .2500
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      1574098                              .2500
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1



      1574108                              .2500
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      1574113                              .2500
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      1574168                              .2500
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      1574172                              .2500
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      1574173                              .2500
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      1574181                              .2500
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      1574185                              .2500
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      1574186                              .2500
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1



      1574189                              .2500
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      1574192                              .2500
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      1574193                              .2500
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      1574206                              .2500
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      1574211                              .2500
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      1574214                              .2500
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      1574215                              .2500
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      1574216                              .2500
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1



      1574217                              .2500
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      1574220                              .2500
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      1574222                              .2500
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      1574223                              .2500
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      1574249                              .2500
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      1574299                              .2500
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1



      1574303                              .2500
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      1574306                              .2500
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      1574313                              .2500
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      1574318                              .2500
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1



      1574331                              .2500
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      1574392                              .2500
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      1574395                              .2500
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      1574525                              .2500
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1



      1574527                              .2500
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      1574561                              .2500
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1



      1574564                              .2500
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1



      1575500                              .2500
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1



      1575570                              .2500
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      1575615                              .2500
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      1575616                              .2500
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      1575617                              .2500
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1



      1575618                              .2500
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      1575620                              .2500
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      1575621                              .2500
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      1575622                              .2500
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      1575624                              .2500
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      1575626                              .2500
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      1575628                              .2500
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1



      1575630                              .2500
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      1575632                              .2500
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      1575633                              .2500
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      1575634                              .2500
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      1575636                              .2500
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      1575639                              .2500
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      1575640                              .2500
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      1575641                              .2500
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1



      1575642                              .2500
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      1575643                              .2500
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      1575644                              .2500
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      1575645                              .2500
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      1575647                              .2500
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      1575650                              .2500
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1



      1575651                              .2500
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      1575654                              .2500
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      1575655                              .2500
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      1575656                              .2500
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      1575658                              .2500
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1



      1575665                              .2500
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      1575960                              .2500
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      1575976                              .2500
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      1575978                              .2500
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      1575986                              .2500
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      1575987                              .2500
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      1575991                              .2500
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      1575994                              .2500
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1



      1575995                              .2500
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      1576006                              .2500
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      1576011                              .2500
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      1576013                              .2500
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      1576019                              .2500
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      1576020                              .2500
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      1576028                              .2500
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      1576033                              .2500
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1



      1576037                              .2500
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      1576040                              .2500
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      1576041                              .2500
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      1576050                              .2500
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      1576051                              .2500
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      1576053                              .2500
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      1576073                              .2500
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      1576075                              .2500
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1



      1576083                              .2500
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      1576094                              .2500
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      1576095                              .2500
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      1576099                              .2500
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      1576100                              .2500
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      1576108                              .2500
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      1576109                              .2500
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      1576110                              .2500
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1



      1576112                              .2500
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      1576115                              .2500
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      1576132                              .2500
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      1576145                              .2500
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      1576149                              .2500
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      1576311                              .2500
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      1576314                              .2500
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      1576375                              .2500
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1



      1576399                              .2500
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      1576402                              .2500
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      1576414                              .2500
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      1576438                              .2500
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1



      1576453                              .2500
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1



      1576513                              .2500
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      1576517                              .2500
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      1576530                              .2500
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1



      1576531                              .2500
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1



      1576570                              .2500
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1



      1576625                              .2500
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1



      1576663                              .2500
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1



      1576684                              .2500
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      1576698                              .2500
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      1576715                              .2500
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      1576717                              .2500
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1



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1



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1



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1



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1



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      1577119                              .2500
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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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1



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            7.7500                         .9200

      1579232                              .2500
       87,900.00                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
            7.7500                         .7950

      1579252                              .2500
      218,250.00                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
            7.7500                         .6700

      1579304                              .2500
       85,400.00                           .0800
            9.2500                         .0000
            9.0000                         .0000
            8.9200                         .0000
            7.7500                        1.1700

  TOTAL NUMBER OF LOANS:     1972
  TOTAL BALANCE........:        221,126,398.63


  RUN ON     : 05/28/97            RFC DISCLOSURE SYSTEM      RFFSDFIX-01
  AT         : 12.21.27            INITIAL SECURITY FEES      AMORTIZED BALANCE
  SERIES     : RALI 1997-QS4 30 YR  FIXED SUMMARY REPORT      CUTOFF : 05/01/97
  POOL       : 0004247
             :
             :
  POOL STATUS: F

                                   WEIGHTED AVERAGES      FROM         TO
  ------------------------------------------------------------------------------
  CURR NOTE RATE                        8.8355            7.6250     10.7500
  RFC NET RATE                          8.5850            7.3750     10.5000
  NET MTG RATE(INVSTR RATE)             8.5061            7.2950     10.4200
  POST STRIP RATE                       7.7446            7.2950      7.7500
  SUB SERV FEE                           .2505             .2500      1.1250
  MSTR SERV FEE                          .0789             .0300       .0800
  ALL EXP                                .0000             .0000       .0000
  MISC EXP                               .0000             .0000       .0000
  SPREAD                                 .0000             .0000       .0000
  STRIP                                  .7616             .0000      2.6700







  TOTAL NUMBER OF LOANS:  1972
  TOTAL BALANCE........:     221,126,398.63


                             ***************************
                             *      END OF REPORT      *
                             ***************************

<PAGE>



                                    EXHIBIT G

                        FORM OF SELLER/SERVICER CONTRACT


         This  Seller/Servicer  Contract  (as may be  amended,  supplemented  or
otherwise  modified from time to time,  this  "Contract") is made this _________
day of _______,  19____, by and between  Residential  Funding  Corporation,  its
successors and assigns ("Residential  Funding") and  _____________________  (the
"Seller/Servicer,"  and,  together with Residential  Funding,  the "parties" and
each, individually, a "party").

         WHEREAS,  the Seller/Servicer  desires to sell Loans to, and/or service
Loans for,  Residential  Funding,  and  Residential  Funding desires to purchase
Loans from the Seller/Servicer  and/or have the Seller/Servicer  service various
of its Loans, pursuant to the terms of this Contract and the Residential Funding
Seller  and  Servicer  Guides  incorporated  herein by  reference,  as  amended,
supplemented or otherwise modified, from time to time (together, the "Guides").

         NOW,  THEREFORE,  in  consideration  of the  premises,  and the  terms,
conditions and agreements set forth below, the parties agree as follows:

1.       Incorporation of Guides by Reference.

         The  Seller/Servicer  acknowledges  that it has  received  and read the
Guides. All provisions of the Guides are incorporated by reference into and made
a part of this  Contract,  and  shall be  binding  upon the  parties;  provided,
however,  that the  Seller/Servicer  shall be  entitled  to sell Loans to and/or
service Loans for  Residential  Funding only if and for so long as it shall have
been authorized to do so by Residential  Funding in writing.  Specific reference
in this  Contract  to  particular  provisions  of the  Guides  and not to  other
provisions  does not mean that those  provisions of the Guides not  specifically
cited in this Contract are not applicable.  All terms used herein shall have the
same  meanings  as such terms have in the  Guides,  unless the  context  clearly
requires otherwise.

2.       Amendments.

         This Contract may not be amended or modified  orally,  and no provision
of this Contract may be waived or amended  except in writing signed by the party
against whom  enforcement  is sought.  Such a written  waiver or amendment  must
expressly  reference this Contract.  However,  by their terms, the Guides may be
amended or  supplemented  by  Residential  Funding  from time to time.  Any such
amendment(s) to the Guides shall be binding upon the parties hereto.



<PAGE>



3.       Representations and Warranties.

         a.       Reciprocal Representations and Warranties.

                  The  Seller/Servicer  and Residential  Funding each represents
and warrants to the other that as of the date of this Contract:

                  (1)      Each party is duly organized, validly existing,
                           and in good standing under the laws of its
                           jurisdiction of organization, is qualified, if
                           necessary, to do business and in good standing in
                           each jurisdiction in which it is required to be so
                           qualified, and has the requisite power and
                           authority to enter into this Contract and all
                           other agreements which are contemplated by this
                           Contract and to carry out its obligations
                           hereunder and under the Guides and under such
                           other agreements.

                  (2)      This Contract has been duly authorized,  executed and
                           delivered by each party and  constitutes  a valid and
                           legally binding  agreement of each party  enforceable
                           in accordance with its terms.

                  (3)      There  is  no  action,  proceeding  or  investigation
                           pending or threatened, and no basis therefor is known
                           to either  party,  that could  affect the validity or
                           prospective validity of this Contract.

                  (4)      Insofar as its capacity to carry out any
                           obligation under this Contract is concerned,
                           neither party is in violation of any charter,
                           articles of incorporation, bylaws, mortgage,
                           indenture, indebtedness, agreement, instrument,
                           judgment, decree, order, statute, rule or
                           regulation and none of the foregoing adversely
                           affects its capacity to fulfill any of its
                           obligations under this Contract.  Its execution
                           of, and performance pursuant to, this Contract
                           will not result in a violation of any of the
                           foregoing.

         b.       Seller/Servicer's Representations, Warranties and
Covenants.

                  In addition to the  representations,  warranties and covenants
                  made by the  Seller/Servicer  pursuant to subparagraph  (a) of
                  this    paragraph   3,   the    Seller/Servicer    makes   the
                  representations,  warranties  and  covenants  set forth in the
                  Guides and,  upon  request,  agrees to deliver to  Residential
                  Funding the certified  Resolution of Board of Directors  which
                  authorizes the execution and delivery of this Contract.

