SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) September 1, 1999
RESIDENTIAL ACCREDIT LOANS, INC. (as company under a Pooling and Servicing
Agreement dated as of September 1, 1999 providing for, inter alia, the
issuance of Mortgage Asset-Backed Pass-Through Certificates, Series 1999-QS11)
Residential Accredit Loans, Inc.
(Exact name of registrant as specified in its charter)
DELAWARE 333-72661 51-0368240
(State or other jurisdiction(Commission) (I.R.S. employer
of incorporation) file number) identification no.)
8400 Normandale Lake Blvd., Suite 600, Minneapolis, MN 55437 (Address
of principal executive offices) (Zip code)
Registrant's telephone number, including area code (612) 832-7000
(Former name or former address, if changed since last report)
Exhibit Index located on Page 2
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Items 1 through 6 and Item 8 are not included because they are not applicable.
Item 7. Financial Statements, Pro Forma Financial Information and
Exhibits.
(a) Not applicable
(b) Not applicable
(c) Exhibits (executed copies): The following execution copies of
Exhibits to the Form S-3 Registration Statement of the Registrant are hereby
filed:
Sequentially
Exhibit Numbered
Number Exhibit Page
10.1 ...................Pooling and Servicing Agreement, dated as of September
1, 1999 among Residential Accredit Loans, Inc., as company, Residential
Funding Corporation, as master servicer, and Bankers Trust Company, as
trustee.
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5
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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:
Name: Timothy Pillar
Title: Vice President
Dated: September 29, 1999
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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/ Timothy Pillar
Name: Timothy Pillar
Title: Vice President
Dated: September 29, 1999
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Exhibit 10.1
Pooling and Servicing Agreement, dated as of September 1, 1999 among Residential
Accredit Loans, Inc., as company, Residential Funding Corporation, as master
servicer, and Bankers Trust Company, as trustee.
<PAGE>
EXECUTION COPY
RESIDENTIAL ACCREDIT LOANS, INC.,
Company,
RESIDENTIAL FUNDING CORPORATION,
Master Servicer,
and
BANKERS TRUST COMPANY,
Trustee
SERIES SUPPLEMENT,
Dated as of September 1, 1999,
TO
STANDARD TERMS OF
POOLING AND SERVICING AGREEMENT
dated as of August 1, 1999
Mortgage Asset-Backed Pass-Through Certificates
Series 1999-QS11
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<TABLE>
<S> <C> <C>
Article I DEFINITIONS...............................................................4
Article II CONVEYANCE OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF CERTIFICATES..........14
Section 2.01. Conveyance of Mortgage Loans. (See Section 2.01 of
the Standard Terms).......................................14
Section 2.02. Acceptance by Trustee. (See Section 2.02 of the
Standard Terms)...........................................14
Section 2.03. Representations, Warranties and Covenants of the
Master Servicer and the Company...........................14
Section 2.04. Representations and Warranties of Sellers. (See
Section 2.04 of the Standard Terms).......................17
Section 2.05. Execution and Authentication of Certificates..............17
Article III ADMINISTRATION AND SERVICING OF MORTGAGE LOANS...........................18
Article IV PAYMENTS TO CERTIFICATEHOLDERS...........................................19
Section 4.01. Certificate Account. (See Section 4.01 of the
Standard Terms)...........................................19
Section 4.02. Distributions.............................................19
Section 4.03. Statements to Certificateholders. (See Section 4.03
of the Standard Terms and Exhibit Three attached
hereto)...................................................28
Section 4.04. Distribution of Reports to the Trustee and the
Company; Advances by the Master Servicer. (See
Section 4.04 of the Standard Terms).......................28
Section 4.05. Allocation of Realized Losses.............................28
Section 4.06. Reports of Foreclosures and Abandonment of Mortgaged
Property. (See Section 4.06 of the Standard Terms).......29
Section 4.07. Optional Purchase of Defaulted Mortgage Loans. (See
Section 4.07 of the Standard Terms).......................29
Section 4.08. Surety Bond. (See Section 4.08 of the Standard Terms).....29
Article V THE CERTIFICATES.........................................................30
Article VI THE COMPANY AND THE MASTER SERVICER......................................31
Article VII DEFAULT..................................................................32
Article VIII CONCERNING THE TRUSTEE...................................................33
Article IX TERMINATION..............................................................34
Article X REMIC PROVISIONS.........................................................35
Section 10.01. REMIC Administration. (See Section 10.01 of the
Standard Terms)...........................................35
Section 10.02. Master Servicer; REMIC Administrator and Trustee
Indemnification. (See Section 10.02 of the Standard
Terms)....................................................35
Section 10.03. Designation of REMIC......................................35
Section 10.04. Compliance with Withholding Requirements..................35
Article XI MISCELLANEOUS PROVISIONS.................................................36
Section 11.01. Amendment. (See Section 11.01 of the Standard Terms).....36
Section 11.02. Recordation of Agreement. Counterparts. (See
Section 11.02 of the Standard Terms)......................36
Section 11.03. Limitation on Rights of Certificateholders. (See
Section 11.03 of the Standard Terms)......................36
Section 11.04. Governing Laws. (See Section 11.04 of the Standard
Terms)....................................................36
Section 11.05. Notices...................................................36
Section 11.06. Required Notices to Rating Agency and Subservicer.
(See Section 11.06 of the Standard Terms).................37
Section 11.07. Severability of Provisions (See Section 11.07 of the
Standard Terms)...........................................37
Section 11.08. Supplemental Provisions for Resecuritization. (See
Section 11.08 of the Standard Terms)......................37
Section 11.09. Allocation of Voting Rights...............................37
</TABLE>
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EXHIBITS
Exhibit One: Mortgage Loan Schedule
Exhibit Two: Schedule of Discount Fractions
Exhibit Three: Information to be Included in
Monthly Distribution Date Statement
Exhibit Four: Standard Terms of Pooling and Servicing
Agreement Dated as of August 1, 1999
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2
This is a Series Supplement, dated as of September 1, 1999 (the "Series
Supplement"), to the Standard Terms of Pooling and Servicing Agreement, dated as
of August 1, 1999 and attached as Exhibit Four hereto (the "Standard Terms" and,
together with this Series Supplement, the "Pooling and Servicing Agreement" or
"Agreement"), among RESIDENTIAL ACCREDIT LOANS, INC., as the company (together
with its permitted successors and assigns, the "Company"), RESIDENTIAL FUNDING
CORPORATION, as master servicer (together with its permitted successors and
assigns, the "Master Servicer"), and BANKERS TRUST COMPANY, as Trustee (together
with its permitted successors and assigns, the "Trustee").
PRELIMINARY STATEMENT:
The Company intends to sell mortgage asset-backed 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 provided herein, the REMIC
Administrator will make an election to treat the entire segregated pool of
assets described in the definition of Trust Fund, and subject to this Agreement
(including the Mortgage Loans but excluding the Initial Monthly Payment Fund),
as one or more real estate mortgage investment conduits (each, a "REMIC") for
federal income tax purposes.
The terms and provisions of the Standard Terms are hereby incorporated
by reference herein as though set forth in full herein. If any term or provision
contained herein shall conflict with or be inconsistent with any provision
contained in the Standard Terms, the terms and provisions of this Series
Supplement shall govern. All capitalized terms not otherwise defined herein
shall have the meanings set forth in the Standard Terms. The Pooling and
Servicing Agreement shall be dated as of the date of the Series Supplement.
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The following table sets forth the designation, type, Pass-Through Rate,
aggregate Initial Certificate Principal Balance, Maturity Date, initial ratings
and certain features for each Class of Certificates comprising the interests in
the Trust Fund created hereunder.
<TABLE>
<CAPTION>
Aggregate
Initial Standard &
Certificate Poor's/
Pass-Through Principal Maturity ------------ Minimum
Designation Rate Balance Features1 Date Fitch Denominations2
September 25,
<S> <C> <C> <C> <C> <C> <C>
Class CB 7.50% $131,664,000.00 Senior 2029 AAA/AAA $25,000.00
Class NB-1 7.50% $57,150,000.00 Senior September 25, AAA/AAA $25,000.00
2029
Class NB-2 7.50% $3,983,000.00 Senior/Retail September 25, AAA/AAA $1,000.00
2029
Class NB-3 7.50% $7,400,000.00 Senior/Lockout September 25, AAA/AAA $25,000.00
2029
Class A-P 0.00% $1,364,847.05 Principal September 25, AAAr/AAA $25,000.00
Only/Senior 2029
Class A-V Variable $0.00 Variable September 25, AAAr/AAA 4
Rate3 Strip/Senior 2029
Class R 7.50% $100.00 Residual/Senior September 25, AAA/AAA 5
2029
Class M-1 7.50% Mezzanine September 25, NA/AA $25,000.00
$8,041,000.00 2029
Class M-2 7.50% $2,608,000.00 Mezzanine September 25, NA/A $250,000.00
2029
Class M-3 7.50% $2,282,000.00 Mezzanine September 25, NA/BBB $250,000.00
2029
Class B-1 7.50% $1,304,000.00 Subordinate September 25, NA/BB $250,000.00
2029
Class B-2 7.50% $652,000.00 Subordinate September 25, NA/B $250,000.00
2029
Class B-3 7.50% $869,417.87 Subordinate September 25, NA/NA $250,000.00
2029
</TABLE>
The Mortgage Loans have an aggregate principal balance as of the Cut-off
Date of $217,318,364.92.
In consideration of the mutual agreements herein contained, the Company,
the Master Servicer and the Trustee agree as follows:
______________________________
1 The Certificates, other than the Class A-P, Class A-V, Class B and Class R
Certificates shall be Book-Entry Certificates. The Class A-P, Class A-V,
Class B and Class R Certificates shall be delivered to the holders thereof
in physical form.
2 The Certificates, other than the Class A-V and Class R Certificates, shall
be issuable in minimum dollar denominations as indicated above (by
Certificate Principal Balance or Notional Amount, as applicable) and
integral multiples of $1 (or $1,000 in the case of the Class A-P, Class
B-1, Class B-2 and Class B-3 Certificates) in excess thereof, except that
one Certificate of any of the Class A-P and Class B-1, Class B-2 and Class
B-3 Certificates that contain an uneven multiple of $1,000 shall be issued
in a denomination equal to the sum of the related minimum denomination set
forth above and such uneven multiple for such Class or the sum of such
denomination and an integral multiple of $1,000.
3 The Initial Pass-Through Rate on the Class A-V Certificates is 0.6389%. The
Class A-V Certificates relate to the Group CB Loans and Group NB Loans.
4 The Class A-V Certificates shall be issuable in minimum denominations of
not less than a 20% Percentage Interest.
5 The Class R 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%.
2
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ARTICLE I
DEFINITIONS
Section 1.01...Definitions.
Whenever used in this Agreement, the following words and phrases, unless
the context otherwise requires, shall have the meanings specified in this
Article.
Accrued Certificate Interest: With respect to each Distribution Date, as
to any Class or Subclass of Certificates (other than any Principal Only
Certificates), interest accrued during the related Interest Accrual Period at
the related Pass-Through Rate on the Certificate Principal Balance or Notional
Amount thereof immediately prior to such Distribution Date. 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 or
Subclass of Certificates will be reduced by the amount of:
(i) Prepayment Interest Shortfalls on the Mortgage Loans in the
related Loan Group (to the extent not offset by the Master
Servicer with a payment of Compensating Interest as provided in
Section 4.01),
(ii) the interest portion (adjusted to the Net Mortgage Rate (or the
Modified Net Mortgage Rate in the case of a Modified Mortgage
Loan)) of Realized Losses on the Mortgage Loans in the related
Loan Group (including Excess Special Hazard Losses, Excess Fraud
Losses, Excess Bankruptcy Losses and Extraordinary Losses) not
allocated solely to one or more specific Classes of Certificates
pursuant to Section 4.05,
(iii) the interest portion of Advances that were (A) previously made
with respect to a Mortgage Loan or REO Property on the Mortgage
Loans in the related Loan Group, which remained unreimbursed
following the Cash Liquidation or REO Disposition of such
Mortgage Loan or REO Property or (B) 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 the related Senior Percentage of all such reductions allocated among the
related Senior Certificates in proportion to the amounts of Accrued Certificate
Interest payable from the related Loan Group on such Distribution Date absent
such reductions, with the remainder of such reductions allocated among the
holders of the Class M Certificates and Class B Certificates in proportion to
their respective amounts of Accrued Certificate Interest payable on such
Distribution Date absent such reductions. In addition to that portion of the
reductions described
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in the preceding sentence that are allocated to any Class of Class B
Certificates or any Class of Class M Certificates, Accrued Certificate Interest
on such Class of Class B Certificates or such Class of Class M Certificates will
be reduced by the interest portion (adjusted to the Net Mortgage Rate) of
Realized Losses that are allocated solely to such Class of Class B Certificates
or such Class of Class M Certificates pursuant to Section 4.05.
Accrual Certificates: None.
Accretion Termination Date: None.
Bankruptcy Amount: As of any date of determination prior to the first
anniversary of the Cut-off Date, an amount equal to the excess, if any, of (A)
$175,000 over (B) the aggregate amount of Bankruptcy Losses allocated solely to
one or more specific Classes of Certificates in accordance with Section 4.05 of
this Series Supplement. As of any date of determination on or after the first
anniversary of the Cut-off Date, an amount equal to the excess, if any, of
(1) the lesser of (a) the Bankruptcy Amount calculated as of the
close of business on the Business Day immediately preceding the most
recent anniversary of the Cut-off Date coinciding with or preceding such
date of determination (or, if such date of determination is an
anniversary of the Cut-off Date, the Business Day immediately preceding
such date of determination) (for purposes of this definition, the
"Relevant Anniversary") and (b) the greater of
(A) the greater of (i) 0.0006 times the aggregate
principal balance of all the Mortgage Loans in the Mortgage Pool
as of the Relevant Anniversary (other than Additional Collateral
Loans) having a Loan-to-Value Ratio at origination which exceeds
75% and (ii) $100,000; and
(B) the greater of (i) the product of (x) an amount equal
to the largest difference in the related Monthly Payment for any
Non-Primary Residence Loan remaining in the Mortgage Pool (other
than Additional Collateral Loans) which had an original
Loan-to-Value Ratio of 80% or greater that would result if the
Net Mortgage Rate thereof was equal to the weighted average
(based on the principal balance of the Mortgage Loans as of the
Relevant Anniversary) of the Net Mortgage Rates of all Mortgage
Loans as of the Relevant Anniversary less 1.25% per annum, (y) a
number equal to the weighted average remaining term to maturity,
in months, of all Non-Primary Residence Loans remaining in the
Mortgage Pool as of the Relevant Anniversary, and (z) one plus
the quotient of the number of all Non-Primary Residence Loans
remaining in the Mortgage Pool divided by the total number of
Outstanding Mortgage Loans in the Mortgage Pool as of the
Relevant Anniversary, and (ii) $50,000,
over (2) the aggregate amount of Bankruptcy Losses allocated
solely to one or more specific Classes of Certificates in accordance
with Section 4.05 since the Relevant Anniversary.
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
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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.
CB Loan Group: The group of Mortgage Loans comprised of the Group CB Loans.
Certificate: Any Class CB, Class NB-1, Class NB-2, Class NB-3, Class A-P,
Class A-V, Class M, Class B or Class R Certificate.
Certificate Account: The separate account or accounts created and
maintained pursuant to Section 4.01 of the Standard Terms, which shall be
entitled "Bankers Trust Company, as trustee, in trust for the registered holders
of Residential Accredit Loans, Inc., Mortgage Asset-Backed Pass-Through
Certificates, Series 1999-QS11" and which must be an Eligible Account.
Certificate Policy: None.
Class CB Certificate: Any one of the Class CB Certificates, executed by
the Trustee and authenticated by the Certificate Registrar substantially in the
form annexed to the Standard Terms as Exhibit A, which Certificates relate to
the Group CB Loans.
Class CB 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 CB 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) in the
CB Loan Group immediately prior to such Distribution Date.
Class CB Principal Distribution Amount: As to any Distribution Date, the
lesser of (a) the balance of the Available Distribution Amount related to the CB
Loan Group remaining after the distribution of all amounts required to be
distributed pursuant to Section 4.02(a)(i)(X) and after the distribution of the
portion of the amounts required to be distributed therefrom pursuant to Section
4.02(a)(i)(Z) and after the distribution of the amount required to be
distributed to the Class A-P Certificateholders pursuant to Section
4.02(a)(ii)(X) or, after the Credit Support Depletion Date, the amount required
to be distributed to the Class A-P Certificateholders pursuant to Section
4.02(d), and (b) the sum of the amounts required to be distributed therefrom to
the Class CB Certificateholders on such Distribution Date pursuant to and
Section 4.02(a)(ii)(Y) and (Z), and Section 4.02(a)(xvii) and (xviii).
Class NB Certificate: Any one of the Class NB-1, Class NB-2 or Class
NB-3 Certificates, executed by the Trustee and authenticated by the Certificate
Registrar substantially in the form annexed to the Standard Terms as Exhibit A,
which Certificates relate to the Group NB Loans.
Class NB 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 NB-1, Class NB-2 and Class NB-3
Certificates and Class R Certificates immediately
5
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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) in the NB Loan Group immediately prior to such Distribution Date.
Class NB Principal Distribution Amount: As to any Distribution Date, the
lesser of (a) the balance of the Available Distribution Amount related to the NB
Loan Group remaining after the distribution of all amounts required to be
distributed pursuant to Section 4.02(a)(i)(Y) and after the distribution of the
portion of the amounts required to be distributed therefrom pursuant to Section
4.02(a)(i)(Z) and after the distribution of the amount required to be
distributed to the Class A-P Certificateholders pursuant to Section
4.02(a)(ii)(X) or, after the Credit Support Depletion Date, the amount required
to be distributed to the Class A-P Certificateholders pursuant to Section
4.02(d), and (b) the sum of the amounts required to be distributed therefrom to
the Class NB Certificateholders and Class R Certificateholders on such
Distribution Date pursuant to and Section 4.02(a)(ii)(Y) and (Z), and Section
4.02(a)(xvii) and (xviii).
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 to the Standard Terms as Exhibit D and evidencing an interest designated
as a "residual interest" in the REMIC for purposes of the REMIC Provisions.
Closing Date: September 29, 1999.
Corporate Trust Office: The principal office of the Trustee at which at any
particular time its corporate trust business with respect to this Agreement
shall be administered, which office at the date of the execution of this
instrument is located at 1761 East St. Andrews Place, Santa Ana, California
92705-4934, Attention: Residential Funding Corporation Series 1999-QS11.
Cut-off Date: September 1, 1999.
Discount Net Mortgage Rate: 7.50% per annum.
Due Period: With respect to each Distribution Date and any Mortgage
Loan, the period commencing on the second day of the month prior to the month in
which such Distribution Date occurs and ending on the first day of the month in
which such Distribution Date occurs.
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 Senior Certificates,
(ii) the Senior Principal Distribution Amount (determined without regard to
Section 4.02(a)(ii)(Y)(D) hereof), (iii) the Class A-P Principal Distribution
Amount (determined without regard to Section 4.02(b)(i)(E) hereof) and (iv) the
aggregate amount of Accrued Certificate Interest on the Class M, Class B-1 and
Class B-2 Certificates.
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 2.00% of the aggregate outstanding principal balance of all
of the Mortgage Loans as of the Cut-off Date
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minus the aggregate amount of Fraud Losses allocated solely to one or more
specific Classes of Certificates in accordance with Section 4.05 of this Series
Supplement since the Cut-off Date up to such date of determination and (Y) from
the first to the fifth anniversary of the Cut-off Date, an amount equal to (1)
the lesser of (a) the Fraud Loss Amount as of the most recent anniversary of the
Cut-off Date and (b) 1.00% of the aggregate outstanding principal balance of all
of the Mortgage Loans as of the most recent anniversary of the Cut-off Date
minus (2) the aggregate amount of Fraud Losses allocated solely to one or more
specific Classes of Certificates in accordance with Section 4.05 since the most
recent anniversary of the Cut-off Date up to such date of determination. On and
after the fifth anniversary of the Cut-off Date, the Fraud Loss Amount shall be
zero.
The Fraud Loss Amount may be further reduced by the Master Servicer
(including accelerating the manner in which such coverage is reduced) provided
that prior to any such reduction, the Master Servicer shall (i) obtain written
confirmation from each Rating Agency that such reduction shall not reduce the
rating assigned to any Class of Certificates by such Rating Agency below the
lower of the then-current rating or the rating assigned to such Certificates as
of the Closing Date by such Rating Agency and (ii) provide a copy of such
written confirmation to the Trustee.
Group CB Loans: The Mortgage Loans designated on the Mortgage Loan
Schedule as Group CB Loans, having original principal balances less than or
equal to $240,000.00.
Group NB Loans: The Mortgage Loans designated on the Mortgage Loan
Schedule as Group NB Loans, having original principal balances exceeding
$240,000.00.
Initial Monthly Payment Fund: $20,695, representing scheduled principal
amortization and interest at the Net Mortgage Rate during the Due Period ending
on October 1, 1999, for those Mortgage Loans for which the Trustee will not be
entitled to receive such payment.
Initial Notional Amount: With respect to the Class A-V Certificates or
Subclass thereof issued pursuant to Section 5.01(c), the aggregate Cut-off Date
Principal Balance of the Mortgage Loans corresponding to the Uncertificated
Class A-V REMIC Regular Interests represented by such Class or Subclass on such
date.
Initial Subordinate Class Percentage: With respect to each Class of
Subordinate Certificates, an amount which is equal to the initial aggregate
Certificate Principal Balance of the such Class of Subordinate Certificates
divided by the aggregate Stated Principal Balance of all the Mortgage Loans as
of the Cut-off Date as follows:
Class M-1: 3.70% Class B-1: 0.60%
Class M-2: 1.20% Class B-2: 0.30%
Class M-3: 1.05% Class B-3: 0.40%
Interest Accrual Period: With respect to any Certificates and any
Distribution Date, the calendar month preceding the month in which such
Distribution Date occurs.
Interest Only Certificates: Any one of the Class A-V Certificates. The
Interest Only Certificates will have no Certificate Principal Balance.
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Loan Group: Either or both of the CB Loan Group or the NB Loan Group.
Lockout Percentage: For any Distribution Date occurring prior to the
Distribution Date in October 2004: 0%; for any Distribution Date occurring prior
to the Distribution Date in October 2005: 30%; for any Distribution Date
occurring prior to the Distribution Date in October 2006: 40%; for any
Distribution Date occurring prior to the Distribution Date in October 2007: 60%;
for any Distribution Date occurring prior to the Distribution Date in October
2009: 80%; and for any Distribution Date thereafter, 100%.
Maturity Date: September 25, 2029, the Distribution Date immediately
following the latest scheduled maturity date of any Mortgage Loan.
Mortgage Loan Schedule: The list or lists of the Mortgage Loans attached
hereto as Exhibit One (as amended from time to time to reflect the addition of
Qualified Substitute Mortgage Loans), which list or lists shall set forth the
following information as to each Mortgage Loan:
(i) the Mortgage Loan identifying number ("RFC LOAN #");
(ii) the street address of the Mortgaged Property (or, with respect to a
Cooperative Loan, the related Cooperative Apartment) including state and
zip code ("ADDRESS");
(iii) the maturity of the Mortgage Note ("MATURITY DATE");
(iv) the Mortgage Rate ("ORIG RATE");
(v) the Subservicer pass-through rate ("CURR NET");
(vi) the Net Mortgage Rate ("NET MTG RT");
(vii) the Pool Strip Rate ("STRIP");
(viii) the initial scheduled monthly payment of principal, if any, and interest
("ORIGINAL P & I");
(ix) the Cut-off Date Principal Balance ("PRINCIPAL BAL");
(x) the Loan-to-Value Ratio at origination ("LTV");
(xi) the rate at which the Subservicing Fee accrues ("SUBSERV FEE") and at which
the Servicing Fee accrues ("MSTR SERV FEE");
(xii)a code "T," "BT" or "CT" under the column "LN FEATURE," indicating that
the Mortgage Loan is secured by a second or vacation residence; and
(xiii) a code "N" under the column "OCCP CODE," indicating that the Mortgage
Loan is secured by a non-owner occupied residence.
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Such schedule may consist of multiple reports that collectively set forth all of
the information required.
NB Loan Group: The group of Mortgage Loans comprised of the Group NB Loans.
Notional Amount: As of any Distribution Date, with respect to any Class
A-V Certificates or Subclass thereof issued pursuant to Section 5.01(c), the
aggregate Stated Principal Balance of the Mortgage Loans corresponding to the
Uncertificated Class A-V REMIC Regular Interests represented by such Class or
Subclass immediately prior to such date.
Pass-Through Rate: With respect to the Senior Certificates (other than
the Class A-V and Class A-P Certificates), Class M Certificates and Class B
Certificates and any Distribution Date, the per annum rates set forth in the
Preliminary Statement hereto. With respect to the Class A-V 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 related Due Period, weighted on the
basis of the respective Stated Principal Balances of such Mortgage Loans as of
the day immediately preceding such Distribution Date (or, with respect to the
initial Distribution Date, at the close of business on the Cut-off Date). With
respect to the Class A-V Certificates and the initial Distribution Date the
Pass-Through Rate is equal to 0.6389% per annum. With respect to any Subclass of
Class A-V 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 Class A-V REMIC Regular Interests
represented by such Subclass as of the Due Date in the related Due Period,
weighted on the basis of the respective Stated Principal Balances of such
Mortgage Loans as of the day immediately preceding such Distribution Date (or
with respect to the initial Distribution Date, at the close of business on the
Cut-off Date). The Principal Only Certificates have no Pass-Through Rate and are
not entitled to Accrued Certificate Interest.
Prepayment Assumption: With respect to the Class CB, Class A-P, Class
A-V, Class M and Class B Certificates, 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 related 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. With respect to the Class NB Certificates, the prepayment
assumption used for determining the accrual of original issue discount and
market discount and premium on the Certificates for federal income tax purposes,
which assumes a constant rate of prepayment of mortgage loans of 6.0% per annum
of the then outstanding principal balance of such mortgage loans in the first
month of the life of the mortgage loans, increasing by an additional 1.272727%
per annum in each succeeding month until the twelfth month, and a constant 20.0%
per annum rate of prepayment thereafter for the life of the mortgage loans.
Prepayment Distribution Percentage: With respect to any Distribution
Date and the Available Distribution Amount for each Loan Group and each Class of
Subordinate Certificates, under the applicable circumstances set forth below,
the respective percentages set forth below:
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(i) For any Distribution Date prior to the Distribution Date in
October 2004 (unless the Certificate Principal Balances of the
Class CB Certificates or Class NB Certificates and Class R
Certificates, as applicable, have been reduced to zero), 0%.
(ii) For any Distribution Date not discussed in clause (i) above on
which any Class of Subordinate Certificates are outstanding:
(a) in the case of the Class of Subordinate Certificates
then outstanding with the Highest Priority and each other Class
of Subordinate Certificates for which the related Prepayment
Distribution Trigger has been satisfied, a fraction, expressed as
a percentage, the numerator of which is the Certificate Principal
Balance of such Class immediately prior to such date and the
denominator of which is the sum of the Certificate Principal
Balances immediately prior to such date of (1) the Class of
Subordinate Certificates then outstanding with the Highest
Priority and (2) all other Classes of Subordinate Certificates
for which the respective Prepayment Distribution Triggers have
been satisfied; and
(b) in the case of each other Class of Subordinate
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 of this Series Supplement (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 Subordinate 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 Subordinate Certificates (any such Class, a
"Non-Maturing Class") shall be recalculated in accordance with
the provisions in paragraph (ii) above, as if the Certificate
Principal Balance of each Maturing Class had been reduced to zero
(such percentage as recalculated, the "Recalculated Percentage");
(c) the total amount of the reductions in the Prepayment
Distribution Percentages of the Maturing Class or Classes
pursuant to clause (a) of this sentence, expressed as an
aggregate percentage, shall be allocated among the Non-Maturing
Classes in proportion to their respective Recalculated
Percentages (the portion of such aggregate reduction so allocated
to any Non-Maturing Class, the "Adjustment Percentage"); and (d)
for purposes of such Distribution Date, the Prepayment
Distribution Percentage of each Non-Maturing Class shall be equal
to the sum of (1) the Prepayment Distribution Percentage thereof,
calculated in accordance with the provisions in paragraph (ii)
above as if the Certificate Principal Balance of each Maturing
Class had not been reduced to zero, plus (2) the related
Adjustment Percentage.
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Principal Only Certificates: Any one of the Class A-P Certificates.
Senior Certificate: Any one of the Class CB, Class NB, Class A-V, Class
A-P or Class R Certificates, executed by the Trustee and authenticated by the
Certificate Registrar substantially in the form annexed to the Standard Terms as
Exhibit A and Exhibit D.
Senior Percentage: The Class CB Percentage or Class NB Percentage, as
applicable.
Senior Principal Distribution Amount: Either of the Class CB Principal
Distribution Amount or the Class NB Principal Distribution Amount, as
applicable.
Special Hazard Amount: As of any Distribution Date, an amount equal to
$2,173,184.00 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 of this Series Supplement 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
24.01% (which percentage is equal to the percentage of Mortgage Loans by
aggregate principal balance initially secured by Mortgaged Properties located in
the State of California) and (ii) the aggregate outstanding principal balance
(as of the immediately preceding Distribution Date) of the largest Mortgage Loan
secured by a Mortgaged Property (or, with respect to a Cooperative Loan, the
related Cooperative Apartment) located in the State of California.
The Special Hazard Amount may be further reduced by the Master Servicer
(including accelerating the manner in which coverage is reduced) provided that
prior to any such reduction, the Master Servicer shall (i) obtain written
confirmation from each Rating Agency that such reduction shall not reduce the
rating assigned to any Class of Certificates by such Rating Agency below the
lower of the then-current rating or the rating assigned to such Certificates as
of the Closing Date by such Rating Agency and (ii) provide a copy of such
written confirmation to the Trustee.
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Subordinate Principal Distribution Amount: With respect to any
Distribution Date and Loan Group and each Class of Subordinate Certificates, (a)
the sum of the following: (i) such Class's pro rata share, based on the
Certificate Principal Balance of each Class of Subordinate Certificates then
outstanding, of the aggregate of the amounts calculated for such Distribution
Date for the related Loan Group under clauses (1), (2) and (3) of Section
4.02(a)(ii)(Y)(A) to the extent not payable to the Senior Certificates; (ii)
such Class's pro rata share, based on the Certificate Principal Balance of each
Class of Subordinate Certificates then outstanding, of the principal collections
described in Section 4.02(a)(ii)(Y)(B)(b) for the related Loan Group to the
extent such collections are not otherwise distributed to the Senior
Certificates; (iii) the product of (x) the related Prepayment Distribution
Percentage and (y) the aggregate of all Principal Prepayments in Full and
Curtailments received in the related Prepayment Period for the related Loan
Group (other than the related Discount Fraction of such Principal Prepayments in
Full and Curtailments with respect to a Discount Mortgage Loan) to the extent
not payable to the Senior Certificates; (iv) if such Class is the Class of
Subordinate Certificates with the Highest Priority, any Excess Subordinate
Principal Amount for the related Loan Group 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
Class of Subordinate Certificates minus (b) with respect to the Class of
Subordinate Certificates with the Lowest Priority, any Excess Subordinate
Principal Amount for such Distribution Date; provided, however, that the
Subordinate Principal Distribution Amount for any Class of Subordinate
Certificates on any Distribution Date shall in no event exceed the outstanding
Certificate Principal Balance of such Class of Certificates immediately prior to
such date.
Uncertificated Class A-V REMIC Regular Interests or Uncertificated REMIC
Regular Interests: The 1,602 uncertificated partial undivided beneficial
ownership interests in the Trust Fund, numbered sequentially from 1 to 1,602,
each relating to a particular Mortgage Loan identified by such sequential number
on the Mortgage Loan Schedule, each having no principal balance, and each
bearing interest at the respective Pool Strip Rate on the Stated Principal
Balance of the related Mortgage Loan.
Section 1.02...Use of Words and Phrases.
"Herein," "hereby," "hereunder," "hereof," "hereinbefore," "hereinafter"
and other equivalent words refer to the Pooling and Servicing Agreement as a
whole. All references herein to Articles, Sections or Subsections shall mean the
corresponding Articles, Sections and Subsections in the Pooling and Servicing
Agreement. The definitions set forth herein include both the singular and the
plural.
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ARTICLE II
CONVEYANCE OF MORTGAGE LOANS;
ORIGINAL ISSUANCE OF CERTIFICATES
Section 2.01...Conveyance of Mortgage Loans. (See Section 2.01 of the Standard
Terms)
Section 2.02. Acceptance by Trustee. (See Section 2.02 of the Standard Terms)
Section 2.03. Representations, Warranties and Covenants of the Master Servicer
and the Company.
(a) For representations, warranties and covenants of the Master Servicer, see
Section 2.03(a) of the Standard Terms.
(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 30 or more days 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 One 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 five
Mortgage Loans representing approximately 0.3% 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 generally
exceeds the amount equal to 75% of the Appraised Value of the related
Mortgaged Property. To the best of the Company's knowledge, each such
Primary Insurance Policy is in full force and effect and the Trustee is
entitled to the benefits thereunder;
(v) The issuers of the Primary Insurance Policies are insurance companies whose
claims-paying abilities are currently acceptable to each Rating Agency;
(vi) No more than 0.4% of the Group CB 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 0.5% of the Group
CB Loans by aggregate
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Stated Principal Balance as of the Cut-off Date are secured by Mortgaged
Properties located in any one zip code area outside California; and no more than
1.1% of the Group NB Loans by aggregate Stated Principal Balance as of the
Cut-off Date are secured by Mortgaged Properties located in any one zip code
area in California, and no more than 1.9% of the Group NB 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;
(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 48.23% of the Group CB Loans by aggregate Stated Principal
Balance as of the Cut-off Date were underwritten under a reduced loan
documentation program, approximately 18.34% of the Group CB Loans by
aggregate Stated Principal Balance as of the Cut-off Date were underwritten
under a no-stated income program, and approximately 3.23% of the Group CB
Loans by aggregate Stated Principal Balance as of the Cut-off Date were
underwritten under a no income/no asset program; and approximately 55.19%
of the Group NB Loans by aggregate Stated Principal Balance as of the
Cut-off Date were underwritten under a reduced loan documentation program,
approximately 19.76% of the Group NB Loans by aggregate Stated Principal
Balance as of the Cut-off Date were underwritten under a no-stated income
program, and approximately 0.35% of the Group NB Loans by aggregate Stated
Principal Balance as of the Cut-off Date were underwritten under a no
income/no asset program;
(x) Except with respect to approximately 37.35% of the Group CB Loans by
aggregate Stated Principal Balance as of the Cut-off Date, and
approximately 8.89% of the Group NB Loans by aggregate Stated Principal
Balance as of the Cut-off Date, the Mortgagor represented in its loan
application with respect to the related Mortgage Loan that the Mortgaged
Property would be owner-occupied;
(xi) None of the Mortgage Loans are 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;
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(xiv)None of the Mortgage Loans are Cooperative Loans; 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) With respect to each Mortgage Loan originated under a "streamlined"
Mortgage Loan program (through which no new or updated appraisals of
Mortgaged Properties are obtained in connection with the refinancing
thereof), the related Seller has represented that either (a) the value of
the related Mortgaged Property as of the date the Mortgage Loan was
originated was not less than the appraised value of such property at the
time of origination of the refinanced Mortgage Loan or (b) the
Loan-to-Value Ratio of the Mortgage Loan as of the date of origination of
the Mortgage Loan generally meets the Company's underwriting guidelines;
(xvi) Interest on each Mortgage Loan is calculated on the basis of a 360-day
year consisting of twelve 30-day months;
(xvii) One of the Mortgage Loans contains in the related Mortgage File a
Destroyed Mortgage Note;
(xviii) No more than 0.7% of the Group CB Loans and no more than 1.9% of the
Group NB 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;
(xix) No Mortgage Loan provides for payments that are subject to reduction by
withholding taxes levied by any foreign (non-United States) sovereign
government; and
(xx) None of the Mortgage Loans are Additional Collateral Loans and none of
the Mortgage Loans are Pledged Asset Loans.
It is understood and agreed that the representations and warranties set forth in
this Section 2.03(b) shall survive delivery of the respective Mortgage Files to
the Trustee or any Custodian.
Upon discovery by any of the Company, the Master Servicer, the Trustee
or any Custodian of a breach of any of the representations and warranties set
forth in this Section 2.03(b) that 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
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defined in Section 860G(a)(3) of the Code, any such cure or repurchase must
occur within 90 days from the date such breach was discovered. Any such
substitution shall be effected by the Company under the same terms and
conditions as provided in Section 2.04 for substitutions by Residential Funding.
It is understood and agreed that the obligation of the Company to cure such
breach or to so purchase or substitute for any Mortgage Loan as to which such a
breach has occurred and is continuing shall constitute the sole remedy
respecting such breach available to the Certificateholders or the Trustee on
behalf of the Certificateholders. Notwithstanding the foregoing, the Company
shall not be required to cure breaches or purchase or substitute for Mortgage
Loans as provided in this Section 2.03(b) if the substance of the breach of a
representation set forth above also constitutes fraud in the origination of the
Mortgage Loan.
Section 2.04. Representations and Warranties of Sellers. (See Section 2.04 of
the Standard Terms)
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 and/or the applicable REMIC, 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 that evidence ownership of the entire Trust Fund.
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ARTICLE III
ADMINISTRATION AND SERVICING
OF MORTGAGE LOANS
(See Article III of the Standard Terms)
17
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ARTICLE IV
PAYMENTS TO CERTIFICATEHOLDERS
Section 4.01. Certificate Account. (See Section 4.01 of the Standard Terms)
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)(iv) below, the amount required to be distributed to the Master Servicer
or a Sub-Servicer pursuant to Section 4.02(a)(iv) below, and to each
Certificateholder of record on the next preceding Record Date (other than as
provided in Section 9.01 respecting the final distribution) either in
immediately available funds (by wire transfer or otherwise) to the account of
such Certificateholder at a bank or other entity having appropriate facilities
therefor, if such Certificateholder has so notified the Master Servicer or the
Paying Agent, as the case may be, or, if such Certificateholder has not so
notified the Master Servicer or the Paying Agent by the Record Date, by check
mailed to such Certificateholder at the address of such Holder appearing in the
Certificate Register such Certificateholder's share (which share (A) with
respect to each Class of Certificates (other than any Subclass of the Class A-V
Certificates), shall be based on the aggregate of the Percentage Interests
represented by Certificates of the applicable Class held by such Holder or (B)
with respect to any Subclass of the Class A-V 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) below), in each case
to the extent of the related or specified Available Distribution Amount
remaining in the case of clauses (i) through (iii), and to the extent of the
Available Distribution Amount for both Loan Groups remaining in the case of
clauses (iv) through (xviii):
(i) (X) from the Available Distribution Amount related to the CB
Loan Group, to the Class CB Certificateholders, Accrued Certificate
Interest on such Class of Certificates for such Distribution Date, plus
any Accrued Certificate Interest thereon remaining unpaid from any
previous Distribution Date except as provided in the last paragraph of
this Section 4.02(a);
(Y) from the Available Distribution Amount related to the
NB Loan Group, to the Class NB 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
Subclasses, if any, with respect to the Class A-V 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
(Z) from the Available Distribution Amount derived from
the related Loan Group, on a parity with the distributions in Sections
4.02(a)(i)(X) and 4.02(a)(i)(Y), as applicable, to the Class A-V
Certificates (or Subclasses, if any) in proportion to the respective
amounts of Accrued Certificate Interest thereon derived from each Loan
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Group, Accrued Certificate Interest on the Class A-V Certificates with
respect to 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);
(ii) (X) to the Class A-P Certificates, from the Available
Distribution Amount for each Loan Group in proportion to the respective
amounts of the Class A-P Principal Distribution Amount derived from each
Loan Group, the Class A-P Principal Distribution Amount; and
(Y) to the Senior Certificates (other than the Class A-P
Certificates), in the priorities and amounts set forth in Section
4.02(b) through (e), the sum of the following (applied to reduce the
Certificate Principal Balances of such Senior Certificates, as
applicable):
(A) the related 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 in the
related Loan Group (other than the related Discount Fraction of
the principal portion of such payment with respect to a Discount
Mortgage Loan), whether or not received on or prior to the
related Determination Date, minus the principal portion of any
Debt Service Reduction (other than the related Discount Fraction
of the principal portion of such Debt Service Reductions with
respect to each Discount Mortgage Loan) which together with other
Bankruptcy Losses exceeds the Bankruptcy Amount;
(2) the Stated Principal Balance of any Mortgage Loan in the
related Loan Group repurchased during the related Prepayment
Period (or deemed to have been so repurchased in accordance with
Section 3.07(b)) pursuant to Section 2.02, 2.03, 2.04 or 4.07 and
the amount of any shortfall deposited in the Custodial Account in
connection with the substitution of a Deleted Mortgage Loan in
such Loan Group 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 with respect to the related Loan Group (other than
Principal Prepayments in Full and Curtailments and amounts
received in connection with a Cash Liquidation or REO Disposition
of a Mortgage Loan described in Section 4.02(a)(ii)(Y)(B) of this
Series Supplement, 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) of the Standard Terms) to the
extent applied by the Master Servicer as recoveries of principal
of the related
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Mortgage Loan pursuant to Section 3.14 of the Standard Terms
(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 in the related Loan Group for
which a Cash Liquidation or a REO Disposition occurred during the related
Prepayment Period (or was deemed to have occurred during such period in
accordance with Section 3.07(b) of the Standard Terms) and did not result
in any Excess Special Hazard Losses, Excess Fraud Losses, Excess Bankruptcy
Losses or Extraordinary Losses, an amount equal to the lesser of (a) the
related 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 related Senior Accelerated Distribution
Percentage for such Distribution Date times the related unscheduled
collections (including without limitation Insurance Proceeds, Liquidation
Proceeds and REO Proceeds) to the extent applied by the Master Servicer as
recoveries of principal of the related Mortgage Loan pursuant to Section
3.14 of the Standard Terms (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) of this Series Supplement);
(C) the related Senior Accelerated Distribution Percentage for such
Distribution Date times the aggregate of all Principal Prepayments in Full
and Curtailments with respect to the related Loan Group received in the
related Prepayment Period (other than the related Discount Fraction of such
Principal Prepayments in Full and Curtailments, with respect to each
Discount Mortgage Loan);
(D) any portion of the Excess Subordinate Principal Amount for such
Distribution Date allocated to the related Loan Group; and
(E) any amounts described in subsection (ii)(Y), clauses (A), (B) and
(C) of this Section 4.02(a), as determined for any previous Distribution
Date, which remain unpaid after application of amounts previously
distributed pursuant to this clause (E) to the extent that such amounts are
not attributable to Realized Losses which have been allocated to the
Subordinate Certificates; and
(Z) to the Holders of the Class CB or Class NB Certificates, as applicable,
amounts required to be distributed pursuant to Section 4.02(c);
(iii) if the aggregate Certificate Principal Balance of the Class CB or
Class NB Certificates and Class R Certificates is greater than the aggregate
Stated Principal Balance of the Mortgage Loans in the related Loan Group (other
than the related Discount Fraction of each Discount Mortgage Loan in the related
Loan Group) and the Class M Certificates or Class B Certificates are still
outstanding, in each case after giving effect to distributions to be made on
such Distribution Date, to the Holders of such Class or Classes of Class CB or
Class NB Certificates, an amount equal to one month's interest
20
at a rate of 7.50% per annum on the amount of the difference between the
aggregate Certificate Principal Balance of such Class or Classes of Class CB or
Class NB Certificates, as applicable, and the aggregate Stated Principal Balance
of its related Loan Group, from the Available Distribution Amount for the other
Loan Group, applied first to pay Accrued Certificate Interest on such Class or
Classes of Class CB Certificates or Class NB Certificates and Class R
Certificates on a pro rata basis to the extent not paid on such Distribution
Date pursuant to Section 4.02(a)(i), and then to pay principal on such Class or
Classes of Class CB Certificates or Class NB Certificates and Class R
Certificates in accordance with the priorities set forth in Section 4.02(b),
until the Certificate Principal Balance of such Class CB Certificates or Class
NB Certificates and Class R Certificates is equal to the aggregate Stated
Principal Balance of the Mortgage Loans in the related Loan Group;
(iv) if the Certificate Principal Balances of the Subordinate
Certificates have not been reduced to zero, to the Master Servicer or a
Sub-Servicer, by remitting for deposit to the Custodial Account, to the
extent of and in reimbursement for any Advances or Sub-Servicer Advances
previously made with respect to any Mortgage Loan or REO Property which
remain unreimbursed in whole or in part following the Cash Liquidation
or REO Disposition of such Mortgage Loan or REO Property, minus any such
Advances that were made with respect to delinquencies that ultimately
constituted Excess Special Hazard Losses, Excess Fraud Losses, Excess
Bankruptcy Losses or Extraordinary Losses;
(v) to the Holders of the Class M-1 Certificates, the Accrued
Certificate Interest thereon for such Distribution Date, plus any
Accrued Certificate Interest thereon remaining unpaid from any previous
Distribution Date, except as provided below;
(vi) to the Holders of the Class M-1 Certificates, an amount
equal to (x) the Subordinate Principal Distribution Amount for such
Class of Certificates for each Loan Group for such Distribution Date,
minus (y) the amount of any Class A-P Collection Shortfalls for such
Distribution Date or remaining unpaid for all previous Distribution
Dates, to the extent the amounts available pursuant to clause (x) of
Sections 4.02(a)(viii), (x), (xii), (xiv), (xv) and (xvi) of this Series
Supplement are insufficient therefor, applied in reduction of the
Certificate Principal Balance of the Class M-1 Certificates;
(vii) to the Holders of the Class M-2 Certificates, the Accrued
Certificate Interest thereon for such Distribution Date, plus any
Accrued Certificate Interest thereon remaining unpaid from any previous
Distribution Date, except as provided below;
(viii) to the Holders of the Class M-2 Certificates, an amount
equal to (x) the Subordinate Principal Distribution Amount for such
Class of Certificates for each Loan Group for such Distribution Date,
minus (y) the amount of any Class A-P Collection Shortfalls for such
Distribution Date or remaining unpaid for all previous Distribution
Dates, to the extent the amounts available pursuant to clause (x) of
Sections 4.02(a) (x), (xii), (xiv), (xv) and (xvi) are insufficient
therefor, applied in reduction of the Certificate Principal Balance of
the Class M-2 Certificates;
21
<PAGE>
(ix) to the Holders of the Class M-3 Certificates, the Accrued
Certificate Interest thereon for such Distribution Date, plus any
Accrued Certificate Interest thereon remaining unpaid from any previous
Distribution Date, except as provided below;
(x) to the Holders of the Class M-3 Certificates, an amount equal
to (x) the Subordinate Principal Distribution Amount for such Class of
Certificates for each Loan Group for such Distribution Date minus (y)
the amount of any Class A-P Collection Shortfalls for such Distribution
Date or remaining unpaid for all previous Distribution Dates, to the
extent the amounts available pursuant to clause (x) of Sections
4.02(a)(xii), (xiv), (xv) and (xvi) are insufficient therefor, applied
in reduction of the Certificate Principal Balance of the Class M-3
Certificates;
(xi) to the Holders of the Class B-1 Certificates, the Accrued
Certificate Interest thereon for such Distribution Date, plus any
Accrued Certificate Interest thereon remaining unpaid from any previous
Distribution Date, except as provided below;
(xii) to the Holders of the Class B-1 Certificates, an amount
equal to (x) the Subordinate Principal Distribution Amount for such
Class of Certificates for each Loan Group for such Distribution Date
minus (y) the amount of any Class A-P Collection Shortfalls for such
Distribution Date or remaining unpaid for all previous Distribution
Dates, to the extent the amounts available pursuant to clause (x) of
Sections 4.02(a)(xiv), (xv) and (xvi) are insufficient therefor, applied
in reduction of the Certificate Principal Balance of the Class B-1
Certificates;
(xiii) to the Holders of the Class B-2 Certificates, the Accrued
Certificate Interest thereon for such Distribution Date, plus any
Accrued Certificate Interest thereon remaining unpaid from any previous
Distribution Date, except as provided below;
(xiv) to the Holders of the Class B-2 Certificates, an amount
equal to (x) the Subordinate Principal Distribution Amount for such
Class of Certificates for each Loan Group for such Distribution Date
minus (y) the amount of any Class A-P Collection Shortfalls for such
Distribution Date or remaining unpaid for all previous Distribution
Dates, to the extent the amounts available pursuant to clause (x) of
Sections 4.02(a)(xv) and (xvi) are insufficient therefor, applied in
reduction of the Certificate Principal Balance of the Class B-2
Certificates;
(xv) to the Holders of the Class B-3 Certificates, 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-P Collection Shortfalls for
such Distribution Date or remaining unpaid for all previous Distribution
Dates, to the extent the amounts available pursuant to clause (x) of
Section 4.02(a) (xvi) are insufficient therefor;
(xvi) to the Holders of the Class B-3 Certificates, an amount
equal to (x) the Subordinate Principal Distribution Amount for such
Class of Certificates for each Loan Group for such Distribution Date
minus (y) the amount of any Class A-P Collection
22
<PAGE>
Shortfalls for such Distribution Date or remaining unpaid for all previous
Distribution Dates applied in reduction of the Certificate Principal
Balance of the Class B-3 Certificates;
(xvii) to the Senior Certificates, on a pro rata basis in
accordance with their respective outstanding Certificate Principal
Balances, the portion, if any, of the Available Distribution Amounts for
each Loan Group remaining after the foregoing distributions, applied to
reduce the Certificate Principal Balances of such Senior Certificates,
but in no event more than the aggregate of the outstanding Certificate
Principal Balances of each such Class of Senior Certificates, and
thereafter, to each Class of Subordinate Certificates then outstanding
beginning with such Class with the Highest Priority, any portion of the
Available Distribution Amounts for each Loan Group remaining after the
Senior Certificates have been retired, applied to reduce the Certificate
Principal Balance of each such Class of Subordinate Certificates, but in
no event more than the outstanding Certificate Principal Balance of each
such Class of Subordinate Certificates; and
(xviii)to the Class R Certificates, the balance, if any, of the
Available Distribution Amounts for both Loan Groups.
Notwithstanding the foregoing, on any Distribution Date, with respect to
the Class of Subordinate Certificates outstanding on such Distribution Date with
the Lowest Priority, or in the event the Subordinate Certificates are no longer
outstanding, the Senior Certificates, Accrued Certificate Interest thereon
remaining unpaid from any previous Distribution Date will be distributable only
to the extent that such unpaid Accrued Certificate Interest was attributable to
interest shortfalls relating to the failure of the Master Servicer to make any
required Advance, or the determination by the Master Servicer that any proposed
Advance would be a Nonrecoverable Advance 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 Senior Certificates on each
Distribution Date occurring prior to the Credit Support Depletion Date will be
made as follows:
(i) first, to the Class A-P Certificates, until the Certificate
Principal Balance thereof is reduced to zero, an amount (the "Class A-P
Principal Distribution Amount") equal to the aggregate of:
(A) the related Discount Fraction of the principal portion of
each Monthly Payment on each Discount Mortgage Loan due during the
related Due Period, whether or not received on or prior to the related
Determination Date, minus the Discount Fraction of the principal
portion of any related Debt Service Reduction which together with
other Bankruptcy Losses exceeds the Bankruptcy Amount;
(B) the related Discount Fraction of the principal portion of all
unscheduled collections on each Discount Mortgage Loan received during
the preceding calendar month (other than amounts received in
connection with a Cash Liquidation or REO Disposition of a Discount
Mortgage Loan described in clause
23
<PAGE>
(C) below), including Principal Prepayments in Full, Curtailments
and repurchases (including deemed repurchases under Section 3.07(b) of
the Standard Terms) 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-P Collection Shortfalls for such
Distribution Date and the amount of any Class A-P Collection
Shortfalls remaining unpaid for all previous Distribution Dates, but
only to the extent of the Eligible Funds for such Distribution Date;
(ii) concurrently with the distribution described in clause (iii) below,
the Class CB Principal Distribution Amount shall be distributed to the Class CB
Certificates until the Certificate Principal Balance thereof has been reduced to
zero; and
(iii) the Class NB Principal Distribution Amount shall be distributed as
follows:
(I) first, to the Class NB-3 Certificates, in reduction of the Certificate
Principal Balance thereof, an amount equal to the Lockout Percentage of the
Class NB-3 Certificates' pro rata share (based on the Certificate Principal
Balance thereof relative to the Certificate Principal Balance of the Class NB
Certificates and the Class R Certificates) of the Class NB Principal
Distribution Amount; and
(II) second, the balance of the Class NB Principal Distribution Amount
remaining after the distributions, if any, described in clause (iii)(I) above
shall be distributed as follows:
(A) first, to the Class R Certificates until the
Certificate Principal Balance thereof has been
reduced to zero;
(B) second, to the Class NB-1 Certificates until the
Certificate Principal Balance thereof has been
reduced to zero;
(C) third, to the Class NB-2 Certificates until the
Certificate Principal Balance thereof has been
reduced to zero; and
24
<PAGE>
(D) fourth, to the Class NB-3 Certificates until the
Certificate Principal Balance thereof has been
reduced to zero;
(c) Prior to the occurrence of the Credit Support Depletion Date but after
the reduction of the Certificate Principal Balances of the Class CB Certificates
or Class NB Certificates and Class R Certificates to zero, the remaining Class
CB Certificates or Class NB Certificates and Class R Certificates, as
applicable, will be entitled to receive, in addition to any Mortgagor
prepayments related to such Certificates' respective Loan Group, 100% of the
Mortgagor prepayments on the Mortgage Loans in the other Loan Group, and in
accordance with the priorities set forth in clause (b) above, and in reduction
of the Certificate Principal Balances thereof, on any Distribution Date unless
(i) the weighted average of the Subordinate Percentages for both Loan Groups,
weighted on the basis of the Stated Principal Balances of the Mortgage Loans in
the related Loan Group, is at least two times the weighted average of the
initial Subordinate Percentages for both Loan Groups (calculated on such basis)
and (ii) the outstanding principal balance of the Mortgage Loans in both Loan
Groups delinquent 60 days or more averaged over the last six months, as a
percentage of the aggregate outstanding Certificate Principal Balance of the
Subordinate Certificates, is less than 50%. In addition, on any Distribution
Date prior to the Credit Support Depletion Date on which the aggregate
Certificate Principal Balance of the Class CB Certificates or Class NB
Certificates and Class R Certificates, as applicable, is greater than the
aggregate Stated Principal Balance of the Mortgage Loans in the related Loan
Group in each case after giving effect to distributions to be made on such
Distribution Date, 100% of the Mortgagor prepayments allocable to the
Subordinate Certificates on the Mortgage Loans in the other Loan Group will be
distributed to such class or classes of Class CB Certificates or Class NB
Certificates and Class R Certificates, as applicable, and in accordance with the
priorities set forth in clause (b) above, and in reduction of the Certificate
Principal Balances thereof, until the aggregate Certificate Principal Balance of
such Class or Classes of Certificates equals the aggregate Stated Principal
Balance of the Mortgage Loans in the related Loan Group.
(d) On or after the Credit Support Depletion Date, all priorities relating
to distributions as described in Section 4.02(b) above in respect of principal
among the various classes of Senior Certificates (other than the Class A-P
Certificates) will be disregarded, and (i) the remaining Class CB Principal
Distribution Amount will be distributed to the Class CB Certificates pro rata in
accordance with their respective outstanding Certificate Principal Balances,
(ii) the remaining Class NB Principal Distribution Amount will be distributed to
the Class NB Certificates and Class R Certificates pro rata in accordance with
their respective outstanding Certificate Principal Balances, (iii) the amount
set forth in Section 4.02(a)(i) will be distributed as set forth therein, and
(iv) an amount equal to the Discount Fraction of the principal portion of
scheduled payments and unscheduled collections received or advanced in respect
of Discount Mortgage Loans will be distributed to the Class A-P Certificates,
from the Available Distribution Amount for each Loan Group in proportion to the
respective amounts of the Class A-P Principal Distribution Amount derived from
each Loan Group.
(e) After the reduction of the Certificate Principal Balances of the Senior
Certificates (other than the Class A-P Certificates) to zero but prior to the
Credit Support Depletion Date, the Senior Certificates (other than the Class A-P
Certificates) will be entitled to no further distributions of principal thereon
and the Available Distribution Amount for each Loan Group
25
<PAGE>
will be paid solely to the holders of the Class A-P, Class A-V and
Subordinate Certificates, in each case as described herein.
(f) In addition to the foregoing distributions, with respect to any
Mortgage Loan that was previously the subject of a Cash Liquidation or an REO
Disposition that resulted in a Realized Loss, in the event that within two years
of the date on which such Realized Loss was determined to have occurred the
Master Servicer receives amounts, which the Master Servicer reasonably believes
to represent subsequent recoveries (net of any related liquidation expenses), or
determines that it holds surplus amounts previously reserved to cover estimated
expenses, specifically related to such Mortgage Loan (including, but not limited
to, recoveries in respect of the representations and warranties made by the
related Seller pursuant to the applicable Seller's Agreement), the Master
Servicer shall distribute such amounts to the applicable Certificateholders of
the Class or Classes to which such Realized Loss was allocated (with the amounts
to be distributed allocated among such Classes in the same proportions as such
Realized Loss was allocated), and within each such Class to the
Certificateholders of record as of the Record Date immediately preceding the
date of such distribution (or if such Class of Certificates is no longer
outstanding, to the Certificateholders of record at the time that such Realized
Loss was allocated); provided that no such distribution to any Class of
Certificates of subsequent recoveries related to a Mortgage Loan shall exceed,
either individually or in the aggregate and together with any other amounts paid
in reimbursement therefor, the amount of the related Realized Loss that was
allocated to such Class of Certificates. Notwithstanding the foregoing, no such
distribution shall be made with respect to the Certificates of any Class to the
extent that either (i) such Class was protected against the related Realized
Loss pursuant to any instrument or fund established under Section 11.01(e) or
(ii) such Class of Certificates has been deposited into a separate trust fund or
other structuring vehicle and separate certificates or other instruments
representing interests therein have been issued in one or more classes, and any
of such separate certificates or other instruments was protected against the
related Realized Loss pursuant to any limited guaranty, payment obligation,
irrevocable letter of credit, surety bond, insurance policy or similar
instrument or a reserve fund, or a combination thereof. Any amount to be so
distributed with respect to the Certificates of any Class shall be distributed
by the Master Servicer to the Certificateholders of record as of the Record Date
immediately preceding the date of such distribution (i) with respect to the
Certificates of any Class (other than the Class A-V 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-V
Certificates, to the Class A-V 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.
(g) Each distribution with respect to a Book-Entry Certificate shall be
paid to the Depository, as Holder thereof, and the Depository shall be solely
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") 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
26
<PAGE>
Trustee, the Certificate Registrar, the Company or the Master Servicer
shall have any responsibility therefor.
(h) Except as otherwise provided in Section 9.01, if the Master Servicer
anticipates that a final distribution with respect to any Class of Certificates
will be made on the next 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
related Interest Accrual Period. 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. (See Section 4.03 of the
Standard Terms and Exhibit Three attached hereto)
Section 4.04. Distribution of Reports to the Trustee and the Company; Advances
by the Master Servicer. (See Section 4.04 of the Standard Terms)
Section 4.05. Allocation of Realized Losses.
Prior to each Distribution Date, the Master Servicer shall determine the
total amount of Realized Losses, if any, that resulted from any Cash
Liquidation, Servicing Modification, Debt Service Reduction, Deficient Valuation
or REO Disposition that occurred during the related Prepayment Period or, in the
case of a Servicing Modification that constitutes a reduction of the interest
rate on a Mortgage Loan, the amount of the reduction in the interest portion of
the Monthly Payment due during the related Due 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 any such Realized
Losses are on a Discount Mortgage Loan, to the Class A-P Certificates in an
amount equal to the Discount Fraction of the principal portion thereof, and the
remainder of such Realized Losses on the Discount Mortgage Loans and the entire
amount of such Realized Losses on Non-Discount Mortgage Loans will be allocated
among all the Class CB Certificates (in the case of a Group CB Loan) or among
the Class NB Certificates and Class R Certificates (in the case of a Group NB
Loan), and the Class A-V
27
<PAGE>
Certificates (in the case of the interest portion of a Realized Loss on a
Mortgage Loan in either Loan Group) 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-P Certificates in an amount equal to the Discount
Fraction thereof and the Class CB Percentage or Class NB Percentage (as
applicable) of the remainder of the principal portion of such losses will be
allocated to the Class CB Certificates (in the case of a Class CB Loan) or
between the Class NB and Class R Certificates (in the case of a Class NB Loan)
on a pro rata basis, as described below; and the remainder of the principal
portion of such Realized Losses will be allocated among the Subordinate
Certificates, on a pro rata basis, as described below. The interest portion of
any Excess Special Hazard Losses, Excess Bankruptcy Losses, Excess Fraud Losses
and Extraordinary Losses will be allocated to all the Certificates on a pro rata
basis.
As used herein, an allocation of a Realized Loss on a "pro rata basis"
among two or more specified Classes of Certificates means an allocation on a pro
rata basis, among the various Classes so specified, to each such Class of
Certificates on the basis of their then outstanding Certificate Principal
Balances derived from the related Loan Group 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 from the related Loan Group in respect of such Distribution Date and
derived from the related Loan Group (without regard to any Compensating Interest
for such Distribution Date) in the case of an interest portion of a Realized
Loss. Except as provided in the following sentence, any allocation of the
principal portion of Realized Losses (other than Debt Service Reductions) to a
Class of Certificates shall be made by reducing the Certificate Principal
Balance thereof by the amount so allocated, which allocation shall be deemed to
have occurred on such Distribution Date. Any allocation of the principal portion
of Realized Losses (other than Debt Service Reductions) to the Subordinate
Certificates then outstanding with the Lowest Priority 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-V Certificates have been
issued pursuant to Section 5.01(c), such Realized Losses and other losses
allocated to the Class A-V 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.
(See Section 4.06 of the Standard Terms)
Section 4.07. Optional Purchase of Defaulted Mortgage Loans. (See Section 4.07
of the Standard Terms)
Section 4.08. Surety Bond. (See Section 4.08 of the Standard Terms)
Article V
28
<PAGE>
ARTICLE V
THE CERTIFICATES
(See Article V of the Standard Terms)
29
<PAGE>
ARTICLE V1
THE COMPANY AND THE MASTER SERVICER
(See Article VI of the Standard Terms)
30
<PAGE>
ARTICLE VII
DEFAULT
(See Article VII of the Standard Terms)
31
<PAGE>
ARTICLE VIII
CONCERNING THE TRUSTEE
(See Article VIII of the Standard Terms)
32
<PAGE>
ARTICLE IX
TERMINATION
(See Article IX of the Standard Terms)
33
<PAGE>
ARTICLE X
REMIC PROVISIONS
Section 10.01. REMIC Administration. (See Section 10.01 of the Standard Terms)
Section 10.02. Master Servicer; REMIC Administrator and Trustee Indemnification.
(See Section 10.02 of the Standard Terms)
Section 10.03. Designation of REMIC
The REMIC Administrator will make an election to treat the entire
segregated pool of assets described in the definition of Trust Fund, and subject
to this Agreement (including the Mortgage Loans but excluding the Initial
Monthly Payment Fund) as a REMIC for federal income tax purposes.
The Class CB, Class NB-1, Class NB-2, Class NB-3, Class A-P, Class M-1,
Class M-2, Class M-3, Class B-1, Class B-2 and Class B-3 Certificates and the
Uncertificated Class A-V REMIC Regular Interests, the rights in and to which
will be represented by the Class A-V 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. On and after the date of issuance of any Subclass
of Class A-V Certificates pursuant to Section 5.01(c), any such Subclass will
represent the Uncertificated Class A-V REMIC Regular Interest or Interests
specified by the initial Holder of the Class A-V Certificates pursuant to said
Section.
Section 10.04. Compliance with Withholding Requirements
Notwithstanding any other provision of this Agreement, the
Trustee or any Paying Agent, as applicable, shall comply with all federal
withholding requirements respecting payments to Certificateholders, including
interest or original issue discount payments or advances thereof that the
Trustee or any Paying Agent, as applicable, reasonably believes are applicable
under the Code. The consent of Certificateholders shall not be required for such
withholding. In the event the Trustee or any Paying Agent, as applicable, does
withhold any amount from interest or original issue discount payments or
advances thereof to any Certificateholder pursuant to federal withholding
requirements, the Trustee or any Paying Agent, as applicable, shall indicate the
amount withheld to such Certificateholder pursuant to the terms of such
requirements.
34
<PAGE>
ARTICLE XI
MISCELLANEOUS PROVISIONS
Section 11.01. Amendment. (See Section 11.01 of the Standard Terms)
Section 11.02. Recordation of Agreement. Counterparts. (See Section 11.02 of the
Standard Terms)
Section 11.03. Limitation on Rights of Certificateholders. (See Section 11.03 of
the Standard Terms)
Section 11.04. Governing Laws. (See Section 11.04 of the Standard Terms)
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 the appropriate address for each recipient listed in the table below or,
in each case, such other address as may hereafter be furnished in writing
to the Master Servicer, the Trustee and the Company, as applicable:
<TABLE>
<CAPTION>
- ---------------------------------- --------------------------------------------------------------
Recipient Address
- ---------------------------------- --------------------------------------------------------------
<S> <C>
Company 8400 Normandale Lake Boulevard
Suite 600, Minneapolis, Minnesota 55437,
Attention: President
- ---------------------------------- --------------------------------------------------------------
Master Servicer 10 Universal City Plaza, Suite 2100
Universal City, California 91608,
Attention: Managing Director/Master Servicing
- ---------------------------------- --------------------------------------------------------------
Trustee Corporate Trust Office
1761 East St. Andrews Place
Santa Ana, California 92705-4934,
Attention: Residential Accredit Loans, Inc. Series 1999-QS11
The Trustee designates its offices located at
Four Albany Street, New York, NY 10006, for
the purposes of Section 8.12 of the Standard
Terms
- ---------------------------------- --------------------------------------------------------------
Standard & Poor's 55 Water Street
New York, New York 10041
- ---------------------------------- --------------------------------------------------------------
Fitch IBCA One State Street Plaza, 34th Floor
New York, N.Y. 10004
- ---------------------------------- --------------------------------------------------------------
</TABLE>
35
<PAGE>
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. Required Notices to Rating Agency and Subservicer. (See Section
11.06 of the Standard Terms)
Section 11.07. Severability of Provisions (See Section 11.07 of the Standard
Terms)
Section 11.08. Supplemental Provisions for Resecuritization. (See Section 11.08
of the Standard Terms)
Section 11.09. Allocation of Voting Rights
98.0% of all of the Voting Rights shall be allocated among
Holders of Certificates, other than the Class A-V Certificates and Class R
Certificates, in proportion to the outstanding Certificate Principal Balances of
their respective Certificates; 1% of all Voting Rights shall be allocated among
the Holders of the Class A-V Certificates in accordance with their respective
Percentage Interests, and 1% of all Voting Rights shall be allocated among the
Holders of the Class R Certificates in accordance with their respective
Percentage Interests.