                                       G-2

<PAGE>




4.       Remedies of Residential Funding.

         If an Event of Seller  Default or an Event of  Servicer  Default  shall
occur,  Residential  Funding  may, at its option,  exercise one or more of those
remedies set forth in the Guides.

5.       Seller/Servicer's Status as Independent Contractor.

         At no time shall the Seller/Servicer  represent that it is acting as an
agent of Residential Funding. The Seller/Servicer shall, at all times, act as an
independent contractor.

6.       Prior Agreements Superseded.

         This Contract restates,  amends and supersedes any and all prior Seller
Contracts or Servicer Contracts between the parties except that any subservicing
agreement  executed by the  Seller/Servicer in connection with any loan-security
exchange transaction shall not be affected.

7.       Assignment.

         This Contract may not be assigned or transferred,  in whole or in part,
by the Seller/Servicer without the prior written consent of Residential Funding.
Residential  Funding may sell,  assign,  convey,  hypothecate,  pledge or in any
other way transfer,  in whole or in part, without restriction,  its rights under
this Contract and the Guides with respect to any Commitment or Loan.

8.       Notices.

         All notices,  requests,  demands or other communications that are to be
given under this  Contract  shall be in writing,  addressed  to the  appropriate
parties and sent by  telefacsimile  or by overnight  courier or by United States
mail,  postage prepaid,  to the addresses and  telefacsimile  numbers  specified
below.  However,  another  name,  address  and/or  telefacsimile  number  may be
substituted  by  the  Seller/Servicer  pursuant  to  the  requirements  of  this
paragraph 8, or Residential Funding pursuant to an amendment to the Guides.

If to Residential  Funding,  notices must be sent to the appropriate  address or
telefacsimile number specified in the Guides.


                                       G-3

<PAGE>



If to the Seller/Servicer, notice must be sent to:







         Attention:

         Telefacsimile Number:  (___) ___-____

9.       Jurisdiction and Venue.

         Each of the  parties  irrevocably  submits to the  jurisdiction  of any
state or federal court located in Hennepin County,  Minnesota,  over any action,
suit or  proceeding  to  enforce  or defend any right  under  this  Contract  or
otherwise  arising  from any loan sale or  servicing  relationship  existing  in
connection with this Contract,  and each of the parties  irrevocably agrees that
all  claims  in  respect  of any  such  action  or  proceeding  may be  heard or
determined  in such  state or federal  court.  Each of the  parties  irrevocably
waives  the  defense of an  inconvenient  forum to the  maintenance  of any such
action or proceeding and any other  substantive or procedural rights or remedies
it may have with respect to the  maintenance of any such action or proceeding in
any such  forum.  Each of the parties  agrees that a final  judgment in any such
action  or  proceeding  shall be  conclusive  and may be  enforced  in any other
jurisdiction  by suit on the  judgment or in any other  manner  provided by law.
Each of the  parties  further  agrees  not to  institute  any legal  actions  or
proceedings  against  the  other  party  or  any  director,  officer,  employee,
attorney,  agent or property of the other  party,  arising out of or relating to
this Contract in any court other than as hereinabove specified in this paragraph
9.

10.      Miscellaneous.

         This  Contract,  including  all  documents  incorporated  by  reference
herein,  constitutes  the entire  understanding  between the parties  hereto and
supersedes  all  other  agreements,  covenants,   representations,   warranties,
understandings and communications between the parties,  whether written or oral,
with respect to the  transactions  contemplated by this Contract.  All paragraph
headings contained herein are for convenience only and shall not be construed as
part of this  Contract.  Any  provision of this  Contract  that is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability  without  invalidating the
remaining  portions hereof or affecting the validity or  enforceability  of such
provision in any other jurisdiction, and, to this end, the provisions hereof are
severable. This Contract shall be governed by, and construed and

                                       G-4

<PAGE>



enforced in accordance with, applicable federal laws and the laws
of the State of Minnesota.

                                       G-5

<PAGE>



         IN WITNESS WHEREOF, the duly authorized officers of the Seller/Servicer
and Residential  Funding have executed this  Seller/Servicer  Contract as of the
date first above written.

ATTEST:                           SELLER/SERVICER

[Corporate Seal]


                                                    (Name of Seller/Servicer)

By:                               By:
         (Signature)                                (Signature)


                                  By:
         (Typed Name)                               (Typed Name)


Title:                            Title:




ATTEST:                           RESIDENTIAL FUNDING CORPORATION

By:                               By:
         (Signature)                                (Signature)


                                  By:
         (Typed Name)                               (Typed Name)


Title:                            Title:

                                     G-6

<PAGE>



                                    EXHIBIT H
                          FORMS OF REQUEST FOR RELEASE

DATE:
TO:
RE:               REQUEST FOR RELEASE OF DOCUMENTS

In connection with the  administration of the pool of Mortgage Loans held by you
for the  referenced  pool,  we request  the  release of the  Mortgage  Loan File
described below.

Pooling and Servicing Agreement Dated:
Series#:
Account#:
Pool#:
Loan#:
Borrower Name(s):
Reason for Document Request: (circle one)                         Mortgage Loan
Prepaid in Full
                                                      Mortgage Loan Repurchased

"We hereby  certify  that all amounts  received or to be received in  connection
with such  payments  which are required to be deposited  have been or will be so
deposited as provided in the Pooling and Servicing Agreement."


Residential Funding Corporation
Authorized Signature

****************************************************************

TO  CUSTODIAN/TRUSTEE:  Please acknowledge this request, and check off documents
being  enclosed  with a copy of this form.  You should retain this form for your
files in accordance with the terms of the Pooling and Servicing Agreement.

                  Enclosed Documents:           [ ] Promissory Note
                                                [ ] Primary Insurance Policy
                          [ ] Mortgage or Deed of Trust
                        [ ] Assignment(s) of Mortgage or
Deed of Trust
                                                 [ ] Title Insurance Policy
                                                 [ ] Other:


Name

Title

Date


<PAGE>



                                   EXHIBIT I-1

                    FORM OF TRANSFER AFFIDAVIT AND AGREEMENT

STATE OF                   )
                           : ss.:
COUNTY OF                  )

                  [NAME OF OFFICER], being first duly sworn, deposes and
says:

                  1. That he is [Title of Officer] of [Name of Owner] (record or
beneficial owner of the Mortgage Asset-Backed Pass-Through Certificates,  Series
1997-QS4,  Class R (the "Owner")),  a [savings  institution]  [corporation] duly
organized and existing under the laws of [the State of __________________]  [the
United States], on behalf of which he makes this affidavit and agreement.

                  2. That the  Owner (i) is not and will not be a  "disqualified
organization" as of [date of transfer] within the meaning of Section  860E(e)(5)
of the  Internal  Revenue  Code of 1986,  as  amended  (the  "Code"),  (ii) will
endeavor  to remain  other than a  disqualified  organization  for so long as it
retains  its  ownership  interest  in the  Class R  Certificates,  and  (iii) is
acquiring  the Class R  Certificates  for its own  account or for the account of
another  Owner  from  which  it has  received  an  affidavit  and  agreement  in
substantially the same form as this affidavit and agreement.  (For this purpose,
a "disqualified  organization"  means the United States,  any state or political
subdivision  thereof,  any  agency or  instrumentality  of any of the  foregoing
(other than an instrumentality all of the activities of which are subject to tax
and, except for the Federal Home Loan Mortgage Corporation,  a majority of whose
board of  directors  is not  selected  by any such  governmental  entity) or any
foreign government,  international organization or any agency or instrumentality
of such foreign  government  or  organization,  any rural  electric or telephone
cooperative, or any organization (other than certain farmers' cooperatives) that
is generally exempt from federal income tax unless such  organization is subject
to the tax on unrelated business taxable income).

                  3.  That  the  Owner is  aware  (i) of the tax  that  would be
imposed on transfers of Class R Certificates to disqualified organizations under
the Code,  that applies to all transfers of Class R  Certificates  after May 30,
1988;  (ii) that such tax would be on the  transferor,  or, if such  transfer is
through an agent (which person  includes a broker,  nominee or middleman)  for a
disqualified organization,  on the agent; (iii) that the person otherwise liable
for the  tax  shall  be  relieved  of  liability  for the tax if the  transferee
furnishes to such person an affidavit  that the transferee is not a disqualified
organization  and,  at the time of  transfer,  such  person does not have actual
knowledge  that the affidavit is false;  and (iv) that the Class R  Certificates
may  be  "noneconomic   residual  interests"  within  the  meaning  of  Treasury
regulations promulgated pursuant to the Code


<PAGE>



and that the  transferor of a noneconomic  residual  interest will remain liable
for any taxes due with respect to the income on such residual  interest,  unless
no  significant  purpose  of  the  transfer  was to  impede  the  assessment  or
collection of tax.

                  4.  That  the  Owner  is  aware  of  the  tax   imposed  on  a
"pass-through  entity"  holding Class R  Certificates  if at any time during the
taxable  year of the  pass-through  entity a  disqualified  organization  is the
record holder of an interest in such entity.  (For this purpose, a "pass through
entity" includes a regulated  investment company, a real estate investment trust
or common trust fund, a partnership, trust or estate, and certain cooperatives.)