36
<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:
Name: Timothy Pillar
Title: Vice President
Attest: ____________________
Name: Stephen Hynes
Title: Vice President
RESIDENTIAL FUNDING CORPORATION
[Seal]
By:
Name: Stephen Hynes
Title: Director
Attest:____________________
Name: Tim Pillar
Title: Director
BANKERS TRUST COMPANY,
as Trustee
[Seal]
By:
Name:
Title:
Attest:____________________
Name:
Title:
<PAGE>
STATE OF MINNESOTA
)
) ss.:
COUNTY OF HENNEPIN )
On the ____ day of September, 1999 before me, a notary public in
and for said State, personally appeared Tim Pillar, 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]
<PAGE>
STATE OF MINNESOTA
)
) ss.:
COUNTY OF HENNEPIN )
On the ____ day of September, 1999 before me, a notary public in
and for said State, personally appeared Stephen Hynes, 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>
STATE OF
)
) ss.:
COUNTY OF )
On the ___ day of September, 1999 before me, a notary public in
and for said State, personally appeared _______________, known to me to be a[n]
_________________ of __________________, the __________________ 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]
<PAGE>
Exhibit ONE
MORTGAGE LOAN SCHEDULE
1
RUN ON : 10/01/99 RFC DISCLOSURE SYSTEM RFFSD177-01
AT : 15.13.54 FIXED RATE LOAN LISTING AMORTIZED BALANCE
SERIES : RALI 1999-QS11 CUTOFF : 09/01/99
POOL : 0004394
:
:
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 #
______________________________________________________________________________
1794104 E22/G02 F 209,750.00 ZZ
360 208,082.92 1
2507 28TH STREET 8.250 1,575.78 90
UNIT # 1 8.000 1,575.78 235,000.00
SANTA MONICA CA 90405 5 08/14/98 04
0410979546 01 10/01/98 25
410979546 O 09/01/28
0
1841199 992/G02 F 80,000.00 ZZ
360 79,942.09 1
31 ARNOTT LANE 7.625 566.24 60
7.375 566.24 134,000.00
MIDDLETOWN NY 10940 1 07/08/99 00
0431442185 05 09/01/99 0
358647 O 08/01/29
0
1849869 134/G02 F 120,400.00 ZZ
360 120,325.16 1
193 W PRECHT ROAD 8.375 915.13 80
8.125 915.13 150,500.00
SWEETLAKE LA 70631 2 07/27/99 00
0431446814 05 09/01/99 0
7818163 O 08/01/29
0
1852824 E35/G02 F 40,500.00 ZZ
360 40,267.02 1
1774 SANDPIPER BOULEVARD 8.375 307.83 90
8.125 307.83 45,000.00
HOMESTEAD FL 33035 1 11/09/98 01
0431133453 09 01/01/99 25
1
0000 N 12/01/28
0
1855604 E35/G02 F 30,000.00 ZZ
360 29,826.77 1
3010 NW 203 LANE 7.750 214.92 75
7.500 214.92 40,500.00
MIAMI FL 33056 1 12/11/98 00
0431141258 03 02/01/99 0
148554 N 01/01/29
0
1856307 526/526 F 40,900.00 ZZ
360 40,630.97 1
830 SOUTH DOBSON ROAD #75 8.250 307.27 90
8.000 307.27 45,500.00
MESA AZ 85202 1 10/15/98 10
0346653 09 12/01/98 25
0346653 O 11/01/28
0
1860201 180/G02 F 78,300.00 ZZ
360 77,454.19 1
1110 & 1112 ELM STREET 8.125 581.38 90
7.875 581.38 87,000.00
OLATHE KS 66062 1 01/28/99 04
0431409978 05 03/01/99 25
0013485693 N 02/01/29
0
1865303 526/526 F 44,100.00 ZZ
360 43,771.51 1
4011 COLE AVE UNIT 102 7.625 312.14 90
7.375 312.14 49,000.00
DALLAS TX 75204 1 10/30/98 12
340840 01 12/01/98 25
340840 O 11/01/28
0
1865332 526/526 F 53,900.00 ZZ
360 53,432.79 1
2425 AUGUSTA DRIVE, UNIT 24 7.375 372.27 90
7.125 372.27 59,900.00
HOUSTON TX 77057 1 10/20/98 12
342889 01 12/01/98 25
342889 O 11/01/28
0
1
1867819 F19/G02 F 50,000.00 ZZ
360 49,046.21 1
13008 MUELLER DRIVE 7.750 358.21 39
7.500 358.21 130,000.00
GROVELAND CA 95321 1 12/28/98 00
0431186147 03 02/01/99 0
330102 O 01/01/29
0
1871534 638/G02 F 28,800.00 ZZ
360 28,520.82 1
5043 VALLEY STREET 7.875 208.82 90
7.625 208.82 32,000.00
PHILADELPHIA PA 19124 1 01/13/99 10
0431193960 07 03/01/99 25
08845524 N 02/01/29
0
1872167 253/253 F 37,350.00 ZZ
360 37,161.86 1
5818 E UNIVERSITY BLVD 7.750 267.58 90
7.500 267.58 41,500.00
DALLAS TX 75206 1 01/12/99 19
931043 01 03/01/99 25
931043 O 02/01/29
0
1874643 375/G02 F 42,390.00 ZZ
360 41,758.59 1
212 EAST YEASTING STREET 8.250 318.47 90
8.000 318.47 47,100.00
GIBSONBURG OH 43431 1 03/16/98 01
0431201102 05 05/01/98 25
5802317262 N 04/01/28
0
1875147 375/G02 F 49,140.00 ZZ
360 48,774.12 1
7507 E 109TH TERRACE 8.125 364.87 90
7.875 364.87 54,600.00
KANSAS CITY MO 64134 1 10/05/98 04
0431203355 05 11/01/98 25
5810452127 N 10/01/28
0
1877379 E22/G02 F 27,300.00 ZZ
360 27,045.40 1
RT 2 7.625 193.23 70
7.375 193.23 39,000.00
1
EUFAULA OK 74432 1 01/29/99 00
0411221559 05 03/01/99 0
411221559 O 02/01/29
0
1877421 822/G02 F 22,500.00 ZZ
360 22,403.12 1
4747 HAWTHORNE STREET 7.750 161.20 90
7.500 161.20 25,000.00
PHILADELPHIA PA 19124 1 02/25/99 01
0431237429 07 04/01/99 25
3636007297 N 03/01/29
0
1879124 E22/G02 F 34,300.00 ZZ
360 34,143.72 1
79 N. ADDISON STREET 8.250 257.68 70
8.000 257.68 49,000.00
INDIANAPOLIS IN 46222 5 02/05/99 00
0411208515 05 03/01/99 0
411208515 N 02/01/29
0
1879585 560/560 F 68,300.00 ZZ
360 67,778.56 1
450 WEST 7TH STREET 503 7.500 477.57 90
7.250 477.57 75,900.00
TULSA OK 74119 1 10/22/98 21
161295605 01 12/01/98 25
161295605 O 11/01/28
0
1879603 560/560 F 27,900.00 ZZ
360 27,669.73 1
200 PARK AVENUE 7.625 197.48 90
7.375 197.48 31,000.00
FILER ID 83328 1 09/30/98 21
161611900 05 11/01/98 25
161611900 N 10/01/28
0
1880035 560/560 F 16,300.00 ZZ
360 16,126.93 1
13717 ST LOUIS 7.750 116.78 90
7.500 116.78 18,150.00
DETROIT MI 48212 1 08/21/98 21
497739102 05 10/01/98 25
497739102 N 09/01/28
0
1
1880052 560/560 F 29,150.00 ZZ
360 28,900.37 1
12410 WINSDOR CROSSING 703 7.875 211.36 75
7.625 211.36 38,900.00
SAVANNAH GA 31419 1 08/11/98 00
497948109 01 10/01/98 0
497948109 N 09/01/28
0
1880093 560/560 F 19,800.00 ZZ
360 19,634.53 1
3708 LOWCROFT 8.000 145.29 90
7.750 145.29 22,000.00
LANSING MI 48911 1 08/21/98 21
498541804 05 10/01/98 25
498541804 N 09/01/28
0
1880826 822/G02 F 27,000.00 ZZ
360 26,863.92 1
4264 GRISCOM STREET 7.750 193.44 90
7.500 193.44 30,000.00
PHILADELPHIA PA 19120 1 01/29/99 12
0431218940 05 03/01/99 25
3636006861 N 02/01/29
0
1882040 P04/G02 F 51,000.00 ZZ
360 50,835.13 1
261 16TH PLACE 8.250 383.15 85
8.000 383.15 60,000.00
CLINTON IA 52732 5 03/05/99 23
0431245471 05 05/01/99 0
99100015 O 04/01/29
0
1882224 140/G02 F 27,900.00 ZZ
360 27,776.91 1
103 CHARLES STREET 7.625 197.47 90
7.375 197.47 31,000.00
OZARK AL 36360 1 02/26/99 01
0431254739 05 04/01/99 25
449451 N 03/01/29
0
1883244 E22/G02 F 21,200.00 ZZ
360 20,642.93 1
1
3300 PEBBLEBROOK DRIVE 7.750 151.88 80
UNIT #10 7.500 151.88 26,500.00
SEABROOK TX 77586 1 02/02/99 00
0411257447 01 03/01/99 0
411257447 O 02/01/29
0
1883267 E22/G02 F 37,800.00 T
360 37,609.60 1
839 DUBLIN DRIVE 7.750 270.80 90
UNIT #B 7.500 270.80 42,000.00
RICHARDSON TX 75080 1 02/10/99 10
0411267446 01 03/01/99 25
411267446 O 02/01/29
0
1883393 E46/G02 F 139,500.00 ZZ
360 139,411.04 1
15 VOORHEES COURT 8.250 1,048.02 69
8.000 1,048.02 205,000.00
TRENTON NJ 08638 2 07/14/99 00
0431408509 05 09/01/99 0
34465 O 08/01/29
0
1884055 E22/G02 F 52,700.00 ZZ
360 52,489.60 1
430 13TH PLACE SW 8.125 391.30 85
7.875 391.30 62,000.00
VERO BEACH FL 32962 5 02/05/99 04
0411258965 05 04/01/99 12
411258965 O 03/01/29
0
1884252 134/G02 F 16,200.00 ZZ
360 15,854.09 1
402 EAST STEED DRIVE 8.250 121.71 90
8.000 121.71 18,000.00
MIDWEST CITY OK 73110 1 04/05/99 14
0431285063 05 06/01/99 35
7347218 N 05/01/29
0
1885598 638/G02 F 37,100.00 ZZ
360 36,932.19 1
226 NORTH MADISON STREET 7.500 259.41 70
7.250 259.41 53,000.00
WILMINGTON DE 19801 5 02/09/99 00
0431235126 07 04/01/99 0
1
08840980 N 03/01/29
0
1886307 227/G02 F 151,600.00 ZZ
360 151,498.28 1
1747 WASHINGT0N STREET 8.000 1,112.39 80
#206 7.750 1,112.39 189,770.00
DENVER CO 80203 1 07/29/99 00
0431415751 07 09/01/99 0
1795207 O 08/01/29
0
1887310 B28/G02 F 36,800.00 ZZ
360 36,456.27 1
22 SLOCUM AVENUE 7.750 263.64 80
7.500 263.64 46,000.00
COLUMBUS NM 88029 5 02/26/99 00
0431243732 05 04/01/99 0
05990366 O 03/01/29
0
1889156 225/225 F 35,550.00 ZZ
360 35,372.12 1
403 CLARK ST 7.750 254.69 90
7.500 254.69 39,500.00
RAPID CITY SD 57701 1 02/17/99 11
7098181 05 04/01/99 25
7098181 N 03/01/29
0
1889399 526/526 F 24,030.00 ZZ
360 23,891.23 1
5929 QUEENSLOCH DRIVE 235 7.750 172.15 86
7.500 172.15 28,000.00
HOUSTON TX 77096 1 12/31/98 12
356773 01 02/01/99 25
356773 O 01/01/29
0
1889407 526/526 F 29,600.00 ZZ
360 29,447.11 1
2750 HOLLY HALL #814 8.000 217.19 90
7.750 217.19 32,900.00
HOUSTON TX 77054 1 01/08/99 12
357302 01 03/01/99 25
357302 O 02/01/29
0
1
1892066 E45/E45 F 32,400.00 ZZ
360 32,267.37 2
3058-3060 BAILEY DRIVE 8.000 237.74 90
7.750 237.74 36,000.00
MACON GA 31204 2 02/24/99 04
48580 05 04/01/99 25
48580 N 03/01/29
0
1893483 H37/G02 F 85,800.00 ZZ
360 85,549.22 1
1860 PORTER ROAD 7.625 607.29 90
7.375 607.29 95,375.00
BEAR DE 19701 1 04/26/99 14
0431333657 05 06/01/99 25
1893483 N 05/01/29
0
1893854 A46/G02 F 37,950.00 ZZ
360 37,684.41 1
2613 S.W. 54TH STREET 8.000 278.46 90
7.750 278.46 42,200.00
OKLAHOMA CITY OK 73119 1 03/19/99 04
0431294719 05 05/01/99 25
0000 N 04/01/29
0
1894958 180/G02 F 45,900.00 ZZ
360 45,647.77 1
11213 WEST LOUISIANA AVENUE 8.000 336.80 90
7.750 336.80 51,000.00
YOUNGTOWN AZ 85363 1 12/31/98 10
0431397074 05 02/01/99 25
13873948 N 01/01/29
0
1895779 P34/G02 F 111,200.00 ZZ
360 110,849.56 1
28 KING ARTHUR DR 8.375 845.20 80
8.125 845.20 139,000.00
RICHMOND RI 02898 2 04/23/99 00
0431342153 05 05/28/99 0
13160 O 04/28/29
0
1895900 637/G02 F 42,000.00 ZZ
360 41,894.48 1
1312 KUPER PLACE 8.375 319.23 70
8.125 319.23 60,000.00
1
BALTIMORE MD 21223 1 04/14/99 00
0431323187 02 06/01/99 0
0016101198 N 05/01/29
0
1896570 G41/G02 F 230,400.00 ZZ
360 229,636.18 1
207 BEACH STREET 8.125 1,710.71 80
7.875 1,710.71 288,000.00
MARLBORO MA 01752 4 03/31/99 00
0431391820 27 05/01/99 0
62001791 O 04/01/29
0
1896846 638/G02 F 33,150.00 ZZ
360 33,025.44 1
833 MANOR STREET 7.500 231.79 90
7.250 231.79 36,850.00
LANCASTER PA 17603 1 03/26/99 04
0431276153 07 05/01/99 25
08858618 N 04/01/29
0
1899016 196/G02 F 33,000.00 ZZ
360 32,890.57 1
36 BERKSHIRE DRIVE 8.125 245.03 68
7.875 245.03 49,000.00
ROCK ISLAND IL 61201 5 03/22/99 00
0431285089 05 05/01/99 0
1233273 N 04/01/29
0
1899252 638/G02 F 36,570.00 ZZ
360 36,435.95 1
415 HARRISON STREET 7.625 258.84 69
7.375 258.84 53,000.00
CALDWELL ID 83605 5 03/29/99 00
0431284611 05 05/01/99 0
8860662 N 04/01/29
0
1900334 025/025 F 16,200.00 ZZ
360 16,141.59 1
907 W 48TH STREET 8.625 126.00 90
8.375 126.00 18,000.00
SAVANNAH GA 31405 1 02/09/99 14
357382 05 04/01/99 25
357382 O 03/01/29
0
1
1900462 025/025 F 39,350.00 ZZ
360 39,180.65 1
1205-1207 EAST 55TH STREET 7.750 281.91 75
7.500 281.91 52,500.00
SAVANNAH GA 31404 5 02/26/99 00
969064 05 04/01/99 0
969064 N 03/01/29
0
1900819 687/G02 F 103,500.00 ZZ
360 103,500.00 1
8202 DAMPIER CIRCLE 8.875 823.49 80
8.625 823.49 130,420.00
LIVERPOOL NY 13090 1 08/06/99 00
0431439900 05 10/01/99 0
9903310953 O 09/01/29
0
1901463 976/R18 F 40,800.00 ZZ
360 40,661.26 1
1334 SOUTH RIVER BIRCH RUN 8.000 299.38 80
7.750 299.38 51,000.00
CHESEAPEAKE VA 23320 1 03/26/99 00
655415818 03 05/01/99 0
5401991 N 04/01/29
0
1901603 976/R18 F 39,600.00 ZZ
360 36,734.24 1
2133 AMY AVENUE 8.500 304.49 90
8.250 304.49 44,000.00
BOISE ID 83706 1 03/17/99 04
655417913 05 05/01/99 25
5587517 N 04/01/29
0
1901642 976/R18 F 40,500.00 ZZ
360 40,396.13 1
1655 E. BLAINE ST. 9.375 336.86 90
9.125 336.86 45,000.00
SPRINGFIELD MO 65804 1 03/30/99 11
655418390 05 05/01/99 25
5603742 N 04/01/29
0
1901805 976/R97 F 126,000.00 ZZ
360 125,444.09 1
1
8727 N.W. 168TH LANE 8.125 935.55 91
7.875 935.55 139,900.00
MIAMI FL 33015 1 03/15/99 10
TO BE ASSIGNED 05 05/01/99 25
5637392 O 04/01/29
0
1901877 976/R18 F 41,000.00 ZZ
360 40,849.70 1
75-6106 ALII DRIVE #116 7.625 290.20 39
7.375 290.20 106,000.00
KAILUA-KONA HI 96740 1 03/10/99 00
655421535 01 05/01/99 0
5653030 N 04/01/29
0
1901966 976/R18 F 37,600.00 ZZ
360 37,514.71 1
143 DATE STREET 8.875 299.17 80
8.625 299.17 47,000.00
PORT CHARLOTTE FL 33980 5 04/06/99 00
655422566 05 06/01/99 0
5669454 N 05/01/29
0
1901978 976/R18 F 42,750.00 ZZ
360 42,615.66 1
118 SOUTH PLEASANT 8.625 332.51 90
8.375 332.51 47,500.00
GONZALES LA 70737 1 04/01/99 11
655422699 05 06/01/99 25
5670714 N 05/01/29
0
1902003 976/R18 F 44,550.00 ZZ
360 44,440.85 1
881 WARD DRIVE 8.500 342.56 90
8.250 342.56 49,500.00
LEXINGTON KY 40511 1 04/09/99 04
655422962 05 06/01/99 25
5676457 N 05/01/29
0
1902006 976/R18 F 44,550.00 ZZ
360 44,440.85 1
866-868 WARD DRIVE 8.500 342.56 90
8.250 342.56 49,500.00
LEXINGTON KY 40514 1 04/09/99 04
655422996 05 06/01/99 25
1
5676852 N 05/01/29
0
1902651 561/561 F 58,500.00 ZZ
360 58,217.35 2
303 E 33RD STREET 7.625 414.06 90
7.375 414.06 65,000.00
BALTIMORE MD 21218 1 03/02/99 10
9717695 07 04/01/99 25
9717695 N 03/01/29
0
1903185 G26/G02 F 69,500.00 ZZ
360 69,500.00 2
1690 WEEKS AVENUE 7.875 503.93 38
7.625 503.93 185,000.00
BRONX NY 10457 5 08/05/99 00
0431425925 05 10/01/99 0
0000 O 09/01/29
0
1903397 M66/G02 F 40,500.00 ZZ
360 40,409.25 1
182 LIBERTY STREET 7.500 283.19 90
7.250 283.19 45,000.00
TRENTON NJ 08611 1 05/05/99 10
0431333905 07 07/01/99 25
129569 N 06/01/29
0
1903962 P93/G02 F 49,455.00 ZZ
360 49,369.02 1
7323 LAVISTA DRIVE 8.750 389.06 90
8.500 389.06 54,950.00
LAVISTA NE 68128 1 05/19/99 11
0431346931 05 07/01/99 25
0000 N 06/01/29
0
1904144 225/225 F 23,390.00 ZZ
360 23,305.24 1
1700 WINDSOR AVENUE 7.750 167.57 90
7.500 167.57 25,990.00
WEST PALM BEACH FL 33401 1 03/26/99 11
7112300 05 05/01/99 25
7112300 N 04/01/29
0
1
1904809 J86/G02 F 39,200.00 ZZ
360 39,088.28 1
46 SALINA STREET 7.750 280.83 70
7.500 280.83 56,000.00
ROCHESTER NY 14611 5 04/23/99 00
0431305374 05 06/01/99 0
41105 N 05/01/29
0
1905718 687/G02 F 40,500.00 ZZ
360 40,400.81 1
3461 E BONNER DRIVE 8.500 311.41 90
8.250 311.41 45,000.00
NORFOLK VA 23513 1 04/09/99 11
0431318864 05 06/01/99 25
46900163 N 05/01/29
0
1906072 253/253 F 35,226.00 ZZ
360 35,095.17 1
3704 WILDWOOD ROAD 7.750 252.37 90
7.500 252.37 39,140.00
FORTWORTH TX 76107 1 04/09/99 21
932133 05 06/01/99 25
932133 N 05/01/29
0
1906132 B35/G02 F 37,800.00 ZZ
360 37,692.21 1
1804 NORTH FULTON AVENUE 7.750 270.81 90
7.500 270.81 42,000.00
BALTIMORE MD 21217 1 04/15/99 12
0431316892 07 06/01/99 25
99002020 N 05/01/29
0
1906680 229/G02 F 72,000.00 ZZ
360 71,864.78 1
6755 LAFAYETTE STREET 8.375 547.26 90
8.125 547.26 80,000.00
OMAHA NE 68132 1 05/14/99 04
0431409952 05 07/01/99 25
0016789257 N 06/01/29
0
1906792 808/G02 F 41,100.00 ZZ
360 40,982.82 1
20269 MAGONLIA STREET 7.750 294.45 69
7.500 294.45 60,000.00
1
STATFORD CA 93266 5 04/21/99 00
0431320480 05 06/01/99 0
9102905 N 05/01/29
0
1906793 808/G02 F 163,500.00 ZZ
360 162,944.09 4
1315 NORTH BROWN STREET #A 8.000 1,199.71 82
7.750 1,199.71 200,000.00
HANFORD CA 93230 2 03/12/99 19
0431312073 05 05/01/99 20
9102776 N 04/01/29
0
1907299 E19/G02 F 115,000.00 ZZ
360 114,680.31 1
1925 BAYFLAT ROAD 7.875 833.83 46
7.625 833.83 250,000.00
BODEGA BAY CA 94923 5 04/21/99 00
0431337278 05 06/01/99 0
002200169317 O 05/01/29
0
1907656 638/G02 F 44,910.00 ZZ
360 44,797.16 1
1021 WEST NICOLLET STREET 8.375 341.35 90
8.125 341.35 49,900.00
BANNING CA 92220 1 04/19/99 14
0431321694 05 06/01/99 25
8876765 N 05/01/29
0
1907678 638/G02 F 188,000.00 ZZ
360 187,408.04 1
299 DAGGETT AVENUE 7.250 1,282.49 80
7.000 1,282.49 235,000.00
TISBURY MA 02568 1 04/22/99 00
0431320274 05 06/01/99 0
8848079 O 05/01/29
0
1907948 687/G02 F 37,800.00 ZZ
360 37,746.47 1
9217 REPONDO PLACE 7.750 270.80 90
7.500 270.80 42,000.00
NEW PORT RICHEY FL 34655 1 06/11/99 01
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0431389154 05 08/01/99 30
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8.500 354.02 83,000.00
MIDDLESEX VT 05602 1 07/23/99 00
0431394600 05 09/01/99 0
0268 O 08/01/29
0
1923875 M10/G02 F 41,900.00 T
360 41,849.06 1
11963 SW 208 TERRACE 8.500 322.17 60
8.250 322.17 69,900.00
MIAMI FL 33177 1 06/18/99 00
0431379874 05 08/01/99 0
081163 O 07/01/29
0
1
1924053 E84/G02 F 54,000.00 ZZ
360 53,898.60 1
1903 12TH AVENUE 8.375 410.44 90
8.125 410.44 60,000.00
ROCKFORD IL 61104 1 05/27/99 04
0431382084 05 07/01/99 25
11501131 N 06/01/29
0
1924099 M10/G02 F 109,500.00 ZZ
360 109,269.30 1
13165 NW 11 PL 8.125 813.03 51
7.875 813.03 215,000.00
SUNRISE FL 33323 5 06/18/99 00
0431382837 05 08/01/99 0
081191 O 07/01/29
0
1924110 L48/G02 F 97,500.00 ZZ
360 97,443.91 1
11397 CAMERON AVE 8.750 767.03 75
8.500 767.03 130,000.00
ALLENDALE MI 49401 1 07/21/99 00
0431408426 05 09/01/99 0
85145 O 08/01/29
0
1924554 227/G02 F 177,000.00 T
360 177,000.00 1
155 MEADOW VIEW DRIVE 8.500 1,360.98 69
8.250 1,360.98 260,000.00
CASCADE CO 81301 2 08/10/99 00
0431440593 03 10/01/99 0
1763078 O 09/01/29
0
1924571 731/G02 F 40,500.00 ZZ
360 40,454.41 1
110 EVANS STREET 8.875 322.24 86
8.625 322.24 47,500.00
ZEBULON GA 30295 1 06/23/99 04
0431378207 05 08/01/99 25
3142273288 N 07/01/29
0
1924875 134/G02 F 146,250.00 ZZ
360 146,172.17 1
1
16020 N. RAMSEY RD. 9.125 1,189.94 65
8.875 1,189.94 225,000.00
RATHDRUM ID 83858 5 07/21/99 00
0431413772 05 09/01/99 0
8344350 O 08/01/29
0
1925066 Q99/G02 F 41,500.00 ZZ
360 41,479.59 2
662 DOUGLAS AVENUE 9.500 348.95 80
9.250 348.95 51,900.00
PROVIDENCE RI 02908 1 08/03/99 00
0431411487 05 09/01/99 0
0000 N 08/01/29
0
1925212 F16/G02 F 130,500.00 ZZ
360 130,410.19 2
2517 2519 ST 7.875 946.22 90
7.625 946.22 145,000.00
SACRAMENTO CA 95819 2 07/13/99 10
0431433531 05 09/01/99 25
99A20605 N 08/01/29
0
1925478 H93/G02 F 64,000.00 ZZ
360 63,963.18 1
373 NOWHERE ROAD 8.750 503.49 80
8.500 503.49 80,000.00
DANIELSVILLE GA 30533 2 07/28/99 00
0431444652 05 09/01/99 0
9828805 O 08/01/29
0
1925485 462/G02 F 25,000.00 ZZ
360 24,939.67 1
2273 NW 170 AVENUE 7.125 168.43 20
6.875 168.43 127,990.00
PEMBROKE PINES FL 33028 1 05/26/99 00
0431381078 03 07/01/99 0
0006969703 O 06/01/29
0
1925486 F22/G02 F 35,750.00 ZZ
360 35,708.71 1
702 WESTVIEW DRIVE 8.750 281.25 90
8.500 281.25 39,750.00
ELIZABETHTOWN KY 42701 1 06/30/99 01
0431383751 05 08/01/99 25
1
8500066899 N 07/01/29
0
1925519 N12/G02 F 35,200.00 ZZ
360 35,157.19 1
4213 GREENWOOD PLACE 8.500 270.66 55
8.250 270.66 64,000.00
KANSAS CITY MO 64111 5 06/18/99 00
0431378488 05 08/01/99 0
0004995 N 07/01/29
0
1925587 J83/G02 F 54,900.00 ZZ
360 54,831.52 1
721 GROVE STREET 8.375 417.28 90
8.125 417.28 61,000.00
HAMPTON VA 23664 1 06/28/99 04
0431380898 05 08/01/99 25
272331 N 07/01/29
0
1925620 A60/G02 F 209,600.00 ZZ
360 209,600.00 1
56 TYRCONNELL AVENUE 9.500 1,762.44 80
9.250 1,762.44 262,000.00
MASSAPEQUA PARK NY 11762 1 08/12/99 00
0431441633 05 10/01/99 0
372772 O 09/01/29
0
1926207 227/G02 F 53,000.00 ZZ
360 52,967.89 1
210 CORPORATION STREET 8.500 407.53 71
8.250 407.53 75,000.00
HILLSBORO TX 76645 1 08/02/99 00
0431439686 05 09/01/99 0
1798620 O 08/01/29
0
1926347 E45/G02 F 34,000.00 ZZ
360 33,958.66 1
1482 MADDEN AVENUE 8.500 261.43 85
8.250 261.43 40,000.00
MACON GA 31204 2 06/30/99 11
0431383215 05 08/01/99 12
52734 N 07/01/29
0
1
1926372 183/G02 F 99,000.00 ZZ
360 98,899.08 1
2860 WALSH ROAD 9.350 821.64 75
9.100 821.64 132,000.00
ROCHESTER MI 48309 5 06/30/99 00
0431379247 05 08/06/99 0
800118847 O 07/06/29
0
1926503 K30/G02 F 206,800.00 ZZ
360 206,657.69 1
6418 BYRNES ROAD 7.875 1,499.44 56
7.625 1,499.44 375,000.00
VACAVILLE CA 95688 2 07/28/99 00
0431414069 05 09/01/99 0
0065360 O 08/01/29
0
1926800 P34/G02 F 138,000.00 ZZ
360 137,920.60 3
248 TRANSIT STREET 8.750 1,085.65 75
8.500 1,085.65 184,000.00
PROVIDENCE RI 02906 5 07/28/99 00
0431416924 05 09/01/99 0
61209 N 08/01/29
0
1927114 P16/G02 F 52,000.00 ZZ
360 51,785.25 1
8015 STREAMSIDE DRIVE 7.875 377.04 60
7.625 377.04 87,000.00
HOUSTON TX 77088 2 07/29/99 00
0431411719 03 09/01/99 0
50002426 O 08/01/29
0
1927396 687/G02 F 95,400.00 ZZ
360 95,343.68 1
8504 CLEAR MEADOW LANE 8.625 742.01 90
8.375 742.01 106,000.00
CHARLOTTE NC 28227 1 07/21/99 10
0431404276 05 09/01/99 25
9906220861 N 08/01/29
0
1927397 687/G02 F 56,800.00 ZZ
360 56,768.15 1
9405 STATELY OAK LANE 8.875 451.93 80
8.625 451.93 71,000.00
1
CHARLOTTE NC 28227 1 07/30/99 00
0431447564 05 09/01/99 0
9906301177 N 08/01/29
0
1927402 P41/G02 F 112,500.00 ZZ
360 112,500.00 4
3725 CENTRAL 8.375 855.08 90
8.125 855.08 125,000.00
KANSAS CITY MO 64111 1 08/06/99 11
0431426006 05 10/01/99 25
981145826 N 09/01/29
0
1927829 687/G02 F 32,500.00 ZZ
360 32,462.46 2
136 NORTH FIFTEENTH STREET 8.750 255.68 65
8.500 255.68 50,000.00
ALLENTOWN PA 18104 5 06/30/99 00
0431386812 05 08/01/99 0
KL5829 N 07/01/29
0
1927843 253/253 F 93,750.00 ZZ
360 93,693.20 1
1110 COUNTY ROAD 8.500 720.86 75
268 8.250 720.86 125,000.00
BERTRAM TX 78605 5 07/26/99 00
000 05 09/01/99 0
000 O 08/01/29
0
1927852 196/G02 F 184,000.00 ZZ
360 183,885.63 1
30 SOUTHRIDGE DRIVE 8.375 1,398.54 80
8.125 1,398.54 230,000.00
GLENDALE MO 63122 5 07/26/99 00
0431442516 05 09/01/99 0
1287813 O 08/01/29
0
1928142 K45/G02 F 99,200.00 ZZ
360 99,139.91 1
18609 NORTH 45TH PLACE 8.500 762.76 80
8.250 762.76 124,000.00
PHOENIX AZ 85050 1 07/22/99 00
0431414366 05 09/01/99 0
0000 O 08/01/29
0
1
1928153 K37/G02 F 90,900.00 ZZ
360 90,900.00 1
1959 SOUTH STREET 8.750 715.11 90
8.500 715.11 101,000.00
LINCOLN NE 68502 1 08/12/99 04
0431424894 05 10/01/99 25
5811 N 09/01/29
0
1928306 001/G02 F 50,000.00 ZZ
360 49,969.72 1
2 MAPLE COURT 8.500 384.45 40
8.250 384.45 128,000.00
WATERFORD CT 06385 1 07/30/99 00
0431419258 05 09/01/99 0
1535719 O 08/01/29
0
1928482 183/G02 F 162,500.00 ZZ
360 162,307.43 1
28 MUTINY PLACE 8.625 1,263.91 65
8.375 1,263.91 250,000.00
KEY LARGO FL 33037 2 07/08/99 00
0431393826 05 08/13/99 0
800136571 O 07/13/29
0
1928516 134/G02 F 93,750.00 ZZ
360 93,690.21 1
3964 SIDNEY LANIER BLVD. 8.250 704.32 75
8.000 704.32 125,000.00
DULUTH GA 30096 1 07/28/99 00
0431416882 03 09/01/99 0
8387227 O 08/01/29
0
1928530 811/G02 F 70,875.00 ZZ
360 70,833.15 2
270 NE 40 COURT 8.625 551.26 75
8.375 551.26 94,500.00
OAKLAND PARK FL 33334 1 07/12/99 00
0431388180 05 09/01/99 0
FM00119506 N 08/01/29
0
1928647 R81/G02 F 144,000.00 ZZ
360 144,000.00 1
1
12436 FARNAM STREET 8.500 1,107.24 74
8.250 1,107.24 195,000.00
OMAHA NE 68154 2 08/02/99 00
0431409283 05 10/01/99 0
0000 O 09/01/29
0
1928694 G41/G02 F 60,000.00 ZZ
360 60,000.00 1
251 SOUTH STREET 8.625 466.67 42
8.375 466.67 144,000.00
MARLBORO MA 01752 5 08/13/99 00
0431441435 05 10/01/99 0
62006040 N 09/01/29
0
1928703 F03/G02 F 125,000.00 ZZ
360 124,924.28 1
15 BERKLEY AVENUE 8.500 961.14 37
8.250 961.14 345,000.00
VENTURA CA 93004 5 07/28/99 00
0431409614 05 09/01/99 0
LAG11975 O 08/01/29
0
1928969 H19/G02 F 60,000.00 ZZ
360 60,000.00 1
622 BRINKER AVE 8.500 461.35 50
8.250 461.35 122,000.00
OGDEN UT 84404 5 07/28/99 00
0431422930 05 10/01/99 0
0002145613 O 09/01/29
0
1929026 815/G02 F 46,400.00 ZZ
360 46,264.37 1
403 S MAIN ST UNIT D203 7.625 328.42 79
7.375 328.42 59,000.00
DOYLESTOWN PA 18901 1 04/27/99 00
0431392596 01 06/01/99 0
302560 N 05/01/29
0
1929035 815/G02 F 128,000.00 ZZ
360 127,804.60 1
1A FOXHILL PLACE 7.375 884.07 80
7.125 884.07 160,000.00
SELDEN NY 11784 1 06/17/99 00
0431392638 05 08/01/99 0
1
302093 O 07/01/29
0
1929056 815/G02 F 180,000.00 ZZ
360 179,486.85 1
242-12B OAK PARK DRIVE 7.750 1,289.55 80
UNIT 99B 7.500 1,289.55 225,000.00
DOUGLASTON NY 11362 1 04/29/99 00
0431392570 01 06/01/99 0
301893 O 05/01/29
0
1929062 815/G02 F 190,000.00 ZZ
360 189,762.98 1
84-18 264TH STREET 8.375 1,444.14 79
8.125 1,444.14 241,500.00
FLORAL PARK NY 11001 1 06/30/99 00
0431392588 05 08/01/99 0
304604 O 07/01/29
0
1929126 S07/G02 F 98,400.00 ZZ
360 98,344.83 4
1720 METZLER 8.875 782.92 68
8.625 782.92 145,000.00
COLORADO SPRING CO 80906 2 07/29/99 00
0431436179 05 09/01/99 0
1929126 N 08/01/29
0
1929176 E86/G02 F 90,000.00 ZZ
360 89,938.07 1
200 STONY BROOK ROAD 7.875 652.56 90
7.625 652.56 100,000.00
STRATFORD CT 06614 5 07/09/99 10
0431391903 07 09/01/99 25
0000044656 O 08/01/29
0
1929276 Q80/G02 F 68,000.00 ZZ
360 68,000.00 1
731 W AVENUE J9 8.500 522.86 74
8.250 522.86 92,000.00
LANCASTER CA 93534 2 07/28/99 00
0431418433 05 10/01/99 0
71599 O 09/01/29
0
1
1929328 455/G02 F 36,750.00 ZZ
360 36,732.85 1
10811 SAN LUIS PASS RD 9.750 315.74 75
UNIT 1204 BLDG 1 9.500 315.74 49,000.00
GALVESTON TX 77554 1 07/29/99 00
0431426584 20 09/01/99 0
45250 N 08/01/29
0
1929484 E46/G02 F 113,400.00 ZZ
360 113,400.00 3
34 CRESTMONT TERRACE 9.250 932.91 90
9.000 932.91 126,000.00
COLLINGSWOOD NJ 08108 1 08/12/99 04
0431461714 05 10/01/99 25
37060 N 09/01/29
0
1929526 313/G02 F 36,900.00 ZZ
360 36,878.77 1
2139 BROGDON STREET 8.750 290.29 90
8.500 290.29 41,063.00
SAVANNAH GA 31406 1 07/30/99 04
0431408004 05 09/01/99 25
0006691315 N 08/01/29
0
1929540 731/G02 F 72,000.00 ZZ
360 71,960.67 1
1481 LANGSTON AVENUE 9.000 579.33 90
8.750 579.33 80,000.00
ATLANTA GA 30210 1 07/14/99 04
0431388586 05 09/01/99 25
0240673470 O 08/01/29
0
1929592 163/G02 F 39,000.00 ZZ
360 38,953.78 1
3825 BADEN DRIVE 8.625 303.34 55
8.375 303.34 72,000.00
HOLIDAY FL 34691 1 06/30/99 00
0431394451 05 08/01/99 0
1000166149 O 07/01/29
0
1929631 L94/G02 F 179,680.00 ZZ
360 179,576.63 1
3605 NORTH 225 EAST 8.750 1,413.54 80
8.500 1,413.54 224,600.00
1
NORTH OGDEN UT 84414 2 07/28/99 00
0431417195 05 09/01/99 0
0000 O 08/01/29
0
1929640 P48/G02 F 106,200.00 ZZ
360 106,200.00 1
1111 WARREN STREET 9.750 912.42 90
9.500 912.42 118,000.00
MANKATO MN 56001 1 08/10/99 10
0431418573 05 10/01/99 25
1929640 N 09/01/29
0
1929683 623/623 F 37,800.00 ZZ
360 35,325.29 1
1124 PAW PAW AVE 7.875 274.08 85
7.625 274.08 44,500.00
BENTON HARBOR MI 49022 5 08/13/98 10
1100750 05 10/01/98 12
1100750 O 09/01/28
0
1929762 K81/G02 F 192,000.00 ZZ
360 191,880.66 1
5412 NORTH MAGUEY PLACE 8.375 1,459.34 80
8.125 1,459.34 240,000.00
TUCSON AZ 85750 1 07/08/99 00
0431413202 03 09/01/99 0
9001428 O 08/01/29
0
1929921 637/G02 F 35,550.00 ZZ
360 35,529.55 1
109 HERB STREET 8.750 279.67 90
8.500 279.67 39,500.00
CLOVIS NM 88101 1 07/07/99 11
0431390541 05 09/01/99 25
0017512492 N 08/01/29
0
1930022 G34/G02 F 186,000.00 ZZ
360 186,000.00 1
12 MACAW LANE 9.125 1,513.36 79
8.875 1,513.36 236,000.00
BIG COPPITT KEY FL 33040 2 08/18/99 00
0431458108 05 10/01/99 0
9076205 O 09/01/29
0
1
1930058 573/G02 F 91,040.00 ZZ
360 91,040.00 1
525 WINSTON DRIVE 9.000 732.53 80
8.750 732.53 113,800.00
RENO NV 89512 1 08/17/99 00
0431449412 05 10/01/99 0
153207 N 09/01/29
0
1930067 K15/G02 F 195,000.00 ZZ
360 195,000.00 1
422CARL RIDGE DR 8.250 1,464.97 78
8.000 1,464.97 250,000.00
KENNESAW GA 30152 2 08/04/99 00
0431425248 03 10/01/99 0
645141 O 09/01/29
0
1930096 815/G02 F 45,000.00 ZZ
360 44,877.99 1
27 HEWITT DR 8.000 330.20 25
7.750 330.20 180,000.00
NORTHPORT NY 11768 5 04/26/99 00
0431393008 05 06/01/99 0
301049 O 05/01/29
0
1930104 B75/G02 F 52,000.00 ZZ
360 51,936.76 1
5034 WEST MIDWAY STREET 8.500 399.84 80
8.250 399.84 65,000.00
GLENDALE AZ 85301 5 06/17/99 00
0431413921 05 08/01/99 0
8465718 N 07/01/29
0
1930506 773/G02 F 48,000.00 ZZ
360 48,000.00 1
314 RIVERSIDE AVE 9.250 394.89 70
9.000 394.89 69,000.00
SCOTIA NY 12302 5 08/19/99 00
0431450964 05 10/01/99 0
400031 N 09/01/29
0
1930511 A48/G02 F 103,500.00 ZZ
360 103,443.47 1
1
653 BETHANY ROAD 9.000 832.78 90
8.750 832.78 115,000.00
JASPER GA 30143 1 08/04/99 01
0431420306 05 09/01/99 25
4140060036 N 08/01/29
0
1930566 B28/G02 F 44,800.00 ZZ
360 44,772.85 1
5904 NORTH LINDEKE STREET 8.500 344.48 80
8.250 344.48 56,000.00
SPOKANE WA 99205 1 07/14/99 00
0431393073 05 09/01/99 0
09990355 N 08/01/29
0
1930575 G81/G02 F 42,675.00 ZZ
360 42,649.15 1
345 SW 18 AVENUE 8.500 328.13 75
8.250 328.13 56,900.00
HOMESTEAD FL 33030 1 07/21/99 00
0431393164 05 09/01/99 0
021906089 O 08/01/29
0
1930642 P41/G02 F 37,663.00 ZZ
360 37,663.00 1
4133 LLOYD 9.500 316.69 80
9.250 316.69 47,079.00
KANSAS CITY KS 66103 5 08/20/99 00
0431439199 05 10/01/99 0
1010074 N 09/01/29
0
1930711 K15/G02 F 144,000.00 ZZ
360 144,000.00 4
1271 BARSTOW ROAD UNITS 9.000 1,158.66 80
A B C AND D 8.750 1,158.66 180,000.00
BARSTOW CA 92311 5 08/12/99 00
0431440502 05 10/01/99 0
645566 N 09/01/29
0
1930786 140/G02 F 81,000.00 ZZ
360 81,000.00 1
1010 GARDEN PLAZA DR 8.375 615.66 73
8.125 615.66 111,000.00
ORLANDO FL 32803 5 08/11/99 00
0431427327 05 10/01/99 0
1
452208 O 09/01/29
0
1930841 918/G02 F 114,000.00 ZZ
360 114,000.00 1
7 JODI DRIVE 9.000 917.27 70
8.750 917.27 164,000.00
EAST PORT NY 11941 1 08/27/99 00
0431456862 05 10/01/99 0
0000 O 09/01/29
0
1930893 R37/G02 F 109,600.00 ZZ
360 109,600.00 1
12801 SW 58 LANE 8.375 833.04 80
8.125 833.04 137,000.00
MIAMI FL 33183 1 08/10/99 00
0431417930 03 10/01/99 0
0000 O 09/01/29
0
1931014 003/G02 F 49,850.00 ZZ
360 49,562.02 1
3089 E COLONIAL WAY 7.750 357.14 95
7.500 357.14 53,000.00
CHAMBLEE GA 30341 1 12/18/98 12
0431415397 01 02/01/99 30
0010579225 O 01/01/29
0
1931019 225/225 F 220,000.00 ZZ
360 219,725.56 1
3484 WOODRIDGE PARKWAY 8.375 1,672.16 75
8.125 1,672.16 295,000.00
PALM HARBOR FL 34684 1 07/02/99 00
7137464 03 08/01/99 0
7137464 O 07/01/29
0
1931113 E97/G02 F 118,000.00 ZZ
360 118,000.00 2
1318 & 1320 WEST 91ST STREET 8.250 886.49 79
8.000 886.49 150,000.00
LOS ANGELES CA 90044 2 08/06/99 00
0431427087 05 10/01/99 0
993630 O 09/01/29
0
1
1931133 N12/G02 F 45,000.00 ZZ
360 44,973.43 1
307 SOUTH GARFIELD STREET 8.625 350.01 90
8.375 350.01 50,000.00
BLOOMDALE OH 44817 1 07/09/99 04
0431406339 05 09/01/99 25
0000 N 08/01/29
0
1931233 B93/G02 F 43,200.00 ZZ
360 43,175.78 1
5743 NORTH 44TH DRIVE 8.875 343.72 90
8.625 343.72 48,000.00
GLENDALE AZ 85301 1 07/01/99 14
0431399377 09 09/01/99 25
1000018864 N 08/01/29
0
1931261 L93/G02 F 47,250.00 ZZ
360 47,250.00 1
1810 FARRAGUT AVENUE 8.750 371.72 73
8.500 371.72 65,000.00
NORFOLK VA 23509 5 08/02/99 00
0431439074 05 10/01/99 0
9999999 N 09/01/29
0
1931295 F32/G02 F 38,500.00 ZZ
360 38,476.68 1
4226 SNELLINGS DRIVE 8.500 296.03 70
8.250 296.03 55,000.00
COLUMBUS GA 31907 5 07/21/99 00
0431397520 05 09/01/99 0
407042971 N 08/01/29
0
1931312 369/G02 F 34,200.00 ZZ
360 34,161.50 1
5709 S 38TH WEST AVENUE 8.875 272.12 90
8.625 272.12 38,000.00
TULSA OK 74107 2 06/30/99 12
0431404094 05 08/01/99 25
0062265350 N 07/01/29
0
1931405 369/G02 F 40,000.00 ZZ
360 39,930.43 1
3530 E FAIRMOUNT AVENUE 8.750 314.69 80
8.500 314.69 50,000.00
1
BALTIMORE MD 21224 5 05/28/99 00
0431402809 09 07/01/99 0
0071532808 N 06/01/29
0
1931433 P63/G02 F 236,250.00 ZZ
360 236,250.00 3
128 WASHINGTON STREET 9.250 1,943.57 75
9.000 1,943.57 315,000.00
PORT CHESTER NY 10573 2 08/18/99 00
0431439017 05 10/01/99 0
1931433 O 09/01/29
0
1931440 227/G02 F 117,250.00 ZZ
360 117,182.54 1
3405 WHEATWHEEL LANE 8.750 922.41 71
8.500 922.41 166,000.00
ANNANDALE VA 22003 1 08/04/99 00
0431452713 09 09/01/99 0
1773586 O 08/01/29
0
1931443 377/377 F 67,200.00 ZZ
360 67,165.16 4
5670 RICKOVER STREET 9.250 552.84 80
9.000 552.84 84,000.00
BATON ROUGE LA 70811 1 07/07/99 00
6900278 04 09/01/99 0
6900278 N 08/01/29
0
1931543 B49/G02 F 108,550.00 ZZ
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2193399 N 08/01/29
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2193530 N 08/01/29
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1
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28705407238 O 07/01/29
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0431411883 05 07/01/99 0
023706031212 O 06/01/19
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8385866 O 09/01/29
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57493960 O 08/01/29
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0431431436 05 10/01/99 0
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0431408384 05 10/01/99 25
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1933971 163/G02 F 103,000.00 ZZ
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0431408624 05 09/01/99 0
1000139022 O 08/01/29
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0431441195 05 10/01/99 0
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0431459528 05 10/01/99 25
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11498 O 09/01/29
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1934091 N12/G02 F 236,000.00 ZZ
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0431427467 05 09/01/99 0
0000 O 08/01/29
0
1934165 420/G02 F 71,950.00 ZZ
360 71,910.70 1
15 AMADOR AVENUE 9.000 578.93 90
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OAKLEY CA 94561 1 07/28/99 01
0431409002 05 09/01/99 25
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1934229 A46/G02 F 68,850.00 ZZ
360 68,850.00 1
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OKLAHOMA CITY OK 73120 1 08/06/99 04
0431417336 05 10/01/99 25
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0431410687 05 09/01/99 25
955575 N 08/01/29
0
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ROUND ROCK TX 78681 1 07/30/99 11
0431410141 05 09/01/99 25
0067250 N 08/01/29
0
1
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0431411453 05 09/01/99 0
7810109107 O 08/01/29
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1934313 163/G02 F 200,000.00 ZZ
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217026768 O 08/01/29
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0217049273 O 08/01/29
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JACKSONVILLE FL 32257 1 07/09/99 00
7141811 07 09/01/99 0
7141811 N 08/01/29
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1934346 227/G02 F 158,400.00 ZZ
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43780 STEINBECK SQUARE 8.375 1,203.96 90
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ASHBURN VA 20147 1 08/30/99 11
0431459536 09 10/01/99 25
1773630 N 09/01/29
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1934453 637/G02 F 197,000.00 ZZ
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22060 NORTH 64TH AVE 9.000 1,585.11 84
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0431411800 03 09/01/99 12
0015269830 N 08/01/29
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1934514 E76/G02 F 70,000.00 ZZ
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DENVER CO 80212 1 07/30/99 00
0431411057 05 09/01/99 0
S9907014 O 08/01/29
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OMAK WA 98841 2 07/16/99 00
0431411446 05 09/01/99 0
401990701006 N 08/01/29
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1934532 F18/G02 F 108,000.00 ZZ
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0431443688 05 10/01/99 0
R02065 N 09/01/29
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1934533 F18/G02 F 108,000.00 ZZ
360 108,000.00 3
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SANTA ANA CA 92701 1 08/02/99 00
0431443670 05 10/01/99 0
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0
1934534 F18/G02 F 96,000.00 ZZ
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504 AND 506 NORTH EASTWOOD 8.750 755.24 80
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SANTA ANA CA 92701 1 08/02/99 00
0431443704 05 10/01/99 0
1
R02063 N 09/01/29
0
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360 228,468.48 1
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MONROE GA 30655 5 08/05/99 00
0431411859 05 09/01/99 0
47159 O 08/01/29
0
1934560 A75/G02 F 138,100.00 ZZ
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0431413251 05 10/01/99 0
1000009918 O 09/01/29
0
1934577 575/G02 F 178,400.00 ZZ
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FENTON MO 63026 1 07/30/99 00
0431413590 03 09/01/99 0
0004203386 O 08/01/29
0
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360 66,461.74 1
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0431416320 05 09/01/99 0
999999 N 08/01/29
0
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360 59,465.76 1
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TILTON NH 03276 5 07/30/99 00
0431457845 05 09/01/99 0
99999999 N 08/01/29
0
1
1934602 E40/G02 F 80,750.00 ZZ
360 80,750.00 1
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WINTHROP MA 02152 1 08/06/99 14
0431415058 05 10/01/99 30
199900116 O 09/01/29
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1934603 J86/G02 F 65,000.00 ZZ
360 65,000.00 1
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MAYWOOD NJ 07607 1 08/05/99 00
0431415603 05 10/01/99 0
0011888 O 09/01/29
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1934605 B27/G02 F 160,000.00 ZZ
360 160,000.00 3
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REVERE MA 02151 5 08/05/99 00
0431415124 05 10/01/99 0
9906000632 N 09/01/29
0
1934609 B27/G02 F 160,000.00 ZZ
360 160,000.00 3
6-8 NAHANT AVENUE 8.750 1,258.73 69
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REVERE MA 02151 5 08/05/99 00
0431415942 05 10/01/99 0
9906000634 N 09/01/29
0
1934612 G72/G02 F 88,200.00 ZZ
360 88,139.30 1
RR 1 BOX 602B 7.875 639.51 90
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ELIZABETHVILLE PA 17023 2 07/30/99 10
0431411644 05 09/01/99 25
61446610 O 08/01/29
0
1934613 B27/G02 F 160,000.00 ZZ
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8.500 1,258.73 235,000.00
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REVERE MA 02151 5 08/05/99 00
0431415975 05 10/01/99 0
9906000632 N 09/01/29
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1934638 K30/G02 F 97,100.00 ZZ
360 97,042.68 3
2609 MARIPOSA AVENUE 8.625 755.23 79
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CHICO CA 95973 2 07/26/99 00
0431412360 05 09/01/99 0
0063742 N 08/01/29
0
1934640 K30/G02 F 55,700.00 ZZ
360 55,670.36 1
259 MOREY AVENUE 9.125 453.19 90
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SACRAMENTO CA 95838 1 07/30/99 11
0431411479 05 09/01/99 25
0067853 N 08/01/29
0
1934643 G13/G02 F 133,950.00 ZZ
360 133,872.93 2
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3005433 O 08/01/29
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1
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0431415710 05 07/01/99 12
005006029004 O 06/01/29
0
1934684 K15/G02 F 55,100.00 ZZ
360 55,029.48 1
121 ELLISON ST 8.250 413.95 87
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BELTON SC 29627 2 06/21/99 10
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015705406620 O 07/01/29
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OCALA FL 34470 1 07/28/99 00
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MIAMI FL 33173 2 08/23/99 00
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1934719 O 09/01/29
0
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54948 N 08/01/19
0
1934722 E45/G02 F 105,000.00 ZZ
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1
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ALAMOGORDO NM 88311 2 07/30/99 00
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54947 O 08/01/19
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GADSDEN AL 35903 1 07/16/99 00
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1934773 665/G02 F 171,200.00 ZZ
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TRUCKEE CA 96161 1 07/26/99 00
0431412923 03 09/01/99 0
9920230706 O 08/01/29
0
1934774 665/G02 F 98,400.00 ZZ
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737,739 16TH STREET & 1526 I 7.875 713.47 80
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EUREKA CA 95501 1 08/02/99 00
0431413178 05 10/01/99 0
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0
1934789 E19/G02 F 34,000.00 ZZ
360 33,981.42 1
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MODESTO CA 95351 5 07/01/99 00
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0
1934800 664/G02 F 120,750.00 ZZ
360 120,676.84 1
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PAGOSA SPRINGS CO 81147 2 07/28/99 00
0431411891 05 09/01/99 0
1
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1934803 638/G02 F 116,000.00 ZZ
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1106 AGATE PLACE 8.750 912.57 80
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PUEBLO CO 81004 1 07/27/99 00
0431417732 05 09/01/99 0
08913278 N 08/01/29
0
1934805 638/G02 F 162,000.00 ZZ
360 161,896.70 2
353 SUFFOLK DRIVE 8.250 1,217.05 90
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SAN LEANDRO CA 94577 1 07/13/99 10
0431417740 05 09/01/99 25
08905420 N 08/01/29
0
1934847 E38/G02 F 190,000.00 ZZ
360 190,000.00 1
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SOUTH JORDAN UT 84095 5 07/30/99 01
0431415298 05 10/01/99 12
JACKSON O 09/01/29
0
1934933 742/G02 F 57,750.00 ZZ
360 57,750.00 2
255 POND HILL ROAD 8.500 444.05 70
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CHATHAM NY 12037 1 08/06/99 00
0431413475 05 10/01/99 0
4822458 N 09/01/29
0
1934935 742/G02 F 43,400.00 ZZ
360 43,400.00 1
37 HIGH STREET 8.500 333.71 70
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GHENT NY 12037 1 08/06/99 00
0431413491 05 10/01/99 0
4822565 N 09/01/29
0
1
1935041 N12/G02 F 208,250.00 ZZ
360 208,130.19 1
25015 WESTMORELAND 8.750 1,638.30 85
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FARMINGTON HILL MI 48336 5 07/30/99 04
0431424837 05 09/01/99 12
BROWNE O 08/01/29
0
1935044 R53/G02 F 232,200.00 ZZ
360 232,200.00 3
67-69 BROOKES AVENUE 8.750 1,826.72 90
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BURLINGTON VT 05401 1 08/24/99 04
0431435916 05 10/01/99 25
0000 N 09/01/29
0
1935054 A50/A50 F 50,000.00 ZZ
360 49,930.97 1
848 LEE ROAD 435 7.875 362.53 66
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SALEM AL 36874 5 06/30/99 00
700117 27 08/01/99 0
700117 O 07/01/29
0
1935057 637/G02 F 124,000.00 ZZ
360 123,914.66 1
4102 NE 60TH STREET 7.875 899.09 80
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SEATTLE WA 98115 1 07/13/99 00
0431415363 05 09/01/99 0
0010734184 O 08/01/29
0
1935058 637/G02 F 115,100.00 ZZ
360 115,016.69 1
210 IRON WORKS ROAD 7.625 814.67 72
7.375 814.67 160,000.00
IRVINE KY 40336 5 07/16/99 00
0431417765 05 09/01/99 0
0018668533 O 08/01/29
0
1935059 455/G02 F 76,800.00 ZZ
360 76,800.00 1
490 FAIRPLAY ROAD 8.875 611.06 80
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1
RUTLEDGE GA 30663 2 08/06/99 00
0431413079 05 10/01/99 0
85646 O 09/01/29
0
1935101 E45/G02 F 105,000.00 ZZ
240 104,840.27 1
1011 MIMOSA 8.875 936.29 70
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ALAMOGORDO NM 88311 5 07/30/99 00
0431416767 05 09/01/99 0
54950 N 08/01/19
0
1935104 183/G02 F 194,400.00 ZZ
360 194,276.03 1
5 PINE BROOK LOOP 8.250 1,460.47 80
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HOPEWELL JUNCTI NY 12533 5 08/04/99 00
0431413863 05 09/09/99 0
800031007 O 08/09/29
0
1935108 G52/G02 F 121,500.00 ZZ
360 121,426.39 1
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PHOENIX AZ 85032 1 07/30/99 10
0431416536 05 09/01/99 25
98505749 N 08/01/29
0
1935110 E23/G02 F 180,000.00 ZZ
360 180,000.00 1
18803 PINEWOOD CIRCLE 8.875 1,432.16 80
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CERRITOS CA 90703 2 08/02/99 00
0431416510 05 10/01/99 0
90500017 N 09/01/29
0
1935113 G17/G02 F 42,000.00 ZZ
360 41,975.21 1
651 RIVERSIDE 8.625 326.67 59
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SUGARLOAF CA 92386 1 07/26/99 00
0431423110 05 09/01/99 0
444205 N 08/01/29
0
1
1935119 A46/G02 F 176,400.00 ZZ
360 176,298.51 1
127 LONG WOOD AVENUE 8.750 1,387.74 90
8.500 1,387.74 196,000.00
AUSTIN TX 78734 1 07/27/99 14
0431416528 05 09/01/99 25
0785032 N 08/01/29
0
1935120 624/G02 F 176,250.00 ZZ
360 176,250.00 1
20511 LOYALTON DRIVE 8.500 1,355.21 75
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WALNUT CA 91789 5 08/02/99 00
0431416395 05 10/01/99 0
35005490213 O 09/01/29
0
1935164 637/G02 F 88,000.00 ZZ
360 87,950.66 1
2879 PORTER DRIVE 8.875 700.17 80
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LAWRENCEVILLE GA 30244 5 07/21/99 00
0431424720 05 09/01/99 0
0012048328 N 08/01/29
0
1935168 624/G02 F 65,000.00 ZZ
360 64,959.60 1
2335 NORTH 14TH STREET 8.375 494.05 65
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PHOENIX AZ 85006 5 07/26/99 00
0431416403 05 09/01/99 0
35500193656 O 08/01/29
0
1935175 Q07/G02 F 196,494.00 ZZ
360 196,377.99 1
5021 ELBERON STREET 8.625 1,528.31 80
8.375 1,528.31 245,618.00
TAMPA FL 33611 1 07/29/99 00
0431423219 01 09/01/99 0
0000 O 08/01/29
0
1935197 638/G02 F 44,730.00 ZZ
360 44,704.93 1
1
1859 EASTRIDGE STREET 8.875 355.89 90
8.625 355.89 49,700.00
HALTOM CITY TX 76117 1 07/28/99 14
0431419563 05 09/01/99 25
8913888 N 08/01/29
0
1935199 638/G02 F 99,900.00 ZZ
360 99,841.02 1
4308 COOLIDGE AVENUE SOUTH 8.625 777.01 90
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TAMPA FL 33611 1 07/29/99 10
0431419548 05 09/01/99 30
8913170 N 08/01/29
0
1935211 638/G02 F 118,450.00 ZZ
360 118,376.37 4
3808 3810 3812 3814 COATES CIR 8.375 900.31 90
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FORT WORTH TX 76116 1 07/07/99 01
0431419472 07 09/01/99 25
8895484 N 08/01/29
0
1935248 129/G02 F 55,800.00 ZZ
360 55,768.72 1
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EXETER PA 18643 1 07/30/99 01
0431417690 05 09/01/99 25
3500399989 N 08/01/29
0
1935284 G18/G02 F 155,200.00 ZZ
360 155,200.00 4
3917 CHICAGO AVENUE SOUTH 8.625 1,207.13 80
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MINNEAPOLIS MN 55407 1 08/27/99 00
0431447010 05 10/01/99 0
0000 O 09/01/29
0
1935319 A45/G02 F 90,000.00 ZZ
360 90,000.00 2
11-13 REINDEER LANE 9.500 756.77 70
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WEST YARMOUTH MA 02673 5 08/26/99 00
0431442870 05 10/01/99 0
1
00 N 09/01/29
0
1935321 E97/G02 F 189,000.00 ZZ
360 189,000.00 1
6784 WEST GELDING DRIVE 8.875 1,503.77 73
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PEORIA AZ 85381 5 08/25/99 00
0431446780 05 10/01/99 0
99363 O 09/01/29
0
1935343 P44/G02 F 115,875.00 ZZ
360 115,822.35 3
11 PAYSTON STREET 9.875 1,006.20 90
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WORCESTER MA 01607 1 07/29/99 10
0431427491 05 09/01/99 25
00 N 08/01/29
0
1935416 665/G02 F 159,750.00 ZZ
360 159,750.00 1
2708 PAYMASTER TRAIL 8.375 1,214.22 75
8.125 1,214.22 213,000.00
COOL CA 95614 2 08/03/99 00
0431416783 03 10/01/99 0
9901230779 O 09/01/29
0
1935418 811/G02 F 147,000.00 ZZ
360 146,910.95 1
58 JOHNSON STREET 8.500 1,130.30 70
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CLIFTON NJ 07014 1 07/22/99 00
0431451566 05 09/01/99 0
80026378 O 08/01/29
0
1935473 B75/G02 F 50,400.00 ZZ
360 50,372.47 1
137 N CLARK STREET 9.000 405.53 89
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ELKHART IN 46516 1 07/12/99 14
0431456771 05 09/01/99 25
1978733 N 08/01/29
0
1
1935477 E45/G02 F 75,600.00 ZZ
360 75,556.50 1
1015 OAKVIEW DRIVE SE 8.750 594.75 90
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SMYRNA GA 30080 1 07/30/99 11
0431418235 05 09/01/99 25
54287 N 08/01/29
0
1935499 638/G02 F 212,000.00 ZZ
360 212,000.00 1
7444 TULARE HILL DRIVE 8.125 1,574.09 80
7.875 1,574.09 265,000.00
SAN JOSE CA 95139 2 07/29/99 00
0431420603 05 10/01/99 0
08908889 O 09/01/29
0
1935506 638/G02 F 225,000.00 ZZ
360 224,877.10 3
49-51 RESERVOIR AVENUE 9.000 1,810.40 89
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REVERE MA 02151 1 07/30/99 14
0431420587 05 09/01/99 25
9999999 N 08/01/29
0
1935509 638/G02 F 55,850.00 ZZ
360 55,850.00 2
1665 HAWORTH STREET 8.875 444.37 90
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PHILADELPHIA PA 19124 1 08/06/99 04
0431420926 05 10/01/99 25
08907299 N 09/01/29
0
1935512 638/G02 F 124,650.00 ZZ
360 124,574.49 1
321 CEDAR GROVE 8.500 958.45 90
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RUCKERSVILLE VA 22968 2 07/30/99 04
0431420967 05 09/01/99 25
08874527 N 08/01/29
0
1935527 G52/G02 F 180,000.00 ZZ
360 180,000.00 1
1985 WEST MOORE ROAD 8.875 1,432.16 80
8.625 1,432.16 225,000.00
1
TUCSON AZ 85737 1 08/04/99 00
0431418094 05 10/01/99 0
99003955 O 09/01/29
0
1935528 G52/G02 F 47,000.00 ZZ
360 47,000.00 1
19274 OLIVE WAY 8.750 369.75 53
8.500 369.75 90,000.00
APPLE VALLEY CA 92308 2 08/06/99 00
0431418052 03 10/01/99 0
83500353 O 09/01/29
0
1935545 M98/G02 F 133,650.00 ZZ
360 133,650.00 4
940 CHELTON ROAD SOUTH 9.000 1,075.38 90
8.750 1,075.38 148,500.00
COLORADO SPRING CO 80910 1 08/24/99 10
0431442904 05 10/01/99 25
373502 N 09/01/29
0
1935613 664/G02 F 67,500.00 ZZ
360 67,500.00 1
4521 LEATA LANE 9.750 579.93 31
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LA CANADA FLINT CA 91011 1 08/02/99 00
0431418284 05 10/01/99 0
000 N 09/01/29
0
1935744 665/G02 F 222,400.00 ZZ
360 222,246.95 1
6073 CAMEO STREET 7.875 1,612.55 80
7.625 1,612.55 278,000.00
RANCHO CUCAMONG CA 91701 1 07/27/99 00
0431424910 05 09/01/99 0
9901230804 O 08/01/29
0
1935748 950/G02 F 52,200.00 ZZ
360 52,167.55 1
11705 FRY AVENUE SOUTHWEST 8.375 396.76 90
8.125 396.76 58,000.00
PORT ORCHARD WA 98366 1 07/23/99 11
0431423789 05 09/01/99 25
102990709003 N 08/01/29
0
1
1935778 B28/G02 F 145,650.00 ZZ
360 145,650.00 1
705 GLENWOOD DRIVE 8.750 1,145.83 80
8.500 1,145.83 182,100.00
LAFAYETTE CO 80026 1 08/13/99 00
0431420298 05 10/01/99 0
07990418 N 09/01/29
0
1935782 B28/G02 F 154,400.00 ZZ
360 154,400.00 1
880 SPARTA DRIVE 8.750 1,214.67 80
8.500 1,214.67 193,000.00
LAFAYETTE CO 80026 1 08/12/99 00
0431420108 05 10/01/99 0
07990419 N 09/01/29
0
1935799 E45/G02 F 72,000.00 ZZ
360 71,960.67 1
58 HORTENSE PLACE 9.000 579.33 90
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ATLANTA GA 30318 1 08/06/99 01
0431418755 05 09/01/99 25
56010 N 08/01/29
0
1935835 575/G02 F 100,000.00 ZZ
360 100,000.00 1
170 ROSEWOOD LANE 8.000 733.77 76
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BOAZ AL 35956 1 08/06/99 00
0431419373 05 10/01/99 0
9318106 O 09/01/29
0
1935836 L13/G02 F 136,000.00 ZZ
360 136,000.00 2
258-260 NORTH 700 EAST 8.500 1,045.72 80
8.250 1,045.72 170,000.00
PROVO UT 84606 1 08/30/99 00
0431459072 05 10/01/99 0
0000 O 09/01/29
0
1935838 575/G02 F 172,000.00 ZZ
360 172,000.00 1
1
11733 FLINTS GROVE LANE 8.250 1,292.18 79
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GAITHERSBURG MD 20878 5 08/04/99 00
0431419449 05 10/01/99 0
9314253 O 09/01/29
0
1935916 A21/G02 F 100,000.00 ZZ
360 100,000.00 1
2138 CHARLOTTE AMALIE 8.750 786.71 27
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PUNTA GORDA FL 33950 1 08/05/99 00
0431435098 05 10/01/99 0
0100111400 O 09/01/29
0
1935962 E82/G02 F 19,800.00 ZZ
360 19,800.00 1
526 NORTH JUTE STREET 8.750 155.77 90
8.500 155.77 22,000.00
ALLENTOWN PA 18102 1 08/16/99 04
0400220950 05 10/01/99 25
0400220950 N 09/01/29
0
1935981 L48/G02 F 181,500.00 ZZ
360 181,398.24 1
5986 BLUNDEN ROAD 8.875 1,444.10 90
8.625 1,444.10 201,700.00
DUBLIN OH 43016 1 07/29/99 10
0431420504 05 09/01/99 25
85153 N 08/01/29
0
1936155 E82/G02 F 193,500.00 ZZ
360 193,382.77 3
246-248 WILLIAMS STREET 8.500 1,487.85 90
8.250 1,487.85 215,000.00
PROVIDENCE RI 02906 1 07/30/99 04
0400215968 05 09/01/99 25
0400215968 N 08/01/29
0
1936185 964/G02 F 115,500.00 ZZ
360 115,500.00 1
1115 WEST WESTCOTT AVENUE 8.625 898.35 70
8.375 898.35 165,000.00
VISALIA CA 93277 2 08/02/99 00
0431439348 05 10/01/99 0
1
60435 N 09/01/29
0
1936196 964/G02 F 161,600.00 ZZ
360 161,502.11 2
5785 & 5787 HASKELL AVENUE 8.500 1,242.56 80
8.250 1,242.56 202,000.00
CARMICHAEL CA 95608 1 07/28/99 00
0431419274 05 09/01/99 0
60700 O 08/01/29
0
1936202 964/G02 F 125,600.00 ZZ
360 125,521.93 1
9005 PINFIELD COURT 8.375 954.65 80
8.125 954.65 157,000.00
ELK GROVE CA 95758 2 07/02/99 00
0431439447 05 09/01/99 0
57402 O 08/01/29
0
1936205 964/G02 F 147,150.00 ZZ
360 147,067.51 1
6938 ISSAC AVENUE 8.875 1,170.79 90
8.625 1,170.79 163,500.00
LAS VEGAS NV 89115 1 07/19/99 04
0431419597 05 09/01/99 25
60109 N 08/01/29
0
1936254 H93/G02 F 174,000.00 ZZ
360 173,877.19 1
1005 THYME COURT 7.750 1,246.56 75
7.500 1,246.56 232,000.00
BRENTWOOD TN 37027 1 07/29/99 00
0431423615 03 09/01/99 0
9956255 O 08/01/29
0
1936271 E45/G02 F 139,200.00 ZZ
360 139,111.24 1
2280 WASHINGTON HIGHWAY 8.250 1,045.76 80
8.000 1,045.76 174,000.00
ELBERTON GA 30635 1 07/26/99 00
0431425354 05 09/01/99 0
55044 O 08/01/29
0
1
1936305 H19/G02 F 120,600.00 ZZ
360 120,600.00 1
1254 A JENNA DRIVE 9.125 981.25 90
8.875 981.25 134,000.00
SOUTH ELGIN IL 60177 1 08/26/99 10
0431458702 01 10/01/99 25
999999 N 09/01/29
0
1936320 P92/G02 F 118,850.00 ZZ
360 118,774.21 1
1141 SW 24TH ST 8.250 892.88 85
8.000 892.88 140,000.00
LINCOLN NE 68522 5 07/23/99 01
0431425511 05 09/01/99 12
0372971 O 08/01/29
0
1936364 664/G02 F 52,500.00 ZZ
360 52,470.56 1
4711 ST JOSEPH CREEK 8.875 417.72 80
UNIT 5D 8.625 417.72 65,900.00
LISLE IL 60532 1 07/29/99 00
0431422377 08 09/01/99 0
0003239373 O 08/01/29
0
1936378 G28/G02 F 111,600.00 ZZ
360 111,600.00 2
5604-5606 SOUTH MANHATTAN 9.250 918.11 90
PLACE 9.000 918.11 124,000.00
LOS ANGELES CA 90062 1 08/02/99 10
0431425966 05 10/01/99 25
062299 N 09/01/29
0
1936380 601/G02 F 240,000.00 ZZ
360 239,861.91 1
10233 SOQUEL DR 8.750 1,888.09 69
8.500 1,888.09 352,000.00
APTOS CA 95003 2 07/22/99 00
0431427731 05 09/01/99 0
60054673 O 08/01/29
0
1936381 758/G02 F 188,000.00 ZZ
360 188,000.00 1
807 BYRNE STREET 8.000 1,379.48 80
7.750 1,379.48 236,650.00
1
HOUSTON TX 77009 1 08/10/99 00
0431422625 05 10/01/99 0
19595 O 09/01/29
0
1936386 965/G02 F 102,400.00 ZZ
360 102,400.00 1
4517 EAST ALTA MESA AVENUE 8.625 796.46 80
8.375 796.46 128,000.00
PHOENIX AZ 85044 1 08/03/99 00
0431422617 05 10/01/99 0
000 O 09/01/29
0
1936425 P44/G02 F 135,000.00 ZZ
360 135,000.00 2
22-24 CUMMINGS STREET 8.750 1,062.05 49
8.500 1,062.05 280,000.00
MEDFORD MA 02155 5 08/31/99 00
0431464676 05 10/01/99 0
0000 N 09/01/29
0
1936564 H93/G02 F 153,000.00 ZZ
360 152,914.22 4
2119 BULLA STREET 8.875 1,217.34 90
8.625 1,217.34 170,000.00
GREENSBORO NC 27406 1 07/30/99 14
0431426360 05 09/01/99 25
9957810 N 08/01/29
0
1936566 637/G02 F 67,000.00 ZZ
360 66,957.28 1
1232 STUTZ DRIVE NE 8.250 503.35 58
8.000 503.35 116,000.00
ALBUQUERQUE NM 87112 5 07/26/99 00
0431426592 05 09/01/99 0
0015280399 N 08/01/29
0
1936570 637/G02 F 77,600.00 ZZ
360 77,543.83 1
3601 NW 83RD LANE 7.625 549.25 80
7.375 549.25 97,000.00
FT LAUDERDALE FL 33351 5 07/22/99 11
0431450196 09 09/01/99 17
0016975898 O 08/01/29
0
1
1936572 637/G02 F 176,050.00 ZZ
360 175,931.87 1
11888 -3 CYPRESS CANYON RD 8.000 1,291.80 80
7.750 1,291.80 220,074.00
SAN DIEGO CA 92131 1 07/20/99 00
0431424886 01 09/01/99 0
0010736684 O 08/01/29
0
1936580 455/G02 F 131,200.00 ZZ
360 131,200.00 1
2553 KALEY WAY 8.750 1,032.16 80
8.500 1,032.16 164,000.00
KENNESAW GA 30152 2 08/13/99 00
0431427137 03 10/01/99 0
85708 O 09/01/29
0
1936581 637/G02 F 70,000.00 ZZ
360 69,961.76 2
5420-5422 DITZLER 9.000 563.24 68
8.750 563.24 104,000.00
RAYTOWN MO 64133 5 07/28/99 00
0431426527 05 09/01/99 0
0017824160 N 08/01/29
0
1936604 637/G02 F 104,750.00 ZZ
360 104,691.27 3
461 BELMONT STREET 8.875 833.44 90
8.625 833.44 116,400.00
MANCHESTER NH 03103 1 07/30/99 01
0431425776 05 09/01/99 25
0016655235 N 08/01/29
0
1936611 R21/G02 F 52,800.00 ZZ
360 52,800.00 1
700 EAST 95TH STREET 9.500 443.97 80
9.250 443.97 66,000.00
CLEVELAND OH 44108 5 08/25/99 00
0431441328 05 10/01/99 0
990599 O 09/01/29
0
1936636 637/G02 F 61,550.00 ZZ
360 61,508.69 1
1
807 BUCKINGHAM PLACE 8.000 451.64 69
7.750 451.64 90,000.00
AUSTIN TX 78745 2 07/29/99 00
0431423086 05 09/01/99 0
0016517567 N 08/01/29
0
1936659 637/G02 F 51,100.00 ZZ
360 51,068.24 1
2074 CHESTNUT LOG DRIVE 8.375 388.40 70
8.125 388.40 73,000.00
LITHIA SPRINGS GA 30122 1 07/13/99 00
0431424597 05 09/01/99 0
0012047239 O 08/01/29
0
1936660 E45/G02 F 36,400.00 ZZ
360 36,400.00 1
235 COLUMBIA AVE 8.625 283.12 90
8.375 283.12 40,500.00
ROCK HILL SC 29730 1 08/10/99 04
0431425321 05 10/01/99 25
55151 N 09/01/29
0
1936674 964/G02 F 128,000.00 ZZ
360 128,000.00 4
6014 NORTH AUGUSTA AVENUE 9.125 1,041.45 80
8.875 1,041.45 160,000.00
FRESNO CA 93710 1 08/03/99 00
0431423888 05 10/01/99 0
61255 N 09/01/29
0
1936675 A35/G02 F 166,600.00 ZZ
360 166,600.00 1
92 VANDERBILT BOULEVARD 8.875 1,325.54 70
8.625 1,325.54 238,000.00
OAKDALE NY 11769 5 07/29/99 00
0431425867 05 10/01/99 0
5135 O 09/01/29
0
1936688 E30/G02 F 144,000.00 ZZ
360 144,000.00 1
10373 AMHERST AVENUE 8.250 1,081.82 80
8.000 1,081.82 180,000.00
MONTCLAIR CA 91763 1 08/05/99 00
0431420173 05 10/01/99 0
1
I991950WH O 09/01/29
0
1936689 G10/G02 F 84,550.00 ZZ
360 84,550.00 1
3534 CLARE DRIVE 9.000 680.31 95
8.750 680.31 89,000.00
SAN ANGELO TX 76904 1 08/06/99 10
0431431451 05 10/01/99 30
XB9050160 O 09/01/29
0
1936843 964/G02 F 103,500.00 ZZ
360 103,432.30 1
840 WEST J STREET 8.125 768.48 75
7.875 768.48 138,000.00
BENICIA CA 94510 1 07/19/99 00
0431424514 05 09/01/99 0
60446 O 08/01/29
0
1936857 664/G02 F 122,500.00 ZZ
360 122,429.52 1
13814 FAIRGROVE STREET 8.750 963.71 70
8.500 963.71 175,000.00
VALINDA AREA CA 91746 2 07/20/99 00
0431422336 05 09/01/99 0
0003077203 O 08/01/29
0
1936961 313/G02 F 95,400.00 ZZ
360 95,400.00 1
17 SANSOM STREET 9.500 802.18 90
9.250 802.18 106,000.00
BROCKTON MA 02301 1 08/13/99 12
0431439678 05 10/01/99 25
0006835193 N 09/01/29
0
1936994 144/144 F 94,721.00 ZZ
360 94,648.93 1
13 BIRCHWOOD DRIVE 7.375 654.21 80
7.125 654.21 119,000.00
ORANGE NY 10924 1 07/06/99 00
000 05 09/01/99 0
000 O 08/01/29
0
1
1936995 163/G02 F 120,000.00 ZZ
360 119,923.48 1
5701 STONE HILL ROAD 8.250 901.52 69
8.000 901.52 175,000.00
LIVONIA NY 14487 1 07/23/99 00
0431428929 05 09/01/99 0
1000161117 O 08/01/29
0
1937000 163/G02 F 132,000.00 ZZ
360 131,917.95 1
37 ROSEWOOD LANE 8.375 1,003.30 80
8.125 1,003.30 165,000.00
CUMBERLAND RI 02864 1 07/30/99 00
0431429182 05 09/01/99 0
1000162322 O 08/01/29
0
1937013 H76/G02 F 172,000.00 ZZ
360 172,000.00 1
3 BRANDYWINE LANE 8.750 1,353.13 67
8.500 1,353.13 260,000.00
PLATTSBURGH NY 12901 5 08/26/99 00
0431449867 05 10/01/99 0
0000 O 09/01/29
0
1937035 F32/G02 F 41,500.00 ZZ
360 41,500.00 1
2936 GOVERNORS COURT 8.625 322.78 60
8.375 322.78 70,000.00
MARIETTA GA 30066 2 08/06/99 00
0431437466 07 10/01/99 0
407042500 N 09/01/29
0
1937059 J40/G02 F 104,000.00 ZZ
360 104,000.00 1
296 RIVERVIEW ROAD 8.500 799.67 78
8.250 799.67 135,000.00
BAINBRIDGE GA 31717 5 08/06/99 00
0431447713 05 10/01/99 0
7649447 O 09/01/29
0
1937179 Q69/G02 F 108,000.00 ZZ
360 108,000.00 1
1011 WEST MARY STREET 9.000 868.99 90
8.750 868.99 120,000.00
1
AUSTIN TX 78704 1 08/18/99 04
0431431386 05 10/01/99 25
9907020 N 09/01/29
0
1937211 638/G02 F 67,050.00 ZZ
360 67,050.00 1
1304 GROVE STREET 8.500 515.56 90
8.250 515.56 74,500.00
CHARLOTTESVILLE VA 22901 1 08/10/99 10
0431431337 05 10/01/99 25
8895980 N 09/01/29
0
1937222 638/G02 F 114,300.00 ZZ
360 114,300.00 1
497 ZAHN DRIVE 9.625 971.54 90
9.375 971.54 127,000.00
AKRON OH 44313 1 08/10/99 04
0431431360 05 10/01/99 25
08915962 N 09/01/29
0
1937393 E86/G02 F 66,500.00 ZZ
360 66,500.00 1
11 SPRING STREET 8.500 511.33 70
8.250 511.33 95,000.00
TIVOLI NY 12583 1 08/31/99 00
0431457787 05 10/01/99 0
46857 N 09/01/29
0
1937466 A46/G02 F 143,900.00 ZZ
360 143,900.00 1
2622 GEORGE STREET 9.000 1,157.86 90
8.750 1,157.86 159,900.00
PEARLAND TX 77581 1 08/06/99 04
0431433341 05 10/01/99 25
0292450 N 09/01/29
0
1937469 E11/G02 F 58,500.00 ZZ
360 58,500.00 1
2449 S 31ST AVENUE 9.000 470.70 75
8.750 470.70 78,000.00
MINNEAPOLIS MN 55406 1 08/17/99 00
0431427442 05 10/01/99 0
0002001018110 N 09/01/29
0
1
1937486 F32/G02 F 131,600.00 ZZ
360 131,600.00 3
2070 BANKS WAY 9.000 1,058.88 80
8.750 1,058.88 164,500.00
COLLEGE PARK GA 30349 1 08/17/99 00
0431452655 05 10/01/99 0
407043235 N 09/01/29
0
1937510 498/G02 F 92,100.00 ZZ
360 92,047.00 1
3937 MEMORIAL PARKWAY NW 8.750 724.56 80
8.500 724.56 115,200.00
KENNESAW GA 30152 1 07/29/99 00
0431442995 05 09/01/99 0
24080855 O 08/01/29
0
1937518 637/G02 F 168,750.00 ZZ
360 168,650.37 1
1139 BIRD AVE #7 8.625 1,312.52 90
8.375 1,312.52 187,500.00
SAN JOSE CA 95125 1 07/27/99 11
0431434075 01 09/01/99 25
0010986735 N 08/01/29
0
1937520 637/G02 F 77,400.00 ZZ
360 77,358.80 2
527-529 SE 23RD PLACE 9.125 629.76 90
8.875 629.76 86,000.00
CAPE CORAL FL 33990 1 07/29/99 01
0431432749 05 09/01/99 25
0011406931 N 08/01/29
0
1937546 709/G02 F 115,000.00 ZZ
360 115,000.00 1
1343 CADENCE STREET 8.500 884.26 70
8.250 884.26 165,000.00
HENDERSON NV 89012 1 08/09/99 00
0431431204 03 10/01/99 0
449496 O 09/01/29
0
1937584 737/G02 F 168,000.00 ZZ
360 168,000.00 1
1
1511 OCONEE CROSSING CIRCLE 9.500 1,412.64 80
9.250 1,412.64 210,000.00
WATKINSVILLE GA 30677 5 08/13/99 00
0431432871 05 10/01/99 0
955639 N 09/01/29
0
1937586 765/G02 F 186,300.00 ZZ
360 186,300.00 4
7317 COMSTOCK AVENUE 9.375 1,549.55 90
9.125 1,549.55 207,000.00
WHITTIER CA 90602 1 08/03/99 04
0431429695 05 10/01/99 25
348077 N 09/01/29
0
1937594 637/G02 F 43,250.00 ZZ
360 43,223.11 1
2709 RIVERSIDE DRIVE 8.375 328.74 70
8.125 328.74 61,800.00
SARASOTA FL 34234 1 07/30/99 00
0431433192 05 09/01/99 0
0017132846 N 08/01/29
0
1937598 637/G02 F 47,600.00 ZZ
360 47,570.41 1
331 GALLEY STREET SE 8.375 361.80 85
8.125 361.80 56,000.00
PALM BAY FL 32909 5 07/26/99 01
0431433135 05 09/01/99 12
0010353282 O 08/01/29
0
1937600 637/G02 F 63,000.00 ZZ
360 62,964.68 1
334 IRENE AVENUE 8.875 501.26 68
8.625 501.26 93,000.00
ROSEVILLE CA 95678 2 07/29/99 00
0431433986 05 09/01/99 0
00015282882 N 08/01/29
0
1937616 638/G02 F 103,500.00 ZZ
360 103,500.00 1
8940 ROCKY CREEK DRIVE 9.375 860.86 90
9.125 860.86 115,000.00
TAMPA FL 33615 1 08/12/99 10
0431437060 05 10/01/99 30
1
8916145 N 09/01/29
0
1937639 253/253 F 65,800.00 ZZ
360 65,766.76 1
246 WISCONSIN ST NE 9.375 547.30 78
9.125 547.30 85,000.00
ALBUQUERQUE NM 87108 2 08/02/99 00
94025 05 09/01/99 0
94025 N 08/01/29
0
1937667 E38/G02 F 204,000.00 ZZ
360 204,000.00 1
1926 35TH AVENUE 9.125 1,659.81 65
8.875 1,659.81 315,000.00
SAN FRANCISCO CA 94116 5 08/11/99 00
0431439264 07 10/01/99 0
989640 O 09/01/29
0
1937920 964/G02 F 200,000.00 ZZ
360 200,000.00 1
472 BROAD STREET 9.125 1,627.27 80
8.875 1,627.27 250,000.00
SAN LUIS OBISOP CA 93405 1 08/11/99 00
0431433994 05 10/01/99 0
59769 O 09/01/29
0
1937940 N20/G02 F 78,400.00 ZZ
360 78,400.00 1
2172 NORTH 700 WEST 9.375 652.09 80
9.125 652.09 98,000.00
CLINTON UT 84015 5 08/27/99 00
0431449958 05 10/01/99 0
0375152 N 09/01/29
0
1937987 E46/G02 F 41,650.00 ZZ
360 41,628.41 1
R5056 BIRNEY AVENUE 9.250 342.64 85
9.000 342.64 49,000.00
MOOSIC PA 18507 1 07/30/99 04
0431440411 05 09/01/99 12
38009 N 08/01/29
0
1
1938006 A50/A50 F 105,200.00 ZZ
360 105,065.38 1
908 NORTH 15TH STREET 8.250 790.33 80
8.000 790.33 131,500.00
FERNANDINA BEAC FL 32034 1 06/28/99 00
124476 05 08/01/99 0
124476 O 07/01/29
0
1938010 A21/G02 F 224,000.00 ZZ
360 224,000.00 1
281 NORTH HIGHLAND AVE 8.375 1,702.57 80
8.125 1,702.57 283,500.00
PEARL RIVER NY 10965 1 08/20/99 00
0431440296 05 10/01/99 0
0210106084 O 09/01/29
0
1938013 163/G02 F 144,000.00 ZZ
360 144,000.00 4
5419 EDISON 9.250 1,184.65 90
9.000 1,184.65 160,000.00
OAK LAWN IL 60453 1 08/09/99 04
0431431477 05 10/01/99 25
3917054646 O 09/01/29
0
1938046 A50/A50 F 55,350.00 ZZ
360 55,284.40 1
303 NAVAHO 8.625 430.51 90
8.375 430.51 61,500.00
ENTERPRISE AL 36330 1 06/28/99 04
124865 05 08/01/99 25
124865 N 07/01/29
0
1938051 225/225 F 116,000.00 ZZ
360 115,931.51 4
8421 GOVERNOR 8.625 902.24 90
8.375 902.24 128,900.00
BATON ROUGE LA 70820 1 07/13/99 14
7140280 05 09/01/99 25
7140280 N 08/01/29
0
1938055 H47/G02 F 111,750.00 ZZ
360 111,750.00 1
3209 MOUNTAIN ASH ROAD SOUTH 9.500 939.66 75
9.250 939.66 149,000.00
1
JACKSONVILLE FL 32223 5 08/16/99 00
0431438340 03 10/01/99 0
073306537 O 09/01/29
0
1938057 L47/G02 F 200,000.00 ZZ
360 200,000.00 1
13 WHITE BIRCH DRIVE 9.000 1,609.25 52
8.750 1,609.25 390,000.00
ENGLISHTOWN NJ 07726 5 08/11/99 00
0431442169 05 10/01/99 0
9802536 O 09/01/29
0
1938067 J40/G02 F 177,600.00 ZZ
360 177,600.00 1
1 JUMPER LANE 8.250 1,334.25 80
8.000 1,334.25 222,000.00
SAVANNAH GA 31405 1 08/16/99 00
0431438415 03 10/01/99 0
7650371 O 09/01/29
0
1938077 638/G02 F 180,700.00 ZZ
360 180,700.00 1
4 JENNINGS CIRCLE 8.625 1,405.47 73
8.375 1,405.47 250,000.00
PEABODY MA 01964 5 08/10/99 00
0431439777 05 10/01/99 0
8910666 O 09/01/29
0
1938096 737/G02 F 61,500.00 ZZ
360 61,500.00 1
1660 E 26TH PLACE 9.000 494.84 75
8.750 494.84 82,000.00
YUMA AZ 85365 5 08/09/99 00
0431438803 05 10/01/99 0
961873 O 09/01/29
0
1938113 M12/G02 F 136,800.00 ZZ
360 136,800.00 4
3932 EAST HAYHURST STREET 9.500 1,150.29 90
9.250 1,150.29 152,000.00
TUCSON AZ 85712 1 08/20/99 04
0431457100 05 10/01/99 25
0000 O 09/01/29
0
1
1938186 737/G02 F 71,500.00 ZZ
360 71,500.00 1
4202 SINGLETREE PLACE 9.250 588.21 90
9.000 588.21 79,500.00
NORCROSS GA 30093 1 08/13/99 10
0431438555 05 10/01/99 25
955627 N 09/01/29
0
1938211 005/G02 F 164,350.00 ZZ
360 164,350.00 1
1300 3RD AVE NE 9.250 1,352.07 95
9.000 1,352.07 173,000.00
JACKSONVILLE AL 36265 1 08/30/99 12
0431459056 05 10/01/99 30
003010852345 O 09/01/29
0
1938234 808/G02 F 120,000.00 ZZ
360 120,000.00 1
3414 CREEKWOOD COURT 8.500 922.70 66
8.250 922.70 184,000.00
RIVERSIDE CA 92503 1 08/17/99 00
0431464452 05 10/01/99 0
9312046 O 09/01/29
0
1938239 N75/G02 F 215,200.00 ZZ
360 215,200.00 1
17128 GUNTHER STREET 9.000 1,731.55 75
8.750 1,731.55 290,000.00
LOS ANGELES CA 91344 5 08/26/99 00
0431450048 05 10/01/99 0
1938239 O 09/01/29
0
1938240 N24/G02 F 108,600.00 ZZ
360 108,600.00 1
2057 OAK CREST CIRCLE #7-F 8.625 844.68 80
8.375 844.68 135,750.00
CASTLE ROCK CO 80104 1 08/31/99 00
0431457605 01 10/01/99 0
0000 O 09/01/29
0
1938248 F32/G02 F 131,600.00 ZZ
360 131,600.00 3
1
5903 NORTH CASTLEGATE DRIVE 9.750 1,130.65 80
9.500 1,130.65 164,500.00
COLLEGE PARK GA 30349 1 08/17/99 00
0431440973 05 10/01/99 0
407043243 N 09/01/29
0
1938256 F32/G02 F 134,800.00 ZZ
360 134,800.00 3
2051 SISTER LANE 9.750 1,158.14 80
9.500 1,158.14 168,527.00
COLLEGE PARK GA 30349 1 08/17/99 00
0431441534 05 10/01/99 0
407043300 N 09/01/29
0
1938277 455/G02 F 118,000.00 ZZ
360 118,000.00 1
19 LAKELAND DRIVE NE 8.625 917.80 80
8.375 917.80 147,900.00
ATLANTA GA 30305 1 08/23/99 00
0431444868 01 10/01/99 0
85813 O 09/01/29
0
1938283 G52/G02 F 135,300.00 ZZ
360 135,300.00 1
540 SOUTH MOUNTAIN VIEW DRIVE 9.625 1,150.04 90
9.375 1,150.04 150,360.00
PALM SPRINGS CA 92264 1 08/11/99 10
0431437342 05 10/01/99 25
98505966 N 09/01/29
0
1938290 R86/G02 F 127,350.00 ZZ
360 127,350.00 1
2349 WEST NARANJA AVENUE 9.500 1,070.82 90
9.250 1,070.82 141,500.00
MESA AZ 85202 1 08/27/99 01
0431461821 03 10/01/99 25
991080 N 09/01/29
0
1938372 P63/G02 F 232,500.00 ZZ
360 232,500.00 3
138 HASECO AVENUE 9.250 1,912.72 75
9.000 1,912.72 310,000.00
PORT CHESTER NY 10573 2 08/26/99 00
0431451228 05 10/01/99 0
1
0000 O 09/01/29
0
1938391 H93/G02 F 33,000.00 ZZ
360 32,981.97 1
730 HIGH STREET 9.000 265.53 55
8.750 265.53 60,000.00
GAINESVILLE GA 30501 5 08/04/99 00
0431441237 05 09/01/99 0
9959330 N 08/01/29
0
1938394 638/G02 F 56,800.00 ZZ