                  [5. The  Purchaser  is not an employee  benefit  plan or other
plan subject to the prohibited transaction provisions of the Employee Retirement
Income  Security  Act of 1974,  as amended  ("ERISA"),  or  Section  4975 of the
Internal  Revenue  Code of 1986,  as  amended  (the  "Code"),  or an  investment
manager,  named  fiduciary  or a trustee of any such plan,  or any other  Person
acting, directly or indirectly,  on behalf of or purchasing any Certificate with
"plan assets" of any such plan.]

                  6. That the Owner is aware that the Trustee  will not register
the  transfer  of  any  Class  R  Certificates  unless  the  transferee,  or the
transferee's  agent,  delivers to it an  affidavit  and  agreement,  among other
things,  in  substantially  the same form as this affidavit and  agreement.  The
Owner expressly agrees that it will not consummate any such transfer if it knows
or believes  that any of the  representations  contained in such  affidavit  and
agreement are false.

                  7. That the Owner has reviewed the  restrictions  set forth on
the face of the Class R Certificates  and the  provisions of Section  5.02(f) of
the Pooling and Servicing  Agreement  under which the Class R Certificates  were
issued (in  particular,  clause  (iii)(A) and (iii)(B) of Section  5.02(f) which
authorize  the Trustee to deliver  payments to a person other than the Owner and
negotiate  a  mandatory  sale by the  Trustee in the event the Owner  holds such
Certificates in violation of Section 5.02(f)).  The Owner expressly agrees to be
bound by and to comply with such restrictions and provisions.

                  8. That the Owner consents to any additional  restrictions  or
arrangements that shall be deemed necessary upon advice of counsel to constitute
a reasonable  arrangement to ensure that the Class R  Certificates  will only be
owned,  directly  or  indirectly,  by  an  Owner  that  is  not  a  disqualified
organization.

                  9.  The Owner's Taxpayer Identification Number is
- --------------.


                                      I-1-2

<PAGE>



                  10. This  affidavit and agreement  relates only to the Class R
Certificates  held by the  Owner  and not to any  other  holder  of the  Class R
Certificates. The Owner understands that the liabilities described herein relate
only to the Class R Certificates.

                  11. That no purpose of the Owner  relating to the  transfer of
any of the  Class R  Certificates  by the  Owner  is or will  be to  impede  the
assessment or collection of any tax.

                  12.  That the Owner has no present  knowledge  or  expectation
that it will be unable to pay any United  States taxes owed by it so long as any
of the  Certificates  remain  outstanding.  In this  regard,  the  Owner  hereby
represents  to and for the benefit of the person from whom it acquired the Class
R Certificate  that the Owner intends to pay taxes  associated with holding such
Class R Certificate  as they become due, fully  understanding  that it may incur
tax  liabilities  in  excess  of  any  cash  flows  generated  by  the  Class  R
Certificate.

                  13.  That the Owner has no present  knowledge  or  expectation
that it will become insolvent or subject to a bankruptcy  proceeding for so long
as any of the Class R Certificates remain outstanding.

                  14. The Owner is a citizen or resident of the United States, a
corporation,  partnership  or other entity created or organized in, or under the
laws of, the United States or any political subdivision thereof, or an estate or
trust whose income from sources without the United States is includible in gross
income  for  United  States  federal  income  tax  purposes  regardless  of  its
connection with the conduct of a trade or business within the United States.

                                      I-1-3

<PAGE>



                  IN WITNESS WHEREOF, the Owner has caused this instrument to be
executed on its behalf,  pursuant to the authority of its Board of Directors, by
its [Title of Officer] and its corporate seal to be hereunto attached,  attested
by its [Assistant] Secretary, this ____ day of _______________, 199__.

                                                     [NAME OF OWNER]


                                                     By:
                                                     [Name of Officer]
                                                     [Title of Officer]
[Corporate Seal]

ATTEST:



[Assistant] Secretary



                  Personally   appeared  before  me  the  above-named  [Name  of
Officer], known or proved to me to be the same person who executed the foregoing
instrument and to be the [Title of Officer] of the Owner, and acknowledged to me
that he executed  the same as his free act and deed and the free act and deed of
the Owner.

                  Subscribed   and   sworn   before   me   this   ____   day  of
________________, 199__.




                                                     NOTARY PUBLIC

                                                     COUNTY OF
                                                     STATE OF
                                                     My  Commission  expires the
                                                     ____         day         of
                                                     _______________, 19__.

                                      I-1-4

<PAGE>



                                   EXHIBIT I-2

                         FORM OF TRANSFEROR CERTIFICATE


                                                       __________________, 19__


Residential Accredit Loans, Inc.
8400 Normandale Lake Boulevard
Suite 600
Minneapolis, Minnesota  55437

The First National Bank of Chicago
One First National Plaza
Chicago, Illinois  60670

Attention:  Residential Funding Corporation Series 1997-QS4

                  Re:     Mortgage Asset-Backed Pass-Through Certificates,
                          Series 1997-QS4, Class R

Ladies and Gentlemen:

                  This  letter  is  delivered  to you  in  connection  with  the
transfer    by     _______________________________     (the     "Seller")     to
_______________________________  (the  "Purchaser")  of  $_____________  Initial
Certificate   Principal   Balance   of   Mortgage   Asset-Backed    Pass-Through
Certificates, Series 1997-QS4, Class R (the "Certificates"), pursuant to Section
5.02  of the  Pooling  and  Servicing  Agreement  (the  "Pooling  and  Servicing
Agreement"),  dated as of May 1, 1997 among Residential Accredit Loans, Inc., as
seller (the "Company"), Residential Funding Corporation, as master servicer, and
The First National Bank of Chicago,  as trustee (the "Trustee").  All terms used
herein  and not  otherwise  defined  shall  have the  meanings  set forth in the
Pooling and Servicing  Agreement.  The Seller hereby  certifies,  represents and
warrants to, and covenants with, the Company and the Trustee that:

                  1.      No purpose of the Seller relating to the transfer
of the Certificate by the Seller to the Purchaser is or will be
to impede the assessment or collection of any tax.

                  2. The Seller  understands that the Purchaser has delivered to
the Trustee and the Master  Servicer a transfer  affidavit  and agreement in the
form attached to the Pooling and Servicing  Agreement as Exhibit I-1. The Seller
does not know or believe that any representation contained therein is false.

                  3. The  Seller  has at the time of the  transfer  conducted  a
reasonable  investigation  of  the  financial  condition  of  the  Purchaser  as
contemplated by Treasury Regulations Section  1.860E-1(c)(4)(i) and, as a result
of that  investigation,  the  Seller  has  determined  that  the  Purchaser  has
historically paid its debts as they become due and has found no significant


<PAGE>



evidence to indicate  that the  Purchaser  will not continue to pay its debts as
they become due in the future.  The Seller  understands  that the  transfer of a
Class R  Certificate  may not be respected for United States income tax purposes
(and the  Seller  may  continue  to be liable for  United  States  income  taxes
associated therewith) unless the Seller has conducted such an investigation.

                  4.      The Seller has no actual knowledge that the
proposed Transferee is not both a United States Person and a
Permitted Transferee.

                                                         Very truly yours,




                                                         (Seller)


                                                         By:
                                                         Name:
                                                         Title:

                                                       I-2-2

<PAGE>



                                    EXHIBIT J

                     FORM OF INVESTOR REPRESENTATION LETTER

                                                            ______________, 19__

Residential Accredit Loans, Inc.
8400 Normandale Lake Boulevard
Suite 600
Minneapolis, MN 55437

The First National Bank of Chicago
One First National Plaza
Chicago, Illinois  60670

Attention:  Residential Funding Corporation Series 1997-QS4

                  RE:     Mortgage Asset-Backed Pass-Through Certificates,
                          Series 1997-QS4, [Class B-]

Ladies and Gentlemen:

                  _________________________   (the   "Purchaser")   intends   to
purchase from  ___________________________ (the "Seller") $_____________ Initial
Certificate   Principal   Balance   of   Mortgage   Asset-Backed    Pass-Through
Certificates, Series 1997-QS4, Class __ (the "Certificates"), issued pursuant to
the Pooling and Servicing  Agreement  (the  "Pooling and Servicing  Agreement"),
dated as of May 1, 1997 among Residential  Accredit Loans,  Inc., as seller (the
"Company"),  Residential Funding Corporation,  as master servicer, and The First
National Bank of Chicago, as trustee (the "Trustee").  All terms used herein and
not  otherwise  defined  shall have the  meanings  set forth in the  Pooling and
Servicing Agreement. The Purchaser hereby certifies, represents and warrants to,
and covenants with, the Company and the Trustee that:

                          1. The Purchaser understands that (a) the Certificates
                  have not been and will not be  registered  or qualified  under
                  the  Securities  Act of 1933,  as amended  (the  "Act") or any
                  state  securities  law,  (b) the Company is not required to so
                  register or qualify the Certificates, (c) the Certificates may
                  be resold only if  registered  and  qualified  pursuant to the
                  provisions  of the Act or any state  securities  law, or if an
                  exemption  from  such   registration   and   qualification  is
                  available,  (d) the Pooling and Servicing  Agreement  contains
                  restrictions  regarding the transfer of the  Certificates  and
                  (e) the  Certificates  will  bear a  legend  to the  foregoing
                  effect.