360 56,800.00 1
1033 EAST PORTLAND STREET 9.625 482.79 84
9.375 482.79 68,000.00
PHOENIX AZ 85006 2 08/18/99 10
0431440577 05 10/01/99 20
08920923 N 09/01/29
0
1938414 638/G02 F 74,400.00 ZZ
360 74,400.00 2
11-13 LOGAN STREET 9.500 625.60 80
9.250 625.60 93,000.00
NEW BRITAIN CT 06051 1 08/19/99 00
0431440460 05 10/01/99 0
08918496 N 09/01/29
0
1938418 638/G02 F 105,000.00 ZZ
360 105,000.00 4
305-307 BEACH STREET 8.125 779.62 89
7.875 779.62 118,600.00
BRIDGEPORT CT 06608 1 08/18/99 14
0431440049 05 10/01/99 25
088819423 N 09/01/29
0
1938422 966/G02 F 125,000.00 ZZ
360 125,000.00 1
3701 TURTLE CREEK 8 A 9.250 1,029.17 90
9.000 1,029.17 139,000.00
DALLAS TX 75219 1 08/23/99 14
0431443647 01 10/01/99 25
30013123 N 09/01/29
0
1
1938424 A78/G02 F 135,450.00 ZZ
360 135,450.00 1
1441 SILVERWOOD COURT 8.125 1,005.71 70
7.875 1,005.71 193,500.00
WINDSOR CO 80550 1 08/02/99 00
0431445303 05 10/01/99 0
19000314 O 09/01/29
0
1938427 163/G02 F 63,900.00 ZZ
360 63,900.00 1
129 DOLPHIN BLVD 8.500 491.34 80
8.250 491.34 79,900.00
PONTE VEDRA BEA FL 32082 1 08/16/99 00
0431439538 05 10/01/99 0
7067259 O 09/01/29
0
1938461 964/G02 F 103,650.00 ZZ
360 103,650.00 1
3334 CAMBRIA AVENUE 8.125 769.60 80
7.875 769.60 129,600.00
MADERA CA 93637 1 08/18/99 00
0431438761 05 10/01/99 0
61444 O 09/01/29
0
1938463 709/G02 F 97,600.00 ZZ
360 97,600.00 1
11212 EAST 7TH AVENUE 8.875 776.55 80
8.625 776.55 122,000.00
SPOKANE WA 99206 5 08/04/99 00
0431439223 05 10/01/99 0
443721 N 09/01/29
0
1938505 N81/G02 F 142,650.00 ZZ
360 142,650.00 1
2 LINDEN STREET 9.250 1,173.55 90
9.000 1,173.55 158,500.00
MIDDLETOWN RI 02842 1 08/31/99 04
0431453539 05 10/01/99 25
10984 O 09/01/29
0
1938506 664/G02 F 58,500.00 ZZ
360 58,471.23 1
1418 LIBERTY STREET 9.500 491.90 90
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1
JACKSONVILLE FL 32205 1 08/06/99 01
0431439892 05 09/01/99 25
3187598 O 08/01/29
0
1938525 623/G02 F 49,000.00 ZZ
360 48,671.89 1
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DENVER CO 80219 5 01/15/99 00
0431438316 05 03/01/99 0
1297515 O 02/01/29
0
1938527 623/G02 F 45,700.00 ZZ
360 45,440.32 1
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AVON PARK FL 33825 1 05/10/99 00
0431438290 05 07/01/99 0
1345497 O 06/01/29
0
1938530 623/G02 F 97,425.00 ZZ
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111 GENESEE STREET 8.500 749.11 75
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LAWRENCE MA 01843 1 07/28/99 00
0431438233 05 09/01/99 0
1368409 O 08/01/29
0
1938535 J74/G02 F 153,000.00 ZZ
360 153,000.00 4
3910 NW 30 TERRACE 9.500 1,286.51 90
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LAUDERDALE LAKE FL 33308 1 08/24/99 04
0431439595 05 10/01/99 25
0000 N 09/01/29
0
1938544 134/G02 F 67,500.00 ZZ
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STATESBORO GA 30458 2 08/09/99 11
0431449685 05 10/01/99 20
8258592 N 09/01/29
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1
1938549 477/G02 F 111,000.00 ZZ
360 111,000.00 1
2808 WOODMONT CIRCLE 8.500 853.50 75
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MODESTO CA 95355 5 08/09/99 00
0431440585 05 10/01/99 0
99391 O 09/01/29
0
1938557 B28/G02 F 103,600.00 ZZ
360 103,600.00 1
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PUEBLO CO 81007 1 08/20/99 00
0431446798 05 10/01/99 0
05991288 O 09/01/29
0
1938568 637/G02 F 62,400.00 ZZ
360 62,400.00 1
5531 WEST MICHIGAN AVE 8.500 479.81 80
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GLENDALE AZ 85308 1 08/02/99 00
0431450147 05 10/01/99 0
0018102012 O 09/01/29
0
1938572 637/G02 F 152,500.00 ZZ
360 152,500.00 1
10006 SW TYLER TERRACE 8.375 1,159.11 69
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PALM CITY FL 34990 1 08/03/99 00
0431441567 03 10/01/99 0
0017845140 O 09/01/29
0
1938577 637/G02 F 125,000.00 ZZ
360 125,000.00 1
2410 LAKE CREST DRIVE 7.625 884.75 69
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0431442334 05 10/01/99 0
0017586694 O 09/01/29
0
1938580 623/G02 F 105,000.00 ZZ
360 104,851.31 1
1
7127 SOUTHPORT DRIVE 7.750 752.23 59
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BOYNTON BEACH FL 33437 1 06/30/99 00
0431438654 03 08/01/99 0
1363130 O 07/01/29
0
1938585 623/G02 F 84,800.00 ZZ
360 84,800.00 1
401 SPRING HILL CIRCLE 7.875 614.86 80
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EL PASO TX 79912 1 08/04/99 00
0431438696 05 10/01/99 0
5217380 O 09/01/29
0
1938625 E45/G02 F 148,000.00 ZZ
360 148,000.00 1
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SAVANNAH GA 31411 2 08/16/99 00
0431441609 05 10/01/99 0
55381 O 09/01/29
0
1938668 E29/G02 F 152,250.00 ZZ
360 152,250.00 1
1534 SOUTH MESA STREET 9.500 1,280.20 75
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SAN PEDRO CA 90731 1 08/16/99 00
0431450055 01 10/01/99 0
19905191 N 09/01/29
0
1938779 E82/G02 F 176,000.00 ZZ
360 176,000.00 4
2712 SHIPPEN AVENUE 9.500 1,479.90 80
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LOUISVILLE KY 40207 1 08/27/99 00
0400229241 05 10/01/99 0
0400229241 N 09/01/29
0
1938835 K56/G02 F 112,000.00 ZZ
360 112,000.00 1
8005 NW CHARLOTTE 8.000 821.82 54
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BEAVERTON OR 97005 5 08/04/99 00
0431441005 05 10/01/99 0
1
BURCHJ5000612 O 09/01/29
0
1938933 F32/G02 F 59,400.00 ZZ
360 59,400.00 1
3713 GLENWOOD ROAD 9.625 504.89 90
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DECATUR GA 30032 1 08/23/99 12
0431441690 05 10/01/99 25
409134970 N 09/01/29
0
1938979 B75/G02 F 104,000.00 ZZ
360 104,000.00 4
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ROME GA 30161 4 08/13/99 00
0431452879 05 10/01/99 0
2197432 N 09/01/29
0
1938985 B75/G02 F 204,250.00 ZZ
360 204,250.00 4
190 E 16TH STREET 9.250 1,680.31 95
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HIALEAH FL 33010 1 08/10/99 01
0431446152 07 10/01/99 30
1691427 O 09/01/29
0
1938999 Q76/G02 F 76,500.00 ZZ
360 76,500.00 1
10122 EAST BUTTE 9.000 615.54 90
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MESA AZ 85207 1 08/23/99 10
0431443894 05 10/01/99 25
9907030 N 09/01/29
0
1939009 F61/G02 F 167,250.00 ZZ
360 167,250.00 1
529 21ST AVENUE EAST 8.750 1,315.76 50
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SEATTLE WA 98112 5 08/23/99 00
0431448893 05 10/01/99 0
9909055 N 09/01/29
0
1
1939044 B57/G02 F 198,000.00 ZZ
360 198,000.00 1
1216 NORTH PARK WESTERN DRIVE 9.500 1,664.90 90
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SAN PEDRO AREA CA 90732 1 08/23/99 14
0431443597 05 10/01/99 25
9913209 N 09/01/29
0
1939050 E11/G02 F 141,300.00 ZZ
360 141,300.00 1
8408 QUINN AVENUE SOUTH 9.125 1,149.66 90
8.875 1,149.66 157,000.00
BLOOMINGTON MN 55437 1 08/24/99 12
0431447325 05 10/01/99 25
0002001017057 O 09/01/29
0
1939129 E30/G02 F 129,600.00 ZZ
360 129,600.00 1
719 721 ADA STREET 8.750 1,019.56 77
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CHULA VISTA CA 91911 1 08/19/99 00
0431453125 05 10/01/99 0
1999144SD O 09/01/29
0
1939226 950/G02 F 212,000.00 ZZ
360 212,000.00 1
9203 39TH AVENUE SOUTH 9.250 1,744.07 80
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SEATTLE WA 98118 1 08/23/99 00
0431444959 05 10/01/99 0
101990715064 O 09/01/29
0
1939229 624/G02 F 97,200.00 ZZ
360 97,200.00 1
256 EAST 100 NORTH 9.250 799.64 90
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PROVO UT 84606 1 08/24/99 11
0431457415 05 10/01/99 25
67006790013F N 09/01/29
0
1939275 R61/G02 F 129,800.00 ZZ
360 129,800.00 1
1211 DURBIN WAY 8.375 986.58 80
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1
SAN ANTONIO TX 78258 1 08/27/99 00
0431450089 05 10/01/99 0
10193 O 09/01/29
0
1939294 J33/G02 F 59,850.00 ZZ
360 59,850.00 1
6298 AMBER DRIVE 9.750 514.21 90
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DOUGLASVILLE GA 30135 1 08/18/99 10
0431451293 05 10/01/99 25
9905060265 N 09/01/29
0
1939309 163/G02 F 221,000.00 ZZ
360 221,000.00 1
9942 BLACK HILLS LANE 8.500 1,699.30 76
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SANTEE CA 92071 2 08/12/99 00
0431446392 05 10/01/99 0
0217054695 O 09/01/29
0
1939315 B75/G02 F 128,700.00 ZZ
360 128,700.00 1
21417 39TH AVENUE COURT EAST 8.875 1,023.99 90
8.625 1,023.99 143,000.00
SPANAWAY WA 98387 2 08/17/99 01
0431456276 05 10/01/99 25
1695063 O 09/01/29
0
1939362 480/G02 F 42,000.00 ZZ
360 41,976.45 1
3608 TAMARIX DRIVE 8.875 334.17 69
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TAMPA FL 33619 1 07/09/99 00
0431459643 05 09/01/99 0
3072576 O 08/01/29
0
1939365 907/G02 F 72,475.00 ZZ
360 72,475.00 1
21 CHARLES COURT 8.750 570.16 65
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LAKE RONKONKOMA NY 11767 5 08/26/99 00
0431447317 05 10/01/99 0
10006025 N 09/01/29
0
1
1939366 480/G02 F 100,400.00 ZZ
360 100,345.16 1
259 SUGGS ROAD 9.000 807.84 80
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SNOWDOUN AL 36105 2 07/29/99 00
0431449149 05 09/01/99 0
2955037 N 08/01/29
0
1939374 514/G02 F 215,100.00 ZZ
360 214,810.38 1
1808 FOREST BEND LANE 8.000 1,578.33 80
7.750 1,578.33 268,894.00
KELLER TX 76248 1 06/23/99 00
0431460906 03 08/01/99 0
381096 O 07/01/29
0
1939394 514/G02 F 100,000.00 ZZ
360 99,943.94 1
240 ACTIVITY ROAD 8.875 795.64 39
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RICHMOND NH 03470 2 07/28/99 00
0431459742 05 09/01/99 0
382027 O 08/01/29
0
1939398 514/G02 F 58,400.00 ZZ
360 58,328.99 1
3801 ARLINGTON AVENUE 8.500 449.05 90
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FORT WAYNE IN 46807 1 06/17/99 01
0431459908 05 08/01/99 25
139663 N 07/01/29
0
1939402 514/G02 F 108,000.00 ZZ
360 107,872.00 1
3001 PARKLANE DRIVE 8.625 840.02 80
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BAYTOWN TX 77521 1 06/29/99 00
0431448604 05 08/01/99 0
381614 O 07/01/29
0
1939411 G18/G02 F 59,400.00 ZZ
360 59,400.00 1
1
1083 BEECH STREET 9.375 494.06 90
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ST PAUL MN 55106 1 09/02/99 01
0431457480 05 10/01/99 25
0000 N 09/01/29
0
1939415 G22/G02 F 90,000.00 ZZ
360 90,000.00 1
1401 E BLACKLIDGE DRIVE 8.625 700.01 72
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TUCSON AZ 85719 2 08/05/99 00
0431454966 05 10/01/99 0
11462 N 09/01/29
0
1939417 G22/G02 F 90,000.00 ZZ
360 90,000.00 1
1403 E BLACKLIDGE DRIVE 8.625 700.01 72
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TUCSON AZ 85719 2 08/05/99 00
0431455385 05 10/01/99 0
11463 N 09/01/29
0
1939418 G22/G02 F 88,500.00 ZZ
360 88,500.00 1
1405 E. BLACKLIDGE DRIVE 8.625 688.34 71
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TUCSON AZ 85719 2 08/09/99 00
0431455583 05 10/01/99 0
11464 N 09/01/29
0
1939504 H93/G02 F 39,600.00 ZZ
360 39,600.00 1
3522 DELANE STREET 8.875 315.08 90
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WINSTON SALEM NC 27101 1 08/20/99 04
0431448075 05 10/01/99 25
9958646 N 09/01/29
0
1939547 E45/G02 F 44,900.00 ZZ
360 44,900.00 1
3618 TRAVIS BLVD 9.500 377.54 90
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MACON GA 31206 2 08/09/99 11
0431446491 05 10/01/99 25
1
54866 N 09/01/29
0
1939566 A52/G02 F 160,432.00 ZZ
360 160,432.00 1
4618 WATERS EDGE LANE 8.375 1,219.40 80
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ACWORTH GA 30101 1 08/27/99 00
0431446319 05 10/01/99 0
66115840 O 09/01/29
0
1939591 N27/G02 F 152,350.00 ZZ
360 152,350.00 4
14409 CABANA EAST STREET 9.375 1,267.18 79
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CORPUS CHRISTI TX 78418 2 08/26/99 00
0431450311 05 10/01/99 0
30034634399177 N 09/01/29
0
1939600 665/G02 F 138,000.00 ZZ
360 138,000.00 1
6190 SEYFERTH WAY 8.625 1,073.35 74
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SACRAMENTO CA 95823 5 08/17/99 00
0431447309 05 10/01/99 0
9901231232 O 09/01/29
0
1939610 134/G02 F 79,200.00 ZZ
360 79,200.00 1
759 NORTH CAMPBELL AVENUE 9.125 644.40 80
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INDIANAPOLIS IN 46219 1 08/16/99 00
0431456805 05 10/01/99 0
8234825 O 09/01/29
0
1939614 709/G02 F 106,800.00 ZZ
360 106,800.00 1
318 WEST FELLARS DRIVE 9.000 859.34 80
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PHOENIX AZ 85023 5 08/16/99 00
0431457472 03 10/01/99 0
455501 N 09/01/29
0
1
1939629 A68/G02 F 76,450.00 ZZ
360 76,450.00 1
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FLOWER MOUND TX 75028 1 08/30/99 00
0431451046 05 10/01/99 0
0000 N 09/01/29
0
1939734 638/G02 F 77,400.00 ZZ
360 77,400.00 2
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JENSEN BEACH FL 34957 1 08/24/99 10
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08918908 N 09/01/29
0
1939736 R61/G02 F 102,800.00 ZZ
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2311 RACHAEL COURT 9.375 855.04 80
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AUSTIN TX 78745 1 08/31/99 00
0431452945 05 10/01/99 0
10174 N 09/01/29
0
1939746 R61/G02 F 102,800.00 ZZ
360 102,800.00 4
2312 RACHAEL COURT 9.375 855.04 80
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AUSTIN TX 78748 1 08/31/99 00
0431459361 05 10/01/99 0
0000 N 09/01/29
0
1939837 638/G02 F 103,500.00 ZZ
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122 ADAMS AVENUE 9.375 860.86 90
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08923439 N 09/01/29
0
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021906021 O 09/01/29
0
1940000 575/G02 F 182,500.00 ZZ
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PASADENA MD 21122 5 08/23/99 00
0431455468 03 10/01/99 0
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SANTA FE NM 87501 1 08/12/99 00
0431457696 05 10/01/99 0
54907 O 09/01/29
0
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BOLINGBROOK IL 60440 5 08/18/99 00
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1697192 N 09/01/29
0
1940127 637/G02 F 175,200.00 ZZ
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KIOWA CO 80117 1 08/18/99 00
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FLORAL PARK NY 11004 1 08/16/99 00
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0
1
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0431456284 05 10/01/99 0
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1940251 E45/G02 F 154,850.00 T
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6658 SCHOONER BAY CIRCLE 9.500 1,302.06 75
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SARASOTA FL 34231 1 08/16/99 00
0431459783 01 10/01/99 0
54657 O 09/01/29
0
1940278 573/G02 F 185,000.00 ZZ
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33700 PUEBLO TRAIL 9.500 1,555.58 80
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CATHEDRAL CITY CA 92234 1 08/17/99 00
0431464460 05 10/01/99 0
152661 N 09/01/29
0
1940288 498/G02 F 50,000.00 ZZ
360 50,000.00 1
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0431462902 05 10/01/99 0
24089849 O 09/01/29
0
1940318 P92/G02 F 232,500.00 ZZ
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10221 S BRADEN 9.125 1,891.70 75
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TULSA OK 74137 1 08/27/99 00
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0501950 O 09/01/29
0
1940383 K31/G02 F 94,950.00 ZZ
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DULUTH GA 30097 1 08/27/99 10
0431461250 03 10/01/99 25
9052410656 N 09/01/29
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RENO NV 89511 1 08/10/99 00
0431459213 05 10/01/99 0
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0
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UKIAH CA 95482 5 08/26/99 00
0431455906 05 10/01/99 0
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1940488 420/G02 F 159,500.00 ZZ
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LIVERMORE CA 94550 5 08/24/99 00
0431455971 03 10/01/99 0
0000427997 O 09/01/29
0
1940508 A78/G02 F 161,000.00 ZZ
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BOULDER CO 80302 1 08/31/99 00
0431457456 05 10/01/99 0
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0
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MIAMI FL 33162 2 08/17/99 10
0431461995 05 10/01/99 25
1
08913855 O 09/01/29
0
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0431458348 05 10/01/99 25
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1940559 638/G02 F 225,000.00 ZZ
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SOUTH SAN FRANC CA 94080 5 08/20/99 00
0431461771 05 10/01/99 0
08914097 O 09/01/29
0
1940574 L48/G02 F 77,400.00 ZZ
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BLISSFIELD MI 49228 5 08/25/99 23
0431458033 05 10/01/99 0
85174 O 09/01/29
0
1940771 H93/G02 F 56,000.00 ZZ
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1015 S DODGION 9.250 460.70 80
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INDEPENDENCE MO 64055 5 08/25/99 00
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HAYWARD CA 94546 5 08/26/99 00
0431460740 07 10/01/99 0
R02118 N 09/01/29
0
1
1940816 964/G02 F 185,000.00 ZZ
360 185,000.00 1
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FAIR OAKS CA 95628 2 08/25/99 00
0431458280 05 10/01/99 0
55955 O 09/01/29
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1940827 E76/G02 F 122,400.00 ZZ
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EVERGREEN CO 80439 1 08/25/99 10
0431457837 05 10/01/99 20
376143 O 09/01/29
0
1940844 163/G02 F 110,250.00 ZZ
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ALBANY NY 12205 1 07/23/99 04
0431462753 05 09/01/99 25
0373909742 N 08/01/29
0
1940862 B75/G02 F 42,000.00 ZZ
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PHOENIX AZ 85037 1 08/10/99 00
0431461441 05 10/01/99 0
1693027 N 09/01/29
0
1940957 B75/G02 F 104,000.00 ZZ
360 104,000.00 1
2103 SOUTHERN STREET 9.375 865.02 80
9.125 865.02 130,000.00
ROME GA 30165 2 08/27/99 00
0431462100 05 10/01/99 0
2197291 N 09/01/29
0
1941176 354/354 F 240,000.00 ZZ
360 239,462.33 1
71 POINT DRIVE 7.500 1,678.11 77
7.250 1,678.11 315,000.00
1
WACONIA MN 55387 1 05/26/99 00
23088529 05 07/01/99 0
23088529 O 06/01/29
0
1941267 K30/G02 F 90,150.00 ZZ
360 90,150.00 2
200 SUNSET DRIVE 8.750 709.21 95
8.500 709.21 94,900.00
NASHVILLE TN 37207 1 09/01/99 11
0431461391 05 10/01/99 30
0066717 O 09/01/29
0
1941438 163/G02 F 155,350.00 ZZ
360 140,260.62 4
810-816 NORTH 50 8.750 1,222.14 63
8.500 1,222.14 247,500.00
WEST OREM UT 84057 1 07/22/99 00
0431463017 05 09/01/99 0
0217043292 N 08/01/29
0
1941573 664/G02 F 140,000.00 ZZ
360 140,000.00 1
2882 TENDERFOOT HILL STREET 8.625 1,088.91 63
8.375 1,088.91 224,000.00
COLORADO SPRING CO 80906 5 08/30/99 00
0431462001 09 10/01/99 0
0003047461 O 09/01/29
0
1941893 964/G02 F 198,000.00 T
360 198,000.00 1
908 PACIFIC STREET 8.625 1,540.02 71
8.375 1,540.02 280,000.00
MORRO BAY CA 93442 2 08/27/99 00
0431465681 05 10/01/99 0
62132 O 09/01/29
0
2725769 286/286 F 34,400.00 ZZ
360 33,569.56 1
6902 MISSION GORGE RD #4 7.625 243.49 80
7.375 243.49 43,000.00
SAN DIEGO CA 92120 1 12/10/98 11
0009006968 01 02/01/99 12
0009006968 O 01/01/29
0
1
2725914 286/286 F 39,950.00 ZZ
360 39,736.14 1
313 STRAWBERRY LN 8.375 303.65 90
8.125 303.65 44,390.00
INDIANAPOLIS IN 46219 1 12/09/98 12
0009410368 05 02/01/99 25
0009410368 N 01/01/29
0
2745654 K08/G02 F 122,000.00 ZZ
360 121,345.04 1
206 DOWNS DRIVE 7.500 853.04 8
7.250 853.04 1,525,000.00
TIMMONSVILLE SC 29161 2 02/11/99 00
0411281264 05 04/01/99 0
0411281264 O 03/01/29
0
2745953 E22/G02 F 30,000.00 ZZ
360 29,867.64 1
1919 E. LEE STREET 7.625 212.34 25
7.375 212.34 120,000.00
PENSACOLA FL 32501 1 02/17/99 00
0411283088 05 04/01/99 0
0411283088 O 03/01/29
0
2756046 K08/G02 F 26,600.00 ZZ
360 26,383.78 1
4130 ZIEGLER 7.750 190.57 36
7.500 190.57 75,000.00
DEARBORN HEIGHT MI 48125 5 03/03/99 00
0411312465 05 05/01/99 0
0411312465 O 04/01/29
0
2764688 K08/G02 F 29,900.00 ZZ
360 29,793.09 1
635 SOUTH WOOD STREET 7.750 214.21 75
7.500 214.21 39,900.00
MIDDLETOWN PA 17057 1 03/19/99 00
0411275373 05 05/01/99 0
0411275373 O 04/01/29
0
2764818 E22/G02 F 26,955.00 ZZ
360 26,858.63 1
1
219 FRANKLIN AVENUE 7.750 193.11 60
7.500 193.11 45,000.00
SEASIDE HEIGHTS NJ 08751 1 03/19/99 00
0411256456 05 05/01/99 0
0411256456 N 04/01/29
0
2787628 076/076 F 138,000.00 ZZ
360 137,406.08 2
22 W YORK LN 7.750 988.65 38
7.500 988.65 365,000.00
NANTUCKET MA 02554 5 02/22/99 00
1376033 05 04/01/99 0
1376033 N 03/01/29
0
2787630 076/076 F 71,250.00 ZZ
360 70,982.28 3
732 CHARLES ST 7.500 498.19 65
7.250 498.19 110,000.00
PROVIDENCE RI 02904 2 02/26/99 00
1397807 05 05/01/99 0
1397807 O 04/01/29
0
2788531 623/G02 F 36,000.00 T
360 35,729.17 1
435 WEST LONG BEACH AVENUE 7.250 245.59 75
7.000 245.59 48,000.00
CEDARPINES PARK CA 92322 1 03/11/99 00
0431293323 05 05/01/99 0
6320638 O 04/01/29
0
2790667 K08/G02 F 41,400.00 ZZ
360 41,298.60 2
1721 FLETCHER STREET 8.500 318.33 90
8.250 318.33 46,000.00
ANDERSON IN 46016 1 04/21/99 04
0411394760 05 06/01/99 25
0411394760 N 05/01/29
0
2791511 G75/G75 F 29,250.00 ZZ
360 29,176.48 1
912 ANVIL ROAD 8.375 222.33 89
8.125 222.33 33,000.00
FREDERICKSBURG VA 22405 1 04/14/99 12
03803776 09 06/01/99 25
1
03803776 N 05/01/29
0
2791994 549/549 F 34,500.00 ZZ
360 34,370.37 1
3416 NORTH 44TH STREET 22 7.500 241.23 75
7.250 241.23 46,000.00
PHOENIX AZ 85018 5 03/17/99 00
0066608091 01 05/01/99 0
0066608091 O 04/01/29
0
2792070 429/429 F 33,750.00 ZZ
360 33,629.34 1
19 WILLOW STREET 7.750 241.79 68
7.500 241.79 50,000.00
GLOVERSVILLE NY 12078 5 03/17/99 00
5000006295 05 05/01/99 0
5000006295 N 04/01/29
0
2792078 429/429 F 32,790.00 ZZ
360 32,672.74 1
100 BURGOYNE ROAD 7.750 234.92 61
7.500 234.92 54,000.00
SARATOGA NY 12871 1 03/25/99 00
5000540897 05 05/01/99 0
5000540897 O 04/01/29
0
2792361 K08/G02 F 22,400.00 ZZ
360 22,027.64 1
201 REGAN ROAD 7.250 152.81 80
UNIT # 15C 7.000 152.81 28,000.00
VERNON CT 06066 1 04/23/99 00
0411337124 01 06/01/99 0
0411337124 O 05/01/29
0
2794193 354/354 F 28,250.00 ZZ
360 28,133.77 1
1730 CAMPOS DRIVE 7.500 197.53 46
7.250 197.53 62,329.00
LADY LAKE FL 32159 1 03/17/99 00
0027614270 03 05/01/99 0
0027614270 O 04/01/29
0
1
2794675 K08/G02 F 19,800.00 ZZ
360 19,742.26 1
434 SOUTH SHERIDAN AVENUE 8.750 155.77 90
8.500 155.77 22,000.00
SOUTH BEND IN 46619 1 04/28/99 04
0411395783 05 06/01/99 25
0411395783 N 05/01/29
0
2796388 F28/G02 F 44,550.00 ZZ
360 44,311.10 1
10010 SARATOGA 8.750 350.48 90
8.500 350.48 49,500.00
OAK PARK MI 48237 1 12/29/98 10
0431326024 05 02/01/99 25
4499143 N 01/01/29
0
2796429 F28/G02 F 35,000.00 ZZ
360 34,849.37 1
18 WESTMINISTER DRIVE 7.750 250.74 70
7.500 250.74 50,000.00
JACKSONVILLE NC 28540 5 02/24/99 00
0431327683 05 04/01/99 0
4597981 N 03/01/29
0
2796577 F28/G02 F 35,910.00 ZZ
360 35,810.16 1
154 CENTER AV 7.875 260.37 90
7.625 260.37 39,900.00
KEANSBURG NJ 07734 1 04/16/99 10
0431328418 05 06/01/99 25
4747453 N 05/01/29
0
2799072 526/526 F 41,250.00 ZZ
360 41,102.55 1
6021 YARROW STREET UNIT B-7 7.750 295.52 75
7.500 295.52 55,000.00
ARVADA CO 80004 1 03/17/99 00
0365052 01 05/01/99 0
0365052 N 04/01/29
0
2799076 526/526 F 48,150.00 ZZ
360 47,990.33 1
948 SOUTH ALMA SCHOOL ROAD 8.125 357.52 90
7.875 357.52 53,500.00
1
MESA AZ 85202 1 03/15/99 12
0365169 07 05/01/99 25
0365169 N 04/01/29
0
2799181 526/526 F 35,000.00 ZZ
360 34,874.85 1
5848 WEST ORANGEWOOD AVE 7.750 250.75 49
7.500 250.75 72,000.00
GLENDALE AZ 85301 5 03/11/99 00
0364683 05 05/01/99 0
0364683 N 04/01/29
0
2799191 526/526 F 182,000.00 ZZ
360 180,834.91 1
1415 STARBURST DRIVE 7.875 1,319.63 70
7.625 1,319.63 260,000.00
WEST COVINA CA 91790 1 03/01/99 00
0363864 03 04/01/99 0
0363864 O 03/01/29
0
2803342 286/286 F 14,400.00 ZZ
360 14,351.01 1
1341 WILLOW AVE 8.000 105.67 76
7.750 105.67 19,000.00
NIAGARA FALLS NY 14304 1 03/09/99 00
0009033915 05 05/01/99 0
0009033915 N 04/01/29
0
2803354 286/286 F 35,600.00 ZZ
360 35,475.86 1
209 W LITTLE CREEK RD 7.875 258.13 68
7.625 258.13 52,500.00
CEDAR HILL TX 75104 1 03/11/99 00
0009369708 05 05/01/99 0
0009369708 N 04/01/29
0
2803359 286/286 F 38,350.00 ZZ
360 38,078.43 1
14101 MERRYWOOD CR 8.375 291.49 90
8.125 291.49 43,000.00
GRANDVIEW MO 64030 1 09/30/98 11
0009380631 03 11/01/98 25
0009380631 N 10/01/28
0
1
2803372 286/286 F 33,500.00 ZZ
360 33,159.44 1
429 MONTGALL AVE 8.500 257.59 71
8.250 257.59 47,500.00
KANSAS CITY MO 64124 2 02/20/99 00
0009400725 05 04/01/99 0
0009400725 O 03/01/29
0
2803389 286/286 F 39,600.00 ZZ
360 39,471.96 1
241 PHELAND ST 8.250 297.51 60
8.000 297.51 66,000.00
SPRINGFIELD MA 01109 1 03/09/99 11
0009422074 05 05/01/99 25
0009422074 N 04/01/29
0
2803392 286/286 F 39,600.00 ZZ
360 39,471.96 1
290 PHELAND AVE 8.250 297.51 58
8.000 297.51 69,000.00
SPRINGFIELD MA 01109 1 03/10/99 11
0009422102 05 05/01/99 25
0009422102 N 04/01/29
0
2803441 286/286 F 127,650.00 T
360 127,237.32 1
1704 CLUBHOUSE COVE 8.250 959.00 80
8.000 959.00 160,000.00
HAINES CITY FL 33844 1 03/12/99 00
0009454057 03 05/01/99 0
0009454057 O 04/01/29
0
2803468 286/286 F 39,750.00 ZZ
360 39,587.93 1
2245 42ND ST. NW 8.250 298.63 90
8.000 298.63 44,500.00
CANTON OH 44709 1 03/16/99 11
0009499238 05 05/01/99 25
0009499238 N 04/01/29
0
2803521 286/286 F 37,600.00 ZZ
360 37,500.61 1
1
12521 SOBIESKI AVENUE 8.125 279.18 80
7.875 279.18 47,500.00
CLEVELAND OH 44135 1 04/12/99 00
0009529671 05 06/01/99 0
0009529671 N 05/01/29
0
2809217 E82/G02 F 38,000.00 ZZ
360 37,926.81 1
521 16TH STREET NORTHEAST 8.250 285.48 31
8.000 285.48 122,727.00
NAPLES FL 34120 1 05/20/99 00
0400201729 05 07/01/99 0
0400201729 O 06/01/29
0
2809659 K08/G02 F 33,800.00 ZZ
360 33,739.71 1
1300 ARLINGTON RIDGE ROAD 8.625 262.89 65
UNIT # 505 8.375 262.89 52,000.00
ARLINGTON VA 22202 2 05/19/99 00
0411403025 08 07/01/99 0
0411403025 N 06/01/29
0
2811115 K08/G02 F 19,800.00 ZZ
360 19,770.55 1
714 E LAMPTON STREET 9.500 166.49 90
9.250 166.49 22,000.00
LOUISVILE KY 40203 1 05/21/99 04
0411427792 05 07/01/99 25
0411427792 N 06/01/29
0
2811137 K08/G02 F 30,500.00 ZZ
360 30,436.61 1
324 SHORE DRIVE, UNIT # D3 7.875 221.15 59
7.625 221.15 52,000.00
HIGHLANDS NJ 07732 2 05/21/99 00
0411407919 01 07/01/99 0
0411407919 N 06/01/29
0
2811148 K08/G02 F 42,650.00 ZZ
360 42,544.91 1
246 HAROLD STREET 8.500 327.95 90
8.250 327.95 47,400.00
MARINE CITY MI 48054 1 04/19/99 04
0411377856 05 06/01/99 25
1
0411377856 N 05/01/29
0
2813011 K08/G02 F 46,650.00 ZZ
360 46,523.54 1
350 STEVENS AVENUE 8.000 342.30 85
7.750 342.30 54,900.00
LANCASTER PA 17601 1 04/30/99 11
0411373897 07 06/01/99 20
0411373897 N 05/01/29
0
2813014 K08/G02 F 39,200.00 ZZ
360 39,109.65 1
1015 LUTHER ROAD 8.250 294.50 80
8.000 294.50 49,000.00
RED BLUFF CA 96080 1 05/21/99 00
0411426497 05 07/01/99 0
0411426497 N 06/01/29
0
2813976 K08/G02 F 37,350.00 ZZ
360 37,286.72 1
3411 VILLA CIRCLE 8.875 297.17 90
8.625 297.17 41,500.00
ATLANTA GA 30354 1 05/27/99 04
0411445190 05 07/01/99 25
0411445190 N 06/01/29
0
2814016 K08/G02 F 40,000.00 ZZ
360 39,930.46 1
25119 LAWN 8.750 314.68 80
8.500 314.68 50,000.00
ROSEVILLE MI 48066 1 05/28/99 00
0411419187 05 07/01/99 0
0411419187 N 06/01/29
0
2815221 K08/G02 F 37,650.00 ZZ
360 37,590.99 1
139 CARNEGIE COURT 9.250 309.74 55
9.000 309.74 68,500.00
VALLEY PARK MO 63088 5 06/01/99 00
0411420284 05 07/01/99 0
0411420284 N 06/01/29
0
1
2818348 K08/G02 F 50,400.00 ZZ
360 50,314.59 1
1157 E FOX 8.875 401.01 90
8.625 401.01 56,000.00
SOUTH BEND IN 46613 1 06/02/99 04
0411430622 05 07/01/99 25
0411430622 N 06/01/29
0
2818469 623/G02 F 40,500.00 ZZ
360 40,410.52 1
1425 NAGLEY STREET 9.000 325.87 90
8.750 325.87 45,000.00
SPRINGFIELD OH 45505 1 04/14/99 01
0431353614 05 06/01/99 25
1238954 N 05/01/29
0
2818479 623/G02 F 30,000.00 ZZ
360 29,894.30 1
4749 HARCOURT DRIVE 7.750 214.92 66
7.500 214.92 46,000.00
EL PASO TX 79924 1 04/29/99 00
0431352764 05 06/01/99 0
1244036 O 05/01/29
0
2820937 K08/G02 F 44,550.00 ZZ
360 44,498.54 1
8125 SOUTH LAURA AVENUE 8.750 350.48 90
8.500 350.48 49,500.00
WICHITA KS 67060 1 06/04/99 10
0411456460 05 08/01/99 25
0411456460 N 07/01/29
0
2822155 K08/G02 F 43,650.00 ZZ
360 43,489.69 1
2164 SE GASLIGHT ST 8.500 335.63 90
8.250 335.63 48,500.00
PORT ST LUCIE FL 34952 1 06/02/99 04
0411422066 05 08/01/99 25
0411422066 N 07/01/29
0
2822182 K08/G02 F 36,400.00 ZZ
360 36,355.75 1
2132 6TH STREET 8.500 279.88 80
8.250 279.88 45,500.00
1
OROVILLE CA 95965 1 06/03/99 00
0411457260 05 08/01/99 0
0411457260 N 07/01/29
0
2827565 976/R97 F 52,000.00 ZZ
360 51,899.83 1
12 CREEK ROAD 8.250 390.66 80
8.000 390.66 65,000.00
EAST STROUDSBUR PA 18301 1 05/21/99 00
TO BE ASSIGNED 05 07/01/99 0
5705922 O 06/01/29
0
2834008 K08/G02 F 52,169.96 ZZ
359 52,078.54 1
4555 WOODWARD ST 8.750 410.66 90
8.500 410.66 58,000.00
WAYNE MI 48184 1 04/22/99 04
0411366081 05 07/01/99 25
0411366081 N 05/01/29
0
2835304 074/074 F 77,500.00 ZZ
360 77,384.60 1
445 WEST 240TH STREET APT 3N 7.500 541.90 95
7.250 541.90 81,600.00
BRONX NY 10463 1 06/03/99 04
1106247441 01 08/01/99 30
1106247441 O 07/01/29
0
2835334 074/074 F 100,400.00 T
360 100,180.63 1
4332 PINE RIDGE COURT 7.625 710.62 70
7.375 710.62 143,490.00
WESTON FL 33331 1 05/28/99 00
1302047660 03 07/01/99 0
1302047660 O 06/01/29
0
2835416 074/074 F 240,000.00 ZZ
360 239,582.70 3
933 N FAIRFIELD AVENUE 8.750 1,888.09 95
8.500 1,888.09 253,000.00
CHICAGO IL 60622 1 05/27/99 14
1583212573 05 07/01/99 30
1583212573 O 06/01/29
0
1
2835429 074/074 F 20,800.00 ZZ
360 20,761.90 1
1301 NE MIAMI GARDENS 8.500 159.94 80
8.250 159.94 26,000.00
NORTH MIAMI BEA FL 33179 1 05/03/99 00
1589327501 06 07/01/99 0
1589327501 O 06/01/29
0
2835608 K08/G02 F 40,000.00 ZZ
360 39,954.98 1
4185 CHANDLER DR 8.875 318.26 62
8.625 318.26 65,000.00
WHITEHALL OH 43213 5 06/28/99 00
0411479900 05 08/01/99 0
0411479900 N 07/01/29
0
2836089 354/354 F 40,125.00 ZZ
360 40,035.11 1
33324 ROWNTREE DRIVE 7.500 280.56 75
7.250 280.56 53,500.00
DADE CITY FL 33523 5 05/05/99 00
0028108439 05 07/01/99 0
0028108439 O 06/01/29
0
2836099 354/354 F 45,000.00 ZZ
360 44,899.17 1
415 MCNEEL ROAD 7.500 314.65 75
7.250 314.65 60,000.00
SAN ANTONIO TX 78228 1 05/12/99 00
0028137149 05 07/01/99 0
0028137149 O 06/01/29
0
2836101 354/354 F 44,000.00 ZZ
360 43,901.41 1
5322 LAKE VICTORIA ARCH 7.500 307.66 80
7.250 307.66 55,000.00
VA BEACH VA 23464 1 05/27/99 00
0028139970 01 07/01/99 0
0028139970 O 06/01/29
0
2836111 354/354 F 90,000.00 ZZ
360 26,884.05 1
1
112 FLINTGATE COURT 7.750 644.78 58
7.500 644.78 156,000.00
COLUMBIA SC 29212 1 04/27/99 00
0028176501 05 06/01/99 0
0028176501 O 05/01/29
0
2836112 354/354 F 25,000.00 ZZ
360 24,945.36 1
1320 JENNINGS DRIVE 7.625 176.95 56
7.375 176.95 45,000.00
HOLIDAY FL 34690 1 05/20/99 00
0028182814 05 07/01/99 0
0028182814 O 06/01/29
0
2836312 K08/G02 F 15,300.00 ZZ
360 15,285.66 1
6532 JESSE JACKSON AVE. 9.750 131.45 90
9.500 131.45 17,000.00
HILLSDALE MO 63121 1 06/29/99 04
0411362049 05 08/01/99 25
0411362049 N 07/01/29
0
2836346 K08/G02 F 42,550.00 ZZ
360 42,510.14 1
2513 BITTER CREEK DRIVE 9.750 365.57 80
9.500 365.57 53,238.00
AUSTIN TX 78734 1 06/29/99 00
0411467269 05 08/01/99 0
0411467269 N 07/01/29
0
2836822 638/G02 F 29,250.00 ZZ
360 29,205.36 1
418 GARLAND #144 7.375 202.02 90
7.125 202.02 32,500.00
LAKE JACKSON TX 77056 1 06/15/99 10
0431374016 01 08/01/99 25
08888423 O 07/01/29
0
2837096 K08/G02 F 82,650.00 ZZ
360 82,556.99 2
313 SOUTH 1ST STREET 8.875 657.60 95
8.625 657.60 87,000.00
HIGHLAND PARK NJ 08904 1 06/30/99 10
0411502578 05 08/01/99 30
1
0411502578 O 07/01/29
0
2837915 K08/G02 F 41,750.00 ZZ
360 41,704.22 1
1609 KELLY STREET 9.000 335.93 73
8.750 335.93 57,500.00
TALLAHASSEE FL 32310 1 07/01/99 00
0411462666 05 08/01/99 0
0411462666 N 07/01/29
0
2838838 G75/G75 F 43,600.00 ZZ
360 43,478.76 1
1239 DEARBORN STREET 7.875 316.14 84
7.625 316.14 52,000.00
AURORA IL 60505 1 04/28/99 12
03841954 05 06/01/99 25
03841954 N 05/01/29
0
2839859 K08/G02 F 40,500.00 ZZ
360 40,475.46 1
2702 MASON TERRACE 8.500 311.41 90
8.250 311.41 45,000.00
WICHITA KS 67216 1 07/06/99 01
0411476419 05 09/01/99 25
0411476419 N 08/01/29
0
2841882 K08/G02 F 45,000.00 ZZ
360 44,974.11 1
209 S. ILLINOIS STREET 8.750 354.02 90
8.500 354.02 50,000.00
SOUTH BEND IN 46619 1 07/08/99 04
0411493331 05 09/01/99 25
0411493331 N 08/01/29
0
2842912 G75/G75 F 107,400.00 ZZ
360 107,208.39 1
7519 WILKENS TERRACE DR 8.625 835.35 90
8.375 835.35 119,500.00
CHARLOTTE NC 28269 1 05/26/99 14
03871933 03 07/01/99 25
03871933 N 06/01/29
0
1
2844444 526/526 F 35,910.00 ZZ
360 35,817.46 1
7715 WESTLYN DRIVE 8.250 269.78 90
8.000 269.78 39,900.00
SAN ANTONIO TX 78227 1 04/09/99 11
0366612 05 06/01/99 25
0366612 N 05/01/29
0
2844472 526/526 F 36,350.00 ZZ
360 36,246.36 1
1605 SWB AVENUE 7.750 260.42 88
7.500 260.42 41,500.00
LAWTON OK 73501 1 04/29/99 12
0368624 05 06/01/99 25
0368624 N 05/01/29
0
2844499 526/526 F 36,900.00 ZZ
360 36,825.22 1
17748 KINGS PARK #21B 8.000 270.76 90
7.750 270.76 41,000.00
HOUSTON TX 77058 1 05/11/99 12
0369920 01 07/01/99 25
0369920 N 06/01/29
0
2844508 526/526 F 45,900.00 ZZ
360 45,772.38 1
4125 MORGAN AVENUE 7.875 332.81 90
7.625 332.81 51,000.00
BILLINGS MT 59101 1 04/28/99 11
0370228 05 06/01/99 25
0370228 N 05/01/29
0
2844516 526/526 F 42,300.00 ZZ
360 42,216.42 1
3007 N OAKLAND FOREST DRIVE 8.125 314.08 89
#103-306 7.875 314.08 47,850.00
OAKLAND PARK FL 33309 1 05/19/99 10
0370744 01 07/01/99 25
0370744 N 06/01/29
0
2844546 526/526 F 119,700.00 ZZ
360 119,554.45 2
21 WILMOT STREET 8.500 920.39 95
8.250 920.39 126,000.00
1
LAWRENCE MA 01841 1 06/30/99 01
0372595 05 08/01/99 30
0372595 O 07/01/29
0
2844581 526/526 F 42,250.00 ZZ
360 42,199.92 1
1100 NUGENT AVE 8.625 328.62 65
8.375 328.62 65,000.00
BAY SHORE NY 11706 1 06/30/99 00
0375361 05 08/01/99 0
0375361 N 07/01/29
0
2844817 623/G02 F 123,250.00 ZZ
360 123,000.27 1
9918 PRINCESS CUT STREET 8.000 904.36 90
7.750 904.36 136,990.00
LAS VEGAS NV 89123 1 05/27/99 10
0431390830 03 07/01/99 25
1323179 N 06/01/29
0
2844874 623/G02 F 42,280.00 ZZ
360 42,227.26 1
130 NORTH JUNIPER STREET 8.375 321.36 70
8.125 321.36 60,400.00
SOAP LAKE WA 98851 1 06/14/99 00
0431391697 05 08/01/99 0
1688437 N 07/01/29
0
2844902 623/G02 F 56,700.00 ZZ
360 56,598.84 1
633 NORTH MAY STREET 8.625 441.01 90
8.375 441.01 63,000.00
MESA AZ 85201 1 05/21/99 10
0431392810 03 07/01/99 25
6236684 N 06/01/29
0
2844908 623/G02 F 41,600.00 T
360 41,536.48 1
2501 INDIAN CANYON DRIVE 7.375 287.33 75
7.125 287.33 56,000.00
PALM SPRINGS CA 92262 1 06/02/99 00
0431392224 01 08/01/99 0
6310969 O 07/01/29
0
1
2847274 K08/G02 F 44,550.00 ZZ
360 44,523.01 1
1739 S. EDWARDS COURT 8.500 342.55 90
8.250 342.55 49,500.00
WICHITA KS 67213 1 07/14/99 01
0411476435 05 09/01/99 25
0411476435 N 08/01/29
0
2848578 976/R97 F 40,000.00 ZZ
360 39,937.31 1
2015 S. RAYMOND RD 8.875 318.26 80
8.625 318.26 50,000.00
SLYVIA KS 67581 1 06/30/99 00
TO BE ASSIGNED 05 08/01/99 0
5727855 N 07/01/29
0
2848585 976/R97 F 35,250.00 ZZ
360 35,178.49 1
514 SOUTH 57TH STREET 9.000 283.63 75
8.750 283.63 47,000.00
PHILADELPHIA PA 19143 5 06/24/99 00
TO BE ASSIGNED 07 08/01/99 0
5768059 N 07/01/29
0
2848586 976/R97 F 48,000.00 ZZ
360 47,943.12 1
626 N KENTUCKY AVE 8.625 373.34 79
8.375 373.34 61,000.00
ATLANTIC CITY NJ 08401 1 06/08/99 00
TO BE ASSIGNED 05 08/01/99 0
5559903 N 07/01/29
0
2848587 976/R97 F 40,000.00 ZZ
360 39,952.59 1
1459 SOUTH GARNET MINE ROAD 8.625 311.12 42
8.375 311.12 96,000.00
BOOTHWYN PA 19061 5 06/15/99 00
TO BE ASSIGNED 05 08/01/99 0
5748110 N 07/01/29
0
2848595 976/R97 F 44,550.00 ZZ
360 44,494.41 1
1
210 NORTH 10TH STREET 8.375 338.62 90
8.125 338.62 49,500.00
PINETOPS NC 27864 1 06/17/99 04
TO BE ASSIGNED 05 08/01/99 25
5666122 N 07/01/29
0
2848598 976/R97 F 40,800.00 ZZ
360 40,581.45 1
2121 SW COLLEGE 8.125 302.94 80
7.875 302.94 51,000.00
TOPEKA KS 66611 5 06/29/99 00
TO BE ASSIGNED 05 08/01/99 0
5727537 N 07/01/29
0
2848600 976/R97 F 125,400.00 ZZ
360 125,255.17 3
18 FLEMING AVE. 8.750 986.53 95
8.500 986.53 132,000.00
NEWARK NJ 07105 1 06/24/99 11
TO BE ASSIGNED 05 08/01/99 30
5559804 O 07/01/29
0
2848602 976/R97 F 103,500.00 ZZ
360 103,360.64 1
2417 LA ESTRELLA STREET 8.000 759.45 90
7.750 759.45 115,000.00
HENDERSON NV 89014 1 06/04/99 10
TO BE ASSIGNED 05 08/01/99 25
5607193 O 07/01/29
0
2848603 976/R97 F 100,000.00 ZZ
360 99,931.18 1
923 PEQUAYWAN LAKE ROAD 7.875 725.07 80
7.625 725.07 125,000.00
DULUTH MN 55804 1 07/02/99 00
TO BE ASSIGNED 05 09/01/99 0
5774759 O 08/01/29
0
2848607 976/R97 F 68,000.00 ZZ
360 67,921.46 1
20200 PALOMAR STREET 8.750 534.96 80
8.500 534.96 85,000.00
RIVERSIDE CA 92595 1 06/17/99 00
TO BE ASSIGNED 05 08/01/99 0
1
5708589 O 07/01/29
0
2848608 976/R97 F 43,200.00 ZZ
360 43,143.29 1
1601 PENNSYLVANIA ST 8.125 320.76 90
7.875 320.76 48,000.00
ALBUQUERQUE NM 87110 1 06/15/99 04
TO BE ASSIGNED 01 08/01/99 25
5722379 N 07/01/29
0
2848615 976/R97 F 58,500.00 ZZ
360 58,440.67 1
30064 MILITARY ROAD SOUTH 9.375 486.58 90
9.125 486.58 65,000.00
FEDERAL WAY WA 98003 1 06/03/99 21
TO BE ASSIGNED 05 08/01/99 25
5569906 N 07/01/29
0
2848617 976/R97 F 198,000.00 ZZ
360 197,799.23 1
450 CALIFORNIA STREET 9.375 1,646.87 90
9.125 1,646.87 220,000.00
NEWTON MA 02460 1 07/01/99 04
TO BE ASSIGNED 05 08/01/99 25
5632528 N 07/01/29
0
2848634 976/R97 F 56,700.00 ZZ
360 56,564.63 1
709 RIDGEFIELD ROAD 8.625 441.01 90
8.375 441.01 63,102.00
VALPARAISO IN 46383 1 04/15/99 11
TO BE ASSIGNED 05 06/01/99 25
5687649 N 05/01/29
0
2848637 976/R97 F 130,400.00 ZZ
360 130,245.47 1
14024 HYDRANGEA AVENUE 8.625 1,014.24 80
8.375 1,014.24 163,000.00
PORT CHARLOTTE FL 33953 1 06/30/99 00
TO BE ASSIGNED 05 08/01/99 0
5669888 O 07/01/29
0
1
2848638 976/R97 F 105,300.00 ZZ
360 105,165.24 1
3978 OAK GLENN DR 8.250 791.09 90
8.000 791.09 117,000.00
DULUTH GA 30096 1 06/25/99 10
TO BE ASSIGNED 05 08/01/99 25
5653315 O 07/01/29
0
2848640 976/R97 F 92,000.00 T
360 91,863.01 1
25951 PLATEAU COURT 7.500 643.28 80
7.250 643.28 115,000.00
TEHACHAPI CA 93561 1 06/02/99 00
TO BE ASSIGNED 03 08/01/99 0
5694733 O 07/01/29
0
2848641 976/R97 F 55,800.00 ZZ
360 55,732.14 1
721 EAST FORT STREET 8.500 429.06 90
8.250 429.06 62,000.00
FARMINGTON IL 61531 1 06/16/99 10
TO BE ASSIGNED 05 08/01/99 25
5728959 O 07/01/29
0
2848642 976/R97 F 80,000.00 ZZ
360 79,880.87 1
27220 MAIZE DRIVE 7.500 559.38 58
7.250 559.38 139,950.00
WILLITS CA 95490 1 06/04/99 00
TO BE ASSIGNED 05 08/01/99 0
5573924 O 07/01/29
0
2848643 976/R97 F 62,000.00 ZZ
360 61,886.44 1
590 MAAIKE DRIVE 8.250 465.79 38
8.000 465.79 167,000.00
MEDFORD OR 97504 5 06/22/99 00
TO BE ASSIGNED 05 08/01/99 0
5780106 O 07/01/29
0
2848646 976/R97 F 44,900.00 ZZ
360 44,850.76 1
6206 E. 148TH TERRACE 9.000 361.28 90
8.750 361.28 49,900.00
1
GRANDVIEW MO 64030 1 06/09/99 11
TO BE ASSIGNED 05 08/01/99 25
5727549 N 07/01/29
0
2848647 976/R97 F 80,320.00 ZZ
360 80,209.08 1
2693 MALLARD DRIVE 7.875 582.38 80
7.625 582.38 100,400.00
WOODBURY MN 55125 1 06/14/99 00
TO BE ASSIGNED 01 08/01/99 0
5776359 O 07/01/29
0
2848658 976/R97 F 58,100.00 ZZ
360 58,031.14 1
6528 MERRILL ROAD 8.625 451.90 78
8.375 451.90 75,000.00
JACKSONVILLE FL 32211 5 06/28/99 00
TO BE ASSIGNED 05 08/01/99 0
5778623 N 07/01/29
0
2848660 976/R97 F 169,900.00 ZZ
360 169,713.68 1
2575 HOOVER CROSSING WAY 9.000 1,367.06 90
8.750 1,367.06 188,778.00
GROVE CITY OH 43123 1 07/01/99 04
TO BE ASSIGNED 05 08/01/99 25
5699387 N 07/01/29
0
2848671 976/R97 F 45,600.00 ZZ
360 45,545.95 1
13107 SHERMAN 8.625 354.68 80
8.375 354.68 57,000.00
WARREN MI 48093 5 06/24/99 00
TO BE ASSIGNED 05 08/01/99 0
5612797 N 07/01/29
0
2848672 976/R97 F 45,600.00 ZZ
360 45,545.95 1
13704 HENDRICKS 8.625 354.68 80
8.375 354.68 57,000.00
WARREN MI 48089 5 06/24/99 00
TO BE ASSIGNED 05 08/01/99 0
5612798 N 07/01/29
0
1
2848673 976/R97 F 171,000.00 ZZ
360 170,802.52 2
2837 WEST 5400 SOUTH 8.750 1,345.26 95
8.500 1,345.26 180,000.00
TAYLORSVILLE UT 84118 1 06/21/99 04
TO BE ASSIGNED 05 08/01/99 30
5288521 O 07/01/29
0
2848675 976/R97 F 74,700.00 ZZ
360 74,618.07 1
4805 WEST CAMAS STREET 9.000 601.06 90
8.750 601.06 83,000.00
BOISE ID 83705 1 06/22/99 21
TO BE ASSIGNED 05 08/01/99 25
5688744 N 07/01/29
0
2848678 976/R97 F 48,750.00 ZZ
240 48,596.37 1
945 EAST SHADOWLAWN AVENUE 8.625 426.93 75
8.375 426.93 65,000.00
TAMPA FL 33603 5 06/29/99 00
TO BE ASSIGNED 05 08/01/99 0
5771678 N 07/01/19
0
2848680 976/R97 F 169,900.00 ZZ
360 169,727.71 1
10219 JOHNSON CIRCLE 9.375 1,413.15 90
9.125 1,413.15 189,900.00
BLOOMINGTON MN 55437 1 07/01/99 10
TO BE ASSIGNED 05 08/01/99 25
5698876 N 07/01/29
0
2848684 976/R97 F 58,050.00 ZZ
360 57,991.13 1
7013 JACKSON 9.375 482.84 90
9.125 482.84 64,500.00
WARREN MI 48089 1 06/29/99 04
TO BE ASSIGNED 05 08/01/99 25
5398574 N 07/01/29
0
2848687 976/R97 F 58,400.00 ZZ
360 58,337.59 1
1
10060 TROY 9.125 475.17 80
8.875 475.17 73,000.00
OAK PARK MI 48237 1 06/15/99 00
TO BE ASSIGNED 05 08/01/99 0
5612746 N 07/01/29
0
2848689 976/R97 F 48,600.00 ZZ
360 48,543.87 1
14055 TUTTLE HILL 8.750 382.34 90
8.500 382.34 54,000.00
MILAN MI 48160 1 06/09/99 21
TO BE ASSIGNED 05 08/01/99 25
5737029 N 07/01/29
0
2848709 976/R97 F 73,600.00 ZZ
360 73,492.30 1
4330 COLBY AVENUE 8.125 546.48 80
7.875 546.48 92,000.00
COLUMBUS OH 43227 1 06/14/99 00
TO BE ASSIGNED 05 08/01/99 0
5734557 O 07/01/29
0
2848715 976/R97 F 84,000.00 ZZ
360 83,889.73 1
1349 BEVERLY DRIVE 8.125 623.70 80
7.875 623.70 105,000.00
HOUSTON TX 77065 1 06/29/99 00
TO BE ASSIGNED 05 08/01/99 0
5657877 O 07/01/29
0
2848720 976/R97 F 163,550.00 ZZ
360 163,356.18 1
59 VIA VICINI 8.625 1,272.08 90
8.375 1,272.08 181,754.00
RANCHO SANTA MA CA 92688 1 06/11/99 10
TO BE ASSIGNED 01 08/01/99 25
5658578 N 07/01/29
0
2848721 976/R97 F 64,000.00 ZZ
360 63,926.09 1
2596 W. BUENA VISTA STREET 8.750 503.49 80
8.500 503.49 80,000.00
SPRINGFIELD MO 65804 5 06/11/99 00
TO BE ASSIGNED 05 08/01/99 0
1
5707763 N 07/01/29
0
2848722 976/R97 F 63,200.00 ZZ
360 63,127.00 1
2618 W. BUENA VISTA STREET 8.750 497.20 80
8.500 497.20 79,000.00
SPRINGFIELD MO 65810 5 06/11/99 00
TO BE ASSIGNED 05 08/01/99 0
5707765 N 07/01/29
0
2848731 976/R97 F 65,000.00 ZZ
360 64,910.23 1
708 WEST 107TH STREET 7.875 471.30 50
7.625 471.30 130,000.00
LOS ANGELES CA 90044 5 06/24/99 00
TO BE ASSIGNED 05 08/01/99 0
5557142 N 07/01/29
0
2848746 976/R97 F 53,100.00 ZZ
360 53,048.91 1
13807 HENDRICKS 9.625 451.35 90
9.375 451.35 59,000.00
WARREN MI 48089 1 06/11/99 21
TO BE ASSIGNED 05 08/01/99 25
5691623 N 07/01/29
0
2848773 976/R97 F 43,600.00 ZZ
360 43,542.77 1
22242 ALBANY AVENUE 8.125 323.73 80
7.875 323.73 54,500.00
PORT CHARLOTTE FL 33952 1 06/22/99 00
TO BE ASSIGNED 05 08/01/99 0
5675714 N 07/01/29
0
2848776 976/R97 F 49,000.00 ZZ
360 48,932.32 1
2500 Q STREET NORTHWEST #137 7.875 355.29 73
7.625 355.29 68,000.00
WASHINGTON DC 20007 2 06/14/99 00
TO BE ASSIGNED 01 08/01/99 0
5738517 N 07/01/29
0
1
2848785 976/R97 F 61,500.00 T
360 61,080.23 1
2416 TIROL DRIVE 7.625 435.30 80
7.375 435.30 76,900.00
FRAZIER PARK CA 93225 1 06/01/99 00
TO BE ASSIGNED 03 08/01/99 0
5627783 O 07/01/29
0
2848788 976/R97 F 40,000.00 ZZ
360 39,935.99 1
6772 CHARLES STREET 9.000 321.85 80
8.750 321.85 50,000.00
OMAHA NE 68132 1 06/09/99 00
TO BE ASSIGNED 05 08/01/99 0
5721991 N 07/01/29
0
2848794 976/R97 F 42,400.00 ZZ
360 42,342.91 1
25318 10TH AVENUE 8.000 311.12 80
7.750 311.12 53,000.00
NEWBERRY FL 32669 5 06/11/99 00
TO BE ASSIGNED 05 08/01/99 0
5593921 N 07/01/29
0
2848796 976/R97 F 164,200.00 ZZ
360 164,019.92 1
12201 STEEPLECHASE NW 9.000 1,321.20 90
8.750 1,321.20 182,490.00
PICKERINGTON OH 43147 1 06/23/99 04
TO BE ASSIGNED 05 08/01/99 25
5761036 N 07/01/29
0
2848798 976/R97 F 54,000.00 ZZ
360 53,937.63 1
248 RANGER 8.750 424.82 90
8.500 424.82 60,000.00
HAYSVILLE KS 67060 1 06/25/99 11
TO BE ASSIGNED 05 08/01/99 25
5727854 O 07/01/29
0
2848800 976/R97 F 105,000.00 ZZ
360 104,786.27 1
220 HAWTHORNE ST. 7.250 716.29 47
7.000 716.29 227,500.00
1
MALDEN MA 02148 1 07/01/99 00
TO BE ASSIGNED 05 08/01/99 0
7533702 O 07/01/29
0
2848803 976/R97 F 49,500.00 ZZ
360 49,452.37 1
302 B STREET 9.625 420.75 90
9.375 420.75 55,000.00
BELTON MO 64012 1 06/24/99 11
TO BE ASSIGNED 05 08/01/99 25
5727281 N 07/01/29
0
2848809 976/R97 F 55,500.00 ZZ
360 55,430.74 1
5199 NW 7 ST UNIT 310E 8.375 421.85 75
8.125 421.85 74,000.00
MIAMI FL 33126 5 06/16/99 00
TO BE ASSIGNED 01 08/01/99 0
5735507 O 07/01/29
0
2848818 976/R97 F 105,600.00 T
360 105,471.59 1
8116 WEST GILMORE AVENUE 8.500 811.98 80
8.250 811.98 132,000.00
LAS VEGAS NV 89129 1 06/17/99 00
TO BE ASSIGNED 03 08/01/99 0
5711430 O 07/01/29
0
2848820 976/R97 F 96,000.00 ZZ
360 95,880.24 1
454 RETRAC ROAD 8.375 729.67 80
8.125 729.67 120,280.00
LEXINGTON KY 40503 1 06/22/99 00
TO BE ASSIGNED 05 08/01/99 0
5761647 N 07/01/29
0
2848825 976/R97 F 42,300.00 ZZ
360 42,253.61 1
1810 CARROLL STREET 9.000 340.36 90
8.750 340.36 47,000.00
SOUTH BEND IN 46680 1 06/22/99 11
TO BE ASSIGNED 05 08/01/99 25
5738733 N 07/01/29
0
1
2848830 976/R97 F 93,000.00 ZZ
360 92,874.76 1
3048 S. 105TH AVE 8.000 682.41 76
7.750 682.41 123,000.00
OMAHA NE 68124 1 06/30/99 00
TO BE ASSIGNED 05 08/01/99 0
5727548 O 07/01/29
0
2848833 976/R97 F 63,750.00 ZZ
360 63,544.73 1
8289 HEATHER AVENUE 8.500 490.19 75
8.250 490.19 85,000.00
FONTANA CA 92335 5 04/09/99 00
TO BE ASSIGNED 05 06/01/99 0
5631991 N 05/01/29
0
2848842 976/R97 F 101,250.00 ZZ
360 101,120.42 1
2720 CHOKEBERRY COURT 8.250 760.66 90
8.000 760.66 112,500.00
LAS VEGAS NV 89108 1 06/16/99 10
TO BE ASSIGNED 03 08/01/99 25
5711312 O 07/01/29
0
2848854 976/R97 F 64,000.00 ZZ
360 63,926.09 1
7855 E. GALE AVE. 8.750 503.49 80
8.500 503.49 80,000.00
MESA AZ 85208 5 06/14/99 00
TO BE ASSIGNED 05 08/01/99 0
5674326 N 07/01/29
0
2848856 976/R97 F 53,950.00 ZZ
360 53,848.70 1
5315 COTTAGE AVENUE 8.375 410.06 76
8.125 410.06 71,000.00
SOUTH CHARLESTO WV 25309 5 06/03/99 00
TO BE ASSIGNED 05 07/01/99 0
5734121 N 06/01/29
0
2848857 976/R97 F 72,000.00 ZZ
360 71,916.84 1
1
32 16TH AVENUE NORTHEAST 8.750 566.43 80
8.500 566.43 90,000.00
MINNEAPOLIS MN 55413 5 06/24/99 00
TO BE ASSIGNED 05 08/01/99 0
5721944 N 07/01/29
0
2848862 976/R97 F 54,000.00 ZZ
360 53,937.63 1
1523 E. LINDBERG ST. 8.750 424.82 90
8.500 424.82 60,000.00
SPRINGFIELD MO 65804 1 06/17/99 11
TO BE ASSIGNED 05 08/01/99 25
5727746 N 07/01/29
0
2848863 976/R97 F 54,400.00 ZZ
360 54,238.02 1
4827 WEST NORTHERN AVENUE 8.875 432.84 77
8.625 432.84 71,000.00
GLENDALE AZ 85301 5 06/23/99 00
TO BE ASSIGNED 09 08/01/99 0
5758563 N 07/01/29
0
2848868 976/R97 F 62,000.00 ZZ
360 61,926.53 1
3871 CREST DRIVE 8.625 482.23 79
8.375 482.23 78,900.00
HEPHZIBAH GA 30815 2 06/28/99 00
TO BE ASSIGNED 05 08/01/99 0
5677983 N 07/01/29
0
2848871 976/R97 F 53,000.00 ZZ
360 52,938.78 1
406 PEARL STREET 8.750 416.96 80
8.500 416.96 67,000.00
LITTLE ROCK AR 72205 5 06/30/99 00
TO BE ASSIGNED 05 08/01/99 0
5727823 N 07/01/29
0
2848875 976/R97 F 103,500.00 ZZ
360 103,374.14 1
8251 IDEAL AVENUE SOUTH 8.500 795.83 90
8.250 795.83 115,000.00
COTTAGE GROVE MN 55103 1 07/02/99 10
TO BE ASSIGNED 05 09/01/99 25
1
5774611 O 08/01/29
0
2848881 976/R97 F 44,100.00 ZZ
360 44,002.57 1
1011 FRANKEL ROAD 8.750 346.94 90
8.500 346.94 49,000.00
AIKEN SC 29801 1 06/30/99 11
TO BE ASSIGNED 05 08/01/99 25
5677935 N 07/01/29
0
2848883 976/R97 F 111,200.00 ZZ
360 111,068.21 1
13202 EASLEY DRIVE 8.625 864.91 80
8.375 864.91 139,000.00
MANCHACA TX 78652 1 06/16/99 00
TO BE ASSIGNED 05 08/01/99 0
5753222 N 07/01/29
0
2848884 976/R97 F 92,950.00 ZZ
360 92,839.84 1
25 FLAMING CLIFF 8.625 722.96 80
8.375 722.96 116,198.00
WIMBERLEY TX 78676 1 06/16/99 00
TO BE ASSIGNED 03 08/01/99 0
5753219 N 07/01/29
0
2848886 976/R97 F 117,000.00 ZZ
360 116,864.88 1
51 NORTH CHOUTEAU 8.750 920.44 90
8.500 920.44 130,000.00
BOZEMAN MT 59718 1 06/30/99 10
TO BE ASSIGNED 05 08/01/99 25
5672517 O 07/01/29
0
2848891 976/R97 F 40,000.00 ZZ
360 39,913.50 1
4330 BOULEVARD PLACE 8.750 314.69 80
8.500 314.69 50,000.00
INDIANAPOLIS IN 46208 1 06/18/99 00
TO BE ASSIGNED 05 08/01/99 0
5671373 N 07/01/29
0
1
2848892 976/R97 F 93,600.00 ZZ
360 93,480.21 1
15204 W 122ND STREET 8.250 703.19 80
8.000 703.19 117,000.00
OLATHE KS 66062 1 06/28/99 00
TO BE ASSIGNED 05 08/01/99 0
5413728 O 07/01/29
0
2848893 976/R97 F 54,450.00 T
360 54,417.01 1
7000 140TH AVE. NE 8.500 418.68 90
8.250 418.68 60,500.00
SPICER MN 56288 1 07/01/99 10
TO BE ASSIGNED 05 09/01/99 25
5774820 O 08/01/29
0
2848902 976/R97 F 66,150.00 ZZ
360 66,065.33 1
2717 MORTON LANE S.W. 8.250 496.97 90
8.000 496.97 73,500.00
ALBUQUERQUE NM 87105 1 06/30/99 11
TO BE ASSIGNED 05 08/01/99 25
5681665 N 07/01/29
0
2848903 976/R97 F 224,400.00 ZZ
360 224,264.05 1
20 APPLEGREEN COURT 8.500 1,725.45 70
8.250 1,725.45 320,604.00
AUSTIN TX 78738 1 07/01/99 00
TO BE ASSIGNED 03 09/01/99 0
5753535 O 08/01/29
0
2848906 976/R97 F 47,000.00 ZZ
360 46,935.09 1
8497 RTE 183 7.875 340.79 40
7.625 340.79 120,000.00
BETHEL PA 19507 2 06/03/99 00
TO BE ASSIGNED 05 08/01/99 0
5748404 O 07/01/29
0
2848916 976/R97 F 70,400.00 ZZ
360 70,108.48 1
914 ACOSTA PLAZA #101 8.250 528.90 80
8.000 528.90 88,000.00
1
SALINAS CA 93905 1 06/01/99 00
TO BE ASSIGNED 09 08/01/99 0
5664143 O 07/01/29
0
2848918 976/R97 F 101,700.00 ZZ
360 101,585.53 1
1733 CREEKBEND DRIVE 8.875 809.18 90
8.625 809.18 113,000.00
LEWISVILLE TX 75067 1 06/14/99 11
TO BE ASSIGNED 05 08/01/99 25
5703186 N 07/01/29
0
2848926 976/R97 F 40,800.00 ZZ
360 40,749.10 1
2629 NANDINA DRIVE 8.375 310.11 80
8.125 310.11 51,000.00
PALMDALE CA 93550 1 06/23/99 00
TO BE ASSIGNED 05 08/01/99 0
5604933 N 07/01/29
0
2848927 976/R97 F 40,000.00 ZZ
360 39,950.10 1
1138 WEST AVENUE J-14 8.375 304.03 80
8.125 304.03 50,000.00
LANCASTER CA 93534 1 06/23/99 00
TO BE ASSIGNED 05 08/01/99 0
5604929 N 07/01/29
0
2848928 976/R97 F 48,800.00 ZZ
360 48,739.11 1
3639 CHALLENGER COURT 8.375 370.92 80
8.125 370.92 61,000.00
PALMDALE CA 93550 1 06/09/99 00
TO BE ASSIGNED 05 08/01/99 0
5604986 N 07/01/29
0
2848931 976/R97 F 48,000.00 ZZ
360 46,748.76 1
4934 WEST MORRIS STREET 8.125 356.40 80
7.875 356.40 60,000.00
INDIANAPOLIS IN 46241 1 06/10/99 00
TO BE ASSIGNED 05 08/01/99 0
5739183 O 07/01/29
0
1
2849896 461/461 F 31,000.00 ZZ
360 30,978.66 2
13740 MESQUITE AVENUE 7.875 224.78 47
7.625 224.78 66,000.00
DESERT HOT SPRI CA 92240 2 07/06/99 00
9022932362 05 09/01/99 0
9022932362 N 08/01/29
0
2851308 K08/G02 F 63,250.00 ZZ
360 63,211.68 1
4741 SASHABAW 8.500 486.34 71
8.250 486.34 90,000.00
CLARKSTON MI 48346 2 07/19/99 00
0411384720 05 09/01/99 0
0411384720 N 08/01/29
0
2851968 K08/G02 F 47,700.00 ZZ
360 47,673.95 1
11003 CHALMERS 9.000 383.80 90
8.750 383.80 53,000.00
WARREN MI 48089 1 07/20/99 04
0411431240 05 09/01/99 25
0411431240 N 08/01/29
0
2851989 K08/G02 F 116,000.00 ZZ
360 115,934.97 2
25 MUGGET HILL ROAD 8.875 922.95 80
8.625 922.95 145,000.00
CHARLTON MA 01507 1 07/20/99 00
0411511843 05 09/01/99 0
0411511843 N 08/01/29
0
2852759 K08/G02 F 140,200.00 ZZ
360 140,112.86 1
41 RIDGE ROAD 8.375 1,065.62 75
8.125 1,065.62 187,000.00
MOUNT OLIVE TOW NJ 07828 5 07/16/99 00
0411483357 05 09/01/99 0
0411483357 O 08/01/29
0
2852774 K08/G02 F 40,800.00 ZZ
360 40,776.53 1
1
2322 NICHOLSON STREET SE 8.750 320.97 80
8.500 320.97 51,000.00
WASHINGTON DC 20020 1 07/21/99 00
0411519713 05 09/01/99 0
0411519713 N 08/01/29
0
2854562 K08/G02 F 127,750.00 ZZ
360 127,676.50 1
2560 CROSBY HEROLD ROAD 8.750 1,005.01 60
8.500 1,005.01 213,000.00
LINCOLN CA 95648 5 06/30/99 00
0411500671 05 09/01/99 0
0411500671 O 08/01/29
0
2854568 K08/G02 F 142,400.00 ZZ
360 142,302.00 1
298 WADEBROOK DRIVE 7.875 1,032.50 80
7.625 1,032.50 178,000.00
GALLATIN TN 37066 1 07/22/99 00
0411510803 05 09/01/99 0
0411510803 O 08/01/29
0
2855171 K08/G02 F 132,000.00 ZZ
360 131,915.83 1
9 SANDS POINT ROAD 8.250 991.67 57
8.000 991.67 235,000.00
OCEAN TOWNSHIP NJ 08758 2 07/19/99 00
0411462153 05 09/01/99 0
0411462153 O 08/01/29
0
2855209 K08/G02 F 151,950.00 ZZ
360 151,850.61 1
8914 WEST 75TH WAY 8.125 1,128.22 80
7.875 1,128.22 189,950.00
ARVADA CO 80005 1 07/23/99 00
0411544265 05 09/01/99 0
0411544265 O 08/01/29
0
2855854 K08/G02 F 86,400.00 ZZ
360 86,348.99 1
511 DOCK STREET 8.625 672.01 80
8.375 672.01 108,000.00
UNION BEACH NJ 07735 1 07/26/99 00
0411472384 05 09/01/99 0
1
0411472384 O 08/01/29
0
2855862 K08/G02 F 124,000.00 ZZ
360 123,924.88 1
10017 SW 25 ST 8.500 953.45 80
8.250 953.45 155,000.00
MIAMI FL 33165 1 07/26/99 00
0411507825 05 09/01/99 0
0411507825 O 08/01/29
0
2856613 K08/G02 F 105,200.00 ZZ
360 105,142.54 1
25 LYMAN AVENUE 9.000 846.46 90
8.750 846.46 116,900.00
NORTH PROVIDENC RI 02911 1 07/27/99 10
0411497910 05 09/01/99 25
0411497910 N 08/01/29
0
2856617 K08/G02 F 67,500.00 ZZ
360 67,461.17 1
9679 SW 3RD STREET 8.750 531.02 90
8.500 531.02 75,000.00
BOCA RATON FL 33428 1 07/27/99 10
0411510415 05 09/01/99 25
0411510415 N 08/01/29
0
2856627 K08/G02 F 46,800.00 ZZ
360 46,773.76 2
1035 NW 7 AVE 8.875 372.36 60
8.625 372.36 78,000.00
FORT LAUDERDALE FL 33311 5 07/22/99 00
0411519408 05 09/01/99 0
0411519408 O 08/01/29
0
2856628 K08/G02 F 63,000.00 ZZ
360 62,957.73 1
4131 WEST MONTE VISTA ROAD 8.000 462.27 75
7.750 462.27 84,000.00
PHOENIX AZ 85009 2 07/20/99 00
0411520695 05 09/01/99 0
0411520695 O 08/01/29
0
1
2856629 K08/G02 F 240,000.00 ZZ
360 239,850.83 2
189-23 45TH DRIVE 8.375 1,824.17 67
8.125 1,824.17 360,000.00
FLUSHING NY 11358 5 07/22/99 00
0411522311 05 09/01/99 0
0411522311 O 08/01/29
0
2856637 K08/G02 F 41,400.00 ZZ
360 41,374.92 1
4428 RECTOR AVENUE 8.500 318.33 90
8.250 318.33 46,000.00
FORT WORTH TX 76133 1 07/27/99 04
0411531163 05 09/01/99 25
0411531163 N 08/01/29
0
2856645 K08/G02 F 95,200.00 ZZ
360 95,142.32 1
10113 BRANTLEY BEND 8.500 732.01 80
8.250 732.01 119,000.00
AUSTIN TX 78748 1 07/27/99 00
0411547953 05 09/01/99 0
0411547953 O 08/01/29
0
2856686 E82/G02 F 55,000.00 ZZ
360 54,965.81 1
2878 SOUTHEAST EAGLE DRIVE 8.375 418.04 69
8.125 418.04 80,000.00
PORT SAINT LUCI FL 34984 1 07/30/99 00
0400218921 05 09/01/99 0
040021892 O 08/01/29
0
2857209 K08/G02 F 44,100.00 ZZ
360 44,074.63 1
319 FREEMAN STREET 8.750 346.93 70
8.500 346.93 63,000.00
MESQUITE TX 75149 5 07/27/99 00
0411439698 05 09/01/99 0
0411439698 N 08/01/29
0
2857214 K08/G02 F 196,000.00 ZZ
360 195,887.24 1
2343 WATTS ROAD 8.750 1,541.93 56
8.500 1,541.93 350,000.00
1
HOUSTON TX 77030 5 07/23/99 00
0411484546 05 09/01/99 0
0411484546 O 08/01/29
0
2857217 K08/G02 F 79,100.00 ZZ
360 79,055.65 1
7865 MAIDEN LANE 8.875 629.36 80
8.625 629.36 99,000.00
FRISCO TX 75035 1 07/28/99 00
0411489123 05 09/01/99 0
0411489123 N 08/01/29
0
2857218 K08/G02 F 151,000.00 ZZ
360 150,903.72 1
19004 216TH AVENUE S.E. 8.250 1,134.41 71
8.000 1,134.41 215,000.00
MAPLE VALLEY WA 98038 5 07/21/99 00
0411492291 05 09/01/99 0
0411492291 O 08/01/29
0
2857219 K08/G02 F 55,800.00 ZZ
360 55,774.65 1
1605 JUNIATA ROAD 9.875 484.54 90
9.625 484.54 62,000.00
AKRON OH 44305 1 07/28/99 04
0411492937 05 09/01/99 25
0411492937 N 08/01/29
0
2857228 K08/G02 F 45,900.00 ZZ
360 45,878.59 2
614 EAST 6TH STREET 9.750 394.35 90
9.500 394.35 51,000.00
PLAINFIELD NJ 07060 1 07/28/99 04
0411508906 05 09/01/99 25
0411508906 N 08/01/29
0
2857234 K08/G02 F 111,000.00 ZZ
360 110,917.62 1
15876 EAST FLORA PLACE 7.500 776.13 74
7.250 776.13 150,000.00
AURORA CO 80013 2 07/23/99 00
0411516594 05 09/01/99 0
0411516594 O 08/01/29
0
1
2857244 K08/G02 F 192,000.00 ZZ
360 191,877.57 1
3333 ST. FRANCIS DRIVE 8.250 1,442.43 80
8.000 1,442.43 240,000.00
LAKEPORT CA 95453 1 07/23/99 00
0411525306 05 09/01/99 0
0411525306 O 08/01/29
0
2857245 K08/G02 F 80,000.00 ZZ
360 79,944.94 1
4314 ESKEW DRIVE 7.875 580.06 80
7.625 580.06 100,000.00
AUSTIN TX 78749 2 07/28/99 00
0411529050 05 09/01/99 0
0411529050 N 08/01/29
0
2857250 K08/G02 F 75,000.00 ZZ
360 74,947.06 1
9310 CHELSEA DRIVE 7.750 537.31 53
7.500 537.31 142,000.00
MIRAMAR FL 33025 5 07/23/99 00
0411536295 03 09/01/99 0
0411536295 O 08/01/29
0
2858357 K08/G02 F 112,500.00 ZZ
360 112,446.10 2
99 CLIFTON STREET 9.625 956.24 90
9.375 956.24 125,000.00
DORCHESTER MA 02124 1 07/29/99 10
0411502123 05 09/01/99 25
0411502123 N 08/01/29
0
2858366 K08/G02 F 190,800.00 ZZ
360 190,710.98 4
1151-57 SOUTH RARITAN STREET 9.750 1,639.27 90
9.500 1,639.27 212,000.00
DENVER CO 80223 1 07/29/99 01
0411512114 05 09/01/99 25
0411512114 N 08/01/29
0
2858370 K08/G02 F 91,000.00 ZZ
360 90,951.57 1
1
1216 HASKELL STREET 9.125 740.41 70
8.875 740.41 130,000.00
BERKELEY CA 94702 5 07/22/99 00
0411519929 05 09/01/99 0
0411519929 N 08/01/29
0
2858371 K08/G02 F 107,100.00 ZZ
360 107,039.95 1
1205 HASKELL STREET 8.875 852.14 90
8.625 852.14 119,000.00
BERKELEY CA 94702 1 07/22/99 04
0411520133 05 09/01/99 25
0411520133 N 08/01/29
0
2858376 K08/G02 F 216,000.00 ZZ
360 215,678.04 1
3 SCHUYLER LANE 8.500 1,660.85 80
8.250 1,660.85 270,000.00
CORTLANDT MANOR NY 10567 1 07/29/99 00
0411525959 05 09/01/99 0
0411525959 O 08/01/29
0
2858378 K08/G02 F 143,900.00 ZZ
360 143,810.56 1
23888 CADENZA DRIVE 8.375 1,093.74 80
8.125 1,093.74 179,900.00
MURRIETA CA 92562 1 07/26/99 00
0411527682 05 09/01/99 0
0411527682 O 08/01/29
0
2858382 K08/G02 F 136,000.00 ZZ
360 135,915.47 1
1813 GRAND AVENUE 8.375 1,033.70 80
8.125 1,033.70 170,000.00
GLENWOOD SPRING CO 81601 1 07/29/99 00
0411531197 05 09/01/99 0
0411531197 O 08/01/29
0
2858389 K08/G02 F 228,750.00 ZZ
360 228,634.48 1
2831 HIGHRIDGE ROAD 9.375 1,902.63 75
9.125 1,902.63 305,000.00
LA CRESCENTA AR CA 91214 1 07/26/99 00
0411536873 05 09/01/99 0
1
0411536873 O 08/01/29
0
2858394 K08/G02 F 115,950.00 ZZ
360 115,877.93 1
1708 CAMAS DRIVE 8.375 881.30 80
8.125 881.30 144,990.00
AUSTIN TX 78728 1 07/29/99 00
0411546757 03 09/01/99 0
0411546757 O 08/01/29
0
2858395 K08/G02 F 132,000.00 ZZ
360 131,917.95 1
13210 GRENOBLE DRIVE 8.375 1,003.30 80
8.125 1,003.30 165,000.00
ROCKVILLE MD 20853 1 07/29/99 00
0411547813 05 09/01/99 0
0411547813 O 08/01/29
0
2858515 664/G02 F 147,000.00 ZZ
360 146,910.94 3
3630 W SHAKESPEARE 8.500 1,130.31 90
8.250 1,130.31 165,000.00
CHICAGO IL 60641 2 07/21/99 11
0431402221 05 09/01/99 25
0003202199 O 08/01/29
0
2858653 765/G02 F 134,100.00 ZZ
360 133,866.83 1
19901 HATTON STREET 8.750 1,054.97 90
8.500 1,054.97 149,000.00
CANOGA PARK CA 91306 1 05/18/99 14
0431410232 05 07/01/99 25
345573 N 06/01/29
0
2858947 976/R97 F 131,300.00 ZZ
360 131,222.48 1
710 HUNTER PLACE 8.625 1,021.24 55
8.375 1,021.24 242,297.00
FOLSOM CA 95630 1 07/14/99 00
TO BE ASSIGNED 03 09/01/99 0
5664704 N 08/01/29
0
1
2858948 976/R97 F 130,000.00 ZZ
360 129,910.53 1
1867 KAAHELE PLACE 7.875 942.60 76
7.625 942.60 173,000.00
KIHEI HI 96753 2 07/06/99 00
TO BE ASSIGNED 05 09/01/99 0
5722791 O 08/01/29
0
2858949 976/R97 F 67,500.00 ZZ
360 67,413.61 1
27274 WELLS LANE 8.250 507.11 75
8.000 507.11 90,050.00
CONROE TX 77385 1 06/18/99 00
TO BE ASSIGNED 05 08/01/99 0
5733407 O 07/01/29
0
2858951 976/R97 F 54,000.00 ZZ
360 53,940.78 3
4907 KNOX STREET 9.000 434.50 75
8.750 434.50 72,000.00
PHILA PA 19144 5 06/23/99 00
TO BE ASSIGNED 07 08/01/99 0
5559977 N 07/01/29
0
2858953 976/R97 F 67,500.00 ZZ
360 67,458.04 1
1410 42ND STREET 8.375 513.05 75
8.125 513.05 90,000.00
WILMINGTON NC 28403 5 07/20/99 00
TO BE ASSIGNED 05 09/01/99 0
5743106 N 08/01/29
0
2858955 976/R97 F 209,700.00 ZZ
360 209,562.82 1
909 APPLEWILDE DRIVE 8.125 1,557.02 80
7.875 1,557.02 262,155.00
SAN MARCOS CA 92069 1 07/02/99 00
TO BE ASSIGNED 05 09/01/99 0
5797676 O 08/01/29
0
2858956 976/R97 F 67,500.00 ZZ
360 67,465.00 1
3109 HOPKINS ROAD 9.250 555.31 90
9.000 555.31 75,000.00
1
POWDER SPRINGS GA 30127 1 07/09/99 11
TO BE ASSIGNED 05 09/01/99 25
5762773 N 08/01/29
0
2858957 976/R97 F 45,500.00 ZZ
360 45,452.64 1
2247 SECOND AVENUE 9.250 374.32 90
9.000 374.32 50,600.00
MORROW GA 30260 1 06/29/99 01
TO BE ASSIGNED 05 08/01/99 25
5653547 N 07/01/29
0
2858958 976/R97 F 112,000.00 ZZ
360 111,924.85 3
1357 1359 & 1359 1/2 E. 47TH 8.000 821.82 59
7.750 821.82 190,000.00
LOS ANGELES CA 90011 5 07/14/99 00
TO BE ASSIGNED 05 09/01/99 0
5557834 N 08/01/29
0
2858959 976/R97 F 130,500.00 ZZ
360 130,353.14 4
15864 S. SUNDERLAND 8.875 1,038.32 90
8.625 1,038.32 145,000.00
BATON ROUGE LA 70816 1 06/30/99 11
TO BE ASSIGNED 05 08/01/99 25
7540259 N 07/01/29
0
2858961 976/R97 F 159,300.00 ZZ
360 159,198.42 1
1200 WIND RIDGE DRIVE 8.250 1,196.77 90
8.000 1,196.77 177,000.00
EL PASO TX 79912 1 07/14/99 11
TO BE ASSIGNED 05 09/01/99 25
5703578 O 08/01/29
0
2858962 976/R97 F 71,900.00 ZZ
360 71,773.11 1
4045 FIRST STREET 7.250 490.49 80
7.000 490.49 89,900.00
CHESAPEAKE BEAC MD 20732 1 07/02/99 00
TO BE ASSIGNED 05 08/01/99 0
5571875 O 07/01/29
0
1
2858963 976/R97 F 120,000.00 ZZ
360 119,932.72 2
14 WEST OVERLOOK AVE 8.875 954.78 80
8.625 954.78 150,000.00
NORTH HALEDON NJ 07508 1 07/12/99 00
TO BE ASSIGNED 05 09/01/99 0
5559896 N 08/01/29
0
2858965 976/R97 F 123,750.00 ZZ
360 123,662.65 1
R.R. 2 BOX 144 7.750 886.57 75
7.500 886.57 165,000.00
LADOGA IN 47954 5 07/09/99 00
TO BE ASSIGNED 05 09/01/99 0
5782349 O 08/01/29
0
2858966 976/R97 F 200,000.00 ZZ
360 199,730.71 1
7609 BAKER COURT 8.000 1,467.53 80
7.750 1,467.53 250,000.00
DARIEN IL 60561 1 06/11/99 00
TO BE ASSIGNED 05 08/01/99 0
5728754 O 07/01/29
0
2858967 976/R97 F 165,000.00 ZZ
360 164,883.53 1
1932 EDWARDSON CIRCLE 7.750 1,182.09 63
7.500 1,182.09 265,000.00
PLACENTIA CA 92870 1 07/01/99 00
TO BE ASSIGNED 05 09/01/99 0
5754907 O 08/01/29
0
2858968 976/R97 F 143,000.00 ZZ
360 142,927.78 3
7400 PLAINFIELD ROAD 9.375 1,189.41 75
9.125 1,189.41 191,000.00
CINCINNATI OH 45236 2 07/23/99 00
TO BE ASSIGNED 05 09/01/99 0
5761113 N 08/01/29
0
2858969 976/R97 F 133,200.00 ZZ
360 133,042.15 4
1
5710 NORTH AUTUMN RIDGE 8.625 1,036.02 90
8.375 1,036.02 148,000.00
PEORIA IL 61615 1 06/25/99 10
TO BE ASSIGNED 05 08/01/99 25
5687475 O 07/01/29
0
2858974 976/R97 F 40,000.00 ZZ
360 39,958.34 1
719 EAST 72ND STREET 9.250 329.08 80
9.000 329.08 50,000.00
KANSAS CITY MO 64131 1 07/01/99 00
TO BE ASSIGNED 05 08/01/99 0
5707028 N 07/01/29
0
2858975 976/R97 F 92,800.00 ZZ
360 92,616.64 1
20 VALLEY TRAIL 8.125 689.04 79
7.875 689.04 117,500.00
EDGEWOOD NM 87015 1 05/03/99 00
TO BE ASSIGNED 05 07/01/99 0
5598919 N 06/01/29
0
2858977 976/R97 F 146,250.00 ZZ
360 146,149.35 1
2424 OLD RIDGEWAY ROAD 7.875 1,060.42 75
7.625 1,060.42 195,000.00
BREMEN GA 30113 2 07/09/99 00
TO BE ASSIGNED 05 09/01/99 0
5717290 O 08/01/29
0
2858979 976/R97 F 116,500.00 ZZ
360 116,425.71 1
4431 EAST ORCHARD LANE 8.250 875.23 78
8.000 875.23 150,000.00
PORT ORCHARD WA 98366 2 07/09/99 00
TO BE ASSIGNED 05 09/01/99 0
5751179 O 08/01/29
0
2858980 976/R97 F 138,000.00 ZZ
360 137,924.62 2
128 SOUTH PINE AVE. 9.000 1,110.38 73
8.750 1,110.38 190,000.00
SOUTH AMBOY NJ 08879 2 07/19/99 00
TO BE ASSIGNED 05 09/01/99 0
1
5768130 N 08/01/29
0
2858981 976/R97 F 158,000.00 ZZ
360 157,913.69 2
64 WASHINGTON AVE. 9.000 1,271.31 79
8.750 1,271.31 200,000.00
EAST BRUNSWICK NJ 08816 2 07/19/99 00
TO BE ASSIGNED 05 09/01/99 0
5768131 N 08/01/29
0
2858982 976/R97 F 225,000.00 ZZ
360 224,841.19 1
7105 EAST HURLBUT 7.750 1,611.93 69
7.500 1,611.93 327,000.00
SEBASTOPOL CA 95472 5 07/07/99 00
TO BE ASSIGNED 05 09/01/99 0
5577871 O 08/01/29
0
2858985 976/R97 F 53,600.00 ZZ
360 53,569.15 1
220 EAST 7TH STREET 8.750 421.68 80
8.500 421.68 67,000.00
LOCKPORT IL 60441 1 07/02/99 00
TO BE ASSIGNED 05 09/01/99 0
5771951 O 08/01/29
0
2858986 976/R97 F 206,000.00 ZZ
360 205,875.20 1
74 BROOKSIDE DRIVE 8.500 1,583.97 75
8.250 1,583.97 275,000.00
FAIRFIELD CT 06430 5 07/16/99 00
TO BE ASSIGNED 05 09/01/99 0
5705622 O 08/01/29
0
2858987 976/R97 F 158,000.00 ZZ
360 157,899.24 1
57 DIX HILLS ROAD 8.250 1,187.01 66
8.000 1,187.01 240,000.00
HUNTINGTON NY 11743 2 07/19/99 00
TO BE ASSIGNED 05 09/01/99 0
5441716 O 08/01/29
0
1
2858990 976/R97 F 220,000.00 ZZ
360 219,859.71 1
5713 SALISBURY DRIVE 8.250 1,652.79 79
8.000 1,652.79 280,000.00
ROANOKE VA 24018 1 07/13/99 00
TO BE ASSIGNED 03 09/01/99 0
5757194 O 08/01/29
0
2858992 976/R97 F 40,000.00 ZZ
360 39,975.14 1
611 MAISH AVENUE 8.375 304.03 60
8.125 304.03 67,000.00
DES MOINES IA 50315 1 07/15/99 00
TO BE ASSIGNED 05 09/01/99 0
5774734 O 08/01/29
0
2858993 976/R97 F 107,200.00 ZZ
240 107,034.33 1
1567 BEVERLY 8.750 947.34 80
8.500 947.34 134,000.00
MADISON HEIGHTS MI 48071 1 07/16/99 00
TO BE ASSIGNED 05 09/01/99 0
5612890 N 08/01/19
0
2858998 976/R97 F 88,500.00 ZZ
360 88,450.38 1
101 JACOBS COURT 8.875 704.15 84
8.625 704.15 106,000.00
CLAYTON NC 27520 2 07/09/99 04
TO BE ASSIGNED 05 09/01/99 25
5743063 N 08/01/29
0
2859000 976/R97 F 54,400.00 ZZ
360 54,333.85 1
8129 WESTMINISTER 8.500 418.29 80
8.250 418.29 68,000.00
WARREN MI 48089 1 06/30/99 00
TO BE ASSIGNED 05 08/01/99 0
5612800 O 07/01/29
0
2859001 976/R97 F 44,400.00 ZZ
360 44,375.74 1
7227 CHALMERS 9.000 357.26 80
8.750 357.26 55,500.00
1
WARREN MI 48089 1 07/13/99 00
TO BE ASSIGNED 05 09/01/99 0
5612947 N 08/01/29
0
2859002 976/R97 F 125,000.00 ZZ
360 124,909.52 1
20707 WILDER AVENUE 7.625 884.75 69
7.375 884.75 182,000.00
LAKEWOOD CA 90715 5 07/01/99 00
TO BE ASSIGNED 05 09/01/99 0
5797522 O 08/01/29
0
2859003 976/R97 F 119,200.00 ZZ
360 119,136.56 1
27 KITSY LANE 9.125 969.86 80
8.875 969.86 149,000.00
HYANNIS MA 02601 1 07/12/99 00
TO BE ASSIGNED 05 09/01/99 0
5632758 N 08/01/29
0
2859004 976/R97 F 185,000.00 ZZ
360 183,687.07 1
3585 DURHAM CIRCLE 8.000 1,357.47 79
7.750 1,357.47 235,000.00
OCEANSIDE CA 92056 2 07/12/99 00
TO BE ASSIGNED 05 09/01/99 0
5797797 O 08/01/29
0
2859005 976/R97 F 66,750.00 ZZ
360 66,712.57 1
6818 SHADYMEADOW DRIVE 8.875 531.10 75
8.625 531.10 89,000.00
DALLAS TX 75232 5 07/14/99 00
TO BE ASSIGNED 05 09/01/99 0
5703328 N 08/01/29
0
2859006 976/R97 F 116,450.00 ZZ
360 116,375.73 1
71 ABELLS ROAD 8.250 874.86 85
8.000 874.86 137,000.00
WEST YARMOUTH MA 02673 1 07/09/99 11
TO BE ASSIGNED 05 09/01/99 12
5787806 O 08/01/29
0
1
2859007 976/R97 F 81,600.00 ZZ
360 81,550.56 1
309 COMMONS DRIVE 8.500 627.44 80
8.250 627.44 102,000.00
HOLLY SPRINGS NC 27540 2 07/16/99 00
TO BE ASSIGNED 03 09/01/99 0
5743122 N 08/01/29
0
2859012 976/R97 F 67,600.00 ZZ
360 67,561.11 1
3259 MULBERRY DRIVE 8.750 531.81 80
8.500 531.81 84,500.00
CLEARWATER FL 33761 1 07/19/99 00
TO BE ASSIGNED 05 09/01/99 0
5763712 N 08/01/29
0
2859014 976/R97 F 107,200.00 ZZ
360 107,129.87 1
2132 BASKET LANE 8.125 795.96 80
7.875 795.96 134,000.00
COPPEROPOLIS CA 95228 1 07/02/99 00
TO BE ASSIGNED 03 09/01/99 0
5739363 O 08/01/29
0
2859015 976/R97 F 115,200.00 T
360 115,120.71 1
15252 NORTH 100TH ST. #2134 7.875 835.29 80
7.625 835.29 144,000.00
SCOTTSDALE AZ 85260 1 07/07/99 00
TO BE ASSIGNED 01 09/01/99 0
5758712 O 08/01/29
0
2859016 976/R97 F 128,400.00 ZZ
360 128,313.84 1
2888 QUINCY DR 8.000 942.16 80
7.750 942.16 160,500.00
TROY MI 48098 1 07/12/99 00
TO BE ASSIGNED 05 09/01/99 0
5737065 O 08/01/29
0
2859018 976/R97 F 45,000.00 ZZ
360 44,977.27 1
1
604 WEST CONANT STREET 9.375 374.29 90
9.125 374.29 50,000.00
PORTAGE WI 53901 1 07/15/99 04
TO BE ASSIGNED 05 09/01/99 25
5726867 N 08/01/29
0
2859019 976/R97 F 69,700.00 ZZ
360 69,659.89 2
1456 &1458 BROOK MEADOW CIRCLE 8.750 548.34 75
8.500 548.34 93,000.00
LANCASTER TX 75134 5 07/02/99 00
TO BE ASSIGNED 05 09/01/99 0
5703221 N 08/01/29
0
2859021 976/R97 F 52,000.00 ZZ
360 51,970.84 1
813 GARFIELD 8.875 413.74 80
8.625 413.74 65,000.00
LAWRENCE KS 66044 1 07/15/99 00
TO BE ASSIGNED 05 09/01/99 0
5413780 N 08/01/29
0
2859023 976/R97 F 104,000.00 ZZ
360 103,928.42 1
2211 WILLOW CREEK 7.875 754.08 80
7.625 754.08 130,000.00
LAWRENCE KS 66049 1 07/19/99 00
TO BE ASSIGNED 05 09/01/99 0
5413736 O 08/01/29
0
2859024 976/R97 F 99,600.00 ZZ
360 99,316.07 1
2140 BALLENGER CREEK PIKE 7.750 713.55 80
7.500 713.55 124,500.00
POINT OF ROCKS MD 21777 1 04/28/99 00
TO BE ASSIGNED 05 06/01/99 0
5725391 O 05/01/29
0
2859025 976/R97 F 60,800.00 ZZ
360 60,765.01 1
9524 EAST CASPER CIRCLE 8.750 478.32 80
8.500 478.32 76,000.00
MESA AZ 85207 5 07/13/99 00
TO BE ASSIGNED 05 09/01/99 0
1
5758536 N 08/01/29
0
2859026 976/R97 F 48,800.00 ZZ
360 48,774.02 1
256 COVERLY ROAD 9.125 397.06 80
8.875 397.06 61,000.00
UPPER DARBY PA 19082 5 07/09/99 00
TO BE ASSIGNED 05 09/01/99 0
5777294 N 08/01/29
0
2859027 976/R97 F 106,500.00 ZZ
360 106,432.09 1
20 NW SUNSET STREET UNIT M3 8.250 800.10 75
8.000 800.10 142,000.00
DEPOE BAY OR 97341 1 07/14/99 00
TO BE ASSIGNED 01 09/01/99 0
5780154 N 08/01/29
0
2859028 976/R97 F 51,000.00 ZZ
360 50,972.85 2
3948-50 SIMS AVENUE 9.125 414.96 75
8.875 414.96 68,000.00
ST. ANN MO 63074 5 07/09/99 00
TO BE ASSIGNED 05 09/01/99 0
5727949 N 08/01/29
0
2859029 976/R97 F 51,000.00 ZZ
360 50,972.14 2
10001 STEPHENS PLACE 9.000 410.36 75
8.750 410.36 68,000.00
ST. ANN MO 63074 5 07/09/99 00
TO BE ASSIGNED 05 09/01/99 0
5727950 N 08/01/29
0
2859030 976/R97 F 51,000.00 ZZ
360 50,972.14 2
3937-39 SIMS AVENUE 9.000 410.36 75
8.750 410.36 68,000.00
ST. ANN MO 63074 5 07/09/99 00
TO BE ASSIGNED 05 09/01/99 0
5727951 N 08/01/29
0
1
2859032 976/R97 F 127,050.00 ZZ
360 126,966.88 1
12105 TULLAMORE COURT #102 8.125 943.35 75
7.875 943.35 169,410.00
BALTIMORE MD 21093 1 07/13/99 00
TO BE ASSIGNED 01 09/01/99 0
5757582 O 08/01/29
0
2859035 976/R97 F 47,600.00 ZZ
360 47,576.58 1
1459 BOULEVARD DRIVE N.E. 9.500 400.25 80
9.250 400.25 59,500.00
ATLANTA GA 30317 1 07/19/99 00
TO BE ASSIGNED 05 09/01/99 0
5762462 N 08/01/29
0
2859036 976/R97 F 121,500.00 ZZ
360 121,422.52 3
101-103 LAKE ST. 8.250 912.79 90
8.000 912.79 135,000.00
STORM LAKE IA 50588 1 07/07/99 11
TO BE ASSIGNED 05 09/01/99 25
5721346 O 08/01/29
0
2859038 976/R97 F 45,000.00 ZZ
360 44,937.83 1
4221 MANX COURT 7.875 326.29 36
7.625 326.29 125,000.00
RIVERSIDE CA 91719 1 06/28/99 00
TO BE ASSIGNED 05 08/01/99 0
5682618 O 07/01/29
0
2859039 976/R97 F 77,300.00 ZZ
360 77,258.86 1
2796 TYLER 9.125 628.94 90
8.875 628.94 85,900.00
BERKLEY MI 48072 1 07/19/99 21
TO BE ASSIGNED 05 09/01/99 25
5613938 N 08/01/29
0
2859040 976/R97 F 47,600.00 ZZ
360 47,568.86 1
1337 RHODE ISLAND 8.125 353.43 80
7.875 353.43 59,500.00
1
LAWRENCE KS 66044 1 07/23/99 00
TO BE ASSIGNED 05 09/01/99 0
5413775 O 08/01/29
0
2859041 976/R97 F 60,400.00 ZZ
360 60,318.67 1
HC 85 BOX 177 8.000 443.20 80
7.750 443.20 75,500.00
BRUNEAU ID 83604 1 06/24/99 00
TO BE ASSIGNED 05 08/01/99 0
5546398 O 07/01/29
0
2859043 976/R97 F 75,200.00 ZZ
360 75,156.73 1
60 JENNY LANE 8.750 591.60 80
8.500 591.60 94,000.00
INDIANAPOLIS IN 46201 2 07/08/99 00
TO BE ASSIGNED 05 09/01/99 0
5782355 O 08/01/29
0
2859044 976/R97 F 62,400.00 ZZ
360 62,361.21 1
158 EAST VALLEY STREET 8.375 474.29 80
8.125 474.29 78,000.00
WILLITS CA 95490 1 07/06/99 00
TO BE ASSIGNED 05 09/01/99 0
5780528 O 08/01/29
0
2859046 976/R97 F 50,000.00 ZZ
360 49,971.22 1
2146 MEADOW COURT 8.750 393.36 39
8.500 393.36 129,000.00
LONGMONT CO 80501 5 07/08/99 00
TO BE ASSIGNED 01 09/01/99 0
5716504 N 08/01/29
0
2859051 976/R97 F 64,500.00 ZZ
360 64,465.67 1
23201 HELEN 9.125 524.80 75
8.875 524.80 86,000.00
SOUTHFIELD MI 48075 5 07/16/99 00
TO BE ASSIGNED 05 09/01/99 0
5612875 N 08/01/29
0
1
2859052 976/R97 F 57,500.00 ZZ
360 57,336.07 1
20761 N.E. 4TH PLACE UNIT 105 7.750 411.94 86
7.500 411.94 67,500.00
MIAMI FL 33179 2 04/08/99 04
TO BE ASSIGNED 01 06/01/99 25
5669304 N 05/01/29
0
2859054 976/R97 F 123,000.00 ZZ
360 122,931.04 1
79 DURHAM ROAD 8.875 978.65 90
8.625 978.65 138,000.00
DEDHAM MA 02026 2 07/09/99 10
TO BE ASSIGNED 05 09/01/99 25
5678269 N 08/01/29
0
2859056 976/R97 F 43,650.00 ZZ
360 43,627.37 2
330 N 23RD AVENUE WEST 9.250 359.10 90
9.000 359.10 48,500.00
DULUTH MN 55806 1 07/14/99 11
TO BE ASSIGNED 05 09/01/99 25
5774896 N 08/01/29
0
2859057 976/R97 F 44,100.00 ZZ
360 44,077.14 2
2901 WEST 3RD STREET 9.250 362.80 90
9.000 362.80 49,000.00
DULUTH MN 55806 1 07/14/99 10
TO BE ASSIGNED 05 09/01/99 25
5774894 N 08/01/29
0
2859058 976/R97 F 41,850.00 ZZ
360 41,828.30 2
3815 WEST 5TH STREET 9.250 344.29 90
9.000 344.29 46,500.00
DULUTH MN 55807 1 07/14/99 10
TO BE ASSIGNED 05 09/01/99 25
5774895 N 08/01/29
0
2859060 976/R97 F 176,000.00 ZZ
360 175,763.02 1
1
20 CURLIN LANE 8.000 1,291.43 80
7.750 1,291.43 220,000.00
SAINT JAMES NY 11780 1 06/07/99 00
TO BE ASSIGNED 05 08/01/99 0
5629774 O 07/01/29
0
2859064 976/R97 F 62,800.00 ZZ
360 62,763.87 1
604 COPELAND STREET 8.750 494.05 69
8.500 494.05 92,000.00
AUSTIN TX 78704 5 07/22/99 00
TO BE ASSIGNED 05 09/01/99 0
5753478 N 08/01/29
0
2859065 976/R97 F 60,000.00 ZZ
360 59,958.70 1
17103 COOPERS DRAW LANE 7.875 435.05 80
7.625 435.05 75,000.00
FRIENDSWOOD TX 77546 1 07/01/99 00
TO BE ASSIGNED 03 09/01/99 0
5657934 O 08/01/29
0
2859066 976/R97 F 45,000.00 ZZ
360 44,974.11 1
4033 LONGHORN DRIVE 8.750 354.02 90
8.500 354.02 50,000.00
SARASOTA FL 34233 1 07/15/99 04
TO BE ASSIGNED 05 09/01/99 25
5763678 N 08/01/29
0
2859068 976/R97 F 77,800.00 ZZ
360 77,751.64 1
N4563 OLD HICKORY ROAD 8.375 591.34 70
8.125 591.34 112,500.00
ONALASKA WI 54650 1 07/19/99 00
TO BE ASSIGNED 05 09/01/99 0
5794062 O 08/01/29
0
2859071 976/R97 F 48,000.00 ZZ
360 47,973.09 1
300 WEST 4TH STREET 8.875 381.91 80
8.625 381.91 60,000.00
HAYSVILLE KS 67060 5 07/20/99 00
TO BE ASSIGNED 05 09/01/99 0
1
5751929 N 08/01/29
0
2859075 976/R97 F 121,500.00 ZZ
360 121,121.94 1
1670 LINDENHALL DRIVE 8.625 945.02 90
8.375 945.02 135,000.00
LOVELAND OH 45140 1 05/04/99 04
TO BE ASSIGNED 05 06/01/99 25
5699791 N 05/01/29
0
2859077 976/R97 F 40,500.00 ZZ
360 40,454.41 1
2012 MCELDERRY ST 8.875 322.24 90
8.625 322.24 45,000.00
BALTIMORE MD 21205 1 07/02/99 04
TO BE ASSIGNED 05 08/01/99 25
5757449 N 07/01/29
0
2859078 976/R97 F 79,900.00 ZZ
360 79,795.11 1
13651 HIGHWAY 10 8.125 593.26 80
7.875 593.26 99,900.00
ELK RIVER MN 55330 1 06/25/99 00
TO BE ASSIGNED 05 08/01/99 0
5776432 O 07/01/29
0
2859079 976/R97 F 182,000.00 ZZ
240 181,705.14 3
35 HURON STREET 8.375 1,565.07 75
8.125 1,565.07 244,000.00
LYNN MA 01904 2 07/09/99 00
TO BE ASSIGNED 05 09/01/99 0
7535369 N 08/01/19
0
2859080 976/R97 F 171,850.00 ZZ
360 171,753.65 1
1300 THE STRAND #114 8.875 1,367.32 70
8.625 1,367.32 245,500.00
HERMOSA BEACH CA 90254 1 07/06/99 00
TO BE ASSIGNED 01 09/01/99 0
5622493 N 08/01/29
0
1
2859082 976/R97 F 76,000.00 ZZ
240 75,624.00 1
1315 QUEEN STREET NW 7.500 612.26 73
7.250 612.26 105,000.00
WASHINGTON DC 20002 2 06/28/99 00
TO BE ASSIGNED 05 08/01/99 0
5757077 O 07/01/19
0
2859084 976/R97 F 112,500.00 ZZ
360 112,304.40 4
333 MCCAUGHAN AVENUE 8.750 885.04 90
8.500 885.04 125,000.00
LONG BEACH MS 39560 1 05/14/99 04
TO BE ASSIGNED 05 07/01/99 25
5626547 N 06/01/29
0
2859085 976/R97 F 43,200.00 ZZ
360 43,178.18 1
3501 NORTH 64TH STREET 9.375 359.32 90
9.125 359.32 48,000.00
SCOTTSDALE AZ 85251 1 07/01/99 11
TO BE ASSIGNED 01 09/01/99 25
5758688 N 08/01/29
0
2859086 976/R97 F 92,790.00 ZZ
360 92,733.78 1
9972 NEVADA AVENUE 8.500 713.48 90
8.250 713.48 103,100.00
PHELAN CA 92371 1 07/06/99 10
TO BE ASSIGNED 05 09/01/99 25
5797632 O 08/01/29
0
2859087 976/R97 F 40,500.00 ZZ
360 40,471.41 1
354 LEE ROAD 300 7.750 290.15 90
7.500 290.15 45,000.00
SMITHS AL 36877 1 07/02/99 04
TO BE ASSIGNED 05 09/01/99 25
5678073 N 08/01/29
0
2859088 976/R97 F 116,000.00 ZZ
360 115,922.16 1
383 EAST VIRGINIA STREET 8.000 851.17 80
7.750 851.17 145,000.00
1
STAYTON OR 97383 1 07/01/99 00
TO BE ASSIGNED 05 09/01/99 0
5688860 O 08/01/29
0
2859089 976/R97 F 232,500.00 ZZ
360 232,355.49 1
4709 WASHBURN AVENUE SOUTH 8.375 1,767.17 75
8.125 1,767.17 310,000.00
MINNEAPOLIS MN 55410 5 07/07/99 00
TO BE ASSIGNED 05 09/01/99 0
5776014 O 08/01/29
0
2859093 976/R97 F 74,250.00 ZZ
360 74,212.50 1
926 RIDGE DR. 9.375 617.58 90
9.125 617.58 82,500.00
WARRENSBURG MO 64093 1 07/16/99 11
TO BE ASSIGNED 05 09/01/99 25
5767455 N 08/01/29
0
2859094 976/R97 F 168,000.00 ZZ
360 167,905.81 1
5909 WALTON ROAD 8.875 1,336.69 80
8.625 1,336.69 210,000.00
BETHESDA MD 20817 1 07/14/99 00
TO BE ASSIGNED 05 09/01/99 0
5800624 N 08/01/29
0
2859095 976/R97 F 87,750.00 ZZ
360 87,702.07 2
572/570 DOWNING STREET 9.000 706.06 90
8.750 706.06 97,500.00
LAWRENCEVILLE GA 30045 1 07/14/99 11
TO BE ASSIGNED 05 09/01/99 25
5653581 N 08/01/29
0
2859099 976/R97 F 77,400.00 ZZ
360 77,303.44 1
3230 LINCOLN WAY 8.375 588.30 90
8.125 588.30 86,000.00
AMES IA 50010 1 07/01/99 04
TO BE ASSIGNED 05 08/01/99 25
5776246 N 07/01/29
0
1
2859102 976/R97 F 150,000.00 ZZ
360 149,909.12 1
5412 LAKE ELMO AVE. N 8.500 1,153.38 59
8.250 1,153.38 255,000.00
LAKE ELMO MN 55042 2 07/08/99 00
TO BE ASSIGNED 05 09/01/99 0
5774803 O 08/01/29
0
2859106 976/R97 F 175,000.00 ZZ
360 174,579.46 1
13 ROGER COURT 7.250 1,193.81 70
7.000 1,193.81 252,000.00
RINGWOOD NJ 07456 1 06/25/99 00
TO BE ASSIGNED 05 08/01/99 0
7531505 O 07/01/29
0
2859109 976/R97 F 72,000.00 ZZ
360 71,956.38 1
1191 PINEDALE DR 8.500 553.62 80
8.250 553.62 90,000.00
SMYRNA GA 30080 5 07/09/99 00
TO BE ASSIGNED 05 09/01/99 0
5735366 N 08/01/29
0
2859110 976/R97 F 76,400.00 ZZ
360 76,358.26 1
15152 ASH STREET 9.000 614.74 90
8.750 614.74 84,900.00
HESPERIA CA 92345 1 07/06/99 21
TO BE ASSIGNED 05 09/01/99 25
5395395 N 08/01/29
0
2859111 976/R97 F 112,000.00 ZZ
360 111,932.14 1
1750 HALFORD AVENUE, #118 8.500 861.19 80
8.250 861.19 140,000.00
SANTA CLARA CA 95051 1 07/01/99 00
TO BE ASSIGNED 01 09/01/99 0
5577998 N 08/01/29
0
2859112 976/R97 F 68,900.00 ZZ
360 68,859.32 1
1
1825 BLOSSOM TRAIL 8.625 535.90 75
8.375 535.90 91,900.00
PLANO TX 75074 1 07/13/99 00
TO BE ASSIGNED 05 09/01/99 0
5703442 O 08/01/29
0
2859115 976/R97 F 41,220.00 ZZ
360 41,198.63 1
120 MILTON STREET 9.250 339.11 90
9.000 339.11 45,800.00
PERSHING IN 47370 1 07/09/99 21
TO BE ASSIGNED 05 09/01/99 25
5782364 N 08/01/29
0
2859116 976/R97 F 47,250.00 ZZ
360 47,134.28 2
507-509 SOUTH COURT STREET 8.500 363.31 90
8.250 363.31 52,500.00
FERGUS FALLS MN 56537 1 05/03/99 04
TO BE ASSIGNED 05 06/01/99 25
5697629 N 05/01/29
0
2859117 976/R97 F 49,500.00 ZZ
360 49,474.33 1
823 ARKANSAS ST 9.250 407.23 90
9.000 407.23 55,000.00
LAWRENCE KS 66044 1 07/08/99 04
TO BE ASSIGNED 05 09/01/99 25
5413757 N 08/01/29
0
2859121 976/R97 F 57,500.00 ZZ
360 57,465.16 1
608 DOROTHY STREET N.E. 8.500 442.13 90
8.250 442.13 63,911.00
ALBUQUERQUE NM 87123 1 07/15/99 10
TO BE ASSIGNED 05 09/01/99 25
5792084 N 08/01/29
0
2859122 976/R97 F 143,500.00 ZZ
360 143,401.24 1
467 LAS BRISAS 7.875 1,040.48 74
7.625 1,040.48 194,000.00
ESCONDIDO CA 92027 1 07/07/99 00
TO BE ASSIGNED 05 09/01/99 0
1
5436291 O 08/01/29
0
2859123 976/R97 F 79,050.00 ZZ
360 79,002.11 1
232 FRANKLIN AVENUE 8.500 607.83 85
8.250 607.83 93,000.00
BERLIN NJ 08009 1 07/21/99 11
TO BE ASSIGNED 05 09/01/99 12
5763097 O 08/01/29
0
2859124 976/R97 F 64,000.00 ZZ
360 63,962.21 1
6000 LANDRY AVENUE N.W. 8.625 497.79 80
8.375 497.79 80,000.00
ALBUQUERQUE NM 87120 5 07/08/99 00
TO BE ASSIGNED 05 09/01/99 0
5681682 N 08/01/29
0
2859125 976/R97 F 100,000.00 ZZ
360 99,925.78 1
10800 GARDEN HIGHWAY 7.500 699.22 31
7.250 699.22 330,000.00
SACRAMENTO CA 95837 1 07/01/99 00
TO BE ASSIGNED 05 09/01/99 0
5621831 O 08/01/29
0
2859128 976/R97 F 128,800.00 ZZ
360 128,709.09 1
290 IDLEWILD DRIVE 7.750 922.74 93
7.500 922.74 139,950.00
LODI CA 95240 1 07/08/99 10
TO BE ASSIGNED 05 09/01/99 25
5411942 O 08/01/29
0
2859129 976/R97 F 175,000.00 ZZ
360 174,893.98 4
113 DANA AVENUE 8.500 1,345.60 67
8.250 1,345.60 265,000.00
HYDE PARK MA 02136 5 07/12/99 00
TO BE ASSIGNED 05 09/01/99 0
5715546 N 08/01/29
0
1
2859130 976/R97 F 74,350.00 ZZ
360 74,252.39 1
6527 437TH STREET 8.125 552.05 75
7.875 552.05 99,162.00
HARRIS MN 55032 5 06/28/99 00
TO BE ASSIGNED 05 08/01/99 0
5682947 N 07/01/29
0
2859135 976/R97 F 123,250.00 ZZ
360 123,165.18 1
37029 S HIGHWAY 213 7.875 893.65 85
7.625 893.65 145,000.00
MT. ANGEL OR 97362 1 07/12/99 10
TO BE ASSIGNED 05 09/01/99 12
5780079 O 08/01/29
0
2859158 976/R18 F 223,750.00 ZZ
360 223,599.87 1
1145 TORRINGTON CIRCLE 8.000 1,641.80 80
7.750 1,641.80 279,742.00
ROCK HILL SC 29732 1 07/28/99 00
TO BE ASSIGNED 05 09/01/99 0
5601697 N 08/01/29
0
2860314 K08/G02 F 65,850.00 ZZ
360 65,817.61 2
2032 YEMANS STREET 9.500 553.70 90
9.250 553.70 73,200.00
HAMTRAMCK MI 48212 1 07/30/99 04
0411339559 05 09/01/99 25
0411339559 N 08/01/29
0
2860322 K08/G02 F 120,000.00 ZZ
360 119,929.15 1
140 PAGE DRIVE 8.625 933.35 46
8.375 933.35 266,000.00
OAKLAND NJ 07436 1 07/30/99 00
0411375934 05 09/01/99 0
0411375934 O 08/01/29
0
2860327 K08/G02 F 83,200.00 ZZ
360 83,146.95 1
447 OAKLEAF DRIVE 8.250 625.05 80
8.000 625.05 104,000.00
1
DUNCANVILLE TX 75137 1 07/30/99 00
0411483951 09 09/01/99 0
0411483951 O 08/01/29
0
2860328 K08/G02 F 180,000.00 ZZ
360 179,913.77 4
377 SANDFORD STREET 9.625 1,529.98 80
9.375 1,529.98 225,000.00
NEW BRUNSWICK NJ 08901 1 07/30/99 00
0411486871 05 09/01/99 0
0411486871 N 08/01/29
0
2860341 K08/G02 F 101,200.00 ZZ
360 101,138.69 1
2119 KENTWOOD DRIVE 8.500 778.14 80
8.250 778.14 126,500.00
LANCASTER PA 17601 1 07/15/99 00
0411510381 05 09/01/99 0
0411510381 O 08/01/29
0
2860346 K08/G02 F 118,000.00 ZZ
360 117,755.95 1
7720 S.W. STEWART STREET 8.875 938.86 80
8.625 938.86 147,500.00
PORTLAND OR 97223 5 07/16/99 00
0411516008 05 09/01/99 0
0411516008 N 08/01/29
0
2860349 K08/G02 F 65,000.00 ZZ
360 64,960.63 1
1216 6TH AVENUE NORTH 8.500 499.79 84
8.250 499.79 78,000.00
GREAT FALLS MT 59401 5 07/23/99 04
0411518038 05 09/01/99 12
0411518038 O 08/01/29
0
2860354 K08/G02 F 101,600.00 ZZ
360 101,530.08 1
4421 BROWNING LANE 7.875 736.67 80
7.625 736.67 127,000.00
GRAND PRAIRIE TX 75052 1 07/30/99 00
0411521560 05 09/01/99 0
0411521560 O 08/01/29
0
1
2860356 K08/G02 F 126,900.00 ZZ
360 126,834.21 3
381 SUMMER STREET 9.250 1,043.98 90
9.000 1,043.98 141,000.00
LYNN MA 01905 1 07/30/99 10
0411522675 05 09/01/99 25
0411522675 N 08/01/29
0
2860366 K08/G02 F 66,800.00 ZZ
360 66,760.57 1
13009 RAMPART STREET 8.625 519.56 80
8.375 519.56 83,500.00
AUSTIN TX 78727 1 07/30/99 00
0411531726 05 09/01/99 0
0411531726 N 08/01/29
0
2860369 K08/G02 F 82,500.00 ZZ
360 82,441.77 1
1075 SIENA OAKS CIRCLE EA 7.750 591.04 46
7.500 591.04 182,500.00
PALM BEACH GARD FL 33410 1 07/30/99 00
0411533805 03 09/01/99 0
0411533805 O 08/01/29
0
2860370 K08/G02 F 149,500.00 ZZ
360 149,404.67 1
925 LAKEBLUFF DRIVE 8.250 1,123.14 80
8.000 1,123.14 186,900.00
LAKE DALLAS TX 75065 1 07/30/99 00
0411533870 05 09/01/99 0
0411533870 O 08/01/29
0
2860377 K08/G02 F 113,600.00 ZZ
360 113,534.64 1
2532 32ND AVENUE NORTH 8.750 893.69 80
8.500 893.69 142,000.00
TEXAS CITY TX 77590 5 07/26/99 00
0411538457 05 09/01/99 0
0411538457 O 08/01/29
0
2860380 K08/G02 F 87,750.00 ZZ
360 87,702.07 2
1
6205 SOFTWIND CIRCLE UNIT A&B 9.000 706.06 90
8.750 706.06 97,500.00
AUSTIN TX 78745 1 07/29/99 04
0411542368 05 09/01/99 25
0411542368 N 08/01/29
0
2860384 K08/G02 F 139,500.00 ZZ
360 139,421.80 2
2308 ARBOR AVENUE 8.875 1,109.92 90
8.625 1,109.92 155,000.00
HOUSTON TX 77004 2 07/30/99 04
0411543424 05 09/01/99 25
0411543424 N 08/01/29
0
2860386 K08/G02 F 135,200.00 ZZ
360 135,126.15 2
2219 HANOVER AVENUE 9.000 1,087.85 80
8.750 1,087.85 169,000.00
RICHMOND VA 23230 1 07/30/99 00
0411544067 05 09/01/99 0
0411544067 O 08/01/29
0
2860387 K08/G02 F 164,400.00 ZZ
360 164,307.83 1
1680 BROAD STREET 8.875 1,308.04 80
8.625 1,308.04 205,500.00
BLOOMFIELD NJ 07003 1 07/30/99 00
0411544174 05 09/01/99 0
0411544174 O 08/01/29
0
2860389 K08/G02 F 120,000.00 ZZ
360 119,390.20 2
601-601 1/2 VERANDA N.W. 9.250 987.21 78
9.000 987.21 155,000.00
ALBUQUERQUE NM 87107 2 07/30/99 00
0411545619 05 09/01/99 0
0411545619 N 08/01/29
0
2860392 K08/G02 F 79,200.00 ZZ
360 79,152.02 1
636 CARLOS JULIO AVENUE 8.500 608.98 80
8.250 608.98 99,000.00
NORTH LAS VEGAS NV 89031 1 07/29/99 00
0411545965 09 09/01/99 0
1
0411545965 N 08/01/29
0
2860393 K08/G02 F 224,000.00 ZZ
360 223,521.12 1
220 TUCEK ROAD 8.750 1,762.21 80
8.500 1,762.21 280,000.00
TAYLOR TX 76574 4 07/30/99 00
0411545973 05 09/01/99 0
0411545973 O 08/01/29
0
2860395 K08/G02 F 97,600.00 ZZ
360 97,540.87 2
601 SOUTH 10TH STREET 8.500 750.46 80
8.250 750.46 122,000.00
LARAMIE WY 82070 1 07/30/99 00
0411548274 05 09/01/99 0
0411548274 O 08/01/29
0
2860396 K08/G02 F 99,000.00 ZZ
360 98,951.30 2
120 GRISTMILL LN 9.500 832.45 90
9.250 832.45 110,000.00
ATHENS IL 62613 1 07/30/99 01
0411551583 05 09/01/99 30
0411551583 N 08/01/29
0
2861447 637/G02 F 168,000.00 ZZ
360 167,895.57 1
48 PARROTT LANE 8.375 1,276.93 80
8.125 1,276.93 210,000.00
BYHALIA MS 38611 5 07/08/99 00
0431404433 05 09/01/99 0
0017516147 O 08/01/29
0
2861449 F19/G02 F 199,200.00 ZZ
360 199,062.91 1
140 BRENNAN STREET 7.875 1,444.34 80
7.625 1,444.34 249,000.00
WATSONVILLE CA 95076 1 07/15/99 00
0431415355 05 09/01/99 0
369488 O 08/01/29
0
1
2861653 E82/G02 F 43,200.00 ZZ
360 43,200.00 1
7899 RINALDO BOULEVARD 9.000 347.60 90
8.750 347.60 48,000.00
CICERO NY 13039 1 08/06/99 04
0400218491 05 10/01/99 25
0400218491 N 09/01/29
0
2863131 074/074 F 180,000.00 ZZ
360 179,731.99 1
935 E SOUTH FORK DRIVE 7.500 1,258.59 80
7.250 1,258.59 225,000.00
PHOENIX AZ 85048 1 06/11/99 00
1203048316 03 08/01/99 0
1203048316 O 07/01/29
0
2863132 074/074 F 108,000.00 ZZ
360 107,850.87 4
3202 N 66TH STREET 7.875 783.07 80
7.625 783.07 135,000.00
SCOTTSDALE AZ 85251 1 06/24/99 00
1214004006 05 08/01/99 0
1214004006 N 07/01/29
0
2863133 074/074 F 108,000.00 ZZ
360 107,850.87 4
3138 N 66TH STREET 7.875 783.07 80
7.625 783.07 135,000.00
SCOTTSDALE AZ 85251 1 06/24/99 00
1214004017 05 08/01/99 0
1214004017 N 07/01/29
0
2863136 074/074 F 128,000.00 ZZ
360 127,831.97 1
870 E CAMINO REAL 8.125 950.40 80
7.875 950.40 160,000.00
BOCA RATON FL 33432 1 06/16/99 00
1301182149 05 08/01/99 0
1301182149 O 07/01/29
0
2863137 074/074 F 109,900.00 ZZ
360 109,776.33 4
201 SW 2 STREET 8.875 874.41 70
8.625 874.41 157,000.00
1
POMPANO BEACH FL 33060 1 06/23/99 00
1302047036 05 08/01/99 0
1302047036 N 07/01/29
0
2863146 074/074 F 92,800.00 ZZ
360 92,740.82 1
3147 BRIDGEVIEW DRIVE 8.250 697.18 80
8.000 697.18 116,000.00
JACKSONVILLE FL 32216 1 07/09/99 00
1351030696 05 09/01/99 0
1351030696 O 08/01/29
0
2863148 074/074 F 90,000.00 ZZ
360 89,890.57 3
320 7TH STREET N 8.500 692.02 80
8.250 692.02 112,500.00
SAFETY HARBOR FL 34695 1 06/18/99 00
1361111590 05 08/01/99 0
1361111590 N 07/01/29
0
2863149 074/074 F 90,000.00 ZZ
360 89,948.22 1
1933 MCKINLEY STREET 8.750 708.03 90
8.500 708.03 100,000.00
CLEARWATER FL 33765 1 07/19/99 11
1384000442 05 09/01/99 25
1384000442 N 08/01/29
0
2863150 074/074 F 48,300.00 ZZ
360 47,598.37 1
2301 E UNIVERSITY DRIVE 7.875 350.21 85
UNIT 138 7.625 350.21 57,000.00
MESA AZ 85213 2 06/21/99 21
1391071054 01 08/01/99 20
1391071054 N 07/01/29
0
2863151 074/074 F 73,600.00 ZZ
360 73,495.77 1
4209 CYPRESS AVENUE 7.750 527.28 80
7.500 527.28 92,000.00
TILLAMOOK OR 97141 1 06/17/99 00
1415000081 05 08/01/99 0
1415000081 O 07/01/29
0
1
2863153 074/074 F 198,000.00 ZZ
360 197,771.33 4
2211 TULIP STREET 8.750 1,557.67 90
8.500 1,557.67 220,000.00
BATON ROUGE LA 70806 1 06/30/99 04
1432017160 05 08/01/99 25
1432017160 N 07/01/29
0
2863163 074/074 F 186,000.00 ZZ
360 185,743.16 1
217 LINKHORN DRIVE 7.875 1,348.63 85
7.625 1,348.63 220,000.00
VIRGINIA BEACH VA 23451 5 06/11/99 10
1507848091 05 08/01/99 25
1507848091 O 07/01/29
0
2863171 074/074 F 55,350.00 ZZ
360 55,284.40 1
870 NORTH 17TH STREET 8.625 430.51 90
8.375 430.51 61,500.00
LAS VEGAS NV 89101 1 06/03/99 10
1512264748 05 08/01/99 25
1512264748 N 07/01/29
0
2863177 074/074 F 122,300.00 ZZ
360 121,984.82 1
11522 MEADOW LANE 8.250 918.80 95
8.000 918.80 128,750.00
STAFFORD TX 77477 1 04/28/99 12
1539012575 09 06/01/99 30
1539012575 O 05/01/29
0
2863179 074/074 F 108,900.00 ZZ
360 108,837.34 4
117119 N ALEXANDER STREET 8.750 856.72 90
8.500 856.72 121,000.00
NEW ORLEANS LA 70119 1 07/16/99 12
1539023323 05 09/01/99 25
1539023323 N 08/01/29
0
2863184 074/074 F 164,800.00 ZZ
360 164,435.77 4
1
709 19TH STREET 7.750 1,180.65 95
7.500 1,180.65 173,500.00
SACRAMENTO CA 95814 1 06/15/99 10
1550072956 05 08/01/99 30
1550072956 O 07/01/29
0
2863185 074/074 F 60,800.00 ZZ
360 60,716.05 1
4435 WEST 6000 NORTH 7.875 440.84 80
7.625 440.84 76,000.00
BEAR RIVER CITY UT 84301 5 06/22/99 00
1552044758 05 08/01/99 0
1552044758 O 07/01/29
0
2863191 074/074 F 100,800.00 ZZ
360 100,664.27 4
9808 ROXANNA DRIVE 8.000 739.64 80
7.750 739.64 126,050.00
AUSTIN TX 78704 1 06/25/99 00
1563287365 05 08/01/99 0
1563287365 N 07/01/29
0
2863193 074/074 F 134,800.00 ZZ
360 134,709.56 4
508510 534536 MAIN 8.000 989.11 75
7.750 989.11 179,750.00
MARTINDALE TX 78655 1 07/06/99 00
1563292398 05 09/01/99 0
1563292398 O 08/01/29
0
2863196 074/074 F 76,500.00 ZZ
360 76,442.63 1
433 N CUNNINGHAM DRIVE 7.750 548.06 83
7.500 548.06 92,500.00
SEYMOUR TN 37865 5 07/01/99 11
1577218553 05 09/01/99 12
1577218553 O 08/01/29
0
2863200 074/074 F 117,000.00 ZZ
360 116,926.99 1
5761 DAISY LANE 8.375 889.29 75
8.125 889.29 156,000.00
FLORENCE MT 59833 5 06/29/99 00
1579117364 05 09/01/99 0
1
1579117364 O 08/01/29
0
2863204 074/074 F 196,800.00 ZZ
360 196,572.71 4
9 PROCTOR STREET 8.750 1,548.23 80
8.500 1,548.23 246,000.00
PEABODY MA 01960 1 06/14/99 00
1580162151 05 08/01/99 0
1580162151 N 07/01/29
0
2863212 074/074 F 167,400.00 ZZ
360 167,191.16 4
927 WESTON COURT 8.375 1,272.37 90
8.125 1,272.37 186,000.00
VANDALIA OH 45377 1 06/15/99 11
1581322650 05 08/01/99 25
1581322650 N 07/01/29
0
2863213 074/074 F 166,250.00 ZZ
360 166,022.93 2
3642 WINCHELL ROAD 8.375 1,263.63 95
8.125 1,263.63 175,000.00
SHAKER HTS OH 44122 1 07/14/99 14
1581327304 05 09/01/99 30
1581327304 O 08/01/29
0
2863229 074/074 F 50,050.00 ZZ
360 49,989.13 1
1506 STARFIRE LANE 8.500 384.85 70
8.250 384.85 71,500.00
OCOEE FL 34761 1 06/30/99 00
1590171320 05 08/01/99 0
1590171320 N 07/01/29
0
2863231 074/074 F 78,200.00 ZZ
360 78,152.62 1
2751 WENTWORTH PLACE 8.500 601.30 85
8.250 601.30 92,000.00
COCOA FL 32926 5 07/09/99 11
1590171680 03 09/01/99 12
1590171680 O 08/01/29
0
1
2863243 074/074 F 167,900.00 ZZ
360 167,795.64 3
8046 S LANGLEY AVENUE 8.375 1,276.16 80
8.125 1,276.16 212,000.00
CHICAGO IL 60619 5 06/30/99 00
1625026405 05 09/01/99 0
1625026405 O 08/01/29
0
2863246 074/074 F 71,700.00 ZZ
360 71,601.00 4
1153 CENTRAL AVENUE 7.875 519.87 95
7.625 519.87 75,500.00
ST. PAUL MN 55104 1 06/16/99 11
1664118671 05 08/01/99 30
1664118671 O 07/01/29
0
2863247 074/074 F 152,000.00 ZZ
360 151,895.39 1
132 CITY VIEW BLVD 7.875 1,102.11 79
7.625 1,102.11 193,220.00
WESTFIELD MA 01085 1 07/16/99 00
1813125946 05 09/01/99 0
1813125946 O 08/01/29
0
2863251 074/074 F 147,100.00 ZZ
360 146,930.11 3
83 83 1/2 BLOSSOM S 8.750 1,157.24 95
8.500 1,157.24 154,900.00
NASHUA NH 03060 1 06/30/99 04
1815063828 05 08/01/99 30
1815063828 O 07/01/29
0
2863551 076/076 F 50,100.00 ZZ
360 49,985.81 1
1105 N HELFRICH AVE 7.750 358.93 70
7.500 358.93 72,000.00
EVANSVILLE IN 47720 2 06/04/99 00
0154851 05 08/01/99 0
0154851 O 07/01/29
0
2863552 076/076 F 71,200.00 ZZ
360 71,088.58 3
23 JEFFERSON ST 7.250 485.71 80
7.000 485.71 89,000.00
1
WORCESTER MA 01604 1 06/18/99 00
0821927 05 08/01/99 0
0821927 N 07/01/29
0
2863553 076/076 F 100,000.00 ZZ
360 99,786.87 1
78 POPPLE SWAMP ROAD 7.750 716.42 42
7.500 716.42 240,000.00
CORNWALL CT 06754 5 05/13/99 00
0838903 05 07/01/99 0
0838903 O 06/01/29
0
2863554 076/076 F 236,550.00 ZZ
360 234,864.75 1
7418 QUAIL RIDGE LN 7.000 1,573.77 95
6.750 1,573.77 249,000.00
BOWIE MD 20720 2 12/23/98 11
1022890 05 02/01/99 30
1022890 O 01/01/29
0
2863555 076/076 F 101,500.00 ZZ
360 100,790.42 1
321 SPRINGSIDE 7.500 709.71 70
7.250 709.71 145,000.00
CRESTVIEW HILLS KY 41017 1 05/19/99 00
1127615 03 07/01/99 0
1127615 O 06/01/29
0
2863556 076/076 F 123,200.00 ZZ
360 122,793.64 1
138 CLEMENT DR 7.750 882.62 80
7.500 882.62 154,000.00
WIRTZ VA 24184 1 06/04/99 00
1215555 05 07/01/99 0
1215555 O 06/01/29
0
2863557 076/076 F 66,180.00 ZZ
360 65,885.25 1
941 SUNNYSIDE DR 6.875 434.76 60
6.625 434.76 110,300.00
VIRGINIA BEACH VA 23464 5 05/19/99 00
1217843 05 07/01/99 0
1217843 N 06/01/29
0
1
2863558 076/076 F 144,000.00 ZZ
360 143,810.96 1
1694 CITATION DR 8.125 1,069.20 80
7.875 1,069.20 180,000.00
PITTSBURGH PA 15129 2 06/07/99 00
1226088 05 08/01/99 0
1226088 O 07/01/29
0
2863561 076/076 F 151,450.00 ZZ
360 151,256.19 1
3920 SAN JUAN CIRCLE 8.250 1,137.79 78
8.000 1,137.79 196,000.00
LINCOLN NE 68516 1 06/17/99 00
1418343 05 08/01/99 0
1418343 O 07/01/29
0
2863562 076/076 F 105,600.00 ZZ
360 105,357.44 1
2352 CARINGA WAY 7.375 729.36 80
7.125 729.36 132,000.00
CARLSBAD CA 92009 1 05/27/99 00
1449037 01 07/01/99 0
1449037 O 06/01/29
0
2863563 076/076 F 200,000.00 ZZ
360 199,723.82 1
121 VINE ST 7.875 1,450.14 62
7.625 1,450.14 326,000.00
SEATTLE WA 98121 1 06/01/99 00
1467918 06 08/01/99 0
1467918 O 07/01/29
0
2863565 076/076 F 80,000.00 ZZ
360 79,892.29 2
55-57 RANGER RD 8.000 587.01 80
7.750 587.01 101,000.00
NORTH KINGSTOWN RI 02852 1 06/29/99 00
1733134 05 08/01/99 0
1733134 N 07/01/29
0
2863566 076/076 F 54,900.00 ZZ
360 54,788.74 1
1
1909 BOSTON AVE 8.000 402.84 85
7.750 402.84 65,000.00
LUBBOCK TX 79410 1 05/14/99 12
1743615 05 07/01/99 25
1743615 N 06/01/29
0
2863568 076/076 F 171,200.00 ZZ
360 170,925.40 1
409 AMICALOLA TRACE 8.000 1,256.21 80
7.750 1,256.21 214,000.00
JONESBORO GA 30236 1 06/10/99 00
1822752 03 08/01/99 0
1822752 O 07/01/29
0
2863569 076/076 F 64,000.00 ZZ
360 63,911.63 1
604 BRIDGEWOOD DR 7.875 464.04 80
7.625 464.04 80,000.00
BOCA RATON FL 33434 1 06/14/99 00
1824188 01 08/01/99 0
1824188 O 07/01/29
0
2863571 076/076 F 67,500.00 ZZ
360 67,404.41 1
5129 GALLOWAY ST 7.750 483.58 81
7.500 483.58 83,500.00
OMAHA NE 68157 1 06/17/99 12
1850834 05 08/01/99 25
1850834 N 07/01/29
0
2863575 076/076 F 76,500.00 ZZ
360 76,344.98 1
1014 33RD AVE 8.000 561.33 88
7.750 561.33 87,000.00
GREELEY CO 80631 1 05/14/99 14
1220395 05 07/01/99 25
1220395 N 06/01/29
0
2863576 076/076 F 75,600.00 ZZ
360 75,384.49 1
405 PIERCE ST 7.750 541.61 90
7.500 541.61 84,000.00
LANSDALE PA 19446 2 04/28/99 10
1822619 05 06/01/99 25
1
1822619 N 05/01/29
0
2863577 076/076 F 152,000.00 ZZ
360 151,691.99 4
1706 SUMMIT ST 8.000 1,115.32 80
7.750 1,115.32 190,000.00
COLUMBUS OH 43201 2 05/27/99 00
1941555 05 07/01/99 0
1941555 N 06/01/29
0
2863578 076/076 F 133,000.00 ZZ
360 132,639.44 1
2512 IOWA AVE 8.000 975.91 90
7.750 975.91 148,000.00
SOUTHGATE CA 91720 2 04/13/99 12
9238367 05 06/01/99 25
9238367 N 05/01/29
0
2863579 076/076 F 61,000.00 ZZ
360 60,899.29 1
32 EHRMAN AVE 9.000 490.82 85
8.750 490.82 72,000.00
CINCINNATI OH 45220 2 06/01/99 12
1859704 05 07/01/99 25
1859704 N 06/01/29
0
2863580 076/076 F 124,000.00 ZZ
360 123,805.95 1
334 LINDER RD 7.250 845.90 70
7.000 845.90 178,000.00
GREENBRIER AR 72058 2 06/14/99 00
1880145 05 08/01/99 0
1880145 O 07/01/29
0
2863584 076/076 F 50,800.00 ZZ
360 50,733.31 1
17 PLEASANTVIEW DR 8.125 377.19 75
7.875 377.19 68,000.00
MILLVILLE NJ 08332 1 06/10/99 00
2268777 05 08/01/99 0
2268777 O 07/01/29
0
1
2863586 076/076 F 156,000.00 ZZ
360 155,755.86 2
1412 HALE ST 7.250 1,064.20 77
7.000 1,064.20 205,000.00
ODENTON MD 21113 2 06/18/99 00
3409797 05 08/01/99 0
3409797 O 07/01/29
0
2863588 076/076 F 55,000.00 ZZ
360 54,918.10 1
406 ROARK RD 7.500 384.57 57
7.250 384.57 98,000.00
BRANSON MO 65616 5 06/24/99 00
4489405 05 08/01/99 0
4489405 O 07/01/29
0
2863589 076/076 F 154,400.00 ZZ
360 154,181.35 1
11750 HAZELTON DR 7.750 1,106.14 78
7.500 1,106.14 198,000.00
RICHMOND VA 23236 1 06/07/99 00
5856300 05 08/01/99 0
5856300 O 07/01/29
0
2863590 076/076 F 30,000.00 ZZ
360 29,934.45 1
8555 W RUSSELL RD 7.625 212.34 33
7.375 212.34 92,000.00
LAS VEGAS NV 89113 1 05/25/99 00
5857809 01 07/01/99 0
5857809 O 06/01/29
0
2863591 076/076 F 205,000.00 ZZ
360 204,694.77 1
1140 HICKORY CREST 7.500 1,433.39 74
7.250 1,433.39 279,000.00
CUMMING GA 30041 1 06/22/99 00
5858054 05 08/01/99 0
5858054 O 07/01/29
0
2863592 076/076 F 172,800.00 ZZ
360 172,522.80 1
3207 QUEENS RD 7.125 1,164.19 80
6.875 1,164.19 217,000.00
1
RALEIGH NC 27612 1 06/15/99 00
5859484 05 08/01/99 0
5859484 O 07/01/29
0
2863594 076/076 F 137,000.00 ZZ
360 136,708.03 1
710 WILSON CORNWELL RD 7.750 981.49 80
7.500 981.49 173,000.00
SHELBY NC 28150 2 05/19/99 00
5863933 05 07/01/99 0
5863933 O 06/01/29
0
2863596 076/076 F 116,000.00 ZZ
360 115,519.92 4
117 W MAIN ST 7.500 811.09 80
7.250 811.09 145,000.00
DALLASTOWN PA 17313 1 05/26/99 00
5960654 05 07/01/99 0
5960654 O 06/01/29
0
2863599 076/076 F 200,000.00 ZZ
360 197,919.13 1
2641 TWIN HARBOR HTS 7.000 1,330.61 77
6.750 1,330.61 260,000.00
COLORADO SPRING CO 80919 1 11/25/98 00
7269217 05 01/01/99 0
7269217 O 12/01/28
0
2863601 076/076 F 73,000.00 ZZ
360 72,836.44 1
73 ROCK HARBOR RD 7.500 510.43 29
7.250 510.43 260,000.00
ORLEANS MA 02653 2 05/17/99 00
7394313 05 07/01/99 0
7394313 O 06/01/29
0
2863602 076/076 F 224,900.00 ZZ
360 224,408.56 1
39 ALEXANDER DR 7.625 1,591.83 73
7.375 1,591.83 310,000.00
YARMOUTHPORT MA 02675 1 05/17/99 00
7394328 05 07/01/99 0
7394328 O 06/01/29
0
1
2863605 076/076 F 55,900.00 ZZ
360 55,774.77 1
102 SEVENTH ST 7.500 390.86 80
7.250 390.86 70,000.00
PROVIDENCE RI 02906 1 05/28/99 00
7396052 05 07/01/99 0
7396052 N 06/01/29
0
2863607 076/076 F 125,600.00 ZZ
360 124,759.36 3
210- 212 FIFTH AVE 7.000 835.62 76
6.750 835.62 167,000.00
PATERSON NJ 07524 2 12/31/98 00
7421702 05 02/01/99 0
7421702 N 01/01/29
0
2863608 076/076 F 176,000.00 ZZ
360 174,823.93 1
105 BITTERSWEET LN 7.625 1,245.72 80
7.375 1,245.72 220,000.00
RANDOLPH MA 02368 1 11/30/98 00
7430084 05 01/01/99 0
7430084 O 12/01/28
0
2863609 076/076 F 225,750.00 ZZ
360 225,280.86 1
5254 W ANGELA DRIVE 7.875 1,636.84 80
7.625 1,636.84 283,000.00
GLENDALE AZ 85308 1 05/03/99 00
7993422 03 07/01/99 0
7993422 O 06/01/29
0
2863610 076/076 F 118,000.00 ZZ
360 117,598.77 1
10 EAST ST 8.000 865.85 71
7.750 865.85 168,000.00
PROVIDENCE RI 02906 1 04/01/99 00
9042809 01 05/01/99 0
9042809 O 04/01/29
0
2863611 076/076 F 59,100.00 ZZ
360 58,823.63 1
1
106 TAM O SHANTER 7.625 418.31 60
7.375 418.31 99,000.00
HOT SPRINGS AR 71913 2 06/07/99 00
9291689 03 08/01/99 0
9291689 O 07/01/29
0
2863613 076/076 F 162,000.00 ZZ
360 161,615.35 1
1 HIGHLAND AVE 7.750 1,160.59 80
7.500 1,160.59 203,000.00
CAMDEN ME 04843 1 06/01/99 00
9683507 05 07/01/99 0
9683507 O 06/01/29
0
2863614 076/076 F 168,800.00 ZZ
360 168,382.46 1
1800 S QUEENS AVE 7.000 1,123.04 80
6.750 1,123.04 211,000.00
SIOUX FALLS SD 57106 1 05/28/99 00
9685840 05 07/01/99 0
9685840 O 06/01/29
0
2863647 K08/G02 F 110,000.00 ZZ
360 110,000.00 2
8410-8412 LULLWATER DRIVE 8.375 836.08 80
8.125 836.08 137,500.00
DALLAS TX 75218 1 08/04/99 00
0411500887 05 10/01/99 0
0411500887 O 09/01/29
0
2863649 K08/G02 F 41,850.00 ZZ
360 41,850.00 1
20912 WALTHAM ROAD 9.500 351.90 90
9.250 351.90 46,500.00
WARREN MI 48089 1 08/04/99 04
0411506181 05 10/01/99 25
0411506181 N 09/01/29
0
2863656 K08/G02 F 160,000.00 ZZ
360 159,897.97 1
680 36TH SREET 8.250 1,202.03 80
8.000 1,202.03 200,000.00
RICHMOND CA 94805 1 07/29/99 00
0411529407 05 09/01/99 0
1
0411529407 O 08/01/29
0
2863660 K08/G02 F 187,000.00 ZZ
360 187,000.00 1
14716 INNSBROOK LN 8.875 1,487.86 78
8.625 1,487.86 240,500.00
BURNSVILLE MN 55306 1 08/04/99 00
0411531205 05 10/01/99 0
0411531205 O 09/01/29
0
2863667 K08/G02 F 48,500.00 ZZ
360 48,473.51 1
533 FIRST CT. 9.000 390.24 75
8.750 390.24 65,000.00
NILES MI 49120 1 08/04/99 00
0411542004 05 09/01/99 0
0411542004 N 08/01/29
0
2863670 K08/G02 F 58,400.00 ZZ
360 58,400.00 1
4650 YORK STREET 9.500 491.06 90
9.250 491.06 64,900.00
DENVER CO 80216 1 08/04/99 04
0411548928 05 10/01/99 25
0411548928 N 09/01/29
0
2863809 K08/G02 F 50,100.00 ZZ
360 50,075.36 1
57 E SHEFFIELD AVENUE 9.500 421.27 80
9.250 421.27 63,000.00
PONTIAC MI 48340 5 08/03/99 00
0411503386 05 09/01/99 0
0411503386 N 08/01/29
0
2863810 K08/G02 F 120,000.00 ZZ
360 120,000.00 1
3161 AIRPORT ROAD 9.750 1,030.99 80
9.500 1,030.99 150,000.00
WATTERFORD MI 48329 5 08/03/99 00
0411503436 05 10/01/99 0
0411503436 N 09/01/29
0
1
2863816 K08/G02 F 70,200.00 ZZ
360 70,200.00 1
393 VALLEY STREET 9.250 577.52 90
9.000 577.52 78,000.00
WILLIMANTIC CT 06030 1 08/03/99 10
0411525512 05 10/01/99 25
0411525512 N 09/01/29
0
2863817 K08/G02 F 236,250.00 ZZ
360 236,110.52 2
9223 4TH AVENUE WEST 8.625 1,837.53 75
8.375 1,837.53 315,000.00
EVERETT WA 98204 1 07/26/99 00
0411528516 05 09/01/99 0
0411528516 N 08/01/29
0
2863818 K08/G02 F 53,250.00 ZZ
360 53,218.56 1
5700 WEST 28TH AVENUE, #2 8.625 414.17 75
8.375 414.17 71,000.00
WHEAT RIDGE CO 80214 5 07/29/99 00
0411528664 01 09/01/99 0
0411528664 O 08/01/29
0
2863820 K08/G02 F 114,350.00 ZZ
360 114,278.93 2
2301 MANZANITA WAY 8.375 869.14 80
8.125 869.14 142,950.00
ANTIOCH CA 94509 1 07/28/99 00
0411537012 05 09/01/99 0
0411537012 N 08/01/29
0
2863823 K08/G02 F 104,600.00 ZZ
360 104,536.64 1
724 WEST 1720 NORTH, UNIT #203 8.500 804.28 80
8.250 804.28 130,800.00
PROVO UT 84604 1 07/30/99 00
0411540065 01 09/01/99 0
0411540065 N 08/01/29
0
2863824 K08/G02 F 131,850.00 ZZ
360 131,770.13 1
15232 FOOTHILL BLVD. 8.500 1,013.81 80
(SYLMAR) UNIT # 145 8.250 1,013.81 164,847.00
1
LOS ANGELES CA 91342 1 07/28/99 00
0411544638 01 09/01/99 0
0411544638 O 08/01/29
0
2863826 K08/G02 F 228,000.00 ZZ
360 227,872.18 1
4107 BRIGHTWOOD DRIVE 8.875 1,814.07 80
8.625 1,814.07 285,000.00
HOUSTON TX 77068 1 08/03/99 00
0411554553 03 09/01/99 0
0411554553 O 08/01/29
0
2863839 K08/G02 F 136,000.00 ZZ
360 135,917.61 1
5372 OLIVE RANCH ROAD 8.500 1,045.72 80
8.250 1,045.72 170,000.00
GRANITE BAY CA 95746 1 07/22/99 00
0411486459 05 09/01/99 0
0411486459 O 08/01/29
0
2863843 K08/G02 F 76,000.00 ZZ
360 75,953.96 1
691 TALAVERA ROAD 8.500 584.37 80
8.250 584.37 95,000.00
WESTON FL 33326 1 08/02/99 00
0411504020 09 09/01/99 0
0411504020 O 08/01/29
0
2863847 K08/G02 F 92,300.00 ZZ
360 92,253.39 1
1054 RIDGEWOOD DRIVE 9.375 767.70 90
9.125 767.70 102,600.00
BOLINGBROOK IL 64440 1 08/02/99 01
0411512056 05 09/01/99 25
0411512056 N 08/01/29
0
2863848 K08/G02 F 50,000.00 ZZ
360 50,000.00 1
85 LAKESIDE DRIVE N. W. 8.625 388.89 50
8.375 388.89 102,000.00
VERNON NJ 07461 5 07/28/99 00
0411513088 05 10/01/99 0
0411513088 O 09/01/29
0
1
2863855 K08/G02 F 50,000.00 ZZ
360 50,000.00 1
8865 CHURCHILL ROAD 9.500 420.43 39
9.250 420.43 130,000.00
RIVES TOWNSHIP MI 49201 5 08/02/99 00
0411531064 05 10/01/99 0
0411531064 N 09/01/29
0
2863861 K08/G02 F 56,000.00 ZZ
360 55,969.41 1
338 DELAWARE ST 9.000 450.59 45
8.750 450.59 125,000.00
DENVER CO 80223 2 08/02/99 00
0411540131 05 09/01/99 0
0411540131 N 08/01/29
0
2863862 K08/G02 F 36,900.00 ZZ
360 36,883.68 1
411 EAST WAYNE STREET 10.000 323.82 90
9.750 323.82 41,000.00
LIMA OH 45801 1 07/31/99 04
0411545650 05 09/01/99 25
0411545650 N 08/01/29
0
2863865 K08/G02 F 132,000.00 ZZ
360 131,922.07 1
8404 OLD BEE CAVES ROAD 8.625 1,026.68 80
8.375 1,026.68 165,000.00
AUSTIN TX 78735 1 07/30/99 00
0411553860 05 09/01/99 0
0411553860 O 08/01/29
0
2864147 E82/G02 F 95,000.00 ZZ
360 95,000.00 1
198 UXBRIDGE DRIVE 8.875 755.86 79
8.625 755.86 121,000.00
CHERRY HILL NJ 08034 5 08/04/99 00
0400218566 01 10/01/99 0
0400218566 O 09/01/29
0
2864249 K08/G02 F 136,000.00 ZZ
360 136,000.00 4
1
2197 PATTON DRIVE 8.500 1,045.72 80
8.250 1,045.72 170,000.00
RENO NV 89502 1 08/03/99 00
0411470834 05 10/01/99 0
0411470834 N 09/01/29
0
2864251 K08/G02 F 60,000.00 ZZ
360 60,000.00 1
649 CORNELL STREET 9.250 493.61 80
9.000 493.61 75,199.00
PERTH AMBOY NJ 08861 1 08/05/99 00
0411492556 05 10/01/99 0
0411492556 O 09/01/29
0
2864261 K08/G02 F 78,400.00 ZZ
360 78,351.27 1
502 WEST 29TH AVENUE 8.375 595.90 80
8.125 595.90 98,000.00
SPOKANE WA 99203 1 07/27/99 00
0411544893 05 09/01/99 0
0411544893 O 08/01/29
0
2864708 601/G02 F 169,400.00 ZZ
360 169,214.23 1
2060 DAY VALLEY RD 9.000 1,363.04 66
8.750 1,363.04 260,000.00
APTOS CA 95003 1 07/17/99 00
0431446772 05 08/01/99 0
60085040 N 07/01/29
0
2864756 765/G02 F 188,000.00 ZZ
360 187,891.83 1
9500-9506 IVES STREET 8.750 1,479.00 80
8.500 1,479.00 235,000.00
BELLFLOWER CA 90706 1 07/20/99 00
0431444769 05 09/01/99 0
348001 N 08/01/29
0
2864781 765/G02 F 50,000.00 ZZ
360 49,971.22 1
515 WEST MINNEZONA AVENUE 8.750 393.36 48
8.500 393.36 105,000.00
PHOENIX AZ 85013 5 07/07/99 00
0431410893 05 09/01/99 0
1
M108300 O 08/01/29
0
2864969 K08/G02 F 67,500.00 ZZ
360 67,464.08 1
290 MARIEALAIN DRIVE 9.125 549.20 75
8.875 549.20 90,000.00
WISCONSIN DELLS WI 53965 5 08/02/99 00
0411438252 05 09/01/99 0
0411438252 O 08/01/29
0
2864977 K08/G02 F 63,750.00 ZZ
360 63,711.38 1
347 TURTLE CREEK ROAD 8.500 490.18 85
8.250 490.18 75,000.00
SYLVA NC 28779 1 08/06/99 04
0411537822 05 09/01/99 20
0411537822 O 08/01/29
0
2864980 K08/G02 F 161,600.00 ZZ
360 161,600.00 1
48 STREET ROAD 8.375 1,228.28 80
8.125 1,228.28 202,000.00
WILLISTOWN TOWN PA 19073 1 08/06/99 00
0411545114 05 10/01/99 0
0411545114 O 09/01/29
0
2865221 950/G02 F 215,950.00 ZZ
360 215,822.50 1
12421 WOODS LAKE ROAD 8.625 1,679.64 80
8.375 1,679.64 269,950.00
MONROE WA 98272 1 07/13/99 00
0431411271 05 09/01/99 0
104990615035 O 08/01/29
0
2865380 736/G02 F 122,500.00 ZZ
360 122,427.68 1
645 MAIN STREET 8.625 952.79 65
8.375 952.79 191,000.00
LAWRENCE TOWNSH NJ 08345 5 07/14/99 00
0431427335 05 09/01/99 0
737502 O 08/01/29
0
1
2865381 736/G02 F 158,550.00 ZZ
360 158,438.10 1
256 GOLD STREET 7.750 1,135.87 70
7.500 1,135.87 226,500.00
SOUTH BOSTON MA 02127 5 07/14/99 00
0431427343 07 09/01/99 0
737630 O 08/01/29
0
2865386 736/G02 F 195,000.00 ZZ
360 194,517.68 1
59 GRANDE VISTA 7.000 1,297.34 68
6.750 1,297.34 287,000.00
NOVATO CA 94947 5 05/04/99 00
0431427434 05 07/01/99 0
740499 O 06/01/29
0
2865423 736/G02 F 128,000.00 ZZ
360 127,918.37 1
7715 MCNULTY AVENUE 8.250 961.63 80
8.000 961.63 160,000.00
LOS ANGELES CA 91304 1 07/21/99 00
0431427871 05 09/01/99 0
922905 O 08/01/29
0
2865429 736/G02 F 148,400.00 ZZ
360 148,310.10 1
278 SAND DOLLAR ROAD 8.500 1,141.07 70
8.250 1,141.07 212,000.00
INDIATLANTIC FL 32903 5 07/23/99 00
0431427939 05 09/01/99 0
923296 O 08/01/29
0
2865444 736/G02 F 90,000.00 ZZ
360 89,939.61 1
2055 SIERRA ROAD #86 8.000 660.39 80
7.750 660.39 112,500.00
CONCORD CA 94518 1 07/22/99 00
0431428101 01 09/01/99 0
927138 O 08/01/29
0
2865445 736/G02 F 162,000.00 ZZ
360 161,894.02 1
1586 HARBOR DRIVE 8.125 1,202.85 80
7.875 1,202.85 202,500.00
1
VISTA CA 92083 1 07/19/99 00
0431428127 09 09/01/99 0
927322 O 08/01/29
0
2865712 K08/G02 F 88,400.00 ZZ
360 88,347.81 1
116 ARTHUR DRIVE 8.625 687.57 71
8.375 687.57 125,000.00
KENNEDALE TX 76060 2 07/30/99 00
0411495492 05 09/01/99 0
0411495492 O 08/01/29
0
2865718 K08/G02 F 116,800.00 ZZ
360 116,800.00 1
1261 ACOMA CIRCLE 9.000 939.80 80
8.750 939.80 146,500.00
SOUTH LAKE TAHO CA 96150 1 08/03/99 00
0411514490 05 10/01/99 0
0411514490 N 09/01/29
0
2865719 K08/G02 F 52,200.00 ZZ
360 52,200.00 1
2727 JOYCE AVENUE 9.750 448.48 90
9.500 448.48 58,000.00
COLUMBUS OH 43211 1 08/09/99 04
0411517006 05 10/01/99 25
0411517006 N 09/01/29
0
2865720 K08/G02 F 105,000.00 ZZ
360 105,000.00 1
3240 HEEB ROAD 8.125 779.62 54
7.875 779.62 196,000.00
MANHATTAN MT 59741 5 08/04/99 00
0411526650 05 10/01/99 0
0411526650 O 09/01/29
0
2865958 736/G02 F 96,200.00 ZZ
360 96,144.65 1
8809 PINE PITCH DRIVE 8.750 756.81 80
8.500 756.81 120,927.00
LAS VEGAS NV 89131 1 07/07/99 01
0431428259 03 09/01/99 12
738221 O 08/01/29
0
1
2865959 736/G02 F 87,300.00 ZZ
360 87,266.23 1
11511 NW 34TH PLACE 10.625 806.74 90
10.375 806.74 97,000.00
SUNRISE FL 33323 1 07/06/99 10
0431428267 05 09/01/99 25
740107 N 08/01/29
0
2866046 638/G02 F 88,000.00 ZZ
360 87,943.89 1
791 SHERMAN STREET 8.250 661.11 80
8.000 661.11 110,000.00
RIDGEWAY CO 81432 1 07/23/99 00
0431418763 05 09/01/99 0
8912662 O 08/01/29
0
2867981 K08/G02 F 133,350.00 ZZ
360 133,350.00 3
2060 BANKS WAY 9.000 1,072.96 80
8.750 1,072.96 166,700.00
COLLEGE PARK GA 30349 1 08/10/99 00
0411510910 05 10/01/99 0
0411510910 N 09/01/29
0
2867983 K08/G02 F 170,000.00 ZZ
360 170,000.00 1
300 CAMPBELL ROAD 8.625 1,322.24 47
8.375 1,322.24 363,000.00
KESWICK VA 22947 5 08/06/99 00
0411517469 05 10/01/99 0
0411517469 O 09/01/29
0
2867987 K08/G02 F 105,000.00 ZZ
360 105,000.00 1
5610 MATALEE AVENUE 8.375 798.08 48
8.125 798.08 221,000.00
DALLAS TX 75206 5 08/03/99 00
0411532211 05 10/01/99 0
0411532211 O 09/01/29
0
2867988 K08/G02 F 117,000.00 ZZ
360 117,000.00 4
1
1832 NW 52ND AVENUE 9.250 962.53 90
9.000 962.53 130,000.00
LAUDERHILL FL 33313 1 08/10/99 10
0411536105 05 10/01/99 25
0411536105 N 09/01/29
0
2867989 K08/G02 F 128,000.00 ZZ
360 128,000.00 1
10370 NORTH WINONA COURT 8.875 1,018.43 55
8.625 1,018.43 232,705.00
WESTMINSTER CO 80030 1 08/10/99 00
0411536337 03 10/01/99 0
0411536337 N 09/01/29
0
2867990 K08/G02 F 70,000.00 ZZ
360 70,000.00 1
505 EAST 49TH STREET 9.500 588.60 60
9.250 588.60 118,000.00
AUSTIN TX 78751 5 08/10/99 00
0411538770 05 10/01/99 0
0411538770 N 09/01/29
0
2867991 K08/G02 F 120,000.00 ZZ
360 120,000.00 1
4459 BALDWIN PARK BLVD. 9.375 998.10 80
9.125 998.10 150,000.00
BALDWIN PARK CA 91706 5 08/02/99 00
0411538978 05 10/01/99 0
0411538978 O 09/01/29
0
2869763 638/G02 F 149,000.00 ZZ
360 148,894.84 1
6126 ELDEBERRY WINE AVENUE 7.750 1,067.45 75
7.500 1,067.45 200,000.00
LAS VEGAS NV 89122 2 07/20/99 00
0431420322 05 09/01/99 0
8909254 O 08/01/29
0
2869859 638/G02 F 185,000.00 ZZ
360 184,878.98 1
5305 LEHIGH STREET 8.125 1,373.62 74
7.875 1,373.62 250,000.00
VENTURA CA 93003 5 07/26/99 00
0431419878 05 09/01/99 0
1
08911338 O 08/01/29
0
2871278 375/G02 F 160,000.00 ZZ
360 159,148.38 1
1825 DELANCEY STREET 8.125 1,188.00 80
#1 7.875 1,188.00 200,000.00
PHILADELPHIA PA 19103 1 04/05/99 00
0431426105 01 05/01/99 0
5810856178 N 04/01/29
0
2871291 375/G02 F 56,050.00 ZZ
360 55,864.19 1
1809 MAGNOLIA DRIVE 8.125 416.17 59
7.875 416.17 95,000.00
ROUND ROCK TX 78664 5 03/26/99 00
0431435429 05 05/01/99 0
5810800523 N 04/01/29
0
2871305 375/G02 F 91,000.00 ZZ
360 89,314.75 2
383 FANTAIL 7.500 636.29 65
A&B 7.250 636.29 140,000.00
AUSTIN TX 78734 2 02/05/99 00
0431426857 05 04/01/99 0
5810718956 N 03/01/29
0
2871327 375/G02 F 100,000.00 ZZ
360 99,236.58 1
8 MARLIN ROAD 7.500 699.22 52
7.250 699.22 195,000.00
EAST QUOGUE NY 11942 2 09/28/98 00
0431425909 05 12/01/98 0
5810391176 O 11/01/28
0
2871337 375/G02 F 187,460.00 ZZ
360 186,377.27 1
6426 E CALLE CAMELIA 7.750 1,342.99 45
7.500 1,342.99 420,000.00
SCOTTSDALE AZ 85251 5 12/09/98 00
0431426170 05 02/01/99 0
5810413277 O 01/01/29
0
1
2871342 375/G02 F 56,050.00 ZZ
360 55,864.19 2
1901 MAGNOLIA DRIVE 8.125 416.17 59
7.875 416.17 95,000.00
ROUND ROCK TX 78664 5 03/26/99 00
0431427004 05 05/01/99 0
5810800549 N 04/01/29
0
2871346 375/G02 F 170,850.00 ZZ
360 170,254.34 1
17141 JACKPINE TRAIL 7.875 1,238.78 80
7.625 1,238.78 213,583.00
LAKEVILLE MN 55044 1 03/29/99 00
0431426204 05 05/01/99 0
5810856731 O 04/01/29
0
2871571 G41/G02 F 210,000.00 ZZ
360 210,000.00 1
1510 BRYANT LANE 8.250 1,577.66 74
8.000 1,577.66 284,000.00
MEADOWBROOK PA 19046 5 08/06/99 00
0431422955 05 10/01/99 0
60002984 O 09/01/29
0
2871908 E82/G02 F 42,300.00 ZZ
360 42,300.00 1
8231 LUCCHESI DRIVE 8.875 336.56 90
8.625 336.56 47,000.00
CLAY NY 13041 1 08/17/99 04
0400218830 05 10/01/99 25
0400218830 N 09/01/29
0
2872003 K08/G02 F 40,000.00 ZZ
360 40,000.00 1
117 EAST ATOL STREET 9.250 329.07 56
9.000 329.07 72,500.00
SOUTH PADRE ISL TX 78597 1 08/03/99 00
0411494834 05 10/01/99 0
0411494834 N 09/01/29
0
2872004 K08/G02 F 40,000.00 ZZ
360 40,000.00 1
128 EAST ATOL STREET 9.250 329.07 56
9.000 329.07 72,500.00
1
SOUTH PADRE ISL TX 78597 1 08/03/99 00
0411495039 05 10/01/99 0
0411495039 N 09/01/29
0
2872006 K08/G02 F 89,550.00 ZZ
360 89,550.00 1
2505 ROCKBRIDGE DRIVE 8.875 712.50 90
8.625 712.50 99,500.00
CARSON CITY NV 89706 1 08/05/99 04
0411517410 05 10/01/99 25
0411517410 N 09/01/29
0
2872009 K08/G02 F 135,000.00 ZZ
360 135,000.00 1
15699 AZURITE DRIVE 9.250 1,110.61 53
9.000 1,110.61 257,000.00
CHINO HILLS CA 91709 1 07/29/99 00
0411539935 03 10/01/99 0
0411539935 N 09/01/29
0
2872010 K08/G02 F 78,000.00 ZZ
360 78,000.00 1
2715-2717 O'REILLY STREET 9.625 662.99 65
9.375 662.99 120,000.00
NEW ORLEANS LA 70119 5 08/06/99 00
0411541188 05 10/01/99 0
0411541188 N 09/01/29
0
2872013 K08/G02 F 192,900.00 ZZ
360 192,900.00 1
27 SUMMIT AVENUE 9.125 1,569.50 78
8.875 1,569.50 250,000.00
BROOKLINE MA 02448 5 08/06/99 00
0411546211 01 10/01/99 0
0411546211 O 09/01/29
0
2872014 K08/G02 F 148,500.00 ZZ
360 148,500.00 2
7901/7909 EAST 14TH AVENUE 9.875 1,289.50 90
9.625 1,289.50 165,000.00
DENVER CO 80220 1 08/11/99 04
0411549777 05 10/01/99 25
0411549777 N 09/01/29
0
1
2872020 K08/G02 F 109,000.00 ZZ
360 109,000.00 1
12211 BOLLENBAUGH HILL ROAD 9.125 886.86 50
8.875 886.86 219,500.00
MONROE WA 98272 1 08/10/99 00
0411556301 05 10/01/99 0
0411556301 N 09/01/29
0
2872030 K08/G02 F 42,900.00 ZZ
360 42,900.00 1
610 W 36 STREET 9.875 372.52 55
9.625 372.52 78,000.00
RIVIERA BEACH FL 33404 5 08/12/99 00
0411533045 05 10/01/99 0
0411533045 N 09/01/29
0
2872032 K08/G02 F 180,000.00 ZZ
360 179,893.73 1
1212 WEST 113TH TERRACE 8.625 1,400.02 75
8.375 1,400.02 240,000.00
KANSAS CITY MO 64114 5 07/29/99 00
0411536329 03 09/01/99 0
0411536329 O 08/01/29
0
2872035 K08/G02 F 130,000.00 ZZ
360 129,919.20 1
3201 NORTH HIGHWAY 26 8.375 988.09 77
8.125 988.09 170,000.00
MADRAS OR 97741 1 07/30/99 00
0411544232 05 09/01/99 0
0411544232 O 08/01/29
0
2872308 562/G02 F 130,000.00 ZZ
360 130,000.00 1
15742 S W 100TH TERRACE 9.250 1,069.48 54
9.000 1,069.48 244,060.00
MIAMI FL 33196 1 08/09/99 00
0431428754 05 10/01/99 0
627026 O 09/01/29
0
2872368 E86/G02 F 180,000.00 ZZ
360 180,000.00 1
1
11 VIEW COURT 8.625 1,400.02 80
8.375 1,400.02 225,000.00
ISLIP TERRACE NY 11782 1 08/13/99 00
0431423235 05 10/01/99 0
43584 O 09/01/29
0
2872731 K08/G02 F 113,100.00 ZZ
360 113,100.00 1
1424 JOHNSON LANE 9.250 930.45 78
9.000 930.45 145,000.00
MINDEN NV 89423 2 08/06/99 00
0411495203 05 10/01/99 0
0411495203 O 09/01/29
0
2872734 K08/G02 F 127,700.00 ZZ
360 127,700.00 1
949 NORTH MUNSON ROAD 7.750 914.86 80
7.500 914.86 159,664.00
ROYSE CITY TX 75189 4 08/13/99 00
0411512544 05 10/01/99 0
0411512544 O 09/01/29
0
2872736 K08/G02 F 71,000.00 ZZ
360 71,000.00 1
2805 SULPHUR SPRINGS ROAD 9.125 577.68 74
8.875 577.68 96,000.00
MORRISTOWN TN 37813 5 08/09/99 00
0411517790 05 10/01/99 0
0411517790 O 09/01/29
0
2872739 K08/G02 F 55,000.00 T
360 55,000.00 1
3827 DESERT MARINA DRIVE 9.500 462.47 50
UNIT #212 9.250 462.47 110,000.00
LAUGHLIN NV 89029 5 08/04/99 00
0411526858 01 10/01/99 0
0411526858 O 09/01/29
0
2872740 K08/G02 F 190,000.00 ZZ
360 190,000.00 1
3555 NYLAND WAY SOUTH 8.250 1,427.41 80
8.000 1,427.41 240,000.00
LAFAYETTE CO 80026 5 08/09/99 00
0411532500 09 10/01/99 0
1
0411532500 O 09/01/29
0
2872741 K08/G02 F 49,500.00 ZZ
360 49,500.00 1
267 S YALE AV 10.250 443.57 90
10.000 443.57 55,000.00
COLUMBUS OH 43223 1 08/13/99 04
0411537723 05 10/01/99 25
0411537723 N 09/01/29
0
2872742 K08/G02 F 239,000.00 ZZ
360 239,000.00 1
5 CROSSON AVENUE 8.750 1,880.21 71
8.500 1,880.21 340,000.00
BAYVILLE NY 11709 5 08/09/99 00
0411539786 05 10/01/99 0
0411539786 O 09/01/29
0
2872747 K08/G02 F 133,500.00 T
360 133,500.00 1
7460 BAY DRIVE 8.750 1,050.25 75
8.500 1,050.25 178,000.00
ELKHORN WI 53121 1 08/13/99 00
0411561178 05 10/01/99 0
0411561178 O 09/01/29
0
2872749 K08/G02 F 100,000.00 ZZ
360 100,000.00 1
2733 230TH COURT NW 9.750 859.15 90
9.500 859.15 111,200.00
ST. FRANCIS MN 55070 1 08/13/99 01
0411568744 09 10/01/99 25
0411568744 N 09/01/29
0
2873705 E82/G02 F 215,000.00 ZZ
360 215,000.00 1
2809 NORTH WOLCOTT, UNIT I 8.875 1,710.64 79
8.625 1,710.64 275,000.00
CHICAGO IL 60657 1 08/18/99 00
0400224424 01 10/01/99 0
0400224424 O 09/01/29
0
1
2873706 E82/G02 F 215,200.00 ZZ
360 215,200.00 1
146 SUGARBERRY 8.250 1,616.73 80
8.000 1,616.73 269,000.00
HOUSTON TX 77024 1 08/18/99 00
0400220208 03 10/01/99 0
0400220208 N 09/01/29
0
2874409 K08/G02 F 34,250.00 ZZ
360 34,233.16 1
2724 COOK AVENUE 9.500 287.99 50
9.250 287.99 68,500.00
HARRISON MI 48625 5 07/17/99 00
0411470271 05 09/01/99 0
0411470271 O 08/01/29
0
2874411 K08/G02 F 212,800.00 ZZ
360 212,800.00 1
2 ANGELA PLACE 9.250 1,750.65 80
9.000 1,750.65 266,000.00
WARWICK NY 10990 1 08/16/99 00
0411483431 05 10/01/99 0
0411483431 O 09/01/29
0
2874417 K08/G02 F 208,000.00 ZZ
360 208,000.00 1
76-03 270TH STREET 8.250 1,562.63 80
8.000 1,562.63 260,000.00
NEW HYDE PARK NY 11040 1 08/16/99 00
0411517360 05 10/01/99 0
0411517360 O 09/01/29
0
2874429 K08/G02 F 40,000.00 ZZ
360 40,000.00 1
831 WHEATFIELD LANE 9.000 321.85 50
8.750 321.85 80,400.00
CHURUBUSCO IN 46737 1 08/16/99 00
0411544497 05 10/01/99 0
0411544497 O 09/01/29
0
2874436 K08/G02 F 39,900.00 ZZ
360 39,900.00 1
1137 PINE STREET UNIT#201 8.500 306.80 95
8.250 306.80 42,000.00
1
PHILADELPHIA PA 19107 1 08/16/99 14
0411553191 01 10/01/99 30
0411553191 O 09/01/29
0
2874440 K08/G02 F 62,250.00 T
360 62,250.00 1
6969 COLLINS AVENUE 9.375 517.76 75
UNIT # 710 9.125 517.76 83,000.00
MIAMI BEACH FL 33141 5 08/16/99 00
0411562705 06 10/01/99 0
0411562705 O 09/01/29
0
2874441 K08/G02 F 51,800.00 ZZ
360 51,800.00 1
18231 LATHERS 10.250 464.18 70
10.000 464.18 74,000.00
LIVONIA MI 48152 1 08/16/99 00
0411464487 05 10/01/99 0
0411564487 N 09/01/29
0
2874988 225/225 F 141,400.00 ZZ
360 141,232.42 1
120 N PARK AVENUE 8.625 1,099.80 70
8.375 1,099.80 202,000.00
LOMBARD IL 60148 2 06/25/99 00
7140625 05 08/01/99 0
7140625 O 07/01/29
0
2875087 225/225 F 150,000.00 ZZ
360 149,899.35 2
34145 SOUTH GOLDER DAM ROAD 8.000 1,100.65 75
7.750 1,100.65 200,000.00
TUCSON AZ 85739 1 07/19/99 00
7142389 05 09/01/99 0
7142389 O 08/01/29
0
2875630 209/G02 F 119,950.00 ZZ
360 119,882.75 1
3026 POLO ROAD 8.875 954.38 90
8.625 954.38 133,300.00
WINSTON-SALEM NC 27106 1 07/30/99 10
0431430941 05 09/01/99 25
997248693 N 08/01/29
0
1
2877375 196/G02 F 101,400.00 ZZ
360 101,190.17 1
937 CEDARCREST DRIVE 7.875 735.23 70
7.625 735.23 144,900.00
PUEBLO CO 81005 1 06/17/99 00
0431443027 05 08/01/99 0
1266243 O 07/01/29
0
2877388 196/G02 F 85,000.00 ZZ
360 84,886.83 1
1208 SOUTH EISENHOWER ROAD 8.625 661.13 74
8.375 661.13 115,000.00
ROSWELL NM 88201 1 07/15/99 00
0431445063 27 09/01/99 0
1271848 O 08/01/29
0
2878251 623/G02 F 90,000.00 ZZ
360 89,210.09 1
211 W MORNINGSIDE DRIVE 7.750 644.77 38
7.500 644.77 241,281.00
SOUTH PADRE ISL TX 78597 4 08/18/98 00
0431435965 05 10/01/98 0
0986397 O 09/01/28
0
2878252 623/G02 F 216,000.00 ZZ
360 215,452.46 1
25136 RIVER RD 6.875 1,418.97 68
6.625 1,418.97 321,268.00
AUSTIN TX 78734 1 05/17/99 00
0431437086 05 07/01/99 0
1067991 O 06/01/29
0
2878257 623/G02 F 82,800.00 ZZ
360 82,564.47 1
1304 WAR ADMIRAL DRIVE 8.875 658.79 80
8.625 658.79 103,500.00
COLUMBIA MO 65202 5 03/15/99 00
0431432913 05 05/01/99 0
1217021 N 04/01/29
0
2878259 623/G02 F 144,000.00 ZZ
360 143,511.91 1
1
1454 HEBRON AVENUE 6.875 945.98 78
6.625 945.98 185,000.00
GLASTONBURY CT 06033 5 04/30/99 00
0431435676 05 06/01/99 0
1244837 O 05/01/29
0
2878260 623/G02 F 74,800.00 ZZ
360 74,199.37 1
17458 EAST RICE CIR #D 7.250 510.27 85
7.000 510.27 88,000.00
AURORA CO 80015 5 03/25/99 04
0431435569 01 05/01/99 12
1297696 O 04/01/29
0
2878261 623/G02 F 232,300.00 ZZ
360 231,384.05 1
336 B WEST ZIA ROAD 8.125 1,724.82 57
7.875 1,724.82 410,000.00
SANTA FE NM 87501 5 07/23/99 00
0431435528 05 09/01/99 0
1306602 O 08/01/29
0
2878262 623/G02 F 131,300.00 ZZ
360 131,226.39 1
1300 PARAISO STREET 8.875 1,044.68 70
8.625 1,044.68 187,580.00
LAS VEGAS NV 89117 1 07/15/99 00
0431435353 03 09/01/99 0
1323316 N 08/01/29
0
2878264 623/G02 F 97,500.00 T
360 97,261.22 1
1000 STATION STREET UNIT 105 8.500 749.69 65
8.250 749.69 150,000.00
PORT ARANSAS TX 78373 5 04/22/99 00
0431435163 08 06/01/99 0
1336398 O 05/01/29
0
2878266 623/G02 F 46,000.00 T
360 45,883.39 1
1019 COUNTRY CLUB DRIVE 6.875 302.19 74
6.625 302.19 62,500.00
TITUSVILLE FL 32780 1 05/21/99 00
0431436120 01 07/01/99 0
1
1337096 O 06/01/29
0
2878267 623/G02 F 62,400.00 ZZ
360 62,222.68 1
3822 DEERHAVEN DRIVE 8.500 479.80 80
8.250 479.80 78,000.00
ELIZABETHTOWN KY 42701 5 04/22/99 00
0431436005 05 06/01/99 0
1338174 N 05/01/29
0
2878271 623/G02 F 67,900.00 ZZ
360 67,758.90 1
81 TEAL COURT 7.875 492.32 80
7.625 492.32 84,900.00
EAST WINDSOR NJ 08520 1 06/30/99 00
0431435734 01 08/01/99 0
1345146 O 07/01/29
0
2878272 623/G02 F 63,900.00 ZZ
360 63,756.84 1
3938 SKYLINE DRIVE 7.500 446.80 80
7.250 446.80 79,900.00
GAINESVILLE GA 30507 1 05/14/99 00
0431433036 03 07/01/99 0
1348297 O 06/01/29
0
2878273 623/G02 F 160,000.00 T
360 159,905.54 1
110 WILD HARBOR ROAD 8.625 1,244.46 62
8.375 1,244.46 260,000.00
FALMOUTH MA 02540 2 07/27/99 00
0431433085 05 09/01/99 0
1349620 O 08/01/29
0
2878274 623/G02 F 59,220.00 ZZ
360 59,096.91 1
378 HAYDEN ROAD 7.875 429.39 90
7.625 429.39 65,800.00
TALLAHASSEE FL 32304 1 05/28/99 01
0431434604 03 07/01/99 25
1350153 N 06/01/29
0
1
2878277 623/G02 F 224,800.00 ZZ
360 224,656.65 1
1605 WINDING CREEK CIRCLE 8.250 1,688.85 80
8.000 1,688.85 281,000.00
SNELLVILLE GA 30078 1 07/26/99 00
0431433721 05 09/01/99 0
1353273 O 08/01/29
0
2878278 623/G02 F 240,000.00 ZZ
360 239,846.96 1
6919 CHELSEA ROAD 8.250 1,803.04 74
8.000 1,803.04 325,000.00
MCLEAN VA 22101 5 07/22/99 00
0431433630 05 09/01/99 0
1353742 O 08/01/29
0
2878279 623/G02 F 132,750.00 ZZ
360 132,596.70 2
3327 WEST BEACH DRIVE 8.750 1,044.34 75
8.500 1,044.34 177,000.00
LONG ISLAND NC 28465 5 06/18/99 00
0431432939 05 08/01/99 0
1357981 O 07/01/29
0
2878281 623/G02 F 143,100.00 ZZ
360 142,916.88 4
46-48 HIGHLAND AVE 8.250 1,075.06 90
8.000 1,075.06 159,000.00
LOWELL MA 01851 1 06/30/99 11
0431438209 05 08/01/99 25
1358591 N 07/01/29
0
2878282 623/G02 F 132,000.00 ZZ
360 131,839.49 1
30340 CANTERBURY 8.500 1,014.97 80
8.250 1,014.97 165,000.00
SOUTHFIELD MI 48076 2 06/29/99 00
0431432723 05 08/01/99 0
1359405 O 07/01/29
0
2878284 623/G02 F 67,600.00 ZZ
360 67,517.79 1
606 DAVENPORT ROAD 8.500 519.79 80
8.250 519.79 84,500.00
1
SIMPSONVILLE SC 29680 5 06/11/99 00
0431437037 05 08/01/99 0
1359971 N 07/01/29
0
2878285 623/G02 F 200,000.00 ZZ
360 199,862.36 2
72 HIGH STREET 7.875 1,450.14 80
7.625 1,450.14 250,000.00
TOPSFIELD MA 01983 1 07/20/99 00
0431437318 05 09/01/99 0
1360046 O 08/01/29
0
2878286 623/G02 F 92,500.00 ZZ
360 92,446.78 1
409 N 7TH STREET 8.750 727.70 69
8.500 727.70 135,000.00
DEKALB IL 60115 5 07/07/99 00
0431433127 05 09/01/99 0
1360512 O 08/01/29
0
2878287 623/G02 F 40,000.00 T
360 39,959.44 1
6306 LOUISIANA AVENUE 9.375 332.70 83
9.125 332.70 48,500.00
ST LOUIS MO 63111 2 06/22/99 10
0431433143 05 08/01/99 25
1360563 O 07/01/29
0
2878289 623/G02 F 50,220.00 ZZ
360 50,193.27 1
2306 CLEARFIELD STREET 9.125 408.61 90
8.875 408.61 55,800.00
RICHMOND VA 23224 1 07/21/99 10
0431433259 05 09/01/99 25
1360810 N 08/01/29
0
2878292 623/G02 F 88,000.00 ZZ
360 87,940.96 1
426 EAST 54TH STREET 8.000 645.71 80
7.750 645.71 110,000.00
SAVANNAH GA 31405 1 07/15/99 00
0431433689 05 09/01/99 0
1361281 O 08/01/29
0
1
2878293 623/G02 F 90,000.00 ZZ
360 89,933.21 2
1327-1329 WEST 102ND 7.500 629.29 68
7.250 629.29 134,000.00
CLEVELAND OH 44102 2 06/30/99 00
0431438662 05 09/01/99 0
1361477 O 08/01/29
0
2878295 623/G02 F 136,000.00 ZZ
360 135,807.40 1
2361 CANTERBURY LANE 7.750 974.32 58
7.500 974.32 235,500.00
WOOSTER OH 44691 1 06/18/99 00
0431433853 05 08/01/99 0
1361668 O 07/01/29
0
2878296 623/G02 F 77,000.00 ZZ
360 76,944.27 1
21125 ELEVEN MILE ROAD 7.625 545.00 68
7.375 545.00 114,000.00
SAINT CLAIR SHO MI 48081 2 07/21/99 00
0431433952 05 09/01/99 0
1361687 O 08/01/29
0
2878297 623/G02 F 79,600.00 ZZ
360 79,549.24 1
8124 GENERAL SHERIDAN LANE 8.250 598.01 80
8.000 598.01 99,500.00
AFFTON MO 63123 1 07/28/99 00
0431436476 05 09/01/99 0
1362436 O 08/01/29
0
2878298 623/G02 F 208,000.00 ZZ
360 207,897.69 1
16714 OLD BARN CT 9.500 1,748.98 80
9.250 1,748.98 260,000.00
TINLEY PARK IL 60477 1 07/09/99 00
0431435189 05 09/01/99 0
1362463 O 08/01/29
0
2878299 623/G02 F 120,000.00 ZZ
360 119,927.30 1
1
456 HART STREET 8.500 922.70 57
8.250 922.70 211,000.00
SOUTHINGTON CT 06489 1 07/19/99 00
0431435114 05 09/01/99 0
1362925 O 08/01/29
0
2878300 623/G02 F 60,000.00 ZZ
360 59,929.24 1
15 WOODGLEN ROAD 8.875 477.39 45
8.625 477.39 135,000.00
HYDE PARK MA 02136 1 07/02/99 00
0431435056 05 08/01/99 0
1362963 O 07/01/29
0
2878301 623/G02 F 60,000.00 ZZ
360 59,959.74 1
5108 PATTERSON DRIVE 8.000 440.26 74
7.750 440.26 82,000.00
LOUISVILLE KY 40219 5 07/10/99 00
0431435874 05 09/01/99 0
1363157 O 08/01/29
0
2878303 623/G02 F 185,000.00 ZZ
360 184,878.98 1
450 LAURIAN VIEW COURT 8.125 1,373.62 66
7.875 1,373.62 282,000.00
ROSWELL GA 30075 2 07/19/99 00
0431436062 03 09/01/99 0
1363886 O 08/01/29
0
2878304 623/G02 F 46,800.00 ZZ
360 46,770.91 1
2211 WINDSOR LANE 8.375 355.72 90
8.125 355.72 52,000.00
COUNTRY CLUB HI IL 60478 1 08/04/99 10
0431436633 05 09/01/99 25
1364038 N 08/01/29
0
2878305 623/G02 F 49,700.00 ZZ
360 49,644.04 1
5548 WATERMAN BLVD 8.875 395.45 70
8.625 395.45 71,000.00
ST LOUIS MO 63112 1 06/30/99 00
0431436765 01 08/01/99 0
1
1364058 O 07/01/29
0
2878307 623/G02 F 78,400.00 ZZ
360 78,350.01 1
819 CROSS STREET 8.250 588.99 75
8.000 588.99 104,650.00
SARALAND AL 36571 1 07/22/99 00
0431436856 05 09/01/99 0
1364726 O 08/01/29
0
2878312 623/G02 F 60,000.00 ZZ
360 59,963.65 1
3950 N LAKE SHORE DRIVE 8.500 461.35 80
#1708B 8.250 461.35 75,000.00
CHICAGO IL 60613 5 07/28/99 00
0431435007 01 09/01/99 0
1365159 N 08/01/29
0
2878313 623/G02 F 120,750.00 ZZ
360 120,676.85 1
25 WOODLAND ROAD 8.500 928.46 75
8.250 928.46 161,000.00
WATERFORD CT 06385 1 07/29/99 00
0431435015 05 09/01/99 0
1365331 O 08/01/29
0
2878316 623/G02 F 197,500.00 ZZ
360 197,367.48 1
329 SEA SCAPE ROAD 8.000 1,449.19 66
7.750 1,449.19 300,000.00
VIRGINIA BEACH VA 23456 5 07/30/99 00
0431432319 05 09/01/99 0
1366199 O 08/01/29
0
2878317 623/G02 F 40,000.00 ZZ
360 39,976.38 1
35748 CHESTNUT 8.625 311.12 56
8.375 311.12 72,000.00
WAYNE MI 48184 5 07/21/99 00
0431435122 05 09/01/99 0
1366251 N 08/01/29
0
1
2878318 623/G02 F 125,600.00 ZZ
360 125,523.91 1
6 RACHEL LANE 8.500 965.76 75
8.250 965.76 167,500.00
VOLUNTOWN CT 06384 1 07/29/99 00
0431435130 05 09/01/99 0
1366490 O 08/01/29
0
2878319 623/G02 F 124,000.00 ZZ
360 123,928.66 1
128 SOUTH ROY 8.750 975.51 68
8.500 975.51 183,000.00
NORTHLAKE IL 60164 5 07/13/99 00
0431435197 05 09/01/99 0
1366564 O 08/01/29
0
2878320 623/G02 F 66,500.00 ZZ
360 66,457.60 1
2366 SEVEN PINES DR 8.250 499.59 70
#7 8.000 499.59 96,000.00
ST LOUIS MO 63146 5 07/26/99 00
0431435221 01 09/01/99 0
1366741 N 08/01/29
0
2878321 623/G02 F 104,000.00 ZZ
360 103,935.35 3
13 SOUTH WASHINGTON AVE 8.375 790.48 80
8.125 790.48 130,000.00
MARGATE NJ 08402 1 07/30/99 00
0431435460 05 09/01/99 0
1366924 N 08/01/29
0
2878322 623/G02 F 162,000.00 ZZ
360 161,888.52 1
222 ORCHARD AVENUE 7.875 1,174.61 80
7.625 1,174.61 202,500.00
WOODBURY CT 06798 1 07/29/99 00
0431429828 05 09/01/99 0
1367045 O 08/01/29
0
2878324 623/G02 F 215,000.00 ZZ
360 214,866.36 1
3765 HIGHCROFT CIRCLE 8.375 1,634.16 69
8.125 1,634.16 315,000.00
1
NORCROSS GA 30092 1 07/15/99 00
0431429653 03 09/01/99 0
1367432 O 08/01/29
0
2878326 623/G02 F 126,000.00 ZZ
360 125,925.61 1
5934 DOWNERS DRIVE 8.625 980.02 90
8.375 980.02 140,000.00
DOWNERS GROVE IL 60516 1 07/30/99 10
0431429505 05 09/01/99 25
1367798 N 08/01/29
0
2878327 623/G02 F 91,000.00 ZZ
360 90,947.64 1
1122 TROOST AVE 8.750 715.90 70
8.500 715.90 131,000.00
FOREST PARK IL 60130 1 07/29/99 00
0431429471 05 09/01/99 0
1367844 O 08/01/29
0
2878328 623/G02 F 65,600.00 ZZ
360 65,562.25 1
816 MADISON STREET 8.750 516.08 80
8.500 516.08 82,000.00
SAINT CHARLES MO 63301 5 07/29/99 00
0431429430 05 09/01/99 0
1367975 O 08/01/29
0
2878331 623/G02 F 104,000.00 ZZ
360 103,809.65 1
1051 1051 1/2 ROOD AVE 8.500 799.67 80
8.250 799.67 130,000.00
GRAND JUNCTION CO 81501 1 05/12/99 00
0431429851 05 07/01/99 0
1443600 N 06/01/29
0
2878333 623/G02 F 146,000.00 ZZ
360 145,704.13 1
2812 70TH STREET 8.000 1,071.30 80
7.750 1,071.30 182,500.00
TAMPA FL 33619 5 05/25/99 00
0431429984 05 07/01/99 0
1462776 O 06/01/29
0
1
2878336 623/G02 F 65,600.00 ZZ
360 65,339.03 1
12425 136TH STREET 8.875 521.94 79
8.625 521.94 84,000.00
LARGO FL 33774 2 07/26/99 00
0431433119 05 09/01/99 0
1467498 O 08/01/29
0
2878337 623/G02 F 109,600.00 ZZ
360 109,531.88 1
22011 E ALAMO PLACE 8.375 833.04 80
8.125 833.04 137,000.00
AURORA CO 80015 1 07/30/99 00
0431430263 05 09/01/99 0
1467512 O 08/01/29
0
2878338 623/G02 F 91,600.00 ZZ
360 91,549.97 1
402 SPANISH TRAIL 9.000 737.03 80
8.750 737.03 114,500.00
LAS CRUCES NM 88001 1 07/26/99 00
0431430289 05 09/01/99 0
1468704 O 08/01/29
0
2878339 623/G02 F 158,400.00 ZZ
360 158,304.04 1
7416 SOUTH BOURNE CIRCLE 8.500 1,217.96 80
8.250 1,217.96 198,000.00
SALT LAKE CITY UT 84121 1 07/16/99 00
0431430453 05 09/01/99 0
1468742 O 08/01/29
0
2878340 623/G02 F 140,000.00 ZZ
360 139,910.73 1
2178 EAST ROOSEVELT AVE 8.250 1,051.77 80
8.000 1,051.77 175,000.00
SALT LAKE CITY UT 84108 1 07/20/99 00
0431432772 05 09/01/99 0
1468850 O 08/01/29
0
2878341 623/G02 F 125,600.00 ZZ
360 125,523.91 4
1
1103 & 1105 WALNUT STREET 8.500 965.76 80
8.250 965.76 157,000.00
MILTON FREEWATE OR 97862 1 07/23/99 00
0431432731 05 09/01/99 0
1687669 N 08/01/29
0
2878342 623/G02 F 76,000.00 ZZ
360 75,951.54 1
3021 EAST 32ND AVENUE 8.250 570.96 80
8.000 570.96 95,000.00
SPOKANE WA 99223 1 07/22/99 00
0431432699 05 09/01/99 0
1688532 N 08/01/29
0
2878343 623/G02 F 179,600.00 ZZ
360 179,025.30 1
11615 CHERRY KNOLL DRIVE 7.500 1,255.79 80
7.250 1,255.79 224,500.00
HOUSTON TX 77077 1 06/09/99 00
0431432665 03 08/01/99 0
5213253 O 07/01/29
0
2878344 623/G02 F 60,000.00 ZZ
360 59,959.74 1
410 6TH ST N 8.000 440.26 75
7.750 440.26 80,500.00
MARSHALL MN 56258 5 07/23/99 00
0431432608 05 09/01/99 0
5213853 O 08/01/29
0
2878345 623/G02 F 99,750.00 ZZ
360 99,628.71 4
617 9TH 8.500 766.99 95
8.250 766.99 106,000.00
KEMAH TX 77565 1 07/01/99 10
0431432582 05 08/01/99 30
5214180 O 07/01/29
0
2878346 623/G02 F 72,750.00 ZZ
360 72,701.19 1
66060 29TH ST 8.000 533.81 78
7.750 533.81 94,000.00
LAWTON MI 49065 5 07/21/99 00
0431433762 05 09/01/99 0
1
5215036 O 08/01/29
0
2878348 623/G02 F 104,000.00 ZZ
360 103,930.21 1
15616 RANSOM STREET 8.000 763.12 80
7.750 763.12 130,000.00
HOLLAND MI 49424 1 07/27/99 00
0431438217 05 09/01/99 0
5215375 O 08/01/29
0
2878349 623/G02 F 46,800.00 ZZ
360 46,772.37 1
6806 HILLSIDE BLUFF 8.625 364.01 65
8.375 364.01 72,000.00
SAN ANTONIO TX 78233 5 07/08/99 00
0431434042 05 09/01/99 0
5215499 N 08/01/29
0
2878350 623/G02 F 110,400.00 ZZ
360 110,339.70 1
1713 WOODLAND 9.000 888.30 80
8.750 888.30 138,000.00
AUSTIN TX 78741 1 07/07/99 00
0431434240 05 09/01/99 0
5215711 O 08/01/29
0
2878352 623/G02 F 76,500.00 ZZ
360 76,448.67 1
4548 YOSEMITE DRIVE 8.000 561.33 87
7.750 561.33 88,000.00
MONTCLAIR CA 91763 2 07/12/99 11
0431434547 01 09/01/99 25
6203025 N 08/01/29
0
2878353 623/G02 F 173,600.00 ZZ
360 173,366.25 1
740 LAMER STREET 8.000 1,273.82 80
7.750 1,273.82 217,000.00
BURBANK CA 91506 5 06/22/99 00
0431434588 05 08/01/99 0
6203176 O 07/01/29
0
1
2878354 623/G02 F 185,000.00 ZZ
360 184,904.09 1
4879 SPECTRUM COURT 9.250 1,521.95 79
9.000 1,521.95 236,000.00
OCEANSIDE CA 92057 5 07/15/99 00
0431435205 05 09/01/99 0
6205074 N 08/01/29
0
2878355 623/G02 F 140,000.00 ZZ
360 139,903.65 1
6850 SAN MIGUEL AVENUE 7.875 1,015.10 80
7.625 1,015.10 175,000.00
LEMON GROVE CA 91945 5 07/20/99 00
0431432996 05 09/01/99 0
6206658 O 08/01/29
0
2878356 623/G02 F 27,300.00 ZZ
360 27,285.08 1
1825 BENEDICT WAY 9.000 219.67 70
8.750 219.67 39,000.00
POMONA CA 91767 1 07/14/99 00
0431435155 03 09/01/99 0
6206670 N 08/01/29
0
2878357 623/G02 F 87,400.00 ZZ
360 87,344.27 1
20644 VERTA STREET 8.250 656.61 95
8.000 656.61 92,000.00
PERRIS CA 92570 2 07/12/99 10
0431435106 05 09/01/99 30
6206861 O 08/01/29
0
2878358 623/G02 F 130,000.00 ZZ
360 128,917.10 1
1830 THOMAS AVENUE 8.250 976.65 84
8.000 976.65 156,000.00
SAN DIEGO CA 92109 5 07/28/99 11
0431434471 01 09/01/99 12
6206882 O 08/01/29
0
2878360 623/G02 F 196,000.00 ZZ
360 195,871.78 1
16016 DESERT VISTA TRAIL 8.125 1,455.30 80
7.875 1,455.30 245,000.00
1
SUN CITY WEST AZ 85375 5 07/21/99 00
0431432889 05 09/01/99 0
6207197 O 08/01/29
0
2878361 623/G02 F 64,700.00 ZZ
360 64,663.72 1
14221 HISCOX LANE 8.875 514.79 73
8.625 514.79 89,000.00
FLORENCE AZ 85232 5 07/16/99 00
0431430107 05 09/01/99 0
6207240 O 08/01/29
0
2878363 623/G02 F 80,000.00 ZZ
360 79,951.53 1
1517 EAST ALMERIA ROAD 8.500 615.14 90
8.250 615.14 88,970.00
PHOENIX AZ 85006 1 07/20/99 11
0431430248 05 09/01/99 25
6207287 N 08/01/29
0
2878364 623/G02 F 172,000.00 ZZ
360 171,903.57 1
705 NORTH SYCAMORE COURT 8.875 1,368.51 80
8.625 1,368.51 215,000.00
CHANDLER AZ 85224 1 07/27/99 00
0431430305 09 09/01/99 0
6236809 O 08/01/29
0
2878365 623/G02 F 110,500.00 ZZ
360 110,436.42 1
637 CANTEBRIA DRIVE 8.750 869.31 90
8.500 869.31 122,800.00
GILBERT AZ 85296 1 07/23/99 10
0431430347 09 09/01/99 25
6236846 N 08/01/29
0
2878367 623/G02 F 208,100.00 ZZ
360 207,960.36 1
39829 CEDAR VISTA CIRCLE N 8.000 1,526.97 75
7.750 1,526.97 277,500.00
BASS LAKE CA 93604 1 07/13/99 00
0431430487 05 09/01/99 0
6249258 O 08/01/29
0
1
2878369 623/G02 F 110,550.00 ZZ
360 110,486.39 1
6164 EAST PRESTON STREET 8.750 869.70 75
8.500 869.70 147,450.00
MESA AZ 85215 1 07/20/99 00
0431430602 05 09/01/99 0
6274737 O 08/01/29
0
2878370 623/G02 F 105,000.00 ZZ
360 104,850.88 1
10663 LIGHTHOUSE DRIVE 8.375 798.08 79
8.125 798.08 133,000.00
FRESNO CA 93720 2 06/22/99 00
0431430776 09 08/01/99 0
6278595 O 07/01/29
0
2878371 623/G02 F 226,800.00 ZZ