                          2. The Purchaser is acquiring the Certificates for its
                  own account for investment  only and not with a view to or for
                  sale in connection with any distribution thereof in any manner
                  that would violate the Act or any applicable  state securities
                  laws.



<PAGE>



                          3. The Purchaser is (a) a  substantial,  sophisticated
                  institutional investor having such knowledge and experience in
                  financial and business  matters,  and, in particular,  in such
                  matters  related to  securities  similar to the  Certificates,
                  such that it is capable of evaluating  the merits and risks of
                  investment in the Certificates,  (b) able to bear the economic
                  risks of such an investment and (c) an  "accredited  investor"
                  within the meaning of Rule 501(a) promulgated  pursuant to the
                  Act.

                          4. The Purchaser has been furnished  with, and has had
                  an opportunity to review (a) [a copy of the Private  Placement
                  Memorandum,  dated ___________________,  19__, relating to the
                  Certificates   (b)]  a  copy  of  the  Pooling  and  Servicing
                  Agreement and [b] [c] such other  information  concerning  the
                  Certificates,  the Mortgage  Loans and the Company as has been
                  requested by the Purchaser  from the Company or the Seller and
                  is  relevant  to the  Purchaser's  decision  to  purchase  the
                  Certificates. The Purchaser has had any questions arising from
                  such  review  answered  by the  Company  or the  Seller to the
                  satisfaction  of the  Purchaser.  [If  the  Purchaser  did not
                  purchase the  Certificates  from the Seller in connection with
                  the initial  distribution of the Certificates and was provided
                  with  a  copy  of  the  Private   Placement   Memorandum  (the
                  "Memorandum")  relating to the  original  sale (the  "Original
                  Sale")  of the  Certificates  by the  Company,  the  Purchaser
                  acknowledges  that such  Memorandum  was provided to it by the
                  Seller, that the Memorandum was prepared by the Company solely
                  for use in  connection  with the Original Sale and the Company
                  did not  participate  in or facilitate in any way the purchase
                  of the Certificates by the Purchaser from the Seller,  and the
                  Purchaser  agrees  that it will look  solely to the Seller and
                  not to the  Company  with  respect to any  damage,  liability,
                  claim  or  expense  arising  out  of,  resulting  from  or  in
                  connection  with (a) error or  omission,  or alleged  error or
                  omission, contained in the Memorandum, or (b) any information,
                  development   or  event   arising   after   the  date  of  the
                  Memorandum.]

                          5.  The  Purchaser  has  not and  will  not nor has it
                  authorized  or will it  authorize  any  person  to (a)  offer,
                  pledge,   sell,   dispose  of  or   otherwise   transfer   any
                  Certificate,  any  interest  in any  Certificate  or any other
                  similar security to any person in any manner,  (b) solicit any
                  offer  to buy or to  accept  a  pledge,  disposition  of other
                  transfer of any  Certificate,  any interest in any Certificate
                  or any other  similar  security from any person in any manner,
                  (c)  otherwise  approach  or  negotiate  with  respect  to any
                  Certificate,  any  interest  in any  Certificate  or any other
                  similar security with any person in any manner, (d) make any

                                       J-2

<PAGE>



                  general solicitation by means of general advertising or in any
                  other manner or (e) take any other action,  that (as to any of
                  (a) through (e) above) would  constitute a distribution of any
                  Certificate  under the Act, that would render the  disposition
                  of any  Certificate a violation of Section 5 of the Act or any
                  state  securities  law, or that would require  registration or
                  qualification pursuant thereto. The Purchaser will not sell or
                  otherwise   transfer  any  of  the  Certificates,   except  in
                  compliance  with the  provisions  of the Pooling and Servicing
                  Agreement.

                          [6.         The Purchaser

                                      (a) is not an  employee  benefit  or other
                  plan subject to the prohibited  transaction  provisions of the
                  Employee  Retirement  Income  Security Act of 1974, as amended
                  ("ERISA"),  or Section  4975 of the  Internal  Revenue Code of
                  1986, as amended (the "Code") (a "Plan"),  or any other person
                  (including  an  investment  manager,  a named  fiduciary  or a
                  trustee of any Plan) acting, directly or indirectly, on behalf
                  of or  purchasing  any  Certificate  with "plan assets" of any
                  Plan; or

                                      (b) is an insurance company, the source of
                  funds  to be used by it to  purchase  the  Certificates  is an
                  "insurance  company  general  account"  (within the meaning of
                  Department of Labor  Prohibited  Transaction  Class  Exemption
                  ("PTCE")  95-60),  and the  purchase is being made in reliance
                  upon the  availability of the exemptive  relief afforded under
                  Section III of PTCE 95-60.]

                                                         Very truly yours,



                                                         By:
                                                         Name:
                                                         Title:

                                                        J-3

<PAGE>



                                    EXHIBIT K

                    FORM OF TRANSFEROR REPRESENTATION LETTER




                                                            ______________ , 19


Residential Accredit Loans, Inc.
8400 Normandale Lake Boulevard
Suite 600
Minneapolis, MN 55437

The First National Bank of Chicago
One First National Plaza
Chicago, Illinois  60670

Attention: Residential Funding Corporation Series 1997-QS4

                  Re:     Mortgage Asset-Backed Pass-Through Certificates,
                          Series 1997-QS4, [Class B-]

Ladies and Gentlemen:

                  In  connection  with  the  sale  by  (the  "Seller")  to  (the
"Purchaser") of $ Initial Certificate Principal Balance of Mortgage Asset-Backed
Pass-Through Certificates,  Series 1997-QS4, Class (the "Certificates"),  issued
pursuant to the Pooling and  Servicing  Agreement  (the  "Pooling and  Servicing
Agreement"),  dated as of May 1, 1997 among Residential Accredit Loans, Inc., as
seller (the "Company"), Residential Funding Corporation, as master servicer, and
The First  National  Bank of Chicago,  as trustee  (the  "Trustee").  The Seller
hereby  certifies,  represents and warrants to, and covenants  with, the Company
and the Trustee that:

                  Neither  the Seller  nor  anyone  acting on its behalf has (a)
offered,  pledged,  sold, disposed of or otherwise  transferred any Certificate,
any interest in any  Certificate or any other similar  security to any person in
any  manner,  (b)  has  solicited  any  offer  to buy  or to  accept  a  pledge,
disposition  or  other  transfer  of  any  Certificate,   any  interest  in  any
Certificate or any other similar security from any person in any manner, (c) has
otherwise approached or negotiated with respect to any Certificate, any interest
in any Certificate or any other similar  security with any person in any manner,
(d) has made any general  solicitation by means of general advertising or in any
other manner, or (e) has taken any other action,  that (as to any of (a) through
(e)  above)  would  constitute  a  distribution  of the  Certificates  under the
Securities  Act of 1933 (the "Act"),  that would render the  disposition  of any
Certificate a violation of Section 5 of the Act or any state  securities law, or
that would require  registration or qualification  pursuant thereto.  The Seller
will not act, in any manner set forth in the foregoing  sentence with respect to
any Certificate. The Seller has not and


<PAGE>



will  not  sell  or  otherwise  transfer  any of  the  Certificates,  except  in
compliance with the provisions of the Pooling and Servicing Agreement.

                                           Very truly yours,


                                           (Seller)



                                           By:
                                           Name:
                                           Title:

                                       K-2

<PAGE>



                                    EXHIBIT L

                  [FORM OF RULE 144A INVESTMENT REPRESENTATION]


      Description  of Rule  144A  Securities,  including numbers:
                 ===============================================
                 ===============================================


                  The undersigned  seller,  as registered holder (the "Seller"),
intends to transfer the Rule 144A Securities  described above to the undersigned
buyer (the "Buyer").

                  1. In connection with such transfer and in accordance with the
agreements  pursuant to which the Rule 144A Securities  were issued,  the Seller
hereby  certifies the following  facts:  Neither the Seller nor anyone acting on
its behalf has offered, transferred,  pledged, sold or otherwise disposed of the
Rule 144A  Securities,  any  interest in the Rule 144A  Securities  or any other
similar security to, or solicited any offer to buy or accept a transfer,  pledge
or other disposition of the Rule 144A Securities,  any interest in the Rule 144A
Securities  or any other  similar  security  from,  or otherwise  approached  or
negotiated  with respect to the Rule 144A  Securities,  any interest in the Rule
144A Securities or any other similar security with, any person in any manner, or
made any general  solicitation  by means of general  advertising or in any other
manner,  or taken any other action,  that would constitute a distribution of the
Rule 144A  Securities  under the  Securities  Act of 1933, as amended (the "1933
Act"),  or that  would  render the  disposition  of the Rule 144A  Securities  a
violation of Section 5 of the 1933 Act or require registration pursuant thereto,
and that the Seller has not offered the Rule 144A Securities to any person other
than the Buyer or  another  "qualified  institutional  buyer" as defined in Rule
144A under the 1933 Act.

                  2. The Buyer warrants and  represents to, and covenants  with,
the Seller,  the Trustee and the Master  Servicer (as defined in the Pooling and
Servicing Agreement (the "Agreement"), dated as of May 1, 1997 among Residential
Funding  Corporation as Master  Servicer,  Residential  Accredit Loans,  Inc. as
depositor  pursuant to Section 5.02 of the Agreement and The First National Bank
of Chicago, as trustee, as follows:

                          a. The Buyer understands that the Rule 144A Securities
         have not been  registered  under the 1933 Act or the securities laws of
         any state.