360 226,662.60 1
4553 NELLIS AVENUE 8.500 1,743.90 80
8.250 1,743.90 283,500.00
CENTRAL POINT OR 97502 1 07/14/99 00
0431430917 05 09/01/99 0
6289346 O 08/01/29
0
2878372 623/G02 F 118,300.00 ZZ
360 118,231.93 1
206 MANZANITA DRIVE 8.750 930.67 63
8.500 930.67 188,000.00
ROGUE RIVER OR 97537 5 07/26/99 00
0431431048 05 09/01/99 0
6289360 O 08/01/29
0
2878374 623/G02 F 155,000.00 ZZ
360 154,811.53 1
1536 N HORNET AVENUE 8.500 1,191.82 78
8.250 1,191.82 200,000.00
FRESNO CA 93727 1 06/30/99 00
0431431220 05 08/01/99 0
6314127 O 07/01/29
0
2878376 623/G02 F 129,900.00 ZZ
360 129,819.25 1
1
3143 EAST MALAPAI DRIVE 8.375 987.34 57
8.125 987.34 229,900.00
PHOENIX AZ 85028 1 07/15/99 00
0431431576 03 09/01/99 0
6316234 O 08/01/29
0
2878377 623/G02 F 81,000.00 ZZ
360 80,950.93 1
3010 EAST WINDMERE DRIVE 8.500 622.82 67
8.250 622.82 121,000.00
PHOENIX AZ 85048 1 07/27/99 00
0431431675 03 09/01/99 0
6316399 O 08/01/29
0
2878378 623/G02 F 103,000.00 ZZ
360 102,937.59 1
25468 MOUNTAIN CLIFF DRIVE 8.500 791.99 74
8.250 791.99 141,000.00
MORENO VALLEY CA 92557 2 07/21/99 00
0431431725 05 09/01/99 0
6318316 O 08/01/29
0
2878379 623/G02 F 46,500.00 ZZ
360 46,471.09 1
1531 STANFORD AVENUE 8.375 353.44 68
8.125 353.44 69,000.00
STOCKTON CA 95205 5 07/23/99 00
0431432087 05 09/01/99 0
6322979 N 08/01/29
0
2878380 623/G02 F 108,800.00 ZZ
360 108,723.21 1
1943 NORFOLK DRIVE 7.750 779.46 80
7.500 779.46 136,000.00
LODI CA 95242 1 07/12/99 00
0431432111 05 09/01/99 0
6322992 O 08/01/29
0
2878381 623/G02 F 157,600.00 ZZ
360 157,502.05 1
7126 ICICLE ROAD 8.375 1,197.87 80
8.125 1,197.87 197,000.00
LEAVENWORTH WA 98826 5 07/23/99 00
0431432186 05 09/01/99 0
1
6369632 N 08/01/29
0
2878382 623/G02 F 120,750.00 ZZ
360 120,684.04 1
6516 EAST ROCHELLE STREET 9.000 971.59 75
8.750 971.59 161,000.00
MESA AZ 85215 1 07/09/99 00
0431432236 05 09/01/99 0
6374661 O 08/01/29
0
2878384 623/G02 F 211,900.00 ZZ
360 211,746.63 1
52 CAPE COD 7.625 1,499.82 80
7.375 1,499.82 264,900.00
IRVINE CA 92620 1 07/15/99 00
0431432376 05 09/01/99 0
6397822 O 08/01/29
0
2878385 623/G02 F 206,800.00 ZZ
360 206,650.32 1
38747 GREENWICH CIRCLE 7.625 1,463.72 80
7.375 1,463.72 258,500.00
FREMONT CA 94536 1 06/29/99 00
0431432434 05 09/01/99 0
6399254 O 08/01/29
0
2878386 623/G02 F 240,000.00 ZZ
360 239,846.96 1
471 EIGHTH AVENUE 8.250 1,803.04 80
8.000 1,803.04 300,000.00
MENLO PARK CA 94025 1 07/07/99 00
0431432533 05 09/01/99 0
6399295 N 08/01/29
0
2878387 623/G02 F 236,000.00 ZZ
360 235,853.31 1
1333 SOUTH 2735 8.375 1,793.77 80
8.125 1,793.77 295,000.00
SYRACUSE UT 84075 2 07/16/99 00
0431432558 05 09/01/99 0
7458911 O 08/01/29
0
1
2878422 K08/G02 F 157,500.00 ZZ
360 157,500.00 1
2307 RIDGE LANE 10.125 1,396.75 75
9.875 1,396.75 210,000.00
GRAPEVINE TX 76051 5 08/12/99 00
0411556632 05 10/01/99 0
0411556632 O 09/01/29
0
2878424 K08/G02 F 136,800.00 ZZ
360 136,800.00 1
205 PACIFIC OAK COURT 8.875 1,088.44 80
8.625 1,088.44 171,000.00
FOLSOM CA 95630 2 08/11/99 00
0411558679 05 10/01/99 0
0411558679 O 09/01/29
0
2878426 K08/G02 F 41,300.00 ZZ
360 41,300.00 1
4436 LONG STREET 9.500 347.27 90
9.250 347.27 45,900.00
POWDER SPRINGS GA 30127 1 08/17/99 04
0411564099 05 10/01/99 25
0411564099 N 09/01/29
0
2879016 196/G02 F 38,400.00 ZZ
360 38,377.32 1
944 42ND AVENUE 8.625 298.68 80
8.375 298.68 48,000.00
ROCK ISLAND IL 61201 1 07/08/99 00
0431443514 05 09/01/99 0
1287652 N 08/01/29
0
2879582 196/G02 F 115,650.00 ZZ
360 115,509.38 1
5837 ESPERANZA AVENUE 8.500 889.25 90
8.250 889.25 128,500.00
WHITTIER CA 90606 1 06/17/99 14
0431446665 05 08/01/99 25
1281169 N 07/01/29
0
2880212 196/G02 F 167,000.00 ZZ
360 166,887.94 1
7530 JUMILLA AVENUE 8.000 1,225.39 84
7.750 1,225.39 200,000.00
1
WINNETKA CA 91306 2 07/16/99 14
0431442409 05 09/01/99 12
1281132 O 08/01/29
0
2880367 196/G02 F 46,200.00 ZZ
360 46,170.54 1
462 SOUTH FINE AVENUE 8.250 347.09 69
8.000 347.09 67,000.00
FRESNO CA 93727 5 07/29/99 00
0431445881 05 09/01/99 0
1293093 N 08/01/29
0
2881592 196/G02 F 192,000.00 ZZ
360 191,874.40 1
7030 DARKHORSE DRIVE 8.125 1,425.60 80
7.875 1,425.60 240,000.00
COLORADO SPRING CO 80919 1 07/09/99 00
0431442789 03 09/01/99 0
1282571 O 08/01/29
0
2881630 196/G02 F 179,000.00 ZZ
360 178,891.56 4
356 COMPTON STREET 8.500 1,376.36 78
#A-D 8.250 1,376.36 230,000.00
EL CAJON CA 92020 1 07/13/99 00
0431442979 09 09/01/99 0
1294209 N 08/01/29
0
2881662 196/G02 F 106,800.00 ZZ
360 106,726.50 1
1008 OLD FARM TRAIL 7.875 774.38 80
7.625 774.38 133,500.00
MEDINA OH 44256 1 07/15/99 00
0431445915 05 09/01/99 0
1291961 O 08/01/29
0
2882772 K08/G02 F 160,000.00 ZZ
360 160,000.00 2
733-735 NORTH HILL AVENUE 9.500 1,345.37 56
9.250 1,345.37 290,000.00
PASADENA CA 91104 5 08/09/99 00
0411512882 05 10/01/99 0
0411512882 N 09/01/29
0
1
2882776 K08/G02 F 153,600.00 ZZ
360 153,600.00 1
1 MADISON COURT 9.375 1,277.57 80
9.125 1,277.57 192,000.00
MANALAPAN NJ 07726 1 08/19/99 00
0411534423 09 10/01/99 0
0411534423 O 09/01/29
0
2882903 405/405 F 179,250.00 ZZ
360 178,848.38 1
905 SYCAMORE AVENUE 7.500 1,253.35 75
7.250 1,253.35 239,000.00
MODESTO CA 95350 5 05/24/99 00
10989895 05 07/01/99 0
10989895 O 06/01/29
0
2882978 E82/G02 F 103,200.00 ZZ
360 103,200.00 1
7216 SINGLE PINE DRIVE 8.375 784.39 80
8.125 784.39 129,000.00
LAS VEGAS NV 89128 1 08/19/99 00
0400224473 05 10/01/99 0
0400224473 O 09/01/29
0
2882979 E82/G02 F 43,600.00 ZZ
360 43,600.00 1
4975 AITCHISON ROAD 8.625 339.12 80
8.375 339.12 54,500.00
SYRACUSE NY 13215 1 08/24/99 00
0400220745 05 10/01/99 0
0400220745 O 09/01/29
0
2882981 E82/G02 F 98,000.00 ZZ
360 98,000.00 1
2561 WESTBERRY DRIVE 8.500 753.54 80
8.250 753.54 122,500.00
SANTA ROSA CA 95401 1 08/12/99 00
0400217980 01 10/01/99 0
0400217980 N 09/01/29
0
2884591 K08/G02 F 115,200.00 ZZ
360 115,200.00 4
1
2324-2330 BREEZY DRIVE 9.250 947.72 80
9.000 947.72 144,000.00
WACO TX 76712 1 08/19/99 00
0411506553 05 10/01/99 0
0411506553 N 09/01/29
0
2884592 K08/G02 F 115,200.00 ZZ
360 115,200.00 4
2316-2322 BREEZY DRIVE 9.250 947.72 80
9.000 947.72 144,000.00
WACO TX 76712 1 08/19/99 00
0411506801 05 10/01/99 0
0411506801 N 09/01/29
0
2884603 K08/G02 F 75,600.00 ZZ
360 75,600.00 1
2340 18TH STREET 8.500 581.30 90
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FLORENCE OR 97439 2 08/05/99 04
0411546047 05 10/01/99 25
0411546047 O 09/01/29
0
2884610 K08/G02 F 114,400.00 ZZ
360 114,400.00 1
2325 WEST STUART STREET 9.000 920.49 80
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FORT COLLINS CO 80526 1 08/20/99 00
0411563687 05 10/01/99 0
0411563687 N 09/01/29
0
2884615 K08/G02 F 140,000.00 ZZ
360 140,000.00 1
93 HIGHLAND LAKES RD 8.875 1,113.90 80
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VERNON NJ 07422 1 08/20/99 00
0411577083 05 10/01/99 0
0411577083 O 09/01/29
0
2886076 696/G02 F 121,000.00 ZZ
360 121,000.00 1
4401 COLCHESTER DRIVE 8.500 930.39 66
8.250 930.39 184,000.00
KENSINGTON MD 20895 5 08/20/99 00
0431436872 05 10/01/99 0
1
30199160 O 09/01/29
0
2886657 K08/G02 F 200,000.00 ZZ
360 200,000.00 1
351 GLENBRIAR CIRCLE 8.125 1,484.99 78
7.875 1,484.99 258,721.00
TRACY CA 95376 1 08/13/99 00
0411314180 05 10/01/99 0
0411314180 O 09/01/29
0
2886662 K08/G02 F 54,600.00 ZZ
360 54,600.00 1
824 HUMPHREY BLVD 8.875 434.42 70
8.625 434.42 78,000.00
DELTONA FL 32738 1 08/23/99 00
0411540305 05 10/01/99 0
0411540305 O 09/01/29
0
2886665 K08/G02 F 200,000.00 ZZ
360 200,000.00 1
895 BURT ROAD 8.875 1,591.29 80
8.625 1,591.29 250,000.00
DALLAS GA 30132 2 08/18/99 00
0411546963 05 10/01/99 0
0411546963 O 09/01/29
0
2886672 K08/G02 F 185,500.00 ZZ
360 185,500.00 1
3009 ALBANY CRESCENT 9.500 1,559.78 85
9.250 1,559.78 220,000.00
BRONX NY 10463 5 08/17/99 10
0411549496 05 10/01/99 12
0411549496 O 09/01/29
0
2886685 K08/G02 F 163,400.00 ZZ
360 163,400.00 1
6663 KIPLING STREET 8.750 1,285.47 95
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ARVADA CO 80004 2 08/12/99 01
0411566458 05 10/01/99 30
0411566458 O 09/01/29
0
1
2886687 K08/G02 F 140,000.00 ZZ
360 140,000.00 1
19231 FRIAR STREET 9.250 1,151.75 80
9.000 1,151.75 175,000.00
LOS ANGELES CA 91335 1 08/12/99 00
0411568058 05 10/01/99 0
0411568058 O 09/01/29
0
2886690 K08/G02 F 68,000.00 ZZ
360 68,000.00 1
9104 COUNTRY CLUB DRIVE 8.375 516.85 80
8.125 516.85 85,000.00
OKLAHOMA CITY OK 73159 1 08/23/99 00
0411574171 05 10/01/99 0
0411574171 O 09/01/29
0
2886693 K08/G02 F 50,000.00 ZZ
360 50,000.00 1
140 WEST CREEK COVE 8.875 397.82 25
8.625 397.82 204,900.00
DRIPPING SPRING TX 78620 1 08/20/99 00
0411583347 03 10/01/99 0
0411583347 O 09/01/29
0
2888141 455/G02 F 43,200.00 ZZ
360 43,200.00 1
300 SYLVESTER ROAD 8.875 343.72 80
8.625 343.72 54,000.00
HOUSTON TX 77009 1 08/20/99 00
0431444843 05 10/01/99 0
45283 N 09/01/29
0
2888252 455/G02 F 61,600.00 ZZ
360 61,600.00 1
577 HAMBRICK SQUARE 9.750 529.24 80
9.500 529.24 77,000.00
STONE MOUNTAIN GA 30083 5 08/23/99 00
0431446269 05 10/01/99 0
85817 N 09/01/29
0
2888355 907/G02 F 112,500.00 ZZ
360 112,500.00 4
174 WASHINGTON AVENUE 8.250 845.17 90
8.000 845.17 125,000.00
1
SAUGERTIES NY 12477 1 08/24/99 01
0431446129 05 10/01/99 25
10006156 N 09/01/29
0
2889333 K08/G02 F 145,850.00 ZZ
360 145,850.00 1
1633 SEVEN FALLS 8.500 1,121.46 80
8.250 1,121.46 182,500.00
MODESTO CA 95355 1 08/16/99 00
0411365422 03 10/01/99 0
0411365422 O 09/01/29
0
2889603 K88/G02 F 78,300.00 ZZ
360 78,300.00 1
5119 RAVENS CREST DRIVE 9.500 658.39 95
9.250 658.39 82,500.00
PLAINSBORO NJ 08536 1 08/18/99 10
0431446095 01 10/01/99 30
10995 O 09/01/29
0
2889792 E82/G02 F 170,000.00 ZZ
360 170,000.00 1
2535 CENTRE AVENUE 8.625 1,322.24 71
8.375 1,322.24 240,000.00
BELLMORE NY 11710 5 08/25/99 00
0400224416 05 10/01/99 0
0400224416 O 09/01/29
0
2890754 K08/G02 F 182,400.00 ZZ
360 182,400.00 1
2708 ROSECLIFF TERRACE 8.375 1,386.37 80
8.125 1,386.37 228,000.00
GRAPEVINE TX 76051 1 08/26/99 00
0411552235 05 10/01/99 0
0411552235 O 09/01/29
0
2890763 K08/G02 F 52,700.00 ZZ
360 52,700.00 1
2024 HOLCOMB STREET 9.000 424.04 80
8.750 424.04 65,900.00
SAGINAW MI 48602 1 08/26/99 00
0411576267 05 10/01/99 0
0411576267 O 09/01/29
0
1
2890770 K08/G02 F 109,200.00 ZZ
360 109,200.00 1
47 EAST MORRIS AVENUE 9.500 918.21 70
9.250 918.21 156,000.00
LINDEN NJ 07036 5 08/26/99 00
0411582158 05 10/01/99 0
0411582158 N 09/01/29
0
2890772 K08/G02 F 46,200.00 ZZ
360 46,200.00 1
29107 LODDINGTON STREET 8.750 363.46 70
8.500 363.46 66,000.00
SPRING TX 77386 5 08/26/99 00
0411587637 03 10/01/99 0
0411587637 N 09/01/29
0
2892728 K08/G02 F 190,000.00 ZZ
360 189,893.48 1
66 DENISE LANE 8.875 1,511.73 80
8.625 1,511.73 240,000.00
EAST STROUDSBUR PA 18301 2 07/27/99 00
0411471741 05 09/01/99 0
0411471741 O 08/01/29
0
2892732 K08/G02 F 76,400.00 ZZ
360 76,400.00 1
1859 ARROW POINT DRIVE 9.500 642.41 85
9.250 642.41 89,900.00
SAINT LOUIS MO 63138 1 08/27/99 04
0411493539 05 10/01/99 20
0411493539 N 09/01/29
0
2892737 K08/G02 F 76,800.00 ZZ
360 76,800.00 1
4536 LIPPI PARKWAY 9.000 617.95 80
8.750 617.95 96,000.00
SACRAMENTO CA 95823 1 08/18/99 00
0411513781 05 10/01/99 0
0411513781 N 09/01/29
0
2892738 K08/G02 F 112,000.00 ZZ
360 112,000.00 2
1
1115 RALPH TERRACE 9.875 972.55 68
9.625 972.55 165,000.00
RICHMOND HEIGHT MO 63117 5 08/27/99 00
0411517626 05 10/01/99 0
0411517626 N 09/01/29
0
2892750 K08/G02 F 142,000.00 ZZ
360 142,000.00 1
11621 WEST 118TH STREET 8.750 1,117.11 80
8.500 1,117.11 177,500.00
OVERLAND PARK KS 66210 1 08/27/99 00
0411553852 03 10/01/99 0
0411553852 O 09/01/29
0
2892752 K08/G02 F 100,000.00 T
360 100,000.00 1
350 BUCHANAN COURT EAST 8.750 786.70 77
8.500 786.70 130,000.00
GULF SHORES AL 36542 1 08/27/99 00
0411559354 05 10/01/99 0
0411559354 O 09/01/29
0
2892758 K08/G02 F 99,000.00 ZZ
360 99,000.00 4
517 JAURIET COURT 9.750 850.56 90
9.500 850.56 110,000.00
ELKHART IN 46516 1 08/27/99 10
0411568835 05 10/01/99 25
0411568835 N 09/01/29
0
2892766 K08/G02 F 67,500.00 ZZ
360 67,500.00 1
1401 REISIG ROAD 9.875 586.14 75
9.625 586.14 90,000.00
SAGINAW MI 48604 1 08/27/99 00
0411572589 05 10/01/99 0
0411572589 O 09/01/29
0
2892769 K08/G02 F 172,000.00 ZZ
360 172,000.00 1
621 SAINT ASAPH STREET 8.875 1,368.51 80
UNIT #305 8.625 1,368.51 215,000.00
NORTH ALEXANDRI VA 22314 1 08/27/99 00
0411576200 01 10/01/99 0
1
0411576200 O 09/01/29
0
2892774 K08/G02 F 189,200.00 ZZ
360 189,200.00 1
14412 ELMHURST CIRCLE 8.375 1,438.06 80
8.125 1,438.06 236,500.00
HUNTINGTON BEAC CA 92647 1 08/24/99 00
0411580665 05 10/01/99 0
0411580665 O 09/01/29
0
2892775 K08/G02 F 129,650.00 ZZ
360 129,650.00 1
5407 BRYAN STREET, UNIT B205 8.750 1,019.96 95
8.500 1,019.96 136,500.00
DALLAS TX 75206 1 08/27/99 10
0411581432 01 10/01/99 30
0411581432 O 09/01/29
0
2893555 664/G02 F 196,000.00 ZZ
360 196,000.00 4
3909 REDWOOD LANE 8.750 1,541.94 80
8.500 1,541.94 246,000.00
PUEBLO CO 81005 1 08/24/99 00
0431466812 05 10/01/99 0
0003141272 O 09/01/29
0
2893636 B28/G02 F 112,500.00 ZZ
360 112,500.00 2
4324 ERRUN LANE 8.875 895.10 75
8.625 895.10 150,000.00
ST. BERNARD OH 45217 1 08/26/99 00
0431451095 05 10/01/99 0
84990059 O 09/01/29
0
2893715 Q57/G02 F 161,000.00 ZZ
360 161,000.00 1
6568 NORTH TAMERA AVENUE 8.750 1,266.59 76
8.500 1,266.59 214,000.00
FRESNO CA 93711 5 08/05/99 00
0431453117 05 10/01/99 0
14585 O 09/01/29
0
1
2894848 K08/G02 F 136,000.00 ZZ
360 136,000.00 1
14629 W. 83RD TERR 8.625 1,057.79 85
8.375 1,057.79 160,000.00
LENEXA KS 66215 1 08/24/99 04
0411397417 05 10/01/99 20
0411397417 O 09/01/29
0
2894853 K08/G02 F 175,500.00 ZZ
360 175,500.00 3
3 OLYPHANT DRIVE 10.250 1,572.66 65
10.000 1,572.66 270,000.00
MORRISTOWN NJ 07960 5 08/30/99 00
0411515547 05 10/01/99 0
0411515547 N 09/01/29
0
2894856 K08/G02 F 56,000.00 ZZ
360 56,000.00 1
HC 87 BOX 7710 9.125 455.63 80
8.875 455.63 70,000.00
MERRIFIELD MN 56465 5 08/25/99 00
0411535628 05 10/01/99 0
0411535628 O 09/01/29
0
2894865 K08/G02 F 40,000.00 ZZ
240 40,000.00 1
2604 KINGS ROAD 8.125 337.69 80
7.875 337.69 50,000.00
MOORE OK 73160 5 08/25/99 00
0411550270 05 10/01/99 0
0411550270 O 09/01/19
0
2894871 K08/G02 F 231,000.00 ZZ
360 231,000.00 1
2809 NAPLES AVENUE 8.250 1,735.43 49
8.000 1,735.43 474,000.00
HALF MOON BAY CA 94019 5 08/23/99 00
0411555378 05 10/01/99 0
0411555378 O 09/01/29
0
2894889 K08/G02 F 128,800.00 ZZ
360 128,800.00 1
800 CLARK STREET 8.750 1,013.27 80
8.500 1,013.27 161,000.00
1
LINDEN NJ 07036 5 08/25/99 00
0411581895 05 10/01/99 0
0411581895 O 09/01/29
0
2894892 K08/G02 F 78,300.00 ZZ
360 78,300.00 1
4279 LEONARD AVENUE 9.000 630.02 90
8.750 630.02 87,000.00
CINCINNATI OH 45217 1 08/30/99 04
0411586746 05 10/01/99 25
0411586746 N 09/01/29
0
2895196 074/074 F 177,600.00 ZZ
360 177,495.14 1
79 WINDWATCH DRIVE UNIT 42B 8.625 1,381.36 80
8.375 1,381.36 222,000.00
HAUPPAUGE NY 11788 1 07/27/99 00
1111311302 01 09/01/99 0
1111311302 O 08/01/29
0
2895200 074/074 F 140,000.00 ZZ
360 140,000.00 1
167 MAIN AVENUE 8.375 1,064.11 74
8.125 1,064.11 190,000.00
LAKE GROVE NY 11755 5 07/29/99 00
1111316521 05 10/01/99 0
1111316521 O 09/01/29
0
2895201 074/074 F 238,000.00 ZZ
360 238,000.00 1
65 OTTERKILL ROAD 8.875 1,893.64 80
8.625 1,893.64 297,500.00
CORNWALL NY 12518 1 08/05/99 00
1111316634 05 10/01/99 0
1111316634 O 09/01/29
0
2895204 074/074 F 89,250.00 ZZ
360 89,190.12 1
2321 ROBIN DRIVE 8.000 654.88 85
7.750 654.88 105,000.00
COLORADO SPRING CO 80909 5 07/21/99 11
1113179840 05 09/01/99 12
1113179840 O 08/01/29
0
1
2895205 074/074 F 96,000.00 ZZ
360 96,000.00 2
858 860 STREET CHARLES COURT 7.750 687.76 80
7.500 687.76 120,000.00
LAWRENCEVILLE GA 30045 2 08/13/99 00
1113190570 05 10/01/99 0
1113190570 N 09/01/29
0
2895208 074/074 F 108,000.00 ZZ
360 107,633.85 1
650 WIGARD STREET 7.750 773.73 80
7.500 773.73 135,000.00
PHILADELPHIA PA 19128 1 07/30/99 00
1175080902 05 09/01/99 0
1175080902 O 08/01/29
0
2895213 074/074 F 27,000.00 ZZ
360 26,983.22 1
291 NORTH MAIN STREET 8.375 205.22 90
8.125 205.22 30,000.00
LUND NV 89317 1 07/16/99 11
1251206473 05 09/01/99 25
1251206473 N 08/01/29
0
2895219 074/074 F 115,650.00 ZZ
360 115,583.46 3
711 SW 15TH AVENUE 8.750 909.82 90
8.500 909.82 128,500.00
FORT LAUDERDALE FL 33312 1 07/23/99 11
1302048800 05 09/01/99 25
1302048800 N 08/01/29
0
2895223 074/074 F 60,700.00 ZZ
360 60,669.35 1
531 DATE PALM DRIVE 9.375 504.87 90
9.125 504.87 67,500.00
LAKE PARK FL 33403 1 08/02/99 01
1303027169 05 09/01/99 25
1303027169 N 08/01/29
0
2895227 074/074 F 86,800.00 ZZ
360 86,800.00 1
1
711 MECCA DRIVE 8.625 675.12 70
8.375 675.12 124,000.00
SARASOTA FL 34234 1 08/12/99 00
1319008550 05 10/01/99 0
1319008550 N 09/01/29
0
2895231 074/074 F 40,000.00 ZZ
360 40,000.00 1
1334 AVENTURA WAY 8.750 314.68 25
8.500 314.68 162,000.00
MELBOURNE FL 32940 1 08/13/99 00
1391079941 03 10/01/99 0
1391079941 O 09/01/29
0
2895232 074/074 F 105,600.00 ZZ
360 105,600.00 1
3631 SE WALNUT STREET 8.375 802.64 80
8.125 802.64 132,000.00
HILLSBORO OR 97123 1 08/10/99 00
1395001899 05 10/01/99 0
1395001899 O 09/01/29
0
2895233 074/074 F 138,500.00 ZZ
360 138,500.00 4
3012-3018 EATON 8.750 1,089.58 84
8.500 1,089.58 165,500.00
KANSAS CITY KS 66102 1 08/05/99 14
1456030797 05 10/01/99 12
1456030797 N 09/01/29
0
2895234 074/074 F 68,600.00 ZZ
360 68,600.00 1
295 PACE STREET 8.500 527.47 70
8.250 527.47 98,000.00
SOLDOTNA AK 99669 5 08/02/99 00
1472028763 05 10/01/99 0
1472028763 N 09/01/29
0
2895239 074/074 F 170,050.00 ZZ
360 169,946.98 3
89 CLINTON STREET 8.500 1,307.54 95
8.250 1,307.54 179,000.00
BLOOMFIELD NJ 07003 1 07/20/99 01
1500874005 05 09/01/99 30
1
1500874005 O 08/01/29
0
2895240 074/074 F 199,000.00 ZZ
360 198,713.94 4
60-29 67TH AVENUE 8.500 1,530.14 95
8.250 1,530.14 210,000.00
RIDGEWOOD NY 11385 1 07/22/99 14
1503578600 05 09/01/99 35
1503578600 O 08/01/29
0
2895247 074/074 F 126,000.00 ZZ
360 125,744.69 4
3819 UNDERWOOD DRIVE 8.000 924.54 27
7.750 924.54 483,000.00
SAN JOSE CA 95117 5 05/17/99 00
1511806608 05 07/01/99 0
1511806608 N 06/01/29
0
2895248 074/074 F 101,600.00 ZZ
360 101,427.85 1
1618 OAK HILL TRAIL 8.875 808.38 70
8.625 808.38 145,200.00
KISSIMMEE FL 34747 1 05/28/99 00
1511848947 05 07/01/99 0
1511848947 O 06/01/29
0
2895249 074/074 F 85,000.00 ZZ
360 84,952.35 1
940 MANSFIELD AVENUE 8.875 676.30 85
8.625 676.30 100,000.00
NASHVILLE TN 37206 2 07/28/99 12
1511849906 05 09/01/99 12
1511849906 N 08/01/29
0
2895251 074/074 F 100,640.00 ZZ
360 100,230.01 1
5118 STORMY BREEZE 7.000 669.56 70
6.750 669.56 143,779.00
SAN ANTONIO TX 78247 1 04/12/99 00
1512723164 03 06/01/99 0
1512723164 O 05/01/29
0
1
2895252 074/074 F 130,000.00 ZZ
360 129,910.53 4
1140 NORTH 185 WEST 7.875 942.59 55
7.625 942.59 237,000.00
OREM UT 84057 5 07/21/99 00
1513750093 05 09/01/99 0
1513750093 N 08/01/29
0
2895253 074/074 F 182,400.00 ZZ
360 182,295.06 3
340 MEADOW AVENUE NORTH 8.750 1,434.94 80
8.500 1,434.94 228,000.00
RENTON WA 98055 1 07/07/99 00
1513752827 05 09/01/99 0
1513752827 N 08/01/29
0
2895255 074/074 F 69,300.00 T
360 69,258.01 1
618 LAWNDALE LANE 8.500 532.86 70
8.250 532.86 99,000.00
BROWNSVILLE TX 78521 1 07/29/99 00
1526039535 05 09/01/99 0
1526039535 O 08/01/29
0
2895262 074/074 F 120,850.00 ZZ
360 120,782.25 4
108 MICHIGAN STREET 8.875 961.54 75
8.625 961.54 161,133.00
VALLEJO CA 94590 1 07/01/99 00
1557030590 05 09/01/99 0
1557030590 N 08/01/29
0
2895263 074/074 F 120,850.00 ZZ
360 120,782.25 4
104 MICHIGAN STREET 8.875 961.54 75
8.625 961.54 161,133.00
VALLEJO CA 94590 1 07/01/99 00
1557030604 05 09/01/99 0
1557030604 N 08/01/29
0
2895268 074/074 F 174,850.00 ZZ
360 174,850.00 1
2205 TERMINAL LOOP 8.000 1,282.99 70
7.750 1,282.99 250,000.00
1
MCQUEENEY TX 78123 2 08/12/99 00
1563297530 05 10/01/99 0
1563297530 O 09/01/29
0
2895269 074/074 F 142,000.00 ZZ
360 141,803.91 1
5896 GATEWAY BLVD 7.875 1,029.60 70
7.625 1,029.60 203,450.00
STONE MOUNTAIN GA 30087 1 06/29/99 00
1566172756 03 08/01/99 0
1566172756 O 07/01/29
0
2895272 074/074 F 126,550.00 ZZ
360 126,550.00 1
9301 E MOGOLLON TRAIL 7.500 884.86 80
7.250 884.86 158,645.00
APACHE JUNCTION AZ 85219 1 08/04/99 00
1569253253 03 10/01/99 0
1569253253 O 09/01/29
0
2895274 074/074 F 125,100.00 ZZ
360 125,036.82 4
436 W CLARK STREET 9.375 1,040.52 90
9.125 1,040.52 139,000.00
MESA AZ 85201 1 07/26/99 01
1569254438 05 09/01/99 25
1569254438 N 08/01/29
0
2895279 074/074 F 85,500.00 ZZ
360 85,450.81 1
159 MILLS FOREST LANE 8.750 672.63 90
8.500 672.63 95,000.00
MOORESVILLE NC 28115 1 07/29/99 14
1577251537 05 09/01/99 25
1577251537 N 08/01/29
0
2895284 074/074 F 184,000.00 ZZ
360 184,000.00 1
645 S 44TH STREET 8.125 1,366.20 80
7.875 1,366.20 230,000.00
BOULDER CO 80303 1 08/13/99 00
1579120370 05 10/01/99 0
1579120370 N 09/01/29
0
1
2895286 074/074 F 142,200.00 ZZ
360 142,111.61 4
201 WEST STREET 8.375 1,080.83 90
8.125 1,080.83 158,000.00
WINOOSKI VT 05445 1 07/23/99 11
1580166710 05 09/01/99 25
1580166710 N 08/01/29
0
2895287 074/074 F 103,500.00 ZZ
360 103,500.00 2
106 PECK STREET 8.875 823.50 90
8.625 823.50 115,000.00
NORWICH CT 06360 1 08/13/99 11
1580169456 05 10/01/99 25
1580169456 N 09/01/29
0
2895294 074/074 F 81,500.00 ZZ
360 81,450.63 1
8220 184TH STREET NE 8.500 626.66 80
8.250 626.66 102,000.00
MENOKEN ND 58558 2 07/07/99 00
1583202650 05 09/01/99 0
1583202650 O 08/01/29
0
2895300 074/074 F 192,000.00 ZZ
360 191,877.56 2
36 ARLINGTON AVENUE 8.250 1,442.44 80
8.000 1,442.44 241,000.00
CLIFTON NJ 07011 1 08/03/99 00
1587225511 05 09/01/99 0
1587225511 O 08/01/29
0
2895303 074/074 F 167,400.00 ZZ
360 167,308.56 2
41 CHERRY STREET 9.000 1,346.94 90
8.750 1,346.94 186,000.00
WEST ORANGE NJ 07052 1 07/23/99 14
1587247944 05 09/01/99 25
1587247944 O 08/01/29
0
2895309 074/074 F 33,250.00 ZZ
360 33,226.53 1
1
320 LAKEVIEW STREET #118 7.750 238.21 90
7.500 238.21 37,000.00
ORLANDO FL 32804 1 07/28/99 11
1590169827 01 09/01/99 25
1590169827 N 08/01/29
0
2895320 074/074 F 139,050.00 ZZ
360 138,967.90 1
130 S CANAL UNIT 811 8.625 1,081.52 90
8.375 1,081.52 154,700.00
CHICAGO IL 60606 1 07/30/99 11
1617026396 06 09/01/99 25
1617026396 N 08/01/29
0
2895328 074/074 F 180,000.00 ZZ
360 179,670.56 3
84 WHEATLAND STREET 8.500 1,384.04 80
8.250 1,384.04 225,000.00
SOMERVILLE MA 02145 1 05/07/99 00
1813121322 05 07/01/99 0
1813121322 N 06/01/29
0
2895332 074/074 F 128,200.00 ZZ
360 128,124.31 4
342-344 CHILD STREET 8.625 997.13 90
8.375 997.13 142,500.00
WARREN RI 02885 1 07/30/99 04
1814090508 05 09/01/99 25
1814090508 N 08/01/29
0
2897346 K08/G02 F 164,000.00 ZZ
360 164,000.00 1
3446 ROSEBUD DRIVE 8.750 1,290.19 80
8.500 1,290.19 205,000.00
SHINGLE SPRINGS CA 95682 1 08/20/99 00
0411364292 05 10/01/99 0
0411364292 O 09/01/29
0
2897353 K08/G02 F 149,600.00 ZZ
360 149,600.00 1
10650 DEBRA AVE(GRANADA HILLS 9.750 1,285.30 80
9.500 1,285.30 187,000.00
LOS ANGELES CA 91344 1 08/23/99 00
0411495294 05 10/01/99 0
1
0411495294 O 09/01/29
0
2897358 K08/G02 F 105,000.00 ZZ
360 105,000.00 1
22 PULAWSKI AVENUE 8.875 835.43 78
8.625 835.43 135,000.00
SOUTH RIVER NJ 08882 2 08/26/99 00
0411522352 05 10/01/99 0
0411522352 O 09/01/29
0
2897371 K08/G02 F 172,500.00 ZZ
360 172,500.00 1
8550 LAKEWOOD DRIVE 8.500 1,326.38 75
8.250 1,326.38 230,000.00
LAKE BROWNWOOD TX 76801 5 08/20/99 00
0411551559 05 10/01/99 0
0411551559 O 09/01/29
0
2897379 K08/G02 F 172,000.00 ZZ
360 172,000.00 1
7790 N COCHRAN 8.750 1,353.12 80
8.500 1,353.12 215,000.00
CHARLOTTE MI 48813 1 08/31/99 00
0411559917 05 10/01/99 0
0411559917 O 09/01/29
0
2897381 K08/G02 F 133,600.00 ZZ
360 133,600.00 1
1500 WALTER WAY 9.125 1,087.01 80
8.875 1,087.01 167,000.00
CRAIG CO 81625 5 08/26/99 00
0411560972 05 10/01/99 0
0411560972 O 09/01/29
0
2897392 K08/G02 F 146,800.00 ZZ
360 146,800.00 1
14551 CEDARSPRINGS DRIVE 8.375 1,115.79 80
8.125 1,115.79 183,500.00
WHITTIER CA 90603 1 08/23/99 00
0411570401 05 10/01/99 0
0411570401 O 09/01/29
0
1
2897395 K08/G02 F 214,400.00 ZZ
360 214,400.00 1
72 GLENBROOK ROAD 9.250 1,763.82 80
9.000 1,763.82 268,000.00
MORRIS PLAINS NJ 07960 1 08/31/99 00
0411575053 05 10/01/99 0
0411575053 O 09/01/29
0
2897403 K08/G02 F 44,100.00 ZZ
360 44,100.00 1
1919 FORT DONELSON DRIVE 9.500 370.82 90
9.250 370.82 49,000.00
SAN ANTONIO TX 78245 1 08/31/99 04
0411581226 05 10/01/99 25
0411581226 N 09/01/29
0
2897417 K08/G02 F 128,000.00 ZZ
360 128,000.00 1
2720 BELMEADE DRIVE 8.750 1,006.98 80
8.500 1,006.98 160,000.00
CARROLLTON TX 75006 1 08/31/99 00
0411598345 05 10/01/99 0
0411598345 O 09/01/29
0
2897427 K08/G02 F 85,500.00 ZZ
360 85,500.00 1
1223 WEST 141ST STREET 9.500 718.93 90
9.250 718.93 95,000.00
GARDENA CA 90247 1 08/19/99 11
0411549751 05 10/01/99 25
0411549751 N 09/01/29
0
2897429 K08/G02 F 172,500.00 ZZ
360 172,500.00 1
6777 SEARS ROAD 8.750 1,357.06 75
8.500 1,357.06 230,000.00
HORTON MI 49246 2 08/27/99 00
0411558307 05 10/01/99 0
0411558307 O 09/01/29
0
2897434 K08/G02 F 100,800.00 ZZ
360 100,800.00 2
5187/5189 RIDGE FOREST DRIVE 9.625 856.79 90
9.375 856.79 112,000.00
1
STONE MOUNTAIN GA 30058 1 08/31/99 14
0411580178 05 10/01/99 25
0411580178 N 09/01/29
0
2898648 K08/G02 F 121,500.00 ZZ
360 121,500.00 1
740 ESPLANADE AVE./1350 BOURBO 9.125 988.56 90
ST UNIT 14 8.875 988.56 135,000.00
NEW ORLEANS LA 70116 1 08/25/99 10
0411500978 01 10/01/99 25
0411500978 O 09/01/29
0
2898650 K08/G02 F 205,450.00 ZZ
360 205,450.00 2
2540 ALDRICH AVENUE SOUTH 8.750 1,616.28 95
8.500 1,616.28 216,300.00
MINNEAPOLIS MN 55405 1 08/25/99 10
0411544240 05 10/01/99 30
0411544240 O 09/01/29
0
2898655 K08/G02 F 97,750.00 ZZ
360 97,750.00 1
25109 CROWLEY 9.375 813.03 85
9.125 813.03 115,000.00
TAYLOR MI 48180 5 08/19/99 04
0411562572 05 10/01/99 12
0411562572 O 09/01/29
0
2898657 K08/G02 F 105,950.00 ZZ
360 105,950.00 1
13046 SOUTHEAST 184TH PLACE 8.875 842.99 65
8.625 842.99 163,000.00
RENTON WA 98058 5 08/19/99 00
0411573082 05 10/01/99 0
0411573082 N 09/01/29
0
2898662 K08/G02 F 58,850.00 ZZ
360 58,850.00 1
618 BARKRIDGE TRAIL 8.375 447.30 77
8.125 447.30 76,500.00
BURLESON TX 76028 1 08/25/99 00
0411586100 05 10/01/99 0
0411586100 O 09/01/29
0
1
2899948 K08/G02 F 228,000.00 ZZ
360 228,000.00 1
11150 SW 28TH ST 8.750 1,793.68 80
8.500 1,793.68 285,000.00
MIAMI FL 33165 1 09/02/99 00
0411581937 05 10/01/99 0
0411581937 O 09/01/29
0
2901339 G75/G75 F 107,100.00 ZZ
360 107,039.95 1
4627 ELMONT 8.875 852.14 79
8.625 852.14 136,500.00
CINCINNATI OH 45245 1 07/23/99 00
03922970 05 09/01/99 0
03922970 O 08/01/29
0
2901344 G75/G75 F 150,000.00 ZZ
360 149,894.13 1
27 TEDDY ROOSEVELT WAY 7.750 1,074.62 52
7.500 1,074.62 293,000.00
WASHINGTON TWP. NJ 08691 1 07/20/99 00
03651038 03 09/01/99 0
03651038 O 08/01/29
0
2901346 G75/G75 F 108,650.00 ZZ
360 108,292.21 2
401 S. LINCOLN AVENUE 8.625 845.07 80
8.375 845.07 136,000.00
WAUKEGAN IL 60085 2 07/19/99 00
03890705 05 09/01/99 0
03890705 O 08/01/29
0
2901347 G75/G75 F 185,000.00 ZZ
360 184,744.53 1
829 ALBION ROAD 7.875 1,341.38 62
7.625 1,341.38 300,000.00
COLUMBIA SC 29205 2 07/02/99 00
03894208 05 08/01/99 0
03894208 O 07/01/29
0
2901349 G75/G75 F 144,000.00 ZZ
360 143,914.98 1
1
103 JACKSON LANE 8.625 1,120.02 80
8.375 1,120.02 180,000.00
HENDERSONVILLE TN 37075 1 07/26/99 00
03911268 05 09/01/99 0
03911268 O 08/01/29
0
2901350 G75/G75 F 180,000.00 ZZ
360 179,890.95 1
3740 133RD LN N 8.500 1,384.05 80
8.250 1,384.05 225,000.00
HAM LAKE MN 55304 1 08/04/99 00
03730810 05 09/01/99 0
03730810 O 08/01/29
0
2901353 G75/G75 F 144,650.00 ZZ
360 144,545.30 1
23 COULSON DRIVE 7.625 1,023.83 80
7.375 1,023.83 181,000.00
COLORA MD 21917 1 07/16/99 00
03838870 05 09/01/99 0
03838870 O 08/01/29
0
2901357 G75/G75 F 162,000.00 ZZ
360 162,000.00 1
135 GRANT AVENUE 8.250 1,217.06 88
8.000 1,217.06 185,000.00
DEPTFORD NJ 08096 5 07/27/99 10
03931361 05 10/01/99 25
03931361 O 09/01/29
0
2901360 G75/G75 F 207,200.00 ZZ
360 207,200.00 1
137 BLUEGRASS DR. 8.625 1,611.59 77
8.375 1,611.59 270,000.00
HENDERSONVILLE TN 37075 1 08/26/99 00
03927209 05 10/01/99 0
03927209 O 09/01/29
0
2901361 G75/G75 F 212,000.00 ZZ
360 212,000.00 1
4669 BERRYWOOD ROAD 8.750 1,667.81 80
8.500 1,667.81 265,500.00
VIRGINIA BEACH VA 23464 1 08/12/99 00
03944673 05 10/01/99 0
1
03944673 O 09/01/29
0
2901362 G75/G75 F 219,500.00 ZZ
360 219,500.00 4
1021 MINNS DRIVE 8.625 1,707.25 92
8.375 1,707.25 240,000.00
MACHESNEY PARK IL 61115 2 08/06/99 14
03505899 05 10/01/99 30
03505899 O 09/01/29
0
2901363 G75/G75 F 110,800.00 ZZ
360 110,800.00 1
102 TROOST COURT 9.375 921.58 80
9.125 921.58 138,500.00
CHARLOTTESVILLE VA 22903 1 08/04/99 00
03872000 05 10/01/99 0
03872000 N 09/01/29
0
2901370 G75/G75 F 205,500.00 ZZ
360 205,500.00 1
6 VILLAGE DRIVE 8.875 1,635.06 80
8.625 1,635.06 260,000.00
VOORHEES NJ 08043 2 08/25/99 00
03959547 05 10/01/99 0
03959547 O 09/01/29
0
2901372 G75/G75 F 114,300.00 ZZ
360 114,300.00 1
5811 PONTIAC STREET 8.875 909.43 85
8.625 909.43 135,000.00
BERWYN HIEGHTS MD 20740 1 08/27/99 14
03956565 05 10/01/99 25
03956565 N 09/01/29
0
2901373 G75/G75 F 144,000.00 ZZ
360 144,000.00 3
1835 WEST GRACE STREET 8.875 1,145.73 90
8.625 1,145.73 161,000.00
RICHMOND VA 23220 1 08/31/99 01
03955107 05 10/01/99 25
03955107 O 09/01/29
0
1
2901513 560/560 F 98,000.00 ZZ
360 97,628.08 1
11165 SILVER LAKE ROAD 7.750 702.09 46
7.500 702.09 215,000.00
BYRON MI 48418 5 04/14/99 00
120105309 05 06/01/99 0
120105309 O 05/01/29
0
2901517 560/560 F 63,450.00 ZZ
360 63,259.83 2
2811 CUMBERLAND 7.500 443.66 89
7.250 443.66 72,000.00
ROANOKE VA 24012 1 04/06/99 21
120130307 05 06/01/99 25
120130307 N 05/01/29
0
2901519 560/560 F 29,025.00 ZZ
360 28,524.10 1
410 W SEVENTH ST 200-0525-3 7.500 202.95 70
7.250 202.95 42,000.00
TULSA OK 74119 1 04/30/99 00
120155007 06 06/01/99 0
120155007 N 05/01/29
0
2901522 560/560 F 120,000.00 ZZ
240 117,372.48 1
10 ROLSTON ROAD 8.250 1,022.48 75
8.000 1,022.48 160,000.00
GREENLAND NH 03801 1 05/10/99 00
120237003 05 07/01/99 0
120237003 O 06/01/19
0
2901523 560/560 F 112,500.00 ZZ
360 112,136.29 1
3515 W 48TH ST 8.250 845.18 87
8.000 845.18 130,000.00
ROELAND PARK KS 66205 1 03/31/99 21
120239405 05 05/01/99 25
120239405 N 04/01/29
0
2901525 560/560 F 106,000.00 ZZ
360 105,733.67 1
42 MEADER ROAD 8.375 805.68 80
8.125 805.68 132,500.00
1
MONKTON VT 05469 1 04/13/99 00
120353008 05 06/01/99 0
120353008 O 05/01/29
0
2901529 560/560 F 22,050.00 ZZ
360 21,983.91 1
450 W SEVENTH ST 100-1105 D 7.500 154.18 56
7.250 154.18 40,000.00
TULSA OK 74119 1 04/27/99 00
120399407 06 06/01/99 0
120399407 N 05/01/29
0
2901531 560/560 F 37,700.00 ZZ
360 37,615.52 1
450 W 7TH STREET 1009-E 7.500 263.61 80
7.250 263.61 47,170.00
TULSA OK 74119 1 05/26/99 00
120455100 06 07/01/99 0
120455100 O 06/01/29
0
2901536 560/560 F 60,000.00 ZZ
360 59,541.42 1
158 NEWTOWN AVENUE 7.625 424.68 24
7.375 424.68 254,000.00
NORWALK CT 06851 5 04/28/99 00
120587001 05 06/01/99 0
120587001 O 05/01/29
0
2901537 560/560 F 106,400.00 ZZ
360 105,922.78 1
19 FERNDALE AVE. 8.375 808.72 80
8.125 808.72 133,000.00
SELDEN NY 11784 1 05/24/99 00
120588009 05 07/01/99 0
120588009 O 06/01/29
0
2901538 560/560 F 112,500.00 ZZ
360 112,162.88 1
503 BETHLEHEM PIKE 7.500 786.62 88
7.250 786.62 129,000.00
FORT WASHINGTON PA 19034 1 04/13/99 21
120588603 05 06/01/99 25
120588603 N 05/01/29
0
1
2901541 560/560 F 188,000.00 ZZ
360 187,646.98 4
517 WESTERN AVENUE 13-16 8.375 1,428.94 80
8.125 1,428.94 235,000.00
MEDFORD OR 97501 1 05/27/99 00
120710207 05 07/01/99 0
120710207 N 06/01/29
0
2901543 560/560 F 176,000.00 ZZ
360 175,660.99 2
93-95 WASHINGTON STREET 8.250 1,322.23 80
8.000 1,322.23 220,000.00
WALPOLE MA 02081 5 05/28/99 00
120744909 05 07/01/99 0
120744909 N 06/01/29
0
2901544 560/560 F 128,000.00 ZZ
360 127,534.73 1
218 ANN LANE 7.375 884.07 80
7.125 884.07 160,000.00
WARMINSTER PA 18974 1 04/29/99 00
120748504 05 06/01/99 0
120748504 O 05/01/29
0
2901556 560/560 F 130,000.00 ZZ
360 129,386.92 1
186 GOVERNOR BRADFORD ROAD 8.250 976.65 80
8.000 976.65 162,500.00
BREWSTER MA 02631 1 05/24/99 00
121057806 05 07/01/99 0
121057806 O 06/01/29
0
2901558 560/560 F 102,050.00 ZZ
360 101,348.94 1
2207 N PARKSIDE AVENUE 8.000 748.81 73
7.750 748.81 140,000.00
CHICAGO IL 60639 2 05/26/99 00
121090807 05 07/01/99 0
121090807 O 06/01/29
0
2901559 560/560 F 175,000.00 ZZ
360 174,513.47 3
1
2090 2092 AND 2094 BAY VIEW DR 7.875 1,268.88 70
7.625 1,268.88 250,000.00
MORRO BAY CA 93442 5 05/17/99 00
121100309 05 06/01/99 0
121100309 O 05/01/29
0
2901562 560/560 F 146,000.00 ZZ
360 145,373.85 1
14703 W COULEE HITE ROAD 8.000 1,071.30 75
7.750 1,071.30 196,000.00
SPOKANE WA 99224 5 04/29/99 00
121192009 05 06/01/99 0
121192009 O 05/01/29
0
2901563 560/560 F 108,000.00 ZZ
360 107,728.65 1
2329 SURRY LANE 8.375 820.88 85
8.125 820.88 128,000.00
FRANKLIN TN 37027 1 04/26/99 21
121227607 05 06/01/99 25
121227607 N 05/01/29
0
2901564 560/560 F 139,900.00 ZZ
360 139,609.24 1
498 SPINNAKER STREET SW 7.875 1,014.38 75
7.625 1,014.38 187,000.00
OCEAN SHORES WA 98569 1 05/20/99 00
121235402 05 07/01/99 0
121235402 N 06/01/29
0
2901568 560/560 F 79,500.00 ZZ
360 79,381.63 1
469 OWINGS CREEK LOOP 7.500 555.88 50
7.250 555.88 161,500.00
HAMILTON MT 59840 1 06/28/99 00
121257208 05 08/01/99 0
121257208 O 07/01/29
0
2901572 560/560 F 134,400.00 ZZ
360 133,586.94 2
564 MARKET STREET 8.125 997.92 80
7.875 997.92 168,000.00
ELMWOOD PARK NJ 07407 1 11/25/98 00
160833703 05 01/01/99 0
1
160833703 O 12/01/28
0
2901574 560/560 F 144,000.00 ZZ
360 143,218.66 1
8615 N NORTHVIEW COURT 7.375 994.58 80
7.125 994.58 182,000.00
SPOKANE WA 99208 1 02/04/99 00
161608401 05 03/01/99 0
161608401 O 02/01/29
0
2901575 560/560 F 54,400.00 ZZ
360 53,674.07 1
10701 BUFFALO RIVER COVE 7.750 389.73 23
7.500 389.73 247,000.00
LAKE CORMORANT MS 38641 5 11/13/98 00
161661608 05 01/01/99 0
161661608 N 12/01/28
0
2901576 560/560 F 105,000.00 ZZ
360 104,315.47 1
80 AMERICAN RIVER DRIVE 7.750 752.24 70
7.500 752.24 150,000.00
LAKE CORMORANT MS 38641 2 11/13/98 00
161662200 05 01/01/99 0
161662200 N 12/01/28
0
2901579 560/560 F 134,000.00 ZZ
360 132,838.00 1
100 SAN LUIS ROAD 7.125 902.79 52
6.875 902.79 260,000.00
SONOMA CA 95476 2 01/27/99 00
162983902 05 03/01/99 0
162983902 O 02/01/29
0
2901581 560/560 F 83,500.00 ZZ
360 82,870.69 1
MURRAY HILL HEIGHTS 19 7.500 583.85 67
7.250 583.85 126,000.00
MANCHESTER VT 05255 2 01/29/99 00
163609803 01 03/01/99 0
163609803 O 02/01/29
0
1
2901583 560/560 F 143,820.00 ZZ
360 142,559.98 1
6520 IVEY WOODS COURT 7.500 1,005.62 80
7.250 1,005.62 182,000.00
CUMMING GA 30040 1 03/08/99 00
164855603 05 04/01/99 0
164855603 O 03/01/29
0
2901584 560/560 F 154,850.00 ZZ
360 154,282.44 1
36 FRANKLIN PLACE 7.625 1,096.02 95
7.375 1,096.02 164,000.00
HATTIESBURG MS 39402 2 03/26/99 04
165054107 05 05/01/99 30
165054107 O 04/01/29
0
2901587 560/560 F 100,000.00 ZZ
360 99,456.36 1
58 LAURIE COURT 8.750 786.71 50
8.500 786.71 204,000.00
CARMEL NY 10512 1 06/08/99 00
165252107 05 08/01/99 0
165252107 O 07/01/29
0
2901589 560/560 F 136,000.00 ZZ
360 135,470.59 4
1061 KILSYTH ROAD 8.250 1,021.73 78
8.000 1,021.73 175,000.00
ELIZABETH NJ 07208 1 02/04/99 00
165505009 05 04/01/99 0
165505009 N 03/01/29
0
2901592 560/560 F 149,800.00 ZZ
360 149,327.91 1
28 BEEKMAN STREET 8.375 1,138.59 89
8.125 1,138.59 170,000.00
PLATTSBURGH NY 12901 1 03/12/99 04
165982703 05 05/01/99 25
165982703 N 04/01/29
0
2901593 560/560 F 120,000.00 ZZ
360 119,219.38 1
45 CABLE ROAD 7.875 870.09 43
7.625 870.09 285,000.00
1
RYE BEACH NH 03871 5 03/13/99 00
165987306 05 05/01/99 0
165987306 O 04/01/29
0
2901594 560/560 F 101,250.00 ZZ
360 100,946.74 3
13-15 SUMMER STREET 8.625 787.52 86
8.375 787.52 118,000.00
SOMERSWORTH NH 03878 1 03/01/99 21
166091108 05 05/01/99 25
166091108 N 04/01/29
0
2901595 560/560 F 107,100.00 ZZ
360 106,599.47 2
89-91 PARK STREET 8.125 795.22 90
7.875 795.22 119,000.00
BURLINGTON VT 05401 1 01/29/99 21
166092700 05 03/01/99 25
166092700 N 02/01/29
0
2901599 560/560 F 49,500.00 ZZ
360 49,237.92 1
410 W 7TH. STREET 1124 7.500 346.12 87
7.250 346.12 57,000.00
TULSA OK 74119 1 01/29/99 21
166249201 01 03/01/99 25
166249201 O 02/01/29
0
2901601 560/560 F 60,725.00 ZZ
360 60,411.40 1
4600 PAINTERS STREET 7.625 429.81 49
7.375 429.81 125,000.00
NEW ORLEANS LA 70122 2 01/25/99 00
166330100 05 03/01/99 0
166330100 O 02/01/29
0
2901606 560/560 F 133,050.00 ZZ
360 132,462.90 1
3322 ARBOR TERRACE 7.625 941.72 89
7.375 941.72 150,500.00
CHARLOTTESVILLE VA 22911 2 02/12/99 21
166559005 05 04/01/99 25
166559005 N 03/01/29
0
1
2901613 560/560 F 110,386.00 ZZ
360 109,886.70 1
143 VICTORIA LANE EAST 7.500 771.84 79
7.250 771.84 141,000.00
HENDERSONVILLE TN 37075 2 02/11/99 00
166808907 05 04/01/99 0
166808907 N 03/01/29
0
2901619 560/560 F 101,250.00 ZZ
360 100,739.95 3
2114 W MORTEN 7.750 725.37 90
7.500 725.37 112,500.00
PHOENIX AZ 85021 1 01/28/99 21
166874503 05 03/01/99 25
166874503 N 02/01/29
0
2901620 560/560 F 101,250.00 ZZ
360 100,739.95 3
2110 W MORTEN 7.750 725.37 90
7.500 725.37 112,500.00
PHOENIX AZ 85021 1 01/28/99 21
166875005 05 03/01/99 25
166875005 N 02/01/29
0
2901624 560/560 F 57,600.00 ZZ
360 57,295.07 2
1064 WINFIELD AVENUE 7.500 402.75 90
7.250 402.75 64,000.00
CINCINNATI OH 45205 1 01/29/99 21
166933408 05 03/01/99 25
166933408 N 02/01/29
0
2901629 560/560 F 32,850.00 ZZ
360 32,704.99 1
450 W SEVENTH ST 702 7.625 232.52 89
7.375 232.52 37,000.00
TULSA OK 74119 1 02/19/99 21
167110808 01 04/01/99 25
167110808 O 03/01/29
0
2901630 560/560 F 120,200.00 ZZ
360 119,594.50 1
1
134 CRICKETGRASS DRIVE 7.750 861.13 85
7.500 861.13 142,000.00
CAREY NC 27515 1 01/27/99 04
167127802 05 03/01/99 20
167127802 N 02/01/29
0
2901631 560/560 F 200,000.00 ZZ
360 199,117.55 1
2124 GREAT HIGHWAY 7.625 1,415.59 56
7.375 1,415.59 360,000.00
SAN FRANCISCO CA 94116 5 02/09/99 00
167152909 05 04/01/99 0
167152909 O 03/01/29
0
2901635 560/560 F 27,525.00 ZZ
360 27,400.50 1
410 W 7TH STREET 200-1827-D 7.500 192.46 75
7.250 192.46 36,700.00
TULSA OK 74119 1 02/25/99 00
167198001 01 04/01/99 0
167198001 N 03/01/29
0
2901636 560/560 F 69,600.00 ZZ
360 69,292.88 1
700 SHORE DRIVE 302 7.625 492.63 80
7.375 492.63 87,000.00
FALL RIVER MA 02721 1 02/10/99 00
167202605 01 04/01/99 0
167202605 O 03/01/29
0
2901639 560/560 F 80,000.00 ZZ
360 79,655.70 3
17 HAMILTON STREET 7.750 573.13 77
7.500 573.13 104,500.00
BROCKTON MA 02301 1 02/12/99 00
167264407 05 04/01/99 0
167264407 N 03/01/29
0
2901641 560/560 F 38,500.00 ZZ
360 37,949.04 1
410 W SEVENTH ST 1829E 7.500 269.20 90
7.250 269.20 42,800.00
TULSA OK 74119 1 03/25/99 04
167290402 06 05/01/99 25
1
167290402 O 04/01/29
0
2901645 560/560 F 76,000.00 ZZ
360 75,549.93 1
87 W LAKE SHORE DRIVE 7.750 544.48 80
7.500 544.48 95,000.00
LAKE CARMEL NY 10512 1 05/05/99 00
167409804 05 07/01/99 0
167409804 O 06/01/29
0
2901651 560/560 F 105,300.00 ZZ
360 104,904.32 1
148 CEDAR BEND DRIVE 7.500 736.28 89
7.250 736.28 119,000.00
HELENA AL 35080 1 03/23/99 21
167582709 05 05/01/99 25
167582709 N 04/01/29
0
2901654 560/560 F 38,700.00 ZZ
360 38,505.08 1
4617 BRIDGEDALE ROAD 7.750 277.26 85
7.500 277.26 46,000.00
PENSACOLA FL 32505 1 03/01/99 04
167605609 05 04/01/99 25
167605609 N 03/01/29
0
2901655 560/560 F 90,000.00 ZZ
360 89,730.28 1
801 N HUMBOLDT ST 312 7.500 629.30 55
7.250 629.30 165,000.00
SAN MATEO CA 94401 5 04/06/99 00
167645506 01 06/01/99 0
167645506 O 05/01/29
0
2901665 560/560 F 80,000.00 ZZ
360 79,198.84 1
1033 WASHINGTON STREET 7.750 573.13 55
7.500 573.13 148,000.00
HOLLYWOOD FL 33019 1 02/19/99 00
167803907 05 04/01/99 0
167803907 O 03/01/29
0
1
2901667 560/560 F 133,600.00 ZZ
360 132,046.01 1
345 ELM STREET 7.500 934.16 80
7.250 934.16 168,000.00
BRIDGEWATER MA 02324 1 03/05/99 00
167879709 05 05/01/99 0
167879709 O 04/01/29
0
2901670 560/560 F 59,900.00 ZZ
360 59,685.82 1
16 PROSPECT STREET 7.750 429.14 79
7.500 429.14 76,000.00
PORTLAND ME 04103 1 03/18/99 00
167947001 05 05/01/99 0
167947001 O 04/01/29
0
2901676 560/560 F 60,300.00 ZZ
360 60,084.43 1
207 E PAULDING ROAD 7.750 432.00 92
7.500 432.00 66,000.00
ELLISVILLE MS 39437 1 03/26/99 21
168057305 05 05/01/99 30
168057305 O 04/01/29
0
2901677 560/560 F 39,100.00 ZZ
360 38,934.27 1
410 W 7TH STREET #1024 7.750 280.12 87
7.500 280.12 45,000.00
TULSA OK 74119 1 03/10/99 04
168065308 01 05/01/99 25
168065308 O 04/01/29
0
2901684 560/560 F 142,400.00 ZZ
360 141,771.70 1
4252 PARKHILL DRIVE 7.625 1,007.90 80
7.375 1,007.90 178,000.00
EL PASO TX 79902 1 02/24/99 00
168247807 05 04/01/99 0
168247807 O 03/01/29
0
2901687 560/560 F 74,400.00 ZZ
360 74,120.43 1
463 CHATHAM PLACE 7.500 520.22 80
7.250 520.22 93,000.00
1
FLORENCE SC 29501 2 03/31/99 00
168418705 05 05/01/99 0
168418705 N 04/01/29
0
2901695 560/560 F 49,550.00 ZZ
360 49,363.78 1
2209 BELLAIRE DRIVE 7.500 346.47 80
7.250 346.47 62,000.00
FLORENCE SC 29505 1 03/26/99 00
168558609 05 05/01/99 0
168558609 N 04/01/29
0
2901706 560/560 F 24,750.00 ZZ
360 24,510.85 1
410 W SEVENTH 200-1425-D 7.500 173.06 57
7.250 173.06 44,000.00
TULSA OK 74119 1 05/14/99 00
168752400 06 07/01/99 0
168752400 N 06/01/29
0
2901707 560/560 F 22,500.00 ZZ
360 22,251.49 1
410 7TH W 200-1426-E 7.500 157.33 75
7.250 157.33 30,000.00
TULSA OK 74119 1 05/14/99 00
168753507 06 07/01/99 0
168753507 N 06/01/29
0
2901710 560/560 F 89,300.00 ZZ
360 89,032.40 4
2 ROUTE 7.500 624.40 95
7.250 624.40 94,000.00
EAST NEWPORT ME 04933 1 04/21/99 21
168838506 05 06/01/99 30
168838506 O 05/01/29
0
2901713 560/560 F 95,800.00 ZZ
360 95,440.04 4
617 VOYRAY DRIVE 7.500 669.85 79
7.250 669.85 122,000.00
KENNER LA 70065 1 03/31/99 21
168979904 05 05/01/99 25
168979904 N 04/01/29
0
1
2901723 560/560 F 63,900.00 ZZ
360 63,756.84 1
410 W SEVENTH STREET 100-1408 7.500 446.80 83
7.250 446.80 77,000.00
TULSA OK 74119 1 05/14/99 21
169187002 06 07/01/99 25
169187002 O 06/01/29
0
2901724 560/560 F 92,000.00 ZZ
360 91,420.54 1
410 W SEVENTH 1326-E 7.500 643.28 80
7.250 643.28 115,000.00
TULSA OK 74119 1 04/09/99 00
169235900 06 06/01/99 0
169235900 O 05/01/29
0
2901729 560/560 F 41,850.00 ZZ
360 41,705.15 1
410 W SEVENTH ST 200-1229 7.500 292.63 90
7.250 292.63 47,000.00
TULSA OK 74119 1 04/28/99 04
169343100 06 06/01/99 25
169343100 O 05/01/29
0
2901731 560/560 F 124,000.00 ZZ
360 123,646.49 1
13842 RUDI LOOP 7.750 888.36 79
7.500 888.36 158,000.00
SPRING HILL FL 34609 1 04/30/99 00
169395100 05 06/01/99 0
169395100 O 05/01/29
0
2901732 560/560 F 33,750.00 ZZ
360 33,605.20 1
450 W SEVENTH ST 100-204-E 7.500 235.99 77
7.250 235.99 44,000.00
TULSA OK 74119 1 04/27/99 04
169396207 06 06/01/99 25
169396207 O 05/01/29
0
2901733 560/560 F 40,500.00 ZZ
360 40,409.25 1
1
410 W SEVENTH ST 200-1422-D 7.500 283.19 89
7.250 283.19 46,000.00
TULSA OK 74119 1 05/05/99 21
169397205 06 07/01/99 25
169397205 O 06/01/29
0
2901734 560/560 F 75,050.00 ZZ
360 74,699.34 1
7500 MARATHON DRIVE 7.750 537.67 95
7.500 537.67 79,000.00
BILOXI MS 39532 2 03/31/99 04
169405107 05 05/01/99 30
169405107 O 04/01/29
0
2901742 560/560 F 106,360.00 ZZ
360 105,262.66 1
11902 ALTAMONTE OAKS 7.750 761.98 80
7.500 761.98 133,000.00
SAN ANTONIO TX 78253 1 06/30/98 00
494985807 05 08/01/98 0
494985807 O 07/01/28
0
2901743 560/560 F 93,600.00 ZZ
360 92,758.86 1
621 KING BEE ROAD 7.750 670.57 80
7.500 670.57 117,000.00
WIGGINS MS 39577 2 03/24/99 00
495939001 05 05/01/99 0
495939001 O 04/01/29
0
2901746 560/560 F 100,050.00 ZZ
360 99,683.29 1
6 LARKSPUR DRIVE 7.625 708.15 44
7.375 708.15 231,000.00
MARLTON NJ 08053 1 03/11/99 00
498592609 05 05/01/99 0
498592609 O 04/01/29
0
2901768 560/560 F 61,250.00 ZZ
360 61,112.77 1
13486 E. HILLSIDE 7.500 428.27 68
7.250 428.27 91,000.00
SAN ANTONIO TX 78249 1 05/14/99 00
122043102 05 07/01/99 0
1
122043102 N 06/01/29
0
2901782 560/560 F 87,200.00 ZZ
360 87,076.50 4
525 NORTH 22ND STREET 7.750 624.72 84
7.500 624.72 105,000.00
PHILADELPHIA PA 19130 1 06/18/99 21
122340003 05 08/01/99 25
122340003 N 07/01/29
0
2901797 560/560 F 142,200.00 ZZ
360 141,896.95 4
3356 LA LEYENDA COURT 7.750 1,018.74 90
7.500 1,018.74 158,000.00
GULF BREEZE FL 32561 1 05/25/99 04
121719801 05 07/01/99 25
121719801 N 06/01/29
0
2901800 560/560 F 62,200.00 ZZ
360 62,106.37 1
9320 S 95TH E PLACE 7.500 434.92 70
7.250 434.92 89,000.00
TULSA OK 74133 1 06/25/99 00
122768906 05 08/01/99 0
122768906 N 07/01/29
0
2901802 560/560 F 107,550.00 ZZ
360 107,417.49 4
412 CABELL STREET 7.500 752.01 90
7.250 752.01 120,000.00
LYNCHBURG VA 24504 1 07/23/99 21
122783608 05 09/01/99 25
122783608 N 08/01/29
0
2901826 560/560 F 80,000.00 ZZ
360 79,914.88 4
68 SOUTH STREET 7.750 573.13 76
7.500 573.13 106,500.00
PROCTOR VT 05765 1 07/09/99 00
123357709 05 09/01/99 0
123357709 N 08/01/29
0
1
2901851 560/560 F 136,000.00 ZZ
360 135,878.33 1
91 MARBLE AVENUE 7.750 974.33 80
7.500 974.33 170,000.00
PLEASANTIVILLE NY 10570 1 07/28/99 00
124177106 05 09/01/99 0
124177106 O 08/01/29
0
2901858 560/560 F 165,450.00 ZZ
360 165,450.00 2
9082 CENTRAL AVENUE 7.750 1,185.31 68
7.500 1,185.31 245,000.00
GARDEN GROVE CA 92844 5 08/16/99 00
124406307 05 10/01/99 0
124406307 N 09/01/29
0
2902032 K08/G02 F 184,500.00 ZZ
360 184,500.00 1
1633 MCGOVERN 8.500 1,418.65 90
8.250 1,418.65 205,000.00
HIGHLAND PARK IL 60035 1 08/24/99 01
0411528177 05 10/01/99 25
0411528177 N 09/01/29
0
TOTAL NUMBER OF LOANS : 1,389
TOTAL ORIGINAL BALANCE : 142,970,868.96
TOTAL PRINCIPAL BALANCE : 142,715,822.42
TOTAL ORIGINAL P+I : 1,096,719.75
TOTAL CURRENT P+I : 1,096,719.75
***************************
* END OF REPORT *
***************************
1
RUN ON : 10/01/99 RFC DISCLOSURE SYSTEM RFFSD177-01
AT : 15.15.14 FIXED RATE LOAN LISTING AMORTIZED BALANCE
SERIES : RALI 1999-QS11 CUTOFF : 09/01/99
POOL : 0004402
:
:
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 #
______________________________________________________________________________
1856149 E58/G02 F 271,500.00 T
360 270,271.99 1
14813 MOCKINGBIRD DRIVE 7.500 1,898.37 75
7.250 1,898.37 362,000.00
DARNSTOWN MD 20874 1 02/04/99 00
0431402775 05 04/01/99 0
9646621 O 03/01/29
0
1873392 638/G02 F 432,000.00 ZZ
360 429,656.09 1
274 CENTRAL AVENUE 7.375 2,983.72 80
7.125 2,983.72 540,000.00
HIGHLAND PARK IL 60035 1 01/21/99 00
0431199991 05 03/01/99 0
08846502 O 02/01/29
0
1904980 889/G02 F 292,500.00 ZZ
360 291,686.84 1
12 DEXTER LANE 7.875 2,120.83 65
7.625 2,120.83 450,000.00
JEKYLL ISLAND GA 31527 5 04/19/99 00
0431417492 05 06/01/99 0
52000157 N 05/01/29
0
1907413 N11/G02 F 296,000.00 ZZ
360 295,398.98 1
833 TANNAHILL DRIVE 7.990 2,169.88 80
7.740 2,169.88 370,000.00
HUNTSVILLE AL 35802 1 05/28/99 00
0431368141 05 07/01/99 0
1
0000 O 06/01/29
0
1908696 638/G02 F 300,000.00 ZZ
360 299,055.36 1
9519 TANOAN DRIVE NE 7.250 2,046.53 80
7.000 2,046.53 375,000.00
ALBUQUERQUE NM 87111 2 04/26/99 00
0431319094 03 06/01/99 0
08879744 O 05/01/29
0
1908750 638/G02 F 360,000.00 ZZ
360 358,764.81 1
2814 ALAMEDA DE LAS PULGAS 7.375 2,486.43 80
7.125 2,486.43 450,000.00
SAN MATEO CA 94403 5 04/21/99 00
0431324268 05 06/01/99 0
08880283 O 05/01/29
0
1911635 638/G02 F 300,000.00 ZZ
360 299,257.96 1
1610 SHAGBARK TRAIL 7.000 1,995.91 80
6.750 1,995.91 375,000.00
MURFREESBORO TN 37130 2 04/27/99 00
0431330638 03 07/01/99 0
8845530 O 06/01/29
0
1912244 638/G02 F 272,000.00 ZZ
360 271,375.25 1
35240 EL NIGUEL ROAD 7.375 1,878.64 80
7.125 1,878.64 340,000.00
LAKE ELSINORE CA 92530 5 04/29/99 00
0431332600 03 07/01/99 0
08881777 O 06/01/29
0
1912689 638/G02 F 516,000.00 ZZ
360 514,843.96 1
21423 BETHEL CHURCH ROAD 7.500 3,607.95 80
7.250 3,607.95 645,000.00
CORNELIUS NC 28031 5 05/11/99 00
0431334762 05 07/01/99 0
8878835 O 06/01/29
0
1
1912690 638/G02 F 330,000.00 ZZ
360 329,260.67 1
2278 DEL MAR HEIGHTS ROAD 7.500 2,307.41 77
7.250 2,307.41 430,000.00
DEL MAR CA 92014 5 04/30/99 00
0431334713 05 07/01/99 0
08876814 O 06/01/29
0
1912718 455/G02 F 318,000.00 ZZ
360 317,287.53 1
2726 WATER VIEW CIRCLE 7.500 2,223.51 78
7.250 2,223.51 408,908.00
GAINESVILLE GA 30504 4 05/19/99 00
0431433275 05 07/01/99 0
84569 O 06/01/29
0
1912907 196/G02 F 340,000.00 ZZ
360 339,575.86 1
6227 ROOT ROAD 8.375 2,584.25 80
8.125 2,584.25 425,000.00
CHATHAM TOWNSHI OH 44275 5 06/05/99 00
0431442854 05 08/01/99 0
1281903 O 07/01/29
0
1913076 638/G02 F 260,000.00 ZZ
360 259,402.82 1
44 TAYLA DRIVE 7.375 1,795.76 80
7.125 1,795.76 325,000.00
WEYMOUTH MA 02190 1 05/07/99 00
0431336171 03 07/01/99 0
NP O 06/01/29
0
1913235 676/676 F 245,000.00 ZZ
360 244,477.86 1
7314 NUULOLO STREET 7.750 1,755.22 70
7.500 1,755.22 350,000.00
HONOLULU HI 96825 5 04/30/99 00
300100317305 05 07/01/99 0
300100317305 O 06/01/29
0
1913401 638/G02 F 300,000.00 ZZ
360 299,310.95 1
2489 19TH AVENUE 7.375 2,072.03 80
7.125 2,072.03 375,000.00
1
SAN FRANCISCO CA 94116 1 05/11/99 00
0431338292 05 07/01/99 0
8887373 O 06/01/29
0
1913853 676/676 F 263,250.00 ZZ
360 262,487.04 1
82 NAWILIWILI STREET 7.750 1,885.96 65
7.500 1,885.96 405,000.00
HONOLULU HI 96825 2 04/30/99 00
7801317289 05 07/01/99 0
7801317289 N 06/01/29
0
1914281 638/G02 F 296,800.00 ZZ
360 296,085.13 1
2010 SWEET VALLEY ROAD 7.500 2,075.27 80
7.250 2,075.27 371,000.00
EL DORADO HILLS CA 95762 5 05/12/99 00
0431342427 05 07/01/99 0
8872418 O 06/01/29
0
1914665 638/G02 F 360,000.00 ZZ
360 359,213.34 1
17 GLEN ROAD 7.625 2,548.06 80
7.375 2,548.06 455,000.00
WAYLAND MA 01778 5 05/10/99 00
0431344720 05 07/01/99 0
8875596 O 06/01/29
0
1914674 638/G02 F 377,600.00 ZZ
360 376,774.89 1
37 BRIDGETOWN BEND 7.625 2,672.63 80
7.375 2,672.63 472,000.00
CORONADO CA 92118 5 05/06/99 00
0431342633 03 07/01/99 0
8883885 O 06/01/29
0
1919051 N88/G02 F 580,000.00 ZZ
360 580,000.00 1
244 LAMBERT DRIVE 9.500 4,876.95 80
9.250 4,876.95 725,000.00
PRINCETON NJ 08540 2 08/20/99 00
0431443472 05 10/01/99 0
0 O 09/01/29
0
1
1919055 M65/G02 F 333,000.00 ZZ
360 333,000.00 2
5702-4 LIEBIG AVENUE 9.375 2,769.73 90
9.125 2,769.73 370,000.00
BRONX NY 10471 1 08/05/99 01
0431436237 05 10/01/99 25
0000 O 09/01/29
0
1919544 B75/G02 F 348,750.00 ZZ
360 348,095.15 1
3040 MANOA ROAD 8.375 2,650.75 75
8.125 2,650.75 465,000.00
HONOLULU HI 96822 2 05/24/99 00
0431358746 05 07/01/99 0
8461360 O 06/01/29
0
1921416 A50/A50 F 332,500.00 ZZ
360 331,697.58 1
110 WOODCHASE DRIVE 7.125 2,240.11 95
6.875 2,240.11 350,000.00
LAGRANGE GA 30240 1 05/27/99 19
123187 03 07/01/99 30
123187 O 06/01/29
0
1922717 H78/G02 F 257,625.00 ZZ
360 257,447.70 1
9409 RAVEN HOLLOW RD 7.875 1,867.96 75
7.625 1,867.96 343,500.00
BRENTWOOD TN 37027 5 07/26/99 00
0431441047 03 09/01/99 0
0000 O 08/01/29
0
1923091 134/G02 F 264,000.00 ZZ
360 263,848.11 1
5487 BLUE CHURCH ROAD 8.750 2,076.89 80
8.500 2,076.89 330,000.00
SUNBURY OH 43074 2 07/15/99 00
0431416809 05 09/01/99 0
7865035 O 08/01/29
0
1923682 E86/G02 F 480,000.00 ZZ
360 479,385.74 1
1
33 MEADOW FARM ROAD 8.250 3,606.08 80
8.000 3,606.08 600,000.00
EAST ISLIP NY 11730 1 06/23/99 00
0431393677 05 08/01/99 0
40089 O 07/01/29
0
1926061 Q17/G02 F 260,000.00 ZZ
360 259,846.50 1
5208 RIVER AVENUE 8.625 2,022.25 60
8.375 2,022.25 440,000.00
NEWPORT BEACH CA 92663 2 07/20/99 00
0431417286 03 09/01/99 0
99005785 N 08/01/29
0
1930552 E57/G02 F 281,250.00 ZZ
360 281,075.19 1
8724 EAST BROWNING AVENUE 8.375 2,137.70 75
8.125 2,137.70 375,000.00
CLOVIS CA 93611 5 07/12/99 00
0431395722 05 09/01/99 0
31774 O 08/01/29
0
1930609 N43/G02 F 251,000.00 ZZ
360 251,000.00 1
2010 WEST POTOMAC 9.125 2,042.22 84
8.875 2,042.22 300,000.00
CHICAGO IL 60622 5 08/20/99 01
0431458801 09 10/01/99 12
99999999 O 09/01/29
0
1930614 A93/G02 F 328,050.00 ZZ
360 328,050.00 1
19 NEIL DRIVE 8.375 2,493.42 90
8.125 2,493.42 364,500.00
SMITHTOWN NY 11787 1 08/13/99 10
0431418292 05 10/01/99 25
06992907 O 09/01/29
0
1931973 624/G02 F 314,500.00 ZZ
360 314,500.00 1
1841 SOUTHRIDGE DRIVE 8.750 2,474.17 84
8.500 2,474.17 375,000.00
HOLLISTER CA 95023 5 08/06/99 01
0431420223 03 10/01/99 12
1
41101690336 O 09/01/29
0
1931982 E19/G02 F 250,000.00 ZZ
360 249,732.89 1
7 PEARL ST 9.125 2,034.09 84
8.875 2,034.09 300,000.00
SOMERVILLE MA 02143 5 07/02/99 23
0431427178 05 08/01/99 0
002200182891 O 07/01/29
0
1932250 N96/G02 F 650,000.00 ZZ
360 650,000.00 1
9521 NORTH 52ND PLACE 8.500 4,997.94 71
8.250 4,997.94 926,000.00
PARADISE VALLEY AZ 85253 5 08/20/99 00
0431434505 05 10/01/99 0
990495 O 09/01/29
0
1932587 B75/G02 F 282,800.00 ZZ
360 282,489.90 1
1424 DANBURY DRIVE 9.000 2,275.47 83
8.750 2,275.47 342,000.00
MANSFIELD TX 76063 2 06/23/99 11
0431416189 05 08/01/99 25
1975978 O 07/01/29
0
1932608 731/G02 F 378,000.00 ZZ
360 377,788.08 1
744-746 SOUTH DETROIT STREET 8.875 3,007.54 90
8.625 3,007.54 420,000.00
LOS ANGELES CA 90036 1 07/20/99 14
0431402387 05 09/01/99 25
0000 O 08/01/29
0
1932860 562/G02 F 299,200.00 ZZ
360 299,036.56 2
758 B QUINCY AVENUE 9.000 2,407.44 85
8.750 2,407.44 352,000.00
BRONX NY 10465 1 07/26/99 04
0431403278 05 09/01/99 12
613323 N 08/01/29
0
1
1932965 G32/G02 F 472,000.00 ZZ
360 472,000.00 1
732 FOREST GLEN LANE 8.625 3,671.17 80
8.375 3,671.17 590,000.00
OAK BROOK IL 60523 1 08/25/99 00
0431443662 05 10/01/99 0
1005820 O 09/01/29
0
1933021 R19/G02 F 292,000.00 ZZ
360 292,000.00 1
545 OCEAN BLVD 9.250 2,402.22 75
9.000 2,402.22 390,000.00
HAMPTON NH 03842 5 08/20/99 00
0431441211 05 10/01/99 0
0000 O 09/01/29
0
1933308 Q85/G02 F 525,400.00 ZZ
360 525,400.00 1
6 KEITHS LANE 9.250 4,322.34 80
9.000 4,322.34 656,750.00
ALEXANDRIA VA 22314 1 08/17/99 00
0431436971 07 10/01/99 0
1933308 O 09/01/29
0
1933602 M18/G02 F 472,000.00 ZZ
360 471,735.39 1
2323 PROSSER AVENUE 8.875 3,755.44 80
8.625 3,755.44 590,000.00
LOS ANGELES CA 90064 1 07/28/99 00
0431416254 05 09/01/99 0
980100635 O 08/01/29
0
1933621 B28/G02 F 297,500.00 ZZ
360 297,500.00 1
445 NORTH CRESTWAY 8.500 2,287.52 85
8.250 2,287.52 350,000.00
WICHITA KS 67208 1 08/02/99 11
0431407469 05 10/01/99 12
8198003 O 09/01/29
0
1933978 A46/G02 F 288,800.00 ZZ
360 288,800.00 1
XXXX BREAUX TRACE 8.125 2,144.39 79
7.875 2,144.39 370,000.00
1
SEABROOK TX 77526 1 08/06/99 00
0431450337 03 10/01/99 0
8025579 O 09/01/29
0
1934032 N71/G02 F 650,000.00 ZZ
360 650,000.00 1
32 SPANISH RIVER DRIVE 9.500 5,465.55 68
9.250 5,465.55 960,000.00
OCEAN RIDGE FL 33435 5 09/02/99 00
0431459312 05 10/01/99 0
33690899 O 09/01/29
0
1934545 Q85/G02 F 248,000.00 ZZ
360 247,864.54 1
606 NORTH CAROLINA AVENUE SE 9.000 1,995.46 79
8.750 1,995.46 314,000.00
WASHINGTON DC 20003 1 08/04/99 00
0431411867 07 09/01/99 0
3224DB O 08/01/29
0
1934762 163/G02 F 296,000.00 ZZ
360 295,825.24 1
1720 MIDDLEMOST KEY 8.625 2,302.26 85
8.375 2,302.26 349,150.00
VIRGINIA BEACH VA 23454 1 07/30/99 04
0431420272 05 09/01/99 20
917058555 N 08/01/29
0
1935051 637/G02 F 300,000.00 ZZ
360 299,813.53 1
5322 EAST ANDERSON DRIVE 8.375 2,280.22 80
8.125 2,280.22 375,000.00
SCOTTSDALE AZ 85254 5 07/13/99 00
0431417922 05 09/01/99 0
0015273766 O 08/01/29
0
1935076 K88/G02 F 292,500.00 ZZ
360 292,500.00 1
25 AUTUMN LANE 8.500 2,249.08 80
8.250 2,249.08 365,650.00
EAST BRUNSWICK NJ 08816 1 08/02/99 00
0431418623 05 10/01/99 0
9386 O 09/01/29
0
1
1935165 637/G02 F 275,000.00 ZZ
360 274,833.40 1
94 BROWN ROAD 8.500 2,114.52 47
8.250 2,114.52 597,000.00
HARVARD MA 01451 5 07/14/99 00
0431419720 05 09/01/99 0
0011513215 O 08/01/29
0
1935505 P16/G02 F 250,000.00 ZZ
360 250,000.00 1
5612 SHADY GLEN PLACE 9.250 2,056.69 65
9.000 2,056.69 385,000.00
YORBA LINDA CA 92886 5 08/24/99 00
0431455781 05 10/01/99 0
3000038 O 09/01/29
0
1935976 F62/G02 F 307,000.00 ZZ
360 307,000.00 1
900 DIPLOMAT PARKWAY 8.750 2,415.18 59
8.500 2,415.18 525,000.00
HALLANDALE FL 33009 5 08/06/99 00
0431444736 05 10/01/99 0
0000 O 09/01/29
0
1936207 964/G02 F 275,200.00 ZZ
360 275,200.00 1
127 SOUTH MASON STREET 8.625 2,140.48 80
8.375 2,140.48 344,000.00
ARROYO GRANDE CA 93420 1 08/02/99 00
0431420512 05 10/01/99 0
61412 O 09/01/29
0
1936261 B75/G02 F 252,700.00 ZZ
360 252,575.70 1
1536 CHIPPEWA DRIVE 9.500 2,124.84 95
9.250 2,124.84 266,000.00
NAPERVILLE IL 60563 1 08/05/99 11
0431432962 05 09/01/99 30
1995075 O 08/01/29
0
1936527 B64/G02 F 675,000.00 ZZ
360 675,000.00 1
1
12317 HATTON POINT ROAD 8.375 5,130.49 76
8.125 5,130.49 893,340.00
PORT WASHINGTON MD 20744 4 08/05/99 00
0431433655 03 10/01/99 0
66259 O 09/01/29
0
1936556 637/G02 F 380,000.00 ZZ
360 379,757.68 1
10820 BAY HILL CLUB DRIVE 8.250 2,854.82 80
8.000 2,854.82 475,000.00
CHARLOTTE NC 28277 5 07/23/99 00
0431423433 03 09/01/99 0
0013532809 O 08/01/29
0
1937089 144/144 F 300,000.00 ZZ
360 299,777.36 1
259 TRINITY PASS ROAD 7.500 2,097.64 37
7.250 2,097.64 820,000.00
POUND RIDGE NY 10576 4 07/28/99 00
160633032 05 09/01/99 0
160633032 O 08/01/29
0
1937196 Q51/G02 F 300,000.00 ZZ
360 300,000.00 1
13138 ACLARE ST 8.375 2,280.22 75
8.125 2,280.22 400,000.00
CERRITOS CA 90703 5 08/26/99 00
0431452143 05 10/01/99 0
1937196 O 09/01/29
0
1937290 144/144 F 243,200.00 ZZ
360 242,436.59 1
209 EDWARDS AVENUE 7.500 1,700.49 80
7.250 1,700.49 304,000.00
SAYVILLE NY 11782 1 04/30/99 00
160640979 05 06/01/99 0
160640979 O 05/01/29
0
1937897 665/G02 F 260,000.00 ZZ
360 260,000.00 1
726 SAN JUAN AVENUE 8.000 1,907.79 80
7.750 1,907.79 325,000.00
SANTA CRUZ CA 95065 5 08/10/99 00
0431434695 05 10/01/99 0
1
9901231501 N 09/01/29
0
1937911 144/144 F 450,000.00 T
360 447,740.25 1
16 BELL PLACE 7.500 3,146.47 56
7.250 3,146.47 815,000.00
AMAGANSETT NY 11930 5 04/21/99 00
3312419 05 06/01/99 0
3312419 O 05/01/29
0
1937915 964/G02 F 393,200.00 ZZ
360 393,200.00 1
1408 LEGEND LANE 8.750 3,093.31 80
8.500 3,093.31 491,604.00
SAN JOSE CA 95131 1 08/11/99 00
0431444793 05 10/01/99 0
61991 O 09/01/29
0
1938030 E45/G02 F 368,000.00 ZZ
360 368,000.00 1
1037 GREENWILLOW DRIVE 8.000 2,700.25 80
7.750 2,700.25 460,000.00
ST MARYS GA 31558 2 08/19/99 00
0431436278 03 10/01/99 0
49404 O 09/01/29
0
1938058 253/253 F 299,000.00 ZZ
360 299,000.00 1
257 CIELO AZUL 8.750 2,352.24 77
8.500 2,352.24 390,000.00
CORRALES NM 87048 2 08/17/99 00
938699 05 10/01/99 0
938699 O 09/01/29
0
1938236 F44/G02 F 246,000.00 ZZ
360 246,000.00 1
24 HOLCOMB STREET 8.375 1,869.78 77
8.125 1,869.78 320,000.00
SIMSBURY CT 06070 2 08/19/99 00
0431441641 05 10/01/99 0
210127 O 09/01/29
0
1
1938307 575/G02 F 352,000.00 ZZ
360 352,000.00 1
6 WALNUT LANE 8.250 2,644.46 80
8.000 2,644.46 440,000.00
MANALAPAN NJ 07726 1 08/19/99 00
0431434281 05 10/01/99 0
4208716 O 09/01/29
0
1938559 637/G02 F 262,500.00 ZZ
360 262,310.01 1
5718 SOUTH DEPEW CIRCLE 7.625 1,857.96 74
7.375 1,857.96 355,000.00
LITTLETON CO 80123 2 07/28/99 00
0431445113 03 09/01/99 0
0014954747 O 08/01/29
0
1938561 637/G02 F 449,000.00 ZZ
360 448,754.74 3
107 WINTHROP RD 9.000 3,612.76 65
8.750 3,612.76 691,000.00
BROOKLINE MA 02146 5 07/28/99 00
0431444942 05 09/01/99 0
0011507811 O 08/01/29
0
1938643 E84/G02 F 500,000.00 T
360 500,000.00 1
10823 WILLOW VALLEY ROAD 8.000 3,668.82 79
7.750 3,668.82 635,000.00
NEVADA CITY CA 95959 1 08/02/99 23
0431444140 05 10/01/99 0
75591079 O 09/01/29
0
1938964 H22/G02 F 382,500.00 ZZ
360 382,500.00 1
308 N. TERRACE AVENUE 8.500 2,941.09 90
8.250 2,941.09 425,000.00
MOUNT VERNON NY 10550 1 08/27/99 10
0431442706 05 10/01/99 25
9904034 O 09/01/29
0
1938972 637/G02 F 320,000.00 ZZ
360 319,811.07 1
17505 33RD AVE NE 8.625 2,488.93 80
8.375 2,488.93 405,000.00
1
LAKE FOREST PAR WA 98155 5 07/29/99 00
0431456573 05 09/01/99 0
0017855941 O 08/01/29
0
1939705 665/G02 F 355,500.00 ZZ
360 355,500.00 1
6561 BRIDGEWOOD DRIVE 8.250 2,670.75 90
8.000 2,670.75 395,000.00
SANTA ROSA CA 95409 1 08/20/99 10
0431450097 05 10/01/99 25
9901231411 O 09/01/29
0
1939784 354/354 F 576,400.00 ZZ
360 563,043.02 1
7420 WILDERCLIFF DRIVE 7.625 4,079.73 55
7.375 4,079.73 1,048,125.00
ATLANTA GA 30328 1 05/10/99 00
28176246 03 07/01/99 0
28176246 O 06/01/29
0
1939789 S48/S48 F 460,000.00 ZZ
360 459,375.33 1
310 SOUTH ARDEN BOULEVARD 7.750 3,295.50 48
7.500 3,295.50 975,000.00
LOS ANGELES CA 90020 2 06/29/99 00
6829581468 05 09/01/99 0
6829581468 O 08/01/29
0
1939791 354/354 F 400,000.00 ZZ
360 398,887.99 1
444 PARK CREEK ROAD 7.875 2,900.28 56
7.625 2,900.28 720,000.00
PASADENA MD 21122 2 04/29/99 00
27010255 05 06/01/99 0
27010255 O 05/01/29
0
1939794 429/429 F 435,000.00 ZZ
360 433,759.95 1
551 FERRY ROAD 7.750 3,116.40 70
7.500 3,116.40 630,000.00
SACO ME 04072 2 04/13/99 00
5000553312 05 06/01/99 0
5000553312 O 05/01/29
0
1
1939830 549/549 F 300,000.00 ZZ
360 299,327.87 2
1414 MARTIN LUTHER KING JR WAY 7.500 2,097.65 78
7.250 2,097.65 385,000.00
BERKELEY CA 94709 1 05/11/99 00
6841160291 05 07/01/99 0
6841160291 O 06/01/29
0
1939842 S48/S48 F 340,000.00 ZZ
360 339,518.49 1
21 HOWARD AVENUE 7.750 2,435.81 76
7.500 2,435.81 450,000.00
BURLINGAME CA 94010 1 06/08/99 00
6091165065 05 08/01/99 0
6091165065 O 07/01/29
0
1939844 549/549 F 277,000.00 ZZ
360 276,379.40 1
108 CAMPANITA COURT 7.500 1,936.83 73
7.250 1,936.83 380,000.00
MONTEREY PARK CA 91754 2 05/20/99 00
6631244446 05 07/01/99 0
6631244446 O 06/01/29
0
1939850 549/549 F 380,000.00 ZZ
360 376,358.76 1
18212 FOSS LANE 7.875 2,755.27 79
7.625 2,755.27 482,500.00
HUNTINGTON BEAC CA 92649 1 03/18/99 00
5000126689 05 05/01/99 0
5000126689 O 04/01/29
0
1939862 354/354 F 287,950.00 ZZ
360 287,087.15 1
20107 - 27TH AVE SOUTHEAST 7.500 2,013.39 80
7.250 2,013.39 359,950.00
BOTHELL WA 98012 1 04/23/99 00
23008402 03 06/01/99 0
23008402 O 05/01/29
0
1939865 638/G02 F 307,500.00 ZZ
360 307,500.00 1
1
6353 SOUTH FM 148 8.250 2,310.14 75
8.000 2,310.14 410,000.00
KAUFMAN TX 75142 2 08/17/99 00
0431448265 05 10/01/99 0
08875832 O 09/01/29
0
1939912 354/354 F 342,750.00 ZZ
360 342,001.02 1
3311 PERRINGTON POINTE 7.625 2,425.97 80
7.375 2,425.97 429,000.00
MARIETTA GA 30066 1 05/27/99 00
28100550 03 07/01/99 0
28100550 O 06/01/29
0
1939925 354/354 F 384,000.00 T
360 383,241.32 1
102 ADMIRALS LANE 8.125 2,851.19 60
7.875 2,851.19 640,000.00
KEY WEST FL 33040 1 06/01/99 00
28259216 07 07/01/99 0
28259216 O 06/01/29
0
1939930 163/G02 F 472,000.00 ZZ
360 472,000.00 2
1156 & 1158 SHANNON LANE 8.750 3,713.23 80
8.500 3,713.23 590,000.00
ARROYO GRANDE CA 93420 1 08/20/99 00
0431455799 05 10/01/99 0
717086135 O 09/01/29
0
1940112 B75/G02 F 280,000.00 ZZ
360 280,000.00 3
6228 NORTH SACRAMENTO AVENUE 8.875 2,227.81 80
8.625 2,227.81 350,000.00
CHICAGO IL 60659 1 08/19/99 00
0431456177 05 10/01/99 0
1710151 O 09/01/29
0
2796449 F28/G02 F 308,000.00 T
360 306,978.90 1
6601 OAKRIDGE DR 8.125 2,286.89 70
7.875 2,286.89 440,000.00
LOOMIS CA 95650 5 03/15/99 00
0431327402 05 05/01/99 0
1
4614073 O 04/01/29
0
2814380 638/G02 F 390,900.00 ZZ
360 390,002.18 1
22037 NORTH SANDY BLUFF ROAD 7.375 2,699.85 77
7.125 2,699.85 510,000.00
FORT MCDOWELL AZ 85264 5 05/13/99 00
0431344738 05 07/01/99 0
8877035 O 06/01/29
0
2834239 638/G02 F 276,000.00 ZZ
360 275,689.40 3
89-91 ALDER STREET 8.875 2,195.98 80
8.625 2,195.98 345,000.00
WALTHAM MA 02453 1 06/17/99 00
0431400944 05 08/01/99 0
8885588 N 07/01/29
0
2848644 976/R97 F 275,500.00 ZZ
360 275,058.35 2
794 PONCE DE LEON PLACE NE 8.500 2,118.36 95
8.250 2,118.36 290,000.00
ATLANTA GA 30303 1 06/23/99 11
TO BE ASSIGNED 05 08/01/99 30
5653591 O 07/01/29
0
2848679 976/R97 F 292,500.00 ZZ
360 292,336.01 1
801 GRANDVIEW DRIVE 8.875 2,327.27 90
8.625 2,327.27 325,000.00
MERRITT ISLAND FL 32952 1 07/02/99 21
TO BE ASSIGNED 05 09/01/99 25
5629852 O 08/01/29
0
2848683 976/R97 F 297,000.00 ZZ
360 296,841.94 1
1241 28TH STREET, N.W. 9.125 2,416.50 90
8.875 2,416.50 330,000.00
WASHINGTON DC 20007 1 07/07/99 11
TO BE ASSIGNED 05 09/01/99 25
5800518 N 08/01/29
0
1
2848778 976/R97 F 379,500.00 ZZ
360 379,061.73 1
8170 E. COUNTY ROAD 300 SOUTH 8.750 2,985.53 69
8.500 2,985.53 550,000.00
ZIONSVILLE IN 46077 1 06/14/99 00
TO BE ASSIGNED 05 08/01/99 0
5738617 O 07/01/29
0
2848804 976/R97 F 368,000.00 ZZ
360 367,563.90 1
12423 FRANCEL LANE 8.625 2,862.27 80
8.375 2,862.27 460,000.00
CYPRESS TX 77429 1 06/23/99 00
TO BE ASSIGNED 03 08/01/99 0
5233728 O 07/01/29
0
2856730 E65/G02 F 400,000.00 ZZ
360 399,461.43 1
821 WHITTIER 8.000 2,935.06 80
7.750 2,935.06 500,000.00
GROSSE POINTE P MI 48230 5 07/12/99 00
0431427673 05 08/01/99 0
224667 O 07/01/29
0
2858349 K08/G02 F 367,200.00 ZZ
360 366,994.14 1
67 PENNSYLVANIA AVENUE 8.875 2,921.61 85
8.625 2,921.61 432,000.00
YONKERS NY 10707 1 07/29/99 04
0411469331 05 09/01/99 12
0411469331 O 08/01/29
0
2858930 E30/G02 F 340,000.00 ZZ
360 339,799.26 1
758 46TH AVE 8.625 2,644.49 85
8.375 2,644.49 400,000.00
SAN FRANCISCO CA 94121 2 07/22/99 12
0431402478 07 09/01/99 12
1991948WH O 08/01/29
0
2858964 976/R97 F 243,000.00 ZZ
360 242,832.77 1
2719 BROWN STREET 7.875 1,761.92 90
7.625 1,761.92 270,000.00
1
BROOKLYN NY 11235 1 07/21/99 11
TO BE ASSIGNED 05 09/01/99 25
5441630 O 08/01/29
0
2858971 976/R97 F 276,000.00 ZZ
360 275,832.79 4
19233 STANDISH AVENUE 8.500 2,122.21 80
8.250 2,122.21 345,000.00
HAYWARD CA 94541 1 07/07/99 00
TO BE ASSIGNED 05 09/01/99 0
5577774 N 08/01/29
0
2858973 976/R97 F 400,000.00 ZZ
360 399,763.84 1
861 TICONDEROGA DRIVE 8.625 3,111.16 68
8.375 3,111.16 590,000.00
SUNNYVALE CA 94087 1 07/14/99 00
TO BE ASSIGNED 05 09/01/99 0
5577849 N 08/01/29
0
2858995 976/R97 F 412,800.00 ZZ
360 412,562.50 1
9478 WINSTON DRIVE 8.750 3,247.50 91
8.500 3,247.50 458,000.00
BRENTWOOD TN 37027 2 07/26/99 10
TO BE ASSIGNED 03 09/01/99 25
5782470 O 08/01/29
0
2859017 976/R97 F 285,000.00 ZZ
360 284,813.57 1
957 SOUTH WILDROSE LANE 8.125 2,116.12 73
7.875 2,116.12 395,000.00
ANAHEIM CA 92808 5 07/09/99 00
TO BE ASSIGNED 03 09/01/99 0
5414341 O 08/01/29
0
2859020 976/R97 F 352,800.00 ZZ
360 352,178.81 1
20301 SEA CIRCLE 7.625 2,497.10 80
7.375 2,497.10 441,000.00
HUNTINGTON BEAC CA 92646 1 06/24/99 00
TO BE ASSIGNED 05 08/01/99 0
5716185 O 07/01/29
0
1
2859031 976/R97 F 255,000.00 ZZ
360 254,841.50 1
31173 CARDINAL LANE 8.375 1,938.19 26
8.125 1,938.19 998,000.00
BINGHAM FARMS MI 48025 5 07/08/99 00
TO BE ASSIGNED 05 09/01/99 0
5737186 O 08/01/29
0
2859033 976/R97 F 395,435.00 ZZ
360 395,207.49 1
6258 MEMORIAL DRIVE 8.750 3,110.89 95
8.500 3,110.89 416,250.00
DUBLIN OH 43017 1 07/16/99 11
TO BE ASSIGNED 03 09/01/99 30
5712034 O 08/01/29
0
2859092 976/R97 F 280,800.00 ZZ
360 280,611.58 1
1928 11TH AVENUE WEST 8.000 2,060.42 80
7.750 2,060.42 351,000.00
SEATTLE WA 98119 1 07/20/99 00
TO BE ASSIGNED 05 09/01/99 0
5569914 O 08/01/29
0
2859096 976/R97 F 441,000.00 ZZ
360 440,732.84 1
1309 SKYWALL DRIVE 8.500 3,390.91 75
8.250 3,390.91 588,000.00
SULTAN WA 98294 5 07/09/99 00
TO BE ASSIGNED 05 09/01/99 0
5751298 O 08/01/29
0
2859100 976/R97 F 248,000.00 ZZ
360 247,833.59 1
3428 ROUND HILL ROAD 8.000 1,819.74 80
7.750 1,819.74 310,000.00
BRANCHBERG NJ 08876 1 07/19/99 00
TO BE ASSIGNED 05 09/01/99 0
5705207 O 08/01/29
0
2859118 976/R97 F 400,000.00 ZZ
360 399,594.42 1
1
8636 NORTH VIA LA SERENA 9.375 3,327.00 89
9.125 3,327.00 450,000.00
PARADISE VALLEY AZ 85253 1 06/17/99 21
TO BE ASSIGNED 05 08/01/99 25
5711689 N 07/01/29
0
2859120 976/R97 F 350,000.00 ZZ
360 349,765.15 1
1738 25TH AVENUE 8.000 2,568.18 80
7.750 2,568.18 438,000.00
SAN FRANCISCO CA 94122 1 07/13/99 00
TO BE ASSIGNED 05 09/01/99 0
5577440 O 08/01/29
0
2860319 K08/G02 F 483,000.00 ZZ
360 482,714.84 1
45 TUDOR LANE 8.625 3,756.72 89
8.375 3,756.72 543,000.00
TRUMBULL CT 06611 1 07/30/99 04
0411344682 05 09/01/99 25
0411344682 O 08/01/29
0
2863119 074/074 F 325,000.00 ZZ
360 324,528.05 1
1 HICKORY LANE 7.625 2,300.33 57
7.375 2,300.33 575,000.00
WOODBURY NY 11797 5 06/10/99 00
1106256894 05 08/01/99 0
1106256894 O 07/01/29
0
2863120 074/074 F 500,000.00 ZZ
360 499,273.92 1
200 RIVERSIDE BLVD UNIT 30A 7.625 3,538.97 42
7.375 3,538.97 1,200,000.00
NEW YORK NY 10023 1 06/22/99 00
1106257220 06 08/01/99 0
1106257220 O 07/01/29
0
2863123 074/074 F 256,500.00 ZZ
360 256,348.55 3
653 DEGRAW STREET 8.625 1,995.04 90
8.375 1,995.04 285,000.00
BROOKLYN NY 11217 1 07/14/99 11
1111289768 05 09/01/99 25
1
1111289768 N 08/01/29
0
2863134 074/074 F 350,000.00 ZZ
360 349,478.88 1
7556 JALMIA WAY 7.500 2,447.25 56
7.250 2,447.25 625,000.00
LOS ANGELES CA 90046 1 06/01/99 00
1230063232 05 08/01/99 0
1230063232 O 07/01/29
0
2863155 074/074 F 283,700.00 ZZ
360 283,336.95 1
3516 HEIMBUCHER WAY 8.250 2,131.34 80
8.000 2,131.34 354,644.00
SANTA ROSA CA 95404 1 06/25/99 00
1486019272 05 08/01/99 0
1486019272 O 07/01/29
0
2863161 074/074 F 268,000.00 ZZ
360 267,629.91 1
6521 N ALTOS TERCERO 7.875 1,943.19 80
7.625 1,943.19 335,000.00
TUSCON AZ 85718 1 06/18/99 00
1507816110 05 08/01/99 0
1507816110 O 07/01/29
0
2863166 074/074 F 258,350.00 ZZ
360 257,974.83 1
32 CHANDLER PLACE 7.625 1,828.59 80
7.375 1,828.59 322,956.00
LAS FLORES AREA CA 92688 1 06/15/99 00
1509654573 03 08/01/99 0
1509654573 O 07/01/29
0
2863174 074/074 F 615,000.00 ZZ
360 614,520.25 1
2310 SILVERADO NORTH DRIVE 7.250 4,195.38 75
7.000 4,195.38 820,000.00
PALMHURST TX 78572 2 07/15/99 00
1526037824 03 09/01/99 0
1526037824 O 08/01/29
0
1
2863186 074/074 F 500,000.00 ZZ
360 499,451.71 1
750 ALMONDWOOD WAY 9.000 4,023.12 78
8.750 4,023.12 644,000.00
SAN JOSE CA 95120 1 06/28/99 00
1557032213 05 08/01/99 0
1557032213 O 07/01/29
0
2863187 074/074 F 261,200.00 ZZ
360 261,029.13 1
310 EASTMOOR AVENUE 8.125 1,939.41 80
7.875 1,939.41 326,500.00
DALY CITY CA 94015 1 07/12/99 00
1557033147 05 09/01/99 0
1557033147 O 08/01/29
0
2863188 074/074 F 397,000.00 ZZ
360 396,553.21 1
1753 NORMANDY WAY 8.875 3,158.72 66
8.625 3,158.72 610,000.00
LIVERMORE CA 94550 2 06/17/99 00
1561456417 05 08/01/99 0
1561456417 O 07/01/29
0
2863194 074/074 F 272,000.00 ZZ
360 271,701.73 1
8720 SOUTH MOUNT DRIVE 9.000 2,188.58 80
8.750 2,188.58 340,000.00
ALPHARETTA GA 30004 1 07/02/99 00
1566179234 03 08/01/99 0
1566179234 O 07/01/29
0
2863208 074/074 F 360,000.00 ZZ
360 359,770.44 1
153 RUSSELL AVENUE 8.250 2,704.56 80
8.000 2,704.56 450,000.00
ROCKPORT ME 04856 1 07/15/99 00
1580166811 05 09/01/99 0
1580166811 O 08/01/29
0
2863219 074/074 F 560,000.00 ZZ
360 559,660.75 1
1617 90TH STREET NE 8.500 4,305.92 80
8.250 4,305.92 700,000.00
1
MONTICELLO MN 55362 1 07/07/99 00
1583226250 05 09/01/99 0
1583226250 O 08/01/29
0
2863221 074/074 F 360,000.00 ZZ
360 358,933.29 1
111 GLENN ROAD 8.500 2,768.09 80
8.250 2,768.09 450,000.00
ARDMORE PA 19003 1 07/02/99 00
1587234818 05 08/01/99 0
1587234818 O 07/01/29
0
2863227 074/074 F 248,000.00 ZZ
360 247,672.74 4
117 ROLLINS AVENUE 8.250 1,863.15 80
8.000 1,863.15 310,000.00
ORLANDO FL 32804 1 06/29/99 00
1590166647 05 08/01/99 0
1590166647 N 07/01/29
0
2863233 074/074 F 580,000.00 ZZ
360 579,312.66 1
30921 MARBELLA VISTA DRIVE 8.625 4,511.19 79
8.375 4,511.19 735,000.00
SAN JUAN CAPIST CA 92675 2 06/14/99 00
1595163330 09 08/01/99 0
1595163330 O 07/01/29
0
2863234 074/074 F 333,800.00 ZZ
360 333,414.50 1
5712 SUNMIST DRIVE 8.750 2,626.01 80
8.500 2,626.01 417,375.00
YORBA LINDA CA 92886 1 06/17/99 00
1595164296 05 08/01/99 0
1595164296 O 07/01/29
0
2863241 074/074 F 425,700.00 ZZ
360 425,442.11 1
787 LYSTER ROAD 8.500 3,273.26 80
8.250 3,273.26 533,576.00
HIGHWOOD IL 60040 1 07/15/99 00
1614030772 03 09/01/99 0
1614030772 O 08/01/29
0
1
2863254 074/074 F 500,000.00 ZZ
360 499,291.94 1
36 NOVEMBER TRAIL 7.750 3,582.06 70
7.500 3,582.06 722,000.00
WESTON CT 06883 1 06/25/99 00
1817169477 05 08/01/99 0
1817169477 O 07/01/29
0
2863255 074/074 F 364,000.00 ZZ
360 363,484.52 1
195 HUBBARD AVENUE 7.750 2,607.74 80
7.500 2,607.74 455,000.00
STAMFORD CT 06905 1 06/18/99 00
1817171719 05 08/01/99 0
1817171719 O 07/01/29
0
2863256 074/074 F 448,000.00 ZZ
360 447,699.40 1
1109 HIDDEN HILLS DRIVE 8.000 3,287.27 74
7.750 3,287.27 608,000.00
WAKE FOREST NC 27587 5 07/09/99 00
1841122185 05 09/01/99 0
1841122185 O 08/01/29
0
2863559 076/076 F 399,200.00 ZZ
360 398,349.28 1
1656 OXBOW DR 7.750 2,859.92 79
7.500 2,859.92 510,000.00
BLACKLICK OH 43004 1 05/28/99 00
1231743 03 07/01/99 0
1231743 O 06/01/29
0
2863564 076/076 F 294,550.00 ZZ
360 293,890.09 1
3708 BURWELL ROLLINS 7.500 2,059.54 80
7.250 2,059.54 372,000.00
RALEIGH NC 27612 1 06/01/99 00
1711074 03 07/01/99 0
1711074 N 06/01/29
0
2863583 076/076 F 250,000.00 ZZ
360 249,425.79 1
1
500 MELVILLE AVE 7.375 1,726.69 20
7.125 1,726.69 1,300,000.00
PALO ALTO CA 94301 2 05/27/99 00
1993473 05 07/01/99 0
1993473 N 06/01/29
0
2863587 076/076 F 314,550.00 ZZ
360 313,879.65 1
220 MARCHAND CRT 7.750 2,253.48 90
7.500 2,253.48 350,000.00
ATLANTA GA 30328 1 05/28/99 10
3981175 05 07/01/99 25
3981175 O 06/01/29
0
2863593 076/076 F 277,500.00 ZZ
360 277,144.89 1
8750 INDIAN HILL RD 8.250 2,084.76 75
8.000 2,084.76 370,000.00
ESCONDIDO CA 92026 5 06/03/99 00
5861600 05 08/01/99 0
5861600 O 07/01/29
0
2863598 076/076 F 260,000.00 ZZ
360 259,286.87 1
1101 BENNET RD 8.000 1,907.79 79
7.750 1,907.79 332,500.00
ROCA NE 68430 2 05/26/99 00
7242940 05 07/01/99 0
7242940 O 06/01/29
0
2863603 076/076 F 279,200.00 ZZ
360 278,763.07 1
2932 NICHOLS AVE 7.250 1,904.64 80
7.000 1,904.64 350,000.00
TRUMBULL CT 06611 1 06/15/99 00
7394429 05 08/01/99 0
7394429 O 07/01/29
0
2863604 076/076 F 295,000.00 ZZ
360 294,322.44 1
3 MACY LANE 7.375 2,037.49 59
7.125 2,037.49 500,000.00
NANTUCKET MA 02554 2 05/26/99 00
7395840 05 07/01/99 0
1
7395840 O 06/01/29
0
2863668 K08/G02 F 280,000.00 ZZ
360 279,843.02 1
12579 BELTON 8.875 2,227.81 80
8.625 2,227.81 350,000.00
PLYMOUTH MI 48170 1 07/28/99 00
0411543127 05 09/01/99 0
0411543127 O 08/01/29
0
2863821 K08/G02 F 296,000.00 ZZ
360 296,000.00 1
13371 GLEN TAYLOR LANE 8.500 2,275.98 80
8.250 2,275.98 370,000.00
HERNDON VA 20171 5 07/29/99 00
0411538648 03 10/01/99 0
0411538648 O 09/01/29
0
2863834 K08/G02 F 253,000.00 ZZ
360 252,838.68 1
339 4TH AVE NORTH 8.250 1,900.70 80
8.000 1,900.70 320,000.00
NAPLES FL 34102 2 07/26/99 00
0411461320 05 09/01/99 0
0411461320 O 08/01/29
0
2863854 K08/G02 F 292,000.00 ZZ
360 292,000.00 1
5018 BLACKBIRD WAY 7.875 2,117.20 67
7.625 2,117.20 442,000.00
PLEASANTON CA 94566 1 07/27/99 00
0411527419 05 10/01/99 0
0411527419 O 09/01/29
0
2864743 F18/G02 F 272,000.00 ZZ
360 272,000.00 1
455 MAPLE AVENUE 8.250 2,043.45 80
8.000 2,043.45 340,000.00
MILPITAS CA 95035 2 08/03/99 00
0431415256 05 10/01/99 0
R02066 O 09/01/29
0
1
2865375 736/G02 F 288,000.00 ZZ
360 287,796.73 1
1204 ROUNDHOUSE LANE 7.750 2,063.27 80
7.500 2,063.27 360,000.00
ALEXANDRIA VA 22314 2 07/26/99 00
0431427236 09 09/01/99 0
711553 O 08/01/29
0
2865376 736/G02 F 254,700.00 ZZ
360 254,541.69 1
205B POINTE WAY 8.375 1,935.90 80
8.125 1,935.90 318,402.00
HAVRE DE GRACE MD 21078 1 07/29/99 00
0431427251 01 09/01/99 0
711837 O 08/01/29
0
2865379 736/G02 F 332,000.00 ZZ
360 331,654.45 1
2351 CLIPPER STREET 9.250 2,731.28 90
9.000 2,731.28 370,000.00
SAN MATEO CA 94403 1 06/02/99 23
0431427319 05 08/01/99 0
732613 O 07/01/29
0
2865383 736/G02 F 500,000.00 ZZ
360 499,704.80 1
1204 NOYAC PATH 8.625 3,888.95 53
8.375 3,888.95 961,000.00
BRIDGEHAMPTON NY 11932 2 11/04/98 00
0431427392 05 09/01/99 0
738546 O 08/01/29
0
2865387 736/G02 F 300,000.00 ZZ
360 299,671.03 1
2401 STOKES CANYON ROAD 9.000 2,413.87 45
8.750 2,413.87 675,000.00
CALABASAS CA 91302 5 06/25/99 00
0431427459 05 08/01/99 0
740561 O 07/01/29
0
2865391 736/G02 F 282,300.00 ZZ
360 281,713.34 1
11502 STONEBRIAR DRIVE 7.875 2,046.87 80
7.625 2,046.87 352,900.00
1
CHARLOTTE NC 28277 1 05/26/99 00
0431427525 03 07/01/99 0
744143 O 06/01/29
0
2865392 736/G02 F 385,200.00 ZZ
360 384,972.58 1
204 BAYPOINT DRIVE 8.625 2,996.05 80
8.375 2,996.05 481,500.00
SAN RAFAEL CA 94901 1 07/01/99 00
0431427533 03 09/01/99 0
744643 O 08/01/29
0
2865393 736/G02 F 260,000.00 ZZ
180 259,854.24 1
1301 PETRONIA STREET 8.875 2,068.68 80
8.625 2,068.68 325,000.00
KEY WEST FL 33040 1 07/21/99 00
0431427541 05 09/01/99 0
901247 O 08/01/14
0
2865395 736/G02 F 315,000.00 ZZ
360 314,766.22 1
5026 LAUREL CANYON BOULEVARD 7.500 2,202.53 75
7.250 2,202.53 420,000.00
LOS ANGELES CA 91607 2 07/26/99 00
0431427566 05 09/01/99 0
910454 O 08/01/29
0
2865396 736/G02 F 260,000.00 ZZ
360 259,842.49 1
15438 NORTHEAST FARGO PLACE 8.500 1,999.18 80
8.250 1,999.18 325,836.00
PORTLAND OR 97230 1 07/26/99 00
0431427574 05 09/01/99 0
911787 O 08/01/29
0
2865397 736/G02 F 368,000.00 ZZ
180 367,809.22 4
5710 VIA MONTE DRIVE 9.250 3,027.45 80
9.000 3,027.45 460,000.00
SAN JOSE CA 95118 1 07/22/99 00
0431427582 05 09/01/99 0
912101 O 08/01/14
0
1
2865399 736/G02 F 392,000.00 ZZ
360 391,768.56 1
307 CONNEMARA, 8.625 3,048.94 80
8.375 3,048.94 490,000.00
CARY NC 27502 2 07/23/99 00
0431427608 03 09/01/99 0
913984 O 08/01/29
0
2865400 736/G02 F 248,000.00 ZZ
360 247,845.85 1
30235 YNEZ ROAD 8.375 1,884.98 80
8.125 1,884.98 310,000.00
TEMECULA CA 92592 1 07/22/99 00
0431427616 05 09/01/99 0
914512 O 08/01/29
0
2865401 736/G02 F 268,000.00 ZZ
179 267,871.60 2
6427 WEST DAKIN 9.625 2,277.98 80
9.375 2,277.98 335,000.00
CHICAGO IL 60656 1 07/28/99 00
0431427640 05 09/01/99 0
914661 O 07/01/14
0
2865407 736/G02 F 373,600.00 ZZ
180 373,390.55 1
3525 OAK AVENUE 8.875 2,972.53 80
8.625 2,972.53 467,000.00
MANHATTAN BEACH CA 90266 1 07/19/99 00
0431427715 05 09/01/99 0
917324 O 08/01/14
0
2865409 736/G02 F 357,800.00 ZZ
360 357,599.41 1
4782 VIA DEL RANCHO 8.875 2,846.82 80
8.625 2,846.82 447,325.00
THOUSAND OAKS CA 91320 1 07/16/99 00
0431427749 05 09/01/99 0
918098 O 08/01/29
0
2865411 736/G02 F 376,000.00 ZZ
360 375,772.21 1
1
6135 NORTHEAST 284TH WAY 8.500 2,891.12 80
8.250 2,891.12 470,000.00
CARNATION WA 98014 1 07/20/99 00
0431427772 03 09/01/99 0
919126 O 08/01/29
0
2865416 736/G02 F 286,000.00 ZZ
180 283,403.42 3
1156 EAST SANTA CLARA STREET 8.750 2,249.97 80
8.500 2,249.97 360,000.00
VENTURA CA 93001 2 07/16/99 00
0431427830 05 09/01/99 0
921252 O 08/01/14
0
2865419 736/G02 F 432,000.00 ZZ
360 431,764.03 1
454 ARROYO CHICO 9.000 3,475.97 80
8.750 3,475.97 540,000.00
LAGUNA BEACH CA 92651 5 07/22/99 00
0431427848 05 09/01/99 0
921877 O 08/01/29
0
2865420 736/G02 F 461,350.00 ZZ
180 461,077.61 4
38631 HASTINGS STREET 8.625 3,588.34 74
8.375 3,588.34 629,000.00
FREMONT CA 94536 1 07/08/99 00
0431429067 05 09/01/99 0
922116 N 08/01/14
0
2865431 736/G02 F 255,550.00 ZZ
360 255,374.13 1
5324 LENNOX AVENUE 7.875 1,852.92 80
7.625 1,852.92 319,500.00
LOS ANGELES CA 91401 1 07/19/99 00
0431427954 05 09/01/99 0
923541 O 08/01/29
0
2865432 736/G02 F 380,000.00 ZZ
360 379,797.77 1
147 GILDEA DRIVE 9.125 3,091.81 80
8.875 3,091.81 475,000.00
PALISADES ID 83428 5 07/23/99 00
0431427962 05 09/01/99 0
1
923732 O 08/01/29
0
2865434 736/G02 F 272,000.00 ZZ
180 271,843.50 1
1225 THE ALAMEDA 8.750 2,139.83 78
8.500 2,139.83 350,000.00
BERKELEY CA 94709 5 07/21/99 00
0431427988 05 09/01/99 0
924361 O 08/01/14
0
2865435 736/G02 F 633,750.00 T
360 633,421.45 1
1130 SHADOW HILL WAY 9.250 5,213.71 65
9.000 5,213.71 975,000.00
BEVERLY HILLS CA 90210 5 07/20/99 00
0431427996 05 09/01/99 0
924482 O 08/01/29
0
2865438 736/G02 F 441,000.00 ZZ
180 440,759.11 1
568 MARIN AVENUE 9.000 3,548.39 70
8.750 3,548.39 630,000.00
MILL VALLEY CA 94941 1 07/22/99 00
0431428028 05 09/01/99 0
924900 O 08/01/14
0
2865439 736/G02 F 381,600.00 ZZ
360 380,377.12 1
8000 MORNINGSIDE DRIVE 7.875 2,766.87 80
7.625 2,766.87 477,000.00
GRANITE BAY CA 95746 5 07/26/99 00
0431428044 03 09/01/99 0
924954 O 08/01/29
0
2865440 736/G02 F 440,000.00 ZZ
360 439,746.84 1
1661 DRY CREEK ROAD 8.750 3,461.49 80
8.500 3,461.49 550,000.00
SAN JOSE CA 95125 5 07/21/99 00
0431428051 05 09/01/99 0
926087 O 08/01/29
0
1
2865441 736/G02 F 287,250.00 ZZ
180 287,104.93 1
4218 RIVER ROAD, NW 9.375 2,389.21 75
9.125 2,389.21 383,000.00
WASHINGTON DC 20016 1 07/20/99 00
0431428069 07 09/01/99 0
926210 O 08/01/14
0
2865443 736/G02 F 350,000.00 ZZ
180 349,803.78 1
1300 SOUTH RACE STREET 8.875 2,784.76 67
8.625 2,784.76 530,000.00
DENVER CO 80210 5 07/20/99 00
0431428093 05 09/01/99 0
926790 O 08/01/14
0
2865447 736/G02 F 337,100.00 ZZ
180 336,920.60 1
8167 EAST SAND FLOWER DRIVE 9.125 2,742.76 70
8.875 2,742.76 481,607.00
SCOTTSDALE AZ 85253 1 07/29/99 00
0431428143 03 09/01/99 0
927602 O 08/01/14
0
2865449 736/G02 F 508,000.00 ZZ
360 507,622.99 1
15 PORTICA 7.500 3,552.01 63
7.250 3,552.01 808,000.00
NEWPORT COAST A CA 92657 1 07/23/99 00
0431428168 03 09/01/99 0
928678 O 08/01/29
0
2865450 736/G02 F 348,750.00 ZZ
360 348,509.98 1
5841 RANCH VIEW ROAD 7.875 2,528.68 75
7.625 2,528.68 465,000.00
OCEANSIDE CA 92057 1 07/26/99 00
0431428176 05 09/01/99 0
928686 O 08/01/29
0
2865457 736/G02 F 359,250.00 ZZ
360 359,053.77 2
615 PRECITA AVENUE 9.000 2,890.61 75
8.750 2,890.61 479,000.00
1
SAN FRANCISCO CA 94110 1 07/27/99 00
0431429141 05 09/01/99 0
930249 O 08/01/29
0
2865716 K08/G02 F 356,000.00 ZZ
360 356,000.00 1
140 KIBBE POINT ROAD 8.500 2,737.33 52
8.250 2,737.33 695,000.00
SOUTH HERO VT 05486 5 08/04/99 00
0411508765 05 10/01/99 0
0411508765 O 09/01/29
0
2865803 E82/G02 F 260,000.00 ZZ
360 260,000.00 1
4475 PARK SOMMERS WAY 8.500 1,999.18 68
8.250 1,999.18 388,000.00
SAN JOSE CA 95136 5 08/06/99 00
0400218160 05 10/01/99 0
0400218160 N 09/01/29
0
2866057 638/G02 F 500,000.00 ZZ
360 499,638.11 1
2640 EMERSON STREET 7.625 3,538.97 80
7.375 3,538.97 625,000.00
PALO ALTO CA 94306 1 07/20/99 00
0431418714 05 09/01/99 0
8910125 O 08/01/29
0
2866090 638/G02 F 275,000.00 ZZ
360 274,810.75 1
1413 DAVIDSON LANE 7.875 1,993.94 79
7.625 1,993.94 350,000.00
SIMI VALLEY CA 93063 5 07/22/99 00
0431416866 05 09/01/99 0
8905573 O 08/01/29
0
2871326 375/G02 F 260,000.00 ZZ
360 259,190.49 1
6 OXFORD SHORE COURT 6.500 1,643.38 73
6.250 1,643.38 357,000.00
CONCORD PA 19342 1 05/13/99 00
0431426246 03 07/01/99 0
5810907195 O 06/01/29
0
1
2872007 K08/G02 F 329,000.00 ZZ
360 329,000.00 1
255 OLD MOUNT ROAD 8.500 2,529.73 39
8.250 2,529.73 849,000.00
FELTON CA 95018 1 08/04/99 00
0411526668 05 10/01/99 0
0411526668 O 09/01/29
0
2872016 K08/G02 F 356,250.00 ZZ
360 356,250.00 4
5747 ALMADEN ROAD 8.875 2,834.48 75
8.625 2,834.48 475,000.00
SAN JOSE CA 95118 1 08/03/99 00
0411551187 05 10/01/99 0
0411551187 N 09/01/29
0
2874432 K08/G02 F 388,000.00 ZZ
360 388,000.00 4
2721-2727 HARBOR BOULEVARD 9.375 3,227.19 80
9.125 3,227.19 485,000.00
VENTURA CA 93001 1 08/05/99 00
0411545155 05 10/01/99 0
0411545155 N 09/01/29
0
2874437 K08/G02 F 442,000.00 ZZ
360 442,000.00 1
1328 MEYERWOOD LANE 8.875 3,516.75 85
8.625 3,516.75 520,000.00
HIGHLANDS RANCH CO 80126 1 08/16/99 04
0411555022 03 10/01/99 12
0411555022 O 09/01/29
0
2878220 623/G02 F 364,000.00 ZZ
360 363,767.89 1
1931 EAST RYAN PARK AVENUE 8.250 2,734.61 80
8.000 2,734.61 455,000.00
SANDY UT 84092 5 07/21/99 00
0431428499 05 09/01/99 0
1468493 O 08/01/29
0
2878221 623/G02 F 330,000.00 ZZ
360 327,992.75 2
1
3109 NORTH HOYNE AVENUE 7.750 2,364.16 74
7.500 2,364.16 446,151.00
CHICAGO IL 60618 5 12/30/98 00
0431425750 05 02/01/99 0
1207689 O 01/01/29
0
2878254 623/G02 F 304,150.00 ZZ
360 303,924.28 1
405 COUNTY ROAD 308 7.500 2,126.66 63
7.250 2,126.66 490,000.00
JARRELL TX 76537 1 07/09/99 00
0431437284 05 09/01/99 0
1145220 O 08/01/29
0
2878255 623/G02 F 599,957.59 ZZ
360 599,612.41 1
1161 GAVIN COURT 8.750 4,719.87 47
8.500 4,719.87 1,290,000.00
LAKE FOREST IL 60045 2 07/21/99 00
0431435924 05 09/01/99 0
1185735 O 08/01/29
0
2878263 623/G02 F 273,750.00 ZZ
360 272,949.86 1
2212 CALEDONIA COURT 7.625 1,937.59 76
7.375 1,937.59 364,672.00
NAPERVILLE IL 60564 1 04/30/99 00
0431435262 03 06/01/99 0
1336083 O 05/01/29
0
2878280 623/G02 F 277,500.00 ZZ
360 277,336.16 3
325 DELAVAN AVENUE 8.625 2,158.37 74
8.375 2,158.37 377,000.00
GREENWICH CT 06830 1 07/28/99 00
0431432848 05 09/01/99 0
1358326 N 08/01/29
0
2878311 623/G02 F 582,400.00 ZZ
360 582,056.15 1
1533 PACLAND PLACE 8.625 4,529.85 65
8.375 4,529.85 896,000.00
CHESTERFIELD MO 63005 5 07/19/99 00
0431434224 05 09/01/99 0
1
1365158 O 08/01/29
0
2878314 623/G02 F 525,000.00 ZZ
360 524,690.04 1
1353 HARTWOOD ROAD 8.625 4,083.40 69
8.375 4,083.40 766,500.00
STAFFORD VA 22406 2 07/16/99 00
0431435023 05 09/01/99 0
1365822 O 08/01/29
0
2878323 623/G02 F 472,000.00 ZZ
360 471,683.30 1
1018 SYMPHONY ISLES 8.000 3,463.37 80
7.750 3,463.37 590,000.00
APPOLO BEACH FL 33572 1 07/30/99 00
0431429778 03 09/01/99 0
1367061 O 08/01/29
0
2878359 623/G02 F 276,250.00 ZZ
360 276,106.79 1
261 VIA SARASAN 9.250 2,272.64 56
9.000 2,272.64 500,000.00
ENCINITAS CA 92024 1 07/12/99 00
0431429794 05 09/01/99 0
6207140 N 08/01/29
0
2878373 623/G02 F 241,500.00 ZZ
360 241,337.95 1
1223 HERMITAGE WAY 8.000 1,772.05 75
7.750 1,772.05 322,000.00
ROHNERT PARK CA 94928 1 07/16/99 00
0431431121 05 09/01/99 0
6300910 O 08/01/29
0
2878375 623/G02 F 252,000.00 ZZ
360 251,669.20 2
2746 - 2748 MARIQUITA STREET 8.125 1,871.09 80
7.875 1,871.09 315,000.00
LONG BEACH CA 90803 1 06/17/99 00
0431431253 05 08/01/99 0
6314645 O 07/01/29
0
1
2878425 K08/G02 F 370,000.00 ZZ
360 370,000.00 1
611 SKYLINE TRAIL 9.625 3,144.96 69
9.375 3,144.96 540,000.00
TOPANGA AREA CA 90290 5 08/10/99 00
0411558869 05 10/01/99 0
0411558869 O 09/01/29
0
2882784 K08/G02 F 386,000.00 ZZ
360 386,000.00 1
11754 ENCINO AVE(GRANADA HILLS 9.375 3,210.55 78
9.125 3,210.55 500,000.00
LOS ANGELES CA 91344 5 08/10/99 00
0411555436 05 10/01/99 0
0411555436 O 09/01/29
0
2882926 405/405 F 416,000.00 ZZ
360 415,467.64 2
741-743 47TH AVENUE 8.250 3,125.27 80
8.000 3,125.27 520,000.00
SAN FRANCISCO CA 94121 1 06/14/99 00
16088205 05 08/01/99 0
16088205 O 07/01/29
0
2882929 405/405 F 336,000.00 ZZ
360 335,499.70 1
131 RANCHO DEL REY 7.500 2,349.37 79
7.250 2,349.37 428,000.00
ESCONDIDO CA 92025 2 06/14/99 00
16095101 05 08/01/99 0
16095101 O 07/01/29
0
2889790 E82/G02 F 242,250.00 ZZ
360 242,250.00 1
25 SHORT ROAD 9.000 1,949.20 85
8.750 1,949.20 285,000.00
BETHANY BEACH DE 19930 5 08/25/99 04
0400224242 03 10/01/99 12
0400224242 O 09/01/29
0
2892259 S48/S48 F 283,500.00 ZZ
360 282,864.84 2
3206 & 3206 1/2 BALBOA BLVD 7.500 1,982.28 70
7.250 1,982.28 405,000.00
1
NEWPORT BEACH CA 92663 1 05/28/99 00
6558514862 05 07/01/99 0
6558514862 O 06/01/29
0
2892269 S48/S48 F 293,000.00 ZZ
360 292,793.20 3
783 CHARLES ALLEN DRIVE 7.750 2,099.09 73
7.500 2,099.09 406,000.00
ATLANTA GA 30308 2 07/23/99 00
6905625775 05 09/01/99 0
6905625775 O 08/01/29
0
2892745 K08/G02 F 381,000.00 ZZ
360 380,780.80 2
2586 UPAS STREET 8.750 2,997.33 73
8.500 2,997.33 525,000.00
SAN DIEGO CA 92104 5 07/29/99 00
0411547409 05 09/01/99 0
0411547409 O 08/01/29
0
2895210 074/074 F 400,000.00 ZZ
360 399,757.68 1
4521 E CALLE DEL MEDI 8.500 3,075.65 67
8.250 3,075.65 600,000.00
PHOENIX AZ 85018 1 07/27/99 00
1203042932 05 09/01/99 0
1203042932 O 08/01/29
0
2895212 074/074 F 399,900.00 ZZ
360 399,624.79 1
13255 HOLLYFIELD COURT 7.875 2,899.55 80
7.625 2,899.55 499,900.00
SAN DIEGO CA 92130 1 07/27/99 00
1243031603 03 09/01/99 0
1243031603 O 08/01/29
0
2895254 074/074 F 500,000.00 ZZ
360 499,647.11 1
2730 LAKECREST DRIVE 7.750 3,582.06 68
7.500 3,582.06 740,000.00
PEARLAND TX 77584 2 07/28/99 00
1522043574 03 09/01/99 0
1522043574 O 08/01/29
0
1
2895275 074/074 F 412,000.00 ZZ
360 412,000.00 1
9490 E CACTUS ROAD 7.875 2,987.29 77
7.625 2,987.29 540,000.00
SCOTTSDALE AZ 85260 1 08/02/99 00
1569254697 05 10/01/99 0
1569254697 O 09/01/29
0
2899932 K08/G02 F 247,500.00 ZZ
360 247,500.00 1
1890 BONUS DRIVE 9.500 2,081.11 90
9.250 2,081.11 275,000.00
SAN DIEGO CA 92110 1 08/26/99 11
0411550148 05 10/01/99 25
0411550148 N 09/01/29
0
2901597 560/560 F 296,950.00 ZZ
360 295,416.49 1
97 TRAILS END 7.625 2,101.80 90
7.375 2,101.80 330,000.00
MAMMOTH LAKES CA 93546 1 01/06/99 21
166207209 05 03/01/99 25
166207209 O 02/01/29
0
2901649 560/560 F 295,000.00 ZZ
360 293,945.41 1
340 ORCHARD VIEW TERRACE 7.750 2,113.42 74
7.500 2,113.42 400,000.00
MEDFORD OR 97504 1 03/08/99 00
167526300 05 05/01/99 0
167526300 O 04/01/29
0
1
TOTAL NUMBER OF LOANS : 213
TOTAL ORIGINAL BALANCE : 74,698,667.59
TOTAL PRINCIPAL BALANCE : 74,602,542.50
TOTAL ORIGINAL P+I : 565,161.66
TOTAL CURRENT P+I : 565,161.66
***************************
* END OF REPORT *
***************************
1
RUN ON : 10/01/99 RFC DISCLOSURE SYSTEM RFFSDFIX-01
AT : 15.13.54 FIXED PASSTHRU REPORT AMORTIZED BALANCE
SERIES : RALI 1999-QS11 CONF CUTOFF : 09/01/99
POOL : 0004394
:
:
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
------------------------------------------------------------------------
1794104 .2500
208,082.92 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.5000 .4200
1841199 .2500
79,942.09 .0300
7.6250 .0000
7.3750 .0000
7.3450 .0000
7.3450 .0000
1849869 .2500
120,325.16 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0000
7.5000 .5450
1852824 .2500
40,267.02 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0000
7.5000 .5450
1855604 .2500
29,826.77 .0300
7.7500 .0000
7.5000 .0000
7.4700 .0000
7.4700 .0000
1856307 .2500
40,630.97 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.5000 .4200
1
1860201 .2500
77,454.19 .0800
8.1250 .0000
7.8750 .0000
7.7950 .0000
7.5000 .2950
1865303 .2500
43,771.51 .0300
7.6250 .0000
7.3750 .0000
7.3450 .0000
7.3450 .0000
1865332 .2500
53,432.79 .0300
7.3750 .0000
7.1250 .0000
7.0950 .0000
7.0950 .0000
1867819 .2500
49,046.21 .0300
7.7500 .0000
7.5000 .0000
7.4700 .0000
7.4700 .0000
1871534 .2500
28,520.82 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1872167 .2500
37,161.86 .0300
7.7500 .0000
7.5000 .0000
7.4700 .0000
7.4700 .0000
1874643 .2500
41,758.59 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.5000 .4200
1875147 .2500
48,774.12 .0800
8.1250 .0000
7.8750 .0000
7.7950 .0000
7.5000 .2950
1
1877379 .2500
27,045.40 .0300
7.6250 .0000
7.3750 .0000
7.3450 .0000
7.3450 .0000
1877421 .2500
22,403.12 .0300
7.7500 .0000
7.5000 .0000
7.4700 .0000
7.4700 .0000
1879124 .2500
34,143.72 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.5000 .4200
1879585 .2500
67,778.56 .0300
7.5000 .0000
7.2500 .0000
7.2200 .0000
7.2200 .0000
1879603 .2500
27,669.73 .0300
7.6250 .0000
7.3750 .0000
7.3450 .0000
7.3450 .0000
1880035 .2500
16,126.93 .0300
7.7500 .0000
7.5000 .0000
7.4700 .0000
7.4700 .0000
1880052 .2500
28,900.37 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1880093 .2500
19,634.53 .0800
8.0000 .0000
7.7500 .0000
7.6700 .0000
7.5000 .1700
1
1880826 .2500
26,863.92 .0300
7.7500 .0000
7.5000 .0000
7.4700 .0000
7.4700 .0000
1882040 .2500
50,835.13 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.5000 .4200
1882224 .2500
27,776.91 .0300
7.6250 .0000
7.3750 .0000
7.3450 .0000
7.3450 .0000
1883244 .2500
20,642.93 .0300
7.7500 .0000
7.5000 .0000
7.4700 .0000
7.4700 .0000
1883267 .2500
37,609.60 .0300
7.7500 .0000
7.5000 .0000
7.4700 .0000
7.4700 .0000
1883393 .2500
139,411.04 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.5000 .4200
1884055 .2500
52,489.60 .0800
8.1250 .0000
7.8750 .0000
7.7950 .0000
7.5000 .2950
1884252 .2500
15,854.09 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.5000 .4200
1
1885598 .2500
36,932.19 .0300
7.5000 .0000
7.2500 .0000
7.2200 .0000
7.2200 .0000
1886307 .2500
151,498.28 .0800
8.0000 .0000
7.7500 .0000
7.6700 .0000
7.5000 .1700
1887310 .2500
36,456.27 .0300
7.7500 .0000
7.5000 .0000
7.4700 .0000
7.4700 .0000
1889156 .2500
35,372.12 .0300
7.7500 .0000
7.5000 .0000
7.4700 .0000
7.4700 .0000
1889399 .2500
23,891.23 .0300
7.7500 .0000
7.5000 .0000
7.4700 .0000
7.4700 .0000
1889407 .2500
29,447.11 .0800
8.0000 .0000
7.7500 .0000
7.6700 .0000
7.5000 .1700
1892066 .2500
32,267.37 .0800
8.0000 .0000
7.7500 .0000
7.6700 .0000
7.5000 .1700
1893483 .2500
85,549.22 .0300
7.6250 .0000
7.3750 .0000
7.3450 .0000
7.3450 .0000
1
1893854 .2500
37,684.41 .0800
8.0000 .0000
7.7500 .0000
7.6700 .0000
7.5000 .1700
1894958 .2500
45,647.77 .0800
8.0000 .0000
7.7500 .0000
7.6700 .0000
7.5000 .1700
1895779 .2500
110,849.56 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0000
7.5000 .5450
1895900 .2500
41,894.48 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0000
7.5000 .5450
1896570 .2500
229,636.18 .0800
8.1250 .0000
7.8750 .0000
7.7950 .0000
7.5000 .2950
1896846 .2500
33,025.44 .0300
7.5000 .0000
7.2500 .0000
7.2200 .0000
7.2200 .0000
1899016 .2500
32,890.57 .0800
8.1250 .0000
7.8750 .0000
7.7950 .0000
7.5000 .2950
1899252 .2500
36,435.95 .0300
7.6250 .0000
7.3750 .0000
7.3450 .0000
7.3450 .0000
1
1900334 .2500
16,141.59 .0800
8.6250 .0000
8.3750 .0000
8.2950 .0000
7.5000 .7950
1900462 .2500
39,180.65 .0300
7.7500 .0000
7.5000 .0000
7.4700 .0000
7.4700 .0000
1900819 .2500
103,500.00 .0800
8.8750 .0000
8.6250 .0000
8.5450 .0000
7.5000 1.0450
1901463 .2500
40,661.26 .0800
8.0000 .0000
7.7500 .0000
7.6700 .0000
7.5000 .1700
1901603 .2500
36,734.24 .0800
8.5000 .0000
8.2500 .0000
8.1700 .0000
7.5000 .6700
1901642 .2500
40,396.13 .0800
9.3750 .0000
9.1250 .0000
9.0450 .0000
7.5000 1.5450
1901805 .2500
125,444.09 .0800
8.1250 .0000
7.8750 .0000
7.7950 .0000
7.5000 .2950
1901877 .2500
40,849.70 .0300
7.6250 .0000
7.3750 .0000
7.3450 .0000
7.3450 .0000
1
1901966 .2500
37,514.71 .0800
8.8750 .0000
8.6250 .0000
8.5450 .0000
7.5000 1.0450
1901978 .2500
42,615.66 .0800
8.6250 .0000
8.3750 .0000
8.2950 .0000
7.5000 .7950
1902003 .2500
44,440.85 .0800
8.5000 .0000
8.2500 .0000
8.1700 .0000
7.5000 .6700
1902006 .2500
44,440.85 .0800
8.5000 .0000
8.2500 .0000
8.1700 .0000
7.5000 .6700
1902651 .2500
58,217.35 .0300
7.6250 .0000
7.3750 .0000
7.3450 .0000
7.3450 .0000
1903185 .2500
69,500.00 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1903397 .2500
40,409.25 .0300
7.5000 .0000
7.2500 .0000
7.2200 .0000
7.2200 .0000
1903962 .2500
49,369.02 .0800
8.7500 .0000
8.5000 .0000
8.4200 .0000
7.5000 .9200
1
1904144 .2500
23,305.24 .0300
7.7500 .0000
7.5000 .0000
7.4700 .0000
7.4700 .0000
1904809 .2500
39,088.28 .0300
7.7500 .0000
7.5000 .0000
7.4700 .0000
7.4700 .0000
1905718 .2500
40,400.81 .0800
8.5000 .0000
8.2500 .0000
8.1700 .0000
7.5000 .6700
1906072 .2500
35,095.17 .0300
7.7500 .0000
7.5000 .0000
7.4700 .0000
7.4700 .0000
1906132 .2500
37,692.21 .0300
7.7500 .0000
7.5000 .0000
7.4700 .0000
7.4700 .0000
1906680 .2500
71,864.78 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0000
7.5000 .5450
1906792 .2500
40,982.82 .0300
7.7500 .0000
7.5000 .0000
7.4700 .0000
7.4700 .0000
1906793 .2500
162,944.09 .0800
8.0000 .0000
7.7500 .0000
7.6700 .0000
7.5000 .1700
1
1907299 .2500
114,680.31 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1907656 .2500
44,797.16 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0000
7.5000 .5450
1907678 .2500
187,408.04 .0300
7.2500 .0000
7.0000 .0000
6.9700 .0000
6.9700 .0000
1907948 .2500
37,746.47 .0300
7.7500 .0000
7.5000 .0000
7.4700 .0000
7.4700 .0000
1908671 .2500
40,395.64 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.5000 .4200
1910280 .2500
57,480.30 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1910562 .2500
35,921.32 .0300
7.6250 .0000
7.3750 .0000
7.3450 .0000
7.3450 .0000
1910570 .2500
27,839.04 .0300
7.6250 .0000
7.3750 .0000
7.3450 .0000
7.3450 .0000
1
1911568 .2500
39,700.00 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0000
7.5000 .5450
1911683 .2500
109,663.03 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0000
7.5000 .5450
1911831 .2500
161,500.00 .0800
9.5000 .0000
9.2500 .0000
9.1700 .0000
7.5000 1.6700
1911882 .2500
55,229.02 .0800
8.8750 .0000
8.6250 .0000
8.5450 .0000
7.5000 1.0450
1912570 .2500
42,611.46 .0300
7.5000 .0000
7.2500 .0000
7.2200 .0000
7.2200 .0000
1912587 .2500
199,540.64 .0300
7.3750 .0000
7.1250 .0000
7.0950 .0000
7.0950 .0000
1912835 .2500
35,224.76 .0300
7.7500 .0000
7.5000 .0000
7.4700 .0000
7.4700 .0000
1913066 .2500
173,586.54 .0300
7.5000 .0000
7.2500 .0000
7.2200 .0000
7.2200 .0000
1
1913385 .2500
39,920.97 .0800
8.1250 .0000
7.8750 .0000
7.7950 .0000
7.5000 .2950
1913407 .2500
193,930.85 .0300
7.1250 .0000
6.8750 .0000
6.8450 .0000
6.8450 .0000
1913491 .2500
21,945.40 .0300
7.7500 .0000
7.5000 .0000
7.4700 .0000
7.4700 .0000
1913690 .2500
39,128.27 .0800
8.5000 .0000
8.2500 .0000
8.1700 .0000
7.5000 .6700
1913740 .2500
59,923.22 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.5000 .4200
1913785 .2500
239,406.36 .0300
7.0000 .0000
6.7500 .0000
6.7200 .0000
6.7200 .0000
1914107 .2500
39,531.16 .0800
8.7500 .0000
8.5000 .0000
8.4200 .0000
7.5000 .9200
1914132 .2500
59,338.70 .0800
8.0000 .0000
7.7500 .0000
7.6700 .0000
7.5000 .1700
1
1914136 .2500
29,940.72 .0800
8.1250 .0000
7.8750 .0000
7.7950 .0000
7.5000 .2950
1914576 .2500
41,350.95 .0800
8.6250 .0000
8.3750 .0000
8.2950 .0000
7.5000 .7950
1914636 .2500
40,429.56 .0800
8.7500 .0000
8.5000 .0000
8.4200 .0000
7.5000 .9200
1914687 .2500
115,720.07 .0300
7.1250 .0000
6.8750 .0000
6.8450 .0000
6.8450 .0000
1914729 .2500
147,549.34 .0300
7.6250 .0000
7.3750 .0000
7.3450 .0000
7.3450 .0000
1915082 .2500
135,113.17 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1915292 .2500
219,519.26 .0300
7.6250 .0000
7.3750 .0000
7.3450 .0000
7.3450 .0000
1915566 .2500
239,975.00 .0300
7.5000 .0000
7.2500 .0000
7.2200 .0000
7.2200 .0000
1
1915703 .2500
32,425.35 .0300
7.3750 .0000
7.1250 .0000
7.0950 .0000
7.0950 .0000
1915710 .2500
32,425.35 .0300
7.3750 .0000
7.1250 .0000
7.0950 .0000
7.0950 .0000
1915815 .2500
195,612.74 .0800
8.1250 .0000
7.8750 .0000
7.7950 .0000
7.5000 .2950
1916018 .2500
39,947.49 .0800
8.1250 .0000
7.8750 .0000
7.7950 .0000
7.5000 .2950
1916688 .2500
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44,100.00 .0800
9.5000 .0000
9.2500 .0000
9.1700 .0000
7.5000 1.6700
2897417 .2500
128,000.00 .0800
8.7500 .0000
8.5000 .0000
8.4200 .0000
7.5000 .9200
2897427 .2500
85,500.00 .0800
9.5000 .0000
9.2500 .0000
9.1700 .0000
7.5000 1.6700
2897429 .2500
172,500.00 .0800
8.7500 .0000
8.5000 .0000
8.4200 .0000
7.5000 .9200
2897434 .2500
100,800.00 .0800
9.6250 .0000
9.3750 .0000
9.2950 .0000
7.5000 1.7950
2898648 .2500
121,500.00 .0800
9.1250 .0000
8.8750 .0000
8.7950 .0000
7.5000 1.2950
2898650 .2500
205,450.00 .0800
8.7500 .0000
8.5000 .0000
8.4200 .0000
7.5000 .9200
1
2898655 .2500
97,750.00 .0800
9.3750 .0000
9.1250 .0000
9.0450 .0000
7.5000 1.5450
2898657 .2500
105,950.00 .0800
8.8750 .0000
8.6250 .0000
8.5450 .0000
7.5000 1.0450
2898662 .2500
58,850.00 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0000
7.5000 .5450
2899948 .2500
228,000.00 .0800
8.7500 .0000
8.5000 .0000
8.4200 .0000
7.5000 .9200
2901339 .2500
107,039.95 .0800
8.8750 .0000
8.6250 .0000
8.5450 .0000
7.5000 1.0450
2901344 .2500
149,894.13 .0300
7.7500 .0000
7.5000 .0000
7.4700 .0000
7.4700 .0000
2901346 .2500
108,292.21 .0800
8.6250 .0000
8.3750 .0000
8.2950 .0000
7.5000 .7950
2901347 .2500
184,744.53 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1
2901349 .2500
143,914.98 .0800
8.6250 .0000
8.3750 .0000
8.2950 .0000
7.5000 .7950
2901350 .2500
179,890.95 .0800
8.5000 .0000
8.2500 .0000
8.1700 .0000
7.5000 .6700
2901353 .2500
144,545.30 .0300
7.6250 .0000
7.3750 .0000
7.3450 .0000
7.3450 .0000
2901357 .2500
162,000.00 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.5000 .4200
2901360 .2500
207,200.00 .0800
8.6250 .0000
8.3750 .0000
8.2950 .0000
7.5000 .7950
2901361 .2500
212,000.00 .0800
8.7500 .0000
8.5000 .0000
8.4200 .0000
7.5000 .9200
2901362 .2500
219,500.00 .0800
8.6250 .0000
8.3750 .0000
8.2950 .0000
7.5000 .7950
2901363 .2500
110,800.00 .0800
9.3750 .0000
9.1250 .0000
9.0450 .0000
7.5000 1.5450
1
2901370 .2500
205,500.00 .0800
8.8750 .0000
8.6250 .0000
8.5450 .0000
7.5000 1.0450
2901372 .2500
114,300.00 .0800
8.8750 .0000
8.6250 .0000
8.5450 .0000
7.5000 1.0450
2901373 .2500
144,000.00 .0800
8.8750 .0000
8.6250 .0000
8.5450 .0000
7.5000 1.0450
2901513 .2500
97,628.08 .0300
7.7500 .0000
7.5000 .0000
7.4700 .0000
7.4700 .0000
2901517 .2500
63,259.83 .0300
7.5000 .0000
7.2500 .0000
7.2200 .0000
7.2200 .0000
2901519 .2500
28,524.10 .0300
7.5000 .0000
7.2500 .0000
7.2200 .0000
7.2200 .0000
2901522 .2500
117,372.48 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.5000 .4200
2901523 .2500
112,136.29 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.5000 .4200
1
2901525 .2500
105,733.67 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0000
7.5000 .5450
2901529 .2500
21,983.91 .0300
7.5000 .0000
7.2500 .0000
7.2200 .0000
7.2200 .0000
2901531 .2500
37,615.52 .0300
7.5000 .0000
7.2500 .0000
7.2200 .0000
7.2200 .0000
2901536 .2500
59,541.42 .0300
7.6250 .0000
7.3750 .0000
7.3450 .0000
7.3450 .0000
2901537 .2500
105,922.78 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0000
7.5000 .5450
2901538 .2500
112,162.88 .0300
7.5000 .0000
7.2500 .0000
7.2200 .0000
7.2200 .0000
2901541 .2500
187,646.98 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0000
7.5000 .5450
2901543 .2500
175,660.99 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.5000 .4200
1
2901544 .2500
127,534.73 .0300
7.3750 .0000
7.1250 .0000
7.0950 .0000
7.0950 .0000
2901556 .2500
129,386.92 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.5000 .4200
2901558 .2500
101,348.94 .0800
8.0000 .0000
7.7500 .0000
7.6700 .0000
7.5000 .1700
2901559 .2500
174,513.47 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
2901562 .2500
145,373.85 .0800
8.0000 .0000
7.7500 .0000
7.6700 .0000
7.5000 .1700
2901563 .2500
107,728.65 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0000
7.5000 .5450
2901564 .2500
139,609.24 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
2901568 .2500
79,381.63 .0300
7.5000 .0000
7.2500 .0000
7.2200 .0000
7.2200 .0000
1
2901572 .2500
133,586.94 .0800
8.1250 .0000
7.8750 .0000
7.7950 .0000
7.5000 .2950
2901574 .2500
143,218.66 .0300
7.3750 .0000
7.1250 .0000
7.0950 .0000
7.0950 .0000
2901575 .2500
53,674.07 .0300
7.7500 .0000
7.5000 .0000
7.4700 .0000
7.4700 .0000
2901576 .2500
104,315.47 .0300
7.7500 .0000
7.5000 .0000
7.4700 .0000
7.4700 .0000
2901579 .2500
132,838.00 .0300
7.1250 .0000
6.8750 .0000
6.8450 .0000
6.8450 .0000
2901581 .2500
82,870.69 .0300
7.5000 .0000
7.2500 .0000
7.2200 .0000
7.2200 .0000
2901583 .2500
142,559.98 .0300
7.5000 .0000
7.2500 .0000
7.2200 .0000
7.2200 .0000
2901584 .2500
154,282.44 .0300
7.6250 .0000
7.3750 .0000
7.3450 .0000
7.3450 .0000
1
2901587 .2500
99,456.36 .0800
8.7500 .0000
8.5000 .0000
8.4200 .0000
7.5000 .9200
2901589 .2500
135,470.59 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.5000 .4200
2901592 .2500
149,327.91 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0000
7.5000 .5450
2901593 .2500
119,219.38 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
2901594 .2500
100,946.74 .0800
8.6250 .0000
8.3750 .0000
8.2950 .0000
7.5000 .7950
2901595 .2500
106,599.47 .0800
8.1250 .0000
7.8750 .0000
7.7950 .0000
7.5000 .2950
2901599 .2500
49,237.92 .0300
7.5000 .0000
7.2500 .0000
7.2200 .0000
7.2200 .0000
2901601 .2500
60,411.40 .0300
7.6250 .0000
7.3750 .0000
7.3450 .0000
7.3450 .0000
1
2901606 .2500
132,462.90 .0300
7.6250 .0000
7.3750 .0000
7.3450 .0000
7.3450 .0000
2901613 .2500
109,886.70 .0300
7.5000 .0000
7.2500 .0000
7.2200 .0000
7.2200 .0000
2901619 .2500
100,739.95 .0300
7.7500 .0000
7.5000 .0000
7.4700 .0000
7.4700 .0000
2901620 .2500
100,739.95 .0300
7.7500 .0000
7.5000 .0000
7.4700 .0000
7.4700 .0000
2901624 .2500
57,295.07 .0300
7.5000 .0000
7.2500 .0000
7.2200 .0000
7.2200 .0000
2901629 .2500
32,704.99 .0300
7.6250 .0000
7.3750 .0000
7.3450 .0000
7.3450 .0000
2901630 .2500
119,594.50 .0300
7.7500 .0000
7.5000 .0000
7.4700 .0000
7.4700 .0000
2901631 .2500
199,117.55 .0300
7.6250 .0000
7.3750 .0000
7.3450 .0000
7.3450 .0000
1
2901635 .2500
27,400.50 .0300
7.5000 .0000
7.2500 .0000
7.2200 .0000
7.2200 .0000
2901636 .2500
69,292.88 .0300
7.6250 .0000
7.3750 .0000
7.3450 .0000
7.3450 .0000
2901639 .2500
79,655.70 .0300
7.7500 .0000
7.5000 .0000
7.4700 .0000
7.4700 .0000
2901641 .2500
37,949.04 .0300
7.5000 .0000
7.2500 .0000
7.2200 .0000
7.2200 .0000
2901645 .2500
75,549.93 .0300
7.7500 .0000
7.5000 .0000
7.4700 .0000
7.4700 .0000
2901651 .2500
104,904.32 .0300
7.5000 .0000
7.2500 .0000
7.2200 .0000
7.2200 .0000
2901654 .2500
38,505.08 .0300
7.7500 .0000
7.5000 .0000
7.4700 .0000
7.4700 .0000
2901655 .2500
89,730.28 .0300
7.5000 .0000
7.2500 .0000
7.2200 .0000
7.2200 .0000
1
2901665 .2500
79,198.84 .0300
7.7500 .0000
7.5000 .0000
7.4700 .0000
7.4700 .0000
2901667 .2500
132,046.01 .0300
7.5000 .0000
7.2500 .0000
7.2200 .0000
7.2200 .0000
2901670 .2500
59,685.82 .0300
7.7500 .0000
7.5000 .0000
7.4700 .0000
7.4700 .0000
2901676 .2500
60,084.43 .0300
7.7500 .0000
7.5000 .0000
7.4700 .0000
7.4700 .0000
2901677 .2500
38,934.27 .0300
7.7500 .0000
7.5000 .0000
7.4700 .0000
7.4700 .0000
2901684 .2500
141,771.70 .0300
7.6250 .0000
7.3750 .0000
7.3450 .0000
7.3450 .0000
2901687 .2500
74,120.43 .0300
7.5000 .0000
7.2500 .0000
7.2200 .0000
7.2200 .0000
2901695 .2500
49,363.78 .0300
7.5000 .0000
7.2500 .0000
7.2200 .0000
7.2200 .0000
1
2901706 .2500
24,510.85 .0300
7.5000 .0000
7.2500 .0000
7.2200 .0000
7.2200 .0000
2901707 .2500
22,251.49 .0300
7.5000 .0000
7.2500 .0000
7.2200 .0000
7.2200 .0000
2901710 .2500
89,032.40 .0300
7.5000 .0000
7.2500 .0000
7.2200 .0000
7.2200 .0000
2901713 .2500
95,440.04 .0300
7.5000 .0000
7.2500 .0000
7.2200 .0000
7.2200 .0000
2901723 .2500
63,756.84 .0300
7.5000 .0000
7.2500 .0000
7.2200 .0000
7.2200 .0000
2901724 .2500
91,420.54 .0300
7.5000 .0000
7.2500 .0000
7.2200 .0000
7.2200 .0000
2901729 .2500
41,705.15 .0300
7.5000 .0000
7.2500 .0000
7.2200 .0000
7.2200 .0000
2901731 .2500
123,646.49 .0300
7.7500 .0000
7.5000 .0000
7.4700 .0000
7.4700 .0000
1
2901732 .2500
33,605.20 .0300
7.5000 .0000
7.2500 .0000
7.2200 .0000
7.2200 .0000
2901733 .2500
40,409.25 .0300
7.5000 .0000
7.2500 .0000
7.2200 .0000
7.2200 .0000
2901734 .2500
74,699.34 .0300
7.7500 .0000
7.5000 .0000
7.4700 .0000
7.4700 .0000
2901742 .2500
105,262.66 .0300
7.7500 .0000
7.5000 .0000
7.4700 .0000
7.4700 .0000
2901743 .2500
92,758.86 .0300
7.7500 .0000
7.5000 .0000
7.4700 .0000
7.4700 .0000
2901746 .2500
99,683.29 .0300
7.6250 .0000
7.3750 .0000
7.3450 .0000
7.3450 .0000
2901768 .2500
61,112.77 .0300
7.5000 .0000
7.2500 .0000
7.2200 .0000
7.2200 .0000
2901782 .2500
87,076.50 .0300
7.7500 .0000
7.5000 .0000
7.4700 .0000
7.4700 .0000
1
2901797 .2500
141,896.95 .0300
7.7500 .0000
7.5000 .0000
7.4700 .0000
7.4700 .0000
2901800 .2500
62,106.37 .0300
7.5000 .0000
7.2500 .0000
7.2200 .0000
7.2200 .0000
2901802 .2500
107,417.49 .0300
7.5000 .0000
7.2500 .0000
7.2200 .0000
7.2200 .0000
2901826 .2500
79,914.88 .0300
7.7500 .0000
7.5000 .0000
7.4700 .0000
7.4700 .0000
2901851 .2500
135,878.33 .0300
7.7500 .0000
7.5000 .0000
7.4700 .0000
7.4700 .0000
2901858 .2500
165,450.00 .0300
7.7500 .0000
7.5000 .0000
7.4700 .0000
7.4700 .0000
2902032 .2500
184,500.00 .0800
8.5000 .0000
8.2500 .0000
8.1700 .0000
7.5000 .6700
TOTAL NUMBER OF LOANS: 1389
TOTAL BALANCE........: 142,715,822.42
1
RUN ON : 10/01/99 RFC DISCLOSURE SYSTEM RFFSDFIX-01
AT : 15.13.54 INITIAL SECURITY FEES AMORTIZED BALANCE
SERIES : RALI 1999-QS11 CON FIXED SUMMARY REPORT CUTOFF : 09/01/99
POOL : 0004394
:
:
POOL STATUS: F
WEIGHTED AVERAGES FROM TO
---------------------------------------------------------------------------
CURR NOTE RATE 8.4604 6.8750 10.6250
RFC NET RATE 8.2104 6.6250 10.3750
NET MTG RATE(INVSTR RATE) 8.1381 6.5950 10.2950
POST STRIP RATE 7.4630 6.5950 7.5000
SUB SERV FEE .2500 .2500 .2500
MSTR SERV FEE .0723 .0300 .0800
ALL EXP .0000 .0000 .0000
MISC EXP .0000 .0000 .0000
SPREAD .0000 .0000 .0000
STRIP .6751 .0000 2.7950
TOTAL NUMBER OF LOANS: 1389
TOTAL BALANCE........: 142,715,822.42
***************************
* END OF REPORT *
***************************
1
RUN ON : 10/01/99 RFC DISCLOSURE SYSTEM RFFSDFIX-01
AT : 15.15.14 FIXED PASSTHRU REPORT AMORTIZED BALANCE
SERIES : RALI 1999-QS11 NON-CONFORMING CUTOFF : 09/01/99
POOL : 0004402
:
:
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
---------------------------------------------------------------------------
1856149 .2500
270,271.99 .0300
7.5000 .0000
7.2500 .0000
7.2200 .0000
7.2200 .0000
1873392 .2500
429,656.09 .0300
7.3750 .0000
7.1250 .0000
7.0950 .0000
7.0950 .0000
1904980 .2500
291,686.84 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1907413 .2500
295,398.98 .0800
7.9900 .0000
7.7400 .0000
7.6600 .0000
7.5000 .1600
1908696 .2500
299,055.36 .0300
7.2500 .0000
7.0000 .0000
6.9700 .0000
6.9700 .0000
1908750 .2500
358,764.81 .0300
7.3750 .0000
7.1250 .0000
7.0950 .0000
7.0950 .0000
1
1911635 .2500
299,257.96 .0300
7.0000 .0000
6.7500 .0000
6.7200 .0000
6.7200 .0000
1912244 .2500
271,375.25 .0300
7.3750 .0000
7.1250 .0000
7.0950 .0000
7.0950 .0000
1912689 .2500
514,843.96 .0300
7.5000 .0000
7.2500 .0000
7.2200 .0000
7.2200 .0000
1912690 .2500
329,260.67 .0300
7.5000 .0000
7.2500 .0000
7.2200 .0000
7.2200 .0000
1912718 .2500
317,287.53 .0300
7.5000 .0000
7.2500 .0000
7.2200 .0000
7.2200 .0000
1912907 .2500
339,575.86 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0000
7.5000 .5450
1913076 .2500
259,402.82 .0300
7.3750 .0000
7.1250 .0000
7.0950 .0000
7.0950 .0000
1913235 .2500
244,477.86 .0300
7.7500 .0000
7.5000 .0000
7.4700 .0000
7.4700 .0000
1
1913401 .2500
299,310.95 .0300
7.3750 .0000
7.1250 .0000
7.0950 .0000
7.0950 .0000
1913853 .2500
262,487.04 .0300
7.7500 .0000
7.5000 .0000
7.4700 .0000
7.4700 .0000
1914281 .2500
296,085.13 .0300
7.5000 .0000
7.2500 .0000
7.2200 .0000
7.2200 .0000
1914665 .2500
359,213.34 .0300
7.6250 .0000
7.3750 .0000
7.3450 .0000
7.3450 .0000
1914674 .2500
376,774.89 .0300
7.6250 .0000
7.3750 .0000
7.3450 .0000
7.3450 .0000
1919051 .2500
580,000.00 .0800
9.5000 .0000
9.2500 .0000
9.1700 .0000
7.5000 1.6700
1919055 .2500
333,000.00 .0800
9.3750 .0000
9.1250 .0000
9.0450 .0000
7.5000 1.5450
1919544 .2500
348,095.15 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0000
7.5000 .5450
1
1921416 .2500
331,697.58 .0300
7.1250 .0000
6.8750 .0000
6.8450 .0000
6.8450 .0000
1922717 .2500
257,447.70 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1923091 .2500
263,848.11 .0800
8.7500 .0000
8.5000 .0000
8.4200 .0000
7.5000 .9200
1923682 .2500
479,385.74 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.5000 .4200
1926061 .2500
259,846.50 .0800
8.6250 .0000
8.3750 .0000
8.2950 .0000
7.5000 .7950
1930552 .2500
281,075.19 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0000
7.5000 .5450
1930609 .2500
251,000.00 .0800
9.1250 .0000
8.8750 .0000
8.7950 .0000
7.5000 1.2950
1930614 .2500
328,050.00 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0000
7.5000 .5450
1
1931973 .2500
314,500.00 .0800
8.7500 .0000
8.5000 .0000
8.4200 .0000
7.5000 .9200
1931982 .2500
249,732.89 .0800
9.1250 .0000
8.8750 .0000
8.7950 .0000
7.5000 1.2950
1932250 .2500
650,000.00 .0800
8.5000 .0000
8.2500 .0000
8.1700 .0000
7.5000 .6700
1932587 .2500
282,489.90 .0800
9.0000 .0000
8.7500 .0000
8.6700 .0000
7.5000 1.1700
1932608 .2500
377,788.08 .0800
8.8750 .0000
8.6250 .0000
8.5450 .0000
7.5000 1.0450
1932860 .2500
299,036.56 .0800
9.0000 .0000
8.7500 .0000
8.6700 .0000
7.5000 1.1700
1932965 .2500
472,000.00 .0800
8.6250 .0000
8.3750 .0000
8.2950 .0000
7.5000 .7950
1933021 .2500
292,000.00 .0800
9.2500 .0000
9.0000 .0000
8.9200 .0000
7.5000 1.4200
1
1933308 .2500
525,400.00 .0800
9.2500 .0000
9.0000 .0000
8.9200 .0000
7.5000 1.4200
1933602 .2500
471,735.39 .0800
8.8750 .0000
8.6250 .0000
8.5450 .0000
7.5000 1.0450
1933621 .2500
297,500.00 .0800
8.5000 .0000
8.2500 .0000
8.1700 .0000
7.5000 .6700
1933978 .2500
288,800.00 .0800
8.1250 .0000
7.8750 .0000
7.7950 .0000
7.5000 .2950
1934032 .2500
650,000.00 .0800
9.5000 .0000
9.2500 .0000
9.1700 .0000
7.5000 1.6700
1934545 .2500
247,864.54 .0800
9.0000 .0000
8.7500 .0000
8.6700 .0000
7.5000 1.1700
1934762 .2500
295,825.24 .0800
8.6250 .0000
8.3750 .0000
8.2950 .0000
7.5000 .7950
1935051 .2500
299,813.53 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0000
7.5000 .5450
1
1935076 .2500
292,500.00 .0800
8.5000 .0000
8.2500 .0000
8.1700 .0000
7.5000 .6700
1935165 .2500
274,833.40 .0800
8.5000 .0000
8.2500 .0000
8.1700 .0000
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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
2863854 .2500
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1
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7.5000 1.7950
1
2865407 .2500
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7.5000 1.1700
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1
2865434 .2500
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7.5000 1.4200
2865438 .2500
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2865439 .2500
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439,746.84 .0800
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2865441 .2500
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7.5000 1.5450
2865443 .2500
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2865447 .2500
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7.5000 1.2950
1
2865449 .2500
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2865450 .2500
348,509.98 .0800
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7.5000 .0450
2865457 .2500
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7.5000 1.1700
2865716 .2500
356,000.00 .0800
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260,000.00 .0800
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1
2872007 .2500
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8.5000 .0000
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2872016 .2500
356,250.00 .0800
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2874437 .2500
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1
2878263 .2500
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2878314 .2500
524,690.04 .0800
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2878323 .2500
471,683.30 .0800
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2878359 .2500
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9.2500 .0000
9.0000 .0000
8.9200 .0000
7.5000 1.4200
2878373 .2500
241,337.95 .0800
8.0000 .0000
7.7500 .0000
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2878375 .2500
251,669.20 .0800
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7.5000 .2950
1
2878425 .2500
370,000.00 .0800
9.6250 .0000
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9.2950 .0000
7.5000 1.7950
2882784 .2500
386,000.00 .0800
9.3750 .0000
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7.5000 1.5450
2882926 .2500
415,467.64 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.5000 .4200
2882929 .2500
335,499.70 .0300
7.5000 .0000
7.2500 .0000
7.2200 .0000
7.2200 .0000
2889790 .2500
242,250.00 .0800
9.0000 .0000
8.7500 .0000
8.6700 .0000
7.5000 1.1700
2892259 .2500
282,864.84 .0300
7.5000 .0000
7.2500 .0000
7.2200 .0000
7.2200 .0000
2892269 .2500
292,793.20 .0300
7.7500 .0000
7.5000 .0000
7.4700 .0000
7.4700 .0000
2892745 .2500
380,780.80 .0800
8.7500 .0000
8.5000 .0000
8.4200 .0000
7.5000 .9200
1
2895210 .2500
399,757.68 .0800
8.5000 .0000
8.2500 .0000
8.1700 .0000
7.5000 .6700
2895212 .2500
399,624.79 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
2895254 .2500
499,647.11 .0300
7.7500 .0000
7.5000 .0000
7.4700 .0000
7.4700 .0000
2895275 .2500
412,000.00 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
2899932 .2500
247,500.00 .0800
9.5000 .0000
9.2500 .0000
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7.5000 1.6700
2901597 .2500
295,416.49 .0300
7.6250 .0000
7.3750 .0000
7.3450 .0000
7.3450 .0000
2901649 .2500
293,945.41 .0300
7.7500 .0000
7.5000 .0000
7.4700 .0000
7.4700 .0000
TOTAL NUMBER OF LOANS: 213
TOTAL BALANCE........: 74,602,542.50
1
RUN ON : 10/01/99 RFC DISCLOSURE SYSTEM RFFSDFIX-01
AT : 15.15.14 INITIAL SECURITY FEES AMORTIZED BALANCE
SERIES : RALI 1999-QS11 NON FIXED SUMMARY REPORT CUTOFF : 09/01/99
POOL : 0004402
:
:
POOL STATUS: F
WEIGHTED AVERAGES FROM TO
----------------------------------------------------------------------------
CURR NOTE RATE 8.3199 6.5000 9.6250
RFC NET RATE 8.0699 6.2500 9.3750
NET MTG RATE(INVSTR RATE) 8.0033 6.2200 9.2950
POST STRIP RATE 7.4336 6.2200 7.5000
SUB SERV FEE .2500 .2500 .2500
MSTR SERV FEE .0666 .0300 .0800
ALL EXP .0000 .0000 .0000
MISC EXP .0000 .0000 .0000
SPREAD .0000 .0000 .0000
STRIP .5697 .0000 1.7950
TOTAL NUMBER OF LOANS: 213
TOTAL BALANCE........: 74,602,542.50
***************************
* END OF REPORT *
***************************
<PAGE>
Exhibit TWO
SCHEDULE OF DISCOUNT FRACTIONS
Loan Number Current Balance Net Mortgage RateDiscount Fraction PO Balance
2871326 "$259,190.49 " 0.0622 0.170666667 "$44,235.18 "
2878259 "$143,511.91 " 0.06595 0.120666667 "$17,317.10 "
2878252 "$215,452.46 " 0.06595 0.120666667 "$25,997.93 "
2878266 "$45,883.39 " 0.06595 0.120666667 "$5,536.60 "
2863557 "$65,885.25 " 0.06595 0.120666667 "$7,950.15 "
2863554 "$234,864.75 " 0.0672 0.104 "$24,425.93 "
2895251 "$100,230.01 " 0.0672 0.104 "$10,423.92 "
1911635 "$299,257.96 " 0.0672 0.104 "$31,122.83 "
2865386 "$194,517.68 " 0.0672 0.104 "$20,229.84 "
1913785 "$239,406.36 " 0.0672 0.104 "$24,898.26 "
2863614 "$168,382.46 " 0.0672 0.104 "$17,511.78 "
2863599 "$197,919.13 " 0.0672 0.104 "$20,583.59 "
2863607 "$124,759.36 " 0.0672 0.104 "$12,974.97 "
2863592 "$172,522.80 " 0.06845 0.087333333 "$15,066.99 "
1913407 "$193,930.85 " 0.06845 0.087333333 "$16,936.63 "
1914687 "$115,720.07 " 0.06845 0.087333333 "$10,106.22 "
2901579 "$132,838.00 " 0.06845 0.087333333 "$11,601.19 "
1921416 "$331,697.58 " 0.06845 0.087333333 "$28,968.26 "
1925485 "$24,939.67 " 0.06845 0.087333333 "$2,178.06 "
2863586 "$155,755.86 " 0.0697 0.070666667 "$11,006.75 "
2858962 "$71,773.11 " 0.0697 0.070666667 "$5,071.97 "
2848800 "$104,786.27 " 0.0697 0.070666667 "$7,404.90 "
2863603 "$278,763.07 " 0.0697 0.070666667 "$19,699.26 "
2878260 "$74,199.37 " 0.0697 0.070666667 "$5,243.42 "
2859106 "$174,579.46 " 0.0697 0.070666667 "$12,336.95 "
2863580 "$123,805.95 " 0.0697 0.070666667 "$8,748.95 "
1908696 "$299,055.36 " 0.0697 0.070666667 "$21,133.25 "
1907678 "$187,408.04 " 0.0697 0.070666667 "$13,243.50 "
1916688 "$134,075.27 " 0.0697 0.070666667 "$9,474.65 "
2863174 "$614,520.25 " 0.0697 0.070666667 "$43,426.10 "
2792361 "$22,027.64 " 0.0697 0.070666667 "$1,556.62 "
2863552 "$71,088.58 " 0.0697 0.070666667 "$5,023.59 "
2788531 "$35,729.17 " 0.0697 0.070666667 "$2,524.86 "
2844908 "$41,536.48 " 0.07095 0.054 "$2,242.97 "
2901544 "$127,534.73 " 0.07095 0.054 "$6,886.88 "
2901574 "$143,218.66 " 0.07095 0.054 "$7,733.81 "
1913401 "$299,310.95 " 0.07095 0.054 "$16,162.79 "
1913076 "$259,402.82 " 0.07095 0.054 "$14,007.75 "
2863604 "$294,322.44 " 0.07095 0.054 "$15,893.41 "
1865332 "$53,432.79 " 0.07095 0.054 "$2,885.37 "
2863583 "$249,425.79 " 0.07095 0.054 "$13,468.99 "
1936994 "$94,648.93 " 0.07095 0.054 "$5,111.04 "
1912587 "$199,540.64 " 0.07095 0.054 "$10,775.19 "
1908750 "$358,764.81 " 0.07095 0.054 "$19,373.30 "
1912244 "$271,375.25 " 0.07095 0.054 "$14,654.26 "
2863562 "$105,357.44 " 0.07095 0.054 "$5,689.30 "
1915710 "$32,425.35 " 0.07095 0.054 "$1,750.97 "
2814380 "$390,002.18 " 0.07095 0.054 "$21,060.12 "
1915703 "$32,425.35 " 0.07095 0.054 "$1,750.97 "
2836822 "$29,205.36 " 0.07095 0.054 "$1,577.09 "
1873392 "$429,656.09 " 0.07095 0.054 "$23,201.43 "
1929035 "$127,804.60 " 0.07095 0.054 "$6,901.45 "
2871327 "$99,236.58 " 0.0722 0.037333333 "$3,704.83 "
1937290 "$242,436.59 " 0.0722 0.037333333 "$9,050.97 "
2865449 "$507,622.99 " 0.0722 0.037333333 "$18,951.26 "
2865395 "$314,766.22 " 0.0722 0.037333333 "$11,751.27 "
1937089 "$299,777.36 " 0.0722 0.037333333 "$11,191.69 "
1932858 "$175,869.38 " 0.0722 0.037333333 "$6,565.79 "
2871305 "$89,314.75 " 0.0722 0.037333333 "$3,334.42 "
2878254 "$303,924.28 " 0.0722 0.037333333 "$11,346.51 "
1933355 "$75,943.60 " 0.0722 0.037333333 "$2,835.23 "
2787630 "$70,982.28 " 0.0722 0.037333333 "$2,650.01 "
2848642 "$79,880.87 " 0.0722 0.037333333 "$2,982.22 "
2848640 "$91,863.01 " 0.0722 0.037333333 "$3,429.55 "
2859082 "$75,624.00 " 0.0722 0.037333333 "$2,823.30 "
2836101 "$43,901.41 " 0.0722 0.037333333 "$1,638.99 "
2859125 "$99,925.78 " 0.0722 0.037333333 "$3,730.56 "
2836099 "$44,899.17 " 0.0722 0.037333333 "$1,676.24 "
2836089 "$40,035.11 " 0.0722 0.037333333 "$1,494.64 "
2835304 "$77,384.60 " 0.0722 0.037333333 "$2,889.03 "
2863131 "$179,731.99 " 0.0722 0.037333333 "$6,709.99 "
2863134 "$349,478.88 " 0.0722 0.037333333 "$13,047.21 "
2863588 "$54,918.10 " 0.0722 0.037333333 "$2,050.28 "
2791994 "$34,370.37 " 0.0722 0.037333333 "$1,283.16 "
1937911 "$447,740.25 " 0.0722 0.037333333 "$16,715.64 "
2745654 "$121,345.04 " 0.0722 0.037333333 "$4,530.21 "
2863555 "$100,790.42 " 0.0722 0.037333333 "$3,762.84 "
1941176 "$239,462.33 " 0.0722 0.037333333 "$8,939.93 "
2863564 "$293,890.09 " 0.0722 0.037333333 "$10,971.90 "
1939862 "$287,087.15 " 0.0722 0.037333333 "$10,717.92 "
1939844 "$276,379.40 " 0.0722 0.037333333 "$10,318.16 "
1939830 "$299,327.87 " 0.0722 0.037333333 "$11,174.91 "
2863591 "$204,694.77 " 0.0722 0.037333333 "$7,641.94 "
2863596 "$115,519.92 " 0.0722 0.037333333 "$4,312.74 "
2863601 "$72,836.44 " 0.0722 0.037333333 "$2,719.23 "
2863605 "$55,774.77 " 0.0722 0.037333333 "$2,082.26 "
2794193 "$28,133.77 " 0.0722 0.037333333 "$1,050.33 "
1903397 "$40,409.25 " 0.0722 0.037333333 "$1,508.61 "
2901706 "$24,510.85 " 0.0722 0.037333333 $915.07
2901599 "$49,237.92 " 0.0722 0.037333333 "$1,838.22 "
1912690 "$329,260.67 " 0.0722 0.037333333 "$12,292.40 "
1912689 "$514,843.96 " 0.0722 0.037333333 "$19,220.84 "
2901733 "$40,409.25 " 0.0722 0.037333333 "$1,508.61 "
2901613 "$109,886.70 " 0.0722 0.037333333 "$4,102.44 "
1912570 "$42,611.46 " 0.0722 0.037333333 "$1,590.83 "
2901624 "$57,295.07 " 0.0722 0.037333333 "$2,139.02 "
2878272 "$63,756.84 " 0.0722 0.037333333 "$2,380.26 "
2901732 "$33,605.20 " 0.0722 0.037333333 "$1,254.59 "
1885598 "$36,932.19 " 0.0722 0.037333333 "$1,378.80 "
1912718 "$317,287.53 " 0.0722 0.037333333 "$11,845.40 "
2901651 "$104,904.32 " 0.0722 0.037333333 "$3,916.43 "
1913066 "$173,586.54 " 0.0722 0.037333333 "$6,480.56 "
2901655 "$89,730.28 " 0.0722 0.037333333 "$3,349.93 "
2901729 "$41,705.15 " 0.0722 0.037333333 "$1,556.99 "
2901724 "$91,420.54 " 0.0722 0.037333333 "$3,413.03 "
2901667 "$132,046.01 " 0.0722 0.037333333 "$4,929.72 "
2901723 "$63,756.84 " 0.0722 0.037333333 "$2,380.26 "
2901713 "$95,440.04 " 0.0722 0.037333333 "$3,563.09 "
1896846 "$33,025.44 " 0.0722 0.037333333 "$1,232.95 "
2901710 "$89,032.40 " 0.0722 0.037333333 "$3,323.88 "
2901707 "$22,251.49 " 0.0722 0.037333333 $830.72
2901687 "$74,120.43 " 0.0722 0.037333333 "$2,767.16 "
2901695 "$49,363.78 " 0.0722 0.037333333 "$1,842.91 "
2901641 "$37,949.04 " 0.0722 0.037333333 "$1,416.76 "
2895272 "$126,550.00 " 0.0722 0.037333333 "$4,724.53 "
2857234 "$110,917.62 " 0.0722 0.037333333 "$4,140.92 "
2878293 "$89,933.21 " 0.0722 0.037333333 "$3,357.51 "
1856149 "$270,271.99 " 0.0722 0.037333333 "$10,090.15 "
2878343 "$179,025.30 " 0.0722 0.037333333 "$6,683.61 "
2882903 "$178,848.38 " 0.0722 0.037333333 "$6,677.01 "
2882929 "$335,499.70 " 0.0722 0.037333333 "$12,525.32 "
2892259 "$282,864.84 " 0.0722 0.037333333 "$10,560.29 "
1915566 "$239,975.00 " 0.0722 0.037333333 "$8,959.07 "
2901802 "$107,417.49 " 0.0722 0.037333333 "$4,010.25 "
2901800 "$62,106.37 " 0.0722 0.037333333 "$2,318.64 "
2901768 "$61,112.77 " 0.0722 0.037333333 "$2,281.54 "
2901635 "$27,400.50 " 0.0722 0.037333333 "$1,022.95 "
2901529 "$21,983.91 " 0.0722 0.037333333 $820.73
2901583 "$142,559.98 " 0.0722 0.037333333 "$5,322.24 "
2901581 "$82,870.69 " 0.0722 0.037333333 "$3,093.84 "
2901568 "$79,381.63 " 0.0722 0.037333333 "$2,963.58 "
2901538 "$112,162.88 " 0.0722 0.037333333 "$4,187.41 "
2901531 "$37,615.52 " 0.0722 0.037333333 "$1,404.31 "
2901519 "$28,524.10 " 0.0722 0.037333333 "$1,064.90 "
2901517 "$63,259.83 " 0.0722 0.037333333 "$2,361.70 "
1914281 "$296,085.13 " 0.0722 0.037333333 "$11,053.84 "
1879585 "$67,778.56 " 0.0722 0.037333333 "$2,530.40 "
1877379 "$27,045.40 " 0.07345 0.020666667 $558.94
2835334 "$100,180.63 " 0.07345 0.020666667 "$2,070.40 "
1865303 "$43,771.51 " 0.07345 0.020666667 $904.61
1882224 "$27,776.91 " 0.07345 0.020666667 $574.06
1879603 "$27,669.73 " 0.07345 0.020666667 $571.84
2836112 "$24,945.36 " 0.07345 0.020666667 $515.54
2848785 "$61,080.23 " 0.07345 0.020666667 "$1,262.32 "
1938577 "$125,000.00 " 0.07345 0.020666667 "$2,583.33 "
2863120 "$499,273.92 " 0.07345 0.020666667 "$10,318.33 "
1929026 "$46,264.37 " 0.07345 0.020666667 $956.13
1932928 "$158,734.67 " 0.07345 0.020666667 "$3,280.52 "
1915292 "$219,519.26 " 0.07345 0.020666667 "$4,536.73 "
1914729 "$147,549.34 " 0.07345 0.020666667 "$3,049.35 "
1935058 "$115,016.69 " 0.07345 0.020666667 "$2,377.01 "
1914674 "$376,774.89 " 0.07345 0.020666667 "$7,786.68 "
1914665 "$359,213.34 " 0.07345 0.020666667 "$7,423.74 "
1910562 "$35,921.32 " 0.07345 0.020666667 $742.37
1938559 "$262,310.01 " 0.07345 0.020666667 "$5,421.07 "
1893483 "$85,549.22 " 0.07345 0.020666667 "$1,768.02 "
1939784 "$563,043.02 " 0.07345 0.020666667 "$11,636.22 "
1910570 "$27,839.04 " 0.07345 0.020666667 $575.34
1916744 "$148,400.00 " 0.07345 0.020666667 "$3,066.93 "
1939912 "$342,001.02 " 0.07345 0.020666667 "$7,068.02 "
1902651 "$58,217.35 " 0.07345 0.020666667 "$1,203.16 "
2725769 "$33,569.56 " 0.07345 0.020666667 $693.77
1901877 "$40,849.70 " 0.07345 0.020666667 $844.23
1899252 "$36,435.95 " 0.07345 0.020666667 $753.01
2745953 "$29,867.64 " 0.07345 0.020666667 $617.26
1936570 "$77,543.83 " 0.07345 0.020666667 "$1,602.57 "
2863611 "$58,823.63 " 0.07345 0.020666667 "$1,215.69 "
2901584 "$154,282.44 " 0.07345 0.020666667 "$3,188.50 "
2901597 "$295,416.49 " 0.07345 0.020666667 "$6,105.27 "
2901601 "$60,411.40 " 0.07345 0.020666667 "$1,248.50 "
2901606 "$132,462.90 " 0.07345 0.020666667 "$2,737.57 "
2901684 "$141,771.70 " 0.07345 0.020666667 "$2,929.95 "
2901536 "$59,541.42 " 0.07345 0.020666667 "$1,230.52 "
2901629 "$32,704.99 " 0.07345 0.020666667 $675.90
2863166 "$257,974.83 " 0.07345 0.020666667 "$5,331.48 "
2863608 "$174,823.93 " 0.07345 0.020666667 "$3,613.03 "
2863602 "$224,408.56 " 0.07345 0.020666667 "$4,637.78 "
2878296 "$76,944.27 " 0.07345 0.020666667 "$1,590.18 "
2901631 "$199,117.55 " 0.07345 0.020666667 "$4,115.10 "
2901636 "$69,292.88 " 0.07345 0.020666667 "$1,432.05 "
2863590 "$29,934.45 " 0.07345 0.020666667 $618.65
2866057 "$499,638.11 " 0.07345 0.020666667 "$10,325.85 "
2878263 "$272,949.86 " 0.07345 0.020666667 "$5,640.96 "
2878385 "$206,650.32 " 0.07345 0.020666667 "$4,270.77 "
2878384 "$211,746.63 " 0.07345 0.020666667 "$4,376.10 "
2859002 "$124,909.52 " 0.07345 0.020666667 "$2,581.46 "
2859020 "$352,178.81 " 0.07345 0.020666667 "$7,278.36 "
2863119 "$324,528.05 " 0.07345 0.020666667 "$6,706.91 "
1841199 "$79,942.09 " 0.07345 0.020666667 "$1,652.14 "
2901746 "$99,683.29 " 0.07345 0.020666667 "$2,060.12 "
2901353 "$144,545.30 " 0.07345 0.020666667 "$2,987.27 "
2895254 "$499,647.11 " 0.0747 0.004 "$1,998.59 "
2895309 "$33,226.53 " 0.0747 0.004 $132.91
2901344 "$149,894.13 " 0.0747 0.004 $599.58
2901630 "$119,594.50 " 0.0747 0.004 $478.38
2901576 "$104,315.47 " 0.0747 0.004 $417.26
2901619 "$100,739.95 " 0.0747 0.004 $402.96
1913491 "$21,945.40 " 0.0747 0.004 $87.78
1913853 "$262,487.04 " 0.0747 0.004 "$1,049.95 "
1912835 "$35,224.76 " 0.0747 0.004 $140.90
2901639 "$79,655.70 " 0.0747 0.004 $318.62
2901513 "$97,628.08 " 0.0747 0.004 $390.51
1906072 "$35,095.17 " 0.0747 0.004 $140.38
1913235 "$244,477.86 " 0.0747 0.004 $977.91
2901575 "$53,674.07 " 0.0747 0.004 $214.70
2901620 "$100,739.95 " 0.0747 0.004 $402.96
2901782 "$87,076.50 " 0.0747 0.004 $348.31
1883244 "$20,642.93 " 0.0747 0.004 $82.57
2901734 "$74,699.34 " 0.0747 0.004 $298.80
1880826 "$26,863.92 " 0.0747 0.004 $107.46
1880035 "$16,126.93 " 0.0747 0.004 $64.51
2901742 "$105,262.66 " 0.0747 0.004 $421.05
1906792 "$40,982.82 " 0.0747 0.004 $163.93
1877421 "$22,403.12 " 0.0747 0.004 $89.61
1887310 "$36,456.27 " 0.0747 0.004 $145.83
1872167 "$37,161.86 " 0.0747 0.004 $148.65
1867819 "$49,046.21 " 0.0747 0.004 $196.18
2901797 "$141,896.95 " 0.0747 0.004 $567.59
2901826 "$79,914.88 " 0.0747 0.004 $319.66
2901851 "$135,878.33 " 0.0747 0.004 $543.51
1855604 "$29,826.77 " 0.0747 0.004 $119.31
2901743 "$92,758.86 " 0.0747 0.004 $371.04
2901670 "$59,685.82 " 0.0747 0.004 $238.74
1907948 "$37,746.47 " 0.0747 0.004 $150.99
2901649 "$293,945.41 " 0.0747 0.004 "$1,175.78 "
2895208 "$107,633.85 " 0.0747 0.004 $430.54
1906132 "$37,692.21 " 0.0747 0.004 $150.77
1904809 "$39,088.28 " 0.0747 0.004 $156.35
1904144 "$23,305.24 " 0.0747 0.004 $93.22
1883267 "$37,609.60 " 0.0747 0.004 $150.44
2901665 "$79,198.84 " 0.0747 0.004 $316.80
2901731 "$123,646.49 " 0.0747 0.004 $494.59
1900462 "$39,180.65 " 0.0747 0.004 $156.72
2901676 "$60,084.43 " 0.0747 0.004 $240.34
2901677 "$38,934.27 " 0.0747 0.004 $155.74
1889399 "$23,891.23 " 0.0747 0.004 $95.56
1889156 "$35,372.12 " 0.0747 0.004 $141.49
2901645 "$75,549.93 " 0.0747 0.004 $302.20
2901654 "$38,505.08 " 0.0747 0.004 $154.02
2799072 "$41,102.55 " 0.0747 0.004 $164.41
2863556 "$122,793.64 " 0.0747 0.004 $491.17
2863553 "$99,786.87 " 0.0747 0.004 $399.15
2863551 "$49,985.81 " 0.0747 0.004 $199.94
2756046 "$26,383.78 " 0.0747 0.004 $105.54
2764688 "$29,793.09 " 0.0747 0.004 $119.17
2764818 "$26,858.63 " 0.0747 0.004 $107.43
2787628 "$137,406.08 " 0.0747 0.004 $549.62
2863255 "$363,484.52 " 0.0747 0.004 "$1,453.94 "
2863254 "$499,291.94 " 0.0747 0.004 "$1,997.17 "
2863196 "$76,442.63 " 0.0747 0.004 $305.77
2792070 "$33,629.34 " 0.0747 0.004 $134.52
2792078 "$32,672.74 " 0.0747 0.004 $130.69
2878295 "$135,807.40 " 0.0747 0.004 $543.23
2796429 "$34,849.37 " 0.0747 0.004 $139.40
2863576 "$75,384.49 " 0.0747 0.004 $301.54
2799181 "$34,874.85 " 0.0747 0.004 $139.50
2863151 "$73,495.77 " 0.0747 0.004 $293.98
2818479 "$29,894.30 " 0.0747 0.004 $119.58
2901858 "$165,450.00 " 0.0747 0.004 $661.80
2859128 "$128,709.09 " 0.0747 0.004 $514.84
2859087 "$40,471.41 " 0.0747 0.004 $161.89
2836111 "$26,884.05 " 0.0747 0.004 $107.54
2859052 "$57,336.07 " 0.0747 0.004 $229.34
2859024 "$99,316.07 " 0.0747 0.004 $397.26
2844472 "$36,246.36 " 0.0747 0.004 $144.99
2858982 "$224,841.19 " 0.0747 0.004 $899.36
2858967 "$164,883.53 " 0.0747 0.004 $659.53
2858965 "$123,662.65 " 0.0747 0.004 $494.65
2863184 "$164,435.77 " 0.0747 0.004 $657.74
1933074 "$153,891.31 " 0.0747 0.004 $615.57
2892269 "$292,793.20 " 0.0747 0.004 "$1,171.17 "
2878380 "$108,723.21 " 0.0747 0.004 $434.89
2860369 "$82,441.77 " 0.0747 0.004 $329.77
1921956 "$36,873.95 " 0.0747 0.004 $147.50
2857250 "$74,947.06 " 0.0747 0.004 $299.79
2878251 "$89,210.09 " 0.0747 0.004 $356.84
2878221 "$327,992.75 " 0.0747 0.004 "$1,311.97 "
1929056 "$179,486.85 " 0.0747 0.004 $717.95
1931014 "$49,562.02 " 0.0747 0.004 $198.25
1932725 "$99,758.52 " 0.0747 0.004 $399.03
1932731 "$47,248.84 " 0.0747 0.004 $189.00
1932853 "$105,525.47 " 0.0747 0.004 $422.10
2872734 "$127,700.00 " 0.0747 0.004 $510.80
2863559 "$398,349.28 " 0.0747 0.004 "$1,593.40 "
2863594 "$136,708.03 " 0.0747 0.004 $546.83
2895205 "$96,000.00 " 0.0747 0.004 $384.00
2863587 "$313,879.65 " 0.0747 0.004 "$1,255.52 "
1939842 "$339,518.49 " 0.0747 0.004 "$1,358.07 "
2863589 "$154,181.35 " 0.0747 0.004 $616.73
1939794 "$433,759.95 " 0.0747 0.004 "$1,735.04 "
1932923 "$169,914.23 " 0.0747 0.004 $679.66
1938580 "$104,851.31 " 0.0747 0.004 $419.41
2871337 "$186,377.27 " 0.0747 0.004 $745.51
2863613 "$161,615.35 " 0.0747 0.004 $646.46
2865375 "$287,796.73 " 0.0747 0.004 "$1,151.19 "
2865381 "$158,438.10 " 0.0747 0.004 $633.75
1936254 "$173,877.19 " 0.0747 0.004 $695.51
2869763 "$148,894.84 " 0.0747 0.004 $595.58
2863571 "$67,404.41 " 0.0747 0.004 $269.62
1939789 "$459,375.33 " 0.0747 0.004 "$1,837.50 "
<PAGE>
Exhibit THREE
INFORMATION TO BE INCLUDED IN
MONTHLY DISTRIBUTION DATE STATEMENT
(i) 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 related Class CB and Class NB Percentages and Subordinate Class
Percentage, 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 Sub-Servicers,
the number and aggregate principal balances of Mortgage Loans that are
Delinquent (A) 30-59 days, (B) 60-89 days and (C) 90 or more days and the number
and aggregate principal balance of Mortgage Loans that are in foreclosure;
(ix) the number, aggregate principal balance and book value of any REO
Properties;
(x) the aggregate Accrued Certificate Interest remaining unpaid, if any, for
each Class of Certificates, after giving effect to the distribution made on such
Distribution Date;
(xi) the Special Hazard Amount, Fraud Loss Amount and Bankruptcy Amount as of
the close of business on such Distribution Date and a description of any change
in the calculation of such amounts;
(xii) the weighted average Pool Strip Rate for such Distribution Date and the
Pass-Through Rate with respect to the Class A-V Certificates and each Subclass,
if any, thereof;
(xiii) the Notional Amount with respect to each class of Interest Only
Certificates and each Subclass Notional Amount;
(xiv) the occurrence of the Credit Support Depletion Date;
(xv) the related Senior Accelerated Distribution Percentage applicable to such
distribution;
(xvi) the related 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;
(xx) the weighted average Mortgage Rates of the Mortgage Loans after giving
effect to the amounts distributed on such Distribution Date; and
(xxi) if any of the Class M Certificates are held by a Depository, a legend
substantially in the form of Exhibit H-3 to the Standard Terms, referencing such
Certificates.
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.
<PAGE>
Exhibit FOUR
STANDARD TERMS OF POOLING AND SERVICING
AGREEMENT DATED AS OF AUGUST 1, 1999
=============================================================================
STANDARD TERMS OF
POOLING AND SERVICING AGREEMENT
Dated as of August 1, 1999
Residential Accredit Loans, Inc.