                          b.  The   Buyer   considers   itself  a   substantial,
         sophisticated   institutional   investor   having  such  knowledge  and
         experience  in  financial  and  business  matters that it is capable of
         evaluating  the  merits  and  risks  of  investment  in the  Rule  144A
         Securities.



<PAGE>



                          c. The Buyer has been furnished  with all  information
         regarding  the Rule  144A  Securities  that it has  requested  from the
         Seller, the Trustee or the Servicer.

                          d.  Neither the Buyer nor anyone  acting on its behalf
         has offered,  transferred,  pledged,  sold or otherwise disposed of the
         Rule 144A  Securities,  any interest in the Rule 144A Securities or any
         other  similar  security to, or solicited  any offer to buy or accept a
         transfer, pledge or other disposition of the Rule 144A Securities,  any
         interest  in the Rule 144A  Securities  or any other  similar  security
         from, or otherwise  approached  or negotiated  with respect to the Rule
         144A Securities,  any interest in the Rule 144A Securities or any other
         similar  security with,  any person in any manner,  or made any general
         solicitation by means of general advertising or in any other manner, or
         taken any other action,  that would  constitute a  distribution  of the
         Rule  144A  Securities  under  the 1933 Act or that  would  render  the
         disposition of the Rule 144A Securities a violation of Section 5 of the
         1933 Act or require registration pursuant thereto, nor will it act, nor
         has it  authorized  or will it  authorize  any  person to act,  in such
         manner with respect to the Rule 144A Securities.

                          e. The Buyer is a "qualified  institutional  buyer" as
         that term is defined in Rule 144A under the 1933 Act and has  completed
         either of the forms of  certification to that effect attached hereto as
         Annex 1 or  Annex 2.  The  Buyer is aware  that the sale to it is being
         made in reliance  on Rule 144A.  The Buyer is  acquiring  the Rule 144A
         Securities  for its own  account  or the  accounts  of other  qualified
         institutional buyers, understands that such Rule 144A Securities may be
         resold, pledged or transferred only (i) to a person reasonably believed
         to be a  qualified  institutional  buyer  that  purchases  for  its own
         account or for the account of a qualified  institutional  buyer to whom
         notice is given that the  resale,  pledge or  transfer is being made in
         reliance  on Rule 144A,  or (ii)  pursuant  to another  exemption  from
         registration under the 1933 Act.

                  [3.     The Buyer

                          a. is not an employee benefit or other plan subject to
         the prohibited transaction provisions of the Employee Retirement Income
         Security  Act of 1974,  as amended  ("ERISA"),  or Section  4975 of the
         Internal  Revenue Code of 1986, as amended (the "Code") (a "Plan"),  or
         any other person (including an investment manager, a named fiduciary or
         a trustee of any Plan) acting, directly or indirectly,  on behalf of or
         purchasing any Certificate with "plan assets" of any Plan; or

                          b.  is an insurance company, the source of funds
         to be used by it to purchase the Certificates is an
         "insurance company general account" (within the meaning of

                                       L-2

<PAGE>



         Department of Labor  Prohibited  Transaction  Class Exemption  ("PTCE")
         95-60),   and  the  purchase  is  being  made  in  reliance   upon  the
         availability of the exemptive relief afforded under Section III of PTCE
         95-60.]

                  4. This  document may be executed in one or more  counterparts
and by the different  parties  hereto on separate  counterparts,  each of which,
when  so  executed,  shall  be  deemed  to be an  original;  such  counterparts,
together, shall constitute one and the same document.

                  IN WITNESS  WHEREOF,  each of the  parties has  executed  this
document as of the date set forth below.



Print Name of Seller                             Print Name of Buyer

By:                                              By:
     Name:                                           Name:
     Title:                                          Title:

Taxpayer Identification:                             Taxpayer Identification:

No.                                              No.

Date:                                            Date:





                                       L-3

<PAGE>



                              ANNEX 1 TO EXHIBIT L


            QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

             [For Buyers Other Than Registered Investment Companies]


             The undersigned  hereby certifies as follows in connection with the
Rule 144A Investment Representation to which this Certification is attached:

             1. As indicated below, the undersigned is the President,
Chief Financial Officer, Senior Vice President or other executive
officer of the Buyer.

             2. In  connection  with  purchases  by the  Buyer,  the  Buyer is a
"qualified  institutional  buyer" as that term is defined in Rule 144A under the
Securities Act of 1933 ("Rule 144A") because (i) the Buyer owned and/or invested
on a discretionary basis  $______________________  in securities (except for the
excluded  securities referred to below) as of the end of the Buyer's most recent
fiscal year (such amount being calculated in accordance with Rule 144A) and (ii)
the Buyer satisfies the criteria in the category marked below.

     ___     Corporation,  etc. The Buyer is a  corporation  (other than a bank,
             savings and loan association or similar institution), Massachusetts
             or similar business trust, partnership,  or charitable organization
             described in Section 501(c)(3) of the Internal Revenue Code.

     ___     Bank.  The Buyer (a) is a national bank or banking
             ----
             institution organized under the laws of any State,
             territory or the District of Columbia, the business of
             which is substantially confined to banking and is
             supervised by the State or territorial banking commission
             or similar official or is a foreign bank or equivalent
             institution, and (b) has an audited net worth of at least
             $25,000,000 as demonstrated in its latest annual
             financial statements, a copy of which is attached hereto.
                                   ----------------------------------

                                       L-4

<PAGE>



     ___     Savings and Loan.  The Buyer (a) is a savings and loan
             ----------------
             association, building and loan association, cooperative
             bank, homestead association or similar institution, which
             is supervised and examined by a State or Federal
             authority having supervision over any such institutions
             or is a foreign savings and loan association or
             equivalent institution and (b) has an audited net worth
             of at least $25,000,000 as demonstrated in its latest
             annual financial statements.

     ___     Broker-Dealer.  The Buyer is a dealer registered pursuant
             to Section 15 of the Securities Exchange Act of 1934.

     ___     Insurance Company.  The Buyer is an insurance company
             -----------------
             whose primary and predominant business activity is the
             writing of insurance or the reinsuring of risks
             underwritten by insurance companies and which is subject
             to supervision by the insurance commissioner or a similar
             official or agency of a State or territory or the
             District of Columbia.

     ___     State or Local Plan.  The Buyer is a plan established and
             maintained by a State, its political subdivisions, or any
             agency or instrumentality of the State or its political
             subdivisions, for the benefit of its employees.

     ___     ERISA  Plan.  The Buyer is an  employee  benefit  plan  within  the
             meaning of Title I of the Employee  Retirement  Income Security Act
             of 1974.

     ___     Investment Adviser.   The Buyer is an investment adviser
             registered under the Investment Advisers Act of 1940.

     ___     SBIC.  The Buyer is a Small Business Investment Company
             licensed by the U.S. Small Business Administration under
             Section 301(c) or (d) of the Small Business Investment
             Act of 1958.

     ___     Business Development Company.  The Buyer is a business
             development company as defined in Section 202(a)(22) of
             the Investment Advisers Act of 1940.

     ___     Trust Fund.  The Buyer is a trust fund whose trustee is a
             ----------
             bank or trust company and whose participants are
             exclusively (a) plans established and maintained by a
             State, its political subdivisions, or any agency or
             instrumentality of the State or its political
             subdivisions, for the benefit of its employees, or
             (b) employee benefit plans within the meaning of Title I
             of the Employee Retirement Income Security Act of 1974,
             but is not a trust fund that includes as participants
             individual retirement accounts or H.R. 10 plans.

             3.   The term "securities" as used herein does not
include (i) securities of issuers that are affiliated with the

                                       L-5

<PAGE>



Buyer,  (ii) securities that are part of an unsold  allotment to or subscription
by  the  Buyer,  if  the  Buyer  is a  dealer,  (iii)  bank  deposit  notes  and
certificates of deposit,  (iv) loan participations,  (v) repurchase  agreements,
(vi) securities owned but subject to a repurchase  agreement and (vii) currency,
interest rate and commodity swaps.

             4. For purposes of determining  the aggregate  amount of securities
owned and/or invested on a discretionary  basis by the Buyer, the Buyer used the
cost of such  securities to the Buyer and did not include any of the  securities
referred to in the preceding  paragraph.  Further, in determining such aggregate
amount,  the Buyer may have included  securities  owned by  subsidiaries  of the
Buyer,  but only if such  subsidiaries  are  consolidated  with the Buyer in its
financial  statements  prepared in accordance with generally accepted accounting
principles  and if the  investments of such  subsidiaries  are managed under the
Buyer's direction.  However, such securities were not included if the Buyer is a
majority-owned,  consolidated  subsidiary of another enterprise and the Buyer is
not itself a reporting company under the Securities Exchange Act of 1934.

             5. The Buyer  acknowledges  that it is familiar  with Rule 144A and
understands  that the seller to it and other parties related to the Certificates
are relying and will continue to rely on the statements  made herein because one
or more sales to the Buyer may be in reliance on Rule 144A.

  ___         ___                   Will the Buyer be purchasing the Rule 144A
  Yes         No                    Securities only for the Buyer's own account?

             6. If the  answer  to the  foregoing  question  is "no",  the Buyer
agrees that, in connection with any purchase of securities sold to the Buyer for
the account of a third party  (including  any  separate  account) in reliance on
Rule 144A, the Buyer will only purchase for the account of a third party that at
the time is a "qualified  institutional  buyer" within the meaning of Rule 144A.
In addition,  the Buyer agrees that the Buyer will not purchase securities for a
third party unless the Buyer has obtained a current  representation  letter from
such third party or taken other appropriate  steps  contemplated by Rule 144A to
conclude that such third party  independently meets the definition of "qualified
institutional buyer" set forth in Rule 144A.

             7.   The Buyer will notify each of the parties to which
this certification is made of any changes in the information and
conclusions herein.  Until such notice is given, the Buyer's

                                       L-6

<PAGE>



purchase  of Rule  144A  Securities  will  constitute  a  reaffirmation  of this
certification as of the date of such purchase.


                                            Print Name of Buyer

                                            By:
                                                     Name:
                                                     Title:

                                            Date:

                                       L-7

<PAGE>



                              ANNEX 2 TO EXHIBIT L


            QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

              [For Buyers That Are Registered Investment Companies]


                  The undersigned hereby certifies as follows in connection with
the Rule 144A Investment Representation to which this Certification is attached:

                   1. As indicated  below,  the  undersigned  is the  President,
Chief  Financial  Officer or Senior Vice President of the Buyer or, if the Buyer
is a "qualified  institutional buyer" as that term is defined in Rule 144A under
the  Securities  Act of 1933 ("Rule 144A")  because Buyer is part of a Family of
Investment Companies (as defined below), is such an officer of the Adviser.

                  2. In  connection  with  purchases  by  Buyer,  the Buyer is a
"qualified  institutional  buyer" as  defined in SEC Rule 144A  because  (i) the
Buyer is an investment  company  registered under the Investment  Company Act of
1940,  and (ii) as marked  below,  the Buyer  alone,  or the  Buyer's  Family of
Investment Companies,  owned at least $100,000,000 in securities (other than the
excluded  securities referred to below) as of the end of the Buyer's most recent
fiscal year. For purposes of determining  the amount of securities  owned by the
Buyer or the Buyer's Family of Investment Companies, the cost of such securities
was used.

____              The Buyer owned $___________________ in securities
                  (other than the excluded securities referred to below)
                  as of the end of the Buyer's most recent fiscal year
                  (such amount being calculated in accordance with
                  Rule 144A).

____              The Buyer is part of a Family of Investment Companies
                  which owned in the aggregate $______________ in
                  securities (other than the excluded securities referred
                  to below) as of the end of the Buyer's most recent
                  fiscal year (such amount being calculated in accordance
                  with Rule 144A).

                  3. The term "Family of  Investment  Companies"  as used herein
means two or more registered  investment companies (or series thereof) that have
the same  investment  adviser or  investment  advisers that are  affiliated  (by
virtue of being  majority owned  subsidiaries  of the same parent or because one
investment adviser is a majority owned subsidiary of the other).

                  4. The term  "securities"  as used herein does not include (i)
securities  of  issuers  that are  affiliated  with the Buyer or are part of the
Buyer's Family of Investment Companies, (ii) bank deposit notes and certificates
of deposit, (iii) loan

                                       L-8

<PAGE>



participations,  (iv) repurchase agreements, (v) securities owned but subject to
a repurchase agreement and (vi) currency, interest rate and commodity swaps.

                  5. The Buyer is familiar with Rule 144A and  understands  that
each of the  parties to which this  certification  is made are  relying and will
continue to rely on the statements  made herein because one or more sales to the
Buyer  will be in  reliance  on Rule  144A.  In  addition,  the Buyer  will only
purchase for the Buyer's own account.

                  6. The  undersigned  will  notify each of the parties to which
this  certification  is made of any changes in the  information  and conclusions
herein.  Until such notice,  the Buyer's  purchase of Rule 144A  Securities will
constitute a reaffirmation  of this  certification  by the undersigned as of the
date of such purchase.



                                                     Print Name of Buyer


                                                     By:
                                                        Name:
                                                        Title:

                                                     IF AN ADVISER:


                                                     Print Name of Buyer


                                                     Date:






                                       L-9

<PAGE>



                                    EXHIBIT M

                   [TEXT OF AMENDMENT TO POOLING AND SERVICING
                  AGREEMENT PURSUANT TO SECTION 11.01(E) FOR A
                                LIMITED GUARANTY]


                                   ARTICLE XII

             Subordinate Certificate Loss Coverage; Limited Guaranty

                  Section 12.01. Subordinate Certificate Loss Coverage;  Limited
Guaranty.  (a) Subject to subsection (c) below,  prior to the later of the third
Business Day prior to each Distribution Date or the related  Determination Date,
the  Master  Servicer  shall  determine  whether it or any  Subservicer  will be
entitled to any  reimbursement  pursuant to Section 4.02(a) on such Distribution
Date for Advances or Subservicer  Advances  previously made,  (which will not be
Advances or  Subservicer  Advances that were made with respect to  delinquencies
which were  subsequently  determined to be Excess Special Hazard Losses,  Excess
Fraud Losses,  Excess Bankruptcy Losses or Extraordinary Losses) and, if so, the
Master Servicer shall demand payment from Residential Funding of an amount equal
to the amount of any Advances or  Subservicer  Advances  reimbursed  pursuant to
Section  4.02(a),  to the extent such Advances or Subservicer  Advances have not
been included in the amount of the Realized Loss in the related  Mortgage  Loan,
and  shall  distribute  the same to the Class B  Certificateholders  in the same
manner as if such amount were to be distributed pursuant to Section 4.02(a).

                  (b) Subject to subsection (c) below, prior to the later of the
third Business Day prior to each Distribution Date or the related  Determination
Date, the Master  Servicer shall  determine  whether any Realized  Losses (other
than Excess Special Hazard Losses, Excess Bankruptcy Losses, Excess Fraud Losses
and Extraordinary  Losses) will be allocated to the Class B Certificates on such
Distribution  Date  pursuant to Section  4.05,  and, if so, the Master  Servicer
shall demand  payment from  Residential  Funding of the amount of such  Realized
Loss and shall distribute the same to the Class B Certificateholders in the same
manner as if such amount  were to be  distributed  pursuant to Section  4.02(a);
provided, however, that the amount of such demand in respect of any Distribution
Date shall in no event be greater than the sum of (i) the  additional  amount of
Accrued  Certificate  Interest  that  would  have  been  paid  for  the  Class B
Certificateholders  on such  Distribution  Date had such Realized Loss or Losses
not occurred plus (ii) the amount of the reduction in the Certificate  Principal
Balances  of the  Class B  Certificates  on such  Distribution  Date due to such
Realized  Loss or Losses.  Notwithstanding  such payment,  such Realized  Losses
shall be deemed to have been borne by the  Certificateholders  for  purposes  of
Section  4.05.  Excess  Special  Hazard  Losses,  Excess  Fraud  Losses,  Excess
Bankruptcy Losses and Extraordinary Losses allocated to the Class B Certificates
will not be covered by the Subordinate Certificate Loss Obligation.



<PAGE>



                  (c) Demands for  payments  pursuant to this  Section  shall be
made  prior to the later of the third  Business  Day prior to each  Distribution
Date or the  related  Determination  Date by the Master  Servicer  with  written
notice thereof to the Trustee. The maximum amount that Residential Funding shall
be  required  to pay  pursuant  to this  Section on any  Distribution  Date (the
"Amount Available") shall be equal to the lesser of (X)
      minus the sum of (i) all previous  payments made under subsections (a) and
(b) hereof and (ii) all draws  under the Limited  Guaranty  made in lieu of such
payments  as  described  below in  subsection  (d) and (Y) the then  outstanding
Certificate Principal Balances of the Class B Certificates, or such lower amount
as  may  be  established  pursuant  to  Section  12.02.   Residential  Funding's
obligations  as  described  in  this  Section  are  referred  to  herein  as the
"Subordinate Certificate Loss Obligation."

                  (d) The Trustee will promptly notify General Motors Acceptance
Corporation of any failure of Residential Funding to make any payments hereunder
and  shall  demand  payment  pursuant  to the  limited  guaranty  (the  "Limited
Guaranty"),  executed by General Motors Acceptance  Corporation,  of Residential
Funding's  obligation  to make payments  pursuant to this Section,  in an amount
equal to the lesser of (i) the Amount Available and (ii) such required payments,
by  delivering to General  Motors  Acceptance  Corporation a written  demand for
payment by wire  transfer,  not later than the second  Business Day prior to the
Distribution Date for such month, with a copy to the Master Servicer.

                  (e) All payments made by Residential  Funding pursuant to this
Section or amounts paid under the Limited  Guaranty shall be deposited  directly
in the Certificate  Account,  for distribution on the Distribution Date for such
month to the Class B Certificateholders.