Mortgage Asset-Backed Pass-Through Certificates
=============================================================================
<PAGE>
<TABLE>
<CAPTION>
TABLE OF CONTENTS
Page
<S> <C>
Article I DEFINITIONS...............................................................2
Section 1.01. Definitions.........................................................2
Section 1.02. Use of Words and Phrases...........................................30
Article II CONVEYANCE OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF CERTIFICATES..........31
Section 2.01. Conveyance of Mortgage Loans.......................................31
Section 2.02. Acceptance by Trustee..............................................36
Section 2.03. Representations, Warranties and Covenants of the Master
Servicer and the Company...........................................37
Section 2.04. Representations and Warranties of Sellers..........................38
Article III ADMINISTRATION AND SERVICING OF MORTGAGE LOANS...........................41
Section 3.01. Master Servicer to Act as Servicer.................................41
Section 3.02. Subservicing Agreements Between Master Servicer and
Subservicers; Enforcement of Subservicers' and Sellers'
Obligations........................................................42
Section 3.03. Successor Subservicers.............................................43
Section 3.04. Liability of the Master Servicer...................................43
Section 3.05. No Contractual Relationship Between Subservicer and Trustee
or Certificateholders.............................................44
Section 3.06. Assumption or Termination of Subservicing Agreements by
Trustee............................................................44
Section 3.07. Collection of Certain Mortgage Loan Payments; Deposits to
Custodial Account..................................................44
Section 3.08. Subservicing Accounts; Servicing Accounts..........................47
Section 3.09. Access to Certain Documentation and Information Regarding the
Mortgage Loans.....................................................48
Section 3.10. Permitted Withdrawals from the Custodial Account..................48
Section 3.11. Maintenance of the Primary Insurance Policies; Collections
Thereunder.........................................................50
Section 3.12. Maintenance of Fire Insurance and Omissions and Fidelity
Coverage...........................................................51
Section 3.13. Enforcement of Due-on-Sale Clauses; Assumption and
Modification Agreements; Certain Assignments......................53
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TABLE OF CONTENTS
(continued)
Page
Section 3.14. Realization Upon Defaulted Mortgage Loans..........................55
Section 3.15. Trustee to Cooperate; Release of Mortgage Files...................58
Section 3.16. Servicing and Other Compensation; Compensating Interest...........59
Section 3.17. Reports to the Trustee and the Company.............................60
Section 3.18. Annual Statement as to Compliance..................................60
Section 3.19. Annual Independent Public Accountants' Servicing Report............61
Section 3.20. Rights of the Company in Respect of the Master Servicer............61
Section 3.21. Administration of Buydown Funds....................................61
Article IV PAYMENTS TO CERTIFICATEHOLDERS...........................................63
Section 4.01. Certificate Account................................................63
Section 4.02. Distributions......................................................63
Section 4.03. Statements to Certificateholders...................................63
Section 4.04. Distribution of Reports to the Trustee and the Company;
Advances by the Master Servicer....................................64
Section 4.05. Allocation of Realized Losses......................................66
Section 4.06. Reports of Foreclosures and Abandonment of Mortgaged Property.....66
Section 4.07. Optional Purchase of Defaulted Mortgage Loans......................66
Section 4.08. Surety Bond........................................................67
Section 4.09. Pledged Assets.....................................................67
Article V THE CERTIFICATES.........................................................68
Section 5.01. The Certificates...................................................68
Section 5.02. Registration of Transfer and Exchange of Certificates..............70
Section 5.03. Mutilated, Destroyed, Lost or Stolen Certificates..................76
Section 5.04. Persons Deemed Owners..............................................76
Section 5.05. Appointment of Paying Agent........................................76
Section 5.06. Optional Purchase of Certificates..................................77
Article VI THE COMPANY AND THE MASTER SERVICER......................................79
Section 6.01. Respective Liabilities of the Company and the Master Servicer.....79
-ii-
<PAGE>
TABLE OF CONTENTS
(continued)
Page
Section 6.02. Merger or Consolidation of the Company or the Master
Servicer; Assignment of Rights and Delegation of Duties by
Master Servicer....................................................79
Section 6.03. Limitation on Liability of the Company, the Master Servicer
and Others.........................................................80
Section 6.04. Company and Master Servicer Not to Resign..........................81
Article VII DEFAULT..................................................................82
Section 7.01. Events of Default..................................................82
Section 7.02. Trustee or Company to Act; Appointment of Successor...............84
Section 7.03. Notification to Certificateholders.................................84
Section 7.04. Waiver of Events of Default........................................85
Article VIII CONCERNING THE TRUSTEE...................................................86
Section 8.01. Duties of Trustee..................................................86
Section 8.02. Certain Matters Affecting the Trustee..............................87
Section 8.03. Trustee Not Liable for Certificates or Mortgage Loans.............89
Section 8.04. Trustee May Own Certificates.......................................89
Section 8.05. Master Servicer to Pay Trustee's Fees and Expenses;
Indemnification....................................................89
Section 8.06. Eligibility Requirements for Trustee...............................90
Section 8.07. Resignation and Removal of the Trustee.............................91
Section 8.08. Successor Trustee..................................................91
Section 8.09. Merger or Consolidation of Trustee.................................92
Section 8.10. Appointment of Co-Trustee or Separate Trustee.....................92
Section 8.11. Appointment of Custodians..........................................93
Section 8.12. Appointment of Office or Agency....................................94
Article IX TERMINATION..............................................................95
Section 9.01. Termination Upon Purchase by the Master Servicer or the
Company or Liquidation of All Mortgage Loans......................95
Section 9.02. Additional Termination Requirements................................97
Section 9.03. Termination of REMIC II............................................98
Article X REMIC PROVISIONS.........................................................99
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<PAGE>
TABLE OF CONTENTS
(continued)
Page
Section 10.01. REMIC Administration...............................................99
Section 10.02. Master Servicer, REMIC Administrator and Trustee
Indemnification...................................................102
Section 10.03 Designation of REMIC(s)...........................................102
Article XI MISCELLANEOUS PROVISIONS................................................104
Section 11.01. Amendment.........................................................104
Section 11.02. Recordation of Agreement; Counterparts............................106
Section 11.03. Limitation on Rights of Certificateholders........................107
Section 11.04. Governing Law.....................................................107
Section 11.05. Notices...........................................................108
Section 11.06. Notices to Rating Agency..........................................108
Section 11.07. Severability of Provisions........................................108
Section 11.08. Supplemental Provisions for Resecuritization.....................109
</TABLE>
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<PAGE>
EXHIBITS
Exhibit A: Form of Class A Certificate
Exhibit B: Form of Class M Certificate
Exhibit C: Form of Class B Certificate
Exhibit D: Form of Class R Certificate
Exhibit E: Form of Seller/Servicer Contract
Exhibit F: Forms of Request for Release
Exhibit G-1: Form of Transfer Affidavit and Agreement
Exhibit G-2: Form of Transferor Certificate
Exhibit H-1: Form of Investor Representation Letter
Exhibit H-2: Form of ERISA Representation Letter
Exhibit H-3: Form of ERISA Legend
Exhibit I: Form of Transferor Representation Letter
Exhibit J: Form of Rule 144A Investment Representation Letter
Exhibit K: Text of Amendment to Pooling and Servicing Agreement
Pursuant to Section 11.01(e) for a Limited Guaranty
Exhibit L: Form of Limited Guaranty
Exhibit M: Form of Lender Certification for Assignment of Mortgage
Loan
Exhibit N: Request for Exchange Form
<PAGE>
This is the Standard Terms of Pooling and Servicing Agreement, dated as
of August 1, 1999 (the "Standard Terms", and as incorporated by reference into a
Series Supplement dated as of the Cut-off Date, the "Pooling and Servicing
Agreement" or "Agreement"), 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 trustee named in the
applicable Series Supplement (together with its permitted successors and
assigns, the "Trustee").
PRELIMINARY STATEMENT:
The Company intends to sell certain mortgage asset-backed pass-through
certificates (collectively, the "Certificates"), to be issued under the
Agreement in multiple classes, which in the aggregate will evidence the entire
beneficial ownership interest in the Mortgage Loans.
In consideration of the mutual agreements herein contained, the Company,
the Master Servicer and the Trustee agree as follows:
<PAGE>
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.
Accretion Termination Date: As defined in the Series Supplement.
Accrual Certificates: As defined in the Series Supplement.
Accrued Certificate Interest: With respect to each Distribution Date, as
to any Class or Subclass of Certificates (other than any Principal Only
Certificates), interest accrued during the related Interest Accrual Period at
the related Pass-Through Rate on the Certificate Principal Balance or Notional
Amount thereof immediately prior to such Distribution Date. 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 or
Subclass of Certificates will be reduced by the amount of:
(i) Prepayment Interest Shortfalls on all Mortgage Loans or, if the
Mortgage Pool is comprised of two or more Loan Groups, on the
Mortgage Loans in the related Loan Group (to the extent not
offset by the Master Servicer with a payment of Compensating
Interest as provided in Section 4.01),
(ii) the interest portion (adjusted to the Net Mortgage Rate (or the
Modified Net Mortgage Rate in the case of a Modified Mortgage
Loan)) of Realized Losses on all Mortgage Loans or, if the
Mortgage Pool is comprised of two or more Loan Groups, on the
Mortgage Loans in the related Loan Group (including Excess
Special Hazard Losses, Excess Fraud Losses, Excess Bankruptcy
Losses and Extraordinary Losses) not allocated solely to one or
more specific Classes of Certificates pursuant to Section 4.05,
(iii) the interest portion of Advances that were (A) previously made
with respect to a Mortgage Loan or REO Property on all Mortgage
Loans or, if the Mortgage Pool is comprised of two or more Loan
Groups, on the Mortgage Loans in the related Loan Group, which
remained unreimbursed following the Cash Liquidation or REO
Disposition of such Mortgage Loan or REO Property or (B) 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,
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<PAGE>
with all such reductions allocated (A) among all of the Certificates in
proportion to their respective amounts of Accrued Certificate Interest payable
on such Distribution Date absent such reductions or (B) if the Mortgage Pool is
comprised of two or more Loan Groups, among the related Senior Certificates in
proportion to the amounts of Accrued Certificate Interest payable from the
related Loan Group on such Distribution Date absent such reductions, with the
remainder of such reductions allocated among the holders of the Class M
Certificates and Class B Certificates in proportion to their respective amounts
of Accrued Certificate Interest payable on such Distribution Date absent such
reductions. In addition to that portion of the reductions described in the
preceding sentence that are allocated to any Class of Class B Certificates or
any Class of Class M Certificates, Accrued Certificate Interest on such Class of
Class B Certificates or such Class of Class M Certificates will be reduced by
the interest portion (adjusted to the Net Mortgage Rate) of Realized Losses that
are allocated solely to such Class of Class B Certificates or such Class of
Class M Certificates pursuant to Section 4.05.
Addendum and Assignment Agreement: The Addendum and Assignment Agreement,
dated as of January 31, 1995, between MLCC and the Master Servicer.
Additional Collateral: Any of the following held, in addition to the
related Mortgaged Property, as security for a Mortgage Loan: (i) all money,
securities, security entitlements, accounts, general intangibles, instruments,
documents, certificates of deposit, commodities contracts and other investment
property and other property of whatever kind or description now existing or
hereafter acquired which is pledged as security for the repayment of such
Mortgage Loan, (ii) third-party guarantees, and (A) all money, securities,
security entitlements, accounts, general intangibles, instruments, documents,
certificates of deposit, commodities contracts and other investment property and
other property of whatever kind or description now existing or hereafter
acquired which is pledged as collateral for such guarantee or (B) any mortgaged
property securing the performance of such guarantee, or (iii) such other
collateral as may be set forth in the Series Supplement.
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.
Ambac: Ambac Assurance Corporation (formerly known as AMBAC Indemnity
Corporation).
3
<PAGE>
Amount Held for Future Distribution: As to any Distribution Date and, with
respect to any Mortgage Pool that is comprised of two or more Loan Groups, each
Loan Group, the total of the amounts held in the Custodial Account at the close
of business on the preceding Determination Date on account of (i) Liquidation
Proceeds, Insurance Proceeds, Principal Prepayments, Mortgage Loan purchases
made pursuant to Section 2.02, 2.03, 2.04 or 4.07 and Mortgage Loan
substitutions made pursuant to Section 2.03 or 2.04 received or made in the
month of such Distribution Date (other than such Liquidation Proceeds, Insurance
Proceeds and purchases of Mortgage Loans that the Master Servicer has deemed to
have 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 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.
Assigned Contracts: With respect to any Pledged Asset Loan: the Credit
Support Pledge Agreement; the Funding and Pledge Agreement, among GMAC Mortgage
Corporation, National Financial Services Corporation and the Mortgagor or other
person pledging the related Pledged Assets; the Additional Collateral Agreement,
between GMAC Mortgage Corporation and the Mortgagor or other person pledging the
related Pledged Assets; or such other contracts as may be set forth in the
Series Supplement.
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 the
Closing Date, between Residential Funding and the Company relating to the
transfer and assignment of the Mortgage Loans.
Assignment of Proprietary Lease: With respect to a Cooperative Loan, the
assignment of the related Cooperative Lease from the Mortgagor to the originator
of the Cooperative Loan.
Available Distribution Amount: As to any Distribution Date and, with
respect to any Mortgage Pool comprised of two or more Loan Groups, each Loan
Group, an amount equal to (a) the sum of (i) the amount relating to the Mortgage
Loans 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
4
<PAGE>
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), (vi) any amount received by the Trustee pursuant to the Surety
Bond in respect of such Distribution Date and (vii) the proceeds of any Pledged
Assets received by the Master Servicer, 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). Such amount shall be determined separately for
each Loan Group. Additionally, with respect to any Mortgage Pool that is
comprised of two or more Loan Groups, if on any Distribution Date Compensating
Interest provided pursuant to this Section 3.16(e) is less than Prepayment
Interest Shortfalls incurred on the Mortgage Loans in the related Prepayment
Period, such Compensating Interest shall be allocated on such Distribution Date
to the Available Distribution Amount for each Loan Group on a pro rata basis in
accordance with the respective amounts of Prepayment Interest Shortfalls
incurred on the Mortgage Loans in such Loan Group in respect of such
Distribution Date.
Bankruptcy Code: The Bankruptcy Code of 1978, as amended.
Bankruptcy Loss: With respect to any Mortgage Loan, a Deficient
Valuation or Debt Service Reduction; provided, however, that neither a Deficient
Valuation nor a Debt Service Reduction shall be deemed a Bankruptcy Loss
hereunder so long as the Master Servicer has notified the Trustee in writing
that the Master Servicer is diligently pursuing any remedies that may exist in
connection with the representations and warranties made regarding the related
Mortgage Loan and either (A) the related Mortgage Loan is not in default with
regard to payments due thereunder or (B) delinquent payments of principal and
interest under the related Mortgage Loan and any premiums on any applicable
primary hazard insurance policy and any related escrow payments in respect of
such Mortgage Loan are being advanced on a current basis by the Master Servicer
or a Subservicer, in either case without giving effect to any Debt Service
Reduction.
Book-Entry Certificate: Any Certificate registered in the name of the
Depository or its nominee, and designated as such in the Preliminary Statement
to the Series Supplement.
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.
5
<PAGE>
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 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 Certificate (other than
any Interest Only 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, plus
(ii) in the case of each Accrual Certificate, an amount equal to the
aggregate Accrued Certificate Interest added to the Certificate
Principal Balance thereof prior to such date of determination,
minus
(iii) 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;
6
<PAGE>
provided, that the Certificate Principal Balance of the Class of Subordinate
Certificates with the Lowest Priority 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.
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.
The initial Class A-V Certificates and any Subclass thereof issued pursuant to
Section 5.01(c) shall be a single Class for purposes of this Agreement.
Class A-P Certificate: Any one of the Certificates designated as a Class
A-P Certificate.
Class A-P Collection Shortfall: With respect to the Cash Liquidation or REO
Disposition of a Discount Mortgage Loan and any Distribution Date, the excess of
the amount described in Section 4.02(b)(i)(C)(1) over the amount described in
Section 4.02(b)(i)(C)(2).
Class A-P Principal Distribution Amount: As defined in Section 4.02.
Class A-V Certificate: Any one of the Certificates designated as a Class
A-V Certificate, including any Subclass thereof.
Class B Certificate: Any one of the Certificates designated as a Class B-1
Certificate, Class B-2 Certificate or Class B-3 Certificate.
Class M Certificate: Any one of the Certificates designated as a Class M-1
Certificate, Class M-2 Certificate or Class M-3 Certificate.
Closing Date: As defined in the Series Supplement.
Code: The Internal Revenue Code of 1986.
Combined Collateral LLC: Combined Collateral LLC, a Delaware limited
liability company.
Compensating Interest: With respect to any Distribution Date, an amount
equal to Prepayment Interest Shortfalls resulting from Principal Prepayments in
Full during the related Prepayment Period, but not more than the lesser of (a)
one-twelfth of 0.125% of the Stated Principal Balance of the Mortgage Loans
immediately preceding such Distribution Date and (b) the sum of the Servicing
Fee, all income and gain on amounts held in the Custodial Account and the
Certificate Account and payable to the Certificateholders with respect to such
Distribution Date and servicing compensation to which the Master Servicer may be
entitled pursuant to Section 3.10(a)(v) and (vi); provided that for purposes of
this definition the amount of the Servicing Fee will not be reduced pursuant to
Section 7.02 except as may be required pursuant to the last sentence of such
Section.
7
<PAGE>
Cooperative: A private, cooperative housing corporation which owns or
leases land and all or part of a building or buildings, 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.
Credit Support Depletion Date: The first Distribution Date on which the
Certificate Principal Balances of the Subordinate Certificates have been reduced
to zero.
Credit Support Pledge Agreement: The Credit Support Pledge Agreement, dated
as of November 24, 1998, among the Master Servicer, GMAC Mortgage Corporation,
Combined Collateral LLC and The First National Bank of Chicago, as custodian.
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 pursuant to which the
Custodian will hold certain documents relating to the Mortgage Loans on behalf
of the Trustee.
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Custodian: A custodian appointed pursuant to a Custodial Agreement.
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.
DCR: Duff & Phelps Credit Rating Company, or its successor in interest.
Debt Service Reduction: With respect to any Mortgage Loan, a reduction
in the scheduled Monthly Payment for such Mortgage Loan by a court of competent
jurisdiction in a proceeding under the Bankruptcy Code, except such a reduction
constituting a Deficient Valuation or any reduction that results in a permanent
forgiveness of principal.
Deficient Valuation: With respect to any Mortgage Loan, a valuation by a
court of competent jurisdiction of the Mortgaged Property in an amount less than
the then outstanding indebtedness under the Mortgage Loan, or any reduction in
the amount of principal to be paid in connection with any scheduled Monthly
Payment that constitutes a permanent forgiveness of principal, which valuation
or reduction results from a proceeding under the Bankruptcy Code.
Definitive Certificate: Any Certificate other than a Book-Entry
Certificate.
Deleted Mortgage Loan: A Mortgage Loan replaced or to be replaced with a
Qualified Substitute Mortgage Loan.
Delinquent: As used herein, a Mortgage Loan is considered to be: "30 to
59 days" or "30 or more days" delinquent when a payment due on any scheduled due
date remains unpaid as of the close of business on the last business day
immediately prior to the next following monthly scheduled due date; "60 to 89
days" or "60 or more days" delinquent when a payment due on any scheduled due
date remains unpaid as of the close of business on the last business day
immediately prior to the second following monthly scheduled due date; and so on.
The determination as to whether a Mortgage Loan falls into these categories is
made as of the close of business on the last business day of each month. For
example, a Mortgage Loan with a payment due on July 1 that remained unpaid as of
the close of business on July 31 would then be considered to be 30 to 59 days
delinquent. Delinquency information as of the Cut-off Date is determined and
prepared as of the close of business on the last business day immediately prior
to the Cut-off Date.
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(a)(5) of the Uniform Commercial Code of the State of New York and
a "clearing agency" registered pursuant to the provisions of Section 17A of the
Securities Exchange Act of 1934, as amended.
Depository Participant: A broker, dealer, bank or other financial
institution or other Person for whom from time to time a Depository effects
book-entry transfers and pledges of securities deposited with the Depository.
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Destroyed Mortgage Note: A Mortgage Note the original of which was
permanently lost or destroyed and has not been replaced.
Determination Date: With respect to any Distribution Date, the 20th day
(or if such 20th day is not a Business Day, the Business Day immediately
following such 20th day) of the month of the related Distribution Date.
Discount Fraction: With respect to each Discount Mortgage Loan, the
fraction expressed as a percentage, the numerator of which is the Discount Net
Mortgage Rate 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 the
Discount Net Mortgage Rate. The Discount Fraction with respect to each Discount
Mortgage Loan is set forth as an exhibit attached to the Series Supplement.
Discount Mortgage Loan: Any Mortgage Loan having a Net Mortgage Rate (or
the initial Net Mortgage Rate) of less than the Discount Net Mortgage Rate per
annum and any Mortgage Loan deemed to be a Discount Mortgage Loan pursuant to
the definition of Qualified Substitute Mortgage Loan.
Discount Net Mortgage Rate: As defined in the Series Supplement.
Disqualified Organization: Any organization defined as a "disqualified
organization" under Section 860E(e)(5) of the Code, and if not otherwise
included, 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, (v) any "electing large partnership," as defined in Section 775(a) of the
Code and (vi) 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 and any Mortgage Loan, the
day during the related Due Period on which the Monthly Payment is due.
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Due Period: With respect to any Distribution Date, the one-month period set
forth in the Series Supplement.
Eligible Account: An account that is any of the following: (i)
maintained with a depository institution the debt obligations of which have been
rated by each Rating Agency in its highest rating available, or (ii) an account
or accounts in a depository institution in which such accounts are fully insured
to the limits established by the FDIC, provided that any deposits not so insured
shall, to the extent acceptable to each Rating Agency, as evidenced in writing,
be maintained such that (as evidenced by an Opinion of Counsel delivered to the
Trustee and each Rating Agency) the registered Holders of Certificates have a
claim with respect to the funds in such account or a perfected first security
interest against any collateral (which shall be limited to Permitted
Investments) securing such funds that is superior to claims of any other
depositors or creditors of the depository institution with which such account is
maintained, or (iii) in the case of the Custodial Account, a trust account or
accounts maintained in the corporate trust department of The First National Bank
of Chicago, or (iv) in the case of the Certificate Account, a trust account or
accounts maintained in the corporate trust division of the Trustee, 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).
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 aggregate Certificate Principal Balance of the Class of
Subordinate Certificates then outstanding with the Lowest Priority is to be
reduced to zero and on which Realized Losses are to be allocated to such class
or classes, the excess, if any, of (i) the amount that would otherwise be
distributable in respect of principal on such class or classes of Certificates
on such Distribution Date over (ii) the excess, if any, of the aggregate
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). With respect to any Mortgage Pool that is comprised of two or
more Loan Groups, the Excess Subordinate Principal Amount will be allocated
between each Loan Group on a pro rata basis in accordance with the amount of
Realized Losses attributable to each Loan Group and allocated to the
Certificates on such Distribution Date.
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Extraordinary Events: Any of the following conditions with respect to a
Mortgaged Property (or, with respect to a Cooperative Loan, the Cooperative
Apartment) or Mortgage Loan causing or resulting in a loss which causes the
liquidation of such Mortgage Loan:
(a) losses that are of the type that would be covered by the fidelity bond
and the errors and omissions insurance policy required to be maintained
pursuant to Section 3.12(b) but are in excess of the coverage maintained
thereunder;
(b) nuclear reaction or nuclear radiation or radioactive contamination, all
whether controlled or uncontrolled, and whether such loss be direct or
indirect, proximate or remote or be in whole or in part caused by,
contributed to or aggravated by a peril covered by the definition of the
term "Special Hazard Loss";
(c) hostile or warlike action in time of peace or war, including action in
hindering, combating 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, combating or defending
against such an occurrence, seizure or destruction under quarantine or
customs regulations, confiscation by order of any government or public
authority; or risks of contraband or illegal transportation or trade.
Extraordinary Losses: Any loss incurred on a Mortgage Loan caused by or
resulting from an Extraordinary Event.
FASIT: A "financial asset securitization investment trust" within the
meaning of Section 860L of the Code.
FDIC: Federal Deposit Insurance Corporation or any successor thereto.
FHLMC: Federal Home Loan Mortgage Corporation, a corporate instrumentality
of the United States created and existing under Title III of the Emergency Home
Finance Act of 1970, as amended, or any successor thereto.
Final Distribution Date: The Distribution Date on which the final
distribution in respect of the Certificates will be made pursuant to Section
9.01, which Final Distribution Date shall in no event be later than the end of
the 90-day liquidation period described in Section 9.02.
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Fitch IBCA: Fitch IBCA, Inc. 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 Losses: Losses on Mortgage Loans as to which there was fraud in the
origination of such Mortgage Loan.
Highest Priority: As of any date of determination, the Class of
Subordinate Certificates then outstanding with the earliest priority for
payments pursuant to Section 4.02(a), in the following order: Class M-1, Class
M-2, Class M-3, Class B-1, Class B-2 and Class B-3 Certificates.
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 Series Supplement.
Initial Monthly Payment Fund: An amount representing scheduled principal
amortization and interest at the Net Mortgage Rate for the Due Date in the first
Due Period commencing subsequent to the Cut-off Date for those Mortgage Loans
for which the Trustee will not be entitled to receive such payment, and as more
specifically defined in the Series Supplement.
Initial Notional Amount: With respect to any Class or Subclass of
Interest Only Certificates, the amount initially used as the principal basis for
the calculation of any interest payment amount, as more specifically defined in
the Series Supplement.
Initial Subordinate Class Percentage: As defined in the Series Supplement.
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Insurance Proceeds: Proceeds paid in respect of the Mortgage Loans
pursuant to any Primary Insurance Policy or any other related insurance policy
covering a Mortgage Loan (excluding any Certificate Policy (as defined in the
Series Supplement)), 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: As defined in the Series Supplement.
Interest Only Certificates: A Class or Subclass of Certificates not
entitled to payments of principal, and designated as such in the Series
Supplement. The Interest Only Certificates will have no Certificate Principal
Balance.
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.
Junior Certificateholder: The Holder of not less than 95% of the Percentage
Interests of the Junior Class of Certificates.
Junior Class of Certificates: The Class of Subordinate Certificates
outstanding as of the date of the repurchase of a Mortgage Loan pursuant to
Section 4.07 herein that has the Lowest Priority.
Late Collections: With respect to any Mortgage Loan, all amounts
received during any Due Period, whether as late payments of Monthly Payments or
as Insurance Proceeds, Liquidation Proceeds or otherwise, which represent late
payments or collections of Monthly Payments due but delinquent for a previous
Due Period and not previously recovered.
Liquidation Proceeds: Amounts (other than Insurance Proceeds) received
by the Master Servicer in connection with the taking of an entire Mortgaged
Property by exercise of the power of eminent domain or condemnation or in
connection with the liquidation of a defaulted Mortgage Loan through trustee's
sale, foreclosure sale or otherwise, other than REO Proceeds.
Loan Group: Any group of Mortgage Loans designated as a separate loan
group in the Series Supplement. The Certificates relating to each Loan Group
will be designated in the Series Supplement.
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.
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Lower Priority: As of any date of determination and any Class of
Subordinate Certificates, any other Class of Subordinate Certificates then
outstanding with a later priority for payments pursuant to Section 4.02 (a).
Lowest Priority: As of any date of determination, the Class of
Subordinate Certificates then outstanding with the latest priority for payments
pursuant to Section 4.02(a), in the following order: Class B-3, Class B-2, Class
B-1, Class M-3, Class M-2 and Class M-1 Certificates.
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
Interest Only Certificates which have no Certificate Principal Balance) and each
Uncertificated REMIC Regular Interest would be reduced to zero, as designated in
the Series Supplement.
MLCC: Merrill Lynch Credit Corporation, or its successor in interest.
Modified Mortgage Loan: Any Mortgage Loan that has been the subject of a
Servicing Modification.
Modified Net Mortgage Rate: As to any Mortgage Loan that is the subject
of a Servicing Modification, the Net Mortgage Rate minus the rate per annum by
which the Mortgage Rate on such Mortgage Loan was reduced.
Monthly Payment: With respect to any Mortgage Loan (including any REO
Property) and any Due Date, the payment of principal and interest due thereon in
accordance with the amortization schedule at the time applicable thereto (after
adjustment, if any, for Curtailments and for Deficient Valuations occurring
prior to such Due Date but before any adjustment to such amortization schedule
by reason of any bankruptcy, other than a Deficient Valuation, or similar
proceeding or any moratorium or similar waiver or grace period and before any
Servicing Modification that constitutes a reduction of the interest rate on such
Mortgage Loan).
Moody's: Moody's Investors Service, Inc., or its successor in interest.
Mortgage: With respect to each Mortgage Note related to a Mortgage Loan
which is not a Cooperative Loan, the mortgage, deed of trust or other comparable
instrument creating a first lien on an estate in fee simple or leasehold
interest in real property securing a Mortgage Note.
Mortgage 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 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
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Certificate, Cooperative Lease and Mortgage File and all rights appertaining
thereto, and (ii) with respect to each Mortgage Loan other than a Cooperative
Loan, each related Mortgage Note, Mortgage and Mortgage File and all rights
appertaining thereto.
Mortgage Loan Schedule: As defined in the Series Supplement.
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 Pool: The pool of mortgage loans, including all Loan Groups, if
any, consisting of the Mortgage Loans.
Mortgage Rate: As to any Mortgage Loan, the interest rate borne by the
related Mortgage Note, or any modification thereto other than a Servicing
Modification.
Mortgaged Property: The underlying real property securing a Mortgage Loan
or, with respect to a Cooperative Loan, the related Cooperative Lease and
Cooperative Stock.
Mortgagor: The obligor on a Mortgage Note.
Net Mortgage Rate: As to each Mortgage Loan, a per annum rate of interest
equal to the Adjusted Mortgage Rate less the per annum rate at which the
Servicing Fee is calculated.
Non-Discount Mortgage Loan: A Mortgage Loan that is not a Discount Mortgage
Loan.
Non-Primary Residence Loans: The Mortgage Loans designated as secured by
second or vacation residences, or by non-owner occupied residences, on the
Mortgage Loan Schedule.
Non-United States Person: Any Person other than a United States Person.
Nonrecoverable Advance: Any Advance previously made or proposed to be
made by the Master Servicer in respect of a Mortgage Loan (other than a Deleted
Mortgage Loan) which, in the good faith judgment of the Master Servicer, will
not, or, in the case of a proposed Advance, would not, be ultimately recoverable
by the Master Servicer from related Late Collections, Insurance Proceeds,
Liquidation Proceeds, REO Proceeds or amounts reimbursable to the Master
Servicer pursuant to Section 4.02(a) hereof. The determination by the Master
Servicer that it has made a Nonrecoverable Advance or that any proposed Advance
would constitute a Nonrecoverable Advance, shall be evidenced by an Officers'
Certificate delivered to the Company and the Trustee.
Nonsubserviced Mortgage Loan: Any Mortgage Loan that, at the time of
reference thereto, is not subject to a Subservicing Agreement.
Notional Amount: With respect to any Class or Subclass of Interest Only
Certificates, an amount used as the principal basis for the calculation of any
interest payment amount, as more specifically defined in the Series Supplement.
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Officers' Certificate: A certificate signed by the Chairman of the
Board, the President or a Vice President or Assistant Vice President, or a
Director or Managing Director, and by the Treasurer, the Secretary, or one of
the Assistant Treasurers or Assistant Secretaries of the Company or the Master
Servicer, as the case may be, and delivered to the Trustee, as required by this
Agreement.
Opinion of Counsel: A written opinion of counsel acceptable to the
Trustee and the Master Servicer, who may be counsel for the Company or the
Master Servicer, provided that any opinion of counsel (i) referred to in the
definition of "Disqualified Organization" or (ii) relating to the qualification
of any REMIC formed under the Series Supplement 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.
Pass-Through Rate: As defined in the Series Supplement.
Paying Agent: The Trustee 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 Notional
Amount (in the case of any Interest Only Certificate) thereof divided by the
aggregate Initial Certificate Principal Balance or the aggregate of the Initial
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
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of more than 365 days or a remaining maturity of more than 30 days)
denominated in United States dollars of any U.S. depository institution or
trust company incorporated under the laws of the United States or any state
thereof or of any domestic branch of a foreign depository institution or
trust company; provided that the debt obligations of such depository
institution or trust company (or, if the only Rating Agency is Standard &
Poor's, in the case of the principal depository institution in a depository
institution holding company, debt obligations of the depository institution
holding company) at the date of acquisition thereof have been rated by each
Rating Agency in its highest short-term rating available; and provided
further that, if the only Rating Agency is Standard & Poor's and if the
depository or trust company is a principal subsidiary of a bank holding
company and the debt obligations of such subsidiary are not separately
rated, the applicable rating shall be that of the bank holding company;
and, provided further that, if the original maturity of such short-term
obligations of a domestic branch of a foreign depository institution or
trust company shall exceed 30 days, the short-term rating of such
institution shall be A-1+ in the case of Standard & Poor's if Standard &
Poor's is the Rating Agency;
(iv) commercial paper and demand notes (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, Fitch IBCA and
DCR 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, D-1 in
the case of DCR and either A-1 by Standard & Poor's, P-1 by Moody's or F-1 by
Fitch IBCA in the case of Fitch IBCA.
Permitted Transferee: Any Transferee of a Class R Certificate, other than a
Disqualified Organization or Non-United States Person.
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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 Amount: With respect to any Pledged Asset Loan, the amount of money
remitted to Combined Collateral LLC, at the direction of or for the benefit of
the related Mortgagor.
Pledged Asset Loan: Any Mortgage Loan supported by Pledged Assets or
such other collateral, other than the related Mortgaged Property, set forth in
the Series Supplement.
Pledged Assets: With respect to any Mortgage Loan, all money,
securities, security entitlements, accounts, general intangibles, instruments,
documents, certificates of deposit, commodities contracts and other investment
property and other property of whatever kind or description pledged by Combined
Collateral LLC as security in respect of any Realized Losses in connection with
such Mortgage Loan up to the Pledged Amount for such Mortgage Loan, and any
related collateral, or such other collateral as may be set forth in the Series
Supplement.
Pledged Asset Mortgage Servicing Agreement: The Pledged Asset Mortgage
Servicing Agreement, dated as of February 28, 1996 between MLCC and the Master
Servicer.
Pooling and Servicing Agreement or Agreement: With respect to any
Series, this Standard Terms together with the related Series Supplement.
Pool Stated Principal Balance: As to any Distribution Date, the aggregate
of the Stated Principal Balances of each Mortgage Loan.
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)
the Discount Net Mortgage Rate (but not less than 0.00%) per annum.
Prepayment Distribution Trigger: With respect to any Distribution Date
and any Class of Subordinate Certificates (other than the Class M-1
Certificates), a test that shall be satisfied if the fraction (expressed as a
percentage) equal to the sum of the Certificate Principal Balances of such Class
and each Class of Subordinate Certificates with a Lower Priority than such Class
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 the sum
of the related Initial Subordinate Class Percentages of such Classes of
Subordinate Certificates.
Prepayment Interest Shortfall: As to any Distribution Date and any
Mortgage Loan (other than a Mortgage Loan relating to an REO Property) that was
the subject of (a) a Principal Prepayment in Full during the related Prepayment
Period, an amount equal to the excess of one month's interest at the Net
Mortgage Rate (or Modified Net Mortgage Rate in the case of a Modified Mortgage
Loan) on the Stated Principal Balance of such Mortgage Loan over the amount of
interest (adjusted to the Net Mortgage Rate (or Modified Net Mortgage Rate in
the case of a Modified Mortgage Loan)) paid by the Mortgagor for such Prepayment
Period to the date of such Principal Prepayment in Full or (b) a Curtailment
during the prior calendar month,
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an amount equal to one month's interest at the Net Mortgage Rate (or Modified
Net Mortgage Rate in the case of a Modified Mortgage Loan) on the amount of such
Curtailment.
Prepayment Period: As to any Distribution Date, the calendar month
preceding the month of distribution.
Primary Insurance Policy: Each primary policy of mortgage guaranty
insurance or any replacement policy therefor referred to in Section 2.03(b)(iv)
and (v).
Principal Only Certificates: A Class of Certificates not entitled to
payments of interest, and more specifically designated as such in the Series
Supplement.
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 of the entire
principal balance of a Mortgage Loan.
Program Guide: Collectively, the Client Guide and the Servicer Guide for
Residential Funding's Expanded Criteria Mortgage Program.
Purchase Price: With respect to any Mortgage Loan (or REO Property)
required to be or otherwise purchased on any date pursuant to Section 2.02,
2.03, 2.04 or 4.07, an amount equal to the sum of (i) 100% of the Stated
Principal Balance thereof plus the principal portion of any related unreimbursed
Advances and (ii) unpaid accrued interest at the Adjusted Mortgage Rate (or
Modified Net Mortgage Rate plus the rate per annum at which the Servicing Fee is
calculated in the case of a Modified Mortgage Loan) (or at the Net Mortgage Rate
(or Modified Net Mortgage Rate in the case of a Modified Mortgage Loan) in the
case of a purchase made by the Master Servicer) on the Stated Principal Balance
thereof to the Due Date in the Due Period related to the Distribution Date
occurring in 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, with a copy to the Custodian,
(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);
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(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-V 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: Each of the statistical credit rating agencies specified
in the Preliminary Statement of the Series Supplement. If any agency or a
successor is no longer in existence, "Rating Agency" shall be such statistical
credit rating agency, or other comparable Person, designated by the Company,
notice of which designation shall be given to the Trustee and the Master
Servicer.
Realized Loss: With respect to each Mortgage Loan (or REO Property):
(a) 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 Due Date in the Due Period related
to the Distribution Date on which such Realized Loss will be
allocated pursuant to Section 4.05 on the Stated Principal
Balance of such Mortgage Loan (or REO Property) outstanding
during each Due
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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,
(b) which is the subject of a Servicing Modification, (i) the amount
by which the interest portion of a Monthly Payment or the
principal balance of such Mortgage Loan was reduced, and (ii) any
such amount with respect to a Monthly Payment that was or would
have been due in the month immediately following the month in
which a Principal Prepayment or the Purchase Price of such
Mortgage Loan is received or is deemed to have been received,
(c) 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, or
(d) which has become the object of a Debt Service Reduction, the
amount of such Debt Service Reduction.
Notwithstanding the above, neither a Deficient Valuation nor a Debt Service
Reduction shall be deemed a Realized Loss hereunder so long as the Master
Servicer has notified the Trustee in writing that the Master Servicer is
diligently pursuing any remedies that may exist in connection with the
representations and warranties made regarding the related Mortgage Loan and
either (A) the related Mortgage Loan is not in default with regard to payments
due thereunder or (B) delinquent payments of principal and interest under the
related Mortgage Loan and any premiums on any applicable primary hazard
insurance policy and any related escrow payments in respect of such Mortgage
Loan are being advanced on a current basis by the Master Servicer or a
Subservicer, in either case without giving effect to any Debt Service Reduction.
Record Date: With respect to each Distribution Date, the close of
business on the last Business Day of the month next preceding the month in which
the related Distribution Date occurs.
Regular Certificate: Any of the Certificates other than a Class R
Certificate.
REMIC: A "real estate mortgage investment conduit" within the meaning of
Section 860D of the Code.
REMIC Administrator: Residential Funding Corporation. If Residential
Funding Corporation is found by a court of competent jurisdiction to no longer
be able to fulfill its obligations as REMIC Administrator under this Agreement
the Master Servicer or Trustee acting as Master Servicer shall appoint a
successor REMIC Administrator, subject to assumption of the REMIC Administrator
obligations under this Agreement.
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REMIC Provisions: Provisions of the federal income tax law relating to
real estate mortgage investment conduits, which appear at Sections 860A through
860G of Subchapter M of Chapter 1 of the Code, and related provisions, and
temporary and final regulations (or, to the extent not inconsistent with such
temporary or final regulations, proposed regulations) and published rulings,
notices and announcements promulgated thereunder, as the foregoing may be in
effect from time to time.
REO Acquisition: The acquisition by the Master Servicer on behalf of the
Trustee for the benefit of the Certificateholders 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 F hereto, or an electronic request in a form acceptable to
the Custodian.
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 Loan
that becomes a Liquidated Mortgage Loan, the lesser of (i) the 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 the
Subservicer 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
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any of the above designated officers to whom, with respect to a particular
matter, such matter is referred.
Retail Certificates: A Senior Certificate, if any, offered in smaller
minimum denominations than other Senior Certificates, and designated as such in
the Series Supplement.
Schedule of Discount Fractions: The schedule setting forth the Discount
Fractions with respect to the Discount Mortgage Loans, attached as an exhibit to
the Series Supplement.
Security Agreement: With respect to a Cooperative Loan, the agreement
creating a security interest in favor of the originator in the related
Cooperative Stock.
Seller: As to any Mortgage Loan, a Person, including any Subservicer, that
executed a Seller's Agreement applicable to such Mortgage Loan.
Seller's Agreement: An agreement for the origination and sale of
Mortgage Loans generally in the form of the Seller Contract referred to or
contained in the Program Guide, or in such other form as has been approved by
the Master Servicer and the Company, each containing representations and
warranties in respect of one or more Mortgage Loans consistent in all material
respects with those set forth in the Program Guide.
Senior Accelerated Distribution Percentage: With respect to any
Distribution Date occurring on or prior to the 60th Distribution Date and, with
respect to any Mortgage Pool comprised of two or more Loan Groups, any Loan
Group, 100%. With respect to any Distribution Date thereafter and any such Loan
Group, if applicable, as follows:
(i) for any Distribution Date after the 60th Distribution Date but on or
prior to the 72nd Distribution Date, the related Senior Percentage for
such Distribution Date plus 70% of the related Subordinate Percentage
for such Distribution Date;
(ii) for any Distribution Date after the 72nd Distribution Date but on or
prior to the 84th Distribution Date, the related Senior Percentage for
such Distribution Date plus 60% of the related Subordinate Percentage
for such Distribution Date;
(iii) for any Distribution Date after the 84th Distribution Date but on or
prior to the 96th Distribution Date, the related Senior Percentage for
such Distribution Date plus 40% of the related Subordinate Percentage
for such Distribution Date;
(iv) for any Distribution Date after the 96th Distribution Date but on or
prior to the 108th Distribution Date, the related Senior Percentage for
such Distribution Date plus 20% of the related Subordinate Percentage
for such Distribution Date; and
(v) for any Distribution Date thereafter, the Senior Percentage for such
Distribution Date;
provided, however,
(i) that any scheduled reduction to the Senior Accelerated Distribution
Percentage described above shall not occur as of any Distribution Date unless
either
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(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 Subordinate 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 Subordinate
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, if occurring during the sixth, seventh, eighth, ninth or tenth
year (or any year thereafter) after the Closing Date are less than 10%,
15%, 20%, 25% or 30%, respectively, of the sum of the Initial
Certificate Principal Balances of the Subordinate 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%,
or, if the Mortgage Pool is comprised of two or more Loan Groups, for any
Distribution Date on which the weighted average of the Senior Percentages for
each Loan Group, weighted on the basis of the Stated Principal Balances of the
Mortgage Loans in the related Loan Group, exceeds the weighted average of the
initial Senior Percentages (calculated on such basis) for each Loan Group, each
of the Senior Accelerated Distribution Percentages for such Distribution Date
will equal 100%.
Notwithstanding the foregoing, upon the reduction of the Certificate Principal
Balances of the related Senior Certificates (other than the Class A-P
Certificates, if any) to zero, the related Senior Accelerated Distribution
Percentage shall thereafter be 0%.
Senior Certificate: As defined in the Series Supplement.
Senior Percentage: As defined in the Series Supplement.
Senior Support Certificate: A Senior Certificate that provides additional
credit enhancement to certain other classes of Senior Certificates and
designated as such in the Preliminary Statement of the Series Supplement.
Series: All of the Certificates issued pursuant to a Pooling and Servicing
Agreement and bearing the same series designation.
Series Supplement: The agreement into which this Standard Terms is
incorporated and pursuant to which, together with this Standard Terms, a Series
of Certificates is issued.
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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 SERV FEE" for such Mortgage Loan, as may be adjusted with
respect to successor Master Servicers as provided in Section 7.02.
Servicing Modification: Any reduction of the interest rate on or the
outstanding principal balance of a Mortgage Loan that is in default, or for
which, in the judgment of the Master Servicer, default is reasonably
foreseeable, pursuant to a modification of such Mortgage Loan in accordance with
Section 3.07(a).
Servicing Officer: Any officer of the Master Servicer involved in, or
responsible for, the administration and servicing of the Mortgage Loans whose
name and specimen signature appear on a list of servicing officers furnished to
the Trustee by the Master Servicer, as such list may from time to time be
amended.
Special Hazard 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, a division of The McGraw-Hill
Companies, Inc., 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,
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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-V Certificates, any Subclass
thereof issued pursuant to Section 5.01(c). Any such Subclass will represent the
Uncertificated Class A-V REMIC Regular Interest or Interests specified by the
initial Holder of the Class A-V Certificates pursuant to Section 5.01(c).
Subordinate Certificate: Any one of the Class M Certificates or Class B
Certificates, executed by the Trustee and authenticated by the Certificate
Registrar substantially in the form annexed hereto as Exhibit B and Exhibit C,
respectively.
Subordinate Class Percentage: With respect to any Distribution Date and
any Class of Subordinate Certificates, a fraction, expressed as a percentage,
the numerator of which is the aggregate Certificate Principal Balance of such
Class of Subordinate 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.
Subordinate Percentage: As of any Distribution Date and, with respect to
any Mortgage Pool comprised of two or more Loan Groups, any Loan Group, 100%
minus the related Senior Percentage as of such Distribution Date.
Subserviced Mortgage Loan: Any Mortgage Loan that, at the time of reference
thereto, is subject to a Subservicing Agreement.
Subservicer: Any Person with whom the Master Servicer has entered into a
Subservicing Agreement and who generally satisfied the requirements set forth in
the Program Guide in respect of the qualification of a Subservicer as of the
date of its approval as a Subservicer by the Master Servicer.
Subservicer Advance: Any delinquent installment of principal and
interest on a Mortgage Loan which is advanced by the related Subservicer (net of
its Subservicing Fee) pursuant to the Subservicing Agreement.
Subservicing Account: An account established by a Subservicer in accordance
with Section 3.08.
Subservicing Agreement: The written contract between the Master Servicer
and any Subservicer relating to servicing and administration of certain Mortgage
Loans as provided in Section 3.02, generally in the form of the servicer
contract referred to or contained in the Program Guide or in such other form as
has been approved by the Master Servicer and the Company. With respect to
Additional Collateral Loans subserviced by MLCC, the Subservicing Agreement
shall also include the Addendum and Assignment Agreement and the Pledged Asset
Mortgage Servicing Agreement. With respect to any Pledged Asset Loan subserviced
by GMAC
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Mortgage Corporation, the Addendum and Assignment Agreement, dated as of
November 24, 1998, between the Master Servicer and GMAC Mortgage Corporation, as
such agreement may be amended from time to time.
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, or its successors in interest, or such other surety as may
be identified in the Series Supplement.
Surety Bond: The Limited Purpose Surety Bond (Policy No. AB0039BE),
dated February 28, 1996 in respect to Mortgage Loans originated by MLCC, or the
Surety Bond (Policy No. AB0240BE), dated March 17, 1999 in respect to Mortgage
Loans originated by Novus Financial Corporation, in each case issued by Ambac
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 Surety Bond
covers any Additional Collateral Loans, or such other Surety Bond as may be
identified in the Series Supplement.
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 any REMIC formed under the Series Supplement and 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 related to a Series, with respect
to which one or more REMIC elections are to be made pursuant to this Agreement,
consisting of:
(i) the Mortgage Loans and the related Mortgage Files and collateral securing
such Mortgage Loans,
(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
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liquidation of Additional Collateral for any Additional Collateral
Loan or Pledged Assets for any Pledged Asset Loan, but not including
amounts on deposit in the Initial Monthly Payment Fund,
(iii) property that secured a Mortgage Loan and that 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,
the Pledged Assets with respect to each Pledged Asset Loan, 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.
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, any state thereof, or the District of Columbia
(except in the case of a partnership, to the extent provided in Treasury
regulations) 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, and more specifically designated in
Article XI of the Series Supplement.
Section 1.02. Use of Words and Phrases.
"Herein," "hereby," "hereunder," `hereof," "hereinbefore," "hereinafter"
and other equivalent words refer to the Pooling and Servicing Agreement as a
whole. All references herein to Articles, Sections or Subsections shall mean the
corresponding Articles, Sections and Subsections in the Pooling and Servicing
Agreement. The definition set forth herein include both the singular and the
plural.
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ARTICLE II
CONVEYANCE OF MORTGAGE LOANS;
ORIGINAL ISSUANCE OF CERTIFICATES
Section 2.01. Conveyance of Mortgage Loans.
(a) The Company, concurrently with the execution and delivery hereof, does
hereby assign to the Trustee without recourse all the right, title and interest
of the Company in and to the Mortgage Loans, including all interest and
principal received on or with respect to the Mortgage Loans after the Cut-off
Date (other than payments of principal and interest due on the Mortgage Loans on
or before the Cut-off Date). In connection with such transfer and assignment,
the Company does hereby deliver to the Trustee the Certificate Policy (as
defined in the Series Supplement), if any.
(b) In connection with such assignment, except as set forth in Section 2.01(c)
and subject to Section 2.01(d) 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
by the public recording office in which such document has been recorded.
and (II) with respect to each Cooperative Loan so assigned:
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(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
(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
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Certificateholders until such time as is set forth below. Within thirty 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.
(d) In connection with any Mortgage Loan, if 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 because of (i) 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, or (ii) a
delay in the receipt of certain information necessary to prepare the related
assignments, the Company shall deliver or cause to be delivered to the Trustee
or the respective Custodian a true and correct photocopy of such Mortgage,
assignment, modification, assumption agreement or preferred loan agreement.
The Company shall promptly cause to be recorded in the appropriate
public office for real property records the Assignment referred to in clause
(I)(iii) of Section 2.01(b), except in states where, in the opinion of counsel
acceptable to the Trustee and the Master Servicer, such recording is not
required to protect the Trustee's interests in the Mortgage Loan against the
claim of any subsequent transferee or any successor to or creditor of the
Company or the originator of such Mortgage Loan and shall promptly cause to be
filed the Form UCC-3 assignment and UCC-1 financing statement referred to in
clause (II)(vii) and (x), respectively, of Section 2.01(b). If any Assignment,
Form UCC-3 or Form UCC-1, as applicable, is lost or returned unrecorded to the
Company because of any defect therein, the Company shall prepare a substitute
Assignment, Form UCC-3 or Form UCC-1, as applicable, or cure such defect, as the
case may 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.
If the Company delivers to the Trustee or Custodian any Mortgage Note or
Assignment of Mortgage in blank, the Company shall, or shall cause the Custodian
to, complete the endorsement of the Mortgage Note and the Assignment of Mortgage
in the name of the Trustee within 45 days after the Closing Date, as
contemplated by Section 2.02.
Any of the items set forth in Sections 2.01(b)(I)(iv) and (v) and
(II)(vi) and (vii) and that may be delivered as a copy rather than the original
may be delivered to the Trustee or the Custodian.
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(e) Residential Funding hereby assigns to the Trustee its security interest in
and to any Additional Collateral or Pledged Assets, its right to receive amounts
due or to become due in respect of any Additional Collateral or Pledged Assets
pursuant to the related Subservicing Agreement and its rights as beneficiary
under the Surety Bond in respect of any Additional Collateral Loans. With
respect to any Additional Collateral Loan or Pledged Asset 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 and the Uncertificated
REMIC Regular Interests, if any (as provided for in Section 2.06), be construed
as a sale by the Company to the Trustee of the Mortgage Loans and any
Uncertificated REMIC Regular Interests for the benefit of the
Certificateholders. Further, it is not intended that such conveyance be deemed
to be a pledge of the Mortgage Loans and any Uncertificated REMIC Regular
Interests by the Company to the Trustee to secure a debt or other obligation of
the Company. However, if the Mortgage Loans and any Uncertificated REMIC Regular
Interests 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 and any Uncertificated REMIC Regular Interests, then it is
intended that (a) this Agreement shall 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, and hereby is, (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 any and all general intangibles,
accounts, chattel paper, instruments, documents, money, deposit accounts,
certificates of deposit, goods, letters of credit, advices of credit and
investment property and other property of whatever kind or description now
existing or hereafter acquired consisting of, arising from or relating to any of
the following: (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 and Cooperative Lease, (ii)
with respect to each Mortgage Loan other than a Cooperative Loan, the related
Mortgage Note and Mortgage, and (iii) any insurance policies and all other
documents in the related Mortgage File, (B) all amounts payable pursuant to the
Mortgage Loans in accordance with the terms thereof, (C) any Uncertificated
REMIC Regular Interests and (D) all proceeds of the conversion, voluntary or
involuntary, of the foregoing into cash, instruments, securities or other
property, including without limitation all amounts from time to time held or
invested in the Certificate Account or the Custodial Account, whether in the
form of cash, instruments, securities or other property and (2) an assignment by
the Company to the Trustee of any security interest in any and all of
Residential Funding's right (including the power to convey title thereto), title
and interest, whether now owned or hereafter acquired, in and to the property
described in the foregoing clauses (1)(A), (B), (C) and (D) granted by
Residential Funding to the Company pursuant to the Assignment Agreement; (c) the
possession by the Trustee, the Custodian or any other agent of the Trustee of
Mortgage Notes or such other items of property as constitute instruments, money,
negotiable documents, goods, letters of credit, advices of credit, investment
property, certificated securities 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,
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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, Sections 8-106, 9-305 and 9-115
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, securities intermediaries, bailees or agents of, or persons holding for
(as applicable) the Trustee for the purpose of perfecting such security interest
under applicable law.
The Company and, at the Company's direction, Residential Funding and the
Trustee shall, to the extent consistent with this Agreement, take such
reasonable actions as may be necessary to ensure that, if this Agreement were
determined to create a security interest in the Mortgage Loans, any
Uncertificated REMIC Regular Interests and the other property described above,
such security interest would be determined to be a perfected security interest
of first priority under applicable law and will be maintained as such throughout
the term of this Agreement. Without limiting the generality of the foregoing,
the Company shall prepare and deliver to the Trustee not less than 15 days prior
to any filing date and, the Trustee shall forward for filing, or shall cause to
be forwarded for filing, at the expense of the Company, all filings necessary to
maintain the effectiveness of any original filings necessary under the Uniform
Commercial Code as in effect in any jurisdiction to perfect the Trustee's
security interest in or lien on the Mortgage Loans and any Uncertificated REMIC
Regular Interests, as evidenced by an Officers' Certificate of the Company,
including without limitation (x) continuation statements, and (y) such other
statements as may be occasioned by (1) any change of name of Residential
Funding, the Company or the Trustee (such preparation and filing shall be at the
expense of the Trustee, if occasioned by a change in the Trustee's name), (2)
any change of location of the place of business or the chief executive office of
Residential Funding or the Company, (3) any transfer of any interest of
Residential Funding or the Company in any Mortgage Loan or (4) any transfer of
any interest of Residential Funding or the Company in any Uncertificated REMIC
Regular Interest.
(g) The Master Servicer hereby acknowledges the receipt by it of the Initial
Monthly Payment Fund. 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 initial Distribution
Date. Notwithstanding anything herein to the contrary, the Initial Monthly
Payment Fund shall not be an asset of any 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 any REMIC, (2) it
shall be owned by the Seller and (3) amounts transferred by any 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.
(h) The Company agrees that the sale of each Pledged Asset Loan pursuant to this
Agreement will also constitute the assignment, sale, setting-over, transfer and
conveyance to the Trustee, without recourse (but subject to the Company's
covenants, representations and warranties specifically provided herein), of all
of the Company's obligations and all of the Company's right, title and interest
in, to and under, whether now existing or hereafter acquired as owner of the
Mortgage Loan with respect to all money, securities, security entitlements,
accounts, general intangibles, instruments, documents, certificates of deposit,
commodities
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contracts, and other investment property and other property of whatever kind or
description consisting of, arising from or related to (i) the Assigned
Contracts, (ii) all rights, powers and remedies of the Company as owner of such
Mortgage Loan under or in connection with the Assigned Contracts, whether
arising under the terms of such Assigned Contracts, by statute, at law or in
equity, or otherwise arising out of any default by the Mortgagor under or in
connection with the Assigned Contracts, including all rights to exercise any
election or option or to make any decision or determination or to give or
receive any notice, consent, approval or waiver thereunder, (iii) all security
interests in and lien of the Company as owner of such Mortgage Loan in the
Pledged Amounts and all money, securities, security entitlements, accounts,
general intangibles, instruments, documents, certificates of deposit,
commodities contracts, and other investment property and other property of
whatever kind or description and all cash and non-cash proceeds of the sale,
exchange, or redemption of, and all stock or conversion rights, rights to
subscribe, liquidation dividends or preferences, stock dividends, rights to
interest, dividends, earnings, income, rents, issues, profits, interest payments
or other distributions of cash or other property that is credited to the
Custodial Account, (iv) all documents, books and records concerning the
foregoing (including all computer programs, tapes, disks and related items
containing any such information) and (v) all insurance proceeds (including
proceeds from the Federal Deposit Insurance Corporation or the Securities
Investor Protection Corporation or any other insurance company) of any of the
foregoing or replacements thereof or substitutions therefor, proceeds of
proceeds and the conversion, voluntary or involuntary, of any thereof. The
foregoing transfer, sale, assignment and conveyance does not constitute and is
not intended to result in the creation, or an assumption by the Trustee, of any
obligation of the Company, or any other person in connection with the Pledged
Assets or under any agreement or instrument relating thereto, including any
obligation to the Mortgagor, other than as owner of the Mortgage Loan.
Section 2.02. Acceptance by Trustee.
The Trustee acknowledges receipt (or, with respect to Mortgage Loans
subject to a Custodial Agreement, and based solely upon a receipt or
certification executed by the Custodian, receipt by the respective Custodian as
the duly appointed agent of the Trustee) of the documents referred to in Section
2.01(b)(i) through (iii) above (except that for purposes of such acknowledgement
only, a Mortgage Note may be endorsed in blank and an Assignment of Mortgage may
be in blank) and declares that it, or a Custodian as its agent, holds and will
hold such documents and the other documents constituting a part of the Mortgage
Files delivered to it, or a Custodian as its agent, and the rights of
Residential Funding with respect to any Pledged Assets, 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
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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 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. Notwithstanding the foregoing, it is understood and agreed
that the Master Servicer shall use its best efforts to substitute, within 60
days of the Closing Date, Qualified Substitute Mortgage Loans to replace any of
the Mortgage Loans identified on Schedule I hereto with respect to which any
document or documents constituting a part of the Mortgage File are missing or
defective in any material respect if the Master Servicer cannot cure such
omission or defect within such 60 day period.
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:
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(i) The Master Servicer is a corporation duly organized, validly existing
and in good standing under the laws governing its creation and existence
and is or will be in compliance with the laws of each state in which any
Mortgaged Property is located to the extent necessary to ensure the
enforceability of each Mortgage Loan in accordance with the terms of
this Agreement;
(ii) The execution and delivery of this Agreement by the Master Servicer and
its performance and compliance with the terms of this Agreement will not
violate the Master Servicer's Certificate of Incorporation or Bylaws or
constitute a material default (or an event which, with notice or lapse
of time, or both, would constitute a material default) under, or result
in the material breach of, any material contract, agreement or other
instrument to which the Master Servicer is a party or which may be
applicable to the Master Servicer or any of its assets;
(iii) This Agreement, assuming due authorization, execution and delivery by
the Trustee and the Company, constitutes a valid, legal and binding
obligation of the Master Servicer, enforceable against it in accordance
with the terms hereof subject to applicable bankruptcy, insolvency,
reorganization, moratorium and other laws affecting the enforcement of
creditors' rights generally and to general principles of equity,
regardless of whether such enforcement is considered in a proceeding in
equity or at law;
(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.
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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 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 or repurchase 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) Representations and warranties relating to the Mortgage Loans are set forth
in Section 2.03(b) of the Series Supplement.
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 Certificateholders. 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
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mortgage" as defined in Section 860G(a)(3) of the Code, any such cure,
repurchase or substitution must occur within 90 days from the date the breach
was discovered. In the event that Residential Funding elects to substitute a
Qualified Substitute Mortgage Loan or Loans for a Deleted Mortgage Loan pursuant
to this Section 2.04, Residential Funding shall deliver to the Trustee for the
benefit of the Certificateholders with respect to such Qualified Substitute
Mortgage Loan or Loans, the original Mortgage Note, the Mortgage, an Assignment
of the Mortgage in recordable form, and such other documents and agreements as
are required by Section 2.01, with the Mortgage Note endorsed as required by
Section 2.01. No substitution will be made in any calendar month after the
Determination Date for such month. Monthly Payments due with respect to
Qualified Substitute Mortgage Loans in the month of substitution shall not be
part of the Trust Fund and will be retained by the Master Servicer and remitted
by the Master Servicer to Residential Funding on the next succeeding
Distribution Date. For the month of substitution, distributions to the
Certificateholders will include the Monthly Payment due on a Deleted Mortgage
Loan for such month and thereafter Residential Funding shall be entitled to
retain all amounts received in respect of such Deleted Mortgage Loan. The Master
Servicer shall amend or cause to be amended the Mortgage Loan Schedule, and, if
the Deleted Mortgage Loan was a Discount Mortgage Loan, the Schedule of Discount
Fractions, for the benefit of the Certificateholders to reflect the removal of
such Deleted Mortgage Loan and the substitution of the Qualified Substitute
Mortgage Loan or Loans and the Master Servicer shall deliver the amended
Mortgage Loan Schedule, and, if the Deleted Mortgage Loan was a Discount
Mortgage Loan, the amended Schedule of Discount Fractions, to the Trustee. Upon
such substitution, the Qualified Substitute Mortgage Loan or Loans shall be
subject to the terms of this Agreement and the related Subservicing Agreement in
all respects, the related Seller shall be deemed to have made the
representations and warranties with respect to the Qualified Substitute Mortgage
Loan contained in the related Seller's Agreement as of the date of substitution,
and the Company and the Master Servicer shall be deemed to have made with
respect to any Qualified Substitute Mortgage Loan or Loans, as of the date of
substitution, the covenants, representations and warranties set forth in this
Section 2.04, in Section 2.03 hereof and in Section 4 of the Assignment
Agreement, and the Master Servicer shall be obligated to repurchase or
substitute for any Qualified Substitute Mortgage Loan as to which a Repurchase
Event (as defined in the Assignment Agreement) has occurred pursuant to Section
4 of the Assignment Agreement.
In connection with the substitution of one or more Qualified Substitute
Mortgage Loans for one or more Deleted Mortgage Loans, the Master Servicer will
determine the amount (if any) by which the aggregate principal balance of all
such Qualified Substitute Mortgage Loans as of the date of substitution is less
than the aggregate Stated Principal Balance of all such Deleted Mortgage Loans
(in each case after application of the principal portion of the Monthly Payments
due in the month of substitution that are to be distributed to the
Certificateholders in the month of substitution). Residential Funding shall
deposit the amount of such shortfall into the Custodial Account on the day of
substitution, without any reimbursement therefor. Residential Funding shall give
notice in writing to the Trustee of such event, which notice shall be
accompanied by an Officers' Certificate as to the calculation of such shortfall
and (subject to Section 10.01(f)) by an Opinion of Counsel to the effect that
such substitution will not cause (a) any federal tax to be imposed on the Trust
Fund, including without limitation, any federal tax imposed on "prohibited
transactions" under Section 860F(a)(1) of the Code or on "contributions after
the startup date" under Section 860G(d)(1) of the Code or (b) any portion of any
REMIC to fail to qualify as such at any time that any Certificate is
outstanding.
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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.
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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 any REMIC formed under the Series Supplement
to fail to qualify as a REMIC under the Code. The Trustee shall furnish the
Master Servicer with any powers of attorney and other documents necessary or
appropriate to enable the Master Servicer to service and administer the Mortgage
Loans. The Trustee shall not be liable for any action taken by the Master
Servicer or any Subservicer pursuant to such powers of attorney. In servicing
and administering any Nonsubserviced Mortgage Loan, the Master Servicer shall,
to the extent not inconsistent with this Agreement, comply with the Program
Guide as if it were the originator of such Mortgage Loan and had retained the
servicing rights and obligations in respect thereof. In connection with
servicing and administering the Mortgage Loans, the Master Servicer and any
Affiliate of the Master Servicer (i) may perform services such as appraisals and
brokerage services that are not customarily provided by servicers of mortgage
loans, and shall be entitled to reasonable compensation therefor in accordance
with Section 3.10 and (ii) may, at its own discretion and on behalf of the
Trustee, obtain credit information in the form of a "credit score" from a credit
repository.
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(b) All costs incurred by the Master Servicer or by Subservicers in effecting
the timely payment of taxes and assessments on the properties subject to the
Mortgage Loans shall not, for the purpose of calculating monthly distributions
to the Certificateholders, be added to the amount owing under the related
Mortgage Loans, notwithstanding that the terms of such Mortgage Loan so permit,
and such costs shall be recoverable to the extent permitted by Section
3.10(a)(ii).
(c) The Master Servicer may enter into one or more agreements in connection with
the offering of pass-through certificates evidencing interests in one or more of
the Certificates providing for the payment by the Master Servicer of amounts
received by the Master Servicer as servicing compensation hereunder and required
to cover certain Prepayment Interest Shortfalls on the Mortgage Loans, which
payment obligation will thereafter be an obligation of the Master Servicer
hereunder.
Section 3.02. Subservicing Agreements Between Master Servicer and Subservicers;
Enforcement of Subservicers' and Sellers' Obligations.
(a) The Master Servicer may continue in effect Subservicing Agreements entered
into by Residential Funding and Subservicers prior to the execution and delivery
of this Agreement, and may enter into new Subservicing Agreements with
Subservicers, for the servicing and administration of all or some of the
Mortgage Loans. Each Subservicer of a Mortgage Loan shall be entitled to receive
and retain, as provided in the related Subservicing Agreement and in Section
3.07, the related Subservicing Fee from payments of interest received on such
Mortgage Loan after payment of all amounts required to be remitted to the Master
Servicer in respect of such Mortgage Loan. For any Mortgage Loan that is a
Nonsubserviced Mortgage Loan, the Master Servicer shall be entitled to receive
and retain an amount equal to the Subservicing Fee from payments of interest.
Unless the context otherwise requires, references in this Agreement to actions
taken or to be taken by the Master Servicer in servicing the Mortgage Loans
include actions taken or to be taken by a Subservicer on behalf of the Master
Servicer. Each Subservicing Agreement will be upon such terms and conditions as
are generally required or permitted by the Program Guide and are not
inconsistent with this Agreement and as the Master Servicer and the Subservicer
have agreed. A representative form of Subservicing Agreement is attached to this
Agreement as Exhibit E. 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
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obligation would have a material and adverse effect on a Mortgage Loan,
including, without limitation, the obligation to purchase a Mortgage Loan on
account of defective documentation, as described in Section 2.02, or on account
of a breach of a representation or warranty, as described in Section 2.04. Such
enforcement, including, without limitation, the legal prosecution of claims,
termination of Subservicing Agreements or Seller's Agreements, as appropriate,
and the pursuit of other appropriate remedies, shall be in such form and carried
out to such an extent and at such time as the Master Servicer would employ in
its good faith business judgment and which are normal and usual in its general
mortgage servicing activities. The Master Servicer shall pay the costs of such
enforcement at its own expense, and shall be reimbursed therefor only (i) from a
general recovery resulting from such enforcement to the extent, if any, that
such recovery exceeds all amounts due in respect of the related Mortgage Loan or
(ii) from a specific recovery of costs, expenses or attorneys fees against the
party against whom such enforcement is directed.
Section 3.03. Successor Subservicers.
The Master Servicer shall be entitled to terminate any Subservicing
Agreement that may exist in accordance with the terms and conditions of such
Subservicing Agreement and without any limitation by virtue of this Agreement;
provided, however, that in the event of termination of any Subservicing
Agreement by the Master Servicer or the Subservicer, the Master Servicer shall
either act as servicer of the related Mortgage Loan or enter into a Subservicing
Agreement with a successor Subservicer which will be bound by the terms of the
related Subservicing Agreement. If the Master Servicer or any Affiliate of
Residential Funding acts as servicer, it will not assume liability for the
representations and warranties of the Subservicer which it replaces. If the
Master Servicer enters into a Subservicing Agreement with a successor
Subservicer, the Master Servicer shall use reasonable 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.
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Section 3.05. No Contractual Relationship Between Subservicer and
Trustee or Certificateholders.
Any Subservicing Agreement that may be entered into and any other
transactions or services relating to the Mortgage Loans involving a Subservicer
in its capacity as such and not as an originator shall be deemed to be between
the Subservicer and the Master Servicer alone and the Trustee and the
Certificateholders shall not be deemed parties thereto and shall have no claims,
rights, obligations, duties or liabilities with respect to the Subservicer in
its capacity as such except as set forth in Section 3.06. The foregoing
provision shall not in any way limit a Subservicer's obligation to cure an
omission or defect or to repurchase a Mortgage Loan as referred to in Section
2.02 hereof.
Section 3.06. Assumption or Termination of Subservicing Agreements by Trustee.
(a) If 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
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agreed to by the Holders of the Classes of Certificates affected thereby;
provided, however, that no such extension shall be made if any such advance
would be a Nonrecoverable Advance. Consistent with the terms of this Agreement,
the Master Servicer may also waive, modify or vary any term of any Mortgage Loan
or consent to the postponement of strict compliance with any such term or in any
manner grant indulgence to any Mortgagor if in the Master Servicer's
determination such waiver, modification, postponement or indulgence is not
materially adverse to the interests of the Certificateholders (taking into
account any estimated Realized Loss that might result absent such action);
provided, however, that the Master Servicer may not modify materially or permit
any Subservicer to modify any Mortgage Loan, including without limitation any
modification that would change the Mortgage Rate, forgive the payment of any
principal or interest (unless in connection with the liquidation of the related
Mortgage Loan or except in connection with prepayments to the extent that such
reamortization is not inconsistent with the terms of the Mortgage Loan), or
extend the final maturity date of such Mortgage Loan, unless such Mortgage Loan
is in default or, in the judgment of the Master Servicer, such default is
reasonably foreseeable; and provided, further, that no such modification shall
reduce the interest rate on a Mortgage Loan below the sum of the Pool Strip Rate
and the sum of the rates at which the Servicing Fee and the Subservicing Fee
with respect to such Mortgage Loan accrues. In connection with any Curtailment
of a Mortgage Loan, the Master Servicer, to the extent not inconsistent with the
terms of the Mortgage Note and local law and practice, may permit the Mortgage
Loan to be reamortized such that the Monthly Payment is recalculated as an
amount that will fully amortize the remaining Stated Principal Balance thereof
by the original Maturity Date based on the original Mortgage Rate; provided,
that such re-amortization shall not be permitted if it would constitute a
reissuance of the Mortgage Loan for federal income tax purposes, except if such
reissuance is described in Treasury Regulation Section 1.860G-2(b)(3).
(b) The Master Servicer shall establish and maintain a Custodial Account in
which the Master Servicer shall deposit or cause to be deposited on a daily
basis, except as otherwise specifically provided herein, the following payments
and collections remitted by Subservicers or received by it in respect of the
Mortgage Loans subsequent to the Cut-off Date (other than in respect of
principal and interest on the Mortgage Loans due on or before the Cut-off Date):
(i) All payments on account of principal, including Principal Prepayments
made by Mortgagors on the Mortgage Loans and the principal component of
any Subservicer Advance or of any REO Proceeds received in connection
with an REO Property for which an REO Disposition has occurred;
(ii) All payments on account of interest at the Adjusted Mortgage Rate on the
Mortgage Loans, including Buydown Funds, if any, and the interest
component of any Subservicer Advance or of any REO Proceeds received in
connection with an REO Property for which an REO Disposition has
occurred;
(iii) Insurance Proceeds and Liquidation Proceeds (net of any related expenses
of the Subservicer);
(iv) All proceeds of any Mortgage Loans purchased pursuant to Section 2.02,
2.03, 2.04 or 4.07 and all amounts required to be deposited in
connection with the substitution of a Qualified Substitute Mortgage Loan
pursuant to Section 2.03 or 2.04;
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(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);
(vii) Any amounts realized by the Subservicer and received by the Master
Servicer in respect of any Additional Collateral; and
(viii) Any amounts received by the Master Servicer in respect of Pledged Assets.
The foregoing requirements for deposit in the Custodial Account shall be
exclusive, it being understood and agreed that, without limiting the generality
of the foregoing, payments on the Mortgage Loans which are not part of the Trust
Fund (consisting of payments in respect of principal and interest on the
Mortgage Loans due on or before the Cut-off Date) and payments or collections in
the nature of prepayment charges or late payment charges or assumption fees may
but need not be deposited by the Master Servicer in the Custodial Account. In
the event any amount not required to be deposited in the Custodial Account is so
deposited, the Master Servicer may at any time withdraw such amount from the
Custodial Account, any provision herein to the contrary notwithstanding. The
Custodial Account may contain funds that belong to one or more trust funds
created for mortgage pass-through certificates of other series and may contain
other funds respecting payments on mortgage loans belonging to the Master
Servicer or serviced or master serviced by it on behalf of others.
Notwithstanding such commingling of funds, the Master Servicer shall keep
records that accurately reflect the funds on deposit in the Custodial Account
that have been identified by it as being attributable to the Mortgage Loans.
With respect to Insurance Proceeds, Liquidation Proceeds, REO Proceeds
and the proceeds of the purchase of any Mortgage Loan pursuant to Sections 2.02,
2.03, 2.04 and 4.07 received in any calendar month, the Master Servicer may
elect to treat such amounts as included in the Available Distribution Amount for
the Distribution Date in the month of receipt, but is not obligated to do so. If
the Master Servicer so elects, such amounts will be deemed to have been received
(and any related Realized Loss shall be deemed to have occurred) on the last day
of the month prior to the receipt thereof.
(c) The Master Servicer shall use its best efforts to cause the institution
maintaining the Custodial Account to invest the funds in the Custodial Account
attributable to the Mortgage Loans in Permitted Investments which shall mature
not later than the Certificate Account Deposit Date next following the date of
such investment (with the exception of the Amount Held for Future Distribution)
and which shall not be sold or disposed of prior to their maturities. All income
and gain realized from any such investment shall be for the benefit of the
Master Servicer as additional servicing compensation and shall be subject to its
withdrawal or order from time to time. The amount of any losses incurred in
respect of any such investments attributable to the investment of amounts in
respect of the Mortgage Loans shall be deposited in the Custodial Account by the
Master Servicer out of its own funds immediately as realized without any right
of reimbursement.
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(d) The Master Servicer shall give notice to the Trustee and the Company of any
change in the location of the Custodial Account and the location of the
Certificate Account prior to the use thereof.
Section 3.08. Subservicing Accounts; Servicing Accounts.
(a) In those cases where a Subservicer is servicing a Mortgage Loan pursuant to
a Subservicing Agreement, the Master Servicer shall cause the Subservicer,
pursuant to the Subservicing Agreement, to establish and maintain one or more
Subservicing Accounts which shall be an Eligible Account or, if such account is
not an Eligible Account, shall generally satisfy the requirements of the Program
Guide and be otherwise acceptable to the Master Servicer and each Rating Agency.
The Subservicer will be required thereby to deposit into the Subservicing
Account on a daily basis all proceeds of Mortgage Loans received by the
Subservicer, less its Subservicing Fees and unreimbursed advances and expenses,
to the extent permitted by the Subservicing Agreement. If the Subservicing
Account is not an Eligible Account, the Master Servicer shall be deemed to have
received such monies upon receipt thereof by the Subservicer. The Subservicer
shall not be required to deposit in the Subservicing Account payments or
collections in the nature of prepayment charges or late charges or assumption
fees. On or before the date specified in the Program Guide, but in no event
later than the Determination Date, the Master Servicer shall cause the
Subservicer, pursuant to the Subservicing Agreement, to remit to the Master
Servicer for deposit in the Custodial Account all funds held in the Subservicing
Account with respect to each Mortgage Loan serviced by such Subservicer that are
required to be remitted to the Master Servicer. The Subservicer will also be
required, pursuant to the Subservicing Agreement, to advance on such scheduled
date of remittance amounts equal to any scheduled monthly installments of
principal and interest less its Subservicing Fees on any Mortgage Loans for
which payment was not received by the Subservicer. This obligation to advance
with respect to each Mortgage Loan will continue up to and including the first
of the month following the date on which the related Mortgaged Property is sold
at a foreclosure sale or is acquired by the Trust Fund by deed in lieu of
foreclosure or otherwise. All such advances received by the Master Servicer
shall be deposited promptly by it in the Custodial Account.
(b) The Subservicer may also be required, pursuant to the Subservicing
Agreement, to remit to the Master Servicer for deposit in the Custodial Account
interest at the Adjusted Mortgage Rate (or Modified Net Mortgage Rate plus the
rate per annum at which the Servicing Fee accrues in the case of a Modified
Mortgage Loan) on any Curtailment received by such Subservicer in respect of a
Mortgage Loan from the related Mortgagor during any month that is to be applied
by the Subservicer to reduce the unpaid principal balance of the related
Mortgage Loan as of the first day of such month, from the date of application of
such Curtailment to the first day of the following month. Any amounts paid by a
Subservicer pursuant to the preceding sentence shall be for the benefit of the
Master Servicer as additional servicing compensation and shall be subject to its
withdrawal or order from time to time pursuant to Sections 3.10(a)(iv) and (v).
(c) In addition to the Custodial Account and the Certificate Account, the Master
Servicer shall for any Nonsubserviced Mortgage Loan, and shall cause the
Subservicers for Subserviced Mortgage Loans to, establish and maintain one or
more Servicing Accounts and deposit and retain therein all collections from the
Mortgagors (or advances from Subservicers)
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for the payment of taxes, assessments, hazard insurance premiums, Primary
Insurance Policy premiums, if applicable, or comparable items for the account of
the Mortgagors. Each Servicing Account shall satisfy the requirements for a
Subservicing Account and, to the extent permitted by the Program Guide or as is
otherwise acceptable to the Master Servicer, may also function as a Subservicing
Account. Withdrawals of amounts related to the Mortgage Loans from the Servicing
Accounts may be made only to effect timely payment of taxes, assessments, hazard
insurance premiums, Primary Insurance Policy premiums, if applicable, or
comparable items, to reimburse the Master Servicer or Subservicer out of related
collections for any payments made pursuant to Sections 3.11 (with respect to the
Primary Insurance Policy) and 3.12(a) (with respect to hazard insurance), to
refund to any Mortgagors any sums as may be determined to be overages, to pay
interest, if required, to Mortgagors on balances in the Servicing Account or to
clear and terminate the Servicing Account at the termination of this Agreement
in accordance with Section 9.01 or in accordance with the Program Guide. As part
of its servicing duties, the Master Servicer shall, and the Subservicers will,
pursuant to the Subservicing Agreements, be required to pay to the Mortgagors
interest on funds in this account to the extent required by law.
(d) The Master Servicer shall advance the payments referred to in the preceding
subsection that are not timely paid by the Mortgagors or advanced by the
Subservicers on the date when the tax, premium or other cost for which such
payment is intended is due, but the Master Servicer shall be required so to
advance only to the extent that such advances, in the good faith judgment of the
Master Servicer, will be recoverable by the Master Servicer out of Insurance
Proceeds, Liquidation Proceeds or otherwise.
Section 3.09. Access to Certain Documentation and
Information Regarding the Mortgage Loans.
If 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;
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(ii) to reimburse itself or the related Subservicer for previously unreimbursed
advances or expenses made pursuant to Sections 3.01, 3.07(a), 3.08, 3.11,
3.12(a), 3.14 and 4.04 or otherwise reimbursable pursuant to the terms of
this Agreement, such withdrawal right being limited to amounts received on
particular Mortgage Loans (including, for this purpose, REO Proceeds,
Insurance Proceeds, Liquidation Proceeds and proceeds from the purchase of
a Mortgage Loan pursuant to Section 2.02, 2.03, 2.04 or 4.07) which
represent (A) Late Collections of Monthly Payments for which any such
advance was made in the case of Subservicer Advances or Advances pursuant
to Section 4.04 and (B) recoveries of amounts in respect of which such
advances were made in the case of Servicing Advances;
(iii)to pay to itself or the related Subservicer (if not previously retained by
such Subservicer) out of each payment received by the Master Servicer on
account of interest on a Mortgage Loan as contemplated by Sections 3.14 and
3.16, an amount equal to that remaining portion of any such payment as to
interest (but not in excess of the Servicing Fee and the Subservicing Fee,
if not previously retained) which, when deducted, will result in the
remaining amount of such interest being interest at the Net Mortgage Rate
(or Modified Net Mortgage Rate in the case of a Modified Mortgage Loan) on
the amount specified in the amortization schedule of the related Mortgage
Loan as the principal balance thereof at the beginning of the period
respecting which such interest was paid after giving effect to any previous
Curtailments;
(iv) to pay to itself as additional servicing compensation any interest or
investment income earned on funds and other property deposited in or
credited to the Custodial Account that it is entitled to withdraw
pursuant to Section 3.07(c);
(v) to pay to itself as additional servicing compensation any Foreclosure
Profits, and any amounts remitted by Subservicers as interest in respect
of Curtailments pursuant to Section 3.08(b);
(vi) to pay to itself, a Subservicer, a Seller, Residential Funding, the
Company or any other appropriate Person, as the case may be, with
respect to each Mortgage Loan or property acquired in respect thereof
that has been purchased or otherwise transferred pursuant to Section
2.02, 2.03, 2.04, 4.07 or 9.01, all amounts received thereon and not
required to be distributed to the Certificateholders as of the date on
which the related Stated Principal Balance or Purchase Price is
determined;
(vii) to reimburse itself or the related Subservicer for any Nonrecoverable
Advance or Advances in the manner and to the extent provided in
subsection (c) below, any Advance made in connection with a modification
of a Mortgage Loan that is in default or, in the judgment of the Master
Servicer, default is reasonably foreseeable pursuant to Section 3.07(a),
to the extent the amount of the Advance has been added to the
outstanding principal balance of the Mortgage Loan, or any Advance
reimbursable to the Master Servicer pursuant to Section 4.02(a);
(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
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otherwise, or in connection with enforcing any repurchase,
substitution or indemnification obligation of any Seller (other than
an Affiliate of the Company) pursuant to the related Seller's
Agreement;
(ix) to reimburse itself for amounts expended by it (a) pursuant to Section
3.14 in good faith in connection with the restoration of property
damaged by an Uninsured Cause, and (b) in connection with the
liquidation of a Mortgage Loan or disposition of an REO Property to the
extent not otherwise reimbursed pursuant to clause (ii) or (viii) above;
and
(x) to withdraw any amount deposited in the Custodial Account that was not
required to be deposited therein pursuant to Section 3.07.
(b) Since, in connection with withdrawals pursuant to clauses (ii), (iii), (v)
and (vi), the Master Servicer's entitlement thereto is limited to collections or
other recoveries on the related Mortgage Loan, the Master Servicer shall keep
and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for
the purpose of justifying any withdrawal from the Custodial Account pursuant to
such clauses.
(c) The Master Servicer shall be entitled to reimburse itself or the related
Subservicer for any advance made in respect of a Mortgage Loan that the Master
Servicer determines to be a Nonrecoverable Advance by withdrawal from the
Custodial Account of amounts on deposit therein attributable to the Mortgage
Loans on any Certificate Account Deposit Date succeeding the date of such
determination. Such right of reimbursement in respect of a Nonrecoverable
Advance on any such Certificate Account Deposit Date shall be limited to an
amount not exceeding the portion of such advance previously paid to
Certificateholders (and not theretofore reimbursed to the Master Servicer or the
related Subservicer).
Section 3.11. Maintenance of the Primary Insurance
Policies; Collections Thereunder.
(a) The Master Servicer shall not take, or permit any Subservicer to take,
any action which would result in non-coverage under any applicable Primary
Insurance Policy of any loss which, but for the actions of the Master Servicer
or Subservicer, would have been covered thereunder. To the extent coverage is
available, the Master Servicer shall keep or cause to be kept in full force and
effect each such Primary Insurance Policy until the principal balance of the
related Mortgage Loan secured by a Mortgaged Property is reduced to 80% or less
of the 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
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(and was not included in any exception to the representation in Section
2.03(b)(iv)) and that such Mortgage Loan has a current Loan-to-Value Ratio in
excess of 80% then the Master Servicer shall use its reasonable efforts to
obtain and maintain a Primary Insurance Policy to the extent that such a policy
is obtainable at a reasonable price. The Master Servicer shall not cancel or
refuse to renew any such Primary Insurance Policy applicable to a Nonsubserviced
Mortgage Loan, or consent to any Subservicer canceling or refusing to renew any
such Primary Insurance Policy applicable to a Mortgage Loan subserviced by it,
that is in effect at the date of the initial issuance of the Certificates and is
required to be kept in force hereunder unless the replacement Primary Insurance
Policy for such canceled or non-renewed policy is maintained with an insurer
whose claims-paying ability is acceptable to each Rating Agency for mortgage
pass-through certificates having a rating equal to or better than the lower of
the then-current rating or the rating assigned to the Certificates as of the
Closing Date by such Rating Agency.
(b) In connection with its activities as administrator and servicer of the
Mortgage Loans, the Master Servicer agrees to present or to cause the related
Subservicer to present, on behalf of the Master Servicer, the Subservicer, if
any, the Trustee and Certificateholders, claims to the related Insurer under any
Primary Insurance Policies, in a timely manner in accordance with such policies,
and, in this regard, to take or cause to be taken such reasonable action as
shall be necessary to permit recovery under any Primary Insurance Policies
respecting defaulted Mortgage Loans. Pursuant to Section 3.07, any Insurance
Proceeds collected by or remitted to the Master Servicer under any Primary
Insurance Policies shall be deposited in the Custodial Account, subject to
withdrawal pursuant to Section 3.10.
Section 3.12. Maintenance of Fire Insurance and
Omissions and Fidelity Coverage.
(a) The Master Servicer shall cause to be maintained for each Mortgage Loan
(other than a Cooperative Loan) fire insurance with extended coverage in an
amount which is equal to the lesser of the principal balance owing on such
Mortgage Loan or 100 percent of the insurable value of the improvements;
provided, however, that such coverage may not be less than the minimum amount
required to fully compensate for any loss or damage on a replacement cost basis.
To the extent it may do so without breaching the related Subservicing Agreement,
the Master Servicer shall replace any Subservicer that does not cause such
insurance, to the extent it is available, to be maintained. The Master Servicer
shall also cause to be maintained on property acquired upon foreclosure, or deed
in lieu of foreclosure, of any Mortgage Loan (other than a Cooperative Loan),
fire insurance with extended coverage in an amount which is at least equal to
the amount necessary to avoid the application of any co-insurance clause
contained in the related hazard insurance policy. Pursuant to Section 3.07, any
amounts collected by the Master Servicer under any such policies (other than
amounts to be applied to the restoration or repair of the related Mortgaged
Property or property thus acquired or amounts released to the Mortgagor in
accordance with the Master Servicer's normal servicing procedures) shall be
deposited in the Custodial Account, subject to withdrawal pursuant to Section
3.10. Any cost incurred by the Master Servicer in maintaining any such insurance
shall not, for the purpose of calculating monthly distributions to the
Certificateholders, be added to the amount owing under the Mortgage Loan,
notwithstanding that the terms of the Mortgage Loan so permit. Such costs shall
be recoverable by the Master Servicer out of related late payments by the
Mortgagor or out of Insurance Proceeds and Liquidation Proceeds to the extent
permitted by Section 3.10. It is
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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).
If the Master Servicer shall obtain and maintain a blanket fire
insurance policy with extended coverage insuring against hazard losses on all of
the Mortgage Loans, it shall conclusively be deemed to have satisfied its
obligations as set forth in the first sentence of this Section 3.12(a), it being
understood and agreed that such policy may contain a deductible clause, in which
case the Master Servicer shall, in the event that there shall not have been
maintained on the related Mortgaged Property a policy complying with the first
sentence of this Section 3.12(a) and there shall have been a loss which would
have been covered by such policy, deposit in the Certificate Account the amount
not otherwise payable under the blanket policy because of such deductible
clause. Any such deposit by the Master Servicer shall be made on the Certificate
Account Deposit Date next preceding the Distribution Date which occurs in the
month following the month in which payments under any such policy would have
been deposited in the Custodial Account. In connection with its activities as
administrator and servicer of the Mortgage Loans, the Master Servicer agrees to
present, on behalf of itself, the Trustee and the Certificateholders, claims
under any such blanket policy.
(b) The Master Servicer shall obtain and maintain at its own expense and
keep in full force and effect throughout the term of this Agreement a blanket
fidelity bond and an errors and omissions insurance policy covering the Master
Servicer's officers and employees and other persons acting on behalf of the
Master Servicer in connection with its activities under this Agreement. The
amount of coverage shall be at least equal to the coverage that would be
required by FNMA or FHLMC, whichever is greater, with respect to the Master
Servicer if the Master Servicer were servicing and administering the Mortgage
Loans for FNMA or FHLMC. In the event that any such bond or policy ceases to be
in effect, the Master Servicer shall obtain a comparable replacement bond or
policy from an issuer or insurer, as the case may be, meeting the requirements,
if any, of the Program Guide and acceptable to the Company. Coverage of the
Master Servicer under a policy or bond obtained by an Affiliate of the Master
Servicer and providing the coverage required by this Section 3.12(b) shall
satisfy the requirements of this Section 3.12(b).
Section 3.13. Enforcement of Due-on-Sale Clauses; Assumption and
Modification Agreements; Certain Assignments.
(a) When any Mortgaged Property is conveyed by the Mortgagor, the Master
Servicer or Subservicer, to the extent it has knowledge of such conveyance,
shall enforce any due-on-sale
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clause contained in any Mortgage Note or Mortgage, to the extent permitted under
applicable law and governmental regulations, but only to the extent that such
enforcement will not adversely affect or jeopardize coverage under any Required
Insurance Policy. Notwithstanding the foregoing:
(i) the Master Servicer shall not be deemed to be in default under this
Section 3.13(a) by reason of any transfer or assumption which the Master
Servicer is restricted by law from preventing; and
(ii) if the Master Servicer determines that it is reasonably likely that any
Mortgagor will bring, or if any Mortgagor does bring, legal action to
declare invalid or otherwise avoid enforcement of a due-on-sale clause
contained in any Mortgage Note or Mortgage, the Master Servicer shall
not be required to enforce the due-on-sale clause or to contest such
action.
(b) Subject to the Master Servicer's duty to enforce any due-on-sale clause
to the extent set forth in Section 3.13(a), in any case in which a Mortgaged
Property is to be conveyed to a Person by a Mortgagor, and such Person is to
enter into an assumption or modification agreement or supplement to the Mortgage
Note or Mortgage which requires the signature of the Trustee, or if an
instrument of release signed by the Trustee is required releasing the Mortgagor
from liability on the Mortgage Loan, the Master Servicer is authorized, subject
to the requirements of the sentence next following, to execute and 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 either (i) both (A) constitute a "significant
modification" effecting an exchange or reissuance of such Mortgage Loan under
the REMIC Provisions and (B) cause any portion of any REMIC formed under the
Series Supplement 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 (ii) 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
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as directed in writing by the Master Servicer. Upon the closing of the
transactions contemplated by such documents, the Master Servicer shall cause the
originals or true and correct copies of the assumption agreement, the release
(if any), or the modification or supplement to the Mortgage Note or Mortgage to
be delivered to the Trustee or the Custodian and deposited with the Mortgage
File for such Mortgage Loan. Any fee collected by the Master Servicer or such
related Subservicer for entering into an assumption or substitution of liability
agreement will be retained by the Master Servicer or such Subservicer as
additional servicing compensation.
(c) The Master Servicer or the related Subservicer, as the case may be,
shall be entitled to approve a request from a Mortgagor for a partial release of
the related Mortgaged Property, the granting of an easement thereon in favor of
another Person, any alteration or demolition of the related Mortgaged Property
(or, with respect to a Cooperative Loan, the related Cooperative Apartment)
without any right of reimbursement 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 any portion of any REMIC formed under the
Series Supplement 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 any such 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 M, in form and substance
satisfactory to the Trustee and Master Servicer, providing the following: (i)
that the substance of the assignment is, and is intended to be, a refinancing of
such Mortgage; (ii) 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 (iii) that
such assignment is at the request of the borrower under the related Mortgage
Loan. Upon approval of an assignment in lieu of satisfaction with respect to any
Mortgage Loan, the Master Servicer shall receive cash in an amount equal to the
unpaid principal balance of and accrued interest on such Mortgage Loan and the
Master Servicer shall treat such amount as a Principal Prepayment in Full with
respect to such Mortgage Loan for all purposes hereof.
Section 3.14. Realization Upon Defaulted Mortgage Loans.
(a) The Master Servicer shall foreclose upon or otherwise comparably
convert (which may include an REO Acquisition) the ownership of properties
securing such of the Mortgage Loans as come into and continue in default and as
to which no satisfactory arrangements can be made for collection of delinquent
payments pursuant to Section 3.07. In connection with such foreclosure or other
conversion, the Master Servicer shall, consistent with Section 3.11, follow such
practices and procedures as it shall deem necessary or advisable, as shall be
normal and
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usual in its general mortgage servicing activities and as shall be required or
permitted by the Program Guide; provided that the Master Servicer shall not be
liable in any respect hereunder if the Master Servicer is acting in connection
with any such foreclosure or other conversion in a manner that is consistent
with the provisions of this Agreement. The Master Servicer, however, shall not
be required to expend its own funds or incur other reimbursable charges in
connection with any foreclosure, or attempted foreclosure which is not
completed, or towards the restoration of any property unless it shall determine
(i) that such restoration and/or foreclosure will increase the proceeds of
liquidation of the Mortgage Loan to Holders of Certificates of one or more
Classes after reimbursement to itself for such expenses or charges and (ii) that
such expenses or charges will be recoverable to it through Liquidation Proceeds,
Insurance Proceeds, or REO Proceeds (respecting which it shall have priority for
purposes of withdrawals from the Custodial Account pursuant to Section 3.10,
whether or not such expenses and charges are actually recoverable from related
Liquidation Proceeds, Insurance Proceeds or REO Proceeds). In the event of such
a determination by the Master Servicer pursuant to this Section 3.14(a), the
Master Servicer shall be entitled to reimbursement of such amounts pursuant to
Section 3.10.
In addition to the foregoing, the Master Servicer shall use its best
reasonable efforts to realize upon any Additional Collateral for such of the
Additional Collateral Loans as come into and continue in default and as to which
no satisfactory arrangements can be made for collection of delinquent payments
pursuant to Section 3.07; provided that the Master Servicer shall not, on behalf
of the Trustee, obtain title to any such Additional Collateral as a result of or
in lieu of the disposition thereof or otherwise; and provided further that (i)
the Master Servicer shall not proceed with respect to such Additional Collateral
in any manner that would impair the ability to recover against the related
Mortgaged Property, and (ii) the Master Servicer shall proceed with any REO
Acquisition in a manner that preserves the ability to apply the proceeds of such
Additional Collateral against amounts owed under the defaulted Mortgage Loan.
Any proceeds realized from such Additional Collateral (other than amounts to be
released to the Mortgagor or the related guarantor in accordance with procedures
that the Master Servicer would follow in servicing loans held for its own
account, subject to the terms and conditions of the related Mortgage and
Mortgage Note and to the terms and conditions of any security agreement,
guarantee agreement, mortgage or other agreement governing the disposition of
the proceeds of such Additional Collateral) shall be deposited in the Custodial
Account, subject to withdrawal pursuant to Section 3.10. Any other payment
received by the Master Servicer in respect of such Additional Collateral shall
be deposited in the Custodial Account subject to withdrawal pursuant to Section
3.10.