                  (f) The Company shall have the option, in its sole discretion,
to  substitute  for either or both of the Limited  Guaranty  or the  Subordinate
Certificate  Loss  Obligation  another  instrument  in the  form of a  corporate
guaranty,  an irrevocable  letter of credit, a surety bond,  insurance policy or
similar  instrument  or a reserve fund;  provided  that (i) the Company  obtains
(subject to the provisions of Section 10.01(f) as if the Company was substituted
for the Master Servicer solely for the purposes of such provision) an Opinion of
Counsel (which need not be an opinion of Independent counsel) to the effect that
obtaining such  substitute  corporate  guaranty,  irrevocable  letter of credit,
surety bond,  insurance  policy or similar  instrument  or reserve fund will not
cause  either (a) any  federal  tax to be imposed on the Trust  Fund,  including
without limitation,  any federal tax imposed on "prohibited  transactions" under
Section  860(F)(a)(1) of the Code or on  "contributions  after the startup date"
under Section  860(G)(d)(1) of the Code or (b) the Trust Fund to fail to qualify
as a REMIC at any time that any  Certificate  is  outstanding,  and (ii) no such
substitution shall

                                       M-2

<PAGE>



be made unless (A) the substitute  Limited  Guaranty or Subordinate  Certificate
Loss  Obligation is for an initial  amount not less than the then current Amount
Available and contains  provisions that are in all material respects  equivalent
to the original  Limited  Guaranty or Subordinate  Certificate  Loss  Obligation
(including  that no portion  of the fees,  reimbursements  or other  obligations
under any such  instrument  will be borne by the Trust Fund),  (B) the long term
debt  obligations  of  any  obligor  of  any  substitute   Limited  Guaranty  or
Subordinate  Certificate  Loss  Obligation  (if  not  supported  by the  Limited
Guaranty)  shall be rated at least the lesser of (a) the rating of the long term
debt  obligations  of General  Motors  Acceptance  Corporation as of the date of
issuance  of the  Limited  Guaranty  and (b) the  rating  of the long  term debt
obligations  of  General  Motors  Acceptance  Corporation  at the  date  of such
substitution  and  (C)  the  Company  obtains  written  confirmation  from  each
nationally  recognized  credit rating agency that rated the Class B Certificates
at the request of the Company that such substitution  shall not lower the rating
on the Class B  Certificates  below the  lesser of (a) the  then-current  rating
assigned to the Class B Certificates  by such rating agency and (b) the original
rating  assigned  to the  Class  B  Certificates  by  such  rating  agency.  Any
replacement of the Limited  Guaranty or Subordinate  Certificate Loss Obligation
pursuant to this Section shall be accompanied by a written Opinion of Counsel to
the substitute  guarantor or obligor,  addressed to the Master  Servicer and the
Trustee, that such substitute instrument  constitutes a legal, valid and binding
obligation of the  substitute  guarantor or obligor,  enforceable  in accordance
with its terms, and concerning such other matters as the Master Servicer and the
Trustee shall reasonably request.  Neither the Company,  the Master Servicer nor
the Trustee shall be obligated to substitute for or replace the Limited Guaranty
or Subordinate Certificate Loss Obligation under any circumstance.

                  Section 12.02.  Amendments  Relating to the Limited  Guaranty.
Notwithstanding  Sections 11.01 or 12.01: (i) the provisions of this Article XII
may be amended,  superseded or deleted, (ii) the Limited Guaranty or Subordinate
Certificate Loss Obligation may be amended,  reduced or canceled,  and (iii) any
other  provision of this Agreement which is related or incidental to the matters
described  in this  Article  XII may be amended in any  manner;  in each case by
written  instrument  executed or  consented  to by the  Company and  Residential
Funding but without the consent of any Certificateholder and without the consent
of the Master  Servicer or the Trustee being required  unless any such amendment
would impose any  additional  obligation on, or otherwise  adversely  affect the
interests of, the Master Servicer or the Trustee,  as applicable;  provided that
the Company shall also obtain a letter from each  nationally  recognized  credit
rating agency that rated the Class B Certificates  at the request of the Company
to the effect that such amendment,  reduction, deletion or cancellation will not
lower  the  rating  on the  Class B  Certificates  below  the  lesser of (a) the
then-current  rating  assigned to the Class B Certificates by such rating agency
and (b) the original rating assigned to the Class B Certificates by

                                       M-3

<PAGE>



such rating agency, unless (A) the Holder of 100% of the Class B Certificates is
Residential  Funding  or an  Affiliate  of  Residential  Funding,  or  (B)  such
amendment,  reduction,  deletion  or  cancellation  is made in  accordance  with
Section 11.01(e) and,  provided further that the Company obtains (subject to the
provisions of Section  10.01(f) as if the Company was substituted for the Master
Servicer solely for the purposes of such  provision),  in the case of a material
amendment or supersession (but not a reduction,  cancellation or deletion of the
Limited Guaranty or the Subordinate Certificate Loss Obligation),  an Opinion of
Counsel (which need not be an opinion of Independent counsel) to the effect that
any such amendment or supersession  will not cause either (a) any federal tax to
be imposed on the Trust  Fund,  including  without  limitation,  any federal tax
imposed on "prohibited  transactions" under Section 860F(a)(1) of the Code or on
"contributions  after the startup date" under Section  860G(d)(1) of the Code or
(b) the  Trust  Fund to  fail  to  qualify  as a  REMIC  at any  time  that  any
Certificate is outstanding.  A copy of any such instrument  shall be provided to
the Trustee and the Master  Servicer  together  with an Opinion of Counsel  that
such amendment complies with this Section 12.02.

                                       M-4

                                     <PAGE>



                                    EXHIBIT N

                           [FORM OF LIMITED GUARANTY]

                                LIMITED GUARANTY

                        RESIDENTIAL ACCREDIT LOANS, INC.

                 Mortgage Asset-Backed Pass-Through Certificates
                                 Series 1997-QS4


                                                               ________  , 199__


The First National Bank of Chicago
One First National Plaza
Chicago, Illinois  60670

Attention:  Residential Funding Corporation Series 1997-QS4

Ladies and Gentlemen:

                  WHEREAS,   Residential   Funding   Corporation,   a   Delaware
corporation  ("Residential  Funding"),  an indirect  wholly-owned  subsidiary of
General Motors Acceptance Corporation, a New York corporation ("GMAC"), plans to
incur certain  obligations  as described  under Section 12.01 of the Pooling and
Servicing Agreement dated as of May 1, 1997 (the "Servicing  Agreement"),  among
Residential  Accredit Loans, Inc. (the "Company"),  Residential  Funding and The
First  National Bank of Chicago (the  "Trustee") as amended by Amendment No. ___
thereto,  dated  as of  ________,  with  respect  to the  Mortgage  Asset-Backed
Pass-Through Certificates, Series 1997-QS4 (the "Certificates"); and

                  WHEREAS, pursuant to Section 12.01 of the Servicing Agreement,
Residential  Funding  agrees  to make  payments  to the  Holders  of the Class B
Certificates  with respect to certain  losses on the Mortgage Loans as described
in the Servicing Agreement; and

                  WHEREAS,  GMAC  desires to  provide  certain  assurances  with
respect to the ability of  Residential  Funding to secure  sufficient  funds and
faithfully to perform its Subordinate Certificate Loss Obligation;

                  NOW  THEREFORE,   in  consideration  of  the  premises  herein
contained  and certain  other good and  valuable  consideration,  the receipt of
which is hereby acknowledged, GMAC agrees as follows:

                  1.  Provision  of Funds.  (a) GMAC  agrees to  contribute  and
deposit  in the  Certificate  Account  on  behalf  of  Residential  Funding  (or
otherwise  provide to Residential  Funding,  or to cause to be made available to
Residential Funding), either directly or through a subsidiary, in any case prior
to the related  Distribution Date, such moneys as may be required by Residential
Funding to perform its Subordinate Certificate Loss Obligation


<PAGE>



when and as the same  arises from time to time upon the demand of the Trustee in
accordance with Section 12.01 of the Servicing Agreement.

                  (b) The agreement set forth in the preceding  clause (a) shall
be  absolute,  irrevocable  and  unconditional  and shall not be affected by the
transfer by GMAC or any other person of all or any part of its or their interest
in Residential  Funding,  by any  insolvency,  bankruptcy,  dissolution or other
proceeding affecting  Residential Funding or any other person, by any defense or
right of  counterclaim,  set-off  or  recoupment  that  GMAC  may  have  against
Residential  Funding or any other  person or by any other fact or  circumstance.
Notwithstanding  the  foregoing,  GMAC's  obligations  under  clause  (a)  shall
terminate  upon  the  earlier  of (x)  substitution  for this  Limited  Guaranty
pursuant to Section 12.01(f) of the Servicing Agreement,  or (y) the termination
of the Trust Fund pursuant to the Servicing Agreement.

                  2. Waiver. GMAC hereby waives any failure or delay on the part
of  Residential  Funding,  the  Trustee  or any  other  person in  asserting  or
enforcing any rights or in making any claims or demands hereunder. Any defective
or partial  exercise of any such rights  shall not preclude any other or further
exercise  of  that  or  any  other  such  right.  GMAC  further  waives  demand,
presentment,  notice of default,  protest,  notice of  acceptance  and any other
notices with respect to this Limited Guaranty,  including,  without  limitation,
those of action or nonaction on the part of Residential Funding or the Trustee.