For so long as the Master Servicer is the Master Servicer under the Credit
Support Pledge Agreement, the Master Servicer shall perform its obligations
under the Credit Support Pledge Agreement in accordance with such Agreement and
in a manner that is in the best interests of the Certificateholders. Further,
the Master Servicer shall use its best reasonable efforts to realize upon any
Pledged Assets for such of the Pledged Asset 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 Pledged
Assets 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 Pledged Assets in any manner that would impair the ability to
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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 Pledged Assets against amounts owed under the
defaulted Mortgage Loan. Any proceeds realized from such Pledged Assets (other
than amounts to be released to the Mortgagor or the related guarantor in
accordance with procedures that the Master Servicer would follow in servicing
loans held for its own account, subject to the terms and conditions of the
related Mortgage and Mortgage Note and to the terms and conditions of any
security agreement, guarantee agreement, mortgage or other agreement governing
the disposition of the proceeds of such Pledged Assets) 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 Pledged Assets 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) If title to any Mortgaged Property is acquired by the Trust Fund as an
REO Property by foreclosure or by deed in lieu of foreclosure, the deed or
certificate of sale shall be issued to the Trustee or to its nominee on behalf
of Certificateholders. Notwithstanding any such acquisition of title and
cancellation of the related Mortgage Loan, such REO Property shall (except as
otherwise expressly provided herein) be considered to be an Outstanding Mortgage
Loan held in the Trust Fund until such time as the REO Property shall be
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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) If 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
three full years after the taxable year of its acquisition by the Trust Fund for
purposes of Section 860G(a)(8) of the Code (or such shorter period as may be
necessary under applicable state (including any state in which such property is
located) law to maintain the status of any portion of any REMIC formed under the
Series Supplement as a REMIC under applicable state law and avoid taxes
resulting from such property failing to be foreclosure property under applicable
state law) or, at the expense of the Trust Fund, request, more than 60 days
before the day on which such grace period would otherwise expire, an extension
of such 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 period will not result in the imposition of taxes on
"prohibited transactions" as defined in Section 860F of the Code or cause any
REMIC formed under the Series Supplement to fail to qualify as a REMIC (for
federal (or any applicable State or local) income tax purposes) at any time that
any Certificates are outstanding, in which case the Trust Fund may continue to
hold such REO Property (subject to any conditions contained in such Opinion of
Counsel). The Master Servicer shall be entitled to be reimbursed from the
Custodial Account for any costs incurred in obtaining such Opinion of Counsel,
as provided in Section 3.10. Notwithstanding any other provision of this
Agreement, no REO Property acquired by the Trust Fund shall be rented (or
allowed to continue to be rented) or otherwise used by or on behalf of the Trust
Fund in such a manner or pursuant to any terms that would (i) cause such REO
Property to fail to qualify as "foreclosure property" within the meaning of
Section 860G(a)(8) of the Code or (ii) subject the Trust Fund to the imposition
of any federal income taxes on the income earned from such REO Property,
including any taxes imposed by reason of Section 860G(c) of the Code, unless the
Master Servicer has agreed to indemnify and hold harmless the Trust Fund with
respect to the imposition of any such taxes.
(d) The proceeds of any Cash Liquidation, REO Disposition or purchase or
repurchase of any Mortgage Loan pursuant to the terms of this Agreement, as well
as any recovery resulting from a collection of Liquidation Proceeds, Insurance
Proceeds or REO Proceeds, will be applied in the following order of priority:
first, to reimburse the Master Servicer or the related Subservicer in accordance
with Section 3.10(a)(ii); second, to the Certificateholders to the extent of
accrued and unpaid interest on the Mortgage Loan, and any related REO Imputed
Interest, at the Net Mortgage Rate (or the Modified Net Mortgage Rate in the
case of a Modified Mortgage Loan) to the Due Date prior to the Distribution Date
on which such amounts are to be distributed; third, to the Certificateholders as
a recovery of principal on the Mortgage Loan (or REO Property)(provided that, if
such recovery is of an amount previously allocated to one or more Classes of
Certificates as a Realized Loss, such recovery shall be allocated among such
Classes in the same proportions as the allocation of such Realized Losses
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and, 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 F, or,
in the case of the Custodian, an electronic request in a form acceptable to the
Custodian, requesting delivery to it of the Mortgage File. Within two Business
Days of receipt of such certification and request, the Trustee shall release, or
cause the Custodian to release, the related Mortgage File to the Master
Servicer. The Master Servicer is authorized to execute and deliver to the
Mortgagor the request for reconveyance, deed of reconveyance or release or
satisfaction of mortgage or such instrument releasing the lien of the Mortgage,
together with the Mortgage Note with, as appropriate, written evidence of
cancellation thereon. No expenses incurred in connection with any instrument of
satisfaction or deed of reconveyance shall be chargeable to the Custodial
Account or the Certificate Account.
(b) From time to time as is appropriate for the servicing or foreclosure of
any Mortgage Loan, the Master Servicer shall deliver to the Custodian, with a
copy to the Trustee, a certificate of a Servicing Officer substantially in one
of the forms attached as Exhibit F hereto, or, in the case of the Custodian, an
electronic request in a form acceptable to the Custodian, 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
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the Custodial Account or (ii) the Mortgage File or such document has been
delivered directly or through a Subservicer to an attorney, or to a public
trustee or other public official as required by law, for purposes of initiating
or pursuing legal action or other proceedings for the foreclosure of the
Mortgaged Property either judicially or non-judicially, and the Master Servicer
has delivered directly or through a Subservicer to the Trustee a certificate of
a Servicing Officer certifying as to the name and address of the Person to which
such Mortgage File or such document was delivered and the purpose or purposes of
such delivery. In the event of the liquidation of a Mortgage Loan, the Trustee
shall deliver the Request for Release with respect thereto to the Master
Servicer upon deposit of the related Liquidation Proceeds in the Custodial
Account.
(c) The Trustee or the Master Servicer on the Trustee's behalf shall
execute and deliver to the Master Servicer, if necessary, any court pleadings,
requests for trustee's sale or other documents necessary to the foreclosure or
trustee's sale in respect of a Mortgaged Property or to any legal action brought
to obtain judgment against any Mortgagor on the Mortgage Note or Mortgage or to
obtain a deficiency judgment, or to enforce any other remedies or rights
provided by the Mortgage Note or Mortgage or otherwise available at law or in
equity. Together with such documents or pleadings (if signed by the Trustee),
the Master Servicer shall deliver to the Trustee a certificate of a Servicing
Officer requesting that such pleadings or documents be executed by the Trustee
and certifying as to the reason such documents or pleadings are required and
that the execution and delivery thereof by the Trustee will not invalidate any
insurance coverage under any Required Insurance Policy or invalidate or
otherwise affect the lien of the Mortgage, except for the termination of such a
lien upon completion of the foreclosure or trustee's sale.
Section 3.16. Servicing and Other Compensation; Compensating Interest.
(a) The Master Servicer, as compensation for its activities hereunder,
shall be entitled to receive on each Distribution Date the amounts provided for
by clauses (iii), (iv), (v) and (vi) of Section 3.10(a), subject to clause (e)
below. The amount of servicing compensation provided for in such clauses shall
be accounted for on a Mortgage Loan-by-Mortgage Loan basis. In the event that
Liquidation Proceeds, Insurance Proceeds and REO Proceeds (net of amounts
reimbursable therefrom pursuant to Section 3.10(a)(ii)) in respect of a Cash
Liquidation or REO Disposition exceed the unpaid principal balance of such
Mortgage Loan plus unpaid interest accrued thereon (including REO Imputed
Interest) at a per annum rate equal to the related Net Mortgage Rate (or the
Modified Net Mortgage Rate in the case of a Modified Mortgage Loan), the Master
Servicer shall be entitled to retain therefrom and to pay to itself and/or the
related Subservicer, any Foreclosure Profits and any Servicing Fee or
Subservicing Fee considered to be accrued but unpaid.
(b) Additional servicing compensation in the form of prepayment charges,
assumption fees, late payment charges, investment income on amounts in the
Custodial Account or the Certificate Account or otherwise shall be retained by
the Master Servicer or the Subservicer to the extent provided herein, subject to
clause (e) below.
(c) The Master Servicer shall be required to pay, or cause to be paid, all
expenses incurred by it in connection with its servicing activities hereunder
(including payment of premiums for the Primary Insurance Policies, if any, to
the extent such premiums are not
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required to be paid by the related Mortgagors, and the fees and expenses of the
Trustee and any Custodian) and shall not be entitled to reimbursement therefor
except as specifically provided in Sections 3.10 and 3.14.
(d) The Master Servicer's right to receive servicing compensation may not
be transferred in whole or in part except in connection with the transfer of all
of its responsibilities and obligations of the Master Servicer under this
Agreement.
(e) Notwithstanding any other provision herein, the amount of servicing
compensation that the Master Servicer shall be entitled to receive for its
activities hereunder for the period ending on each Distribution Date shall be
reduced (but not below zero) by an amount equal to Compensating Interest (if
any) for such Distribution Date. Such reduction shall be applied during such
period as follows: first, to any Servicing Fee or Subservicing Fee to which the
Master Servicer is entitled pursuant to Section 3.10(a)(iii); second, to any
income or gain realized from any investment of funds held in the Custodial
Account or the Certificate Account to which the Master Servicer is entitled
pursuant to Sections 3.07(c) or 4.01(b), 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
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this Agreement, such statement shall include a description of such noncompliance
or specify each such default, as the case may be, known to such officer and the
nature and status thereof and (iii) to the best of such officers' knowledge,
each Subservicer has complied in all material respects with the minimum
servicing standards set forth in the Uniform Single Attestation Program for
Mortgage Bankers and has fulfilled all of its material obligations under its
Subservicing Agreement in all material respects throughout such year, or, if
there has been material noncompliance with such servicing standards or a
material default in the fulfillment of such obligations relating to this
Agreement, such statement shall include a description of such noncompliance or
specify each such default, as the case may be, known to such officer and the
nature and status thereof.
Section 3.19. Annual Independent Public Accountants' Servicing Report.
On or before March 31 of each year, beginning with the first March 31
that occurs at least six months after the Cut-off Date, the Master Servicer at
its expense shall cause a firm of independent public accountants, which shall be
members of the American Institute of Certified Public Accountants, to furnish a
report to the Company and the Trustee stating its opinion that, on the basis of
an examination conducted by such firm substantially in accordance with standards
established by the American Institute of Certified Public Accountants, the
assertions made pursuant to Section 3.18 regarding compliance with the minimum
servicing standards set forth in the Uniform Single Attestation Program for
Mortgage Bankers during the preceding calendar year are fairly stated in all
material respects, subject to such exceptions and other qualifications that, in
the opinion of such firm, such accounting standards require it to report. In
rendering such statement, such firm may rely, as to matters relating to the
direct servicing of mortgage loans by Subservicers, upon comparable statements
for examinations conducted by independent public accountants substantially in
accordance with standards established by the American Institute of Certified
Public Accountants (rendered within one year of such statement) with respect to
such Subservicers.
Section 3.20. Rights of the Company in Respect of the Master Servicer.
The Master Servicer shall afford the Company, upon reasonable notice,
during normal business hours access to all records maintained by the Master
Servicer in respect of its rights and obligations hereunder and access to
officers of the Master Servicer responsible for such obligations. Upon request,
the Master Servicer shall furnish the Company with its most recent financial
statements and such other information as the Master Servicer possesses regarding
its business, affairs, property and condition, financial or otherwise. The
Master Servicer shall also cooperate with all reasonable requests for
information including, but not limited to, notices, tapes and copies of files,
regarding itself, the Mortgage Loans or the Certificates from any Person or
Persons identified by the Company or Residential Funding. The Company may, but
is not obligated to, enforce the obligations of the Master Servicer hereunder
and may, but is not obligated to, perform, or cause a designee to perform, any
defaulted obligation of the Master Servicer hereunder or exercise the rights of
the Master Servicer hereunder; provided that the Master Servicer shall not be
relieved of any of its obligations hereunder by virtue of such performance by
the Company or its designee. The Company shall not have any responsibility or
liability for any action or failure to act by the Master Servicer and is not
obligated to supervise the performance of the Master Servicer under this
Agreement or otherwise.
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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 or be payable on demand 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 or be payable on demand on such Distribution Date and (ii)
any other investment may mature or be payable on demand 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.
As provided in Section 4.02 of the Series Supplement.
Section 4.03. Statements to Certificateholders.
(a) Concurrently with each distribution charged to the Certificate
Account and with respect to each Distribution Date the Master Servicer shall
forward to the Trustee and the Trustee shall forward by mail to each Holder and
the Company a statement setting forth information as to each Class of
Certificates, the Mortgage Pool and, if the Mortgage Pool is comprised of two or
more Loan Groups, each Loan Group, to the extent applicable. This statement will
include the information set forth in an exhibit to the Series Supplement. In
addition, 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
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Servicer at no additional expense to the Master Servicer.
(b) Within a reasonable period of time after the end of each calendar
year, the Master Servicer shall prepare, or cause to be prepared, and shall
forward, or cause to be forwarded, to each Person who at any time during the
calendar year was the Holder of a Certificate, other than a Class R Certificate,
a statement containing the information set forth in clauses (i) and (ii) of
subsection (a) above aggregated for such calendar year or applicable portion
thereof during which such Person was a Certificateholder. Such obligation of the
Master Servicer shall be deemed to have been satisfied to the extent that
substantially comparable information shall be provided by the Master Servicer
pursuant to any requirements of the Code.
(c) Within a reasonable period of time after the end of each calendar
year, the Master Servicer shall prepare, or cause to be prepared, and shall
forward, or cause to be forwarded, to each Person who at any time during the
calendar year was the Holder of a Class R Certificate, a statement containing
the applicable distribution information provided pursuant to this Section 4.03
aggregated for such calendar year or applicable portion thereof during which
such Person was the Holder of a Class R Certificate. Such obligation of the
Master Servicer shall be deemed to have been satisfied to the extent that
substantially comparable information shall be provided by the Master Servicer
pursuant to any requirements of the Code.
(d) Upon the written request of any Certificateholder, the Master
Servicer, as soon as reasonably practicable, shall provide the requesting
Certificateholder with such information as is necessary and appropriate, in the
Master Servicer's sole discretion, for purposes of satisfying applicable
reporting requirements under Rule 144A.
Section 4.04. Distribution of Reports to the Trustee and the
Company; Advances by the Master Servicer.
(a) Prior to the close of business on the Business Day next succeeding each
Determination Date, the Master Servicer shall furnish a written statement to the
Trustee, any Paying Agent and the Company (the information in such statement to
be made available to Certificateholders by the Master Servicer on request)
setting forth (i) the Available Distribution Amount and (ii) the amounts
required to be withdrawn from the Custodial Account and deposited into the
Certificate Account on the immediately succeeding Certificate Account Deposit
Date pursuant to clause (iii) of Section 4.01(a). The determination by the
Master Servicer of such amounts shall, in the absence of obvious error, be
presumptively deemed to be correct for all purposes hereunder and the Trustee
shall be protected in relying upon the same without any independent check or
verification.
(b) On or before 2:00 P.M. New York time on each Certificate Account
Deposit Date, the Master Servicer shall either (i) deposit in the Certificate
Account from its own funds, or funds received therefor from the Subservicers, an
amount equal to the Advances to be made by the Master Servicer in respect of the
related Distribution Date, which shall be in an aggregate amount equal to the
aggregate amount of Monthly Payments (with each interest portion thereof
adjusted to the Net Mortgage Rate), less the amount of any related Servicing
Modifications, Debt Service Reductions or reductions in the amount of interest
collectable from the Mortgagor pursuant to the Soldiers' and Sailors' Civil
Relief Act of 1940, as amended, or similar legislation
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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) 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 an Officers' Certificate of the
Master Servicer delivered to the Company and the Trustee.
If the Master Servicer determines as of the Business Day preceding any
Certificate Account Deposit Date that it will be unable to deposit in the
Certificate Account an amount equal to the Advance required to be made for the
immediately succeeding Distribution Date, it shall give notice to the Trustee of
its inability to advance (such notice may be given by telecopy), not later than
3:00 P.M., New York time, on such Business Day, specifying the portion of such
amount that it will be unable to deposit. Not later than 3:00 P.M., New York
time, on the Certificate Account Deposit Date the Trustee shall, unless by 12:00
Noon, New York time, on such day the Trustee shall have been notified in writing
(by telecopy) that the Master Servicer shall have directly or indirectly
deposited in the Certificate Account such portion of the amount of the Advance
as to which the Master Servicer shall have given notice pursuant to the
preceding sentence, pursuant to Section 7.01, (a) terminate all of the rights
and obligations of the Master Servicer under this Agreement in accordance with
Section 7.01 and (b) assume the rights and obligations of the Master Servicer
hereunder, including the obligation to deposit in the Certificate Account an
amount equal to the Advance for the immediately succeeding Distribution Date.
The Trustee shall deposit all funds it receives pursuant to this Section
4.04 into the Certificate Account.
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Section 4.05. Allocation of Realized Losses.
As provided in Section 4.05 of the Series Supplement.
Section 4.06. Reports of Foreclosures and Abandonment of Mortgaged Property.
The Master Servicer or the Subservicers shall file information returns
with respect to the receipt of mortgage interests received in a trade or
business, the reports of foreclosures and abandonments of any Mortgaged Property
and the information returns relating to cancellation of indebtedness income with
respect to any Mortgaged Property required by Sections 6050H, 6050J and 6050P,
respectively, of the Code, and deliver to the Trustee an Officers' Certificate
on or before March 31 of each year stating that such reports have been filed.
Such reports shall be in form and substance sufficient to meet the reporting
requirements imposed by Sections 6050H, 6050J and 6050P of the Code.
Section 4.07. Optional Purchase of Defaulted Mortgage Loans.
As to any Mortgage Loan which is delinquent in payment by 90 days or
more, the Master Servicer may, at its option, purchase such Mortgage Loan from
the Trustee at the Purchase Price therefor. If at any time the Master Servicer
makes a payment to the Certificate Account covering the amount of the Purchase
Price for such a Mortgage Loan, and the Master Servicer provides to the Trustee
a certification signed by a Servicing Officer stating that the amount of such
payment has been deposited in the 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.
If, however, the Master Servicer shall have exercised its right to
repurchase a Mortgage Loan pursuant to this Section 4.07 upon the written
request of and with funds provided by the Junior Certificateholder and thereupon
transferred such Mortgage Loan to the Junior Certificateholder, the Master
Servicer shall so notify the Trustee in writing.
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
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Account and shall distribute such Required Surety Payment, or the proceeds
thereof, in accordance with the provisions of Section 4.02.
(c) The Trustee shall (i) receive as attorney-in-fact of each Holder of a
Certificate any Required Surety Payment from the Surety and (ii) disburse the
same to the Holders of such Certificates as set forth in Section 4.02.
<PAGE>
Article V
THE CERTIFICATES
Section 5.01. The Certificates.
(a) The Senior, Class M, Class B and Class R Certificates shall be
substantially in the forms set forth in Exhibits A, B, C and D, respectively,
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 shall be issuable in the
minimum denominations designated in the Preliminary Statement to the Series
Supplement.
The Certificates shall be executed by manual or facsimile signature on
behalf of an authorized officer of the Trustee. Certificates bearing the manual
or facsimile signatures of individuals who were at any time the proper officers
of the Trustee shall bind the Trustee, notwithstanding that such individuals or
any of them have ceased to hold such offices prior to the authentication and
delivery of such Certificate or did not hold such offices at the date of such
Certificates. No Certificate shall be entitled to any benefit under this
Agreement, or be valid for any purpose, unless there appears on such Certificate
a certificate of authentication substantially in the form provided for herein
executed by the Certificate Registrar by manual signature, and such certificate
upon any Certificate shall be conclusive evidence, and the only evidence, that
such Certificate has been duly authenticated and delivered hereunder. All
Certificates shall be dated the date of their authentication.
(b) Except as provided below, registration of Book-Entry 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 Holders of the Book-Entry Certificates shall hold their
respective Ownership Interests in and to each of such 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
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matter shall not be deemed inconsistent if they are made with respect to
different Certificate Owners. The Trustee may establish a reasonable record date
in connection with solicitations of consents from or voting by
Certificateholders and shall give notice to the Depository of such record date.
If (i)(A) the Company advises the Trustee in writing that the Depository
is no longer willing or able to properly discharge its responsibilities as
Depository and (B) the Company is unable to locate a qualified successor or (ii)
the Company at its option advises the Trustee in writing that it elects to
terminate the book-entry system through the Depository, the Trustee shall notify
all Certificate Owners, through the Depository, of the occurrence of any such
event and of the availability of Definitive Certificates to Certificate Owners
requesting the same. Upon surrender to the Trustee of the Book-Entry
Certificates by the Depository, accompanied by registration instructions from
the Depository for registration of transfer, the Trustee shall issue the
Definitive Certificates. Neither the Company, the Master Servicer nor the
Trustee shall be liable for any actions taken by the Depository or its nominee,
including, without limitation, any delay in delivery of such instructions and
may conclusively rely on, and shall be protected in relying on, such
instructions. Upon the issuance of Definitive Certificates all references herein
to obligations imposed upon or to be performed by the Company in connection with
the issuance of the Definitive Certificates pursuant to this Section 5.01 shall
be deemed to be imposed upon and performed by the Trustee, and the Trustee and
the Master Servicer shall recognize the Holders of the Definitive Certificates
as Certificateholders hereunder.
(c) From time to time Residential Funding, as the initial Holder of the
Class A-V Certificates, may exchange such Holder's Class A-V Certificates for
Subclasses of Class A-V Certificates to be issued under this Agreement by
delivering a "Request for Exchange" substantially in the form attached hereto as
Exhibit N executed by an authorized officer, which Subclasses, in the aggregate,
will represent the Uncertificated Class A-V REMIC Regular Interests
corresponding to the Class A-V Certificates so surrendered for exchange. Any
Subclass so issued shall bear a numerical designation commencing with Class
A-V-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 Class A-V REMIC
Regular Interests corresponding to any Subclass, the Initial 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
Class A-V REMIC Regular Interest designated on a Request for Exchange
corresponds to a Subclass which has previously been issued. Each Subclass so
issued shall be substantially in the form set forth in Exhibit A and shall, on
original issue, be executed and delivered by the Trustee to the Certificate
Registrar for authentication and delivery in accordance with Section 5.01(a).
Every Certificate presented or surrendered for exchange by the initial Holder
shall (if so required by the Trustee or the Certificate Registrar) be duly
endorsed by, or be accompanied by a written instrument of transfer attached to
such Certificate and shall be completed to the satisfaction of the Trustee and
the Certificate Registrar duly executed by, the initial Holder thereof or his
attorney duly authorized in writing. The Certificates of any Subclass of Class
A-V Certificates may be transferred in whole, but not in part, in accordance
with the provisions of Section 5.02.
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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 transfer or exchange shall (if so required by the
Trustee or the Certificate Registrar) be duly endorsed by, or be accompanied by
a written instrument of transfer in form satisfactory to the Trustee and the
Certificate Registrar duly executed by, the Holder thereof or his attorney duly
authorized in writing.
(d) No transfer, sale, pledge or other disposition of a Class B Certificate
shall be made unless such transfer, sale, pledge or other disposition is exempt
from the registration requirements of the Securities Act of 1933, as amended,
and any applicable state securities laws or is made in accordance with said Act
and laws. In the event that a transfer of a Class B Certificate is to be made
either (i)(A) the Trustee shall require a written Opinion of Counsel acceptable
to and in form and substance satisfactory to the Trustee and the Company that
such transfer may be made pursuant to an exemption, describing the applicable
exemption and the basis therefor, from said Act and laws or is being made
pursuant to said Act and laws, which Opinion of Counsel shall not be an expense
of the Trustee, the Company or the Master Servicer (except that, if such
transfer is made by the Company or the Master Servicer or any Affiliate thereof,
the Company or the Master Servicer shall provide such Opinion of Counsel at
their own expense); provided that such Opinion of Counsel will not be required
in connection with the initial transfer of any such Certificate by the Company
or any Affiliate thereof to the Company or an Affiliate of the Company and (B)
the Trustee shall require the transferee to execute a representation letter,
substantially in the form of Exhibit H-1 hereto, and the Trustee shall require
the transferor to execute a representation letter, substantially in the form of
Exhibit I 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
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shall not be an expense of the Trustee, the Company or the Master Servicer;
provided, however, that such representation letters will not be required in
connection with any transfer of any such Certificate by the Company or any
Affiliate thereof to the Company or an Affiliate of the Company, and the Trustee
shall be entitled to conclusively rely upon a representation (which, upon the
request of the Trustee, shall be a written representation) from the Company, of
the status of such transferee as an Affiliate of the Company 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 J 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) (i) In the case of any Senior Support, Class M, Class B or Class R
Certificate presented for registration in the name of any Person, either
(A) 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 Senior Support,
Class M, Class B or Class R Certificate is permissible under applicable
law, will not constitute or result in any non-exempt prohibited transaction
under Section 406 of the Employee Retirement Income Security Act of 1974,
as amended ("ERISA"), or Section 4975 of the Code (or comparable provisions
of any subsequent enactments), and will not subject the Trustee, the
Company or the Master Servicer to any obligation or liability (including
obligations or liabilities under ERISA or Section 4975 of the Code) in
addition to those undertaken in this Agreement, which Opinion of Counsel
shall not be an expense of the Trustee, the Company or the Master Servicer
or (B) 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 H-1 (with respect to any Class B
Certificate), Exhibit H-2 (with respect to any Senior Support Certificate
or Class M Certificate) or paragraph fourteen of Exhibit G-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
either (a) 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 (each, a "Plan Investor") or (b) in the case of any Class
M Certificate or Class B Certificate, the following conditions are
satisfied: (i) such
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Transferee is an insurance company, (ii) the source of funds used to
purchase or hold such Certificate (or interest therein) is an "insurance
company general account" (as defined in U.S. Department of Labor Prohibited
Transaction Class Exemption ("PTCE") 95-60, and (iii) the conditions set
forth in Sections I and III of PTCE 95-60 have been satisfied (each entity
that satisfies this clause (b), a "Complying Insurance Company").
(ii) Notwithstanding the foregoing, an Opinion of Counsel or
certification will not be required with respect to the transfer
of any Senior Support Certificate or Class M Certificate to a
Depository, or for any subsequent transfer of any interest in a
Senior Support Certificate or Class M Certificate for so long as
such Certificate is a Book-Entry Certificate (each such Senior
Support Certificate or Class M Certificate, a "Book-Entry
Mezzanine Certificate"). Any Transferee of a Book-Entry Mezzanine
Certificate will be deemed to have represented by virtue of its
purchase or holding of such Certificate (or interest therein)
that either (a) such Transferee is not a Plan Investor or (b)
such Transferee is a Complying Insurance Company.
(iii) (A) If any Senior Support Certificate or Class M
Certificate (or any interest therein) is acquired or held in
violation of the provisions of Section (ii) above, then the last
preceding Transferee that either (i) is not a Plan Investor or
(ii) is a Complying Insurance Company shall be restored, to the
extent permitted by law, to all rights and obligations as
Certificate Owner thereof retroactive to the date of such
Transfer of such Senior Support Certificate or Class M
Certificate. The Trustee shall be under no liability to any
Person for making any payments due on such Certificate to such
preceding Transferee.
(B) Any purported Certificate Owner whose acquisition or
holding of any Book-Entry Mezzanine Certificate (or interest
therein) was effected in violation of the restrictions in this
Section 5.02(e) shall indemnify and hold harmless the Company,
the Trustee, the Master Servicer, any Subservicer, and the Trust
Fund from and against any and all liabilities, claims, costs or
expenses incurred by such parties as a result of such acquisition
or holding.
(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.
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(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 G-1) from the proposed Transferee, in
form and substance satisfactory to the Master Servicer, representing and
warranting, among other things, that it is a Permitted Transferee, that it
is not acquiring its Ownership Interest in the Class R Certificate that is
the subject of the proposed Transfer as a nominee, trustee or agent for any
Person who is not a Permitted Transferee, that for so long as it retains
its Ownership Interest in a Class R Certificate, it will endeavor to remain
a Permitted Transferee, and that it has reviewed the provisions of this
Section 5.02(f) and agrees to be bound by them, and (II) a certificate, in
the form attached hereto as Exhibit G-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 G-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 G-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.
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(iii)(A) If any Disqualified Organization shall become a holder of a Class R
Certificate, then the last preceding Permitted Transferee shall be
restored, to the extent permitted by law, to all rights and obligations as
Holder thereof retroactive to the date of registration of such Transfer of
such Class R Certificate. If a Non-United States Person shall become a
holder of a Class R Certificate, then the last preceding United States
Person shall be restored, to the extent permitted by law, to all rights and
obligations as Holder thereof retroactive to the date of registration of
such Transfer of such Class R Certificate. If a transfer of a Class R
Certificate is disregarded pursuant to the provisions of Treasury
Regulations Section 1.860E-1 or Section 1.860G-3, then the last preceding
Permitted Transferee shall be restored, to the extent permitted by law, to
all rights and obligations as Holder thereof retroactive to the date of
registration of such Transfer of such Class R Certificate. The Trustee
shall be under no liability to any Person for any registration of Transfer
of a Class R Certificate that is in fact not permitted by this Section
5.02(f) or for making any payments due on such Certificate to the holder
thereof or for taking any other action with respect to such holder under
the provisions of this Agreement.
(B) If any purported Transferee shall become a Holder of a Class R Certificate
in violation of the restrictions in this Section 5.02(f) and to the extent
that the retroactive restoration of the rights of the Holder of such Class
R Certificate as described in clause (iii)(A) above shall be invalid,
illegal or unenforceable, then the Master Servicer shall have the right,
without notice to the holder or any prior holder of such Class R
Certificate, to sell such Class R Certificate to a purchaser selected by
the Master Servicer on such terms as the Master Servicer may choose. Such
purported Transferee shall promptly endorse and deliver each Class R
Certificate in accordance with the instructions of the Master Servicer.
Such purchaser may be the Master Servicer itself or any Affiliate of 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
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Disqualified Organization. Reasonable compensation for providing such
information may be required by the Master Servicer from such Person.
(v) The provisions of this Section 5.02(f) set forth prior to this clause
(v) may be modified, added to or eliminated, provided that there shall
have been delivered to the Trustee the following:
(A) written notification from each Rating Agency to the effect that the
modification, addition to or elimination of such provisions will not cause
such Rating Agency to downgrade its then-current ratings, if any, of any
Class of the Senior, Class M or Class B 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), an Officers' 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 any portion of any REMIC formed under the Series Supplement
to cease to qualify as a REMIC and will not cause (x) any portion of any
REMIC formed under the Series Supplement to be subject to an entity-level
tax caused by the Transfer of any Class R Certificate to a Person that is a
Disqualified Organization or (y) a Certificateholder or another Person to
be subject to a REMIC-related tax caused by the Transfer of a Class R
Certificate to a Person that is not a Permitted Transferee.
(g) No service charge shall be made for any transfer or exchange of
Certificates of any Class, but the Trustee may require payment of a sum
sufficient to cover any tax or governmental charge that may be imposed in
connection with any transfer or exchange of Certificates.
(h) All Certificates surrendered for transfer and exchange shall be
destroyed by the Certificate Registrar.
Section 5.03. Mutilated, Destroyed, Lost or Stolen Certificates.
If (i) any mutilated Certificate is surrendered to the Certificate
Registrar, or the Trustee and the Certificate Registrar receive evidence to
their satisfaction of the destruction, loss or theft of any Certificate, and
(ii) there is delivered to the Trustee and the Certificate Registrar such
security or indemnity as may be required by them to save each of them harmless,
then, in the absence of notice to the Trustee or the Certificate Registrar that
such Certificate has been acquired by a bona fide purchaser, the Trustee shall
execute and the Certificate Registrar shall authenticate and deliver, in
exchange for or in lieu of any such mutilated, destroyed, lost or stolen
Certificate, a new Certificate of like tenor, Class and Percentage Interest but
bearing a number not contemporaneously outstanding. Upon the issuance of any new
Certificate under this Section, the Trustee may require the payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed in
relation thereto and any other expenses (including
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the fees and expenses of the Trustee and the Certificate Registrar) connected
therewith. Any duplicate Certificate issued pursuant to this Section shall
constitute complete and indefeasible evidence of ownership in the Trust Fund, as
if originally issued, whether or not the lost, stolen or destroyed Certificate
shall be found at any time.
Section 5.04. Persons Deemed Owners.
Prior to due presentation of a Certificate for registration of transfer,
the Company, the Master Servicer, the Trustee, the Certificate Registrar and any
agent of the Company, the Master Servicer, the Trustee or the Certificate
Registrar may treat the Person in whose name any Certificate is registered as
the owner of such Certificate for the purpose of receiving distributions
pursuant to Section 4.02 and for all other purposes whatsoever, except as and to
the extent provided in the definition of "Certificateholder," and neither the
Company, the Master Servicer, the Trustee, the Certificate Registrar nor any
agent of the Company, the Master Servicer, the Trustee or the Certificate
Registrar shall be affected by notice to the contrary except as provided in
Section 5.02(f).
Section 5.05. Appointment of Paying Agent.
The Trustee may appoint a Paying Agent for the purpose of making
distributions to the Certificateholders pursuant to Section 4.02. In the event
of any such appointment, on or prior to each Distribution Date the Master
Servicer on behalf of the Trustee shall deposit or cause to be deposited with
the Paying Agent a sum sufficient to make the payments to the Certificateholders
in the amounts and in the manner provided for in Section 4.02, such sum to be
held in trust for the benefit of the Certificateholders.
The Trustee shall cause each Paying Agent to execute and deliver to the
Trustee an instrument in which such Paying Agent shall agree with the Trustee
that such Paying Agent will hold all sums held by it for the payment to the
Certificateholders in trust for the benefit of the Certificateholders entitled
thereto until such sums shall be paid to such Certificateholders. Any sums so
held by such Paying Agent shall be held only in Eligible Accounts to the extent
such sums are not distributed to the Certificateholders on the date of receipt
by such Paying Agent.
Section 5.06. Optional Purchase of Certificates.
(a) On any Distribution Date on which the Pool Stated Principal Balance,
prior to giving effect to distributions to be made on such Distribution Date, 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 such 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,
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shall be given promptly by the Master Servicer or the Company, as applicable, by
letter to Certificateholders (with a copy to the Certificate Registrar and each
Rating Agency) mailed not earlier than the 15th day and not later than the 25th
day of the month next preceding the month of such final distribution,
specifying:
(i) the Distribution Date upon which purchase of the Certificates is
anticipated to be made upon presentation and surrender of such
Certificates at the office or agency of the Trustee therein designated,
(ii) the purchase price therefor, if known, and
(iii) that the Record Date otherwise applicable to such Distribution Date is
not applicable, payments being made only upon presentation and surrender
of the Certificates at the office or agency of the Trustee therein
specified.
If either the Master Servicer or the Company gives the notice specified above,
the Master Servicer or the Company, as applicable, shall deposit in the
Certificate Account before the Distribution Date on which the purchase pursuant
to Section 5.06(a) is to be made, in immediately available funds, an amount
equal to the purchase price for the Certificates computed as provided above.
(c) Upon presentation and surrender of the Certificates to be purchased
pursuant to Section 5.06(a) by the Holders thereof, the Trustee shall distribute
to such Holders an amount equal to the outstanding Certificate Principal Balance
thereof plus the sum of Accrued Certificate Interest thereon for the related
Interest Accrual Period and any previously unpaid Accrued Certificate Interest
with respect thereto.
(d) If 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
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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 Senior, Class
M or Class B Certificates in effect immediately prior to such merger or
consolidation will not be qualified, reduced or withdrawn as a result thereof
(as evidenced by a letter to such effect from each Rating Agency).
(c) Notwithstanding anything else in this Section 6.02 and Section 6.04 to
the contrary, the Master Servicer may assign its rights and delegate its duties
and obligations under this Agreement; provided that the Person accepting such
assignment or delegation shall be a Person which is qualified to service
mortgage loans on behalf of FNMA or FHLMC, is reasonably satisfactory to the
Trustee and the Company, is willing to service the Mortgage Loans and executes
and delivers to the Company and the Trustee an agreement, in form and substance
reasonably satisfactory to the Company and the Trustee, which contains an
assumption by such Person of the due and punctual performance and observance of
each covenant and condition to be performed or observed by the Master Servicer
under this Agreement; provided further that each Rating Agency's rating of the
Classes of Certificates that have been rated in effect
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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 the performance
of duties hereunder or by reason of reckless disregard of obligations and duties
hereunder.
Neither the Company nor the Master Servicer shall be under any
obligation to appear in, prosecute or defend any legal or administrative action,
proceeding, hearing or examination that is not incidental to its respective
duties under this Agreement and which in its opinion may involve it in any
expense or liability; provided, however, that the Company or the Master Servicer
may in its discretion undertake any such action, proceeding, hearing or
examination that it may deem necessary or desirable in respect to this Agreement
and the rights and duties of the parties hereto and the interests of the
Certificateholders hereunder. In such event, the legal expenses and costs of
such action, proceeding, hearing or examination and any liability resulting
therefrom shall be expenses, costs and liabilities of the Trust Fund, and the
Company and the Master Servicer shall be entitled to be reimbursed therefor out
of amounts attributable to the Mortgage Loans on deposit in the Custodial
Account as provided by Section 3.10 and, on the Distribution Date(s) following
such reimbursement, the aggregate of such expenses and costs shall be allocated
in reduction of the Accrued Certificate Interest on each Class entitled thereto
in the same manner as if such expenses and costs constituted a Prepayment
Interest Shortfall.
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Section 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
(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
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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 for administration by it of all cash
amounts which shall at the time be credited to the Custodial Account or the
Certificate Account or thereafter be received with respect to the Mortgage
Loans. No such termination shall release the Master Servicer for any liability
that it would otherwise have hereunder for any act or omission prior to the
effective time of such termination.
Notwithstanding any termination of the activities of Residential Funding
in its capacity as Master Servicer hereunder, Residential Funding shall be
entitled to receive, out of any late collection of a Monthly Payment on a
Mortgage Loan which was due prior to the notice terminating Residential
Funding's rights and obligations as Master Servicer hereunder and received after
such notice, that portion to which Residential Funding would have been entitled
pursuant to Sections 3.10(a)(ii), (vi) and (vii) as well as its Servicing Fee in
respect thereof, and any other amounts payable to Residential Funding hereunder
the entitlement to which arose prior to the termination of its activities
hereunder. Upon the termination of Residential Funding as Master Servicer
hereunder the Company shall deliver to the Trustee a copy of the Program Guide.
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Section 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 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.
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(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 manner set forth in
Section 11.01(b)(i) or (ii). Upon any such waiver of a default or Event of
Default by the Holders representing the requisite percentage of Voting Rights
affected by such default or Event of Default, such default or Event of Default
shall cease to exist and shall be deemed to have been remedied for every purpose
hereunder. No such waiver shall extend to any subsequent or other default or
Event of Default or impair any right consequent thereon except to the extent
expressly so waived.
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Article VIII
CONCERNING THE TRUSTEE
Section 8.01. Duties of Trustee.
(a) The Trustee, prior to the occurrence of an Event of Default and after
the curing or waiver 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 any portion of any REMIC formed under the Series Supplement 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 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
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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 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;
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(ii) The Trustee may consult with counsel and any Opinion of Counsel shall be
full and complete authorization and protection in respect of any action
taken or suffered or omitted by it hereunder in good faith and in
accordance with such Opinion of Counsel;
(iii)The Trustee shall be under no obligation to exercise any of the trusts or
powers vested in it by this Agreement or to institute, conduct or defend
any litigation hereunder or in relation hereto at the request, order or
direction of any of the Certificateholders, 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 or waived), to
exercise such of the rights and powers vested in it by this Agreement, and
to use the same degree of care and skill in their exercise as a prudent
investor would exercise or use under the circumstances in the conduct of
such investor's own affairs;
(iv) The Trustee shall not be personally liable for any action taken, suffered
or omitted by it in good faith and believed by it to be authorized or
within the discretion or rights or powers conferred upon it by this
Agreement;
(v) Prior to the occurrence of an Event of Default hereunder and after the
curing or waiver 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,
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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 any portion of any REMIC
formed under the Series Supplement to fail to qualify as a REMIC at any time
that any Certificates are outstanding or (ii) cause the Trust Fund to be subject
to any federal tax as a result of such contribution (including the imposition of
any federal tax on "prohibited transactions" imposed under Section 860F(a) of
the Code).
Section 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.
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(b) The Master Servicer agrees to indemnify the Trustee for, and to hold
the Trustee harmless against, any loss, liability or expense incurred without
negligence or willful misconduct on the Trustee's part, arising out of, or in
connection with, the acceptance and administration of the Trust Fund, including
the costs and expenses (including reasonable legal fees and expenses) of
defending itself against any claim in connection with the exercise or
performance of any of its powers or duties under this Agreement and the
Custodial Agreement, provided that:
(i) with respect to any such claim, the Trustee shall have given the Master
Servicer written notice thereof promptly after the Trustee shall have
actual knowledge thereof;
(ii) while maintaining control over its own defense, the Trustee shall
cooperate and consult fully with the Master Servicer in preparing such
defense; and
(iii) notwithstanding anything in this Agreement to the contrary, the Master
Servicer shall not be liable for settlement of any claim by the Trustee
entered into without the prior consent of the Master Servicer which
consent shall not be unreasonably withheld.
No termination of this Agreement shall affect the obligations created by this
Section 8.05(b) of the Master Servicer to indemnify the Trustee under the
conditions and to the extent set forth herein.
Notwithstanding the foregoing, the indemnification provided by the
Master Servicer in this Section 8.05(b) shall not pertain to any loss, liability
or expense of the Trustee, including the costs and expenses of defending itself
against any claim, incurred in connection with any actions taken by the Trustee
at the direction of the Certificateholders pursuant to the terms of this
Agreement.
Section 8.06. Eligibility Requirements for Trustee.
The Trustee hereunder shall at all times be a corporation or a national
banking association having its principal office in a state and city acceptable
to the Company and organized and doing business under the laws of such state or
the United States of America, authorized under such laws to exercise corporate
trust powers, having a combined capital and surplus of at least $50,000,000 and
subject to supervision or examination by federal or state authority. If such
corporation or national banking association publishes reports of condition at
least annually, pursuant to law or to the requirements of the aforesaid
supervising or examining authority, then for the purposes of this Section the
combined capital and surplus of such corporation shall be deemed to be its
combined capital and surplus as set forth in its most recent report of condition
so published. In case at any time the Trustee shall cease to be eligible in
accordance with the provisions of this Section, the Trustee shall 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
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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 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
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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 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.
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(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.
(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 at
the address designated in Section 11.05 of the Series Supplement where
Certificates may be surrendered for registration of transfer or exchange. The
Trustee will maintain an office at the address stated in
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Section 11.05 of the Series Supplement where notices and demands to or upon the
Trustee in respect of this Agreement may be served.
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ARTICLE IX
TERMINATION
Section 9.01. Termination Upon Purchase by the Master Servicer
or the Company or Liquidation of All Mortgage Loans.
(a) Subject to Section 9.02, the respective obligations and
responsibilities of the Company, the Master Servicer and the Trustee created
hereby in respect of the Certificates (other than the obligation of the Trustee
to make certain payments after the Final Distribution Date to Certificateholders
and the obligation of the Company to send certain notices as hereinafter set
forth) shall terminate upon the last action required to be taken by the Trustee
on the Final Distribution Date pursuant to this Article IX following the earlier
of:
(i) the later of the final payment or other liquidation (or any Advance with
respect thereto) of the last Mortgage Loan remaining in the Trust Fund or
the disposition of all property acquired upon foreclosure or deed in lieu
of foreclosure of any Mortgage Loan, or
(ii) the purchase by the Master Servicer or the Company of all Mortgage Loans
and all property acquired in respect of any Mortgage Loan remaining in the
Trust Fund at a price equal to 100% of the unpaid principal balance of each
Mortgage Loan or, if less than such unpaid principal balance, the fair
market value of the related underlying property of such Mortgage Loan with
respect to Mortgage Loans as to which title has been acquired if such fair
market value is less than such unpaid principal balance (net of any
unreimbursed Advances attributable to principal) on the day of repurchase
plus accrued interest thereon at the Net Mortgage Rate (or Modified Net
Mortgage Rate in the case of any Modified Mortgage Loan) to, but not
including, the first day of the month in which such repurchase price is
distributed, provided, however, that in no event shall the trust created
hereby continue beyond the expiration of 21 years from the death of the
last survivor of the descendants of Joseph P. Kennedy, the late ambassador
of the United States to the Court of St. James, living on the date hereof
and provided further that the purchase price set forth above shall be
increased as is necessary, as determined by the Master Servicer, to avoid
disqualification of any portion of any REMIC formed under the Series
Supplement 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, prior to giving
effect to distributions to be made on such Distribution Date, being less than
ten percent of the Cut-off Date Principal Balance of the Mortgage Loans. If such
right is exercised by the Master Servicer, the Master Servicer shall be deemed
to have been reimbursed for the full amount of any unreimbursed Advances
theretofore made by it with respect to the Mortgage Loans. In addition, the
Master Servicer or the Company, as applicable, shall provide to the Trustee the
certification required by Section 3.15 and the Trustee and any Custodian shall,
promptly following payment of the purchase price, release to the Master Servicer
or the Company, as applicable, the Mortgage Files pertaining to the Mortgage
Loans being purchased.
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(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 Senior Certificates and Class M
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 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 Senior, Class M or Class B 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) If 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
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distribution to Certificateholders to be withdrawn therefrom and credited to the
remaining Certificateholders by depositing such funds in a separate escrow
account for the benefit of such Certificateholders, and the Master Servicer or
the Company, as applicable (if it exercised its right to purchase the assets of
the Trust Fund), or the Trustee (in any other case) shall give a second written
notice to the remaining Certificateholders to surrender their Certificates for
cancellation and receive the final distribution with respect thereto. If within
six months after the second notice any Certificate shall not have been
surrendered for cancellation, the Trustee shall take appropriate steps as
directed by the Master Servicer or the Company, as applicable, to contact the
remaining Certificateholders concerning surrender of their Certificates. The
costs and expenses of maintaining the escrow account and of contacting
Certificateholders shall be paid out of the assets which remain in the escrow
account. If within nine months after the second notice any Certificates shall
not have been surrendered for cancellation, the Trustee shall pay to the Master
Servicer or the Company, as applicable, all amounts distributable to the holders
thereof and the Master Servicer or the Company, as applicable, shall thereafter
hold such amounts until distributed to such holders. No interest shall accrue or
be payable to any Certificateholder on any amount held in the escrow account or
by the Master Servicer or the Company, as applicable, as a result of such
Certificateholder's failure to surrender its Certificate(s) for final payment
thereof in accordance with this Section 9.01.
Section 9.02. Additional Termination Requirements.
(a) Each REMIC that comprises 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 each such REMIC 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 any such REMIC 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 each
such REMIC 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 a REMIC 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.
(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
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each REMIC at the expense of the Trust Fund in accordance with the terms and
conditions of this Agreement.
Section 9.03. Termination of Multiple REMICs.
If the REMIC Administrator makes two or more separate REMIC elections,
the applicable REMIC shall be terminated on the earlier of the Final
Distribution Date and the date on which it is deemed to receive the last deemed
distributions on the related Uncertificated REMIC Regular Interests and the last
distribution due on the Certificates is made.
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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 one or more REMICs under the Code and, if necessary, under applicable state
law. The assets of each such REMIC will be set forth in the Series Supplement.
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 each REMIC election in respect of
the Trust Fund, Certificates and interests to be designated as the "regular
interests" and the sole class of "residual interests" in the REMIC will be set
forth in Section 10.03 of the Series Supplement. The REMIC Administrator and the
Trustee shall not permit the creation of any "interests" (within the meaning of
Section 860G of the Code) in any REMIC elected in respect of the Trust Fund
other than the "regular interests" and "residual interests" so designated.
(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 each Class of the Class R Certificates and shall be
designated as "the tax matters person" with respect to each REMIC in the manner
provided under Treasury regulations section 1.860F-4(d) and Treasury regulations
section 301.6231(a)(7)-1. The REMIC Administrator, as tax matters person, shall
(i) act on behalf of each 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.
(d) The REMIC Administrator shall prepare or cause to be prepared all of
the Tax Returns that it determines are required with respect to each 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
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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 REMIC.
(f) The Master Servicer and the REMIC Administrator shall take such actions
and shall cause each 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 of each REMIC 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 any
portion of any REMIC formed under the Series Supplement as a REMIC or (ii)
result in the imposition of a tax upon any such 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 Master Servicer or the REMIC
Administrator, as applicable, determines that taking such action is in the best
interest of the Trust Fund and the Certificateholders, at the expense of the
Trust Fund, but in no event at the expense of the Master Servicer, the REMIC
Administrator or the Trustee) to the effect that the contemplated action will
not, with respect to each 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 any REMIC created hereunder
or any related assets thereof, or causing any such REMIC to take any action,
which is
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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 any such REMIC, and the Trustee
shall not take any such action or cause any such 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 each REMIC created hereunder
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
any REMIC created hereunder as defined in Section 860F(a)(2) of the Code, on
"net income from foreclosure property" of any such REMIC as defined in Section
860G(c) of the Code, on any contributions to any such REMIC after the Startup
Day therefor pursuant to Section 860G(d) of the Code, or any other tax is
imposed by the Code or any applicable provisions of state or local tax laws,
such tax shall be charged (i) to the Master Servicer, if such tax arises out of
or results from a breach by the Master Servicer of any of its obligations under
this Agreement or the Master Servicer has in its sole discretion determined to
indemnify the 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 each REMIC created
hereunder 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 any REMIC created hereunder 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 such 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 any REMIC created hereunder will
receive a fee or other compensation for services nor permit any such REMIC to
receive any income from assets other than "qualified mortgages" as defined in
Section 860G(a)(3) of the Code or "permitted investments" as defined in Section
860G(a)(5) of the Code.
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(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 Interest Only
Certificates) representing a regular interest in the applicable REMIC and the
Uncertificated Principal Balance of each Uncertificated REMIC Regular Interest
(other than each Uncertificated Class A-V REMIC Regular Interest, if any) and
the rights to the Interest Only Certificates and Uncertificated Class A-V REMIC
Regular Interest would be reduced to zero is the Maturity Date for each such
Certificate and Interest.
(l) Within 30 days after the Closing Date, the REMIC Administrator shall
prepare and file with the Internal Revenue Service Form 8811, "Information
Return for Real Estate Mortgage Investment Conduits (REMIC) and Issuers of
Collateralized Debt Obligations" for each REMIC created hereunder.
(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 any REMIC created hereunder, (iii)
the termination of any such 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 any such REMIC, nor sell or dispose of any
investments in the Custodial Account or the Certificate Account for gain nor
accept any contributions to any such 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 such 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 such 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 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.
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(c) The Master Servicer agrees to indemnify the Trust Fund, the Company,
the REMIC Administrator and the Trustee for any taxes and costs (including,
without limitation, any reasonable attorneys' fees) imposed on or incurred by
the Trust Fund, the Company, the REMIC Administrator or the Trustee, as a result
of a breach of the Master Servicer's covenants set forth in this Article X or in
Article III with respect to compliance with the REMIC Provisions, including
without limitation, any penalties arising from the Trustee's execution of Tax
Returns prepared by the Master Servicer that contain errors or omissions.
Section 10.03. Designation of REMIC(s).
As provided in Section 10.03 of the Series Supplement.
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Article XI
MISCELLANEOUS PROVISIONS
Section 11.01. Amendment.
(a) This Agreement or any Custodial Agreement may be amended from time to
time by the Company, the Master Servicer and the Trustee, without the consent of
any of the Certificateholders:
(i) to cure any ambiguity,
(ii) to correct or supplement any provisions herein or therein, which may be
inconsistent with any other provisions herein or therein or to correct any
error,
(iii)to modify, eliminate or add to any of its provisions to such extent as
shall be necessary or desirable to maintain the qualification of the Trust
Fund as a REMIC at all times that any Certificate is outstanding or to
avoid or minimize the risk of the imposition of any tax on the Trust Fund
pursuant to the Code that would be a claim against the Trust Fund, provided
that the Trustee has received an Opinion of Counsel to the effect that (A)
such action is necessary or desirable to maintain such qualification or to
avoid or minimize the risk of the imposition of any such tax and (B) such
action will not adversely affect in any material respect the interests of
any Certificateholder,
(iv) to change the timing and/or nature of deposits into the Custodial Account
or the Certificate Account or to change the name in which the Custodial
Account is maintained, provided that (A) the Certificate Account Deposit
Date shall in no event be later than the related Distribution Date, (B)
such change shall not, as evidenced by an Opinion of Counsel, adversely
affect in any material respect the interests of any Certificateholder and
(C) such change shall not result in a reduction of the rating assigned to
any Class of Certificates below the lower of the then-current rating or the
rating assigned to such Certificates as of the Closing Date, as evidenced
by a letter from each Rating Agency to such effect,
(v) to modify, eliminate or add to the provisions of Section 5.02(f) or any
other provision hereof restricting transfer of the Class R Certificates, by
virtue of their being the "residual interests" in a REMIC, provided that
(A) such change shall not result in reduction of the rating assigned to any
such Class of Certificates below the lower of the then-current rating or
the rating assigned to such Certificates as of the Closing Date, as
evidenced by a 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 any REMIC created hereunder 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,
(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
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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
or
(vii) to amend any provision herein or therein that is not
material to any of the Certificateholders.
(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 any REMIC created under the Series Supplement 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 the Custodian
and each Certificateholder. It shall not be necessary for the consent of
Certificateholders under this Section 11.01 to approve the particular form of
any proposed amendment, but it shall be sufficient if such consent shall approve
the substance thereof. The manner of obtaining such consents and of evidencing
the authorization of the execution thereof by Certificateholders shall be
subject to such reasonable regulations as the Trustee may prescribe.
(e) The Company shall have the option, in its sole discretion, to obtain
and deliver to the Trustee any corporate guaranty, payment obligation,
irrevocable letter of credit, surety bond, insurance policy or similar
instrument or a reserve fund, or any combination of the foregoing, for the
purpose of protecting the Holders of the Class B Certificates against any or all
Realized Losses or other shortfalls. Any such instrument or fund shall be held
by the Trustee for the benefit of the Class B Certificateholders, but shall not
be and shall not be deemed to be under any circumstances included in the Trust
Fund. To the extent that any such instrument or fund constitutes a reserve fund
for federal income tax purposes, (i) any reserve fund so established
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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
Senior 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) any REMIC created hereunder 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 K (in which case Residential Funding's Subordinate Certificate
Loss Obligation as described in such exhibit shall be established by Residential
Funding's consent to such amendment) and that the limited guaranty shall be
executed in the form attached hereto as Exhibit L, 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.
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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 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.
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Section 11.05. Notices.
As provided in Section 11.05 of the Series Supplement.
Section 11.06. Required Notices to Rating Agency and Subservicer.
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 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
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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 certificates by the Restructuring Vehicle and the distributions to be made
thereon, and any other provisions necessary for the purposes thereof. In
connection with each Supplemental Article, the Company shall deliver to the
Trustee an Opinion of Counsel to the effect that (i) the Restructuring Vehicle
will qualify as a REMIC, grantor trust, FASIT or other entity not subject to
taxation for federal income tax purposes and (ii) the adoption of the
Supplemental Article will not endanger the status of the Trust Fund as a REMIC
or (subject to Section 10.01(f)) result in the imposition of a tax upon the
Trust Fund (including but not limited to the tax on prohibited transactions as
defined in Section 860F(a)(2) of the Code and the tax on contributions to a
REMIC as set forth in Section 860G(d) of the Code).
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EXHIBIT A
FORM OF CLASS A CERTIFICATE, [PRINCIPAL ONLY/CLASS A-P] CERTIFICATE AND
[INTEREST ONLY/CLASS A-V] 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.
UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO ISSUER OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]
[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 ___________ __, ____.
ASSUMING THAT THE MORTGAGE LOANS PREPAY AT [___]% OF THE PREPAYMENT SPEED
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 PREPAYMENT SPEED
ASSUMPTION OR AT ANY OTHER RATE OR AS TO THE CONSTANCY OF THE PASS-THROUGH
RATE.]
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Certificate No. [ %][Variable] Pass-Through Rate
[based on a Notional Amount]
Class A- Senior
Date of Pooling and Servicing [Percentage Interest: %]
Agreement and Cut-off Date:
___________ 1, ____ Aggregate Initial [Certificate Principal
Balance] [[Interest Only/Class A-V] Notional
First Distribution Date: Amount] [Subclass Notional Amount] of the
_________ 25, ____ Class A- Certificates:
Master Servicer: [Initial] [Certificate Principal
Residential Funding Balance] [Interest Only/Class A-V] [Subclass]
Corporation Notional Amount] of this Certificate:
$ ]
Assumed Final
Distribution Date: CUSIP 76110F-
___________ 25, ____
MORTGAGE ASSET-BACKED PASS-THROUGH CERTIFICATE
SERIES ____-___
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 Principal Balance] [Initial [Interest Only/Class A-V]
Notional Amount] of this Certificate by the aggregate [Initial Certificate
Principal Balance of all Class A- Certificates] [Initial [Interest Only/Class
A-V] Notional Amounts of all [Interest Only/Class A-V] 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
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above (the "Agreement") among the Company, the Master Servicer and
__________________, 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 [Interest Only/Class A-V] Notional
Amount of the [Interest Only/Class A-V] 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 [Interest Only/Class A-V] Certificates.] [The Subclass Notional Amount of
the [Interest Only/Class A-V]- 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
[Interest Only/Class A-V]- Certificates immediately prior to such date.] [The
[Interest Only/Class A-V][- ] Certificates have no Certificate Principal
Balance.]
Distributions on this Certificate will be made either by the
Master Servicer acting on behalf of the Trustee or by a Paying Agent appointed
by the Trustee in immediately available funds (by wire transfer or otherwise)
for the account of the Person entitled thereto if such Person shall have so
notified the Master Servicer or such Paying Agent, or by check mailed to the
address of the Person entitled thereto, as such name and address shall appear on
the Certificate Register.
Notwithstanding the above, the final distribution on this
Certificate will be made after due notice of the pendency of such distribution
and only upon presentation and surrender of this Certificate at the office or
agency appointed by the Trustee for that purpose in the City and State of New
York. The [Initial Certificate Principal Balance] [Initial [Interest Only/Class
A-V] 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
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Loan, such advance is reimbursable to the Master Servicer, to the extent
provided in the Agreement, from related recoveries on such Mortgage Loan or from
other cash that would have been distributable to Certificateholders.
As provided in the Agreement, withdrawals from the Custodial
Account and/or the Certificate Account created for the benefit of
Certificateholders may be made by the Master Servicer from time to time for
purposes other than distributions to Certificateholders, such purposes including
without limitation reimbursement to the Company and the Master Servicer of
advances made, or certain expenses incurred, by either of them.
The Agreement permits, with certain exceptions therein provided,
the amendment of the Agreement and the modification of the rights and
obligations of the Company, the Master Servicer and the Trustee and the rights
of the Certificateholders under the Agreement at any time by the Company, the
Master Servicer and the Trustee with the consent of the Holders of Certificates
evidencing in the aggregate not less than 66% of the Percentage Interests of
each Class of Certificates affected thereby. Any such consent by the Holder of
this Certificate shall be conclusive and binding on such Holder and upon all
future holders of this Certificate and of any Certificate issued upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such consent is made upon the Certificate. The Agreement also permits the
amendment thereof in certain circumstances without the consent of the Holders of
any of the Certificates and, in certain additional circumstances, without the
consent of the Holders of certain Classes of Certificates.
As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices or agencies appointed by the Trustee in the City and
State of New York, duly endorsed by, or accompanied by an assignment in the form
below or other written instrument of transfer in form satisfactory to the
Trustee and the Certificate Registrar duly executed by the Holder 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
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neither the Company, the Master Servicer, the Trustee nor any such agent shall
be affected by notice to the contrary.
This Certificate shall be governed by and construed in accordance
with the laws of the State of New York.
The obligations created by the Agreement in respect of the
Certificates and the Trust Fund created thereby shall terminate upon the payment
to Certificateholders of all amounts held by or on behalf of the Trustee and
required to be paid to them pursuant to the Agreement following the earlier of
(i) the maturity or other liquidation of the last Mortgage Loan subject thereto
or the disposition of all property acquired upon foreclosure or deed in lieu of
foreclosure of any Mortgage Loan and (ii) the purchase by the Master Servicer or
the Company from the Trust Fund of all remaining Mortgage Loans and all property
acquired in respect of such Mortgage Loans, thereby effecting early retirement
of the Certificates. The Agreement permits, but does not require, the Master
Servicer or the Company to (i) purchase at a price determined as provided in the
Agreement all remaining Mortgage Loans and all property acquired in respect of
any Mortgage Loan or (ii) purchase in whole, but not in part, all of the
Certificates from the Holders thereof; provided, that any such option may only
be exercised if the Pool Stated Principal Balance of the Mortgage Loans as of
the Distribution Date upon which the proceeds of any such purchase are
distributed is less than ten percent of the Cut-off Date Principal Balance of
the Mortgage Loans.
Reference is hereby made to the further provisions of this
Certificate set forth on the reverse hereof, which further provisions shall for
all purposes have the same effect as if set forth at this place.
Unless the certificate of authentication hereon has been executed
by the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.
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IN WITNESS WHEREOF, the Trustee has caused this Certificate to be
duly executed.
Dated: [_________________________],
as Trustee
By:
Authorized Signatory
CERTIFICATE OF AUTHENTICATION
This is one of the Class A- Certificates referred to in the
within-mentioned Agreement.
[________________________,]
as Certificate Registrar
By:
Authorized Signatory
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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 SENIOR
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").
UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO ISSUER OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.
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 ___________ __, ____.
ASSUMING THAT THE MORTGAGE LOANS PREPAY AT [___]% OF THE PREPAYMENT SPEED
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 PREPAYMENT SPEED ASSUMPTION OR AT ANY OTHER RATE.
No transfer of this Class M Certificate will be made unless the Trustee
has received either (A) 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 Code
and stating, among other things, that the transferee's acquisition of THIS
Certificate will not constitute or result in a non-exempt prohibited transaction
<PAGE>
under Section 406 of ERISA or Section 4975 of the Code or (B) a representation
letter, in the form described IN 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 (a "plan investor"), or stating that
(I) the transferee is an insurance company, (II) 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 (iii) the CONDITIONS SET FORTH IN SECTIONS I AND
III OF PTCE 95-60 HAVE BEEN SATISFIED (EACH ENTITY THAT SATISFIES THIS CLAUSE
(B), A "cOMPLYING INSURANCE COMPANY").
NOTWITHSTANDING THE ABOVE, WITH RESPECT TO THE TRANSFER OF THIS
CERTIFICATE TO A DEPOSITORY OR ANY SUBSEQUENT TRANSFER OF ANY INTEREST IN THIS
CERTIFICATE FOR SO LONG AS THIS CERTIFICATE IS HELD BY A DEPOSITORY, (I) NEITHER
AN OPINION OF COUNSEL NOR A CERTIFICATION, EACH AS DESCRIBED IN THE FOREGOING
PARAGRAPH, SHALL BE REQUIRED, AND (II) THE FOLLOWING CONDITIONS SHALL APPLY:
1. Any Transferee of this Certificate will be deemed to have
represented by virtue of its purchase or holding of this Certificate (or
interest herein) that either (a) such Transferee is not a Plan Investor
or (b) SUCH TRANSFEREE IS a Complying Insurance Company; and
2. If this Certificate (OR ANY INTEREST HEREIN) IS ACQUIRED OR
HELD IN VIOLATION OF THE PROVISIONS OF THE PRECEDING PARAGRAPH, then the
last preceding Transferee that either (i) is not a Plan Investor or (ii)
is a Complying Insurance Company shall be restored, to the extent
permitted by law, to all rights and obligations as Certificate Owner
thereof retroactive to the date of such Transfer of this Certificate.
The Trustee shall be under no liability to any Person for making any
payments due on this Certificate to such preceding Transferee.
Any purported Certificate Owner whose acquisition or holding of this
Certificate (or interest herein) was effected in violation of the restrictions
in Section 5.02(e) of the Pooling and Servicing Agreement shall indemnify and
hold harmless the Company, the Trustee, the Master Servicer, any Subservicer,
and the Trust Fund from and against any and all liabilities, claims, costs or
expenses
B-2
<PAGE>
incurred by such parties as a result of such acquisition or holding.
Certificate No. [ ]% Pass-Through Rate
Class M- Subordinate Aggregate Certificate
Principal Balance
Date of Pooling and Servicing of the Class M Certificates:
Agreement and Cut-off Date: $
___________ 1, ____
Initial Certificate Principal
First Distribution Date: Balance of this Certificate:
_________ 25, ____ $
Master Servicer: CUSIP: 76110F-
Residential Funding Corporation
Assumed Final Distribution Date:
___________ 25, ____
MORTGAGE ASSET-BACKED PASS-THROUGH CERTIFICATE,
SERIES ____-___
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 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
B-3
<PAGE>
Servicer and __________________, 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.
As described above, no transfer of this Class M Certificate will
be made unless (i) the Trustee has received either an opinion of counsel or a
representation letter, each as described in the Agreement, relating to the
permissibility of such transfer under ERISA and Section 4975 of the Code, or
(ii) this Certificate is held by a Depository, in which case the Transferee will
be deemed to have made representations relating to the permissibility of such
transfer under ERISA and Section 4975 of the Code, as described in Section
5.02(e) of the Agreement. In addition, any purported Certificate Owner whose
acquisition or holding of this Certificate (or interest herein) was effected in
violation of the restrictions in Section 5.02(e) of the Agreement shall
indemnify and hold harmless the Company, the Trustee, the Master Servicer, any
Subservicer, and the Trust Fund from and against any and all liabilities,
claims, costs or expenses incurred by such parties as a result of such
acquisition or holding.
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").
B-4
<PAGE>
The Certificates are limited in right of payment to certain
collections and recoveries respecting the Mortgage Loans, all as more
specifically set forth herein and in the Agreement. In the event Master Servicer
funds are advanced with respect to any Mortgage Loan, such advance is
reimbursable to the Master Servicer, to the extent provided in the Agreement,
from related recoveries on such Mortgage Loan or from other cash that would have
been distributable to Certificateholders.
As provided in the Agreement, withdrawals from the Custodial
Account and/or the Certificate Account created for the benefit of
Certificateholders may be made by the Master Servicer from time to time for
purposes other than distributions to Certificateholders, such purposes including
without limitation reimbursement to the Company and the Master Servicer of
advances made, or certain expenses incurred, by either of them.
The Agreement permits, with certain exceptions therein provided,
the amendment of the Agreement and the modification of the rights and
obligations of the Company, the Master Servicer and the Trustee and the rights
of the Certificateholders under the Agreement at any time by the Company, the
Master Servicer and the Trustee with the consent of the Holders of Certificates
evidencing in the aggregate not less than 66% of the Percentage Interests of
each Class of Certificates affected thereby. Any such consent by the Holder of
this Certificate shall be conclusive and binding on such Holder and upon all
future holders of this Certificate and of any Certificate issued upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such consent is made upon the Certificate. The Agreement also permits the
amendment thereof in certain circumstances without the consent of the Holders of
any of the Certificates and, in certain additional circumstances, without the
consent of the Holders of certain Classes of Certificates.
As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices or agencies appointed by the Trustee in the City and
State of New York, duly endorsed by, or accompanied by an assignment in the form
below or other written instrument of transfer in form satisfactory to the
Trustee and the Certificate Registrar duly executed by the Holder 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.
B-5
<PAGE>
The Company, the Master Servicer, the Trustee and the Certificate
Registrar and any agent of the Company, the Master Servicer, the Trustee or the
Certificate Registrar may treat the Person in whose name this Certificate is
registered as the owner hereof for all purposes, and neither the Company, the
Master Servicer, the Trustee nor any such agent shall be affected by notice to
the contrary.
This Certificate shall be governed by and construed in accordance
with the laws of the State of New York.
The obligations created by the Agreement in respect of the
Certificates and the Trust Fund created thereby shall terminate upon the payment
to Certificateholders of all amounts held by or on behalf of the Trustee and
required to be paid to them pursuant to the Agreement following the earlier of
(i) the maturity or other liquidation of the last Mortgage Loan subject thereto
or the disposition of all property acquired upon foreclosure or deed in lieu of
foreclosure of any Mortgage Loan and (ii) the purchase by the Master Servicer or
the Company from the Trust Fund of all remaining Mortgage Loans and all property
acquired in respect of such Mortgage Loans, thereby effecting early retirement
of the Certificates. The Agreement permits, but does not require, the Master
Servicer or the Company to (i) purchase at a price determined as provided in the
Agreement all remaining Mortgage Loans and all property acquired in respect of
any Mortgage Loan or (ii) purchase in whole, but not in part, all of the
Certificates from the Holders thereof; provided, that any such option may only
be exercised if the Pool Stated Principal Balance of the Mortgage Loans as of
the Distribution Date upon which the proceeds of any such purchase are
distributed is less than ten percent of the Cut-off Date Principal Balance of
the Mortgage Loans.
Unless the certificate of authentication hereon has been executed
by the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.
B-6
<PAGE>
IN WITNESS WHEREOF, the Trustee has caused this Certificate to be
duly executed.
Dated: [____________________________],
as Trustee
By:___________________________
Authorized Signatory
CERTIFICATE OF AUTHENTICATION
This is one of the Class M- Certificates referred to in the
within-mentioned Agreement.
[_________________________],
as Certificate Registrar
By:________________________
Authorized Signatory
B-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 C
FORM OF CLASS B CERTIFICATE
THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE SENIOR CERTIFICATES
AND CLASS M CERTIFICATES [AND CLASS B-1] [CLASS B-2 CERTIFICATES] 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 ___________ __, ____. ASSUMING THAT THE MORTGAGE
LOANS PREPAY AT 100% OF THE PREPAYMENT SPEED 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 PREPAYMENT SPEED
ASSUMPTION OR AT ANY OTHER RATE.
<PAGE>
Certificate No. [ ]% Pass-Through Rate
Class B- Subordinate Aggregate Certificate
Principal Balance
Date of Pooling and Servicing of the Class B-
Agreement and Cut-off Date: Certificates as of
___________ 1, ____ the Cut-off Date:
$
First Distribution Date:
_________ 25, ____ Initial Certificate Principal
Balance of this Certificate:
Master Servicer: $
Residential Funding Corporation
Assumed Final Distribution Date:
___________ 25, ____
MORTGAGE ASSET-BACKED PASS-THROUGH CERTIFICATE,
SERIES ____-___
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," 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
__________________, 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
C-2
<PAGE>
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 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
C-3
<PAGE>
of ERISA or Section 4975 of the Code or (ii) a representation letter, in the
form as described by the Agreement, either stating that the transferee is not an
employee benefit or other plan subject to the prohibited transaction provisions
of ERISA or Section 4975 of the Code (a "Plan"), or any other person (including
an investment manager, a named fiduciary or a trustee of any Plan) acting,
directly or indirectly, on behalf of or purchasing any Certificate with "plan
assets" of any Plan, or stating that the transferee is an insurance company, the
source of funds to be used by it to purchase the Certificate is an "insurance
company general account" (within the meaning of Department of Labor Prohibited
Transaction Class Exemption ("PTCE") 95-60), and the purchase is being made in
reliance upon the availability of the exemptive relief afforded under Sections I
and III of PTCE 95-60.
This Certificate is one of a duly authorized issue of
Certificates issued in several Classes designated as Mortgage Asset-Backed
Pass-Through Certificates of the Series specified hereon (herein collectively
called the "Certificates").
The Certificates are limited in right of payment to certain
collections and recoveries respecting the Mortgage Loans, all as more
specifically set forth herein and in the Agreement. In the event Master Servicer
funds are advanced with respect to any Mortgage Loan, such advance is
reimbursable to the Master Servicer, to the extent provided in the Agreement,
from related recoveries on such Mortgage Loan or from other cash that would have
been distributable to Certificateholders.
As provided in the Agreement, withdrawals from the Custodial
Account and/or the Certificate Account created for the benefit of
Certificateholders may be made by the Master Servicer from time to time for
purposes other than distributions to Certificateholders, such purposes including
without limitation 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
C-4
<PAGE>
authorized in writing, and thereupon one or more new Certificates of authorized
denominations evidencing the same Class and aggregate Percentage Interest will
be issued to the designated transferee or transferees.
The Certificates are issuable only as registered Certificates
without coupons in Classes and in denominations specified in the Agreement. As
provided in the Agreement and subject to certain limitations therein set forth,
Certificates are exchangeable for new Certificates of authorized denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.
No service charge will be made for any such registration of
transfer or exchange, but the Trustee may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith.
The Company, the Master Servicer, the Trustee and the Certificate
Registrar and any agent of the Company, the Master Servicer, the Trustee or the
Certificate Registrar may treat the Person in whose name this Certificate is
registered as the owner hereof for all purposes, and neither the Company, the
Master Servicer, the Trustee nor any such agent shall be affected by notice to
the contrary.
This Certificate shall be governed by and construed in accordance
with the laws of the State of New York.
The obligations created by the Agreement in respect of the
Certificates and the Trust Fund created thereby shall terminate upon the payment
to Certificateholders of all amounts held by or on behalf of the Trustee and
required to be paid to them pursuant to the Agreement following the earlier of
(i) the maturity or other liquidation of the last Mortgage Loan subject thereto
or the disposition of all property acquired upon foreclosure or deed in lieu of
foreclosure of any Mortgage Loan and (ii) the purchase by the Master Servicer or
the Company from the Trust Fund of all remaining Mortgage Loans and all property
acquired in respect of such Mortgage Loans, thereby effecting early retirement
of the Certificates. The Agreement permits, but does not require, the Master
Servicer or the Company to (i) purchase at a price determined as provided in the
Agreement all remaining Mortgage Loans and all property acquired in respect of
any Mortgage Loan or (ii) purchase in whole, but not in part, all of the
Certificates from the Holders thereof; provided, that any such option may only
be exercised if the Pool Stated Principal Balance of the Mortgage Loans as of
the Distribution Date upon which the proceeds of any such purchase are
distributed is less than ten percent of the Cut-off Date Principal Balance of
the Mortgage Loans.
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.
C-5
<PAGE>
IN WITNESS WHEREOF, the Trustee has caused this Certificate to be
duly executed.
Dated: [_____________________________],
as Trustee
By:___________________________
Authorized Signatory
CERTIFICATE OF AUTHENTICATION
This is one of the Class M- Certificates referred to in the
within-mentioned Agreement.
[________________________________],
as Certificate Registrar
By:__________________________
Authorized Signatory
C-6
<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 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), (B) A FOREIGN GOVERNMENT, ANY INTERNATIONAL ORGANIZATION, OR
ANY AGENCY OR INSTRUMENTALITY OF EITHER OF THE FOREGOING, (C) 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 UNLESS SUCH
ORGANIZATION IS SUBJECT TO THE TAX IMPOSED BY SECTION 511 OF THE CODE (INCLUDING
THE TAX IMPOSED BY SECTION 511 OF THE CODE ON UNRELATED BUSINESS TAXABLE
INCOME), (D) RURAL ELECTRIC AND TELEPHONE COOPERATIVES DESCRIBED IN SECTION
1381(a)(2)(C) OF THE CODE, (E) AN ELECTING LARGE PARTNERSHIP UNDER SECTION
775(a) OF THE CODE (ANY SUCH PERSON DESCRIBED IN THE FOREGOING CLAUSES (A), (B),
(C), (D) OR (E) BEING HEREIN REFERRED TO AS A "DISQUALIFIED ORGANIZATION"), OR
(F) 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
<PAGE>
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.
Certificate No. [ ]% Pass-Through Rate
Class R Senior Aggregate Initial Certificate
Principal Balance of the
Date of Pooling and Servicing Class R Certificates:
Agreement and Cut-off Date: $100.00
___________ 1, ____
Initial Certificate Principal
First Distribution Date: Balance of this Certificate:
_________ 25, ____ $___________________________
Master Servicer: Percentage Interest:
Residential Funding Corporation ____________________________%
Assumed Final Distribution Date: CUSIP 76110F-
___________ 25, ____
MORTGAGE ASSET-BACKED PASS-THROUGH CERTIFICATE,
SERIES ____-___
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.
D-2
<PAGE>
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 above (the "Agreement") among the Company, the Master Servicer and
__________________, 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 Certificate Principal Balance hereof to
zero, this Certificate will remain outstanding under the
D-3
<PAGE>
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 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.
D-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 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.
D-5
<PAGE>
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.
D-6
<PAGE>
IN WITNESS WHEREOF, the Trustee has caused this Certificate to be
duly executed.
Dated: [____________________________],
as Trustee
By:__________________________
Authorized Signatory
CERTIFICATE OF AUTHENTICATION
This is one of the Class R Certificates referred to in the
within-mentioned Agreement.
[_______________________________],
as Certificate Registrar
By:__________________________
Authorized Signatory
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
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.
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:
<PAGE>
(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.
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.
E-2
<PAGE>
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.
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.
E-3
<PAGE>
This Contract, including all documents incorporated by reference herein,
constitutes the entire understanding between the parties hereto and supersedes
all other agreements, covenants, representations, warranties, understandings and
communications between the parties, whether written or oral, with respect to the
transactions contemplated by this Contract. All paragraph headings contained
herein are for convenience only and shall not be construed as part of this
Contract. Any provision of this Contract that is prohibited or unenforceable in
any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining portions
hereof or affecting the validity or enforceability of such provision in any
other jurisdiction, and, to this end, the provisions hereof are severable. This
Contract shall be governed by, and construed and enforced in accordance with,
applicable federal laws and the laws of the State of Minnesota.
` E-4
<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:_____________________ By:__________________________
(Typed Name) (Typed Name)
Title:__________________ Title:_______________________
======================================= =======================================
ATTEST: RESIDENTIAL FUNDING CORPORATION
[Corporate Seal]
By:_____________________ By:__________________________
(Signature) (Signature)
By:_____________________ By:__________________________
(Typed Name) (Typed Name)
Title:__________________ Title:_______________________
E-5
<PAGE>
EXHIBIT F
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 G-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 ____-___, 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" or an
electing large partnership as of [date of transfer] within the meaning of
Sections 860E(e)(5) and 775, respectively, of the Internal Revenue Code of 1986,
as amended (the "Code") or an electing large partnership under Section 775(a) of
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 an electing large partnership under
Section 775 of the Code, 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 or electing large
partnerships, under the Code, that applies to all transfers of Class R
Certificates after March 31, 1988; (ii) that such tax would be on the transferor
(or, with respect to transfers to electing large partnerships, on each such
partnership), 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 (other than with respect to transfers to electing large
partnerships) 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 and that the
transferor of a noneconomic residual interest will remain liable
<PAGE>
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 either the pass-through entity is an electing large
partnership under Section 775 of the if at any time during the taxable year of
the pass-through entity a disqualified organization is the record holder of an
interest in such entity. (For this purpose, a "pass through entity" includes a
regulated investment company, a real estate investment trust or common trust
fund, a partnership, trust or estate, and certain cooperatives.)
5. The Owner is a citizen or resident of the United States, a corporation,
partnership or other entity created or organized in, or under the laws of, the
United States or any political subdivision thereof (except in the case of a
partnership, to the extent provided in Treasury regulations), or an estate that
is described in Section 7701(a)(30)(D) of the Code, or a trust that is described
in Section 7701(a)(30)(E) of the Code.
6. That the Owner is aware that the Trustee will not register the transfer of
any Class R Certificates unless the transferee, or the transferee's agent,
delivers to it an affidavit and agreement, among other things, in substantially
the same form as this affidavit and agreement. The Owner expressly agrees that
it will not consummate any such transfer if it knows or believes that any of the
representations contained in such affidavit and agreement are false.
7. That the Owner has reviewed the restrictions set forth on the face of the
Class R Certificates and the provisions of Section 5.02(f) of the Pooling and
Servicing Agreement under which the Class R Certificates were issued (in
particular, clause (iii)(A) and (iii)(B) of Section 5.02(f) which authorize the
Trustee to deliver payments to a person other than the Owner and negotiate a
mandatory sale by the Trustee in the event the Owner holds such Certificates in
violation of Section 5.02(f)). The Owner expressly agrees to be bound by and to
comply with such restrictions and provisions.
8. That the Owner consents to any additional restrictions or arrangements that
shall be deemed necessary upon advice of counsel to constitute a reasonable
arrangement to ensure that the Class R Certificates will only be owned, directly
or indirectly, by an Owner that is not a disqualified organization.
9. The Owner's Taxpayer Identification Number is .
10. This affidavit and agreement relates only to the Class R Certificates held
by the Owner and not to any other holder of the Class R Certificates. The Owner
understands that 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
G-1-2
<PAGE>
from whom it acquired the Class R Certificate that the Owner intends to pay
taxes associated with holding such Class R Certificate as they become due, fully
understanding that it may incur tax liabilities in excess of any cash flows
generated by the Class R Certificate.
13. That the Owner has no present knowledge or expectation that it will become
insolvent or subject to a bankruptcy proceeding for so long as any of the Class
R Certificates remain outstanding.
14. The Purchaser is not an employee benefit plan or other plan subject to the
prohibited transaction provisions of the Employee Retirement Income Security Act
of 1974, as amended ("ERISA"), or Section 4975 of the Internal Revenue Code of
1986, as amended (the "Code"), or an investment manager, named fiduciary or a
trustee of any such plan, or any other Person acting, directly or indirectly, on
behalf of or purchasing any Certificate with "plan assets" of any such plan.
<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__.
G-1-4
<PAGE>
EXHIBIT G-2
FORM OF TRANSFEROR CERTIFICATE
, 19
Residential Accredit Loans, Inc.
8400 Normandale Lake Boulevard
Suite 600
Minneapolis, Minnesota 55437
Attention: Residential Funding Corporation Series ____-___
Re: Mortgage Asset-Backed Pass-Through Certificates,
Series ____-___, 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 ____-___, Class R (the "Certificates"), pursuant to Section
5.02 of the Pooling and Servicing Agreement (the "Pooling and Servicing
Agreement"), dated as of ___________ 1, ____ among Residential Accredit Loans,
Inc., as seller (the "Company"), Residential Funding Corporation, as master
servicer, and __________________, 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:
15. 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.
16. 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 G-1. The Seller does not know or
believe that any representation contained therein is false.
17. The Seller has at the time of the transfer conducted a reasonable
investigation of the financial condition of the Purchaser as contemplated by
Treasury Regulations Section 1.860E-1(c)(4)(i) and, as a result of that
investigation, the Seller has determined that the Purchaser has historically
paid its debts as they become due and has found no significant evidence to
indicate that the Purchaser will not continue to pay its debts as they become
due in the future. The Seller understands that the transfer of a Class R
Certificate may
<PAGE>
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.
18. 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:______________________
G-2-2
<PAGE>
EXHIBIT H-1
FORM OF INVESTOR REPRESENTATION LETTER
, 19
Residential Accredit Loans, Inc.
8400 Normandale Lake Boulevard
Suite 600
Minneapolis, MN 55437
Residential Funding Corporation
8400 Normandale Lake Boulevard
Suite 600
Minneapolis, MN 55437
Attention: Residential Funding Corporation Series ____-___
RE: Mortgage Asset-Backed Pass-Through Certificates,
Series ____-___, [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 ____-___, Class (the
"Certificates"), issued pursuant to the Pooling and Servicing Agreement (the
"Pooling and Servicing Agreement"), dated as of ___________ 1, ____ among
Residential Accredit Loans, Inc., as seller (the "Company"), Residential Funding
Corporation, as master servicer (the "Master Servicer"), and __________________,
as trustee (the "Trustee"). All terms used herein and not otherwise defined
shall have the meanings set forth in the Pooling and Servicing Agreement. The
Purchaser hereby certifies, represents and warrants to, and covenants with, the
Company, the Trustee and the Master Servicer that:
1. The Purchaser understands that (a) the Certificates have not been and will
not be registered or qualified under the Securities Act of 1933, as amended
(the "Act") or any state securities law, (b) the Company is not required to
so register or qualify the Certificates, (c) the Certificates may be resold
only if registered and qualified pursuant to the provisions of the Act or
any state securities law, or if an exemption from such registration and
qualification is available, (d) the Pooling and Servicing Agreement
contains restrictions regarding
<PAGE>
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.
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 general solicitation
by means of general advertising or in any other manner or (e) take any
H-1-2
<PAGE>
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 (a "Plan"), or any other person (including an investment
manager, a named fiduciary or a trustee of any Plan) acting, directly or
indirectly, on behalf of or purchasing any Certificate with "plan assets"
of any Plan within the meaning of the Department of Labor ("DOL")
regulation at 29 C.F.R. ss.2510.3-101; or
(b) is an insurance company, the source of funds to be used by it to purchase
the Certificates is an "insurance company general account" (within the
meaning of DOL Prohibited Transaction Class Exemption ("PTCE") 95-60), and
the purchase is being made in reliance upon the availability of the
exemptive relief afforded under Sections I and III of PTCE 95-60.
In addition, the Purchaser hereby certifies, represents and warrants to,
and covenants with, the Company, the Trustee and the Master Servicer that the
Purchaser will not transfer such Certificates to any Plan or person unless such
Plan or person meets the requirements set forth in either 6(a) or (b) above.
Very truly yours,
By:
Name:
Title:
H-1-3
<PAGE>
EXHIBIT H-2
FORM OF ERISA REPRESENTATION LETTER
, 199
Residential Funding Corporation
8400 Normandale Lake Boulevard
Suite 600
Minneapolis, Minnesota 55437
Residential Accredit Loans, Inc.
8400 Normandale Lake Boulevard
Suite 600
Minneapolis, Minnesota 55437
Attention: Residential Funding Corporation Series ____-___
Re: Mortgage Asset-Backed Pass-Through Certificates,
Series ____-___, Class M-___
Ladies and Gentlemen:
____________________(the "Purchaser") intends to purchase from
___________________-- (the "Seller") $____________________ Initial Certificate
Principal Balance of Mortgage Asset-Backed Pass-Through Certificates, Series
____-___, Class M- (the "Certificates"), issued pursuant to the Pooling and
Servicing Agreement (the "Pooling and Servicing Agreement"), dated as of
___________ 1, ____, among Residential Accredit Loans, Inc., as seller (the
"Company"), Residential Funding Corporation, as master servicer (the "Master
Servicer") and __________________, as (the "Trustee"). All terms used herein and
not otherwise defined shall have the meanings set forth in the Pooling and
Servicing Agreement. The Purchaser hereby certifies, represents and warrants to,
and covenants with the Company, the Trustee and the Master Servicer that either:
(a) The Purchaser is not an employee benefit or other plan subject to the
prohibited transaction provisions of the Employee Retirement Income
Security Act of 1974, as amended ("ERISA"), or Section 4975 of the Internal
Revenue Code of 1986, as amended (a "Plan"), or any other person (including
an investment manager, a named fiduciary or a trustee of any Plan) acting,
directly or indirectly, on behalf of or purchasing any Certificate with
"plan assets" of any Plan within the meaning of the Department of Labor
("DOL") regulation at 29 C.F.R. ss.2510.3-101; or
<PAGE>
(b) The Purchaser is an insurance company, the source of funds to be used by it
to purchase the Certificates is an "insurance company general account"
(within the meaning of DOL Prohibited Transaction Class Exemption ("PTCE")
95-60), ), and the conditions set forth in Sections I and III of PTCE 95-60
have been satisfied.
In addition, the Purchaser hereby certifies, represents and warrants to,
and covenants with, the Company, the Trustee and the Master Servicer that the
Purchaser will not transfer such Certificates to any Plan or person unless such
Plan or person meets the requirements set forth in either (a) or (b) above.
Very truly yours,
___________________________
By:_________________________
Name:_______________________
Title:______________________
H-2-2
<PAGE>
EXHIBIT H-3
FORM OF ERISA LEGEND
Each beneficial owner of a book-entry Class M Certificate (or any
interest therein) shall be deemed to have represented, by virtue of its
acquisition or holding of such Certificate (or interest therein), that either:
(a) it 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 (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) (i) the transferee is an insurance company, (ii) 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 (iii) the
conditions set forth in Sections I and III of PTCE 95-60 have been
satisfied.
Any purported beneficial owner of a book-entry Class M Certificate (or
interest therein) to whom either (a) or (b) above does not apply shall indemnify
and hold harmless the Company, the Trustee, the Master Servicer, any
Subservicer, and the Trust Fund from and against any and all liabilities,
claims, costs or expenses incurred by such parties as a result of its
acquisition or holding of such Certificate.
<PAGE>
EXHIBIT I
FORM OF TRANSFEROR REPRESENTATION LETTER
, 19
Residential Accredit Loans, Inc.
8400 Normandale Lake Boulevard
Suite 600
Minneapolis, MN 55437
Attention: Residential Funding Corporation Series ____-___
Re: Mortgage Asset-Backed Pass-Through Certificates,
Series ____-___, [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 ____-___, Class (the
"Certificates"), issued pursuant to the Pooling and Servicing Agreement (the
"Pooling and Servicing Agreement"), dated as of ___________ 1, ____ among
Residential Accredit Loans, Inc., as seller (the "Company"), Residential Funding
Corporation, as master servicer, and __________________, 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 will not sell or otherwise transfer any
of the Certificates, except in compliance with the provisions of the Pooling and
Servicing Agreement.
<PAGE>
Very truly yours,
___________________________
(Seller)
By:_________________________
Name:_______________________
Title:______________________
I-2
<PAGE>
EXHIBIT J
[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 ___________ 1, ____ among Residential
Funding Corporation as Master Servicer, Residential Accredit Loans, Inc. as
depositor pursuant to Section 5.02 of the Agreement and __________________, 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 within the meaning of the
Department of Labor ("DOL") regulation at 29 C.F.R. ss. 2510.3-101; or
(b) is an insurance company, the source of funds to be used by it to
purchase the Certificates is an "insurance company general account"
(within the meaning of DOL Prohibited Transaction Class Exemption
("PTCE") 95-60), and the purchase is being made in reliance upon the
availability of the exemptive relief afforded under Sections I and III
of PTCE 95-60.]
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
J-2
<PAGE>
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:_____________________
J-4
<PAGE>
ANNEX 1 TO EXHIBIT J
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.
- -- 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.
J-5
<PAGE>
- -- 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 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.
J-6
<PAGE>
______ ______ 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 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:__________________________
J-7
<PAGE>
ANNEX 2 TO EXHIBIT J
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:
8. 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.
9. 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).
10. 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).
11. The term "securities" as used herein does not include (i) securities of
issuers that are affiliated with the Buyer or are part of the Buyer's Family of
Investment Companies, (ii) bank deposit notes and certificates of deposit, (iii)
loan participations, (iv) repurchase agreements, (v) securities owned but
subject to a repurchase agreement and (vi) currency, interest rate and commodity
swaps.
12. 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.
J-9
<PAGE>
13. 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:__________________________
J-10
<PAGE>
EXHIBIT K
[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 Sub-Servicer will be
entitled to any reimbursement pursuant to Section 4.02(a) on such Distribution
Date for Advances or Sub-Servicer Advances previously made, (which will not be
Advances or Sub-Servicer 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 Sub-Servicer Advances reimbursed pursuant to
Section 4.02(a), to the extent such Advances or Sub-Servicer 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.
(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
<PAGE>
(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 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
K-2
<PAGE>
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 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 supercession (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 supercession 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.
K-3
<PAGE>
EXHIBIT L
[FORM OF LIMITED GUARANTY]
LIMITED GUARANTY
RESIDENTIAL ACCREDIT LOANS, INC.
Mortgage Asset-Backed Pass-Through Certificates
Series ____-___
, 199
__________________
__________________
__________________
Attention: Residential Funding Corporation Series ____-___
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 ___________ 1, ____ (the "Servicing Agreement"), among
Residential Accredit Loans, Inc. (the "Company"), Residential Funding and
__________________ (the "Trustee") as amended by Amendment No. thereto, dated as
of ________________ , with respect to the Mortgage Asset-Backed Pass-Through
Certificates, Series ____-___ (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:
14. 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
<PAGE>
Residential Funding to perform its Subordinate Certificate Loss Obligation when
and as the same arises from time to time upon the demand of the Trustee in
accordance with Section 12.01 of the Servicing Agreement.
(b) The agreement set forth in the preceding clause (a) shall be
absolute, irrevocable and unconditional and shall not be affected by the
transfer by GMAC or any other person of all or any part of its or their interest
in Residential Funding, by any insolvency, bankruptcy, dissolution or other
proceeding affecting Residential Funding or any other person, by any defense or
right of counterclaim, set-off or recoupment that GMAC may have against
Residential Funding or any other person or by any other fact or circumstance.
Notwithstanding the foregoing, GMAC's obligations under clause (a) shall
terminate upon the earlier of (x) substitution for this Limited Guaranty
pursuant to Section 12.01(f) of the Servicing Agreement, or (y) the termination
of the Trust Fund pursuant to the Servicing Agreement.
15. 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.
16. 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.
17. Successor. Except as otherwise expressly provided herein, the guarantee
herein set forth shall be binding upon GMAC and its respective successors.
18. Governing Law. This Limited Guaranty shall be governed by the laws of the
State of New York.
19. 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.
20. Definitions. Capitalized terms used but not otherwise defined herein shall
have the meaning given them in the Servicing Agreement.
21. 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.
L-2
<PAGE>
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:
___________________________,
as Trustee
By:_________________________
Name:_______________________
Title:______________________
RESIDENTIAL ACCREDIT LOANS, INC.
By:________________________
Name:______________________
Title:_____________________
L-3
<PAGE>
EXHIBIT M
FORM OF LENDER CERTIFICATION FOR ASSIGNMENT OF MORTGAGE LOAN
, 19
Residential Accredit Loans, Inc.
8400 Normandale Lake Boulevard
Suite 600
Minneapolis, Minnesota 55437
_______________
_______________
_______________
Attention: Residential Funding Corporation Series ____-___
Re: Mortgage Asset-Backed Pass-Through Certificates,
Series ____-___ 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 ___________ 1,
____ 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:________________________
M-2
<PAGE>
EXHIBIT N
FORM OF REQUEST FOR EXCHANGE
[DATE]
________________
________________
________________
Re: Residential Accredit Loans, Inc.,
Mortgage Asset-Backed Pass-Through Certificates,
Series ____-___
Residential Funding Corporation, as the Holder of a ___% Percentage
Interest of the [Interest Only/Class A-V][-1] Certificates, hereby requests the
Trustee to exchange the above-referenced Certificates for the Subclasses
referred to below:
1. [Interest Only/Class A-V]- 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
[Interest Only/Class A-V]- 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 [Interest
Only/Class A-V][-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 ___________ 1,
____, among Residential Accredit Loans, Inc., Residential Funding Corporation
and __________________, as trustee.
RESIDENTIAL FUNDING CORPORATION
By:________________________
Name:________________________
Title:________________________
<PAGE>