                  3.       Modification, Amendment and Termination.  This
                           ---------------------------------------
Limited Guaranty may be modified, amended or terminated only by
the written agreement of GMAC and the Trustee and only if such
modification, amendment or termination is permitted under Section
12.02 of the Servicing Agreement.  The obligations of GMAC under
this Limited Guaranty shall continue and remain in effect so long
as the Servicing Agreement is not modified or amended in any way
that might affect the obligations of GMAC under this Limited
Guaranty without the prior written consent of GMAC.

                  4.       Successor.  Except as otherwise expressly provided
herein, the guarantee herein set forth shall be binding upon GMAC
and its respective successors.

                  5.       Governing Law.  This Limited Guaranty shall be
governed by the laws of the State of New York.

                  6.       Authorization and Reliance.  GMAC understands that
a copy of this Limited Guaranty shall be delivered to the Trustee
in connection with the execution of Amendment No. 1 to the
Servicing Agreement and GMAC hereby authorizes the Company and
the Trustee to rely on the covenants and agreements set forth
herein.


                                       N-2

<PAGE>



                  7.       Definitions.  Capitalized terms used but not
otherwise defined herein shall have the meaning given them in the
Servicing Agreement.

                  8.       Counterparts.  This Limited Guaranty may be
executed in any number of counterparts, each of which shall be
deemed to be an original and such counterparts shall constitute
but one and the same instrument.

                  IN WITNESS  WHEREOF,  GMAC has caused this Limited Guaranty to
be executed and delivered by its respective  officers  thereunto duly authorized
as of the day and year first above written.

                                                     GENERAL MOTORS ACCEPTANCE
                                                     CORPORATION


                                                     By:
                                                     Name:
                                                     Title:


Acknowledged by:

THE FIRST NATIONAL BANK OF CHICAGO,
  as Trustee


By:
Name:
Title:


RESIDENTIAL ACCREDIT LOANS, INC.



By:
Name:
Title:

                                       N-3

<PAGE>



                                    EXHIBIT O

          FORM OF LENDER CERTIFICATION FOR ASSIGNMENT OF MORTGAGE LOAN


                                                      __________________, 19____

Residential Accredit Loans, Inc.
8400 Normandale Lake Boulevard
Suite 600
Minneapolis, Minnesota  55437

The First National Bank of Chicago
One First National Plaza
Chicago, Illinois  60670

Attention:  Residential Funding Corporation Series 1997-QS4

                  Re:      Mortgage Asset-Backed Pass-Through Certificates,
                           Series 1997-QS4 Assignment of Mortgage Loan



Ladies and Gentlemen:

                  This  letter  is  delivered  to you  in  connection  with  the
assignment by _________________ (the "Trustee") to _______________________  (the
"Lender") of  _______________  (the "Mortgage Loan") pursuant to Section 3.13(d)
of the Pooling and Servicing Agreement (the "Pooling and Servicing  Agreement"),
dated as of May 1, 1997 among Residential  Accredit Loans,  Inc., as seller (the
"Company"),  Residential  Funding  Corporation,  as  master  servicer,  and  the
Trustee. All terms used herein and not otherwise defined shall have the meanings
set forth in the Pooling and Servicing  Agreement.  The Lender hereby certifies,
represents  and warrants to, and  covenants  with,  the Master  Servicer and the
Trustee that:

           (i) the Mortgage Loan is secured by Mortgaged  Property  located in a
jurisdiction  in which an  assignment  in lieu of  satisfaction  is  required to
preserve lien priority,  minimize or avoid mortgage recording taxes or otherwise
comply with, or facilitate a refinancing under, the laws of such jurisdiction;

          (ii) the  substance  of the  assignment  is, and is  intended to be, a
refinancing  of such Mortgage Loan and the form of the  transaction is solely to
comply with, or facilitate the transaction under, such local laws;

         (iii) the  Mortgage  Loan  following  the proposed  assignment  will be
modified  to have a rate of interest  at least 0.25  percent  below or above the
rate of interest on such Mortgage Loan prior to such proposed assignment; and

          (iv)             such assignment is at the request of the borrower
under the related Mortgage Loan.



<PAGE>



                                                     Very truly yours,



                                                     (Lender)

                                                     By:
                                                     Name:
                                                     Title:


                                       O-2

<PAGE>



                                    EXHIBIT P

                         SCHEDULE OF DISCOUNT FRACTIONS

        PRINCIPAL       NET MORTGAGE    DISCOUNT        PO
LOAN #  BALANCE RATE    FRACTION        BALANCE
1574308 83,939.20       7.295   5.8709677419%   4,928.04
1576662 270,000.00      7.295   5.8709677419%   15,851.61
1576717 436,805.09      7.295   5.8709677419%   25,644.69
1570263 351,745.23      7.345   5.2258064516%   18,381.52
1577079 130,200.00      7.345   5.2258064516%   6,804.00
1563357 162,761.29      7.420   4.2580645161%   6,930.48
1563124 230,174.17      7.470   3.6129032258%   8,315.97
1573450 301,559.33      7.545   2.6451612903%   7,976.73
1576955 139,709.05      7.545   2.6451612903%   3,695.53
1564291 60,058.64       7.595   2.0000000000%   1,201.17
1568104 225,000.00      7.595   2.0000000000%   4,500.00
1568913 203,759.67      7.595   2.0000000000%   4,075.19
1569478 109,900.00      7.595   2.0000000000%   2,198.00
1571007 165,900.00      7.595   2.0000000000%   3,318.00
1571796 131,509.44      7.595   2.0000000000%   2,630.19
1571899 127,412.25      7.595   2.0000000000%   2,548.25
1572387 133,358.16      7.595   2.0000000000%   2,667.16
1573200 351,757.76      7.595   2.0000000000%   7,035.16
1576739 128,350.00      7.595   2.0000000000%   2,567.00
1564422 86,109.67       7.670   1.0322580645%   888.87
1569462 84,769.58       7.670   1.0322580645%   875.04
1569465 84,769.58       7.670   1.0322580645%   875.04
1570300 121,918.13      7.670   1.0322580645%   1,258.51
1570858 312,365.73      7.670   1.0322580645%   3,224.42
1573642 42,571.41       7.670   1.0322580645%   439.45
1574317 374,495.08      7.670   1.0322580645%   3,865.76
1576652 100,864.01      7.670   1.0322580645%   1,041.18
1576665 90,178.42       7.670   1.0322580645%   930.87
1557099 148,599.65      7.720   0.3870967742%   575.22
1562274 199,736.99      7.720   0.3870967742%   773.18
1563995 154,863.39      7.720   0.3870967742%   599.47
1564349 330,000.00      7.720   0.3870967742%   1,277.42
1564811 86,882.85       7.720   0.3870967742%   336.32
1564925 131,023.35      7.720   0.3870967742%   507.19
1566699 27,862.44       7.720   0.3870967742%   107.85
1567531 82,944.30       7.720   0.3870967742%   321.07
1569050 46,169.00       7.720   0.3870967742%   178.72
1569081 49,633.08       7.720   0.3870967742%   192.13
1569858 115,722.30      7.720   0.3870967742%   447.96
1569930 74,949.68       7.720   0.3870967742%   290.13
1570347 243,836.28      7.720   0.3870967742%   943.88
1570412 61,158.94       7.720   0.3870967742%   236.74
1570457 61,200.00       7.720   0.3870967742%   236.90
1570464 52,000.00       7.720   0.3870967742%   201.29
1570785 128,000.00      7.720   0.3870967742%   495.48
1572663 59,000.00       7.720   0.3870967742%   228.39
1573122 57,961.09       7.720   0.3870967742%   224.37
1575995 88,000.00       7.720   0.3870967742%   340.65
1577756 520,000.00      7.720   0.3870967742%   2,012.90
1569132 138,308.54      7.745   0.0645161290%   89.23

        $7,899,792.77           1.9656760147%   $155,284.33


                                       P-1

<PAGE>


                                    EXHIBIT Q

                          FORM OF REQUEST FOR EXCHANGE

[DATE]

The First National Bank of Chicago
One First National Plaza
Chicago, Illinois  60670


                  Re:      Residential Accredit Loans, Inc.,
                           Mortgage Asset-Backed Pass-Through Certificates,
                           Series 1997-QS4


                  Residential  Funding  Corporation,  as  the  Holder  of a ___%
Percentage  Interest of the Class  A-9[-1]  Certificates,  hereby  requests  the
Trustee  to  exchange  the  above-referenced  Certificates  for  the  Subclasses
referred to below:

                  1.       Class A-9-_ Certificates, corresponding to the
                           following Uncertificated REMIC Regular Interests:
                           [List numbers corresponding to the related loans
                           and Pool Strip Rates from the Mortgage Loan
                           Schedule].  The initial Subclass Notional Amount
                           and the Initial Pass-Through Rate on the Class A-
                           9-_ Certificates will be $__________ and ____%,
                           respectively.

                  [2.      Repeat as appropriate.]

                  The Subclasses requested above will represent in the aggregate
all of the  Uncertificated  REMIC  Regular  Interests  represented  by the Class
A-9[-1] Certificates surrendered for exchange.

                  All  capitalized  terms used but not defined herein shall have
the meanings set forth in the Pooling and Servicing  Agreement,  dated as of May
1, 1997, among Residential Accredit Loans, Inc., Residential Funding Corporation
and The First National Bank of Chicago, as trustee.

                                               RESIDENTIAL FUNDING CORPORATION




                                               By:______________________________
                                               Name:
                                               Title:

                                       R-1

<PAGE>





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